8-K 1 thb03005_jan.txt JAN. 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): January 26, 2004 THORNBURG MORTGAGE Home Loans, Inc. Mortgage Pass-Through Certificates, Series 2003-5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106323-04 54-2132888 Pooling and Servicing Agreement) (Commission 54-2132889 (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 January 26, 2004 a distribution was made to holders of THORNBURG MORTGAGE Home Loans, Inc., Mortgage Pass-Through Certificates, Series 2003-5 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 2003-5 Trust, relating to the January 26, 2004 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. THORNBURG MORTGAGE Home Loans, Inc. Mortgage Pass-Through Certificates, Series 2003-5 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 2/3/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-5 Trust, relating to the January 26, 2004 distribution. EX-99.1

Thornburg Mortgage Home Loans, Inc. Mortgage Pass-~~Backed~~Through ~~Notes~~Certificates Record Date: 1112/3031/03 Distribution Date: 121/26/0304 THB Series: 2003-5 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 885220EB5 SEN 2.~~97561~~97591% ~~152~~151,~~119~~117,~~441~~567.1208 ~~377~~376,~~206~~588.9404 1165,~~001,874~~544.0525 II-A 885220EC3 SEN 3.~~68213~~67855% ~~167~~164,~~391~~800,~~047~~800.9019 ~~513~~507,~~629~~654.0813 2,~~590~~490,~~247~~188.7224 III-A 885220ED1 SEN 4.~~11356~~11583% ~~450~~445,~~535~~306,~~594~~783.7271 1,~~544~~534,~~419~~788.1274 53,~~228~~225,~~811~~906.0125 IV-A 885220EE9 SEN 4.~~57060~~57055% 205,~~444~~277,~~558~~138.4786 ~~782~~785,~~503~~671.4345 ~~167~~243,~~419~~027.6006 B-1 885220EH2 SUB 3.~~95849~~95893% 12,~~601~~598,~~080~~128.3964 41,~~567~~765.7627 2,~~951~~986.7564 B-2 885220EJ8 SUB 3.~~95849~~95893% 5,~~544~~543,~~371~~072.4065 18,~~289~~376.4737 1,~~298~~314.7510 B-3 885220EK5 SUB 3.~~95849~~95893% 4,~~536~~535,~~212~~150.9839 1415,~~963~~034.8191 1,~~062~~075.5915 B-4 885220EL3 SUB 3.~~95849~~95893% 1,~~008~~007,~~158~~922.4126 3,~~325~~341.6646 ~~236~~238.1695 B-5 885220EM1 SUB 3.~~95849~~95893% 2,~~016~~015,~~016~~544.9066 6,~~650~~681.3393 ~~472~~477.2483 B-6 885220EN9 SUB 3.~~95849~~95893% 2,~~016~~015,~~404~~932.8147 6,~~651~~683.6121 ~~472~~477.3392 R-I 885220EF6 SEN 0.00000% 0.00 0.00 0.00 R-II 885220EG4 SEN 0.00000% 0.00 0.00 0.00 Totals 1994,~~003~~218,~~212,887~~040.1091 3,~~309~~296,~~207~~585.2151 86,~~994~~131,~~846~~236.2039

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~151~~150,~~117~~952,~~567~~022.0882 1542,~~379,080~~132.9929 0.00 II-A 0.00 ~~164~~162,~~800~~310,~~800~~611.1994 32,~~103~~997,~~876~~842.8037 0.00 III-A 0.00 ~~445~~442,~~306~~080,~~783~~877.7145 64,~~773~~760,~~230~~694.1399 0.00 IV-A 0.00 205,~~277~~034,~~138~~111.8680 ~~949~~1,~~923~~028,698.0351 0.00 B-1 0.00 12,~~598~~595,~~128~~142.6400 44,~~519~~751.5191 0.00 B-2 0.00 5,~~543~~541,~~072~~758.6555 19,~~588~~690.2247 0.00 B-3 0.00 4,~~535~~534,~~150~~075.3924 16,~~026~~110.4006 0.00 B-4 0.00 1,007,~~922~~683.2631 3,~~561~~580.8241 0.00 B-5 0.00 2,015,~~544~~066.6683 7,~~122~~159.5776 0.00 B-6 0.00 2,015,~~932~~454.4756 7,~~123~~161.9413 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~994~~988,~~218~~086,~~040~~804.9150 129,~~304~~427,~~053~~821.4190 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 152,635,500.00 ~~152~~151,~~119~~117,~~441~~567.1208 