8-K 1 bsa03ac2_sep.txt SEPTEMBER 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): September 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-04 54-2120429 Pooling and Servicing Agreement) (Commission 54-2120430 (State or other File Number) 54-2120431 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 September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-AC2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC2 Trust, relating to the September 27, 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-AC2 Trust (Registrant) 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: 9/23/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-AC2 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage Pass-~~Backed~~Through Certificates Record Date: 28/2931/2004 Distribution Date: 39/2527/2004 BSA Series: 2003-AC2 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 A-1 07384YHT6 SEN 4.46100% 6542,~~409~~020,~~252~~286.1284 ~~243~~156,~~158~~210.8942 42,~~753~~308,~~783~~657.1516 A-2 07384YHU3 SEN 4.45500% 2214,~~893~~707,~~238~~100.2439 8454,~~991~~600.1511 1808,~~663,824~~030.1001 A-3 07384YHV1 SEN 3.50000% 4711,~~589~~477,~~268~~642.9007 ~~138~~33,~~802~~476.0346 73,~~339~~564,~~651~~474.0330 A-4 07384YHW9 SEN 5.00000% 53,400,000.00 222,500.00 0.00 A-IO 07384YHX7 IO 5.00000% 0.00 209,375.00 0.00 M-1 07384YHY5 MEZ 4.95800% 127,~~035~~731,~~302~~732.3978 4931,~~725~~944.8694 ~~874~~424,~~696~~792.1092 M-2 07384YHZ2 MEZ 5.45900% 85,~~753~~623,~~720~~574.2199 3925,~~822~~582.1358 ~~636~~308,~~198~~967.8059 B-1 07384YJA5 SUB 45.~~59000~~11500% 42,~~180~~685,~~305~~516.3053 1512,~~456~~591.6872 ~~303~~147,~~814~~546.28 B-2 07384YJB3 SUB 45.~~59000~~11500% 6,992,440.00 2532,~~854~~785.5580 0.00 R-1 07384YJE7 RES 0.00000% 0.00 0.00 0.00 R-2 07384YJF4 RES 0.00000% 0.00 0.00 0.00 R-3 07384YJG2 RES 0.00000% 0.00 0.00 0.00 C 07384YJD9 SEN 0.00000% 01,672,812.00 ~~239~~30,~~847~~934.2470 0.00 P 07384YJC1 SEN 0.00000% 100.00 023,570.0010 0.00 Totals ~~221~~146,~~253~~311,~~627~~205.1660 1833,~~269,533~~571.5383 157,~~571~~562,~~967~~468.4626

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 6039,~~655~~711,~~468~~629.9769 42,~~996~~464,~~942~~867.0458 0.00 A-2 0.00 2113,~~229~~899,~~414~~070.1439 1862,~~748,815~~630.2512 0.00 A-3 0.00 407,~~249~~913,~~617~~167.8777 73,~~478~~597,~~453~~950.0676 0.00 A-4 0.00 53,400,000.00 222,500.00 0.00 A-IO 0.00 0.00 209,375.00 0.00 M-1 0.00 117,~~160~~306,~~606~~939.2986 ~~924~~456,~~421~~737.9686 0.00 M-2 0.00 85,~~117~~314,~~521~~607.4140 ~~676~~334,~~020~~550.9317 0.00 B-1 0.00 32,~~876~~537,~~491~~970.0225 ~~319~~160,~~270~~138.9600 0.00 B-2 0.00 6,992,440.00 2532,~~854~~785.5580 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 C 0.00 1,672,812.00 ~~239~~30,~~847~~934.2470 0.00 P 0.00 100.00 023,570.0010 0.00 Totals 0.00 ~~207~~138,~~354~~748,~~471~~737.7036 168,~~841~~396,~~500~~040.9909 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-1 100,000,000.00 6542,~~409~~020,~~252~~286.1284 0.00 0.00 0.00 0.00 A-2 35,000,000.00 2214,~~893~~707,~~238~~100.2439 0.00 0.00 0.00 0.00 A-3 100,996,000.00 4711,~~589~~477,~~268~~642.9007 0.00 73,~~339~~564,~~651~~474.0330 0.00 0.00 A-4 53,400,000.00 53,400,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 18,400,000.00 127,~~035~~731,~~302~~732.3978 0.00 ~~874~~424,~~696~~792.1092 0.00 0.00 M-2 13,383,000.00 85,~~753~~623,~~720~~574.2199 0.00 ~~636~~308,~~198~~967.8059 0.00 0.00 B-1 6,391,000.00 42,~~180~~685,~~305~~516.3053 0.00 ~~303~~147,~~814~~546.28 0.00 0.00 B-2 6,992,440.00 6,992,440.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 C 0.00 01,672,812.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 334,562,540.00 ~~221~~146,~~253~~311,~~627~~205.1660 0.00 94,~~154~~445,~~360~~781.2109 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 42,~~753~~308,~~783~~657.1516 6039,~~655~~711,~~468~~629.9769 0.~~60655469~~39711630 42,~~753~~308,~~783~~657.1516 A-2 1808,~~663,824~~030.1001 2113,~~229~~899,~~414~~070.1439 0.~~60655469~~39711630 1808,~~663,824~~030.1001 A-3 73,~~339~~564,~~651~~474.0330 407,~~249~~913,~~617~~167.8777 0.~~39852685~~07835130 73,~~339~~564,~~651~~474.0330 A-4 0.00 53,400,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M-1 ~~874~~424,~~696~~792.1092 117,~~160~~306,~~606~~939.2986 0.~~60655469~~39711630 ~~874~~424,~~696~~792.1092 M-2 ~~636~~308,~~198~~967.8059 85,~~117~~314,~~521~~607.4140 0.~~60655469~~39711630 ~~636~~308,~~198~~967.8059 B-1 ~~303~~147,~~814~~546.28 32,~~876~~537,~~491~~970.0225 0.~~60655469~~39711630 ~~303~~147,~~814~~546.28 B-2 0.00 6,992,440.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 C 0.00 1,672,812.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 157,~~571~~562,~~967~~468.4626 ~~207~~138,~~354~~748,~~471~~737.7036 0.~~61977791~~41471689 157,~~571~~562,~~967~~468.4626

