8-K 1 bsl03004_sep.txt SEPTEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 27, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-4 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-24 54-2126371 Pooling and Servicing Agreement) (Commission 54-2126372 (State or other File Number) 54-2126414 jurisdiction 54-2126415 of Incorporation) IRS EIN 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 ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2003-4 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 2003-4 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 ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-4 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: 9/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-4 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 78/31/042004 Distribution Date: 89/2527/042004 BSL Series: 2003-4 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 07386HBW0 SEN 1.~~82000~~98500% ~~168~~159,~~951~~521,~~035~~088.4364 ~~256~~290,~~242~~261.3891 913,~~429~~209,~~946~~206.7989 I-A-2 07386HBX8 SEN 1.~~59000~~75500% 1714,~~859~~630,~~943~~509.6481 23,~~664~~536.4283 34,~~229~~523,~~433~~700.8399 I-A-3 07386HBY6 SEN 2.~~02000~~18500% 40,000,000.00 6780,~~333~~116.3367 0.00 II-A-1 07386HBZ3 SEN 1.~~77000~~93500% 2219,~~228~~974,~~204~~303.56 32 35,~~786~~429.6042 21,~~253~~285,~~901~~859.2384 II-A-2 07386HCA7 SEN 1.~~75000~~91500% 2219,~~355~~711,~~381~~991.7180 3234,~~601~~602.6076 21,~~643~~508,~~389~~064.9171 II-A-3 07386HCB5 SEN 2.~~05000~~21500% 3,714,000.00 67,~~344~~540.7597 0.00 M-1 07386HCC3 SUB 2.~~25000~~41500% 10,540,000.00 1923,~~762~~332.5092 0.00 M-2 07386HCD1 SUB 3.~~30000~~46500% 9,365,300.00 2529,~~754~~746.5753 0.00 B-IO 07386HCX7 SUB 0.00000% 0.00 ~~832~~695,~~296~~927.0082 0.00 OC BSL03004X SUB 0.00000% 2,341,097.00 0.00 0.00 XP 07386HDC2 SEN 0.00000% 100.00 4874,~~751~~930.9605 0.00 R-I 07386HCY5 RES 0.00000% 0.00 0.00 0.00 R-II 07386HCZ2 RES 0.00000% 0.00 0.00 0.00 R-III 07386HDA6 RES 0.00000% 0.00 0.00 0.00 R-IV 07386HDB4 RES 0.00000% 0.00 0.00 0.00 Totals ~~297~~279,~~355~~798,~~062~~390.3457 1,~~345~~295,~~538~~425.1188 1720,~~556~~526,~~671~~832.7643

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 ~~159~~146,~~521~~311,~~088~~881.6475 913,~~686~~499,~~189~~468.1780 0.00 I-A-2 0.00 1410,~~630~~106,~~509~~808.8182 34,~~253~~547,~~098~~237.2582 0.00 I-A-3 0.00 40,000,000.00 6780,~~333~~116.3367 0.00 II-A-1 0.00 1918,~~974~~688,~~303~~443.3249 21,~~286~~321,~~687~~289.8326 0.00 II-A-2 0.00 1918,~~711~~203,~~991~~927.8009 21,~~675~~542,~~991~~667.5147 0.00 II-A-3 0.00 3,714,000.00 67,~~344~~540.7597 0.00 M-1 0.00 10,540,000.00 1923,~~762~~332.5092 0.00 M-2 0.00 9,365,300.00 2529,~~754~~746.5753 0.00 B-IO 0.00 0.00 ~~832~~695,~~296~~927.0082 0.00 OC 0.00 2,341,097.00 0.00 0.00 XP 0.00 100.00 4874,~~751~~930.9605 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 R-IV 0.00 0.00 0.00 0.00 Totals 0.00 ~~279~~259,~~798~~271,~~390~~558.5715 1821,~~902~~822,~~209~~258.8731 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-1 233,600,000.00 ~~168~~159,~~951~~521,~~035~~088.4364 0.00 913,~~429~~209,~~946~~206.7989 0.00 0.00 I-A-2 40,000,000.00 1714,~~859~~630,~~943~~509.6481 0.00 34,~~229~~523,~~433~~700.8399 0.00 0.00 I-A-3 40,000,000.00 40,000,000.00 0.00 0.00 0.00 0.00 II-A-1 62,000,000.00 2219,~~228~~974,~~204~~303.5632 0.00 21,~~253~~285,~~901~~859.2384 0.00 0.00 II-A-2 69,000,000.00 2219,~~355~~711,~~381~~991.7180 0.00 21,~~643~~508,~~389~~064.9171 0.00 0.00 II-A-3 3,714,000.00 3,714,000.00 0.00 0.00 0.00 0.00 M-1 10,540,000.00 10,540,000.00 0.00 0.00 0.00 0.00 M-2 9,365,300.00 9,365,300.