8-K 1 sam03ar1_apr.txt APRIL 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): April 19, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-20 54-2120419 Pooling and Servicing Agreement) (Commission 54-2120420 (State or other File Number) 54-2120418 jurisdiction IRS EIN 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 April 19, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR1 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-AR1 Trust, relating to the April 19, 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. STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR1 Trust By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/21/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR1 Trust, relating to the April 19, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 103/31/0304 Distribution Date: 114/19/0304 SAM Series: 2003-AR1 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 A-1 86358HRV3 SEN 1.~~49000~~46000% ~~219~~210,~~979~~734,~~600~~382.5476 ~~273~~256,~~141~~393.3351 32,~~999~~633,~~039~~714.0522 A-2 86358HRW1 SEN 3.~~11931~~04494% 8074,~~031~~003,~~644~~229.50 ~~208~~187,~~036~~779.4827 2895,~~480,733~~699.1238 A-3 86358HRX9 SEN 1.~~54000~~51000% 9981,~~398~~849,~~485~~819.4528 ~~127~~102,~~561~~994.3936 46,~~281~~787,~~229~~420.0886 A-3M 86358HRY7 SEN 1.~~87000~~84000% 2,~~485~~046,~~001~~277.4384 3,~~872~~137.4663 ~~107~~169,~~032~~688.4220 A-4 86358HRZ4 SEN 32.~~05167~~97917% 2925,~~720~~408,~~198~~871.7142 7563,~~580~~081.2012 ~~950~~677,~~723~~933.2079 A-5 86358HSA8 SEN 3.~~44600~~31100% 1713,~~844~~903,~~782~~128.4594 5138,~~244~~361.2705 ~~407~~340,~~225~~424.9486 X-1 86358HSB6 SEN 1.~~37225~~35182% 0.00 ~~463~~416,~~839~~827.6731 0.00 R-I 86358HSH3 RES 3.~~04196~~03991% 0.00 0.00 0.00 R-II 86358HSJ9 RES 3.~~04196~~03991% 0.00 0.00 0.00 R-III 86358HSK6 RES 3.~~04196~~03991% 0.00 0.00 0.00 M 86358HSD2 MEZ 1.~~92000~~89000% 17,~~680~~623,~~368~~157.2501 2827,~~288~~756.5947 11,~~442~~403.5127 B-1 86358HSE0 SUB 2.~~12000~~09000% 87,~~011~~985,~~457~~533.3638 1413,~~153~~908.5714 5,~~184~~167.9113 B-2 86358HSF7 SUB 2.~~12000~~09000% 6,~~077~~058,~~695~~028.1253 10,~~737~~551.2607 3,~~933~~919.4192 B-3 86358HSG5 SUB 2.~~12000~~09000% 4,~~420~~405,~~141~~838.9093 7,~~808~~673.9250 2,~~860~~850.6685 B-4 86358HSL4 SUB 3.~~13315~~06988% 1,~~933~~927,~~762~~504.2485 54,~~048~~931.9601 1,~~251~~247.5121 B-5 86358HSM2 SUB 3.~~13315~~06988% 1,~~381~~376,~~244~~774.5199 3,~~606~~522.3712 ~~893~~890.9286 B-6 86358HSN0 SUB 3.~~13315~~06988% 3,~~315~~304,~~296~~568.0015 8,~~656~~453.0886 2,~~145~~138.6226 Totals ~~492~~450,~~279~~627,~~678~~115.4658 1,~~281~~145,~~575~~370.5542 1211,~~253~~532,~~695~~498.3581

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~215~~208,~~980~~100,~~561~~668.4954 42,~~272~~890,~~180~~107.3873 0.00 A-2 0.00 7773,~~550~~107,~~911~~530.3812 21,~~688~~083,~~769~~478.6065 0.00 A-3 0.00 9575,~~117~~062,~~256~~398.3742 46,~~408~~890,~~790~~415.4722 0.00 A-3M 0.00 21,~~377~~876,~~969~~589.0164 ~~110~~172,~~904~~825.8883 0.00 A-4 0.00 2824,~~769~~730,~~475~~937.5163 1741,~~026,303~~014.4091 0.00 A-5 0.00 1713,~~437~~562,~~556~~704.5107 ~~458~~378,~~470~~785.2191 0.00 X-1 0.00 0.00 ~~463~~416,~~839~~827.6731 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 17,~~668~~611,~~925~~753.7574 39,~~731~~159.1074 0.00 B-1 0.00 87,~~006~~980,~~272~~366.4525 19,~~338~~075.4827 0.00 B-2 0.00 6,~~073~~054,~~761~~108.7161 14,~~670~~470.6799 0.00 B-3 0.00 4,~~417~~402,~~281~~988.2408 10,~~669~~524.5835 0.00 B-4 0.00 1,~~932~~926,~~510~~257.7464 6,~~300~~178.4722 0.00 B-5 0.00 1,~~380~~375,~~350~~884.5813 4,~~500~~412.2998 0.00 B-6 0.00 3,~~313~~302,~~150~~429.3889 