6,~~847~~459.9355 ~~995~~159,~~026~~084.1270 0.00 0.00 II-A 168,720,200.00 ~~167~~164,~~391~~800,~~047~~800.9019 4039,~~501~~382.1405 2,~~549~~450,~~746~~806.5819 0.00 0.00 III-A 452,531,300.00 ~~450~~445,~~535~~306,~~594~~783.7271 ~~118~~120,~~458~~822.0663 53,~~110~~105,~~352~~083.9562 0.00 0.00 IV-A 206,700,500.00 205,~~444~~277,~~558~~138.4786 62,~~645~~423.9060 ~~104~~180,~~773~~603.7046 0.00 0.00 B-1 12,604,100.00 12,~~601~~598,~~080~~128.3964 2,~~951~~986.7564 0.00 0.00 0.00 B-2 5,545,700.00 5,~~544~~543,~~371~~072.4065 1,~~298~~314.7510 0.00 0.00 0.00 B-3 4,537,300.00 4,~~536~~535,~~212~~150.9839 1,~~062~~075.5915 0.00 0.00 0.00 B-4 1,008,400.00 1,~~008~~007,~~158~~922.4126 ~~236~~238.1695 0.00 0.00 0.00 B-5 2,016,500.00 2,~~016~~015,~~016~~544.9066 ~~472~~477.2483 0.00 0.00 0.00 B-6 2,016,888.00 2,~~016~~015,~~404~~932.8147 ~~472~~477.3392 0.00 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 Totals 1,008,316,488.00 1994,~~003~~218,~~212,887~~040.1091 ~~234~~235,~~946~~658.8542 85,~~759~~895,~~899~~577.3597 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 1165,~~001,874~~544.0525 ~~151~~150,~~117~~952,~~567~~022.0882 0.~~99005518~~98897061 1165,~~001,874~~544.0525 II-A 2,~~590~~490,~~247~~188.7224 ~~164~~162,~~800~~310,~~800~~611.1994 0.~~97676982~~96201055 2,~~590~~490,~~247~~188.7224 III-A 53,~~228~~225,~~811~~906.0125 ~~445~~442,~~306~~080,~~783~~877.7145 0.~~98403532~~97690674 53,~~228~~225,~~811~~906.0125 IV-A ~~167~~243,~~419~~027.6006 205,~~277~~034,~~138~~111.8680 0.~~99311390~~99193815 ~~167~~243,~~419~~027.6006 B-1 2,~~951~~986.7564 12,~~598~~595,~~128~~142.6400 0.~~99952624~~99928928 2,~~951~~986.7564 B-2 1,~~298~~314.7510 5,~~543~~541,~~072~~758.6555 0.~~99952624~~99928928 1,~~298~~314.7510 B-3 1,~~062~~075.5915 4,~~535~~534,~~150~~075.3924 0.~~99952624~~99928928 1,~~062~~075.5915 B-4 ~~236~~238.1695 1,007,~~922~~683.2631 0.~~99952624~~99928928 ~~236~~238.1695 B-5 ~~472~~477.2483 2,015,~~544~~066.6683 0.~~99952624~~99928928 ~~472~~477.2483 B-6 ~~472~~477.3392 2,015,~~932~~454.4756 0.~~99952624~~99928928 ~~472~~477.3392 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 86,~~994~~131,~~846~~236.2039 ~~994~~988,~~218~~086,~~040~~804.9150 0.~~98601784~~97993717 86,~~994~~131,~~846~~236.2039

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 152,635,500.00 ~~996~~990.~~61901144~~05517773 0.~~04486460~~04232010 61.~~51896918~~04225229 0.00000000 II-A 168,720,200.00 ~~992~~976.~~12215194~~76982477 0.~~24004915~~23341633 1514.~~11227808~~52586110 0.00000000 III-A 452,531,300.00 ~~995~~984.~~58990664~~03532244 0.~~26176766~~26699287 116.~~29281654~~86158862 0.00000000 IV-A 206,700,500.00 993.~~92385829~~11389600 0.~~30307571~~30200024 0.~~50688653~~87374467 0.00000000 B-1 12,604,100.00 999.~~76042637~~52623670 0.~~23418967~~23695782 0.00000000 0.00000000 B-2 5,545,700.00 999.~~76042700~~52623654 0.~~23419045~~23695836 0.00000000 0.00000000 B-3 4,537,300.00 999.~~76042580~~52623587 0.~~23418994~~23695810 0.00000000 0.00000000 B-4 1,008,400.00 999.~~76042245~~52623959 0.~~23419278~~23695954 0.00000000 0.00000000 B-5 2,016,500.00 999.~~76042648~~52623853 0.~~23418795~~23696008 0.00000000 0.00000000 B-6 2,016,888.00 999.~~76042795~~52623547 0.~~23418752~~23695912 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes Are Per $1000 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 61.~~56383377~~08457240 ~~990~~988.