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 17.66 2,341,097.00 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 R-IV 0.00 0.00 0.00 0.00 0.00 0.00 Totals 468,219,417.66 ~~297~~279,~~355~~798,~~062~~390.3457 0.00 1720,~~556~~526,~~671~~832.7643 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-1 913,~~429~~209,~~946~~206.7989 ~~159~~146,~~521~~311,~~088~~881.6475 0.~~68288137~~62633511 913,~~429~~209,~~946~~206.7989 I-A-2 34,~~229~~523,~~433~~700.8399 1410,~~630~~106,~~509~~808.8182 0.~~36576275~~25267022 34,~~229~~523,~~433~~700.8399 I-A-3 0.00 40,000,000.00 1.00000000 0.00 II-A-1 21,~~253~~285,~~901~~859.2384 1918,~~974~~688,~~303~~443.3249 0.~~32216618~~30142651 21,~~253~~285,~~901~~859.2384 II-A-2 21,~~643~~508,~~389~~064.9171 1918,~~711~~203,~~991~~927.8009 0.~~28568104~~26382503 21,~~643~~508,~~389~~064.9171 II-A-3 0.00 3,714,000.00 1.00000000 0.00 M-1 0.00 10,540,000.00 1.00000000 0.00 M-2 0.00 9,365,300.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 2,341,097.00 132,564.94903737 0.00 XP 0.00 100.00 1.00000000 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 R-IV 0.00 0.00 0.00000000 0.00 Totals 1720,~~556~~526,~~671~~832.7643 ~~279~~259,~~798~~271,~~390~~558.5715 0.~~59757964~~55373944 1720,~~556~~526,~~671~~832.7643

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 233,600,000.00 ~~723~~682.~~24929551~~88137260 0.00000000 4056.~~36792290~~54626237 0.00000000 I-A-2 40,000,000.00 ~~446~~365.~~49859100~~76274525 0.00000000 80113.~~73584575~~09252475 0.00000000 I-A-3 40,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-1 62,000,000.00 ~~358~~322.~~51942839~~16618258 0.00000000 3620.~~35324565~~73967484 0.00000000 II-A-2 69,000,000.00 ~~323~~285.~~99103928~~68104058 0.00000000 3821.~~30999870~~85601029 0.00000000 II-A-3 3,714,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 10,540,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 9,365,300.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 17.66 132564949.03737300 0.00000000 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00 0.00000000 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 I-A-1 0.00000000 4056.~~36792290~~54626237 ~~682~~626.~~88137260~~33511023 0.~~68288137~~62633511 4056.~~36792290~~54626237 I-A-2 0.00000000 80113.~~73584575~~09252475 ~~365~~252.~~76274525~~67022050 0.~~36576275~~25267022 80113.~~73584575~~09252475 I-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-1 0.00000000 3620.~~35324565~~73967484 ~~322~~301.~~16618258~~42650790 0.~~32216618~~30142651 3620.~~35324565~~73967484 II-A-2 0.00000000 3821.~~30999870~~85601029 ~~285~~263.~~68104058~~82503029 0.~~28568104~~26382503 3821.~~30999870~~85601029 II-A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 32132,564,949.03737300 132564.94903737 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 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 R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A-1 233,600,000.00 1.~~82000~~98500% ~~168~~159,~~951~~521,~~035~~088.4364 ~~256~~290,~~242~~261.4091 0.00 0.00 I-A-2 40,000,000.00 1.