8-K 1 bst03001_aug.txt AUGUST 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): August 25, 2004 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-19 54-2120448 Pooling and Servicing Agreement) (Commission 54-2120449 (State or other File Number) 54-2120450 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On August 25, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2003-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the August 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. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Registrant) 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: 8/25/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the August 25, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 67/3031/2004 Distribution Date: 78/2625/2004 BST Series: 2003-1 Contact: Customer Service - CTSLink Wells Fargo Bank, 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-1 07384MTH5 SEN 54.~~00563~~98894% 9991,~~261~~550,~~450~~597.5885 ~~413~~379,~~846~~699.0080 72,~~710~~485,~~852~~472.7327 II-A-1 07384MTJ1 SEN 5.~~43948~~44174% 3635,~~546~~308,~~206~~467.9126 ~~165~~159,~~576~~730.8718 1813,~~237,739~~967.6418 III-A-1 07384MTK8 SEN 5.~~37869~~38196% 6459,~~073~~483,~~490~~145.6294 ~~287~~266,~~048~~137.3300 4537,~~590,344~~084.6827 IV-A-1 07384MTL6 SEN 4.~~53068~~49955% 1110,~~027~~436,~~747~~330.5914 4139,~~614~~038.9700 ~~591~~1,~~417~~571,218.4554 V-A-1 07384MTM4 SEN 5.~~44781~~44696% 7271,~~773~~689,~~623~~564.0679 ~~330~~324,~~213~~624.8804 1,~~084~~660,~~058~~651.2773 VI-A-1 07384MTN2 SEN 5.~~12017~~12235% 9286,~~065~~524,~~821~~328.0964 ~~392~~368,~~628~~449.9384 51,~~541~~411,~~492~~664.4592 VII-A-1 07384MTP7 SEN 3.81200% 2523,~~457~~817,~~479~~684.7656 8075,~~829~~478.1749 1,~~639~~212,~~795~~255.2026 VII-A-X 07384MTQ5 SEN 1.~~31968~~31268% 0.00 2725,~~982~~991.3133 0.00 VIII-A-1 07384MTR3 SEN 4.~~93417~~92069% 12,~~990~~615,~~177~~838.5212 5351,~~386~~607.1852 ~~374~~10,~~339~~319.4002 VIII-A-X 07384MTS1 SEN 0.38300% 0.00 4,~~143~~016.9485 0.00 R-I 07384MTU6 SEN 5.~~06510~~06276% 0.00 0.00 0.00 R-II 07384MTV4 SEN 5.~~06510~~06276% 0.00 0.00 0.00 R-III 07384MTW2 SEN 5.~~06510~~06276% 0.00 0.00 0.00 M 07384MTT9 MEZ 5.~~21577~~21309% 4039,~~107~~069,~~790~~194.6032 ~~174~~169,~~239~~316.5993 1452,~~038,596~~795.2947 B-1 07384MTX0 SUB 5.~~21577~~21309% 1211,~~299~~981,~~784~~279.4094 5351,~~433~~924.7412 ~~318~~138,~~504~~857.4798 B-2 07384MTY8 SUB 5.~~21577~~21309% 98,~~091~~855,~~164~~747.8094 3938,~~494~~378.5978 ~~235~~102,~~416~~634.8638 B-3 07384MTZ5 SUB 5.~~21577~~21309% 6,~~417~~251,~~239~~063.2199 27,~~878~~090.3068 ~~166~~72,~~175~~447.2219 B-4 07384MUA8 SUB 5.~~21577~~21309% 3,~~208~~125,~~528~~443.5025 13,~~938~~544.7695 8336,~~085~~222.2557 B-5 07384MUB6 SUB 5.~~21577~~21309% 1,~~604~~562,~~264~~721.2562 6,~~969~~772.3848 4118,~~542~~111.6228 B-6 07384MUC4 SUB 5.~~21577~~21309% 2,~~139~~084,~~613~~207.3175 9,~~295~~032.0948 5524,~~405~~155.5609 Totals ~~489~~464,~~064~~355,~~382~~616.2011 2,~~122~~010,~~520~~833.0347 2410,~~708~~547,~~766~~857.0915

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 9189,~~550~~065,~~597~~125.8558 82,~~124~~865,~~698~~172.7307 0.00 II-A-1 0.00 3534,~~308~~494,~~467~~500.2608 1973,~~403,316~~697.5136 0.00 III-A-1 0.00 5958,~~483~~946,~~145~~061.9467 4803,~~877,393~~221.0127 0.00 IV-A-1 0.00 108,~~436~~865,~~330~~111.1460 ~~633~~1,~~032~~610,256.4254 0.00 V-A-1 0.00 7170,~~689~~028,~~564~~913.7906 1,~~414~~985,~~272~~275.1577 0.00 VI-A-1 0.00 8685,~~524~~112,~~328~~663.6472 51,~~934~~780,~~121~~114.3876 0.00 VII-A-1 0.00 2322,~~817~~605,~~684~~429.5630 1,~~720~~287,~~624~~733.3775 0.00 VII-A-X 0.00 0.00 2725,~~982~~991.3133 0.00 VIII-A-1 0.00 12,~~615~~605,~~838~~519.1210 ~~427~~61,~~725~~926.5854 0.00 VIII-A-X 0.00 0.00 4,~~143~~016.9485 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 3938,~~069~~616,~~194~~398.3284 1622,~~212,835~~112.8840 0.00 B-1 0.00 11,~~981~~842,~~279~~421.9496 ~~371~~190,~~938~~782.2110 0.00 B-2 0.00 8,~~855~~753,~~747~~113.9456 ~~274~~141,~~911~~013.4516 0.00 B-3 0.00 6,~~251~~178,~~063~~616.9980 ~~194~~99,~~053~~537.5287 0.00 B-4 0.00 3,~~125~~089,~~443~~220.2568 9749,~~024~~767.0152 0.00 B-5 0.00 1,~~562~~544,~~721~~610.6234 4824,~~512~~883.0076 0.00 B-6 0.00 2,~~084~~060,~~207~~052.7566 6433,~~700~~187.6557 0.00 Totals 0.00 ~~464~~453,~~355~~807,~~616~~758.1195 2612,~~831~~558,~~286~~690.1262 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A-1 239,692,900.00 9991,~~261~~550,~~450~~597.5885 7268,~~123~~421.7029 72,~~638~~417,~~729~~050.0398 0.00 0.00 II-A-1 113,342,700.00 3635,~~546~~308,~~206~~467.9126 3231,~~335~~204.3213 