8-K 1 bsa03ac2_dec.txt DECEMBER 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): December 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 December 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 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 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: 12/30/2004 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 December 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~BSA~~Bear Stearns Asset Backed Securities Asset Backed Certificates 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% 3734,~~007~~803,~~234~~048.9198 ~~137~~129,~~574~~380.4033 2,~~204~~639,~~185~~848.9347 A-2 07384YHU3 SEN 4.45500% 12,~~952~~181,~~532~~067.2214 4845,~~086~~222.2821 ~~771~~923,~~465~~946.0896 A-3 07384YHV1 SEN 3.50000% 3334,~~737,690~~515.4150 ~~10,901~~975.6067 3334,~~403,174~~515.9150 A-4 07384YHW9 SEN 5.00000% 53,400,000.00 222,500.00 03,741,304.0094 A-IO 07384YHX7 IO 5.00000% 0.00 167,500.00 0.00 M-1 07384YHY5 MEZ 4.95800% 6,~~809~~403,~~331~~761.2201 2826,~~133~~458.8921 ~~405~~485,~~570~~732.2112 M-2 07384YHZ2 MEZ 5.45900% 4,~~952~~657,~~678~~692.2504 2221,~~530~~188.5662 ~~294~~353,~~986~~290.2092 B-1 07384YJA5 SUB 5.~~43250~~68000% 2,~~365~~224,~~132~~262.3886 1110,~~420~~177.9624 ~~140~~168,~~869~~712.5272 B-2 07384YJB3 SUB 5.~~43250~~68000% 6,992,440.00 3331,~~765~~994.7230 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% 1,672,812.00 6740,~~855~~317.9887 0.00 P 07384YJC1 SEN 0.00000% 100.00 324,~~772~~351.0517 0.00 Totals ~~129~~122,~~889~~669,~~951~~699.3953 ~~783~~700,~~041~~065.4462 78,~~220~~647,~~251~~351.8563

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 3432,~~803~~163,~~048~~200.9851 2,~~341~~769,~~760~~228.3380 0.00 A-2 0.00 1211,~~181~~257,~~067~~120.1418 ~~819~~969,~~551~~169.3617 0.00 A-3 0.00 ~~334,515~~0.5000 3335,~~414,076~~491.5117 0.00 A-4 0.00 5349,~~400~~658,~~000~~695.0006 ~~222~~3,~~500~~963,804.0094 0.00 A-IO 0.00 0.00 167,500.00 0.00 M-1 0.00 65,~~403~~918,~~761~~028.0189 ~~433~~512,~~704~~190.1033 0.00 M-2 0.00 4,~~657~~304,~~692~~401.0412 ~~317~~374,~~516~~479.7654 0.00 B-1 0.00 2,~~224~~055,~~262~~550.8614 ~~152~~178,~~290~~889.4896 0.00 B-2 0.00 6,992,440.00 3331,~~765~~994.7230 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 6740,~~855~~317.9887 0.00 P 0.00 100.00 324,~~772~~351.0517 0.00 Totals 0.00 ~~122~~114,~~669~~022,~~699~~347.5390 89,~~003~~347,~~293~~417.2925 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 3734,~~007~~803,~~234~~048.9198 0.00 0.00 0.00 0.00 A-2 35,000,000.00 12,~~952~~181,~~532~~067.2214 0.00 0.00 0.00 0.00 A-3 100,996,000.00 3334,~~737,690~~515.4150 0.00 3334,~~403,174~~515.9150 0.00 0.00 A-4 53,400,000.00 53,400,000.00 0.00 03,741,304.0094 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 18,400,000.00 6,~~809~~403,~~331~~761.2201 0.00 ~~405~~485,~~570~~732.2112 0.00 0.00 M-2 13,383,000.00 4,~~952~~657,~~678~~692.2504 0.00 ~~294~~353,~~986~~290.2092 0.00 0.00 B-1 6,391,000.00 2,~~365~~224,~~132~~262.3886 0.00 ~~140~~168,~~869~~712.5272 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 1,672,812.00 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 ~~129~~122,~~889~~669,~~951~~699.3953 0.00 45,~~244~~083,~~600~~556.8420 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 2,~~204~~639,~~185~~848.9347 3432,~~803~~163,~~048~~200.9851 0.~~34803049~~32163201 2,~~204~~639,~~185~~848.9347 A-2 ~~771~~923,~~465~~946.0896 1211,~~181~~257,~~067~~120.1418 0.