8-K 1 thb03002_nov.txt NOVEMBER 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): November 26, 2004 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-56240-12 54-2120412 Pooling and Servicing Agreement) (Commission 54-2120413 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) 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 November 26, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-2 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 2003-2 Trust, relating to the November 26, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 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: 12/1/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the November 26, 2004 distribution. EX-99.1

Thornburg Mortgage ~~Securities~~Home ~~Trust~~Loans, Inc. Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 THB Series: 2003-2 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 885220DC4 SEN 12.~~95500~~27250% ~~618~~592,~~418~~679,~~659~~156.5483 1,~~108~~197,~~257~~211.7992 15,~~441~~188,~~535~~768.3427 M-1 885220DD2 SUB 2.~~36500~~68250% 10,608,900.00 2225,~~999~~296.2133 0.00 M-2 885220DE0 SUB 3.~~11500~~43250% 10,608,900.00 3032,~~292~~368.8393 0.00 B-IO 885220DH3 SEN 0.00000% 69.76 ~~898~~783,~~052~~717.6046 0.00 R-1 885220DF7 SEN 0.00000% 0.00 0.00 0.00 R-2 885220DG5 SEN 0.00000% 0.00 0.00 0.00 Totals ~~639~~613,~~636~~897,~~529~~026.3059 2,~~059~~038,~~602~~594.4364 15,~~441~~188,~~535~~768.3427

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~602~~577,~~977~~490,~~124~~388.2056 16,~~549~~385,~~793~~980.1319 0.00 M-1 0.00 10,608,900.00 2225,~~999~~296.2133 0.00 M-2 0.00 10,608,900.00 3032,~~292~~368.8393 0.00 B-IO 0.00 69.76 ~~898~~783,~~052~~717.6046 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~624~~598,~~194~~708,~~993~~258.9632 17,~~501~~227,~~137~~362.7791 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 1,039,673,900.00 ~~618~~592,~~418~~679,~~659~~156.5483 0.00 15,~~441~~188,~~535~~768.3427 0.00 0.00 M-1 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 M-2 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 B-IO 69.76 69.76 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 Totals 1,060,891,869.76 ~~639~~613,~~636~~897,~~529~~026.3059 0.00 15,~~441~~188,~~535~~768.3427 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 15,~~441~~188,~~535~~768.3427 ~~602~~577,~~977~~490,~~124~~388.2056 0.~~57996755~~55545339 15,~~441~~188,~~535~~768.3427 M-1 0.00 10,608,900.00 1.00000000 0.00 M-2 0.00 10,608,900.00 1.00000000 0.00 B-IO 0.00 69.76 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 15,~~441~~188,~~535~~768.3427 ~~624~~598,~~194~~708,~~993~~258.9632 0.~~58836816~~56434428 15,~~441~~188,~~535~~768.3427

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,039,673,900.00 ~~14870~~14251.~~49592040~~56380356 0.00000000 ~~371~~365.~~30717959~~22914228 0.00000000 M-1 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 B-IO 69.76 10000000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 ~~371~~365.~~30717959~~22914228 1413,~~499~~886.~~18874082~~33466128 0.~~57996755~~55545339 ~~371~~365.~~30717959~~22914228 M-1 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.~~0000000010~~00000000 10,000,000.00000000 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 (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 1,039,673,900.00 12.~~95500~~27250% ~~618~~592,~~418~~679,~~659~~156.5483 1,~~108~~197,~~257~~211.7790 0.00 0.00 M-1 10,608,900.00 2.~~36500~~68250% 10,608,900.00 2225,~~999~~296.2133 0.00 0.00 M-2 10,608,900.00 3.~~11500~~43250% 10,608,900.00 3032,~~292~~368.8393 0.00 0.00 B-IO 69.76 0.00000% 69.76 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,060,891,869.76 1,~~161~~254,~~549~~877.8116 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 (0.0102) 0.00 1,~~108~~197,~~257~~211.7992 0.00 ~~602~~577,~~977~~490,~~124~~388.2056 M-1 0.00 0.00 2225,~~999~~296.2133 0.00 10,608,900.00 M-2 0.00 0.00 3032,~~292~~368.8393 0.00 10,608,900.00 B-IO 0.00 0.00 ~~898~~783,~~052~~717.6046 0.00 69.76 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals (0.0102) 0.00 2,~~059~~038,~~602~~594.4364 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 1,039,673,900.00 12.~~95500~~27250% ~~14870~~14251.~~49592040~~56380356 2628.~~64916783~~78815896 0.00000000 0.00000000 M-1 10,608,900.00 2.~~36500~~68250% 25000.00000000 5459.~~19791402~~61110483 0.00000000 0.00000000 M-2 10,608,900.00 3.~~11500~~43250% 25000.00000000 7176.~~38541696~~27777149 0.00000000 0.00000000 B-IO 69.76 0.00000% 10000000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 ~~Denomination.~~Den

