8-K 1 thb03005.txt MARCH 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): March 25, 2004 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-5 Trust (Exact name of registrant as specified in its charter) Delaware (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, 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 March 25, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, 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 March 25, 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 SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-5 Trust By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 3/31/2004 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 March 25, 2004 distribution. EX-99.1

Thornburg Mortgage ~~Home~~Securities ~~Loans~~Trust, Inc. Mortgage Pass-Through Certificates Record Date: 122/3129/032004 Distribution Date: 13/2625/042004 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.~~97591~~99252% ~~151~~149,~~117~~903,~~567~~164.0830 ~~376~~373,~~588~~823.0443 ~~165~~1,~~544~~491,477.2545 II-A 885220EC3 SEN 3.~~67855~~67697% ~~164~~161,~~800~~847,~~800~~591.1962 ~~507~~495,~~654~~923.1355 21,~~490~~123,~~188~~426.2431 III-A 885220ED1 SEN 4.~~11583~~11153% ~~445~~439,~~306~~823,~~783~~738.7129 1,~~534~~506,~~788~~956.7400 3,~~225~~242,~~906~~155.2511 IV-A 885220EE9 SEN 4.~~57055~~56852% ~~205~~204,~~277~~852,~~138~~269.8648 ~~785~~779,~~671~~893.4527 ~~243~~188,~~027~~914.0619 B-1 885220EH2 SUB 3.~~95893~~95875% 12,~~598~~592,~~128~~121.6412 41,~~765~~540.2784 23,~~986~~031.6415 B-2 885220EJ8 SUB 3.~~95893~~95875% 5,~~543~~540,~~072~~429.6539 18,~~376~~277.3763 1,~~314~~333.1068 B-3 885220EK5 SUB 3.~~95893~~95875% 4,~~535~~532,~~150~~987.3977 1514,~~034~~954.9112 1,~~075~~091.1517 B-4 885220EL3 SUB 3.~~95893~~95875% 1,007,~~922~~441.2662 3,~~341~~323.4650 ~~238~~242.9551 B-5 885220EM1 SUB 3.~~95893~~95875% 2,~~015~~014,~~544~~583.6653 6,~~681~~646.9302 ~~477~~484.8395 B-6 885220EN9 SUB 3.~~95893~~95875% 2,~~015~~014,~~932~~971.4716 6,~~683~~647.2130 ~~477~~485.9204 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 ~~994~~984,~~218~~129,~~040~~298.9128 3,~~296~~247,~~585~~985.5166 6,~~131~~052,~~236~~641.3956

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~150~~148,~~952~~411,~~022~~686.8285 ~~542~~1,~~132~~865,300.2988 0.00 II-A 0.00 ~~162~~160,~~310~~724,~~611~~165.9432 21,~~997~~619,~~842~~349.3786 0.00 III-A 0.00 ~~442~~436,~~080~~581,~~877~~583.4518 4,~~760~~749,~~694~~111.9911 0.00 IV-A 0.00 ~~205~~204,~~034~~663,~~111~~355.8029 1968,~~028,698~~807.5146 0.00 B-1 0.00 12,~~595~~589,~~142~~089.0097 44,~~751~~571.9199 0.00 B-2 0.00 5,~~541~~539,~~758~~095.5571 19,~~690~~611.4731 0.00 B-3 0.00 4,~~534~~531,~~075~~896.2460 16,~~110~~045.0629 0.00 B-4 0.00 1,007,~~683~~199.3111 3,~~580~~566.4101 0.00 B-5 0.00 2,~~015~~014,~~066~~098.8358 7,~~159~~130.7697 0.00 B-6 0.00 2,~~015~~014,~~454~~486.5612 7,~~161~~132.1334 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 ~~988~~978,~~086~~076,~~804~~656.5073 9,~~427~~300,~~821~~627.9022 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 ~~151~~149,~~117~~903,~~567~~164.0830 6,~~459~~495.5534 ~~159~~1,~~084~~484,982.7011 0.00 0.00 II-A 168,720,200.00 ~~164~~161,~~800~~847,~~800~~591.1962 39,~~382~~672.0578 21,~~450~~083,~~806~~753.1953 0.00 0.00 III-A 452,531,300.00 ~~445~~439,~~306~~823,~~783~~738.7129 