8-K 1 bsa03sd1.txt OCTOBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 27, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-09 54-2126334 Pooling and Servicing Agreement) (Commission 54-2126335 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A., 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On October 27, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-SD1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2003-SD1 Trust, relating to the October 27, 2003 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 10/29/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-SD1 Trust, relating to the October 27, 2003 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 89/3130/03 Distribution Date: 910/2527/03 BSA Series: 2003-SD1 Contact: CTSLink Customer Service Wells Fargo Bank Minnesota, N.A. Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 07384YKL9 SEN 1.~~56000~~57000% ~~186~~179,~~599~~227,~~000~~144.0080 ~~218~~250,~~320~~121.8344 712,~~371~~288,~~855~~682.2038 R-1 BSA03S1R1 RES 0.00000% 500.00 0.00 500.00 R-2 BSA03S1R2 RES 0.00000% 500.00 0.00 500.00 M-1 07384YKM7 MEZ 1.~~96000~~97000% 8,295,000.00 1214,~~193~~525.6547 0.00 M-2 07384YKN5 MEZ 3.~~16000~~17000% 7,258,000.00 1720,~~201~~451.4643 0.00 B 07384YKP0 SUB 4.~~61000~~62000% 5,185,000.00 1721,~~927~~293.1407 0.00 B-IO BSA03SBIO IO 0.00000% 0.00 ~~841,122~~0.9700 0.00 OC BSA03S1OC OC 0.00000% ~~454~~453.3199 0.00 0.00 Totals ~~207~~199,~~337~~965,~~554~~598.3179 1306,~~106,766~~391.0541 712,~~371~~288,~~955~~682.2038

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~179~~166,~~227~~938,~~144~~462.8042 712,~~590~~538,~~176~~803.0382 0.00 R-1 0.00 0.00 500.00 0.00 R-2 0.00 0.00 500.00 0.00 M-1 0.00 8,295,000.00 1214,~~193~~525.6547 0.00 M-2 0.00 7,258,000.00 1720,~~201~~451.4643 0.00 B 0.00 5,185,000.00 1721,~~927~~293.1407 0.00 B-IO 0.00 0.00 ~~841,122~~0.9700 0.00 OC 0.00 ~~453~~762,924.9906 0.00 0.00 Totals 0.00 ~~199~~188,~~965~~439,~~598~~386.7948 812,~~478~~595,~~721~~073.2579 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 186,599,000.00 ~~186~~179,~~599~~227,~~000~~144.0080 0.00 712,~~371~~288,~~855~~682.2038 0.00 0.00 R-1 50.00 500.00 0.00 500.00 0.00 0.00 R-2 50.00 500.00 0.00 500.00 0.00 0.00 M-1 8,295,000.00 8,295,000.00 0.00 0.00 0.00 0.00 M-2 7,258,000.00 7,258,000.00 0.00 0.00 0.00 0.00 B 5,185,000.00 5,185,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 454.31 ~~454~~453.3199 0.00 0.00 0.00 0.00 Totals 207,337,554.31 ~~207~~199,~~337~~965,~~554~~598.3179 0.00 712,~~371~~288,~~955~~682.2038 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 712,~~371~~288,~~855~~682.2038 ~~179~~166,~~227~~938,~~144~~462.8042 0.~~96049360~~89463750 712,~~371~~288,~~855~~682.2038 R-1 500.00 0.00 0.00000000 500.00 R-2 500.00 0.00 0.00000000 500.00 M-1 0.00 8,295,000.00 1.00000000 0.00 M-2 0.00 7,258,000.00 1.00000000 0.00 B 0.00 5,185,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 ~~453~~762,924.9906 01,679.~~99929564~~30281086 0.00 Totals 712,~~371~~288,~~955~~682.2038 ~~199~~188,~~965~~439,~~598~~386.7948 0.~~96444467~~90885314 712,~~371~~288,~~955~~682.2038