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 (0.~~00000024~~00000048) 0.00000000 2628.~~64916831~~78815944 0.00000000 ~~14499~~13886.~~18874082~~33466128 M-1 0.00000000 0.00000000 5459.~~19791402~~61110483 0.00000000 25000.00000000 M-2 0.00000000 0.00000000 7176.~~38541696~~27777149 0.00000000 25000.00000000 B-IO 0.00000000 0.00000000 ~~734604357~~344819380.~~79800000~~73400000 0.00000000 10000000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 17,~~687~~395,~~723~~078.0829 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 631,~~267~~993.2613 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~4,054~~0.5100 Total Deposits 17,~~698~~427,~~044~~071.8542 Withdrawals Reimbursement for Servicer Advances 2232,~~396~~112.6032 Payment of Service Fee ~~174~~167,~~510~~596.4819 Payment of Interest and Principal 17,~~501~~227,~~137~~362.7791 Total Withdrawals (Pool Distribution Amount) 17,~~698~~427,~~044~~071.8542 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~161~~155,~~836~~419.7291 External Master Servicing Fee- Washington Mutual 2,~~959~~850.1095 Master Servicing Fee- Wells Fargo 98,~~366~~991.7233 Trustee Fee - Deutsche Bank ~~347~~334.9400 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~174~~167,~~510~~596.4819

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 1123 0 0 0 1123 18,411,~~022~~683.0286 0.00 0.00 0.00 18,411,~~022~~683.0286 60 Days 2 0 0 0 2 ~~228~~218,~~473~~281.1556 0.00 0.00 0.00 ~~228~~218,~~473~~281.1556 90 Days 02 0 0 0 02 0162,097.0008 0.00 0.00 0.00 0162,097.0008 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 1327 0 0 0 1327 18,~~639~~792,~~495~~062.1750 0.00 0.00 0.00 18,~~639~~792,~~495~~062.1750 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 01.~~721785~~558266% 0.000000% 0.000000% 0.000000% 01.~~721785~~558266% 01.~~225044~~398422% 0.000000% 0.000000% 0.000000% 01.~~225044~~398422% 60 Days 0.~~131234~~135501% 0.000000% 0.000000% 0.000000% 0.~~131234~~135501% 0.~~036439~~036289% 0.000000% 0.000000% 0.000000% 0.~~036439~~036289% 90 Days 0.~~000000~~135501% 0.000000% 0.000000% 0.000000% 0.~~000000~~135501% 0.~~000000~~026948% 0.000000% 0.000000% 0.000000% 0.~~000000~~026948% 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.~~853018~~829268% 0.000000% 0.000000% 0.000000% 01.~~853018~~829268% 01.~~261484~~461659% 0.000000% 0.000000% 0.000000% 01.~~261484~~461659%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 631,~~267~~993.2613

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~166459~~293946% Weighted Average Net Coupon 3.~~864097~~991449% Weighted Average Pass-Through Rate 3.~~840418~~967750% Weighted Average Maturity(Stepdown Calculation ) ~~315~~313 Beginning Scheduled Collateral Loan Count 1,~~557~~502 Number Of Loans Paid In Full 3326 Ending Scheduled Collateral Loan Count 1,~~524~~476 Beginning Scheduled Collateral Balance ~~642~~616,~~288~~549,~~758~~256.7201 Ending Scheduled Collateral Balance ~~626~~601,~~847~~360,~~223~~487.3874 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~626~~601,~~997~~512,~~177~~359.5432 Monthly P &I Constant 2,~~418~~392,~~903~~577.4490 Special Servicing Fee 0.00 Prepayment Penalties ~~4,054~~0.5100 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~626~~601,~~847~~360,~~223~~487.3874 Scheduled Principal ~~188~~186,~~845~~387.0913 Unscheduled Principal 15,~~252~~002,~~690~~381.2514 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~893~~783,~~998~~717.1149

Beginning Class B-IO Notional Amount $~~639~~613,~~636~~897,~~529~~026.3059 Ending Class B-IO Notional Amount $~~624~~598,~~194~~708,~~993~~258.9632 Ending Scheduled Principal Balance of the ~~Three~~T ~~Year Hybrid Mortgage Loans~~ $3635,~~840~~198,~~427~~327.6593 Ending Scheduled Principal Balance of the ~~Five~~F ~~Year Hybrid Mortgage Loans~~ $~~188~~179,~~897~~477,~~114~~976.3168 Ending Scheduled Principal Balance of the 7~~-10~~ ~~Year Hybrid Mortgage Loans~~ $44,~~550~~501,~~699~~931.1811

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Coupon Rate 4.~~166459~~293946% Weighted Average Net Rate 3.~~864097~~991449% Weighted Average Pass Through Rate 3.~~840418~~967750% Weighted Average Maturity ~~315~~313 Record Date 0810/31/2004 Principal and Interest Constant 2,~~418~~392,~~903~~577.4490 Beginning Loan Count 1,~~557~~502 Loans Paid in Full 3326 Ending Loan Count 1,~~524~~476 Beginning Scheduled Balance ~~642~~616,~~288~~549,~~758~~256.7201 Ending Scheduled Balance ~~626~~601,~~847~~360,~~223~~487.3874 Ending Actual Balance at 31-~~Aug~~Oct-2004 ~~626~~601,~~997~~512,~~177~~359.5432 Scheduled Principal ~~188~~186,~~845~~387.0913 Unscheduled Principal 15,~~252~~002,~~690~~381.2514 Scheduled Interest 2,~~230~~206,~~058~~190.3577 Servicing Fee ~~161~~155,~~836~~419.7291 Master Servicing Fee 98,~~366~~991.7233 Trustee Fee ~~347~~334.9400 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,~~959~~850.1095 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~055~~038,~~547~~594.8758 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties ~~4,054~~0.5100 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Filing Compare · STRUCTURED ASSET MORT INV INC THORNBURG MORT SEC TR 2003-2