10,~~801~~592.7012 0.00 Totals 0.00 ~~480~~439,~~025~~094,~~983~~616.1276 1312,~~535~~677,~~270~~869.9023 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 230,624,800.00 ~~219~~210,~~979~~734,~~600~~382.5476 0.00 32,~~999~~633,~~039~~714.0522 0.00 0.00 A-2 87,637,500.00 8074,~~031~~003,~~644~~229.50 2420,~~394~~267.3860 2875,~~456,338~~431.7478 0.00 0.00 A-3 132,789,900.00 9981,~~398~~849,~~485~~819.4528 ~~175~~142,~~891~~644.6695 46,~~105~~644,~~337~~775.4291 0.00 0.00 A-3M 3,319,800.00 2,~~485~~046,~~001~~277.4384 43,~~397~~566.3618 ~~102~~166,~~635~~122.0602 0.00 0.00 A-4 36,541,400.00 2925,~~720~~408,~~198~~871.7142 4137,~~216~~911.4264 ~~909~~640,~~506~~022.7815 0.00 0.00 A-5 20,424,100.00 1713,~~844~~903,~~782~~128.4594 12,~~357~~307.7452 ~~394~~328,~~868~~117.2034 0.00 0.00 X-1 0.00 0.00 0.00 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 R-III 50.00 0.00 0.00 0.00 0.00 0.00 M 17,737,400.00 17,~~680~~623,~~368~~157.2501 11,~~442~~403.5127 0.00 0.00 0.00 B-1 8,037,300.00 87,~~011~~985,~~457~~533.3638 5,~~184~~167.9113 0.00 0.00 0.00 B-2 6,097,300.00 6,~~077~~058,~~695~~028.1253 3,~~933~~919.4192 0.00 0.00 0.00 B-3 4,434,400.00 4,~~420~~405,~~141~~838.9093 2,~~860~~850.6685 0.00 0.00 0.00 B-4 1,940,000.00 1,~~933~~927,~~762~~504.2485 1,~~251~~247.5121 0.00 0.00 0.00 B-5 1,385,700.00 1,~~381~~376,~~244~~774.5199 ~~893~~890.9286 0.00 0.00 0.00 B-6 3,325,990.36 3,~~315~~304,~~296~~568.0015 2,~~145~~138.6226 0.00 0.00 0.00 Totals 554,295,740.36 ~~492~~450,~~279~~627,~~678~~115.4658 ~~285~~244,~~970~~315.1039 11,~~967~~288,~~725~~183.2542 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 32,~~999~~633,~~039~~714.0522 ~~215~~208,~~980~~100,~~561~~668.4954 0.~~93650189~~90233430 32,~~999~~633,~~039~~714.0522 A-2 2895,~~480,733~~699.1238 7773,~~550~~107,~~911~~530.3812 0.~~88490556~~83420374 2895,~~480,733~~699.1238 A-3 46,~~281~~787,~~229~~420.0886 9575,~~117~~062,~~256~~398.3742 0.~~71629888~~56527190 46,~~281~~787,~~229~~420.0886 A-3M ~~107~~169,~~032~~688.4220 21,~~377~~876,~~969~~589.0164 0.~~71629888~~56527190 ~~107~~169,~~032~~688.4220 A-4 ~~950~~677,~~723~~933.2079 2824,~~769~~730,~~475~~937.5163 0.~~78731180~~67679229 ~~950~~677,~~723~~933.2079 A-5 ~~407~~340,~~225~~424.9486 1713,~~437~~562,~~556~~704.5107 0.~~85377356~~66405394 ~~407~~340,~~225~~424.9486 X-1 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 11,~~442~~403.5127 17,~~668~~611,~~925~~753.7574 0.~~99613956~~99291631 11,~~442~~403.5127 B-1 5,~~184~~167.9113 87,~~006~~980,~~272~~366.4525 0.~~99613956~~99291631 5,~~184~~167.9113 B-2 3,~~933~~919.4192 6,~~073~~054,~~761~~108.7161 0.~~99613956~~99291631 3,~~933~~919.4192 B-3 2,~~860~~850.6685 4,~~417~~402,~~281~~988.2408 0.~~99613955~~99291631 2,~~860~~850.6685 B-4 1,~~251~~247.5121 1,~~932~~926,~~510~~257.7464 0.~~99613956~~99291631 1,~~251~~247.5121 B-5 ~~893~~890.9286 1,~~380~~375,~~350~~884.5813 0.~~99613955~~99291631 ~~893~~890.9286 B-6 2,~~145~~138.6226 3,~~313~~302,~~150~~429.3889 0.~~99613950~~99291625 2,~~145~~138.6226 Totals 1211,~~253~~532,~~695~~498.3581 ~~480~~439,~~025~~094,~~983~~616.1276 0.~~86601059~~79216668 1211,~~253~~532,~~695~~498.3581