120,~~822~~930.6324 3,~~105~~121,~~083~~224.6287 0.00 0.00 IV-A 206,700,500.00 ~~205~~204,~~277~~852,~~138~~269.8648 6263,~~423~~109.6054 ~~180~~125,~~603~~804.4665 0.00 0.00 B-1 12,604,100.00 12,~~598~~592,~~128~~121.6412 23,~~986~~031.6415 0.00 0.00 0.00 B-2 5,545,700.00 5,~~543~~540,~~072~~429.6539 1,~~314~~333.1068 0.00 0.00 0.00 B-3 4,537,300.00 4,~~535~~532,~~150~~987.3977 1,~~075~~091.1517 0.00 0.00 0.00 B-4 1,008,400.00 1,007,~~922~~441.2662 ~~238~~242.9551 0.00 0.00 0.00 B-5 2,016,500.00 2,~~015~~014,~~544~~583.6653 ~~477~~484.8395 0.00 0.00 0.00 B-6 2,016,888.00 2,~~015~~014,~~932~~971.4716 ~~477~~485.9204 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 ~~994~~984,~~218~~129,~~040~~298.9128 ~~235~~236,~~658~~876.4240 5,~~895~~815,~~577~~765.9716 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 ~~165~~1,~~544~~491,477.2545 ~~150~~148,~~952~~411,~~022~~686.8285 0.~~98897061~~97232745 ~~165~~1,~~544~~491,477.2545 II-A 21,~~490~~123,~~188~~426.2431 ~~162~~160,~~310~~724,~~611~~165.9432 0.~~96201055~~95260772 21,~~490~~123,~~188~~426.2431 III-A 3,~~225~~242,~~906~~155.2511 ~~442~~436,~~080~~581,~~877~~583.4518 0.~~97690674~~96475445 3,~~225~~242,~~906~~155.2511 IV-A ~~243~~188,~~027~~914.0619 ~~205~~204,~~034~~663,~~111~~355.8029 0.~~99193815~~99014446 ~~243~~188,~~027~~914.0619 B-1 23,~~986~~031.6415 12,~~595~~589,~~142~~089.0097 0.~~99928928~~99880912 23,~~986~~031.6415 B-2 1,~~314~~333.1068 5,~~541~~539,~~758~~095.5571 0.~~99928928~~99880912 1,~~314~~333.1068 B-3 1,~~075~~091.1517 4,~~534~~531,~~075~~896.2460 0.~~99928928~~99880912 1,~~075~~091.1517 B-4 ~~238~~242.9551 1,007,~~683~~199.3111 0.~~99928928~~99880911 ~~238~~242.9551 B-5 ~~477~~484.8395 2,~~015~~014,~~066~~098.8358 0.~~99928928~~99880911 ~~477~~484.8395 B-6 ~~477~~485.9204 2,~~015~~014,~~454~~486.5612 0.~~99928928~~99880912 ~~477~~485.9204 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 6,~~131~~052,~~236~~641.3956 ~~988~~978,~~086~~076,~~804~~656.5073 0.~~97993717~~97000958 6,~~131~~052,~~236~~641.3956

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 ~~990~~982.~~05517773~~09895011 0.~~04232010~~04255458 19.~~04225229~~72894320 0.00000000 II-A 168,720,200.00 ~~976~~959.~~76982477~~26623854 0.~~23341633~~23513948 146.~~52586110~~42337746 0.00000000 III-A 452,531,300.00 ~~984~~971.~~03532244~~91893310 0.~~26699287~~26723066 6.~~86158862~~89725743 0.00000000 IV-A 206,700,500.00 ~~993~~991.~~11389600~~05841292 0.~~30200024~~30531876 0.~~87374467~~60863254 0.00000000 B-1 12,604,100.00 999.~~52623670~~04960449 0.~~23695782~~24048921 0.00000000 0.00000000 B-2 5,545,700.00 999.~~52623654~~04960420 0.~~23695836~~24048903 0.00000000 0.00000000 B-3 4,537,300.00 999.~~52623587~~04960439 0.~~23695810~~24048884 0.00000000 0.00000000 B-4 1,008,400.00 999.~~52623959~~04960333 0.~~23695954~~24048988 0.00000000 0.00000000 B-5 2,016,500.00 999.~~52623853~~04960575 0.~~23696008~~24049095 0.00000000 0.00000000 B-6 2,016,888.00 999.~~52623547~~04960513 0.~~23695912~~24048931 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 19.~~08457240~~77149778 ~~988~~972.~~97060527~~32745233 0.~~98897061~~97232745 19.~~08457240~~77149778 II-A 0.00000000 146.~~75927743~~65851694 ~~962~~952.~~01054728~~60772166 0.~~96201055~~95260772 146.~~75927743~~65851694 III-A 0.00000000 7.~~12858149~~16448809 ~~976~~964.~~90674093~~75444501 0.~~97690674~~96475445 7.