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 100,000,000.00 ~~654~~420.~~09252120~~20286840 0.00000000 0.00000000 0.00000000 A-2 35,000,000.00 ~~654~~420.~~09252114~~20286829 0.00000000 0.00000000 0.00000000 A-3 100,996,000.00 ~~471~~113.~~19954157~~64452127 0.00000000 7235.~~67269030~~29322250 0.00000000 A-4 53,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 18,400,000.00 ~~654~~420.~~09252120~~20286848 0.00000000 4723.~~53783152~~08657174 0.00000000 M-2 13,383,000.00 ~~654~~420.~~09252111~~20286856 0.00000000 4723.~~53783158~~08657177 0.00000000 B-1 6,391,000.00 ~~654~~420.~~09252073~~20286810 0.00000000 4723.~~53783133~~08657174 0.00000000 B-2 6,992,440.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

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 4723.~~53783150~~08657160 ~~606~~397.~~55468970~~11629690 0.~~60655469~~39711630 4723.~~53783150~~08657160 A-2 0.00000000 4723.~~53783143~~08657171 ~~606~~397.~~55468971~~11629686 0.~~60655469~~39711630 4723.~~53783143~~08657171 A-3 0.00000000 7235.~~67269030~~29322250 ~~398~~78.~~52685126~~35129876 0.~~39852685~~07835130 7235.~~67269030~~29322250 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 4723.~~53783152~~08657174 ~~606~~397.~~55468967~~11629674 0.~~60655469~~39711630 4723.~~53783152~~08657174 M-2 0.00000000 4723.~~53783158~~08657177 ~~606~~397.~~55468953~~11629679 0.~~60655469~~39711630 4723.~~53783158~~08657177 B-1 0.00000000 4723.~~53783133~~08657174 ~~606~~397.~~55468941~~11629635 0.~~60655469~~39711630 4723.~~53783133~~08657174 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 A-1 100,000,000.00 4.46100% 6542,~~409~~020,~~252~~286.1284 ~~243~~156,~~158~~210.8942 0.00 0.00 A-2 35,000,000.00 4.45500% 2214,~~893~~707,~~238~~100.2439 8454,~~991~~600.1511 0.00 0.00 A-3 100,996,000.00 3.50000% 4711,~~589~~477,~~268~~642.9007 ~~138~~33,~~802~~476.0346 0.00 0.00 A-4 53,400,000.00 5.00000% 53,400,000.00 222,500.00 0.00 0.00 A-IO 0.00 5.00000% 50,250,000.00 209,375.00 0.00 0.00 M-1 18,400,000.00 4.95800% 127,~~035~~731,~~302~~732.3978 4931,~~725~~944.8694 0.00 0.00 M-2 13,383,000.00 5.45900% 85,~~753~~623,~~720~~574.2199 3925,~~822~~582.1358 0.00 0.00 B-1 6,391,000.00 45.~~59000~~11500% 42,~~180~~685,~~305~~516.3053 1512,~~456~~591.6872 0.00 0.00 B-2 6,992,440.00 45.~~59000~~11500% 6,992,440.00 2532,~~854~~785.5580 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 C 0.00 0.00000% 01,672,812.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 334,562,540.00 1779,~~029,686~~067.2903 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 0.00 0.00 ~~243~~156,~~158~~210.8942 0.00 6039,~~655~~711,~~468~~629.9769 A-2 0.00 0.00 8454,~~991~~600.1511 0.00 2113,~~229~~899,~~414~~070.1439 A-3 0.00 0.00 ~~138~~33,~~802~~476.0346 0.00 407,~~249~~913,~~617~~167.8777 A-4 0.00 0.00 222,500.00 0.00 53,400,000.00 A-IO 0.00 0.00 209,375.00 0.00 50,250,000.00 M-1 0.00 0.00 4931,~~725~~944.8694 0.00 117,~~160~~306,~~606~~939.2986 M-2 0.00 0.00 3925,~~822~~582.1358 0.00 85,~~117~~314,~~521~~607.4140 B-1 0.00 0.00 1512,~~456~~591.6872 0.00 32,~~876~~537,~~491~~970.0225 B-2 0.00 0.00 2532,~~854~~785.5580 0.00 6,992,440.