~~05517773~~97060527 0.~~99005518~~98897061 61.~~56383377~~08457240 II-A 0.00000000 1514.~~35232723~~75927743 ~~976~~962.~~76982477~~01054728 0.~~97676982~~96201055 1514.~~35232723~~75927743 III-A 0.00000000 117.~~55458420~~12858149 ~~984~~976.~~03532244~~90674093 0.~~98403532~~97690674 117.~~55458420~~12858149 IV-A 0.00000000 01.~~80996224~~17574491 ~~993~~991.~~11389600~~93815109 0.~~99311390~~99193815 01.~~80996224~~17574491 B-1 0.00000000 0.~~23418967~~23695782 999.~~52623670~~28927889 0.~~99952624~~99928928 0.~~23418967~~23695782 B-2 0.00000000 0.~~23419045~~23695836 999.~~52623654~~28927818 0.~~99952624~~99928928 0.~~23419045~~23695836 B-3 0.00000000 0.~~23418994~~23695810 999.~~52623587~~28927776 0.~~99952624~~99928928 0.~~23418994~~23695810 B-4 0.00000000 0.~~23419278~~23695954 999.~~52623959~~28928005 0.~~99952624~~99928928 0.~~23419278~~23695954 B-5 0.00000000 0.~~23418795~~23696008 999.~~52623853~~28927845 0.~~99952624~~99928928 0.~~23418795~~23696008 B-6 0.00000000 0.~~23418752~~23695912 999.~~52623547~~28928131 0.~~99952624~~99928928 0.~~23418752~~23695912 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 152,635,500.00 2.~~97561~~97591% ~~152~~151,~~119~~117,~~441~~567.1208 ~~377~~374,~~206~~760.9427 0.00 0.00 II-A 168,720,200.00 3.~~68213~~67855% ~~167~~164,~~391~~800,~~047~~800.9019 ~~513~~505,~~629~~190.0823 0.00 0.00 III-A 452,531,300.00 4.~~11356~~11583% ~~450~~445,~~535~~306,~~594~~783.7271 1,~~544~~527,~~419~~339.1264 0.00 0.00 IV-A 206,700,500.00 4.~~57060~~57055% 205,~~444~~277,~~558~~138.4786 ~~782~~781,~~503~~858.4319 0.00 0.00 B-1 12,604,100.00 3.~~95849~~95893% 12,~~601~~598,~~080~~128.3964 41,~~567~~562.7656 0.00 0.00 B-2 5,545,700.00 3.~~95849~~95893% 5,~~544~~543,~~371~~072.4065 18,~~289~~287.4719 0.00 0.00 B-3 4,537,300.00 3.~~95849~~95893% 4,~~536~~535,~~212~~150.9839 14,~~963~~961.8194 0.00 0.00 B-4 1,008,400.00 3.~~95849~~95893% 1,~~008~~007,~~158~~922.4126 3,325.6624 0.00 0.00 B-5 2,016,500.00 3.~~95849~~95893% 2,~~016~~015,~~016~~544.9066 6,~~650~~649.3350 0.00 0.00 B-6 2,016,888.00 3.~~95849~~95893% 2,~~016~~015,~~404~~932.8147 6,~~651~~650.6178 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,008,316,488.00 3,~~309~~280,~~207~~585.2154 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 0.00 0.00 ~~377~~376,~~206~~588.9404 0.00 ~~151~~150,~~117~~952,~~567~~022.0882 II-A 0.00 0.00 ~~513~~507,~~629~~654.0813 0.00 ~~164~~162,~~800~~310,~~800~~611.1994 III-A 0.00 0.00 1,~~544~~534,~~419~~788.1274 0.00 ~~445~~442,~~306~~080,~~783~~877.7145 IV-A 0.00 0.00 ~~782~~785,~~503~~671.4345 0.00 205,~~277~~034,~~138~~111.8680 B-1 0.00 0.00 41,~~567~~765.7627 0.00 12,~~598~~595,~~128~~142.6400 B-2 0.00 0.00 18,~~289~~376.4737 0.00 5,~~543~~541,~~072~~758.6555 B-3 0.00 0.00 1415,~~963~~034.8191 0.00 4,~~535~~534,~~150~~075.3924 B-4 0.00 0.00 3,~~325~~341.6646 0.00 1,007,~~922~~683.2631 B-5 0.00 0.00 6,~~650~~681.3393 0.00 2,015,~~544~~066.6683 B-6 0.00 0.00 6,~~651~~683.6121 0.00 2,015,~~932~~454.4756 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~309~~296,~~207~~585.2151 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 152,635,500.00 2.~~97561~~97591% ~~996~~990.~~61901144~~05517773 2.~~47129233~~45526283 0.00000000 0.00000000 II-A 168,720,200.00 3.~~68213~~67855% ~~992~~976.~~12215194~~76982477 32.~~04426548~~99424864 0.00000000 0.00000000 III-A 452,531,300.00 4.~~11356~~11583% ~~995~~984.