8-K 1 bsa04ac2_dec.txt DECEMBER 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2004-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-02 54-2151924 Pooling and Servicing Agreement) (Commission 54-2151925 (State or other File Number) 54-2151926 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 2004-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 2004-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 2004-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 2004-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: 2004-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 I-A1 073879AA6 SEN 5.25000% 9487,~~806~~778,~~985~~029.9795 ~~414~~384,~~780~~028.6389 71,~~028~~907,~~956~~958.0287 I-A2 073879AB4 SEN 5.25000% 4,537,091.00 19,849.7877 0.00 I-A3 073879AC2 SEN 2.~~43250~~68000% 3734,~~254~~618,~~028~~170.7626 7577,~~517~~313.0391 2715,~~635,858~~484.5058 I-A4 073879AD0 SEN 5.~~56750~~32000% 0.00 ~~172~~153,~~843~~473.2089 0.00 II-A 073879AG3 SEN 5.00000% 7675,~~441~~130,~~878~~826.0009 ~~318~~313,~~507~~045.8110 1,~~311~~666,~~051~~327.9164 I-X 073879AE8 SEN 0.~~84265~~83046% 0.00 7468,~~516~~101.0463 0.00 II-X 073879AH1 SEN 0.~~51245~~51243% 0.00 3029,~~169~~620.4655 0.00 I-PO 073879AF5 SEN 0.00000% 1,~~871~~806,~~479~~292.4164 0.00 6553,~~186~~423.7766 II-PO 073879AJ7 SEN 0.00000% ~~223~~222,~~457~~481.8263 0.00 ~~976~~2,146.2033 B-1 073879AK4 SUB 5.~~66157~~66225% 6,~~962~~948,~~150~~850.9365 32,~~847~~788.2644 13,~~300~~420.2871 B-2 073879AL2 SUB 5.~~66157~~66225% 3,~~882~~875,~~585~~168.8770 18,~~317~~285.9415 7,~~417~~484.1734 B-3 073879AM0 SUB 5.~~66157~~66225% 2,~~543~~538,~~558~~699.5542 1211,~~000~~978.4596 4,~~859~~903.1314 B-4 073879AR9 SUB 5.~~66157~~66225% 2,~~008~~004,~~540~~703.9993 9,~~476~~459.2528 3,~~837~~871.0580 B-5 073879AS7 SUB 5.~~66157~~66225% ~~803~~801,~~020~~486.8275 3,~~788~~781.6385 1,~~534~~547.0796 B-6 073879AT5 SUB 5.~~66157~~66225% 2,~~544~~539,~~723~~862.5317 1211,~~005~~984.9445 4,~~861~~905.3638 P 073879AV0 SEN 0.00000% 100.00 0.00 0.00 R-1 073879AN8 RES 5.00000% 0.00 0.00 0.00 R-2 073879AP3 RES 5.00000% 0.00 0.00 0.00 R-3 073879AQ1 RES 5.00000% 0.00 0.00 0.00 Totals ~~233~~222,~~879~~801,~~601~~763.6519 1,~~194~~133,~~620~~711.4287 114,~~077~~381,~~838~~474.4641

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A1 0.00 8785,~~778~~870,~~029~~071.9508 72,~~443~~291,~~736~~987.6576 0.00 I-A2 0.00 4,537,091.00 19,849.7877 0.00 I-A3 0.00 3433,~~618~~902,~~170~~685.2668 2792,~~711,375~~798.5349 0.00 I-A4 0.00 0.00 ~~172~~153,~~843~~473.2089 0.00 II-A 0.00 7573,~~130~~464,~~826~~498.0945 1,~~629~~979,~~559~~372.7274 0.00 I-X 0.00 0.00 7468,~~516~~101.0463 0.00 II-X 0.00 0.00 3029,~~169~~620.4655 0.00 I-PO 0.00 1,~~806~~752,~~292~~868.6498 6553,~~186~~423.7766 0.00 II-PO 0.00 ~~222~~220,~~481~~335.6330 ~~976~~2,146.2033 0.00 B-1 0.00 6,~~948~~935,~~850~~429.6594 46,~~147~~209.5415 0.00 B-2 0.00 3,~~875~~867,~~168~~684.7037 25,~~735~~769.1149 0.00 B-3 0.00 2,~~538~~533,~~699~~796.4228 16,~~859~~882.5810 0.00 B-4 0.00 2,~~004~~000,~~703~~832.9313 13,~~313~~331.3008 0.00 B-5 0.00 ~~801~~799,~~486~~938.7579 5,~~322~~329.7081 0.00 B-6 0.00 2,~~539~~534,~~862~~956.1779 16,~~867~~889.3083 0.00 P 0.00 100.00 0.00 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 Totals 0.00 ~~222~~218,~~801~~420,~~763~~288.1979 125,~~272~~515,~~458~~186.8828 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-A1 114,500,000.00 9487,~~806~~778,~~985~~029.9795 8783,~~768~~672.9087 61,~~941~~824,~~187~~286.1300 0.00 0.00 I-A2 4,537,091.00 4,537,091.00 0.00 0.00 0.00 0.00 I-A3 44,638,909.00 3734,~~254~~618,~~028~~170.7626 3231,~~913~~377.3433 