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 186,599,000.00 ~~1000~~960.~~00000000~~49359750 0.00000000 3965.~~50640250~~85609987 0.00000000 R-1 50.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 R-2 50.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 M-1 8,295,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,258,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 5,185,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 454.31 ~~1000~~999.~~00000000~~29563514 0.00000000 0.00000000 0.00000000 All classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 3965.~~50640250~~85609987 ~~960~~894.~~49359750~~63749763 0.~~96049360~~89463750 3965.~~50640250~~85609987 R-1 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 R-2 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 ~~999~~1,679,302.~~29563514~~81085602 01679.~~99929564~~30281086 0.00000000 (3) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A 186,599,000.00 1.~~56000~~57000% ~~186~~179,~~599~~227,~~000~~144.0080 ~~218~~250,~~320~~121.8344 0.00 0.00 R-1 50.00 0.00000% 500.00 0.00 0.00 0.00 R-2 50.00 0.00000% 500.00 0.00 0.00 0.00 M-1 8,295,000.00 1.~~96000~~97000% 8,295,000.00 1214,~~193~~525.6547 0.00 0.00 M-2 7,258,000.00 3.~~16000~~17000% 7,258,000.00 1720,~~201~~451.4643 0.00 0.00 B 5,185,000.00 4.~~61000~~62000% 5,185,000.00 1721,~~927~~293.1407 0.00 0.00 B-IO 0.00 0.00000% ~~207~~199,~~337~~965,~~454~~598.3179 0.00 0.00 0.00 OC 454.31 0.00000% ~~454~~453.3199 0.00 0.00 0.00 Totals 207,337,554.31 ~~265~~306,~~643~~391.0841 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 ~~218~~250,~~320~~121.8344 0.00 ~~179~~166,~~227~~938,~~144~~462.8042 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 M-1 0.00 0.00 1214,~~193~~525.6547 0.00 8,295,000.00 M-2 0.00 0.00 1720,~~201~~451.4643 0.00 7,258,000.00 B 0.00 0.00 1721,~~927~~293.1407 0.00 5,185,000.00 B-IO 0.00 0.00 ~~841,122~~0.9700 0.00 ~~199~~188,~~965~~439,~~598~~386.7948 OC 0.00 0.00 0.00 0.00 ~~453~~762,924.9906 Totals 0.00 0.00 1306,~~106,766~~391.0541 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 186,599,000.00 1.~~56000~~57000% ~~1000~~960.~~00000000~~49359750 1.~~17000000~~34042219 0.00000000 0.00000000 R-1 50.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 M-1 8,295,000.00 1.~~96000~~97000% 1000.00000000 1.~~47000000~~75111151 0.00000000 0.00000000 M-2 7,258,000.00 3.~~16000~~17000% 1000.00000000 2.~~37000000~~81777762 0.00000000 0.00000000 B 5,185,000.00 4.~~61000~~62000% 1000.00000000 34.~~45750048~~10666731 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~1000~~964.~~00000000~~44513344 0.00000000 0.00000000 0.00000000 OC 454.31 0.00000% ~~1000~~999.~~00000000~~29563514 0.00000000 0.00000000 0.00000000 All classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 1.~~17000000~~34042219 0.00000000 ~~960~~894.~~49359750~~63749763 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1.~~47000000~~75111151 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~37000000~~81777762 0.00000000 1000.00000000 B 0.00000000 0.00000000 34.~~45750048~~10666731 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 40.~~05678257~~00000000 0.00000000 ~~964~~908.~~44513344~~85357451 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~999~~1679302.~~29563514~~81085602 (6) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 812,~~170~~774,~~197~~556.3461 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~372~~256,~~432~~701.3674 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 813,~~542~~031,~~629~~258.7035 Withdrawals Reimbursement for Servicer Advances 0372,432.0036 Payment of Service Fee 6563,~~636~~752.1720 Payment of Interest and Principal 812,~~478~~595,~~721~~073.2579 Total Withdrawals (Pool Distribution Amount) 813,~~544~~031,~~357~~258.4235 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6362,~~908~~085.4583 Master Servicing Fee 1,~~727~~666.7237 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 6563,~~636~~752.1720