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 230,624,800.00 ~~953~~913.~~84191353~~75421360 0.00000000 1711.~~34002176~~41990896 0.00000000 A-2 87,637,500.00 ~~913~~844.~~21231779~~42424191 0.~~27835550~~23126630 289.~~02839812~~98923726 0.00000000 A-3 132,789,900.00 ~~748~~616.~~53950075~~38587935 1.~~32458613~~07421536 3050.~~91603669~~03976891 0.00000000 A-3M 3,319,800.00 ~~748~~616.~~53949937~~38587867 1.~~32458582~~07421531 3050.~~91603711~~03976746 0.00000000 A-4 36,541,400.00 ~~813~~695.~~32950325~~34477114 1.~~12793763~~03749829 2417.~~88976284~~51498711 0.00000000 A-5 20,424,100.00 ~~873~~680.~~71205830~~72174245 0.~~60505677~~60259791 1916.~~33344431~~06520434 0.00000000 X-1 0.00 0.00000000 0.00000000 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 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 M 17,737,400.00 ~~996~~993.~~78466122~~55920315 0.~~64510639~~64289411 0.00000000 0.00000000 B-1 8,037,300.00 ~~996~~993.~~78466152~~55920272 0.~~64510594~~64289376 0.00000000 0.00000000 B-2 6,097,300.00 ~~996~~993.~~78466206~~55920325 0.~~64510685~~64289440 0.00000000 0.00000000 B-3 4,434,400.00 ~~996~~993.~~78466083~~55920305 0.~~64510644~~64289419 0.00000000 0.00000000 B-4 1,940,000.00 ~~996~~993.~~78465979~~55920103 0.~~64510825~~64289175 0.00000000 0.00000000 B-5 1,385,700.00 ~~996~~993.~~78466479~~55920473 0.~~64510356~~64289529 0.00000000 0.00000000 B-6 3,325,990.36 ~~996~~993.~~78460884~~55914850 0.~~64510710~~64289423 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 A-1 0.00000000 1711.~~34002176~~41990896 ~~936~~902.~~50189177~~33430464 0.~~93650189~~90233430 1711.~~34002176~~41990896 A-2 0.00000000 2810.~~30675362~~22050355 ~~884~~834.~~90556417~~20373835 0.~~88490556~~83420374 2810.~~30675362~~22050355 A-3 0.00000000 3251.~~24062282~~11398427 ~~716~~565.~~29887793~~27189508 0.~~71629888~~56527190 3251.~~24062282~~11398427 A-3M 0.00000000 3251.~~24062293~~11398277 ~~716~~565.~~29887644~~27189590 0.~~71629888~~56527190 3251.~~24062293~~11398277 A-4 0.00000000 2618.~~01770047~~55248540 ~~787~~676.~~31180278~~79228574 0.~~78731180~~67679229 2618.~~01770047~~55248540 A-5 0.00000000 1916.~~93850108~~66780225 ~~853~~664.~~77355722~~05393971 0.~~85377356~~66405394 1916.~~93850108~~66780225 X-1 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.~~64510639~~64289411 ~~996~~992.~~13955540~~91630904 0.~~99613956~~99291631 0.~~64510639~~64289411 B-1 0.00000000 0.~~64510594~~64289376 ~~996~~992.~~13955557~~91630896 0.~~99613956~~99291631 0.~~64510594~~64289376 B-2 0.00000000 0.~~64510685~~64289440 ~~996~~992.~~13955521~~91630886 0.~~99613956~~99291631 0.~~64510685~~64289440 B-3 0.00000000 0.~~64510644~~64289419 ~~996~~992.~~13955439~~91630886 0.~~99613955~~99291631 0.~~64510644~~64289419 B-4 0.00000000 0.~~64510825~~64289175 ~~996~~992.~~13955670~~91630928 0.~~99613956~~99291631 0.~~64510825~~64289175 B-5 0.00000000 0.~~64510356~~64289529 ~~996~~992.~~13955402~~91630945 0.~~99613955~~99291631 0.~~64510356~~64289529 B-6 0.00000000 0.~~64510710~~64289423 ~~996~~992.~~13950174~~91625427 0.~~99613950~~99291625 0.~~64510710~~64289423 (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 A-1 230,624,800.00 1.~~49000~~46000% ~~219~~210,~~979~~734,~~600~~382.5476 ~~273~~256,~~141~~393.3450 0.00 0.00 A-2 87,637,500.00 3.~~11931~~04494% 8074,~~031~~003,~~644~~229.50 ~~208~~187,~~036~~779.4926 0.00 0.00 A-3 132,789,900.00 1.~~54000~~51000% 9981,~~398~~849,~~485~~819.4528 ~~127~~102,~~561~~994.3936 0.00 0.00 A-3M 3,319,800.00 1.~~87000~~84000% 2,~~485~~046,~~001~~277.4384 3,~~872~~137.4663 0.00 0.00 A-4 36,541,400.00 32.~~05167~~97917% 2925,~~720~~408,~~198~~871.7142 7563,~~580~~081.2012 0.00 0.00 A-5 20,424,100.00 3.~~44600~~31100% 1713,~~844~~903,~~782~~128.4594 5138,~~244~~361.2705 0.00 0.00 X-1 0.00 1.~~37225~~35182% ~~405~~370,~~617~~015,~~731~~038.2309 ~~463~~416,~~839~~827.6830 0.00 0.00 R-I 50.00 3.~~04196~~03991% 0.00 0.00 0.00 0.00 R-II 50.00 3.~~04196~~03991% 0.00 0.00 0.00 0.00 R-III 50.00 3.~~04196~~03991% 0.00 0.00 0.00 0.00 M 17,737,400.00 1.~~92000~~89000% 17,~~680~~623,~~368~~157.2501 2827,~~288~~756.5947 0.00 0.00 B-1 8,037,300.00 2.~~12000~~09000% 87,~~011~~985,~~457~~533.3638 1413,~~153~~908.5714 0.00 0.00 B-2 6,097,300.00 2.