~~34803049~~32163201 ~~771~~923,~~465~~946.0896 A-3 ~~3,403,174.91~~ 334,515.50 0.~~00331217~~00 30.00000000 334,~~403,174~~515.9150 A-4 03,741,304.0094 5349,~~400~~658,~~000~~695.0006 10.~~00000000~~92993811 03,741,304.0094 A-IO 0.00 0.00 0.00000000 0.00 M-1 ~~405~~485,~~570~~732.2112 65,~~403~~918,~~761~~028.0189 0.~~34803049~~32163200 ~~405~~485,~~570~~732.2112 M-2 ~~294~~353,~~986~~290.2092 4,~~657~~304,~~692~~401.0412 0.~~34803049~~32163200 ~~294~~353,~~986~~290.2092 B-1 ~~140~~168,~~869~~712.5272 2,~~224~~055,~~262~~550.8614 0.~~34803049~~32163200 ~~140~~168,~~869~~712.5272 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 78,~~220~~647,~~251~~351.8563 ~~122~~114,~~669~~022,~~699~~347.5390 0.~~36665701~~34081026 78,~~220~~647,~~251~~351.8563

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 ~~370~~348.~~07234910~~03048980 0.00000000 0.00000000 0.00000000 A-2 35,000,000.00 ~~370~~348.~~07234914~~03048971 0.00000000 0.00000000 0.00000000 A-3 100,996,000.00 373.~~00830142~~31216583 0.00000000 333.~~69613559~~31216583 0.00000000 A-4 53,400,000.00 1000.00000000 0.00000000 070.~~00000000~~06189026 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 18,400,000.00 ~~370~~348.~~07234891~~03048967 0.00000000 2226.~~04185924~~39848478 0.00000000 M-2 13,383,000.00 ~~370~~348.~~07234925~~03048943 0.00000000 2226.~~04185907~~39848464 0.00000000 B-1 6,391,000.00 ~~370~~348.~~07234862~~03048975 0.00000000 2226.~~04185886~~39848537 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 2226.~~04185930~~39848470 ~~348~~321.~~03048980~~63200510 0.~~34803049~~32163201 2226.~~04185930~~39848470 A-2 0.00000000 2226.~~04185943~~39848457 ~~348~~321.~~03048971~~63200514 0.~~34803049~~32163201 2226.~~04185943~~39848457 A-3 0.00000000 ~~33.69613559~~ 3.31216583 0.~~00331217~~00000000 330.~~69613559~~00000000 3.31216583 A-4 0.00000000 070.~~00000000~~06189026 ~~1,000~~929.~~00000000~~93810974 10.~~00000000~~92993811 070.~~00000000~~06189026 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 2226.~~04185924~~39848478 ~~348~~321.~~03048967~~63200489 0.~~34803049~~32163200 2226.~~04185924~~39848478 M-2 0.00000000 2226.~~04185907~~39848464 ~~348~~321.~~03048943~~63200478 0.~~34803049~~32163200 2226.~~04185907~~39848464 B-1 0.00000000 2226.~~04185886~~39848537 ~~348~~321.~~03048975~~63200438 0.~~34803049~~32163200 2226.~~04185886~~39848537 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% 3734,~~007~~803,~~234~~048.9198 ~~137~~129,~~574~~380.4033 0.00 0.00 A-2 35,000,000.00 4.45500% 12,~~952~~181,~~532~~067.2214 4845,~~086~~222.2821 0.00 0.00 A-3 100,996,000.00 3.50000% 3334,~~737,690~~515.4150 ~~10,901~~975.6067 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% 40,200,000.00 167,500.00 0.00 0.00 M-1 18,400,000.00 4.95800% 6,~~809~~403,~~331~~761.2201 2826,~~133~~458.8921 0.00 0.00 M-2 13,383,000.00 5.45900% 4,~~952~~657,~~678~~692.2504 2221,~~530~~188.5662 0.00 0.00 B-1 6,391,000.00 5.~~43250~~68000% 2,~~365~~224,~~132~~262.3886 1110,~~420~~177.9624 0.00 0.00 B-2 6,992,440.00 5.~~43250~~68000% 6,992,440.00 3331,~~765~~994.7230 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% 1,672,812.