~~12858149~~16448809 IV-A 0.00000000 10.~~17574491~~91395130 ~~991~~990.~~93815109~~14446162 0.~~99193815~~99014446 10.~~17574491~~91395130 B-1 0.00000000 0.~~23695782~~24048921 ~~999~~998.~~28927889~~80911529 0.~~99928928~~99880912 0.~~23695782~~24048921 B-2 0.00000000 0.~~23695836~~24048903 ~~999~~998.~~28927818~~80911517 0.~~99928928~~99880912 0.~~23695836~~24048903 B-3 0.00000000 0.~~23695810~~24048884 ~~999~~998.~~28927776~~80911555 0.~~99928928~~99880912 0.~~23695810~~24048884 B-4 0.00000000 0.~~23695954~~24048988 ~~999~~998.~~28928005~~80911345 0.~~99928928~~99880911 0.~~23695954~~24048988 B-5 0.00000000 0.~~23696008~~24049095 ~~999~~998.~~28927845~~80911480 0.~~99928928~~99880911 0.~~23696008~~24049095 B-6 0.00000000 0.~~23695912~~24048931 ~~999~~998.~~28928131~~80911583 0.~~99928928~~99880912 0.~~23695912~~24048931 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.~~97591~~99252% ~~151~~149,~~117~~903,~~567~~164.0830 ~~374~~373,~~760~~823.2742 0.00 0.00 II-A 168,720,200.00 3.~~67855~~67697% ~~164~~161,~~800~~847,~~800~~591.1962 ~~505~~495,~~190~~923.2354 0.00 0.00 III-A 452,531,300.00 4.~~11583~~11153% ~~445~~439,~~306~~823,~~783~~738.7129 1,~~527~~506,~~339~~955.6497 0.00 0.00 IV-A 206,700,500.00 4.~~57055~~56852% ~~205~~204,~~277~~852,~~138~~269.8648 ~~781~~779,~~858~~893.1926 0.00 0.00 B-1 12,604,100.00 3.~~95893~~95875% 12,~~598~~592,~~128~~121.6412 41,~~562~~540.5684 0.00 0.00 B-2 5,545,700.00 3.~~95893~~95875% 5,~~543~~540,~~072~~429.6539 18,~~287~~277.1963 0.00 0.00 B-3 4,537,300.00 3.~~95893~~95875% 4,~~535~~532,~~150~~987.3977 14,~~961~~954.9412 0.00 0.00 B-4 1,008,400.00 3.~~95893~~95875% 1,007,~~922~~441.2662 3,~~325~~323.2450 0.00 0.00 B-5 2,016,500.00 3.~~95893~~95875% 2,~~015~~014,~~544~~583.6653 6,~~649~~646.5002 0.00 0.00 B-6 2,016,888.00 3.~~95893~~95875% 2,~~015~~014,~~932~~971.4716 6,~~650~~647.7830 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,~~280~~247,~~585~~985.5460 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 (0.0001) 0.00 ~~376~~373,~~588~~823.0443 0.00 ~~150~~148,~~952~~411,~~022~~686.8285 II-A (0.0001) 0.00 ~~507~~495,~~654~~923.1355 0.00 ~~162~~160,~~310~~724,~~611~~165.9432 III-A (0.0003) 0.00 1,~~534~~506,~~788~~956.7400 0.00 ~~442~~436,~~080~~581,~~877~~583.4518 IV-A (0.0002) 0.00 ~~785~~779,~~671~~893.4527 0.00 ~~205~~204,~~034~~663,~~111~~355.8029 B-1 0.00 0.00 41,~~765~~540.2784 0.00 12,~~595~~589,~~142~~089.0097 B-2 0.00 0.00 18,~~376~~277.3763 0.00 5,~~541~~539,~~758~~095.5571 B-3 0.00 0.00 1514,~~034~~954.9112 0.00 4,~~534~~531,~~075~~896.2460 B-4 0.00 0.00 3,~~341~~323.4650 0.00 1,007,~~683~~199.3111 B-5 0.00 0.00 6,~~681~~646.9302 0.00 2,~~015~~014,~~066~~098.8358 B-6 0.00 0.00 6,~~683~~647.2130 0.00 2,~~015~~014,~~454~~486.5612 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 (0.0007) 0.00 3,~~296~~247,~~585~~985.5166 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.~~97591~~99252% ~~990~~982.~~05517773~~09895011 2.~~45526283~~44912501 0.00000000 0.00000000 II-A 168,720,200.00 3.~~67855~~67697% ~~976~~959.~~76982477~~26623854 2.~~99424864~~93932523 0.00000000 0.00000000 III-A 452,531,300.00 4.~~11583~~11153% ~~984~~971.~~03532244~~91893310 3.~~37510276~~33005909 0.00000000 0.00000000 IV-A 206,700,500.00 4.~~57055~~56852% ~~993~~991.~~11389600~~05841292 3.~~78256555~~77305938 0.00000000 0.00000000 B-1 12,604,100.00 3.~~95893~~95875% 999.