1782,~~205,404~~763.3205 0.00 0.00 III-A-1 190,689,900.00 6459,~~073~~483,~~490~~145.6294 6360,~~813~~163.4223 4476,~~526,531~~921.2604 0.00 0.00 IV-A-1 25,928,500.00 1110,~~027~~436,~~747~~330.5914 14,~~974~~289.7799 ~~576~~1,~~442~~556,928.6855 0.00 0.00 V-A-1 167,595,200.00 7271,~~773~~689,~~623~~564.0679 42,~~160~~385.5723 1,~~041~~618,~~897~~266.6950 0.00 0.00 VI-A-1 254,617,100.00 9286,~~065~~524,~~821~~328.0964 7873,~~262~~128.1548 51,~~463~~338,~~230~~536.3044 0.00 0.00 VII-A-1 74,817,300.00 2523,~~457~~817,~~479~~684.7656 2524,~~850~~477.7435 1,~~613~~187,~~944~~777.4592 0.00 0.00 VII-A-X 0.00 0.00 0.00 0.00 0.00 0.00 VIII-A-1 25,110,300.00 12,~~990~~615,~~177~~838.5212 9,~~754~~443.8674 ~~364,584~~875.5528 0.00 0.00 VIII-A-X 0.00 0.00 0.00 0.00 0.00 0.00 R-I 100.00 0.00 0.00 0.00 0.00 0.00 R-II 100.00 0.00 0.00 0.00 0.00 0.00 R-III 100.00 0.00 0.00 0.00 0.00 0.00 M 44,023,800.00 4039,~~107~~069,~~790~~194.6032 3332,~~294~~750.5354 1420,~~005,301~~044.7693 0.00 0.00 B-1 13,500,700.00 1211,~~299~~981,~~784~~279.4094 10,~~210~~043.3755 ~~308~~128,~~294~~814.0943 0.00 0.00 B-2 9,978,800.00 98,~~091~~855,~~164~~747.8094 7,~~546~~423.8151 ~~227~~95,~~870~~210.0487 0.00 0.00 B-3 7,043,800.00 6,~~417~~251,~~239~~063.2199 5,~~327~~240.1208 ~~160~~67,~~848~~207.1011 0.00 0.00 B-4 3,521,800.00 3,~~208~~125,~~528~~443.5025 2,~~663~~619.4897 8033,~~421~~602.7760 0.00 0.00 B-5 1,760,900.00 1,~~604~~562,~~264~~721.2562 1,~~331~~309.7498 4016,~~210~~801.8830 0.00 0.00 B-6 2,348,519.00 2,~~139~~084,~~613~~207.3175 1,~~776~~747.1513 5322,~~629~~407.4196 0.00 0.00 Totals 1,173,972,519.00 ~~489~~464,~~064~~355,~~382~~616.2011 ~~401~~384,~~425~~648.7320 2410,~~307~~163,~~340~~208.3396 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution I-A-1 72,~~710~~485,~~852~~472.7327 9189,~~550~~065,~~597~~125.8558 0.~~38194956~~37158016 72,~~710~~485,~~852~~472.7327 II-A-1 1813,~~237,739~~967.6418 3534,~~308~~494,~~467~~500.2608 0.~~31151955~~30433808 1813,~~237,739~~967.6418 III-A-1 4537,~~590,344~~084.6827 5958,~~483~~946,~~145~~061.9467 0.~~31193653~~30912000 4537,~~590,344~~084.6827 IV-A-1 ~~591~~1,~~417~~571,218.4554 108,~~436~~865,~~330~~111.1460 0.~~40250420~~34190607 ~~591~~1,~~417~~571,218.4554 V-A-1 1,~~084~~660,~~058~~651.2773 7170,~~689~~028,~~564~~913.7906 0.~~42775428~~41784558 1,~~084~~660,~~058~~651.2773 VI-A-1 51,~~541~~411,~~492~~664.4592 8685,~~524~~112,~~328~~663.6472 0.~~33982136~~33427709 51,~~541~~411,~~492~~664.4592 VII-A-1 1,~~639~~212,~~795~~255.2026 2322,~~817~~605,~~684~~429.5630 0.~~31834461~~30214174 1,~~639~~212,~~795~~255.2026 VII-A-X 0.00 0.00 0.00000000 0.00 VIII-A-1 ~~374~~10,~~339~~319.4002 12,~~615~~605,~~838~~519.1210 0.~~50241686~~50200591 ~~374~~10,~~339~~319.4002 VIII-A-X 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 M 1452,~~038,596~~795.2947 3938,~~069~~616,~~194~~398.3284 0.~~88745620~~87717096 1452,~~038,596~~795.2947 B-1 ~~318~~138,~~504~~857.4798 11,~~981~~842,~~279~~421.9496 0.~~88745620~~87717096 ~~318~~138,~~504~~857.4798 B-2 ~~235~~102,~~416~~634.8638 8,~~855~~753,~~747~~113.9456 0.~~88745620~~87717096 ~~235~~102,~~416~~634.8638 B-3 ~~166~~72,~~175~~447.2219 6,~~251~~178,~~063~~616.9980 0.~~88745620~~87717096 ~~166~~72,~~175~~447.2219 B-4 8336,~~085~~222.2557 3,~~125~~089,~~443~~220.2568 0.~~88745620~~87717096 8336,~~085~~222.2557 B-5 4118,~~542~~111.6228 1,~~562~~544,~~721~~610.6234 0.~~88745620~~87717096 4118,~~542~~111.6228 B-6 5524,~~405~~155.5609 2,~~084~~060,~~207~~052.7566 0.~~88745620~~87717096 5524,~~405~~155.5609 Totals 2410,~~708~~547,~~766~~857.0915 ~~464~~453,~~355~~807,~~616~~758.1195 0.~~39554215~~38655740 2410,~~708~~547,~~766~~857.0915

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 239,692,900.00 ~~414~~381.~~11927754~~94956067 0.~~30090044~~28545397 3110.~~86881643~~08394900 0.00000000 II-A-1 113,342,700.00 ~~322~~311.~~43988285~~51955318 0.~~28528807~~27530781 106.~~63504152~~90616202 0.00000000 III-A-1 190,689,900.00 ~~336~~311.~~00883225~~93653120 0.~~33464499~~31550297 232.~~73765606~~50102937 0.00000000 IV-A-1 25,928,500.00 ~~425~~402.~~31375089~~50419963 0.~~57754093~~55113061 2260.~~23201034~~04699655 0.00000000 V-A-1 167,595,200.00 ~~434~~427.~~22259743~~75428407 0.~~25156192~~25290241 69.~~21675137~~65580458 0.00000000 VI-A-1 254,617,100.00 ~~361~~339.~~58538091~~82135780 0.~~30737193~~28720962 215.~~45665118~~25705634 0.00000000 VII-A-1 74,817,300.00 ~~340~~318.~~26194156~~34461495 0.~~34551822~~32716163 2115.~~57180826~~87571217 0.00000000 VII-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 VIII-A-1 25,110,300.00 ~~517~~502.~~32466438~~41686161 0.~~38848042~~37609029 140.