~~12000~~09000% 6,~~077~~058,~~695~~028.1253 10,~~737~~551.2607 0.00 0.00 B-3 4,434,400.00 2.~~12000~~09000% 4,~~420~~405,~~141~~838.9093 7,~~808~~673.9250 0.00 0.00 B-4 1,940,000.00 3.~~13315~~06988% 1,~~933~~927,~~762~~504.2485 54,~~048~~931.9601 0.00 0.00 B-5 1,385,700.00 3.~~13315~~06988% 1,~~381~~376,~~244~~774.5199 3,~~606~~522.3712 0.00 0.00 B-6 3,325,990.36 3.~~13315~~06988% 3,~~315~~304,~~296~~568.0015 8,~~656~~453.0886 0.00 0.00 Totals 554,295,740.36 1,~~281~~145,~~575~~370.5839 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 (0.0001) 0.00 ~~273~~256,~~141~~393.3351 0.00 ~~215~~208,~~980~~100,~~561~~668.4954 A-2 0.00 0.00 ~~208~~187,~~036~~779.4827 0.00 7773,~~550~~107,~~911~~530.3812 A-3 0.00 0.00 ~~127~~102,~~561~~994.3936 0.00 9575,~~117~~062,~~256~~398.3742 A-3M 0.00 0.00 3,~~872~~137.4663 0.00 21,~~377~~876,~~969~~589.0164 A-4 0.00 0.00 7563,~~580~~081.2012 0.00 2824,~~769~~730,~~475~~937.5163 A-5 0.00 0.00 5138,~~244~~361.2705 0.00 1713,~~437~~562,~~556~~704.5107 X-1 (0.0001) 0.00 ~~463~~416,~~839~~827.6731 0.00 ~~395~~359,~~849~~382,~~060~~514.0499 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 0.00 0.00 2827,~~288~~756.5947 0.00 17,~~668~~611,~~925~~753.7574 B-1 0.00 0.00 1413,~~153~~908.5714 0.00 87,~~006~~980,~~272~~366.4525 B-2 0.00 0.00 10,~~737~~551.2607 0.00 6,~~073~~054,~~761~~108.7161 B-3 0.00 0.00 7,~~808~~673.9250 0.00 4,~~417~~402,~~281~~988.2408 B-4 0.00 0.00 54,~~048~~931.9601 0.00 1,~~932~~926,~~510~~257.7464 B-5 0.00 0.00 3,~~606~~522.3712 0.00 1,~~380~~375,~~350~~884.5813 B-6 0.00 0.00 8,~~656~~453.0886 0.00 3,~~313~~302,~~150~~429.3889 Totals (0.0002) 0.00 1,~~281~~145,~~575~~370.5542 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 A-1 230,624,800.00 1.~~49000~~46000% ~~953~~913.~~84191353~~75421360 1.~~18435372~~11173430 0.00000000 0.00000000 A-2 87,637,500.00 3.~~11931~~04494% ~~913~~844.~~21231779~~42424191 2.~~37382958~~14268161 0.00000000 0.00000000 A-3 132,789,900.00 1.~~54000~~51000% ~~748~~616.~~53950075~~38587935 0.~~96062570~~77561893 0.00000000 0.00000000 A-3M 3,319,800.00 1.~~87000~~84000% ~~748~~616.~~53949937~~38587867 10.~~16647388~~94512621 0.00000000 0.00000000 A-4 36,541,400.00 32.~~05167~~97917% ~~813~~695.~~32950325~~34477114 21.~~06834440~~72629182 0.00000000 0.00000000 A-5 20,424,100.00 3.~~44600~~31100% ~~873~~680.~~71205830~~72174245 21.~~50900994~~87822474 0.00000000 0.00000000 X-1 0.00 1.~~37225~~35182% ~~881~~804.~~76540855~~36932636 10.~~00833310~~90613370 0.00000000 0.00000000 R-I 50.00 3.~~04196~~03991% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 3.~~04196~~03991% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 3.~~04196~~03991% 0.00000000 0.00000000 0.00000000 0.00000000 M 17,737,400.00 1.~~92000~~89000% ~~996~~993.~~78466122~~55920315 1.~~59485550~~56485562 0.00000000 0.00000000 B-1 8,037,300.00 2.~~12000~~09000% ~~996~~993.~~78466152~~55920272 1.~~76098565~~73044928 0.00000000 0.00000000 B-2 6,097,300.00 2.~~12000~~09000% ~~996~~993.~~78466206~~55920325 1.~~76098601~~73044954 0.00000000 0.00000000 B-3 4,434,400.00 2.~~12000~~09000% ~~996~~993.~~78466083~~55920305 1.~~76098683~~73044831 0.00000000 0.00000000 B-4 1,940,000.00 3.~~13315~~06988% ~~996~~993.~~78465979~~55920103 2.~~60255670~~54175773 0.00000000 0.00000000 B-5 1,385,700.00 3.~~13315~~06988% ~~996~~993.~~78466479~~55920473 2.~~60256188~~54176229 0.00000000 0.00000000 B-6 3,325,990.36 3.~~13315~~06988% ~~996~~993.~~78460884~~55914850 2.~~60255715~~54175722 0.00000000 0.00000000 (5) All classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 (0.~~00000000~~00000004) 0.00000000 1.~~18435368~~11173434 0.00000000 ~~936~~902.