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 ~~239~~30,~~847~~934.2470 0.00 1,672,812.00 P 0.00 0.00 023,570.0010 0.00 100.00 Totals 0.00 0.00 1833,~~269,533~~571.5383 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-1 100,000,000.00 4.46100% ~~654~~420.~~09252120~~20286840 21.~~43158890~~56210420 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% ~~654~~420.~~09252114~~20286829 21.~~42831857~~56000314 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% ~~471~~113.~~19954157~~64452127 10.~~37433195~~33146323 0.00000000 0.00000000 A-4 53,400,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M-1 18,400,000.00 4.95800% ~~654~~420.~~09252120~~20286848 21.~~70249239~~73613804 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% ~~654~~420.~~09252111~~20286856 21.~~97557573~~91157289 0.00000000 0.00000000 B-1 6,391,000.00 45.~~59000~~11500% ~~654~~420.~~09252073~~20286810 21.~~41850728~~97022688 0.00000000 0.00000000 B-2 6,992,440.00 45.~~59000~~11500% 1000.00000000 34.~~69750044~~68874956 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 0.00000000 21.~~43158890~~56210420 0.00000000 ~~606~~397.~~55468970~~11629690 A-2 0.00000000 0.00000000 21.~~42831857~~56000314 0.00000000 ~~606~~397.~~55468971~~11629686 A-3 0.00000000 0.00000000 10.~~37433195~~33146323 0.00000000 ~~398~~78.~~52685126~~35129876 A-4 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 21.~~70249239~~73613804 0.00000000 ~~606~~397.~~55468967~~11629674 M-2 0.00000000 0.00000000 21.~~97557573~~91157289 0.00000000 ~~606~~397.~~55468953~~11629679 B-1 0.00000000 0.00000000 21.~~41850728~~97022688 0.00000000 ~~606~~397.~~55468941~~11629635 B-2 0.00000000 0.00000000 34.~~69750044~~68874956 0.00000000 1000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0235701.00000000 0.00000000 1000.00000000 (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 168,~~886~~456,~~107~~142.0455 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 8468,~~555~~829.6053 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(24,450.0093) Prepayment Penalties 0.00 Total Deposits 168,~~970~~500,~~662~~521.6415 Withdrawals Reimbursement for Servicer Advances 7871,~~822~~383.8342 Payment of Service Fee 5033,~~338~~097.8264 Payment of Interest and Principal 168,~~841~~396,~~500~~040.9909 Total Withdrawals (Pool Distribution Amount) 168,~~970~~500,~~662~~521.6415 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4630,~~442~~481.9847 Master Servicing Fee 32,~~715~~438.4452 Miscellaneous Fee ~~180~~177.4065 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5033,~~338~~097.8264

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 04,177.0050 04,177.0050 5,000.00 Reserve Fund 100.00 0.00 0.00 100.00