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~255~~169 0 0 0 ~~255~~169 3622,~~509~~693,~~155~~544.3923 0.00 0.00 0.00 3622,~~509~~693,~~155~~544.3923 60 Days 7449 0 0 0 7449 86,~~749~~035,~~888~~499.4893 0.00 0.00 0.00 86,~~749~~035,~~888~~499.4893 90 Days 4235 0 0 0 4235 54,~~220~~490,~~065~~791.2291 0.00 0.00 0.00 54,~~220~~490,~~065~~791.2291 120 Days 1216 0 0 0 1216 1,~~554~~634,~~842~~024.4653 0.00 0.00 0.00 1,~~554~~634,~~842~~024.4653 150 Days 08 0 0 0 08 0820,548.0011 0.00 0.00 0.00 0820,548.0011 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~383~~277 0 0 0 ~~383~~277 5235,~~033~~674,~~951~~408.5571 0.00 0.00 0.00 5235,~~033~~674,~~951~~408.5571 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1913.~~767442~~684211% 0.000000% 0.000000% 0.000000% 1913.~~767442~~684211% 1812.~~224242~~023086% 0.000000% 0.000000% 0.000000% 1812.~~224242~~023086% 60 Days 53.~~736434~~967611% 0.000000% 0.000000% 0.000000% 53.~~736434~~967611% 43.~~367674~~197620% 0.000000% 0.000000% 0.000000% 43.~~367674~~197620% 90 Days 32.~~255814~~834008% 0.000000% 0.000000% 0.000000% 32.~~255814~~834008% 2.~~605695~~379231% 0.000000% 0.000000% 0.000000% 2.~~605695~~379231% 120 Days 01.~~930233~~295547% 0.000000% 0.000000% 0.000000% 01.~~930233~~295547% 0.~~776129~~865709% 0.000000% 0.000000% 0.000000% 0.~~776129~~865709% 150 Days 0.~~000000~~647773% 0.000000% 0.000000% 0.000000% 0.~~000000~~647773% 0.~~000000~~434728% 0.000000% 0.000000% 0.000000% 0.~~000000~~434728% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 2922.~~689922~~429150% 0.000000% 0.000000% 0.000000% 2922.~~689922~~429150% 2518.~~973741~~900374% 0.000000% 0.000000% 0.000000% 2518.~~973741~~900374%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~372~~256,~~432~~701.3674

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~785473~~796851% Weighted Average Net Coupon 6.~~415592~~424272% Weighted Average Pass-Through Rate 6.~~405592~~414272% Weighted Average Maturity(Stepdown Calculation ) ~~362~~361 Beginning Scheduled Collateral Loan Count 1,~~320~~290 Number Of Loans Paid In Full 3055 Ending Scheduled Collateral Loan Count 1,~~290~~235 Beginning Scheduled Collateral Balance ~~207~~199,~~337~~965,~~554~~598.3179 Ending Scheduled Collateral Balance ~~199~~188,~~965~~439,~~598~~386.7948 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~200~~188,~~332~~749,~~911~~752.7083 Monthly P &I Constant 1,~~504~~452,~~905~~585.7041 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~199~~188,~~965~~439,~~598~~386.7948 Scheduled Principal ~~332~~319,~~503~~971.5074 Unscheduled Principal 711,~~039~~206,~~351~~240.7057 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0762,470.0007 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,146,749.09 Overcollateralized Amount ~~453~~762,924.9906 Overcollateralized Deficiency Amount 43,~~146~~383,~~295~~825.1003 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0762,470.0007 Excess Cash Amount ~~841~~762,~~122~~470.9707

Miscellaneous Reporting Three month rolling average 0.~~077313~~072949% Trigger Event YES ~~Yield maintenance amount 0.00~~

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD1