8-K 1 bst03001.txt DECEMBER 8K 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): December 26, 2003 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-19 54-2120448 Pooling and Servicing Agreement) (Commission 54-2120449 (State or other File Number) 54-2120450 jurisdiction IRS EIN 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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2003-1 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 Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 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 ARM TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 2003 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 BST Series: 2003-1 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 I-A-1 07384MTH5 SEN 5.~~06447~~05418% ~~173~~149,~~451~~042,~~976~~598.8698 ~~730~~627,~~845~~739.0271 152,~~347~~504,~~284~~241.1429 II-A-1 07384MTJ1 SEN 5.~~43709~~43472% 6960,~~386~~448,~~040~~565.1644 ~~313~~273,~~870~~767.4770 72,~~334~~676,~~926~~389.1600 III-A-1 07384MTK8 SEN 5.~~42089~~41643% ~~100~~90,~~775~~805,~~093~~894.6420 ~~454~~409,~~501~~869.8991 72,~~650~~588,~~836~~187.6475 IV-A-1 07384MTL6 SEN 4.~~44582~~40995% 1614,~~841~~663,~~586~~371.2581 6253,~~294~~887.0428 133,~~276,669~~531.9554 V-A-1 07384MTM4 SEN 5.~~46877~~46180% ~~108~~93,~~634~~607,~~529~~575.8082 ~~494~~426,~~275~~055.8006 111,~~220~~137,~~681~~575.15 VI-A-1 07384MTN2 SEN 5.~~19895~~18290% ~~163~~141,~~716~~766,~~908~~118.6117 ~~708~~612,~~143~~299.3759 146,~~333~~045,~~333~~403.4748 VII-A-1 07384MTP7 SEN 3.81200% 4943,~~327~~531,~~539~~625.9885 ~~156~~138,~~442~~285.3746 31,~~541~~287,~~379~~898.8649 VII-A-X 07384MTQ5 SEN 1.~~41736~~38435% 0.00 5850,~~167~~219.8123 0.00 VIII-A-1 07384MTR3 SEN 4.~~92714~~94515% 1614,~~373~~644,~~252~~370.1253 6760,~~118~~348.4586 124,~~365,464~~650.5662 VIII-A-X 07384MTS1 SEN 0.38300% 0.00 54,~~217~~673.3099 0.00 R-I 07384MTU6 SEN 5.~~07809~~07435% 0.00 0.00 0.00 R-II 07384MTV4 SEN 5.~~07809~~07435% 0.00 0.00 0.00 R-III 07384MTW2 SEN 5.~~07809~~07435% 0.00 0.00 0.00 M 07384MTT9 MEZ 5.~~26116~~25039% 43,~~789~~721,~~292~~149.1251 191,~~673~~294.0910 3334,~~844~~456.2702 B-1 07384MTX0 SUB 5.~~26116~~25039% 13,~~428~~407,~~783~~886.8972 58,~~780~~663.0582 10,~~378~~566.9657 B-2 07384MTY8 SUB 5.~~26116~~25039% 9,~~925~~910,~~644~~198.5073 43,~~446~~360.2131 7,~~671~~810.4209 B-3 07384MTZ5 SUB 5.~~26116~~25039% 76,~~006~~995,~~278~~375.7898 30,~~667~~607.6602 5,~~415~~512.0896 B-4 07384MUA8 SUB 5.~~26116~~25039% 3,~~503~~497,~~039~~588.9268 15,~~333~~303.3908 2,~~707~~756.4640 B-5 07384MUB6 SUB 5.~~26116~~25039% 1,~~751~~748,~~519~~794.9634 7,~~666~~651.7054 1,~~353~~378.7320 B-6 07384MUC4 SUB 5.~~26116~~25039% 2,~~336~~332,~~008~~373.8163 10,~~225~~204.1089 1,~~805~~838.4811 Totals ~~780~~690,~~247~~123,~~495~~488.4039 3,~~408~~014,~~668~~231.7255 6216,~~133~~362,~~752~~195.3367

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~158~~146,~~104~~538,~~692~~357.7269 163,~~078~~131,~~129~~981.1600 0.00 II-A-1 0.00 6257,~~051~~772,~~113~~176.9944 72,~~648~~950,~~796~~156.6370 0.00 III-A-1 0.00 9388,~~124~~217,~~257~~706.0045 82,~~105~~998,~~338~~057.5366 0.00 IV-A-1 0.00 1514,~~564~~629,~~916~~840.3128 187,~~338,963~~418.9982 0.00 V-A-1 0.00 9792,~~413~~470,~~848~~000.6667 111,~~714~~563,~~956~~630.9521 0.00 VI-A-1 0.00 ~~149~~135,~~383~~720,~~575~~714.1469 156,~~041~~657,~~476~~703.8407 0.00 VII-A-1 0.00 4542,~~786~~243,~~160~~727.1236 31,~~697~~426,~~822~~183.2395 0.00 VII-A-X 0.00 0.00 5850,~~167~~219.8123 0.00 VIII-A-1 0.00 1514,~~007~~619,~~787~~719.5690 184,~~432,583~~999.0148 0.00 VIII-A-X 0.00 0.00 54,~~217~~673.3099 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 M 0.00 43,~~755~~686,~~447~~693.8549 225,~~517~~750.3612 0.00 B-1 0.00 13,~~418~~397,~~404~~320.9215 69,~~159~~230.0139 0.00 B-2 0.00 9,~~917~~902,~~973~~388.0764 51,~~117~~170.6340 0.00 B-3 0.00 76,~~000~~989,863.7002 36,~~082~~119.7498 0.00 B-4 0.00 3,~~500~~494,~~332~~832.4628 18,~~040~~059.8548 0.00 B-5 0.00 1,~~750~~747,~~166~~416.2314 9,~~020~~029.4374 0.00 B-6 0.00 2,~~334~~330,~~203~~535.3352 12,~~030~~043.5800 0.00 Totals 0.00 ~~718~~673,~~113~~761,~~743~~292.0672 6519,~~542~~376,~~421~~427.0522 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) I-A-1 239,692,900.00 ~~173~~149,~~451~~042,~~976~~598.8698 ~~121~~105,~~722~~389.7745 152,~~225~~398,~~561~~851.3784 0.00 0.00 II-A-1 113,342,700.00 6960,~~386~~448,~~040~~565.1644 5651,~~291~~454.2346 72,~~278~~624,~~634~~934.9354 0.00 0.00 III-A-1 190,689,900.00 ~~100~~90,~~775~~805,~~093~~894.6420 8984,~~572~~255.8609 72,~~561~~503,~~263~~932.7866 0.00 0.00 IV-A-1 25,928,500.00 1614,~~841~~663,~~586~~371.2581 2119,~~728~~996.2600 113,~~254,941~~535.6954 0.00 0.00 V-A-1 167,595,200.00 ~~108~~93,~~634~~607,~~529~~575.8082 6050,~~819~~778.6177 111,~~159~~086,~~861~~796.5438 0.00 0.00 VI-A-1 254,617,100.00 ~~163~~141,~~716~~766,~~908~~118.6117 ~~129~~114,~~990~~125.9052 145,~~203~~931,~~342~~277.5796 0.00 0.00 VII-A-1 74,817,300.00 4943,~~327~~531,~~539~~625.9885 4339,~~134~~485.4277 31,~~498~~248,~~245~~412.4472 0.00 0.00 VII-A-X 0.00 0.00 0.00 0.00 0.00 0.00 VIII-A-1 25,110,300.00 1614,~~373~~644,~~252~~370.1253 1210,~~663~~839.8980 113,~~352,800~~810.6782 0.00 0.00 VIII-A-X 0.00 0.00 0.00 0.00 0.00 0.00 R-I 100.00 0.00 0.00 0.00 0.00 0.00 R-II 100.00 0.00 0.00 0.00 0.00 0.00 R-III 100.00 0.00 0.00 0.00 0.00 0.00 M 44,023,800.00 43,~~789~~721,~~292~~149.1251 3334,~~844~~456.2702 0.00 0.00 0.00 B-1 13,500,700.00 13,~~428~~407,~~783~~886.8972 10,~~378~~566.9657 0.00 0.00 0.00 B-2 9,978,800.00 9,~~925~~910,~~644~~198.5073 7,~~671~~810.4209 0.00 0.00 0.00 B-3 7,043,800.00 76,~~006~~995,~~278~~375.7898 5,~~415~~512.0896 0.00 0.00 0.00 B-4 3,521,800.00 3,~~503~~497,~~039~~588.9268 2,~~707~~756.4640 0.00 0.00 0.00 B-5 1,760,900.00 1,~~751~~748,~~519~~794.9634 1,~~353~~378.7320 0.00 0.00 0.00 B-6 2,348,519.00 2,~~336~~332,~~008~~373.8163 1,~~805~~838.4811 0.00 0.00 0.00 Totals 1,173,972,519.00 ~~780~~690,~~247~~123,~~495~~488.4039 ~~599~~540,~~100~~643.3421 6115,~~534~~821,~~651~~552.9946 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 I-A-1 152,~~347~~504,~~284~~241.1429 ~~158~~146,~~104~~538,~~692~~357.7269 0.~~65961358~~61135877 152,~~347~~504,~~284~~241.1429 II-A-1 72,~~334~~676,~~926~~389.1600 6257,~~051~~772,~~113~~176.9944 0.~~54746458~~50971237 72,~~334~~676,~~926~~389.1600 III-A-1 72,~~650~~588,~~836~~187.6475 9388,~~124~~217,~~257~~706.0045 0.~~48835443~~46262391 72,~~650~~588,~~836~~187.6475 IV-A-1 133,~~276,669~~531.9554 1514,~~564~~629,~~916~~840.3128 0.~~60030146~~56423782 133,~~276,669~~531.9554 V-A-1 111,~~220~~137,~~681~~575.15 9792,~~413~~470,~~848~~000.6667 0.~~58124486~~55174612 111,~~220~~137,~~681~~575.15 VI-A-1 146,~~333~~045,~~333~~403.4748 ~~149~~135,~~383~~720,~~575~~714.1469 0.~~58669891~~53303849 146,~~333~~045,~~333~~403.4748 VII-A-1 31,~~541~~287,~~379~~898.8649 4542,~~786~~243,~~160~~727.1236 0.~~61197290~~56462512 31,~~541~~287,~~379~~898.8649 VII-A-X 0.00 0.00 0.00000000 0.00 VIII-A-1 124,~~365,464~~650.5662 1514,~~007~~619,~~787~~719.5690 0.~~59767456~~58222004 124,~~365,464~~650.5662 VIII-A-X 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 M 3334,~~844~~456.2702 43,~~755~~686,~~447~~693.8549 0.~~99390438~~99234263 3334,~~844~~456.2702 B-1 10,~~378~~566.9657 13,~~418~~397,~~404~~320.9215 0.~~99390438~~99234263 10,~~378~~566.9657 B-2 7,~~671~~810.4209 9,~~917~~902,~~973~~388.0764 0.~~99390438~~99234263 7,~~671~~810.4209 B-3 5,~~415~~512.0896 76,~~000~~989,863.7002 0.~~99390438~~99234263 5,~~415~~512.0896 B-4 2,~~707~~756.4640 3,~~500~~494,~~332~~832.4628 0.~~99390438~~99234263 2,~~707~~756.4640 B-5 1,~~353~~378.7320 1,~~750~~747,~~166~~416.2314 0.~~99390438~~99234263 1,~~353~~378.7320 B-6 1,~~805~~838.4811 2,~~334~~330,~~203~~535.3352 0.~~99390438~~99234263 1,~~805~~838.4811 Totals 6216,~~133~~362,~~752~~195.3367 ~~718~~673,~~113~~761,~~743~~292.0672 0.~~61169553~~57391573 6216,~~133~~362,~~752~~195.3367

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 239,692,900.00 ~~723~~621.~~64253117~~80648229 0.~~50782802~~43968532 6310.~~52111961~~00802210 0.00000000 II-A-1 113,342,700.00 ~~612~~533.~~17917131~~32561727 0.~~49664628~~45397242 6423.~~21794196~~15927307 0.00000000 III-A-1 190,689,900.00 ~~528~~476.~~47630441~~19666380 0.~~46973049~~44184349 3913.~~65214613~~13091391 0.00000000 IV-A-1 25,928,500.00 ~~649~~565.~~53955107~~53104923 0.~~83800683~~77119772 480.~~40008832~~52203328 0.00000000 V-A-1 167,595,200.00 ~~648~~558.~~19594953~~53375168 0.~~36289589~~30298463 666.~~58819310~~48465099 0.00000000 VI-A-1 254,617,100.00 ~~642~~556.~~99259009~~78160724 0.~~51053484~~44822410 5523.~~78314485~~29489245 0.00000000 VII-A-1 74,817,300.00 ~~659~~581.~~30660395~~83903790 0.~~57653003~~52776256 4616.~~75717301~~68615040 0.00000000 VII-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 VIII-A-1 25,110,300.00 ~~652~~583.~~05322597~~20173514 0.~~50433049~~43168740 530.~~87433324~~55000617 0.00000000 VIII-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 100.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 100.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 100.00 0.00000000 0.00000000 0.00000000 0.00000000 M 44,023,800.00 ~~994~~993.~~67315679~~12529836 0.~~76877212~~78266801 0.00000000 0.00000000 B-1 13,500,700.00 ~~994~~993.~~67315695~~12529869 0.~~76877199~~78266831 0.00000000 0.00000000 B-2 9,978,800.00 ~~994~~993.~~67315709~~12529863 0.~~76877180~~78266826 0.00000000 0.00000000 B-3 7,043,800.00 ~~994~~993.~~67315653~~12529884 0.~~76877254~~78266845 0.00000000 0.00000000 B-4 3,521,800.00 ~~994~~993.~~67315577~~12529956 0.~~76877165~~78266795 0.00000000 0.00000000 B-5 1,760,900.00 ~~994~~993.~~67315577~~12529956 0.~~76877165~~78266795 0.00000000 0.00000000 B-6 2,348,519.00 ~~994~~993.~~67315785~~12529726 0.~~76877385~~78266772 0.00000000 0.00000000 (2) 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 I-A-1 0.00000000 6410.~~02894762~~44770742 ~~659~~611.~~61358355~~35877487 0.~~65961358~~61135877 6410.~~02894762~~44770742 II-A-1 0.00000000 6423.~~71458824~~61324549 ~~547~~509.~~46458299~~71237177 0.~~54746458~~50971237 6423.~~71458824~~61324549 III-A-1 0.00000000 4013.~~12187662~~57275739 ~~488~~462.~~35442779~~62390641 0.~~48835443~~46262391 4013.~~12187662~~57275739 IV-A-1 0.00000000 491.~~23809515~~29323100 ~~600~~564.~~30145631~~23781862 0.~~60030146~~56423782 491.~~23809515~~29323100 V-A-1 0.00000000 666.~~95108899~~78763562 ~~581~~551.~~24486059~~74611606 0.~~58124486~~55174612 666.~~95108899~~78763562 VI-A-1 0.00000000 5623.~~29367969~~74311655 ~~586~~533.~~69891040~~03849070 0.~~58669891~~53303849 5623.~~29367969~~74311655 VII-A-1 0.00000000 4717.~~33370303~~21391296 ~~611~~564.~~97290092~~62512494 0.~~61197290~~56462512 4717.~~33370303~~21391296 VII-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 VIII-A-1 0.00000000 540.~~37866374~~98169357 ~~597~~582.~~67456223~~22004118 0.~~59767456~~58222004 540.~~37866374~~98169357 VIII-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 0.~~76877212~~78266801 ~~993~~992.~~90438467~~34263035 0.~~99390438~~99234263 0.~~76877212~~78266801 B-1 0.00000000 0.~~76877199~~78266831 ~~993~~992.~~90438422~~34263038 0.~~99390438~~99234263 0.~~76877199~~78266831 B-2 0.00000000 0.~~76877180~~78266826 ~~993~~992.~~90438429~~34263038 0.~~99390438~~99234263 0.~~76877180~~78266826 B-3 0.00000000 0.~~76877254~~78266845 ~~993~~992.~~90438400~~34263040 0.~~99390438~~99234263 0.~~76877254~~78266845 B-4 0.00000000 0.~~76877165~~78266795 ~~993~~992.~~90438412~~34263161 0.~~99390438~~99234263 0.~~76877165~~78266795 B-5 0.00000000 0.~~76877165~~78266795 ~~993~~992.~~90438412~~34263161 0.~~99390438~~99234263 0.~~76877165~~78266795 B-6 0.00000000 0.~~76877385~~78266772 ~~993~~992.~~90438400~~34262955 0.~~99390438~~99234263 0.~~76877385~~78266772 (3) Amount Does Not Include Excess Special Hazard, 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 I-A-1 239,692,900.00 5.~~06447~~05418% ~~173~~149,~~451~~042,~~976~~598.8698 ~~732~~627,~~035~~739.2773 0.00 0.00 II-A-1 113,342,700.00 5.~~43709~~43472% 6960,~~386~~448,~~040~~565.1644 ~~314~~273,~~381~~767.6471 0.00 0.00 III-A-1 190,689,900.00 5.~~42089~~41643% ~~100~~90,~~775~~805,~~093~~894.6420 ~~455~~409,~~242~~869.0892 0.00 0.00 IV-A-1 25,928,500.00 4.~~44582~~40995% 1614,~~841~~663,~~586~~371.2581 6253,~~395~~887.4928 0.00 0.00 V-A-1 167,595,200.00 5.~~46877~~46180% ~~108~~93,~~634~~607,~~529~~575.8082 ~~495~~426,~~080~~055.7707 0.00 0.00 VI-A-1 254,617,100.00 5.~~19895~~18290% ~~163~~141,~~716~~766,~~908~~118.6117 ~~709~~612,~~296~~299.6460 0.00 0.00 VII-A-1 74,817,300.00 3.81200% 4943,~~327~~531,~~539~~625.9885 ~~156~~138,~~697~~285.1546 0.00 0.00 VII-A-X 0.00 1.~~41736~~38435% 4943,~~327~~531,~~539~~625.9885 5850,~~262~~219.5423 0.00 0.00 VIII-A-1 25,110,300.00 4.~~92714~~94515% 1614,~~373~~644,~~252~~370.1253 6760,~~227~~348.7586 0.00 0.00 VIII-A-X 0.00 0.38300% 1614,~~373~~644,~~252~~370.1253 54,~~225~~673.8099 0.00 0.00 R-I 100.00 5.~~07809~~07435% 0.00 0.00 0.00 0.00 R-II 100.00 5.~~07809~~07435% 0.00 0.00 0.00 0.00 R-III 100.00 5.~~07809~~07435% 0.00 0.00 0.00 0.00 M 44,023,800.00 5.~~26116~~25039% 43,~~789~~721,~~292~~149.1251 191,~~985~~294.2510 0.00 0.00 B-1 13,500,700.00 5.~~26116~~25039% 13,~~428~~407,~~783~~886.8972 58,~~875~~663.7782 0.00 0.00 B-2 9,978,800.00 5.~~26116~~25039% 9,~~925~~910,~~644~~198.5073 43,~~516~~360.9731 0.00 0.00 B-3 7,043,800.00 5.~~26116~~25039% 76,~~006~~995,~~278~~375.7898 30,~~717~~607.6102 0.00 0.00 B-4 3,521,800.00 5.~~26116~~25039% 3,~~503~~497,~~039~~588.9268 15,~~358~~303.3708 0.00 0.00 B-5 1,760,900.00 5.~~26116~~25039% 1,~~751~~748,~~519~~794.9634 7,~~679~~651.1854 0.00 0.00 B-6 2,348,519.00 5.~~26116~~25039% 2,~~336~~332,~~008~~373.8163 10,~~241~~204.7689 0.00 0.00 Totals 1,173,972,519.00 3,~~414~~014,~~220~~231.0461 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 I-A-1 ~~1,190~~0.2401 0.00 ~~730~~627,~~845~~739.0271 0.00 ~~158~~146,~~104~~538,~~692~~357.7269 II-A-1 ~~511~~0.1600 0.00 ~~313~~273,~~870~~767.4770 0.00 6257,~~051~~772,~~113~~176.9944 III-A-1 ~~740~~0.1901 0.00 ~~454~~409,~~501~~869.8991 0.00 9388,~~124~~217,~~257~~706.0045 IV-A-1 ~~101~~0.4500 0.00 6253,~~294~~887.0428 0.00 1514,~~564~~629,~~916~~840.3128 V-A-1 ~~804~~0.9701 0.00 ~~494~~426,~~275~~055.8006 0.00 9792,~~413~~470,~~848~~000.6667 VI-A-1 ~~1,153~~0.2701 0.00 ~~708~~612,~~143~~299.3759 0.00 ~~149~~135,~~383~~720,~~575~~714.1469 VII-A-1 ~~254~~0.7800 0.00 ~~156~~138,~~442~~285.3746 0.00 4542,~~786~~243,~~160~~727.1236 VII-A-X 940.7300 0.00 5850,~~167~~219.8123 0.00 4542,~~786~~243,~~160~~727.1236 VIII-A-1 ~~109~~0.3100 0.00 6760,~~118~~348.4586 0.00 1514,~~007~~619,~~787~~719.5690 VIII-A-X 80.5000 0.00 54,~~217~~673.3099 0.00 1514,~~007~~619,~~787~~719.5690 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 M ~~312~~0.1600 0.00 191,~~673~~294.0910 0.00 43,~~755~~686,~~447~~693.8549 B-1 950.7300 0.00 58,~~780~~663.0582 0.00 13,~~418~~397,~~404~~320.9215 B-2 700.7600 0.00 43,~~446~~360.2131 0.00 9,~~917~~902,~~973~~388.0764 B-3 490.9400 0.00 30,~~667~~607.6602 0.00 76,~~000~~989,863.7002 B-4 240.9700 0.00 15,~~333~~303.3908 0.00 3,~~500~~494,~~332~~832.4628 B-5 120.4900 0.00 7,~~666~~651.7054 0.00 1,~~750~~747,~~166~~416.2314 B-6 160.6500 0.00 10,~~225~~204.1089 0.00 2,~~334~~330,~~203~~535.3352 Totals ~~5,551~~0.3004 0.00 3,~~408~~014,~~668~~231.7255 0.00 (4) Amount Does Not Include Excess Special Hazard, 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 I-A-1 239,692,900.00 5.~~06447~~05418% ~~723~~621.~~64253117~~80648229 32.~~05405488~~61893335 0.00000000 0.00000000 II-A-1 113,342,700.00 5.~~43709~~43472% ~~612~~533.~~17917131~~32561727 2.~~77372641~~41539782 0.00000000 0.00000000 III-A-1 190,689,900.00 5.~~42089~~41643% ~~528~~476.~~47630441~~19666380 2.~~38734238~~14940550 0.00000000 0.00000000 IV-A-1 25,928,500.00 4.~~44582~~40995% ~~649~~565.~~53955107~~53104923 2.~~40644426~~07830303 0.00000000 0.00000000 V-A-1 167,595,200.00 5.~~46877~~46180% ~~648~~558.~~19594953~~53375168 2.~~95402714~~54216750 0.00000000 0.00000000 VI-A-1 254,617,100.00 5.~~19895~~18290% ~~642~~556.~~99259009~~78160724 2.~~78573843~~40478585 0.00000000 0.00000000 VII-A-1 74,817,300.00 3.81200% ~~659~~581.~~30660395~~83903790 21.~~09439729~~84830861 0.00000000 0.00000000 VII-A-X 0.00 1.~~41736~~38435% ~~659~~581.~~30660395~~83903790 0.~~77873086~~67122484 0.00000000 0.00000000 VIII-A-1 25,110,300.00 4.~~92714~~94515% ~~652~~583.~~05322597~~20173514 2.~~67729776~~40335082 0.00000000 0.00000000 VIII-A-X 0.00 0.38300% ~~652~~583.~~05322597~~20173514 0.~~20811380~~18613836 0.00000000 0.00000000 R-I 100.00 5.~~07809~~07435% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 100.00 5.~~07809~~07435% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 100.00 5.~~07809~~07435% 0.00000000 0.00000000 0.00000000 0.00000000 M 44,023,800.00 5.~~26116~~25039% ~~994~~993.~~67315679~~12529836 4.~~36094226~~34524280 0.00000000 0.00000000 B-1 13,500,700.00 5.~~26116~~25039% ~~994~~993.~~67315695~~12529869 4.~~36094203~~34524284 0.00000000 0.00000000 B-2 9,978,800.00 5.~~26116~~25039% ~~994~~993.~~67315709~~12529863 4.~~36094220~~34524291 0.00000000 0.00000000 B-3 7,043,800.00 5.~~26116~~25039% ~~994~~993.~~67315653~~12529884 4.~~36094296~~34524262 0.00000000 0.00000000 B-4 3,521,800.00 5.~~26116~~25039% ~~994~~993.~~67315577~~12529956 4.~~36094327~~34524391 0.00000000 0.00000000 B-5 1,760,900.00 5.~~26116~~25039% ~~994~~993.~~67315577~~12529956 4.~~36094043~~34524391 0.00000000 0.00000000 B-6 2,348,519.00 5.~~26116~~25039% ~~994~~993.~~67315785~~12529726 4.~~36094407~~34524481 0.00000000 0.00000000 (2) 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 I-A-1 0.~~00496569~~00000004 0.00000000 32.~~04908915~~61893327 0.00000000 ~~659~~611.~~61358355~~35877487 II-A-1 0.~~00450986~~00000000 0.00000000 2.~~76921646~~41539773 0.00000000 ~~547~~509.~~46458299~~71237177 III-A-1 0.~~00388164~~00000005 0.00000000 2.~~38346074~~14940545 0.00000000 ~~488~~462.~~35442779~~62390641 IV-A-1 0.~~00391268~~00000000 0.00000000 2.~~40253158~~07830303 0.00000000 ~~600~~564.