~~50189177~~33430464 A-2 0.00000000 0.00000000 2.~~37382947~~14268173 0.00000000 ~~884~~834.~~90556417~~20373835 A-3 0.00000000 0.00000000 0.~~96062570~~77561893 0.00000000 ~~716~~565.~~29887793~~27189508 A-3M 0.00000000 0.00000000 10.~~16647388~~94512621 0.00000000 ~~716~~565.~~29887644~~27189590 A-4 0.00000000 0.00000000 21.~~06834440~~72629182 0.00000000 ~~787~~676.~~31180278~~79228574 A-5 0.00000000 0.00000000 21.~~50900994~~87822474 0.00000000 ~~853~~664.~~77355722~~05393971 X-1 (0.~~00000000~~00000002) 0.00000000 10.~~00833308~~90613372 0.00000000 ~~860~~781.~~52946229~~25546729 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 0.00000000 1.~~59485550~~56485562 0.00000000 ~~996~~992.~~13955540~~91630904 B-1 0.00000000 0.00000000 1.~~76098565~~73044928 0.00000000 ~~996~~992.~~13955557~~91630896 B-2 0.00000000 0.00000000 1.~~76098601~~73044954 0.00000000 ~~996~~992.~~13955521~~91630886 B-3 0.00000000 0.00000000 1.~~76098683~~73044831 0.00000000 ~~996~~992.~~13955439~~91630886 B-4 0.00000000 0.00000000 2.~~60255670~~54175773 0.00000000 ~~996~~992.~~13955670~~91630928 B-5 0.00000000 0.00000000 2.~~60256188~~54176229 0.00000000 ~~996~~992.~~13955402~~91630945 B-6 0.00000000 0.00000000 2.~~60255715~~54175722 0.00000000 ~~996~~992.~~13950174~~91625427 (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 1312,~~707~~820,~~390~~879.9449 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 940,~~526~~192.7531 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1312,~~716~~861,~~917~~071.6980 Withdrawals Reimbursement for Servicer Advances 2641,~~724~~255.3694 Payment of Service Fee ~~154~~141,~~922~~946.4363 Payment of Interest and Principal 1312,~~535~~677,~~270~~869.9023 Total Withdrawals (Pool Distribution Amount) 1312,~~716~~861,~~917~~071.6980 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 7666,~~680~~946.3997 Additional Servicing Fee 7572,~~474~~527.2350 Master Servicing Fee ~~1,025~~938.5878 Miscellaneous Servicing Fee 1,~~742~~533.2338 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~154~~141,~~922~~946.4363

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 01 0 0 01 085,987.0091 0.00 0.00 085,987.0091 30 Days 718 0 0 0 718 17,~~058~~354,~~802~~497.1274 0.00 0.00 0.00 17,~~058~~354,~~802~~497.1274 60 Days 01 0 0 0 01 0305,100.00 0.00 0.00 0.00 0305,100.00 90 Days 1 0 0 0 1 ~~600~~700,000.00 0.00 0.00 0.00 ~~600~~700,000.00 120 Days 1 0 0 1 0 1 0183,539.0019 0.00 ~~66,000~~0.00 0.00 66183,~~000~~539.0019 150 Days 20 0 0 0 20 ~~1,068,600~~0.00 0.00 0.00 0.00 ~~1,068,600~~0.00 180+ Days 01 0 02 0 03 0368,600.00 0.00 0666,000.00 0.00 01,034,600.00 Totals 1022 0 1 2 0 1125 28,~~727~~911,~~402~~736.1293 085,987.0091 66666,000.00 0.00 29,~~793~~663,~~402~~724.1284 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~~069881% 0.000000% 0.000000% 0.~~000000~~069881% 0.~~000000~~019574% 0.000000% 0.000000% 0.~~000000~~019574% 30 Days 01.~~457516~~257862% 0.000000% 0.000000% 0.000000% 01.~~457516~~257862% 01.~~220466~~674127% 0.000000% 0.000000% 0.000000% 01.~~220466~~674127% 60 Days 0.~~000000~~069881% 0.000000% 0.000000% 0.000000% 0.~~000000~~069881% 0.~~000000~~069451% 0.000000% 0.000000% 0.000000% 0.~~000000~~069451% 90 Days 0.~~065359~~069881% 0.000000% 0.000000% 0.000000% 0.~~065359~~069881% 0.~~124934~~159343% 0.000000% 0.000000% 0.000000% 0.~~124934~~159343% 120 Days 0.~~000000~~069881% 0.000000% 0.~~065359~~000000% 0.000000% 0.~~065359~~069881% 0.~~000000~~041780% 0.000000% 0.~~013743~~000000% 0.000000% 0.~~013743~~041780% 150 Days 0.~~130719~~000000% 0.000000% 0.000000% 0.000000% 0.~~130719~~000000% 0.~~222507~~000000% 0.000000% 0.000000% 0.000000% 0.~~222507~~000000% 180+ Days 0.~~000000~~069881% 0.000000% 0.~~000000~~139762% 0.000000% 0.~~000000~~209644% 0.~~000000~~083906% 0.000000% 0.~~000000~~151604% 0.000000% 0.~~000000~~235509% Totals 01.~~653595~~537386% 0.~~000000~~069881% 0.~~065359~~139762% 0.000000% 01.~~718954~~747030% 02.~~567907~~028606% 0.~~000000~~019574% 0.~~013743~~151604% 0.000000% 02.~~581649~~199783%