~~51932275~~03485741 0.00000000 VIII-A-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 100.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 100.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 100.00 0.00000000 0.00000000 0.00000000 0.00000000 M 44,023,800.00 ~~911~~887.~~04790136~~45620142 0.~~75628478~~74392806 229.~~83541539~~54131470 0.00000000 B-1 13,500,700.00 ~~911~~887.~~04790122~~45620153 0.~~75628449~~74392809 229.~~83541520~~54131489 0.00000000 B-2 9,978,800.00 ~~911~~887.~~04790155~~45620115 0.~~75628432~~74392813 229.~~83541508~~54131459 0.00000000 B-3 7,043,800.00 ~~911~~887.~~04790170~~45620120 0.~~75628496~~74392799 229.~~83541554~~54131435 0.00000000 B-4 3,521,800.00 ~~911~~887.~~04790164~~45620137 0.~~75628372~~74392924 229.~~83541655~~54131410 0.00000000 B-5 1,760,900.00 ~~911~~887.~~04790164~~45619853 0.~~75628372~~74392640 229.~~83541371~~54131410 0.00000000 B-6 2,348,519.00 ~~911~~887.~~04790296~~45620112 0.~~75628513~~74392841 229.~~83541670~~54131519 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 3210.~~16971688~~36940297 ~~381~~371.~~94956067~~58015769 0.~~38194956~~37158016 3210.~~16971688~~36940297 II-A-1 0.00000000 107.~~92032958~~18146983 ~~311~~304.~~51955318~~33808335 0.~~31151955~~30433808 107.~~92032958~~18146983 III-A-1 0.00000000 242.~~07230105~~81653234 ~~311~~309.~~93653120~~11999886 0.~~31193653~~30912000 242.~~07230105~~81653234 IV-A-1 0.00000000 2260.~~80955127~~59812716 ~~402~~341.~~50419963~~90607247 0.~~40250420~~34190607 2260.~~80955127~~59812716 V-A-1 0.00000000 69.~~46831335~~90870699 ~~427~~417.~~75428407~~84557708 0.~~42775428~~41784558 69.~~46831335~~90870699 VI-A-1 0.00000000 215.~~76402312~~54426596 ~~339~~334.~~82135780~~27709184 0.~~33982136~~33427709 215.~~76402312~~54426596 VII-A-1 0.00000000 2116.~~91732661~~20287367 ~~318~~302.~~34461495~~14174128 0.~~31834461~~30214174 2116.~~91732661~~20287367 VII-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 VIII-A-1 0.00000000 140.~~90780277~~41094770 502.~~41686161~~00591391 0.~~50241686~~50200591 140.~~90780277~~41094770 VIII-A-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M 0.00000000 2310.~~59170017~~28524276 ~~887~~877.~~45620142~~17095844 0.~~88745620~~87717096 2310.~~59170017~~28524276 B-1 0.00000000 2310.~~59170043~~28524299 ~~887~~877.~~45620153~~17095854 0.~~88745620~~87717096 2310.~~59170043~~28524299 B-2 0.00000000 2310.~~59170040~~28524271 ~~887~~877.~~45620115~~17095843 0.~~88745620~~87717096 2310.~~59170040~~28524271 B-3 0.00000000 2310.~~59170050~~28524234 ~~887~~877.~~45620120~~17095886 0.~~88745620~~87717096 2310.~~59170050~~28524234 B-4 0.00000000 2310.~~59170027~~28524334 ~~887~~877.~~45620137~~17095803 0.~~88745620~~87717096 2310.~~59170027~~28524334 B-5 0.00000000 2310.~~59169743~~28524050 ~~887~~877.~~45619853~~17095803 0.~~88745620~~87717096 2310.~~59169743~~28524050 B-6 0.00000000 2310.~~59170183~~28524359 ~~887~~877.~~45620112~~17095753 0.~~88745620~~87717096 2310.~~59170183~~28524359 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A-1 239,692,900.00 54.~~00563~~98894% 9991,~~261~~550,~~450~~597.5885 ~~414~~380,~~054~~617.7017 0.00 0.00 II-A-1 113,342,700.00 5.~~43948~~44174% 3635,~~546~~308,~~206~~467.9126 ~~165~~160,~~660~~116.3709 0.00 0.00 III-A-1 190,689,900.00 5.~~37869~~38196% 6459,~~073~~483,~~490~~145.6294 ~~287~~266,~~193~~780.0900 0.00 0.00 IV-A-1 25,928,500.00 4.~~53068~~49955% 1110,~~027~~436,~~747~~330.5914 4139,~~635~~132.9632 0.00 0.00 V-A-1 167,595,200.00 5.~~44781~~44696% 7271,~~773~~689,~~623~~564.0679 ~~330~~325,~~380~~408.4035 0.00 0.00 VI-A-1 254,617,100.00 5.~~12017~~12235% 9286,~~065~~524,~~821~~328.0964 ~~392~~369,~~826~~340.9303 0.00 0.00 VII-A-1 74,817,300.00 3.81200% 2523,~~457~~817,~~479~~684.7656 8075,~~869~~660.9384 0.00 0.00 VII-A-X 0.00 1.~~31968~~31268% 2523,~~457~~817,~~479~~684.7656 2726,~~996~~054.4213 0.00 0.00 VIII-A-1 25,110,300.00 4.~~93417~~92069% 12,~~990~~615,~~177~~838.5212 5351,~~413~~732.1021 0.00 0.00 VIII-A-X 0.00 0.38300% 12,~~990~~615,~~177~~838.5212 4,~~146~~026.0355 0.00 0.00 R-I 100.00 5.~~06510~~06276% 0.00 0.00 0.00 0.00 R-II 100.00 5.~~06510~~06276% 0.00 0.00 0.00 0.00 R-III 100.00 5.~~06510~~06276% 0.00 0.00 0.00 0.00 M 44,023,800.00 5.~~21577~~21309% 4039,~~107~~069,~~790~~194.6032 ~~174~~169,~~327~~726.4500 0.00 0.00 B-1 13,500,700.00 5.~~21577~~21309% 1211,~~299~~981,~~784~~279.4094 5352,~~460~~049.6957 0.00 0.00 B-2 9,978,800.00 5.~~21577~~21309% 98,~~091~~855,~~164~~747.8094 3938,~~514~~471.5150 0.00 0.00 B-3 7,043,800.00 5.~~21577~~21309% 6,~~417~~251,~~239~~063.2199 27,~~892~~156.3613 0.00 0.00 B-4 3,521,800.00 5.~~21577~~21309% 3,~~208~~125,~~528~~443.5025 13,~~945~~577.7868 0.00 0.00 B-5 1,760,900.00 5.