~~30145631~~23781862 V-A-1 0.~~00480306~~00000006 0.00000000 2.~~94922408~~54216744 0.00000000 ~~581~~551.~~24486059~~74611606 VI-A-1 0.~~00452943~~00000004 0.00000000 2.~~78120900~~40478581 0.00000000 ~~586~~533.~~69891040~~03849070 VII-A-1 0.~~00340536~~00000000 0.00000000 21.~~09099192~~84830861 0.00000000 ~~611~~564.~~97290092~~62512494 VII-A-X 0.~~00126615~~00000000 0.00000000 0.~~77746470~~67122484 0.00000000 ~~611~~564.~~97290092~~62512494 VIII-A-1 0.~~00435319~~00000000 0.00000000 2.~~67294497~~40335082 0.00000000 ~~597~~582.~~67456223~~22004118 VIII-A-X 0.~~00033851~~00000000 0.00000000 0.~~20777530~~18613836 0.00000000 ~~597~~582.~~67456223~~22004118 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.~~00709071~~00000000 0.00000000 4.~~35385155~~34524280 0.00000000 ~~993~~992.~~90438467~~34263035 B-1 0.~~00709074~~00000000 0.00000000 4.~~35385202~~34524284 0.00000000 ~~993~~992.~~90438422~~34263038 B-2 0.~~00709103~~00000000 0.00000000 4.~~35385116~~34524291 0.00000000 ~~993~~992.~~90438429~~34263038 B-3 0.~~00708992~~00000000 0.00000000 4.~~35385161~~34524262 0.00000000 ~~993~~992.~~90438400~~34263040 B-4 0.~~00709012~~00000000 0.00000000 4.~~35385030~~34524391 0.00000000 ~~993~~992.~~90438412~~34263161 B-5 0.~~00709296~~00000000 0.00000000 4.~~35385314~~34524391 0.00000000 ~~993~~992.~~90438412~~34263161 B-6 0.~~00708957~~00000000 0.00000000 4.~~35385023~~34524481 0.00000000 ~~993~~992.~~90438400~~34262955 (6) Amount Does Not Include Excess Special Hazard, 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 6519,~~746~~546,~~517~~929.8644 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3433,~~785~~277.7847 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 6519,~~781~~580,~~303~~206.6491 Withdrawals Reimbursement for Servicer Advances 2414,~~216~~429.4787 Payment of Service Fee ~~214~~189,~~666~~349.1282 Payment of Interest and Principal 6519,~~542~~376,~~421~~427.0522 Total Withdrawals (Pool Distribution Amount) 6519,~~781~~580,~~303~~206.6491 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~5,551~~0.2600

SERVICING FEES Gross Servicing Fee ~~196~~172,~~238~~288.9391 Additional Servicing Fees 1716,~~140~~146.7209 Miscellaneous Fee ~~1,286~~914.4782 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~214~~189,~~666~~349.1282

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 1314 0 0 0 1314 65,~~662~~868,~~049~~993.6436 0.00 0.00 0.00 65,~~662~~868,~~049~~993.6436 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 01 0 01 0.00 0.00 0316,235.0059 0.00 0316,235.0059 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1314 0 01 0 1315 65,~~662~~868,~~049~~993.6436 0.00 0316,235.0059 0.00 6,~~662~~185,~~049~~228.6495 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 0.~~814026~~930851% 0.000000% 0.000000% 0.000000% 0.~~814026~~930851% 0.~~927100~~870495% 0.000000% 0.000000% 0.000000% 0.~~927100~~870495% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.~~000000~~066489% 0.000000% 0.~~000000~~066489% 0.000000% 0.000000% 0.~~000000~~046904% 0.000000% 0.~~000000~~046904% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~814026~~930851% 0.000000% 0.~~000000~~066489% 0.000000% 0.~~814026~~997340% 0.~~927100~~870495% 0.000000% 0.~~000000~~046904% 0.000000% 0.~~927100~~917399%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 47 0 0 0 47 23,~~006~~129,~~558~~188.6083 0.00 0.00 0.00 23,~~006~~129,~~558~~188.6083 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 47 0 0 0 47 23,~~006~~129,~~558~~188.6083 0.00 0.00 0.00 23,~~006~~129,~~558~~188.6083 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~002506~~866667% 0.000000% 0.000000% 0.000000% 1.~~002506~~866667% 1.~~139101~~901628% 0.000000% 0.000000% 0.000000% 1.~~139101~~901628% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~002506~~866667% 0.000000% 0.000000% 0.000000% 1.~~002506~~866667% 1.~~139101~~901628% 0.000000% 0.000000% 0.000000% 1.~~139101~~901628% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 20 0 0 0 20 ~~1,059,862~~0.4000 0.00 0.00 0.00 ~~1,059,862~~0.4000 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 01 0 01 0.00 0.00 0316,235.0059 0.00 0316,235.0059 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 0 1 0 2 1~~,059,862.40~~ 0.00 0.00 316,235.59 0.00 1316,~~059,862~~235.4059 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~204819~~000000% 0.000000% 0.000000% 0.000000% 10.~~204819~~000000% 10.~~501612~~000000% 0.000000% 0.000000% 0.000000% 10.~~501612~~000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.