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 334,562,540.00 ~~682~~655,~~413~~396.4158 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 ~~137~~129,~~574~~380.4033 0.00 3432,~~803~~163,~~048~~200.9851 A-2 0.00 0.00 4845,~~086~~222.2821 0.00 1211,~~181~~257,~~067~~120.1418 A-3 0.00 0.00 ~~10,901~~975.6067 0.00 ~~334,515~~0.5000 A-4 0.00 0.00 222,500.00 0.00 5349,~~400~~658,~~000~~695.0006 A-IO 0.00 0.00 167,500.00 0.00 40,200,000.00 M-1 0.00 0.00 2826,~~133~~458.8921 0.00 65,~~403~~918,~~761~~028.0189 M-2 0.00 0.00 2221,~~530~~188.5662 0.00 4,~~657~~304,~~692~~401.0412 B-1 0.00 0.00 1110,~~420~~177.9624 0.00 2,~~224~~055,~~262~~550.8614 B-2 0.00 0.00 3331,~~765~~994.7230 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 6740,~~855~~317.9887 0.00 1,672,812.00 P 0.00 0.00 324,~~772~~351.0517 0.00 100.00 Totals 0.00 0.00 ~~783~~700,~~041~~065.4462 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% ~~370~~348.~~07234910~~03048980 1.~~37574400~~29380330 0.00000000 0.00000000 A-2 35,000,000.00 4.45500% ~~370~~348.~~07234914~~03048971 1.~~37389371~~29206314 0.00000000 0.00000000 A-3 100,996,000.00 3.50000% 373.~~00830142~~31216583 0.~~10794091~~00966048 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% 800.00000000 3.33333333 0.00000000 0.00000000 M-1 18,400,000.00 4.95800% ~~370~~348.~~07234891~~03048967 1.~~52901576~~43794620 0.00000000 0.00000000 M-2 13,383,000.00 5.45900% ~~370~~348.~~07234925~~03048943 1.~~68352088~~58324890 0.00000000 0.00000000 B-1 6,391,000.00 5.~~43250~~68000% ~~370~~348.~~07234862~~03048975 1.~~78703802~~59243311 0.00000000 0.00000000 B-2 6,992,440.00 5.~~43250~~68000% 1000.00000000 4.~~82888949~~57555589 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 1.~~37574400~~29380330 0.00000000 ~~348~~321.~~03048980~~63200510 A-2 0.00000000 0.00000000 1.~~37389371~~29206314 0.00000000 ~~348~~321.~~03048971~~63200514 A-3 0.00000000 0.00000000 0.~~10794091~~00966048 0.00000000 30.~~31216583~~00000000 A-4 0.00000000 0.00000000 4.16666667 0.00000000 ~~1000~~929.~~00000000~~93810974 A-IO 0.00000000 0.00000000 3.33333333 0.00000000 800.00000000 M-1 0.00000000 0.00000000 1.~~52901576~~43794620 0.00000000 ~~348~~321.~~03048967~~63200489 M-2 0.00000000 0.00000000 1.~~68352088~~58324890 0.00000000 ~~348~~321.~~03048943~~63200478 B-1 0.00000000 0.00000000 1.~~78703802~~59243311 0.00000000 ~~348~~321.~~03048975~~63200438 B-2 0.00000000 0.00000000 4.~~82888949~~57555589 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 ~~327720~~43511.~~50000000~~70000000 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 89,~~026~~381,~~816~~337.4864 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6761,~~924~~781.8337 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 89,~~094~~443,~~741~~119.3101 Withdrawals Reimbursement for Servicer Advances 6267,~~046~~924.0583 Payment of Service Fee 2927,~~401~~776.9792 Payment of Interest and Principal 89,~~003~~347,~~293~~417.2926 Total Withdrawals (Pool Distribution Amount) 89,~~094~~443,~~741~~119.3101 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 2725,~~060~~556.4015 Master Servicing Fee 2,~~164~~044.8450 Miscellaneous Fee 176.7327 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 2927,~~401~~776.9792