~~21577~~21309% 1,~~604~~562,~~264~~721.2562 6,~~972~~788.8984 0.00 0.00 B-6 2,348,519.00 5.~~21577~~21309% 2,~~139~~084,~~613~~207.3175 9,~~299~~054.7730 0.00 0.00 Totals 1,173,972,519.00 2,~~123~~015,~~590~~691.3871 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance I-A-1 ~~208~~917.7037 0.00 ~~413~~379,~~846~~699.0080 0.00 9189,~~550~~065,~~597~~125.8558 II-A-1 83385.5092 0.00 ~~165~~159,~~576~~730.8718 0.00 3534,~~308~~494,~~467~~500.2608 III-A-1 ~~144~~643.7600 0.00 ~~287~~266,~~048~~137.3300 0.00 5958,~~483~~946,~~145~~061.9467 IV-A-1 2094.9932 0.00 4139,~~614~~038.9700 0.00 108,~~436~~865,~~330~~111.1460 V-A-1 ~~166~~784.5331 0.00 ~~330~~324,~~213~~624.8804 0.00 7170,~~689~~028,~~564~~913.7906 VI-A-1 ~~198~~890.0019 0.00 ~~392~~368,~~628~~449.9384 0.00 8685,~~524~~112,~~328~~663.6472 VII-A-1 40182.7636 0.00 8075,~~829~~478.1749 0.00 2322,~~817~~605,~~684~~429.5630 VII-A-X 1462.1180 0.00 2725,~~982~~991.3133 0.00 2322,~~817~~605,~~684~~429.5630 VIII-A-1 26124.9269 0.00 5351,~~386~~607.1852 0.00 12,~~615~~605,~~838~~519.1210 VIII-A-X 29.0970 0.00 4,~~143~~016.9485 0.00 12,~~615~~605,~~838~~519.1210 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 87409.8708 0.00 ~~174~~169,~~239~~316.5993 0.00 3938,~~069~~616,~~194~~398.3284 B-1 26125.9545 0.00 5351,~~433~~924.7412 0.00 11,~~981~~842,~~279~~421.9496 B-2 ~~19.~~92.72 0.00 3938,~~494~~378.5978 0.00 8,~~855~~753,~~747~~113.9456 B-3 1465.0645 0.00 27,~~878~~090.3068 0.00 6,~~251~~178,~~063~~616.9980 B-4 732.0373 0.00 13,~~938~~544.7695 0.00 3,~~125~~089,~~443~~220.2568 B-5 316.5136 0.00 6,~~969~~772.3848 0.00 1,~~562~~544,~~721~~610.6234 B-6 421.6982 0.00 9,~~295~~032.0948 0.00 2,~~084~~060,~~207~~052.7566 Totals 14,~~070~~858.3927 0.00 2,~~122~~010,~~520~~833.0347 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall I-A-1 239,692,900.00 54.~~00563~~98894% ~~414~~381.~~11927754~~94956067 1.~~72743832~~58793677 0.00000000 0.00000000 II-A-1 113,342,700.00 5.~~43948~~44174% ~~322~~311.~~43988285~~51955318 1.~~46158835~~41267228 0.00000000 0.00000000 III-A-1 190,689,900.00 5.~~37869~~38196% ~~336~~311.~~00883225~~93653120 1.~~50607395~~39902533 0.00000000 0.00000000 IV-A-1 25,928,500.00 4.~~53068~~49955% ~~425~~402.~~31375089~~50419963 1.~~60579902~~50923964 0.00000000 0.00000000 V-A-1 167,595,200.00 5.~~44781~~44696% ~~434~~427.~~22259743~~75428407 1.~~97129989~~94163287 0.00000000 0.00000000 VI-A-1 254,617,100.00 5.~~12017~~12235% ~~361~~339.~~58538091~~82135780 1.~~54281441~~45057041 0.00000000 0.00000000 VII-A-1 74,817,300.00 3.81200% ~~340~~318.~~26194156~~34461495 1.~~08089880~~01127467 0.00000000 0.00000000 VII-A-X 0.00 1.~~31968~~31268% ~~340~~318.~~26194156~~34461495 0.~~37419714~~34823670 0.00000000 0.00000000 VIII-A-1 25,110,300.00 4.~~93417~~92069% ~~517~~502.~~32466438~~41686161 2.~~12713906~~06019880 0.00000000 0.00000000 VIII-A-X 0.00 0.38300% ~~517~~502.~~32466438~~41686161 0.~~16511272~~16035452 0.00000000 0.00000000 R-I 100.00 5.~~06510~~06276% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 100.00 5.~~06510~~06276% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 100.00 5.~~06510~~06276% 0.00000000 0.00000000 0.00000000 0.00000000 M 44,023,800.00 5.~~21577~~21309% ~~911~~887.~~04790136~~45620142 3.~~95984558~~85532371 0.00000000 0.00000000 B-1 13,500,700.00 5.~~21577~~21309% ~~911~~887.~~04790122~~45620153 3.~~95984579~~85532380 0.00000000 0.00000000 B-2 9,978,800.00 5.~~21577~~21309% ~~911~~887.~~04790155~~45620115 3.~~95984587~~85532329 0.00000000 0.00000000 B-3 7,043,800.00 5.~~21577~~21309% ~~911~~887.~~04790170~~45620120 3.~~95984554~~85532383 0.00000000 0.00000000 B-4 3,521,800.00 5.~~21577~~21309% ~~911~~887.~~04790164~~45620137 3.~~95984440~~85532398 0.00000000 0.00000000 B-5 1,760,900.00 5.~~21577~~21309% ~~911~~887.~~04790164~~45619853 3.~~95984440~~85532398 0.00000000 0.00000000 B-6 2,348,519.00 5.~~21577~~21309% ~~911~~887.~~04790296~~45620112 3.~~95984448~~85532329 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A-1 0.~~00087070~~00382727 0.00000000 1.~~72656762~~58410950 0.00000000 ~~381~~371.~~94956067~~58015769 II-A-1 0.~~00073670~~00340490 0.00000000 1.~~46085165~~40926747 0.00000000 ~~311~~304.~~51955318~~33808335 III-A-1 0.~~00075914~~00337197 0.00000000 1.~~50531481~~39565336 0.00000000 ~~311~~309.~~93653120~~11999886 IV-A-1 0.~~00080953~~00363770 0.00000000 1.~~60498949~~50560194 0.00000000 ~~402~~341.~~50419963~~90607247 V-A-1 0.~~00099364~~00467979 0.00000000 1.~~97030631~~93695309 0.00000000 ~~427~~417.~~75428407~~84557708 VI-A-1 0.~~00077764~~00349619 0.00000000 1.~~54203677~~44707421 0.00000000 ~~339~~334.