~~000000~~641026% 0.000000% 0.~~000000~~641026% 0.000000% 0.000000% 0.~~000000~~477091% 0.000000% 0.~~000000~~477091% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 10.~~204819~~000000% 0.000000% 0.~~000000~~641026% 0.000000% 10.~~204819~~641026% 10.~~501612~~000000% 0.000000% 0.~~000000~~477091% 0.000000% 10.~~501612~~477091% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 1 0 0 0 1 ~~626~~478,~~853~~196.3920 0.00 0.00 0.00 ~~626~~478,~~853~~196.3920 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1 0 0 0 1 ~~626~~478,~~853~~196.3920 0.00 0.00 0.00 ~~626~~478,~~853~~196.3920 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~438596~~454545% 0.000000% 0.000000% 0.000000% 0.~~438596~~454545% 0.~~583314~~466403% 0.000000% 0.000000% 0.000000% 0.~~583314~~466403% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~438596~~454545% 0.000000% 0.000000% 0.000000% 0.~~438596~~454545% 0.~~583314~~466403% 0.000000% 0.000000% 0.000000% 0.~~583314~~466403% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 01 0 0 0 01 0520,408.0066 0.00 0.00 0.00 0520,408.0066 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 01 0 0 0 01 0520,408.0066 0.00 0.00 0.00 0520,408.0066 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~000000~~380952% 0.000000% 0.000000% 0.000000% 02.~~000000~~380952% 03.~~000000~~139310% 0.000000% 0.000000% 0.000000% 03.~~000000~~139310% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 02.~~000000~~380952% 0.000000% 0.000000% 0.000000% 02.~~000000~~380952% 03.~~000000~~139310% 0.000000% 0.000000% 0.000000% 03.~~000000~~139310% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 5 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 3 0 0 0 3 1865,~~517,547~~578.9062 0.00 0.00 0.00 1865,~~517,547~~578.9062 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 3 0 0 0 3 1865,~~517,547~~578.9062 0.00 0.00 0.00 1865,~~517,547~~578.9062 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~345291~~401869% 0.000000% 0.000000% 0.000000% 1.~~345291~~401869% 10.~~379343~~823898% 0.000000% 0.000000% 0.000000% 10.~~379343~~823898% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~345291~~401869% 0.000000% 0.000000% 0.000000% 1.~~345291~~401869% 10.~~379343~~823898% 0.000000% 0.000000% 0.000000% 10.~~379343~~823898% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 6 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 21 0 0 0 21 ~~912~~142,~~025~~269.1405 0.00 0.00 0.00 ~~912~~142,~~025~~269.1405 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 21 0 0 0 21 ~~912~~142,~~025~~269.1405 0.00 0.00 0.00 ~~912~~142,~~025~~269.1405 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~511509~~277778% 0.000000% 0.000000% 0.000000% 0.~~511509~~277778% 0.~~541132~~091880% 0.000000% 0.000000% 0.000000% 0.~~541132~~091880% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~511509~~277778% 0.000000% 0.000000% 0.000000% 0.~~511509~~277778% 0.~~541132~~091880% 0.000000% 0.000000% 0.000000% 0.~~541132~~091880% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 7 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 10 0 0 0 10 ~~539,202~~0.2100 0.00 0.00 0.00 ~~539,202~~0.2100 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 10 0 0 0 10 ~~539,202~~0.2100 0.00 0.00 0.00 ~~539,202~~0.2100 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~909091~~000000% 0.000000% 0.000000% 0.000000% 0.~~909091~~000000% 10.~~048634~~000000% 0.000000% 0.000000% 0.000000% 10.~~048634~~000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~909091~~000000% 0.000000% 0.000000% 0.000000% 0.~~909091~~000000% 10.~~048634~~000000% 0.000000% 0.000000% 0.000000% 10.~~048634~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 8 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 01 0 0 0 01 0733,352.00 0.00 0.00 0.00 0733,352.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 01 0 0 0 01 0733,352.00 0.00 0.00 0.00 0733,352.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~000000~~857143% 0.000000% 0.000000% 0.000000% 02.~~000000~~857143% 04.~~000000~~443155% 0.000000% 0.000000% 0.000000% 04.~~000000~~443155% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 02.~~000000~~857143% 0.000000% 0.000000% 0.000000% 02.~~000000~~857143% 04.~~000000~~443155% 0.000000% 0.000000% 0.000000% 04.~~000000~~443155%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3433,~~785~~277.7847