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 45 0 0 45 ~~500~~562,~~432~~344.8483 0.00 0.00 ~~500~~562,~~432~~344.8483 30 Days 1411 0 0 0 1411 32,~~210~~312,~~407~~589.96 0.00 0.00 0.00 32,~~210~~312,~~407~~589.96 60 Days 9 1 0 1 0 11 2 82,~~385,049~~718.2311 ~~105,340~~0.6500 9291,~~074~~678.7685 0.00 2174,~~582,464~~396.6496 90 Days 25 0 1 4 0 76 ~~207~~848,~~404~~754.9489 ~~134,364~~0.5300 1577,~~073,811~~857.0130 0.00 1,~~415~~426,~~580~~612.4819 120 Days 01 01 01 0 03 0357,242.0043 0125,534.0030 0619,563.0039 0.00 01,102,340.0012 150 Days 13 10 10 10 43 661,~~201~~419,094.0883 ~~87,410~~0.2700 ~~47,754~~0.4800 ~~129,947~~0.5400 ~~331~~1,~~313~~419,094.3783 180+ Days 115 24 3 04 16 3687,~~350~~605.21 1,~~295~~064,248.6914 ~~325~~702,~~946~~120.3059 ~~605~~550,~~283~~098.04 ~~0.00 4~~3,~~281~~004,~~525~~071.0398 Totals 3726 910 96 14 5646 95,~~219~~708,~~358~~005.9043 1,~~153~~752,~~494~~127.5927 1,~~818~~991,~~923~~220.2913 ~~129~~550,~~947~~098.5404 1210,~~321~~001,~~724~~450.3287 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.~~464576~~793651% 0.000000% 0.000000% 0.~~464576~~793651% 0.~~241040~~404702% 0.000000% 0.000000% 0.~~241040~~404702% 30 Days 1.~~626016~~746032% 0.000000% 0.000000% 0.000000% 1.~~626016~~746032% 1.~~546336~~664297% 0.000000% 0.000000% 0.000000% 1.~~546336~~664297% 60 Days 10.~~045296~~158730% 0.~~116144~~000000% 0.~~116144~~158730% 0.000000% 10.~~277584~~317460% 10.~~148791~~059530% 0.~~050739~~000000% 0.~~044349~~065978% 0.000000% 10.~~243879~~125508% 90 Days 0.~~232288~~793651% 0.~~116144~~000000% 0.~~464576~~158730% 0.000000% 0.~~813008~~952381% 0.~~099899~~610822% 0.~~064718~~000000% 0.~~517215~~415866% 0.000000% 01.~~681833~~026687% 120 Days 0.~~000000~~158730% 0.~~000000~~158730% 0.~~000000~~158730% 0.000000% 0.~~000000~~476190% 0.~~000000~~257096% 0.~~000000~~090343% 0.~~000000~~445880% 0.000000% 0.~~000000~~793319% 150 Days 0.~~116144~~476190% 0.~~116144~~000000% 0.~~116144~~000000% 0.~~116144~~000000% 0.~~464576~~476190% 01.~~031887~~021277% 0.~~042102~~000000% 0.~~023002~~000000% 0.~~062591~~000000% 01.~~159582~~021277% 180+ Days 10.~~277584~~793651% 0.~~232288~~634921% 0.~~348432~~476190% 0.~~000000~~634921% 12.~~858304~~539683% 10.~~613715~~494848% 0.~~156996~~765906% 0.~~291543~~505294% 0.~~000000~~395888% 2.~~062254~~161935% Totals 4.~~297329~~126984% 1.~~045296~~587302% 10.~~045296~~952381% 0.~~116144~~634921% 67.~~504065~~301587% 4.~~440627~~107870% 01.~~555596~~260950% 01.~~876109~~433018% 0.~~062591~~395888% 57.~~934923~~197726%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 8468,~~555~~829.6053

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.~~104799~~117877% Weighted Average Net Coupon 6.~~854799~~867877% Weighted Average Pass-Through Rate 6.~~833828~~846420% Weighted Average Maturity(Stepdown Calculation ) ~~325~~319 Beginning Scheduled Collateral Loan Count ~~912~~655 Number Of Loans Paid In Full 5125 Ending Scheduled Collateral Loan Count ~~861~~630 Beginning Scheduled Collateral Balance ~~222~~146,~~926~~311,~~339~~105.1661 Ending Scheduled Collateral Balance ~~207~~138,~~354~~748,~~371~~637.7036 Ending Actual Collateral Balance at 2931-~~Feb~~Aug-2004 ~~207~~138,~~613~~952,~~886~~926.1210 Monthly P &I Constant 1,~~562~~040,~~900~~364.6796 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 024,450.0093 Cumulative Realized Loss 024,450.0093 Ending Scheduled Balance for Premium Loans ~~207~~138,~~354~~748,~~371~~637.7036 Scheduled Principal ~~235~~172,~~902~~511.6724 Unscheduled Principal 157,~~336~~389,~~064~~957.7901 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 024,450.0093 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,672,812.00 Overcollateralized Amount 1,672,812.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 024,450.0093 Excess Cash Amount ~~239~~83,~~847~~133.2423

Miscellaneous Reporting Net WAC Rate Carryover Amount Class A-1 0.00 Net WAC Rate Carryover Amount Class A-2 0.00 Net WAC Rate Carryover Amount Class A-3 0.00 Net WAC Rate Carryover Amount Class A-4 0.00 Net WAC Rate Carryover Amount Class B-1 0730.0032 Net WAC Rate Carryover Amount Class B-2 01,901.0058 Net WAC Rate Carryover Amount Class M-1 0.00 Net WAC Rate Carryover Amount Class M-2 01,545.0060 Three month rolling average 0.~~033365~~058975%

Filing Compare · BEAR STEARNS ASSET BACKED SEC INC ASSET BK CERT SER 03 AC2