~~82135780~~27709184 VII-A-1 0.~~00054479~~00243740 0.00000000 1.~~08035401~~00883739 0.00000000 ~~318~~302.~~34461495~~14174128 VII-A-X 0.~~00018859~~00083938 0.00000000 0.~~37400855~~34739733 0.00000000 ~~318~~302.~~34461495~~14174128 VIII-A-1 0.~~00107207~~00496569 0.00000000 2.~~12606699~~05523311 0.00000000 502.~~41686161~~00591391 VIII-A-X 0.~~00008323~~00038630 0.00000000 0.~~16502949~~15996822 0.00000000 502.~~41686161~~00591391 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.~~00199597~~00929225 0.00000000 3.~~95784984~~84603169 0.00000000 ~~887~~877.~~45620142~~17095844 B-1 0.~~00199619~~00929211 0.00000000 3.~~95784959~~84603169 0.00000000 ~~887~~877.~~45620153~~17095854 B-2 0.~~00199623~~00929170 0.00000000 3.~~95784964~~84603159 0.00000000 ~~887~~877.~~45620115~~17095843 B-3 0.~~00199608~~00929186 0.00000000 3.~~95784946~~84603197 0.00000000 ~~887~~877.~~45620120~~17095886 B-4 0.~~00199614~~00929354 0.00000000 3.~~95785110~~84603044 0.00000000 ~~887~~877.~~45620137~~17095803 B-5 0.~~00199330~~00929070 0.00000000 3.~~95785110~~84603328 0.00000000 ~~887~~877.~~45619853~~17095803 B-6 0.~~00199700~~00929096 0.00000000 3.~~95785174~~84603233 0.00000000 ~~887~~877.~~45620112~~17095753 (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 2612,~~972~~675,~~185~~181.9027 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 2435,~~024~~662.0769 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 2612,~~996~~710,~~209~~843.9796 Withdrawals Reimbursement for Servicer Advances 3024,~~209~~024.7707 Payment of Service Fee ~~134~~128,~~714~~129.0827 Payment of Interest and Principal 2612,~~831~~558,~~286~~690.1262 Total Withdrawals (Pool Distribution Amount) 2612,~~996~~710,~~209~~843.9796 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 14,~~070~~858.3943 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 14,~~070~~858.3934

SERVICING FEES Gross Servicing Fee ~~121~~114,~~479~~945.4601 Additional Servicing Fees 12,~~639~~589.2744 Miscellaneous Fee ~~595~~594.3582 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~134~~128,~~714~~129.0827

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 810 0 0 0 810 34,~~200~~704,~~245~~367.8969 0.00 0.00 0.00 34,~~200~~704,~~245~~367.8969 60 Days 3 0 0 0 3 1,~~286~~302,~~488~~522.9092 0.00 0.00 0.00 1,~~286~~302,~~488~~522.9092 90 Days 01 0 0 0 01 0528,807.0052 0.00 0.00 0.00 0528,807.0052 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 1114 0 0 0 1114 46,~~486~~535,~~734~~698.7913 0.00 0.00 0.00 46,~~486~~535,~~734~~698.7913 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~755430~~965251% 0.000000% 0.000000% 0.000000% 0.~~755430~~965251% 01.~~688716~~035951% 0.000000% 0.000000% 0.000000% 01.~~688716~~035951% 60 Days 0.~~283286~~289575% 0.000000% 0.000000% 0.000000% 0.~~283286~~289575% 0.~~276862~~286829% 0.000000% 0.000000% 0.000000% 0.~~276862~~286829% 90 Days 0.~~000000~~096525% 0.000000% 0.000000% 0.000000% 0.~~000000~~096525% 0.~~000000~~116449% 0.000000% 0.000000% 0.000000% 0.~~000000~~116449% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~038716~~351351% 0.000000% 0.000000% 0.000000% 1.~~038716~~351351% 01.~~965578~~439229% 0.000000% 0.000000% 0.000000% 01.~~965578~~439229%

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 54 0 0 0 54 1,~~927~~266,~~636~~953.0409 0.00 0.00 0.00 1,~~927~~266,~~636~~953.0409 60 Days 01 0 0 0 01 0384,921.0034 0.00 0.00 0.00 0384,921.0034 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 5 0 0 0 5 1,~~927~~651,~~636~~874.0443 0.00 0.00 0.00 1,~~927~~651,~~636~~874.0443 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~968504~~619433% 0.000000% 0.000000% 0.000000% 1.~~968504~~619433% 1.~~794485~~209750% 0.000000% 0.000000% 0.000000% 1.~~794485~~209750% 60 Days 0.~~000000~~404858% 0.000000% 0.000000% 0.000000% 0.~~000000~~404858% 0.~~000000~~367542% 0.000000% 0.000000% 0.000000% 0.~~000000~~367542% 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 12.~~968504~~024291% 0.000000% 0.000000% 0.000000% 12.~~968504~~024291% 1.~~794485~~577293% 0.000000% 0.000000% 0.000000% 1.~~794485~~577293% 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 01 0 0 0 01 0638,073.0083 0.00 0.00 0.00 0638,073.0083 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 01 0 0 0 01 0638,073.0083 0.00 0.00 0.00 0638,073.0083 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~980392% 0.000000% 0.000000% 0.000000% 0.~~000000~~980392% 01.~~000000~~523372% 0.000000% 0.000000% 0.000000% 01.~~000000~~523372% 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~~980392% 0.000000% 0.000000% 0.000000% 0.~~000000~~980392% 01.~~000000~~523372% 0.000000% 0.000000% 0.000000% 01.