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 5,000.00 34,~~128~~586.9996 34,~~128~~586.9996 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 65 0 0 65 ~~713~~586,~~406~~743.5684 0.00 0.00 ~~713~~586,~~406~~743.5684 30 Days 910 0 0 0 910 2,~~154~~122,~~546~~058.1766 0.00 0.00 0.00 2,~~154~~122,~~546~~058.1766 60 Days 56 0 0 0 56 ~~779~~949,~~515~~201.6444 0.00 0.00 0.00 ~~779~~949,~~515~~201.6444 90 Days 3 0 20 0 53 ~~521~~578,~~031~~785.6260 0.00 ~~183,244~~0.9200 0.00 ~~704~~578,~~276~~785.5460 120 Days 12 1 02 0 25 49164,~~133~~668.6985 125,~~358~~269.5069 0183,244.0092 0.00 ~~174~~473,~~492~~183.1946 150 Days 2 0 1 0 3 ~~401~~225,~~477~~814.9235 0.00 ~~119~~615,~~396~~016.9688 0.00 ~~520~~840,~~874~~831.8823 180+ Days 98 1 2 4 515 19 2,~~385~~080,~~156~~945.6526 80,940.78 1833,~~587,578~~559.4979 ~~923~~558,~~909~~849.9157 43,~~977~~554,~~585~~295.8340 Totals 2931 8 7 5 494 47 6,~~290~~121,~~861~~474.6916 ~~919~~792,~~705~~954.8431 1,~~890~~631,~~220~~821.3759 ~~923~~558,~~909~~849.9157 109,~~024~~105,~~697~~099.8163 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 10.~~061947~~939850% 0.000000% 0.000000% 10.~~061947~~939850% 0.~~580608~~513740% 0.000000% 0.000000% 0.~~580608~~513740% 30 Days 1.~~592920~~879699% 0.000000% 0.000000% 0.000000% 1.~~592920~~879699% 1.~~753483~~858027% 0.000000% 0.000000% 0.000000% 1.~~753483~~858027% 60 Days 01.~~884956~~127820% 0.000000% 0.000000% 0.000000% 01.~~884956~~127820% 0.~~634411~~831099% 0.000000% 0.000000% 0.000000% 0.~~634411~~831099% 90 Days 0.~~530973~~563910% 0.000000% 0.~~353982~~000000% 0.000000% 0.~~884956~~563910% 0.~~424043~~506772% 0.000000% 0.~~149134~~000000% 0.000000% 0.~~573177~~506772% 120 Days 0.~~176991~~375940% 0.~~176991~~187970% 0.~~000000~~375940% 0.000000% 0.~~353982~~939850% 0.~~039988~~144180% 0.~~102023~~109683% 0.~~000000~~160445% 0.000000% 0.~~142011~~414309% 150 Days 0.~~353982~~375940% 0.000000% 0.~~176991~~187970% 0.000000% 0.~~530973~~563910% 0.~~326744~~197718% 0.000000% 0.~~097172~~538495% 0.000000% 0.~~423915~~736213% 180+ Days 1.~~592920~~503759% 0.~~176991~~187970% 0.~~707965~~375940% 0.~~884956~~751880% 32.~~362832~~819549% 1.~~941166~~822029% 0.~~065874~~070870% 10.~~292055~~729846% 0.~~751926~~489316% 43.~~051021~~112061% Totals 5.~~132743~~827068% 1.~~415929~~315789% 10.~~238938~~939850% 0.~~884956~~751880% 8.~~672566~~834586% 5.~~119834~~359825% 0.~~748505~~694293% 1.~~538361~~428786% 0.~~751926~~489316% 87.~~158626~~972220%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6761,~~924~~781.8337

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 7.~~119672~~119354% Weighted Average Net Coupon 6.~~869672~~869354% Weighted Average Pass-Through Rate 6.~~848040~~847630% Weighted Average Maturity(Stepdown Calculation ) ~~317~~316 Beginning Scheduled Collateral Loan Count ~~594~~565 Number Of Loans Paid In Full 2933 Ending Scheduled Collateral Loan Count ~~565~~532 Beginning Scheduled Collateral Balance ~~129~~122,~~889~~669,~~851~~599.3954 Ending Scheduled Collateral Balance ~~122~~114,~~669~~022,~~599~~247.5492 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~122~~114,~~872~~210,~~375~~338.5545 Monthly P &I Constant ~~928~~876,~~039~~570.2550 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 40,442.42 Ending Scheduled Balance for Premium Loans ~~122~~114,~~669~~022,~~599~~247.5492 Scheduled Principal ~~157~~148,~~394~~796.9493 Unscheduled Principal 78,~~062~~498,~~856~~554.9169 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 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 0.00 Excess Cash Amount ~~103~~47,~~757~~801.0184

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 ~~625~~872.5987 Net WAC Rate Carryover Amount Class B-2 12,~~849~~744.5406 Net WAC Rate Carryover Amount Class M-1 0.00 Net WAC Rate Carryover Amount Class M-2 ~~653~~970.8604 Three month rolling average 0.~~054358~~055896%

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