~~59000~~75500% 1714,~~859~~630,~~943~~509.6481 23,~~664~~536.4383 0.00 0.00 I-A-3 40,000,000.00 2.~~02000~~18500% 40,000,000.00 6780,~~333~~116.3367 0.00 0.00 II-A-1 62,000,000.00 1.~~77000~~93500% 2219,~~228~~974,~~204~~303.56 32 35,~~786~~429.6042 0.00 0.00 II-A-2 69,000,000.00 1.~~75000~~91500% 2219,~~355~~711,~~381~~991.7180 3234,~~601~~602.6076 0.00 0.00 II-A-3 3,714,000.00 2.~~05000~~21500% 3,714,000.00 67,~~344~~540.7597 0.00 0.00 M-1 10,540,000.00 2.~~25000~~41500% 10,540,000.00 1923,~~762~~332.5092 0.00 0.00 M-2 9,365,300.00 3.~~30000~~46500% 9,365,300.00 2529,~~754~~746.5853 0.00 0.00 B-IO 0.00 0.00000% ~~297~~279,~~354~~798,~~962~~290.3458 0.00 0.00 0.00 OC 17.66 0.00000% 2,341,097.00 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 468,219,417.66 ~~464~~524,~~490~~568.1901 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 0.00 0.00 ~~256~~290,~~242~~261.3891 0.00 ~~159~~146,~~521~~311,~~088~~881.6475 I-A-2 0.00 0.00 23,~~664~~536.4283 0.00 1410,~~630~~106,~~509~~808.8182 I-A-3 0.00 0.00 6780,~~333~~116.3367 0.00 40,000,000.00 II-A-1 0.00 0.00 3235,~~786~~429.6042 0.00 1918,~~974~~688,~~303~~443.3249 II-A-2 0.00 0.00 3234,~~601~~602.6076 0.00 1918,~~711~~203,~~991~~927.8009 II-A-3 0.00 0.00 67,~~344~~540.7597 0.00 3,714,000.00 M-1 0.00 0.00 1923,~~762~~332.5092 0.00 10,540,000.00 M-2 0.00 0.00 2529,~~754~~746.5753 0.00 9,365,300.00 B-IO 0.00 0.00 ~~832~~695,~~296~~927.0082 0.00 ~~279~~259,~~798~~271,~~290~~458.5815 OC 0.00 0.00 0.00 0.00 2,341,097.00 XP 0.00 0.00 4874,~~751~~930.9605 0.00 100.00 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 R-IV 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~345~~295,~~538~~425.1188 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-1 233,600,000.00 1.~~82000~~98500% ~~723~~682.~~24929551~~88137260 1.~~09692808~~24255955 0.00000000 0.00000000 I-A-2 40,000,000.00 1.~~59000~~75500% ~~446~~365.~~49859100~~76274525 0.~~59161075~~58842075 0.00000000 0.00000000 I-A-3 40,000,000.00 2.~~02000~~18500% 1000.00000000 12.~~68333325~~00291675 0.00000000 0.00000000 II-A-1 62,000,000.00 1.~~77000~~93500% ~~358~~322.~~51942839~~16618258 0.~~52881613~~57144226 0.00000000 0.00000000 II-A-2 69,000,000.00 1.~~75000~~91500% ~~323~~285.~~99103928~~68104058 0.~~47248696~~50148928 0.00000000 0.00000000 II-A-3 3,714,000.00 2.~~05000~~21500% 1000.00000000 12.~~70833333~~03041734 0.00000000 0.00000000 M-1 10,540,000.00 2.~~25000~~41500% 1000.00000000 12.~~87500000~~21374953 0.00000000 0.00000000 M-2 9,365,300.00 3.~~30000~~46500% 1000.00000000 23.~~75000053~~17624956 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~635~~597.~~07623698~~57955306 0.00000000 0.00000000 0.00000000 OC 17.66 0.00000% 132564949.03737300 0.00000000 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00 0.00000% 0.00000000 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 I-A-1 0.00000000 0.00000000 1.~~09692800~~24255955 0.00000000 ~~682~~626.~~88137260~~33511023 I-A-2 0.00000000 0.00000000 0.~~59161050~~58842075 0.00000000 ~~365~~252.~~76274525~~67022050 I-A-3 0.00000000 0.00000000 12.~~68333325~~00291675 0.00000000 1000.00000000 II-A-1 0.00000000 0.00000000 0.~~52881613~~57144226 0.00000000 ~~322~~301.~~16618258~~42650790 II-A-2 0.00000000 0.00000000 0.~~47248696~~50148928 0.00000000 ~~285~~263.~~68104058~~82503029 II-A-3 0.00000000 0.00000000 12.