~~000000~~523372% 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 01 0 0 0 01 0479,416.0074 0.00 0.00 0.00 0479,416.0074 60 Days 10 0 0 0 10 ~~528,807~~0.5200 0.00 0.00 0.00 ~~528,807~~0.5200 90 Days 01 0 0 0 01 0528,807.0052 0.00 0.00 0.00 0528,807.0052 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 ~~528~~1,~~807~~008,224.5226 0.00 0.00 0.00 ~~528~~1,~~807~~008,224.5226 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~641026% 0.000000% 0.000000% 0.000000% 0.~~000000~~641026% 0.~~000000~~669304% 0.000000% 0.000000% 0.000000% 0.~~000000~~669304% 60 Days 0.~~636943~~000000% 0.000000% 0.000000% 0.000000% 0.~~636943~~000000% 0.~~732154~~000000% 0.000000% 0.000000% 0.000000% 0.~~732154~~000000% 90 Days 0.~~000000~~641026% 0.000000% 0.000000% 0.000000% 0.~~000000~~641026% 0.~~000000~~738257% 0.000000% 0.000000% 0.000000% 0.~~000000~~738257% 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 01.~~636943~~282051% 0.000000% 0.000000% 0.000000% 01.~~636943~~282051% 01.~~732154~~407561% 0.000000% 0.000000% 0.000000% 01.~~732154~~407561% 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 10 0 0 0 10 ~~516,104~~0.5300 0.00 0.00 0.00 ~~516,104~~0.5300 60 Days 12 0 0 0 12 ~~402~~917,~~044~~601.3758 0.00 0.00 0.00 ~~402~~917,~~044~~601.3758 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 2 0 0 0 2 ~~918~~917,~~148~~601.9058 0.00 0.00 0.00 ~~918~~917,~~148~~601.9058 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 30.~~225806~~000000% 0.000000% 0.000000% 0.000000% 30.~~225806~~000000% 40.~~230543~~000000% 0.000000% 0.000000% 0.000000% 40.~~230543~~000000% 60 Days 37.~~225806~~142857% 0.000000% 0.000000% 0.000000% 37.~~225806~~142857% 38.~~295585~~734735% 0.000000% 0.000000% 0.000000% 38.~~295585~~734735% 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 67.~~451613~~142857% 0.000000% 0.000000% 0.000000% 67.~~451613~~142857% 78.~~526128~~734735% 0.000000% 0.000000% 0.000000% 78.~~526128~~734735% 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 10 0 0 0 10 ~~355,637~~0.0100 0.00 0.00 0.00 ~~355,637~~0.0100 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 10 0 0 0 10 ~~355,637~~0.0100 0.00 0.00 0.00 ~~355,637~~0.0100 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.~~568182~~000000% 0.000000% 0.000000% 0.000000% 0.~~568182~~000000% 0.~~426089~~000000% 0.000000% 0.000000% 0.000000% 0.~~426089~~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.~~568182~~000000% 0.000000% 0.000000% 0.000000% 0.~~568182~~000000% 0.~~426089~~000000% 0.000000% 0.000000% 0.000000% 0.~~426089~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 6 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 21 0 0 0 21 ~~756~~464,~~505~~000.3200 0.00 0.00 0.00 ~~756~~464,~~505~~000.3200 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 21 0 0 0 21 ~~756~~464,~~505~~000.3200 0.00 0.00 0.00 ~~756~~464,~~505~~000.3200 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~823045~~418410% 0.000000% 0.000000% 0.000000% 0.~~823045~~418410% 0.~~731082~~455211% 0.000000% 0.000000% 0.000000% 0.~~731082~~455211% 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.~~823045~~418410% 0.000000% 0.000000% 0.000000% 0.~~823045~~418410% 0.~~731082~~455211% 0.000000% 0.000000% 0.000000% 0.~~731082~~455211% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 7 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 02 0 0 0 02 01,365,713.0020 0.00 0.00 0.00 01,365,713.0020 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 02 0 0 0 02 01,365,713.0020 0.00 0.00 0.00 01,365,713.0020 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 03.~~000000~~278689% 0.000000% 0.000000% 0.000000% 03.~~000000~~278689% 04.~~000000~~992617% 0.000000% 0.000000% 0.000000% 04.~~000000~~992617% 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 03.~~000000~~278689% 0.000000% 0.000000% 0.000000% 03.~~000000~~278689% 04.~~000000~~992617% 0.000000% 0.000000% 0.000000% 04.~~000000~~992617% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 8 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 01 0 0 0 01 0490,210.0083 0.00 0.00 0.00 0490,210.0083 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 01 0 0 0 01 0490,210.0083 0.00 0.00 0.00 0490,210.0083 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 03.~~000000~~333333% 0.000000% 0.000000% 0.000000% 03.~~000000~~333333% 03.~~000000~~403520% 0.000000% 0.000000% 0.000000% 03.~~000000~~403520% 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 03.~~000000~~333333% 0.000000% 0.000000% 0.000000% 03.~~000000~~333333% 03.~~000000~~403520% 0.000000% 0.000000% 0.000000% 03.~~000000~~403520%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 2435,~~024~~662.0769