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 01 0 0 01 085,987.0091 0.00 0.00 085,987.0091 30 Days 46 0 0 0 46 ~~484~~2,~~047~~152,554.1759 0.00 0.00 0.00 ~~484~~2,~~047~~152,554.1759 60 Days 01 0 0 0 01 0305,100.00 0.00 0.00 0.00 0305,100.00 90 Days 10 0 0 0 10 ~~600,000~~0.00 0.00 0.00 0.00 ~~600,000~~0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 10 0 0 0 10 ~~368,600~~0.00 0.00 0.00 0.00 ~~368,600~~0.00 180 Days 01 0 01 0 02 0368,600.00 0.00 0600,000.00 0.00 0968,600.00 Totals 68 01 01 0 610 12,~~452~~826,~~647~~254.1759 085,987.0091 0600,000.00 0.00 13,~~452~~512,~~647~~242.1750 0-29 Days 0.~~000000~~130378% 0.000000% 0.000000% 0.~~000000~~130378% 0.~~000000~~037801% 0.000000% 0.000000% 0.~~000000~~037801% 30 Days 0.~~506329~~782269% 0.000000% 0.000000% 0.000000% 0.~~506329~~782269% 0.~~205665~~946278% 0.000000% 0.000000% 0.000000% 0.~~205665~~946278% 60 Days 0.~~000000~~130378% 0.000000% 0.000000% 0.000000% 0.~~000000~~130378% 0.~~000000~~134124% 0.000000% 0.000000% 0.000000% 0.~~000000~~134124% 90 Days 0.~~126582~~000000% 0.000000% 0.000000% 0.000000% 0.~~126582~~000000% 0.~~254932~~000000% 0.000000% 0.000000% 0.000000% 0.~~254932~~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.~~126582~~000000% 0.000000% 0.000000% 0.000000% 0.~~126582~~000000% 0.~~156613~~000000% 0.000000% 0.000000% 0.000000% 0.~~156613~~000000% 180 Days 0.~~000000~~130378% 0.000000% 0.~~000000~~130378% 0.000000% 0.~~000000~~260756% 0.~~000000~~162039% 0.000000% 0.~~000000~~263764% 0.000000% 0.~~000000~~425803% Totals 01.~~759494~~043025% 0.~~000000~~130378% 0.~~000000~~130378% 0.000000% 01.~~759494~~303781% 01.~~617211~~242441% 0.~~000000~~037801% 0.~~000000~~263764% 0.000000% 01.~~617211~~544007% 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 83501,~~999~~454.5751 0.00 0.00 0.00 83501,~~999~~454.5751 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0700,000.00 0.00 0.00 0.00 0700,000.00 120 Days 0 0 10 0 10 0.00 0.00 ~~66,000~~0.00 0.00 ~~66,000~~0.00 150 Days 10 0 0 0 10 ~~700,000~~0.00 0.00 0.00 0.00 ~~700,000~~0.00 180 Days 0 0 01 0 01 0.00 0.00 066,000.00 0.00 066,000.00 Totals 24 0 1 0 35 ~~783~~1,~~999~~201,454.5751 0.00 66,000.00 0.00 ~~849~~1,~~999~~267,454.5751 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~346021~~094891% 0.000000% 0.000000% 0.000000% 01.~~346021~~094891% 0.~~098924~~623232% 0.000000% 0.000000% 0.000000% 0.~~098924~~623232% 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~~364964% 0.000000% 0.000000% 0.000000% 0.~~000000~~364964% 0.~~000000~~869994% 0.000000% 0.000000% 0.000000% 0.~~000000~~869994% 120 Days 0.000000% 0.000000% 0.~~346021~~000000% 0.000000% 0.~~346021~~000000% 0.000000% 0.000000% 0.~~077726~~000000% 0.000000% 0.~~077726~~000000% 150 Days 0.~~346021~~000000% 0.000000% 0.000000% 0.000000% 0.~~346021~~000000% 0.~~824367~~000000% 0.000000% 0.000000% 0.000000% 0.~~824367~~000000% 180 Days 0.000000% 0.000000% 0.~~000000~~364964% 0.000000% 0.~~000000~~364964% 0.000000% 0.000000% 0.~~000000~~082028% 0.000000% 0.~~000000~~082028% Totals 01.~~692042~~459854% 0.000000% 0.~~346021~~364964% 0.000000% 1.~~038062~~824818% 01.~~923291~~493226% 0.000000% 0.~~077726~~082028% 0.000000% 1.