8-K 1 bsl03001_dec.txt DEC. 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): December 27, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 033-44658-30 Pooling and Servicing Agreement) (Commission 54-2120432 (State or other File Number) 54-2120433 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 December 27, 2004 a distribution was made to holders of BEAR STEARNS ALT-A 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 December 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 2003-1 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: 1/3/05 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 December 27, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 811/3130/~~2004~~04 Distribution Date: 912/27/~~2004~~04 ~~BSL~~Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates 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 07386HBF7 SEN 12.~~99500~~56063% ~~140~~118,~~193~~902,~~959~~983.2050 ~~256~~262,~~379~~179.6952 57,~~295~~002,~~673~~415.6654 II-A 07386HBG5 SEN 12.~~91500~~48063% 4840,~~682~~792,~~665~~554.6882 8587,~~458~~136.3690 2,~~230~~313,~~218~~044.5204 M 07386HBH3 SUB 23.~~71500~~28063% 15,804,800.00 3944,~~334~~648.1935 0.00 B-IO 07386HBK6 SUB 0.00000% 0.00 ~~533~~386,~~789~~879.7915 0.00 OC BSL03001X SUB 0.00000% 3,160,951.00 0.00 0.00 XP 07386HBJ9 SEN 0.00000% 100.00 0.00 0.00 R-I 07386HBL4 RES 0.00000% 0.00 0.00 0.00 R-II 07386HBM2 RES 0.00000% 0.00 0.00 0.00 Totals ~~207~~178,~~842~~661,~~475~~389.8832 ~~914~~780,~~962~~843.0392 79,~~525~~315,~~892~~459.1858

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~134~~111,~~898~~900,~~285~~567.5496 57,~~552~~264,~~053~~595.3506 0.00 II-A 0.00 4638,~~452~~479,~~447~~510.1678 2,~~315~~400,~~676~~180.8894 0.00 M 0.00 15,804,800.00 3944,~~334~~648.1935 0.00 B-IO 0.00 0.00 ~~533~~386,~~789~~879.7915 0.00 OC 0.00 3,160,951.00 0.00 0.00 XP 0.00 100.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~200~~169,~~316~~345,~~583~~929.7074 810,~~440~~096,~~854~~303.2150 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 346,987,400.00 ~~140~~118,~~193~~902,~~959~~983.2050 0.00 57,~~295~~002,~~673~~415.6654 0.00 0.00 II-A 269,398,000.00 4840,~~682~~792,~~665~~554.6882 0.00 2,~~230~~313,~~218~~044.5204 0.00 0.00 M 15,804,800.00 15,804,800.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 22.63 3,160,951.00 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 Totals 632,190,322.63 ~~207~~178,~~842~~661,~~475~~389.8832 0.00 79,~~525~~315,~~892~~459.1858 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 57,~~295~~002,~~673~~415.6654 ~~134~~111,~~898~~900,~~285~~567.5496 0.~~38876998~~32249173 57,~~295~~002,~~673~~415.6654 II-A 2,~~230~~313,~~218~~044.5204 4638,~~452~~479,~~447~~510.1678 0.~~17243056~~14283518 2,~~230~~313,~~218~~044.5204 M 0.00 15,804,800.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 3,160,951.00 139,679.67300044 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 Totals 79,~~525~~315,~~892~~459.1858 ~~200~~169,~~316~~345,~~583~~929.7074 0.~~31686120~~26787175 79,~~525~~315,~~892~~459.1858

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 346,987,400.00 ~~404~~342.~~03184438~~67233767 0.00000000 1520.~~26186155~~18060466 0.00000000 II-A 269,398,000.00 ~~180~~151.~~70908351~~42114945 0.00000000 8.~~27852664~~58597332 0.00000000 M 15,804,800.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 22.63 139679673.00044200 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 (2) 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 0.00000000 1520.~~26186155~~18060466 ~~388~~322.~~76998283~~49173301 0.~~38876998~~32249173 1520.