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 934,279,619.00 79.58275035% ~~372~~364,~~805~~742,~~018~~633.2637 80.~~28437795~~37382036% 84.~~294438~~115645% 0.000000% Class R-I 934,279,519.00 79.58274183% ~~372~~364,~~805~~742,~~018~~633.2637 80.~~28437795~~37382036% 0.000000% 0.000000% Class R-II 934,279,419.00 79.58273332% ~~372~~364,~~805~~742,~~018~~633.2637 80.~~28437795~~37382036% 0.000000% 0.000000% Class R-III 934,279,319.00 79.58272480% ~~372~~364,~~805~~742,~~018~~633.2637 80.~~28437795~~37382036% 0.000000% 0.000000% Class II-A-1 820,936,619.00 69.92809505% ~~337~~330,~~496~~248,~~551~~133.0029 72.~~68062212~~77269425% 7.~~603756~~601126% 4847.~~414414~~852910% Class III-A-1 630,246,719.00 53.68496356% ~~278~~271,~~013~~302,~~405~~071.0662 59.~~87079624~~78348011% 12.~~809826~~989214% 81.~~562353~~773634% Class M 38,154,519.00 3.25003511% 33,~~860~~468,~~464~~036.4900 7.~~29192526~~37493692% 8.~~413637~~509418% 53.571064% Class B-1 24,653,819.00 2.10003374% 21,~~879~~625,~~184~~614.5504 4.~~71173036~~76536895% 2.~~580195~~609568% 16.428542% Class B-2 14,675,019.00 1.25003088% 1312,~~023~~872,~~436~~500.6148 2.~~80462562~~83655363% 1.~~907105~~928815% 12.142862% Class B-3 7,631,219.00 0.65003387% 6,~~772~~693,~~372~~883.6268 1.~~45844529~~47504831% 1.~~346180~~361505% 8.571361% Class B-4 4,109,419.00 0.35004388% 3,~~646~~604,~~929~~663.3700 0.~~78537423~~79431498% 0.~~673071~~680733% 4.285559% Class B-5 2,348,519.00 0.20004889% 2,~~084~~060,~~207~~052.7566 0.~~44883871~~45394831% 0.~~336536~~340367% 2.142779% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~448839~~453948% 2.857833% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~541122~~540119% Weighted Average Net Coupon 5.~~243052~~243075% Weighted Average Pass-Through Rate 5.~~210579~~209004% Weighted Average Maturity(Stepdown Calculation ) ~~341~~340 Beginning Scheduled Collateral Loan Count 1,~~113~~059 Number Of Loans Paid In Full 5423 Ending Scheduled Collateral Loan Count 1,~~059~~036 Beginning Scheduled Collateral Balance ~~489~~464,~~064~~355,~~382~~616.7062 Ending Scheduled Collateral Balance ~~464~~453,~~355~~807,~~616~~759.6246 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2004 ~~464~~454,~~668~~110,~~192~~951.2851 Monthly P &I Constant 2,~~659~~528,~~730~~469.2227 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 2411,~~568~~401,~~216~~500.7689 Ending Scheduled Balance for Premium Loans ~~464~~453,~~355~~807,~~616~~759.6246 Scheduled Principal ~~401~~384,~~425~~648.7420 Unscheduled Principal 2410,~~307~~163,~~340~~208.3496

Miscellaneous Reporting Average Loss Severity Group 1 0.00 Average Loss Severity Group 2 0.00 Average Loss Severity Group 3 0.00 Average Loss Severity Group 4 0.00 Average Loss Severity Group 5 0.00 Average Loss Severity Group 6 0.00 Average Loss Severity Group 7 0.00 Average Loss Severity Group 8 0.00 Senior Percentage Group 1 85.~~820768~~277825% Senior Percentage Group 2 82.~~860664~~596369% Senior Percentage Group 3 8382.~~005877~~423430% Senior Percentage Group 4 85.~~996393~~640252% Senior Percentage Group 5 8685.~~023130~~929298% Senior Percentage Group 6 8483.~~131381~~676054% Senior Percentage Group 7 83.~~613422~~110813% Senior Percentage Group 8 87.~~729849~~564452% Senior Prepayment Percentage Group 1 92.~~910384~~638913% Senior Prepayment Percentage Group 2 91.~~430332~~298185% Senior Prepayment Percentage Group 3 91.~~502938~~211715% Senior Prepayment Percentage Group 4 92.~~998197~~820126% Senior Prepayment Percentage Group 5 9392.~~011565~~964649% Senior Prepayment Percentage Group 6 9291.~~065691~~838027% Senior Prepayment Percentage Group 7 91.~~806711~~555407% Senior Prepayment Percentage Group 8 93.~~864925~~782226% Subordinate Percentage Group 1 14.~~179232~~722175% Subordinate Percentage Group 2 17.~~139336~~403631% Subordinate Percentage Group 3 1617.~~994123~~576570% Subordinate Percentage Group 4 14.~~003607~~359748% Subordinate Percentage Group 5 1314.~~976870~~070702% Subordinate Percentage Group 6 1516.~~868619~~323946% Subordinate Percentage Group 7 16.~~386578~~889187% Subordinate Percentage Group 8 12.~~270151~~435548% Subordinate Prepay Percentage Group 1 7.~~089616~~361087% Subordinate Prepay Percentage Group 2 8.~~569668~~701816% Subordinate Prepay Percentage Group 3 8.~~497062~~788285% Subordinate Prepay Percentage Group 4 7.~~001804~~179874% Subordinate Prepay Percentage Group 5 67.~~988435~~035351% Subordinate Prepay Percentage Group 6 78.~~934310~~161973% Subordinate Prepay Percentage Group 7 8.~~193289~~444593% Subordinate Prepay Percentage Group 8 6.