~~52623670~~04960449 3.~~29754286~~29581961 0.00000000 0.00000000 B-2 5,545,700.00 3.~~95893~~95875% 999.~~52623654~~04960420 3.~~29754404~~29582019 0.00000000 0.00000000 B-3 4,537,300.00 3.~~95893~~95875% 999.~~52623587~~04960439 3.~~29754259~~29581910 0.00000000 0.00000000 B-4 1,008,400.00 3.~~95893~~95875% 999.~~52623959~~04960333 3.~~29754066~~29581515 0.00000000 0.00000000 B-5 2,016,500.00 3.~~95893~~95875% 999.~~52623853~~04960575 3.~~29754525~~29581949 0.00000000 0.00000000 B-6 2,016,888.00 3.~~95893~~95875% 999.~~52623547~~04960513 3.~~29754553~~29582010 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~~00000007) 0.00000000 2.~~46723757~~44912507 0.00000000 ~~988~~972.~~97060527~~32745233 II-A (0.~~00000000~~00000006) 0.00000000 32.~~00885211~~93932529 0.00000000 ~~962~~952.~~01054728~~60772166 III-A (0.~~00000000~~00000007) 0.00000000 3.~~39156372~~33005916 0.00000000 ~~976~~964.~~90674093~~75444501 IV-A (0.~~00000000~~00000010) 0.00000000 3.~~80101379~~77305943 0.00000000 ~~991~~990.~~93815109~~14446162 B-1 0.00000000 0.00000000 3.~~31362572~~29581961 0.00000000 ~~999~~998.~~28927889~~80911529 B-2 0.00000000 0.00000000 3.~~31362497~~29582019 0.00000000 ~~999~~998.~~28927818~~80911517 B-3 0.00000000 0.00000000 3.~~31362484~~29581910 0.00000000 ~~999~~998.~~28927776~~80911555 B-4 0.00000000 0.00000000 3.~~31362555~~29581515 0.00000000 ~~999~~998.~~28928005~~80911345 B-5 0.00000000 0.00000000 3.~~31362757~~29581949 0.00000000 ~~999~~998.~~28927845~~80911480 B-6 0.00000000 0.00000000 3.~~31362475~~29582010 0.00000000 ~~999~~998.~~28928131~~80911583 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 9,~~666~~529,~~525~~789.3180 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1018,~~012~~958.0716 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~16,000~~0.00 Total Deposits 9,~~692~~548,~~537~~747.3896 Withdrawals Reimbursement for Servicer Advances 3521,~~584~~268.3134 Payment of Service Fee ~~229~~226,~~131~~852.1740 Payment of Interest and Principal 9,~~427~~300,~~821~~627.9022 Total Withdrawals (Pool Distribution Amount) 9,~~692~~548,~~537~~747.3896 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~214~~211,~~093~~967.6847 Master Servicing Fee- Wells Fargo 14,~~499~~351.0189 Trustee Fee - Deutsche Bank ~~538~~533.4804 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~229~~226,~~131~~852.1740 Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.00991752% 100,000.00 0.01022415% Fraud 10,187,911.00 1.01038822% 10,083,164.12 1.03091756% Special Hazard 10,187,911.00 1.01038822% 10,000,000.00 1.02241475% Limit of Subordinate's Exposure to Certian Types of Losses

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 10 0 0 0 10 ~~49,892~~0.9200 0.00 0.00 0.00 ~~49,892~~0.9200 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 049,892.0092 0.00 0.00 0.00 049,892.0092 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 49,892.92 0.00 0.00 0.00 49,892.92 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~325733~~000000% 0.000000% 0.000000% 0.000000% 0.~~325733~~000000% 0.~~032133~~000000% 0.000000% 0.000000% 0.000000% 0.~~032133~~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~~330033% 0.000000% 0.000000% 0.000000% 0.~~000000~~330033% 0.~~000000~~032667% 0.000000% 0.000000% 0.000000% 0.~~000000~~032667% 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.~~325733~~330033% 0.000000% 0.000000% 0.000000% 0.