~~26186155~~18060466 II-A 0.00000000 8.~~27852664~~58597332 ~~172~~142.~~43055687~~83517613 0.~~17243056~~14283518 8.~~27852664~~58597332 M 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 ~~139~~39,679,673.00044200 139679.67300044 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 (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 346,987,400.00 12.~~99500~~56063% ~~140~~118,~~193~~902,~~959~~983.2050 ~~256~~262,~~379~~179.7053 0.00 0.00 II-A 269,398,000.00 12.~~91500~~48063% 4840,~~682~~792,~~665~~554.6882 8587,~~458~~136.3690 0.00 0.00 M 15,804,800.00 23.~~71500~~28063% 15,804,800.00 3944,~~334~~648.2035 0.00 0.00 B-IO 0.00 0.00000% ~~207~~178,~~842~~661,~~375~~289.8832 0.00 0.00 0.00 OC 22.63 0.00000% 3,160,951.00 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 Totals 632,190,322.63 ~~381~~393,~~172~~964.2678 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 0.0200 0.00 ~~256~~262,~~379~~179.6952 0.00 ~~134~~111,~~898~~900,~~285~~567.5496 II-A 0.0100 0.00 8587,~~458~~136.3690 0.00 4638,~~452~~479,~~447~~510.1678 M 0.00 0.00 3944,~~334~~648.1935 0.00 15,804,800.00 B-IO 0.00 0.00 ~~533~~386,~~789~~879.7915 0.00 ~~200~~169,~~316~~345,~~483~~829.7074 OC 0.00 0.00 0.00 0.00 3,160,951.00 XP 0.00 0.00 0.00 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 Totals 0.0300 0.00 ~~914~~780,~~962~~843.0392 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 346,987,400.00 12.~~99500~~56063% ~~404~~342.~~03184438~~67233767 0.~~73887323~~75558804 0.00000000 0.00000000 II-A 269,398,000.00 12.~~91500~~48063% ~~180~~151.~~70908351~~42114945 0.~~31721973~~32345043 0.00000000 0.00000000 M 15,804,800.00 23.~~71500~~28063% 1000.00000000 2.~~48875025~~82498671 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~328~~282.~~76556524~~60685301 0.00000000 0.00000000 0.00000000 OC 22.63 0.00000% 139679673.00044200 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 (5) 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 0.~~00000006~~00000000 0.00000000 0.~~73887320~~75558801 0.00000000 ~~388~~322.~~76998283~~49173301 II-A 0.~~00000004~~00000000 0.00000000 0.~~31721973~~32345043 0.00000000 ~~172~~142.~~43055687~~83517613 M 0.00000000 0.00000000 2.~~48874962~~82498671 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 0.~~84434996~~61196636 0.00000000 ~~316~~267.~~86109106~~87163686 OC 0.00000000 0.00000000 0.00000000 0.00000000 139679673.00044200 XP 0.00000000 0.00000000 0.00000000 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 (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 810,~~506~~151,~~997~~292.2914 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3132,~~794~~998.2581 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 810,~~538~~184,~~791~~290.5495 Withdrawals Reimbursement for Servicer Advances 3635,~~425~~226.8947 Payment of Service Fee 6152,~~511~~760.4498 Payment of Interest and Principal 810,~~440~~096,~~854~~303.2150 Total Withdrawals (Pool Distribution Amount) 810,~~538~~184,~~791~~290.5495 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4236,~~581~~145.7453 Additional Servicing Fee 1614,~~980~~999.5455 Miscellaneous Fee 1,~~949~~615.1690 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 6152,~~511~~760.4498