~~135076~~217774%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~342511~~328528 5.~~731648~~734201 5.~~668752~~671717 Weighted Average Net Rate 5.~~097760~~088084 5.~~442099~~444431 5.~~378694~~381962 Weighted Average Maturity ~~341~~ 340 ~~340~~339 339 Beginning Loan Count ~~272~~254 ~~106~~104 ~~166~~157 Loans Paid In Full 187 2 91 Ending Loan Count ~~254~~247 ~~104~~102 ~~157~~156 Beginning Scheduled Balance ~~115~~107,~~661~~355,~~340~~690.2879 4442,~~105~~748,~~616~~207.9260 7772,~~191~~167,~~511~~763.0704 Ending scheduled Balance ~~107~~104,~~355~~666,~~690~~347.7956 4241,~~748~~853,~~207~~058.6075 7271,~~167~~571,~~763~~897.0460 Record Date 0607/3031/2004 0607/3031/2004 0607/3031/2004 Principal And Interest Constant ~~598~~556,~~974~~939.8893 ~~249~~242,~~688~~051.6242 ~~441~~414,~~527~~088.8280 Scheduled Principal 8480,~~039~~233.91 39 37,~~023~~779.7306 7672,~~878~~992.2087 Unscheduled Principal 82,~~221,~~609,109.5884 1857,~~318,385~~369.5979 4522,~~946,869~~872.8357 Scheduled Interest ~~514~~476,~~934~~706.9754 ~~210~~204,~~664~~272.8936 ~~364~~341,~~649~~095.6293 Servicing Fees 2321,~~590~~510.2287 10,~~642~~322.2762 1817,~~658~~425.3582 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 8,~~880~~869.3159 96.1806 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 ~~482~~446,~~464~~326.4408 ~~199~~193,~~926~~853.4468 ~~345~~323,~~991~~670.2711 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 54.~~005625~~988942 5.~~439482~~441735 5.~~378694~~381961

Group Level Collateral Statement Group Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~862525~~829230 5.~~793423~~792195 5.~~495166~~497352 Weighted Average Net Rate 4.~~635612~~606468 5.~~447805~~446958 5.~~153701~~157799 Weighted Average Maturity ~~340~~339 ~~340~~339 ~~342~~341 Beginning Loan Count 3331 ~~178~~176 ~~259~~243 Loans Paid In Full 23 23 164 Ending Loan Count 3128 ~~176~~173 ~~243~~239 Beginning Scheduled Balance 12,~~823~~186,~~500~~244.2009 8483,~~597~~428,~~738~~547.7117 ~~109~~103,~~431~~403,~~011~~930.3690 Ending scheduled Balance 1210,~~186~~492,~~244~~197.0907 8381,~~428~~638,~~547~~488.1728 ~~103~~101,~~403~~859,~~930~~039.9020 Record Date 0607/3031/2004 0607/3031/2004 0607/3031/2004 Principal And Interest Constant 6965,~~375~~727.4188 ~~457~~452,~~436~~021.1404 ~~594~~561,~~141~~101.7422 Scheduled Principal 1716,~~413~~686.2507 49,~~010~~325.7470 9387,~~023~~394.7375 Unscheduled Principal ~~619~~1,~~842~~677,360.8695 1,~~120~~740,~~180~~733.8019 51,~~934~~457,~~056~~496.7395 Scheduled Interest 5149,~~962~~041.1681 ~~408~~402,~~425~~695.4034 ~~501~~473,~~118~~706.0147 Servicing Fees 2,~~424~~262.8519 24,~~365~~002.4319 3129,~~139~~259.0926 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,~~121~~085.3878 0.00 3,~~058~~054.0945 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 4845,~~415~~693.9384 ~~384~~378,~~059~~693.9715 ~~466~~441,~~920~~392.8376 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 4.~~530676~~499549 5.~~447805~~446958 5.~~120166~~122352

Group Level Collateral Statement Group Group 7 Group 8 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~400018~~394128 5.~~635630~~620661 5.~~541122~~540119 Weighted Average Net Rate 5.~~134779~~127960 5.~~317169~~303693 5.~~243052~~243075 Weighted Average Maturity ~~342~~341.00 ~~340~~339.00 ~~341~~340.00 Record Date 0607/3031/2004 0607/3031/2004 0607/3031/2004 Principal And Interest Constant ~~167~~158,~~927~~271.3307 8078,~~658~~267.2891 2,~~659~~528,~~730~~469.2227 Beginning Loan Count 6864 3130 1,~~113~~059 Loans Paid In Full 43 10 5423 Ending Loan Count 6461 30 1,~~059~~036 Beginning Scheduled Balance 3028,~~446~~657,~~642~~744.6879 14,~~807~~407,~~021~~488.4824 ~~489~~464,~~064~~355,~~382~~616.7062 Ending Scheduled Balance 2827,~~657~~330,~~744~~960.7997 14,~~407~~395,~~488~~770.2403 ~~464~~453,~~355~~807,~~616~~759.6246 Scheduled Principal 3029,~~916~~451.9846 1110,~~119~~784.2090 ~~401~~384,~~425~~648.7420 Unscheduled Principal 1,~~757~~297,~~980~~332.9136 ~~388,414~~933.0431 2410,~~307~~163,~~340~~208.3496 Scheduled Interest ~~137~~128,~~010~~819.3561 6967,~~539~~483.0801 2,~~258~~143,~~304~~821.4807 Servicing Fee 6,~~729~~356.7046 3,~~929~~805.5560 ~~121~~114,~~479~~945.4601 Master Servicing Fee 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 Fry Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 78.6638 0.00 13,~~234~~184.6226 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest ~~130~~122,~~201~~384.9977 6563,~~609~~677.5341 2,~~123~~015,~~590~~691.4080 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 5.~~131679~~124678 5.~~317168~~303692 5.~~210579~~209004

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