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 934,279,619.00 79.58275035% ~~560~~527,~~009~~222,~~050~~935.3403 7778.~~98333556~~25070100% 8887.~~626120~~896448% 0.000000% Class R-I 934,279,519.00 79.58274183% ~~560~~527,~~009~~222,~~050~~935.3403 7778.~~98333556~~25070100% 0.000000% 0.000000% Class R-II 934,279,419.00 79.58273332% ~~560~~527,~~009~~222,~~050~~935.3403 7778.~~98333556~~25070100% 0.000000% 0.000000% Class R-III 934,279,319.00 79.58272480% ~~560~~527,~~009~~222,~~050~~935.3403 7778.~~98333556~~25070100% 0.000000% 0.000000% Class II-A-1 820,936,619.00 69.92809505% ~~497~~469,~~957~~450,~~936~~758.3559 69.~~34248798~~67612466% 8.~~640848~~574576% 7570.~~970979~~843470% Class III-A-1 630,246,719.00 53.68496356% ~~404~~381,~~833~~233,~~679~~052.3514 56.~~37459009~~58280699% 1213.~~967898~~093318% ~~114~~108.~~014729~~177480% Class M 38,154,519.00 3.25003511% 37,~~921~~862,~~943~~355.7175 5.~~28077119~~61955044% 6.~~093108~~484002% 53.571064% Class B-1 24,653,819.00 2.10003374% 24,~~503~~465,~~538~~035.7960 3.~~41220858~~63111325% 1.~~868563~~988437% 16.428542% Class B-2 14,675,019.00 1.25003088% 14,~~585~~562,~~565~~646.7296 2.~~03109408~~16139560% 1.~~381115~~469718% 12.142862% Class B-3 7,631,219.00 0.65003387% 7,~~584~~572,~~702~~783.0294 1.~~05619786~~12395651% 01.~~974896~~037439% 8.571361% Class B-4 4,109,419.00 0.35004388% 4,~~084~~077,~~369~~951.5666 0.~~56876360~~60525170% 0.~~487434~~518705% 4.285559% Class B-5 2,348,519.00 0.20004889% 2,~~334~~330,~~203~~535.3352 0.~~32504646~~34589929% 0.~~243717~~259352% 2.142779% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~325046~~345899% 2.857833% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~581131~~570449% Weighted Average Net Coupon 5.~~279321~~270870% Weighted Average Pass-Through Rate 5.~~250980~~241204% Weighted Average Maturity(Stepdown Calculation ) ~~350~~348 Beginning Scheduled Collateral Loan Count 1,~~716~~540 Number Of Loans Paid In Full ~~119~~36 Ending Scheduled Collateral Loan Count 1,~~597~~504 Beginning Scheduled Collateral Balance ~~780~~690,~~247~~123,~~495~~488.9086 Ending Scheduled Collateral Balance ~~718~~673,~~113~~761,~~743~~293.5721 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~718~~674,~~590~~213,~~344~~632.0431 Monthly P &I Constant 43,~~227~~744,~~986~~224.4859 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 6518,~~126~~955,~~421~~024.0616 Ending Scheduled Balance for Premium Loans ~~718~~673,~~113~~761,~~743~~293.5721 Scheduled Principal ~~599~~540,~~100~~643.3419 Unscheduled Principal 6115,~~534~~821,~~651~~552.9946

Miscellaneous Reporting Average Loss Severity Group 1 0.00 Average Loss Severity Group 2 0.00 Average Loss Severity Group 3 0.00 Average Loss Severity Group 4 0.00 Average Loss Severity Group 5 0.00 Average Loss Severity Group 6 0.00 Average Loss Severity Group 7 0.00 Average Loss Severity Group 8 0.00 Senior Percentage Group 1 9089.~~619823~~262261% Senior Percentage Group 2 8987.~~103199~~708236% Senior Percentage Group 3 8786.~~595833~~440023% Senior Percentage Group 4 8988.~~696893~~371931% Senior Percentage Group 5 8988.~~635965~~180794% Senior Percentage Group 6 8988.~~572765~~166204% Senior Percentage Group 7 8988.~~809923~~625572% Senior Percentage Group 8 8988.~~701011~~638758% Senior Prepayment Percentage Group 1 100.000000% Senior Prepayment Percentage Group 2 100.000000% Senior Prepayment Percentage Group 3 100.000000% Senior Prepayment Percentage Group 4 100.000000% Senior Prepayment Percentage Group 5 100.000000% Senior Prepayment Percentage Group 6 100.000000% Senior Prepayment Percentage Group 7 100.000000% Senior Prepayment Percentage Group 8 100.000000% Subordinate Percentage Group 1 910.~~380177~~737739% Subordinate Percentage Group 2 1012.~~896801~~291764% Subordinate Percentage Group 3 1213.~~404167~~559977% Subordinate Percentage Group 4 1011.~~303107~~628069% Subordinate Percentage Group 5 1011.~~364035~~819206% Subordinate Percentage Group 6 1011.~~427235~~833796% Subordinate Percentage Group 7 1011.~~190077~~374428% Subordinate Percentage Group 8 1011.~~298989~~361242% Subordinate Prepay Percentage Group 1 0.000000% Subordinate Prepay Percentage Group 2 0.000000% Subordinate Prepay Percentage Group 3 0.000000% Subordinate Prepay Percentage Group 4 0.000000% Subordinate Prepay Percentage Group 5 0.000000% Subordinate Prepay Percentage Group 6 0.000000% Subordinate Prepay Percentage Group 7 0.000000% Subordinate Prepay Percentage Group 8 0.000000%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~395996~~386426 5.~~729469~~724656 5.~~714617~~708505 Weighted Average Net Rate 5.~~142221~~135973 5.