~~58990664~~03532244 3.~~41284486~~37510276 0.00000000 0.00000000 IV-A 206,700,500.00 4.~~57060~~57055% 993.~~92385829~~11389600 3.~~78568717~~78256555 0.00000000 0.00000000 B-1 12,604,100.00 3.~~95849~~95893% 999.~~76042637~~52623670 3.~~29795543~~29754286 0.00000000 0.00000000 B-2 5,545,700.00 3.~~95849~~95893% 999.~~76042700~~52623654 3.~~29795517~~29754404 0.00000000 0.00000000 B-3 4,537,300.00 3.~~95849~~95893% 999.~~76042580~~52623587 3.~~29795473~~29754259 0.00000000 0.00000000 B-4 1,008,400.00 3.~~95849~~95893% 999.~~76042245~~52623959 3.~~29795716~~29754066 0.00000000 0.00000000 B-5 2,016,500.00 3.~~95849~~95893% 999.~~76042648~~52623853 3.~~29795686~~29754525 0.00000000 0.00000000 B-6 2,016,888.00 3.~~95849~~95893% 999.~~76042795~~52623547 3.~~29795705~~29754553 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes Are Per $1000 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 0.00000000 0.00000000 2.~~47129233~~46723757 0.00000000 ~~990~~988.~~05517773~~97060527 II-A 0.00000000 0.00000000 3.~~04426548~~00885211 0.00000000 ~~976~~962.~~76982477~~01054728 III-A 0.00000000 0.00000000 3.~~41284486~~39156372 0.00000000 ~~984~~976.~~03532244~~90674093 IV-A 0.00000000 0.00000000 3.~~78568717~~80101379 0.00000000 ~~993~~991.~~11389600~~93815109 B-1 0.00000000 0.00000000 3.~~29795543~~31362572 0.00000000 999.~~52623670~~28927889 B-2 0.00000000 0.00000000 3.~~29795517~~31362497 0.00000000 999.~~52623654~~28927818 B-3 0.00000000 0.00000000 3.~~29795473~~31362484 0.00000000 999.~~52623587~~28927776 B-4 0.00000000 0.00000000 3.~~29795716~~31362555 0.00000000 999.~~52623959~~28928005 B-5 0.00000000 0.00000000 3.~~29795686~~31362757 0.00000000 999.~~52623853~~28927845 B-6 0.00000000 0.00000000 3.~~29795705~~31362475 0.00000000 999.~~52623547~~28928131 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 129,~~515~~666,~~957~~525.8231 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3510,~~584~~012.3107 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 016,000.00 Total Deposits 129,~~551~~692,~~542~~537.1338 Withdrawals Reimbursement for Servicer Advances 1635,~~272~~584.6131 Payment of Service Fee ~~231~~229,~~216~~131.1117 Payment of Interest and Principal 129,~~304~~427,~~053~~821.4190 Total Withdrawals (Pool Distribution Amount) 129,~~551~~692,~~542~~537.1338 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~216~~214,~~042~~093.5868 Master Servicing Fee- Wells Fargo 14,~~630~~499.1601 Trustee Fee - Deutsche Bank ~~543~~538.3748 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~231~~229,~~216~~131.11 Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.00991752% 100,000.00 0.01005816% Fraud 10,187,911.00 1.01038822% 10,083,164.00 1.01418035% Special Hazard 10,187,911.00 1.01038822% 10,000,000.00 1.00581558% Limit of Suburdinate's Exposure to Certain Types of Losses17

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 41 0 0 0 41 349,~~098,371~~892.1692 0.00 0.00 0.00 349,~~098,371~~892.1692 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 41 0 0 0 41 349,~~098,371~~892.1692 0.00 0.00 0.00 349,~~098,371~~892.1692 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~298701~~325733% 0.000000% 0.000000% 0.000000% 10.~~298701~~325733% 10.~~993328~~032133% 0.000000% 0.000000% 0.000000% 10.~~993328~~032133% 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 10.~~298701~~325733% 0.000000% 0.000000% 0.000000% 10.