~~001017~~575254% 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 27 0 0 0 27 ~~490~~3,~~755~~960,392.3824 0.00 0.00 0.00 ~~490~~3,~~755~~960,392.3824 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 27 0 0 0 27 ~~490~~3,~~755~~960,392.3824 0.00 0.00 0.00 ~~490~~3,~~755~~960,392.3824 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~647249~~602230% 0.000000% 0.000000% 0.000000% 02.~~647249~~602230% 04.~~450358~~485336% 0.000000% 0.000000% 0.000000% 04.~~450358~~485336% 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.~~647249~~602230% 0.000000% 0.000000% 0.000000% 02.~~647249~~602230% 04.~~450358~~485336% 0.000000% 0.000000% 0.000000% 04.~~450358~~485336% 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 02 0 0 0 02 0740,096.0040 0.00 0.00 0.00 0740,096.0040 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 01 0 0 0 01 0183,539.0019 0.00 0.00 0.00 0183,539.0019 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 03 0 0 0 03 0923,635.0059 0.00 0.00 0.00 0923,635.0059 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 04.~~000000~~166667% 0.000000% 0.000000% 0.000000% 04.~~000000~~166667% 04.~~000000~~844324% 0.000000% 0.000000% 0.000000% 04.~~000000~~844324% 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 02.~~000000~~083333% 0.000000% 0.000000% 0.000000% 02.~~000000~~083333% 01.~~000000~~201361% 0.000000% 0.000000% 0.000000% 01.~~000000~~201361% 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 06.~~000000~~250000% 0.000000% 0.000000% 0.000000% 06.~~000000~~250000% 06.~~000000~~045685% 0.000000% 0.000000% 0.000000% 06.~~000000~~045685%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 940,~~526~~192.7531

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.~~501663~~426802% Weighted Average Net Coupon 3.~~314744~~248526% Weighted Average Pass-Through Rate 3.~~124018~~048805% Weighted Average Maturity(Stepdown Calculation ) ~~329~~324 Beginning Scheduled Collateral Loan Count 1,~~554~~458 Number Of Loans Paid In Full 2427 Ending Scheduled Collateral Loan Count 1,~~530~~431 Beginning Scheduled Collateral Balance ~~492~~450,~~279~~627,~~679~~116.4354 Ending Scheduled Collateral Balance ~~480~~439,~~025~~094,~~984~~617.0873 Ending Actual Collateral Balance at 31-~~Oct~~Mar-~~2003~~2004 ~~480~~439,~~255~~303,~~448~~507.6725 Monthly P &I Constant 1,~~722~~531,~~468~~157.1013 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~480~~439,~~025~~094,~~984~~617.0873 Scheduled Principal ~~285~~244,~~970~~315.1039 Unscheduled Principal 11,~~967~~288,~~725~~183.2542

Miscellaneous Reporting Deferred Int Added to Group 3, 4, or 5 0.00 ~~Amt from Pref Acct to buy Sub Loans Gr1 0.00 Amt from Pref Acct to buy Sub Loans Gr2 0.00~~ Basic Risk Reserve RI 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~313974~~275691 3.~~473704~~402572 3.~~534813~~436271 Weighted Average Net Rate 3.~~220649~~182286 3.~~386728~~320789 3.~~159813~~061271 Weighted Average Maturity ~~309~~304 ~~324~~319 ~~351~~346 Beginning Loan Count ~~798~~775 ~~295~~277 ~~316~~283 Loans Paid In Full 8 63 714 Ending Loan Count ~~790~~767 ~~289~~274 ~~309~~269 Beginning Scheduled Balance ~~239~~230,~~354~~109,~~644~~427.9921 8781,~~381~~342,~~879~~784.1868 ~~113~~95,~~218~~132,~~738~~165.4942 Ending scheduled Balance ~~235~~227,~~355~~475,~~605~~712.9499 8480,~~898~~445,~~905~~075.6418 ~~108~~88,~~810~~155,~~418~~474.5754 Record Date 1003/31/~~2003~~2004 1003/31/~~2003~~2004 1003/31/~~2003~~2004 Principal And Interest Constant ~~661~~628,~~012~~139.4742 ~~279~~252,~~583~~923.7829 ~~533~~438,~~853~~209.3251 Scheduled Principal 0.00 2622,~~634~~277.8072 ~~200~~165,~~347~~792.4495 Unscheduled Principal 32,~~999~~633,~~039~~714.0522 2875,~~456,338~~431.7478 46,~~207~~810,~~972~~897.4893 Scheduled Interest ~~661~~628,~~012~~139.4742 ~~252~~230,~~948~~645.9857 ~~333~~272,~~505~~416.8856 Servicing Fees 1817,~~614~~911.7512 65,~~333~~543.4069 3529,~~380~~728.8680 Master Servicing Fees ~~498~~479.6640 ~~182~~169.0445 ~~235~~198.8718 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 5653,~~183~~998.5708 1918,~~290~~529.6642 1,~~742~~533.2338 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 ~~585~~555,~~715~~750.4982 ~~227~~206,~~142~~403.8801 ~~296~~240,~~146~~956.9220 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.~~936474~~898191 3.~~119313~~044936 3.~~138847~~039429