~~325733~~330033% 0.~~032133~~032667% 0.000000% 0.000000% 0.000000% 0.~~032133~~032667% 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 13 0 0 0 13 ~~265~~894,~~797~~535.5819 0.00 0.00 0.00 ~~265~~894,~~797~~535.5819 60 Days 10 0 0 0 10 ~~322,370~~0.6800 0.00 0.00 0.00 ~~322,370~~0.6800 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 23 0 0 0 23 ~~588~~894,~~168~~535.2619 0.00 0.00 0.00 ~~588~~894,~~168~~535.2619 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~274725~~840336% 0.000000% 0.000000% 0.000000% 0.~~274725~~840336% 0.~~159057~~540420% 0.000000% 0.000000% 0.000000% 0.~~159057~~540420% 60 Days 0.~~274725~~000000% 0.000000% 0.000000% 0.000000% 0.~~274725~~000000% 0.~~192911~~000000% 0.000000% 0.000000% 0.000000% 0.~~192911~~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.~~549451~~840336% 0.000000% 0.000000% 0.000000% 0.~~549451~~840336% 0.~~351968~~540420% 0.000000% 0.000000% 0.000000% 0.~~351968~~540420% 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 42 0 0 0 42 1750,~~576,000~~425.0067 0.00 0.00 0.00 1750,~~576,000~~425.0067 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 42 0 0 0 42 1750,~~576,000~~425.0067 0.00 0.00 0.00 1750,~~576,000~~425.0067 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~465658~~235294% 0.000000% 0.000000% 0.000000% 0.~~465658~~235294% 0.~~346413~~166962% 0.000000% 0.000000% 0.000000% 0.~~346413~~166962% 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.~~465658~~235294% 0.000000% 0.000000% 0.000000% 0.~~465658~~235294% 0.~~346413~~166962% 0.000000% 0.000000% 0.000000% 0.~~346413~~166962% 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 1 0 0 0 1 ~~592~~200,~~562~~000.5000 0.00 0.00 0.00 ~~592~~200,~~562~~000.5000 60 Days 01 0 0 0 01 02,450,000.00 0.00 0.00 0.00 02,450,000.00 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 12 0 0 0 12 ~~592~~2,~~562~~650,000.5000 0.00 0.00 0.00 ~~592~~2,~~562~~650,000.5000 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.250627% 0.000000% 0.000000% 0.000000% 0.250627% 0.~~280941~~094989% 0.000000% 0.000000% 0.000000% 0.~~280941~~094989% 60 Days 0.~~000000~~250627% 0.000000% 0.000000% 0.000000% 0.~~000000~~250627% 01.~~000000~~163621% 0.000000% 0.000000% 0.000000% 01.~~000000~~163621% 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.~~250627~~501253% 0.000000% 0.000000% 0.000000% 0.~~250627~~501253% 01.~~280941~~258611% 0.000000% 0.000000% 0.000000% 01.~~280941~~258611%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~236153~~237051% Weighted Average Net Coupon 3.~~977747~~978588% Weighted Average Pass-Through Rate 3.~~959597~~960438% Weighted Average Maturity(Stepdown Calculation ) ~~357~~355 Beginning Scheduled Collateral Loan Count 1,~~935~~920 Number Of Loans Paid In Full 611 Ending Scheduled Collateral Loan Count 1,~~929~~909 Beginning Scheduled Collateral Balance ~~994~~984,~~218~~129,~~041~~298.2865 Ending Scheduled Collateral Balance ~~988~~978,~~086~~076,~~804~~657.8909 Ending Actual Collateral Balance at 3129-~~Dec~~Feb-~~2003~~2004 ~~988~~978,~~249~~265,~~159~~880.5512 Monthly P &I Constant 3,~~745~~711,~~375~~714.1448 Special Servicing Fee 0.00 Prepayment Penalties ~~16,000~~0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 9,~~313~~202,~~814~~569.1524 Ending Scheduled Balance for Premium Loans ~~988~~978,~~086~~076,~~804~~657.8909 Scheduled Principal ~~235~~236,~~658~~876.4240 Unscheduled Principal 5,~~895~~815,~~577~~765.9716