~~298701~~325733% 10.~~993328~~032133% 0.000000% 0.000000% 0.000000% 10.~~993328~~032133% 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 31 0 0 0 31 ~~640~~265,~~500~~797.0058 0.00 0.00 0.00 ~~640~~265,~~500~~797.0058 60 Days 01 0 0 0 01 0322,370.0068 0.00 0.00 0.00 0322,370.0068 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 32 0 0 0 32 ~~640~~588,~~500~~168.0026 0.00 0.00 0.00 ~~640~~588,~~500~~168.0026 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~819672~~274725% 0.000000% 0.000000% 0.000000% 0.~~819672~~274725% 0.~~377653~~159057% 0.000000% 0.000000% 0.000000% 0.~~377653~~159057% 60 Days 0.~~000000~~274725% 0.000000% 0.000000% 0.000000% 0.~~000000~~274725% 0.~~000000~~192911% 0.000000% 0.000000% 0.000000% 0.~~000000~~192911% 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.~~819672~~549451% 0.000000% 0.000000% 0.000000% 0.~~819672~~549451% 0.~~377653~~351968% 0.000000% 0.000000% 0.000000% 0.~~377653~~351968% 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 4 0 0 0 4 41,~~879~~576,~~183~~000.4300 0.00 0.00 0.00 41,~~879~~576,~~183~~000.4300 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 4 0 0 0 4 41,~~879~~576,~~183~~000.4300 0.00 0.00 0.00 41,~~879~~576,~~183~~000.4300 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~464037~~465658% 0.000000% 0.000000% 0.000000% 0.~~464037~~465658% 10.~~064903~~346413% 0.000000% 0.000000% 0.000000% 10.~~064903~~346413% 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.~~464037~~465658% 0.000000% 0.000000% 0.000000% 0.~~464037~~465658% 10.~~064903~~346413% 0.000000% 0.000000% 0.000000% 10.~~064903~~346413% 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 21 0 0 0 2 1 592,~~195,999~~562.4950 0.00 0.00 0.00 1592,~~195,999~~562.4950 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 2 1 592,~~195,999~~562.4950 0.00 0.00 0.00 1592,~~195,999~~562.4950 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~501253~~250627% 0.000000% 0.000000% 0.000000% 0.~~501253~~250627% 0.~~566365~~280941% 0.000000% 0.000000% 0.000000% 0.~~566365~~280941% 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.~~501253~~250627% 0.000000% 0.000000% 0.000000% 0.~~501253~~250627% 0.~~566365~~280941% 0.000000% 0.000000% 0.000000% 0.~~566365~~280941%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~234902~~236153% Weighted Average Net Coupon 3.~~976481~~977747% Weighted Average Pass-Through Rate 3.~~958331~~959597% Weighted Average Maturity(Stepdown Calculation ) ~~358~~357 Beginning Scheduled Collateral Loan Count 1,~~944~~935 Number Of Loans Paid In Full 96 Ending Scheduled Collateral Loan Count 1,~~935~~929 Beginning Scheduled Collateral Balance 1994,~~003~~218,~~212,887~~041.4828 Ending Scheduled Collateral Balance ~~994~~988,~~218~~086,~~041~~804.2889 Ending Actual Collateral Balance at 3031-~~Nov~~Dec-2003 ~~994~~988,~~389~~249,~~622~~159.6755 Monthly P &I Constant 3,~~775~~745,~~370~~375.1814 Special Servicing Fee 0.00 Prepayment Penalties 016,000.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 129,~~206~~313,~~110~~814.9415 Ending Scheduled Balance for Premium Loans ~~994~~988,~~218~~086,~~041~~804.2889 Scheduled Principal ~~234~~235,~~946~~658.8542 Unscheduled Principal 85,~~759~~895,~~899~~577.3597