~~70833333~~03041734 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 12.~~87500000~~21374953 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 23.~~74999947~~17624956 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 1.~~77757723~~48632872 0.00000000 ~~597~~553.~~57955306~~73934473 OC 0.00000000 0.00000000 0.00000000 0.00000000 132564949.03737300 XP 0.00000000 0.00000000 ~~487519~~749300.~~60000000~~50000000 0.00000000 1000.00000000 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 R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1821,~~991~~914,~~657~~242.9464 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4745,~~700~~416.4324 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1921,~~039~~959,~~358~~658.3788 Withdrawals Reimbursement for Servicer Advances 4147,~~822~~700.0543 Payment of Service Fee 9589,~~326~~700.4514 Payment of Interest and Principal 1821,~~902~~822,~~209~~258.8731 Total Withdrawals (Pool Distribution Amount) 1921,~~039~~959,~~358~~658.3788 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 8681,~~578~~923.1299 Additional Servicing Fee 43,~~230~~692.9548 Miscellaneous Fee 4,~~517~~083.3867 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 9589,~~326~~700.4514

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 65 10 0 75 21,~~037~~784,~~528~~583.0373 ~~184,596~~0.8900 0.00 21,~~222~~784,~~124~~583.9273 30 Days 75 0 0 0 75 2,~~138~~105,~~040~~318.4098 0.00 0.00 0.00 2,~~138~~105,~~040~~318.4098 60 Days 54 10 0 0 64 1,~~647~~458,~~639~~875.6806 ~~556,757~~0.7600 0.00 0.00 21,~~204~~458,~~397~~875.4406 90 Days 1 01 01 0 13 ~~466~~581,~~185~~962.0772 0556,757.0076 0348,097.0069 0.00 ~~466~~1,~~185~~486,818.0717 120 Days 1 0 0 1 0 1 466,185.07 0.00 0.00 ~~595,339.20~~ 0.00 ~~595~~466,~~339~~185.2007 150 Days 10 0 1 0 21 ~~186,588~~0.9800 0.00 ~~180~~595,~~165~~339.8320 0.00 ~~366~~595,~~754~~339.8120 180+ Days 10 10 12 2 54 ~~304,771~~0.00 ~~427,534~~0.9100 ~~223~~650,~~190~~725.1102 711,128.00 1,~~666~~361,~~624~~853.02 Totals 1511 86 4 2 2923 4,~~743~~612,~~225~~341.1383 32,~~021~~341,~~820~~341.7049 1,~~183~~594,~~292~~161.0391 711,128.00 9,~~659~~258,~~465~~973.8623 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.~~616650~~550661% 0.~~102775~~000000% 0.000000% 0.~~719424~~550661% 0.~~727697~~687791% 0.~~065928~~000000% 0.000000% 0.~~793625~~687791% 30 Days 0.~~719424~~550661% 0.000000% 0.000000% 0.000000% 0.~~719424~~550661% 0.~~763595~~811404% 0.000000% 0.000000% 0.000000% 0.~~763595~~811404% 60 Days 0.~~513875~~440529% 0.~~102775~~000000% 0.000000% 0.000000% 0.~~616650~~440529% 0.~~588449~~562261% 0.~~198844~~000000% 0.000000% 0.000000% 0.~~787294~~562261% 90 Days 0.~~102775~~110132% 0.~~000000~~110132% 0.~~000000~~110132% 0.000000% 0.~~102775~~330396% 0.~~166497~~224292% 0.~~000000~~214578% 0.~~000000~~134159% 0.000000% 0.~~166497~~573030% 120 Days 0.~~000000~~110132% 0.000000% 0.~~102775~~000000% 0.000000% 0.~~102775~~110132% 0.~~000000~~179671% 0.000000% 0.~~212624~~000000% 0.000000% 0.~~212624~~179671% 150 Days 0.~~102775~~000000% 0.000000% 0.~~102775~~110132% 0.000000% 0.~~205550~~110132% 0.~~066640~~000000% 0.000000% 0.~~064346~~229448% 0.000000% 0.~~130985~~229448% 180+ Days 0.~~102775~~000000% 0.~~102775~~000000% 0.~~102775~~220264% 0.~~205550~~220264% 0.~~513875~~440529% 0.~~108848~~000000% 0.~~152693~~000000% 0.~~079712~~250794% 0.~~253977~~274074% 0.~~595230~~524868% Totals 1.~~541624~~211454% 0.~~822199~~660793% 0.~~411100~~440529% 0.~~205550~~220264% 2.~~980473~~533040% 1.~~694028~~777628% 10.~~079234~~902369% 0.~~422609~~614401% 0.~~253977~~274074% 3.~~449848~~568472%