Miscellaneous Reporting Senior Percentage Group 1 97.~~223378~~201746% Senior Percentage Group 2 97.~~187706~~139201% Senior Percentage Group 3 97.~~208088~~175765% Senior Percentage Group 4 97.~~233068~~229134% Subordinate Percentage Group 1 2.~~776622~~798254% Subordinate Percentage Group 2 2.~~812294~~860799% Subordinate Percentage Group 3 2.~~791912~~824235% Subordinate Percentage Group 4 2.~~766932~~770866% 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.~~250109~~266719 3.~~955260~~953772 4.~~390577~~386337 Weighted Average Net Rate 23.~~994060~~010669 3.~~696702~~695117 4.~~133981~~129677 Weighted Average Maturity ~~357~~355 ~~361~~359 ~~357~~355 Beginning Loan Count ~~308~~305 ~~366~~361 ~~862~~855 Loans Paid In Full 1 2 34 5 Ending Loan Count ~~307~~303 ~~364~~357 ~~859~~850 Beginning Scheduled Balance ~~155~~154,~~433~~218,~~364~~591.1069 ~~169~~166,~~569~~614,~~595~~086.5355 ~~458~~452,~~096~~606,~~433~~406.2454 Ending scheduled Balance ~~155~~152,~~267~~726,~~635~~927.3725 ~~167~~165,~~078~~489,~~267~~491.7086 ~~454~~449,~~867~~360,~~056~~736.8482 Record Date 1202/3129/~~2003~~2004 1202/3129/~~2003~~2004 1202/3129/~~2003~~2004 Principal And Interest Constant ~~427~~426,~~623~~506.4728 ~~599~~589,~~431~~802.5295 1,~~800~~778,~~382~~848.4044 Scheduled Principal 6,~~644~~682.0333 40,~~521~~841.6416 124,~~292~~444.7885 Unscheduled Principal ~~159~~1,~~084~~484,982.7011 21,~~450~~083,~~806~~753.1953 3,~~105~~121,~~083~~224.6287 Scheduled Interest ~~420~~419,~~979~~823.4495 ~~558~~548,~~909~~961.8879 1,~~676~~654,~~089~~403.6259 Servicing Fees 3332,~~165~~906.3830 3635,~~536~~913.3801 9796,~~954~~805.6203 Master Servicing Fees 2,~~266~~249.7100 2,~~472~~429.8873 6,~~680~~600.5655 Trustee Fee 8483.1651 9190.8622 ~~248~~245.1016 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 ~~385~~384,~~463~~585.1914 ~~519~~510,~~808~~528.7683 1,~~571~~550,~~206~~752.3485 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.~~975910~~992519 3.~~678552~~676967 4.~~115831~~111527

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~852652~~850622 4.~~236153~~237051 Weighted Average Net Rate 4.~~588702~~586671 3.~~977747~~978588 Weighted Average Maturity ~~354~~352 ~~357~~355 Beginning Loan Count 399 1,~~935~~920 Loans Paid In Full 0 611 Ending Loan Count 399 1,~~929~~909 Beginning Scheduled Balance ~~211~~210,~~118~~690,~~648~~213.4187 ~~994~~984,~~218~~129,~~041~~298.2865 Ending scheduled Balance 210,~~873~~499,~~844~~501.9816 ~~988~~978,~~086~~076,~~804~~657.8909 Record Date 1202/3129/~~2003~~2004 1202/3129/~~2003~~2004 Principal And Interest Constant ~~917~~916,~~937~~556.7581 3,~~745~~711,~~375~~714.1448 Scheduled Principal 64,~~199~~908.9706 ~~235~~236,~~658~~876.4240 Unscheduled Principal ~~180~~125,~~603~~804.4665 5,~~895~~815,~~577~~765.9716 Scheduled Interest ~~853~~851,~~737~~648.7875 3,~~509~~474,~~716~~838.7208 Servicing Fees 46,~~437~~343.3013 ~~214~~211,~~093~~967.6847 Master Servicing Fees 3,~~078~~072.8661 14,~~499~~351.0189 Trustee Fee 114.3615 ~~538~~533.4804 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~~802,~~107~~118.2686 3,~~280~~247,~~585~~985.5568 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.~~570552~~568521 3.~~959597~~960438

Filing Compare · THORNBURG MORTGAGE SECURITIES TRUST 2003 5