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 20 0 0 20 ~~666,584~~0.2300 0.00 0.00 ~~666,584~~0.2300 30 Days 0 2 0 0 0 2 481,937.68 0.00 ~~514,949.98~~ 0.00 0.00 ~~514~~481,~~949~~937.9868 60 Days 3 2 1 0 60 14 737,~~759,967~~060.1075 ~~368~~159,~~562~~377.4216 ~~277,837~~0.8000 0.00 2896,~~406,367~~437.3291 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 01 0 2 0 23 0397,110.0076 0.00 1,~~384~~007,~~344~~896.7629 0.00 1,~~384~~405,~~344~~007.7605 180+ Days 0 1 2 4 1 47 0.00 ~~332~~1,~~242~~131,621.2476 ~~633~~1,~~185~~426,595.5773 67,634.98 12,~~033~~625,~~062~~852.7947 Totals 6 3 76 5 1 16 1,~~759~~616,~~967~~109.1019 1,~~882~~290,~~338~~998.8792 2,~~295~~434,~~368~~492.1302 67,634.98 65,~~005~~409,~~309~~235.0811 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.~~286944~~000000% 0.000000% 0.000000% 0.~~286944~~000000% 0.~~332438~~000000% 0.000000% 0.000000% 0.~~332438~~000000% 30 Days 0.~~000000~~330579% 0.~~286944~~000000% 0.000000% 0.000000% 0.~~286944~~330579% 0.~~000000~~284273% 0.~~256815~~000000% 0.000000% 0.000000% 0.~~256815~~284273% 60 Days 0.~~430416~~495868% 0.~~286944~~165289% 0.~~143472~~000000% 0.000000% 0.~~860832~~661157% 0.~~877729~~434758% 0.~~183809~~094009% 0.~~138563~~000000% 0.000000% 10.~~200101~~528768% 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~~165289% 0.000000% 0.~~286944~~330579% 0.000000% 0.~~286944~~495868% 0.~~000000~~234237% 0.000000% 0.~~690399~~594512% 0.000000% 0.~~690399~~828749% 180+ Days 0.000000% 0.~~143472~~330579% 0.~~286944~~661157% 0.~~143472~~165289% 01.~~573888~~157025% 0.000000% 0.~~165696~~667492% 0.~~315782~~841483% 0.~~033731~~039895% 01.~~515208~~548870% Totals 0.~~430416~~991736% 10.~~004304~~495868% 0.~~717360~~991736% 0.~~143472~~165289% 2.~~295552~~644628% 0.~~877729~~953269% 0.~~938758~~761501% 1.~~144744~~435995% 0.~~033731~~039895% 23.~~994963~~190659%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 20 0 0 20 ~~666,584~~0.2300 0.00 0.00 ~~666,584~~0.2300 30 Days 0 2 0 0 0 2 481,937.68 0.00 ~~514,949.98~~ 0.00 0.00 ~~514~~481,~~949~~937.9868 60 Days 2 21 0 0 43 1434,~~362,856~~273.3457 ~~368~~159,~~562~~377.4216 0.00 0.00 1593,~~731,418~~650.7673 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 21 0 21 0.00 0.00 1730,~~384,344~~058.7649 0.00 1730,~~384,344~~058.7649 180 Days 0 01 02 1 14 0.00 0800,000.00 0793,410.0016 67,634.98 671,~~634~~661,045.9814 Totals 24 6 2 3 1 1110 1916,~~362,856~~211.3425 1959,~~550,096~~377.6316 1,~~384~~523,~~344~~468.7665 67,634.98 43,~~364~~466,~~932~~692.7104 0-29 Days 0.~~364299~~000000% 0.000000% 0.000000% 0.~~364299~~000000% 0.~~459489~~000000% 0.000000% 0.000000% 0.~~459489~~000000% 30 Days 0.~~000000~~419287% 0.~~364299~~000000% 0.000000% 0.000000% 0.~~364299~~419287% 0.~~000000~~394822% 0.~~354964~~000000% 0.000000% 0.000000% 0.~~354964~~394822% 60 Days 0.~~364299~~419287% 0.~~364299~~209644% 0.000000% 0.000000% 0.~~728597~~628931% 0.~~939442~~355773% 0.~~254057~~130568% 0.000000% 0.000000% 10.~~193499~~486341% 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.~~364299~~209644% 0.000000% 0.~~364299~~209644% 0.000000% 0.000000% 0.~~954254~~598092% 0.000000% 0.~~954254~~598092% 180 Days 0.000000% 0.~~000000~~209644% 0.~~000000~~419287% 0.~~182149~~209644% 0.~~182149~~838574% 0.000000% 0.~~000000~~655390% 0.~~000000~~649992% 0.~~046622~~055409% 01.~~046622~~360791% Totals 0.~~364299~~838574% 10.~~092896~~419287% 0.~~364299~~628931% 0.~~182149~~209644% 2.~~003643~~096436% 0.~~939442~~750595% 10.~~068510~~785958% 01.~~954254~~248083% 0.~~046622~~055409% 32.~~008828~~840045% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 1 0 10 0 21 ~~397~~302,~~110~~787.7618 0.00 ~~277,837~~0.8000 0.00 ~~674~~302,~~948~~787.5618 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 01 0 01 0 02 0397,110.0076 0.00 0277,837.0080 0.00 0674,948.0056 180 Days 0 1 2 0 3 0.00 ~~332~~331,~~242~~621.2476 633,185.57 0.00 ~~965~~964,~~427~~807.8133 Totals 12 1 3 0 56 ~~397~~699,~~110~~897.7694 ~~332~~331,~~242~~621.2476 911,023.37 0.00 1,~~640~~942,~~376~~543.3707 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.