~~438585~~436412 5.~~420888~~416431 Weighted Average Maturity ~~350~~348 ~~349~~347 ~~349~~347 Beginning Loan Count ~~428~~381 ~~180~~162 ~~243~~224 Loans Paid In Full 296 146 154 Ending Loan Count ~~399~~375 ~~166~~156 ~~228~~220 Beginning Scheduled Balance ~~191~~166,~~406~~971,~~219~~570.8147 7768,~~871~~920,~~548~~056.05 ~~115~~105,~~045~~050,~~533~~751.5243 Ending scheduled Balance ~~176~~164,~~046~~454,~~335~~651.9943 7066,~~529~~236,~~737~~456.8003 ~~107~~102,~~382~~449,~~012~~346.7546 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~995~~867,~~011~~550.8150 ~~434~~387,~~977~~451.5383 ~~650~~597,~~124~~207.6796 Scheduled Principal ~~134~~118,~~322~~067.4520 6358,~~175~~665.3248 ~~102~~97,~~256~~472.9931 Unscheduled Principal 152,~~225~~398,~~561~~851.3784 72,~~278~~624,~~634~~934.9354 72,~~561~~503,~~263~~932.7866 Scheduled Interest ~~860~~749,~~689~~483.3630 ~~371~~328,~~802~~786.2135 ~~547~~499,~~867~~735.6865 Servicing Fees 4034,~~478~~848.4572 1816,~~876~~554.3483 2825,~~160~~568.2083 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1211,~~401~~381.7133 9796.2098 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~807~~703,~~809~~253.2025 ~~352~~312,~~828~~134.6754 ~~519~~474,~~707~~166.4882 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.~~064470~~054177 5.~~437087~~434724 5.~~420888~~416431

Group Level Collateral Statement Group Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~770801~~732644 5.~~817869~~809444 5.~~572452~~557358 Weighted Average Net Rate 4.~~538844~~514901 5.~~468767~~461802 5.~~225459~~211955 Weighted Average Maturity ~~349~~347 347 349 ~~351~~ Beginning Loan Count 4642 ~~242~~216 ~~420~~375 Loans Paid In Full 0 2 1915 29 Ending Loan Count 4442 ~~223~~214 ~~391~~360 Beginning Scheduled Balance 1816,~~776~~592,~~108~~793.8926 ~~121~~106,~~195~~154,~~248~~153.3484 ~~182~~160,~~775~~794,~~320~~172.2971 Ending scheduled Balance 1716,~~496~~556,~~943~~630.1163 ~~109~~105,~~967~~009,~~535~~772.0162 ~~168~~154,~~426~~733,~~854~~451.4814 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant 9888,~~871~~066.6691 ~~655~~571,~~433~~498.5167 ~~993~~874,~~878~~102.8563 Scheduled Principal 2422,~~224~~627.09 6757,~~851~~584.7984 ~~145~~129,~~123~~443.2461 Unscheduled Principal 113,~~254,941~~535.6954 111,~~159~~086,~~861~~796.5438 145,~~203~~931,~~342~~277.5796 Scheduled Interest 7465,~~647~~439.5782 ~~587~~513,~~581~~913.7283 ~~848~~744,~~755~~659.6102 Servicing Fees 3,~~629~~010.3881 3530,~~257~~752.9299 5246,~~851~~282.5241 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,~~455~~451.5919 0.00 43,~~037~~893.6928 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 6960,~~562~~977.6082 ~~552~~483,~~323~~160.8084 ~~791~~694,~~866~~483.4033 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~445816~~409950 5.~~468767~~461802 5.~~198950~~182899

Group Level Collateral Statement Group Group 7 Group 8 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~505872~~469411 5.~~623349~~642765 5.~~581131~~570449 Weighted Average Net Rate 5.~~238867~~202169 5.~~310139~~328151 5.~~279321~~270870 Weighted Average Maturity ~~351~~349.00 ~~349~~347.00 ~~350~~348.00 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~300~~268,~~034~~428.0722 9989,~~654~~917.3887 43,~~227~~744,~~986~~224.4859 Beginning Loan Count ~~117~~105 4035 1,~~716~~540 Loans Paid In Full 73 40 ~~119~~36 Ending Loan Count ~~110~~102 3635 1,~~597~~504 Beginning Scheduled Balance 5449,~~924~~118,~~375~~583.9153 1816,~~253~~521,~~141~~407.0957 ~~780~~690,~~247~~123,~~495~~488.9086 Ending Scheduled Balance 5147,~~378~~825,~~101~~617.9034 16,~~886~~495,~~222~~367.5356 ~~718~~673,~~113~~761,~~743~~293.5721 Scheduled Principal 4844,~~028~~553.5747 1412,~~117~~229.8919 ~~599~~540,~~100~~643.3419 Unscheduled Principal 31,~~498~~248,~~245~~412.4472 113,~~352,800~~810.6782 6115,~~534~~821,~~651~~552.9946 Scheduled Interest ~~252~~223,~~005~~874.5075 8577,~~536~~688.4968 3,~~628~~203,~~886~~581.1440 Servicing Fee 1210,~~220~~938.9077 4,~~764~~331.2255 ~~196~~172,~~238~~288.9391 Master Servicing Fee 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 Fry Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~435~~238.0013 0.00 1817,~~427~~060.1991 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest ~~239~~212,~~349~~697.6085 8073,~~772~~357.2713 3,~~414~~014,~~220~~231.0258 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.~~229363~~196352 5.~~310140~~328152 5.~~250980~~241204

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THROUGH CERT 2003-1