Group Level Collateral Statement Group Group 4 Group 5 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~920929~~870247 54.~~029469~~915520 3.~~501663~~426802 Weighted Average Net Rate 3.~~545929~~495247 4.~~654469~~540520 3.~~314744~~248526 Weighted Average Maturity ~~351~~346 ~~350~~345 ~~329~~324 Beginning Loan Count 8674 5949 1,~~554~~458 Loans Paid In Full 21 1 2427 Ending Loan Count 8473 5848 1,~~530~~431 Beginning Scheduled Balance 3228,~~770~~437,~~350~~308.6399 1915,~~554~~605,~~066~~430.1424 ~~492~~450,~~279~~627,~~679~~116.4354 Ending scheduled Balance 3127,~~815~~754,~~397~~856.4358 1915,~~145~~263,~~656~~498.5044 ~~480~~439,~~025~~094,~~984~~617.0873 Record Date 1003/31/~~2003~~2004 1003/31/~~2003~~2004 1003/31/~~2003~~2004 Principal And Interest Constant ~~152~~134,~~521~~146.6144 9577,~~496~~738.9247 1,~~722~~531,~~468~~157.1013 Scheduled Principal 4542,~~446~~430.4226 13,~~541~~814.4446 ~~285~~244,~~970~~315.1039 Unscheduled Principal ~~909~~640,~~506~~022.7815 ~~394~~328,~~868~~117.2034 11,~~967~~288,~~725~~183.2542 Scheduled Interest ~~107~~91,~~075~~716.1918 8163,~~955~~924.4801 1,~~436~~286,~~498~~841.0074 Servicing Fees 108,~~240~~886.7366 64,~~110~~876.6570 7666,~~680~~946.3997 Master Servicing Fees 6859.2724 4032.7451 ~~1,025~~938.5878 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 0.00 0.00 7774,~~216~~060.4688 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 9682,~~766~~770.1928 7559,~~804~~014.0980 1,~~281~~144,~~575~~895.5711 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 3.~~543429~~492747 4.~~651969~~538020 3.~~124018~~048805

Miscellaneous Reporting Group Group 1 ~~Amt Remaining in Int Coverage Acct Gr 1 0.00 Amt Withdrawn from Int Coverage Acct Gr1 0.00 Amt Remaining in Prefunding Acct~~ Group 1 ~~0.00 Amt Withdrawn from Prefunding Acct Gr 1 0.00 Group 1~~ Senior Percentage 91.~~905298~~580074% Group 1 Senior Prepayment Percentage 100.000000% Group 1 Sen Mez & Sub Percentage 8.~~094702~~419926% Group 1 Sen Mez & Sub Prep Percentage 0.000000% Group Group 2 ~~Amt Remaining in Int Coverage Acct Gr2 0.00 Amt Withdrawn from Int Coverage Acct Gr2 0.00 Amt Remaining in Prefunding Acct~~ Group 2 ~~0.00 Amt Withdrawn from Prefunding Acct Gr2 0.00 Group 2~~ Senior Percentage 9190.~~588376~~977005% Group 2 Senior Prepayment Percentage 100.000000% Group 2 Sen Mez & Sub Percentage 89.~~411623~~022995% Group 2 Sen Mez & Sub Prep Percentage 0.000000% Group Group 3 Group 3 Senior Percentage 8988.~~988184~~188991% Group 3 Senior Prepayment Percentage 100.000000% Group 3 Sen Mez & Sub Percentage 1011.~~011816~~811009% Group 3 Sen Mez & Sub Prep Percentage 0.000000%

Miscellaneous Reporting Group Group 4 Group 4 Senior Percentage 9089.~~692343~~350478% Group 4 Senior Prepayment Percentage 100.000000% Group 4 Sen Mez & Sub Percentage 910.~~307657~~649522% Group 4 Sen Mez & Sub Prep Percentage 0.000000% Group Group 5 Group 5 Senior Percentage 9189.~~258679~~091609% Group 5 Senior Prepayment Percentage 100.000000% Group 5 Sen Mez & Sub Percentage 810.~~741321~~908391% Group 5 Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORTGAGE INVESTMENTS TRUST 2003-AR1