Miscellaneous Reporting Senior Percentage Group 1 97.~~241040~~223378% Senior Percentage Group 2 97.~~229367~~187706% Senior Percentage Group 3 97.~~238890~~208088% Senior Percentage Group 4 97.~~234440~~233068% Subordinate Percentage Group 1 2.~~758960~~776622% Subordinate Percentage Group 2 2.~~770633~~812294% Subordinate Percentage Group 3 2.~~761110~~791912% Subordinate Percentage Group 4 2.~~765560~~766932% Senior PrePayment Percentage Grp 1 100.000000% Senior PrePayment Percentage Grp 2 100.000000% Senior PrePayment Percentage Grp 3 100.000000% Senior PrePayment Percentage Grp 4 100.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 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 3.~~249930~~250109 3.~~959033~~955260 4.~~388234~~390577 Weighted Average Net Rate 2.~~993761~~994060 3.~~700276~~696702 4.~~131705~~133981 Weighted Average Maturity ~~358~~357 ~~362~~361 ~~358~~357 Beginning Loan Count ~~309~~308 ~~373~~366 ~~863~~862 Loans Paid In Full 1 72 13 Ending Loan Count ~~308~~307 ~~366~~364 ~~862~~859 Beginning Scheduled Balance ~~156~~155,~~435~~433,~~432~~364.4410 ~~172~~169,~~160~~569,~~997~~595.3653 ~~463~~458,~~328~~096,~~607~~433.8824 Ending scheduled Balance 155,~~433~~267,~~364~~635.1037 ~~169~~167,~~569~~078,~~595~~267.5370 ~~458~~454,~~096~~867,~~433~~056.2484 Record Date 1112/3031/2003 1112/3031/2003 1112/3031/2003 Principal And Interest Constant ~~430~~427,~~712~~623.3647 ~~609~~599,~~647~~431.8652 1,~~816~~800,~~150~~382.2340 Scheduled Principal 76,~~042~~644.2203 4140,~~655~~521.2564 ~~121~~124,~~821~~292.6978 Unscheduled Principal ~~995~~159,~~026~~084.1270 2,~~549~~450,~~746~~806.5819 53,~~110~~105,~~352~~083.9562 Scheduled Interest ~~423~~420,~~670~~979.1444 ~~567~~558,~~992~~909.6188 1,~~694~~676,~~328~~089.5462 Servicing Fees 33,~~394~~165.8338 3736,~~123~~536.3238 9997,~~047~~954.6362 Master Servicing Fees 2,~~281~~266.3471 2,~~510~~472.6688 6,~~756~~680.8756 Trustee Fee 84.7216 9391.2486 ~~250~~248.9310 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 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 ~~387~~385,~~909~~463.2519 ~~528~~519,~~265~~808.3976 1,~~588~~571,~~273~~206.1134 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 2.~~975611~~975910 3.~~682126~~678552 4.~~113555~~115831

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~852709~~852652 4.~~234902~~236153 Weighted Average Net Rate 4.~~588746~~588702 3.~~976481~~977747 Weighted Average Maturity ~~355~~354 ~~358~~357 Beginning Loan Count 399 1,~~944~~935 Loans Paid In Full 0 96 Ending Loan Count 399 1,~~935~~929 Beginning Scheduled Balance 211,~~287~~118,~~849~~648.8041 1994,~~003~~218,~~212,887~~041.4828 Ending scheduled Balance ~~211~~210,~~118~~873,~~648~~844.4198 ~~994~~988,~~218~~086,~~041~~804.2889 Record Date 1112/3031/2003 1112/3031/2003 Principal And Interest Constant ~~918~~917,~~859~~937.7375 3,~~775~~745,~~370~~375.1814 Scheduled Principal 64,~~427~~199.6997 ~~234~~235,~~946~~658.8542 Unscheduled Principal ~~104~~180,~~773~~603.7046 85,~~759~~895,~~899~~577.3597 Scheduled Interest ~~854~~853,~~432~~737.0478 3,~~540~~509,~~423~~716.3372 Servicing Fees 46,~~476~~437.8030 ~~216~~214,~~042~~093.5868 Master Servicing Fees 3,~~081~~078.2986 14,~~630~~499.1601 Trustee Fee 114.4836 ~~543~~538.3748 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 804,~~759~~107.4726 3,~~309~~280,~~207~~585.2255 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 4.~~570596~~570552 3.~~958331~~959597

Filing Compare · THORNBURG MORTGAGE SECURITIES TRUST 2003 5