~~675676~~781250% 0.000000% 0.~~675676~~000000% 0.000000% 10.~~351351~~781250% 0.~~716253~~637866% 0.000000% 0.~~501125~~000000% 0.000000% 10.~~217378~~637866% 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~~781250% 0.000000% 0.~~000000~~781250% 0.000000% 01.~~000000~~562500% 0.~~000000~~836572% 0.000000% 0.~~000000~~585306% 0.000000% 01.~~000000~~421878% 180 Days 0.000000% 0.~~675676~~781250% 1.~~351351~~562500% 0.000000% 2.~~027027~~343750% 0.000000% 0.~~599252~~698610% 1.~~142052~~333898% 0.000000% 12.~~741304~~032508% Totals 01.~~675676~~562500% 0.~~675676~~781250% 2.~~027027~~343750% 0.000000% 34.~~378378~~687500% 01.~~716253~~474438% 0.~~599252~~698610% 1.~~643177~~919204% 0.000000% 24.~~958683~~092252%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3132,~~794~~998.2581

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~654858~~642494% Weighted Average Net Coupon 5.~~409007~~399718% Weighted Average Pass-Through Rate 5.~~299715~~288119% Weighted Average Maturity(Stepdown Calculation ) ~~340~~337 Beginning Scheduled Collateral Loan Count ~~723~~638 Number Of Loans Paid In Full 2633 Ending Scheduled Collateral Loan Count ~~697~~605 Beginning Scheduled Collateral Balance ~~207~~178,~~842~~661,~~375~~289.8832 Ending Scheduled Collateral Balance ~~200~~169,~~316~~345,~~483~~829.7074 Ending Actual Collateral Balance at 3130-~~Aug~~Nov-2004 ~~200~~169,~~513~~533,~~662~~471.9061 Monthly P &I Constant 1,~~197~~033,~~638~~363.9455 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 ~~200~~169,~~316~~345,~~483~~829.7074 Scheduled Principal ~~218~~193,~~206~~284.4017 Unscheduled Principal 79,~~307~~122,~~685~~175.7841 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,160,951.00 Overcollateralized Amount 3,160,951.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~533~~386,~~789~~879.7714

Group Level Collateral Statement Group Group I Group II Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~468220~~486287 6.~~141769~~047797 5.~~654858~~642494 Weighted Average Net Rate 5.~~244089~~265909 5.~~839258~~746906 5.~~409007~~399718 Weighted Average Maturity ~~340~~337 ~~307~~304 ~~340~~337 Beginning Loan Count ~~569~~503 ~~154~~135 ~~723~~638 Loans Paid In Full 2026 67 2633 Ending Loan Count ~~549~~477 ~~148~~128 ~~697~~605 Beginning Scheduled Balance ~~150~~128,~~250~~959,~~260~~284.3767 5749,~~592~~702,~~115~~004.5165 ~~207~~178,~~842~~661,~~375~~289.8832 Ending scheduled Balance ~~144~~121,~~954~~956,~~586~~869.7113 5547,~~361~~388,~~896~~960.9961 ~~200~~169,~~316~~345,~~483~~829.7074 Record Date 0811/3130/2004 0811/3130/2004 0811/3130/2004 Principal And Interest Constant ~~810~~700,~~695~~941.2288 ~~386~~332,~~943~~421.7267 1,~~197~~033,~~638~~363.9455 Scheduled Principal ~~126~~111,~~027~~352.2619 9281,~~179~~931.1498 ~~218~~193,~~206~~284.4017 Unscheduled Principal 56,~~169~~891,~~646~~063.4035 2,~~138~~231,~~039~~112.3806 79,~~307~~122,~~685~~175.7841 Scheduled Interest ~~684~~589,~~667~~589.9669 ~~294~~250,~~764~~489.5869 ~~979~~840,~~432~~079.5438 Servicing Fees 2823,~~063~~683.1915 1412,~~518~~462.5538 4236,~~581~~145.7453 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 1816,~~867~~553.3144 62.3901 1816,~~929~~615.7045 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 ~~637~~549,~~737~~353.4610 ~~280~~237,~~183~~965.6430 ~~917~~787,~~921~~318.1040 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.~~093402~~111875 5.~~837959~~745410 5.~~299715~~288119

Filing Compare · STRUCT ASS MORT INV INC BS ALTA MORT PAS THR CER SER 2003 1