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 65 10 0 75 21,~~037~~784,~~528~~583.0373 ~~184,596~~0.8900 0.00 21,~~222~~784,~~124~~583.9273 30 Days 5 0 0 0 5 12,~~242~~105,~~913~~318.1798 0.00 0.00 0.00 12,~~242~~105,~~913~~318.1798 60 Days 42 0 0 0 42 1563,~~299,541~~747.9983 0.00 0.00 0.00 1563,~~299,541~~747.9983 90 Days 1 0 0 0 1 ~~466~~581,~~185~~962.0772 0.00 0.00 0.00 ~~466~~581,~~185~~962.0772 120 Days 1 0 0 1 0 1 466,185.07 0.00 0.00 ~~595,339.20~~ 0.00 ~~595~~466,~~339~~185.2007 150 Days 10 0 1 0 21 ~~186,588~~0.9800 0.00 ~~180~~595,~~165~~339.8320 0.00 ~~366~~595,~~754~~339.8120 180 Days 0 0 1 1 2 0.00 0.00 223,190.11 412,828.00 636,018.11 Totals 119 65 42 1 2217 3,~~195~~717,~~229~~214.2160 21,~~037~~784,~~528~~583.0373 1818,~~183,292~~529.0331 412,828.00 6,~~828~~733,~~877~~155.2764 0-29 Days 0.~~705053~~629723% 0.~~117509~~000000% 0.000000% 0.~~822562~~629723% 0.~~890014~~844994% 0.~~080634~~000000% 0.000000% 0.~~970648~~844994% 30 Days 0.~~587544~~629723% 0.000000% 0.000000% 0.000000% 0.~~587544~~629723% 0.~~542918~~996861% 0.000000% 0.000000% 0.000000% 0.~~542918~~996861% 60 Days 0.~~470035~~251889% 0.000000% 0.000000% 0.000000% 0.~~470035~~251889% 0.~~567654~~266933% 0.000000% 0.000000% 0.000000% 0.~~567654~~266933% 90 Days 0.~~117509~~125945% 0.000000% 0.000000% 0.000000% 0.~~117509~~125945% 0.~~203635~~275557% 0.000000% 0.000000% 0.000000% 0.~~203635~~275557% 120 Days 0.~~000000~~125945% 0.000000% 0.~~117509~~000000% 0.000000% 0.~~117509~~125945% 0.~~000000~~220737% 0.000000% 0.~~260051~~000000% 0.000000% 0.~~260051~~220737% 150 Days 0.~~117509~~000000% 0.000000% 0.~~117509~~125945% 0.000000% 0.~~235018~~125945% 0.~~081504~~000000% 0.000000% 0.~~078698~~281891% 0.000000% 0.~~160202~~281891% 180 Days 0.000000% 0.000000% 0.~~117509~~125945% 0.~~117509~~125945% 0.~~235018~~251889% 0.000000% 0.000000% 0.~~097492~~105680% 0.~~180328~~195473% 0.~~277820~~301152% Totals 1.~~292597~~133501% 0.~~705053~~629723% 0.~~470035~~251889% 0.~~117509~~125945% 2.~~585194~~141058% 1.~~395710~~760089% 0.~~890014~~844994% 0.~~516875~~387571% 0.~~180328~~195473% 23.~~982927~~188127% 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 20 0 0 0 20 ~~895,127~~0.2300 0.00 0.00 0.00 ~~895,127~~0.2300 60 Days 12 10 0 0 2 ~~348~~895,~~097~~127.6923 ~~556,757~~0.7600 0.00 0.00 ~~904~~895,~~855~~127.4523 90 Days 0 01 01 0 02 0.00 0556,757.0076 0348,097.0069 0.00 0904,855.0045 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 10 1 0 1 31 ~~304,771~~2 0.00 0.00 427,534.91 ~~0.00~~ 298,300.00 1725,~~030,605~~834.91 Totals 4 2 0 1 72 1 6 895,~~547,995~~127.9223 ~~984~~556,~~292~~757.6776 0775,632.0060 298,300.00 2,~~830~~525,~~588~~817.59 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~639344~~000000% 0.000000% 0.000000% 0.000000% 10.~~639344~~000000% 10.~~752927~~000000% 0.000000% 0.000000% 0.000000% 10.~~752927~~000000% 60 Days 01.~~819672~~754386% 0.~~819672~~000000% 0.000000% 0.000000% 1.~~639344~~754386% 01.~~681679~~854368% 10.~~090298~~000000% 0.000000% 0.000000% 1.~~771977~~854368% 90 Days 0.000000% 0.~~000000~~877193% 0.~~000000~~877193% 0.000000% 01.~~000000~~754386% 0.000000% 01.~~000000~~153393% 0.~~000000~~721128% 0.000000% 01.~~000000~~874521% 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.~~819672~~000000% 0.~~819672~~000000% 0.~~000000~~877193% 0.~~819672~~877193% 21.~~459016~~754386% 0.~~596833~~000000% 0.~~837241~~000000% 0.~~000000~~885692% 0.~~584161~~617966% 21.~~018234~~503657% Totals 31.~~278689~~754386% 10.~~639344~~877193% 01.~~000000~~754386% 0.~~819672~~877193% 5.~~737705~~263158% 31.~~031438~~854368% 1.~~927539~~153393% 01.~~000000~~606820% 0.~~584161~~617966% 5.~~543138~~232546%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4745,~~700~~416.4324

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~647595~~636102% Weighted Average Net Coupon 5.~~298202~~284746% Weighted Average Pass-Through Rate 5.~~262898~~251396% Weighted Average Maturity(Stepdown Calculation ) ~~338~~337 Beginning Scheduled Collateral Loan Count ~~1,028~~973 Number Of Loans Paid In Full 5565 Ending Scheduled Collateral Loan Count ~~973~~908 Beginning Scheduled Collateral Balance ~~297~~279,~~354~~798,~~962~~290.3458 Ending Scheduled Collateral Balance ~~279~~259,~~798~~271,~~290~~458.5815 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~279~~259,~~996~~466,~~828~~029.7693 Monthly P &I Constant 1,~~610~~510,~~834~~241.0645 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 ~~279~~259,~~798~~271,~~290~~458.5815 Scheduled Principal ~~211~~196,~~383~~098.6732 Unscheduled Principal 1720,~~345~~330,~~288~~734.0911 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,341,097.00 Overcollateralized Amount 2,341,097.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~832~~695,~~295~~927.9682

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~321334~~326194 7.~~056350~~025797 5.~~647595~~636102 Weighted Average Net Rate 4.~~961035~~964823 6.~~754050~~719351 5.~~298202~~284746 Weighted Average Maturity ~~347~~346 ~~320~~319 ~~338~~337 Beginning Loan Count ~~893~~851 ~~135~~122 ~~1,028~~973 Loans Paid In Full 4257 138 5565 Ending Loan Count ~~851~~794 ~~122~~114 ~~973~~908 Beginning Scheduled Balance ~~241~~228,~~438~~779,~~865~~484.3270 5551,~~916~~018,~~097~~805.0288 ~~297~~279,~~354~~798,~~962~~290.3458 Ending scheduled Balance ~~228~~211,~~779~~046,~~484~~576.7082 5148,~~018~~224,~~805~~881.8833 ~~279~~259,~~798~~271,~~290~~458.5815 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant 1,~~236~~171,~~898~~096.3221 ~~373~~339,~~935~~145.7424 1,~~610~~510,~~834~~241.0645 Scheduled Principal ~~166~~155,~~250~~659.8755 4540,~~132~~438.8077 ~~211~~196,~~383~~098.6732 Unscheduled Principal 1217,~~493~~577,~~129~~248.7533 42,~~852~~753,~~158~~485.3478 1720,~~345~~330,~~288~~734.0911 Scheduled Interest 1,~~070~~015,~~647~~436.4566 ~~328~~298,~~802~~706.9447 1,~~399~~314,~~450~~143.3913 Servicing Fees 7268,~~491~~895.9324 1413,~~086~~028.1975 8681,~~578~~923.1299 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 43,~~230~~692.9548 4,~~517~~083.3867 87,~~748~~776.3315 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 ~~993~~942,~~924~~848.5794 ~~310~~281,~~199~~594.3705 1,~~304~~224,~~123~~442.9499 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.~~940006~~945456 6.~~657103~~623301 5.~~262898~~251396

Filing Compare · STRUCTURED ASSET MORT INV INC BEAR STEARNS ALT A TR 03 4