2684,~~602,945~~107.1625 0.00 0.00 I-A4 0.00 0.00 0.00 0.00 0.00 0.00 II-A 85,959,000.00 7675,~~441~~130,~~878~~826.0009 ~~299~~296,~~479~~098.7016 1,~~011~~370,~~572~~229.2148 0.00 0.00 I-X 0.00 0.00 0.00 0.00 0.00 0.00 II-X 0.00 0.00 0.00 0.00 0.00 0.00 I-PO 1,920,994.00 1,~~871~~806,~~479~~292.4164 1,~~893~~836.0837 6351,~~293~~587.6929 0.00 0.00 II-PO 256,831.00 ~~223~~222,~~457~~481.8263 ~~967~~971.8183 81,174.3949 0.00 0.00 B-1 7,040,000.00 6,~~962~~948,~~150~~850.9365 13,~~300~~420.2871 0.00 0.00 0.00 B-2 3,926,000.00 3,~~882~~875,~~585~~168.8770 7,~~417~~484.1734 0.00 0.00 0.00 B-3 2,572,000.00 2,~~543~~538,~~558~~699.5542 4,~~859~~903.1314 0.00 0.00 0.00 B-4 2,031,000.00 2,~~008~~004,~~540~~703.9993 3,~~837~~871.0580 0.00 0.00 0.00 B-5 812,000.00 ~~803~~801,~~020~~486.8275 1,~~534~~547.0796 0.00 0.00 0.00 B-6 2,573,178.01 2,~~544~~539,~~723~~862.5317 4,~~861~~905.3638 0.00 0.00 0.00 P 100.00 100.00 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 R-3 50.00 0.00 0.00 0.00 0.00 0.00 Totals 270,767,253.01 ~~233~~222,~~879~~801,~~601~~763.6519 ~~458~~450,~~831~~089.89 103,~~619~~931,~~006~~384.5851 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-A1 71,~~028~~907,~~956~~958.02 87 85,~~778~~870,~~029~~071.9508 0.~~76662035~~74995695 71,~~028~~907,~~956~~958.0287 I-A2 0.00 4,537,091.00 1.00000000 0.00 I-A3 2715,~~635,858~~484.5058 3433,~~618~~902,~~170~~685.2668 0.~~77551560~~75948733 2715,~~635,858~~484.5058 I-A4 0.00 0.00 0.00000000 0.00 II-A 1,~~311~~666,~~051~~327.9164 7573,~~130~~464,~~826~~498.0945 0.~~87403095~~85464580 1,~~311~~666,~~051~~327.9164 I-X 0.00 0.00 0.00000000 0.00 II-X 0.00 0.00 0.00000000 0.00 I-PO 6553,~~186~~423.7766 1,~~806~~752,~~292~~868.6498 0.~~94029062~~91248020 6553,~~186~~423.7766 II-PO ~~976~~2,146.2033 ~~222~~220,~~481~~335.6330 0.~~86625692~~85789994 ~~976~~2,146.2033 B-1 13,~~300~~420.2871 6,~~948~~935,~~850~~429.6594 0.~~98705265~~98514630 13,~~300~~420.2871 B-2 7,~~417~~484.1734 3,~~875~~867,~~168~~684.7037 0.~~98705265~~98514630 7,~~417~~484.1734 B-3 4,~~859~~903.1314 2,~~538~~533,~~699~~796.4228 0.~~98705265~~98514630 4,~~859~~903.1314 B-4 3,~~837~~871.0580 2,~~004~~000,~~703~~832.9313 0.~~98705265~~98514630 3,~~837~~871.0580 B-5 1,~~534~~547.0796 ~~801~~799,~~486~~938.7579 0.~~98705265~~98514629 1,~~534~~547.0796 B-6 4,~~861~~905.3638 2,~~539~~534,~~862~~956.1779 0.~~98705265~~98514630 4,~~861~~905.3638 P 0.00 100.00 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 Totals 114,~~077~~381,~~838~~474.4641 ~~222~~218,~~801~~420,~~763~~288.1979 0.~~82285343~~80667173 114,~~077~~381,~~838~~474.4641

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A1 114,500,000.00 ~~828~~766.~~00861109~~62034891 0.~~76654061~~73076742 6015.~~62172166~~93262882 0.00000000 I-A2 4,537,091.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A3 44,638,909.00 ~~834~~775.~~56405173~~51559918 0.~~73732402~~70291436 5815.~~31112853~~32535775 0.00000000 I-A4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A 85,959,000.00 ~~889~~874.~~28300701~~03094603 3.~~48398306~~44464407 1115.~~76807792~~94050047 0.00000000 I-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 1,920,994.00 ~~974~~940.~~22449524~~29062038 0.~~98546898~~95594781 3226.~~94840588~~85447742 0.00000000 II-PO 256,831.00 ~~870~~866.~~05782012~~25691603 3.~~76827564~~78392795 04.~~03266740~~57300715 0.00000000 B-1 7,040,000.00 ~~988~~987.~~94189347~~05264915 1.~~88924432~~90635085 0.00000000 0.00000000 B-2 3,926,000.00 ~~988~~987.~~94189251~~05264901 1.~~88924350~~90635252 0.00000000 0.00000000 B-3 2,572,000.00 ~~988~~987.~~94189347~~05265163 1.~~88924184~~90635303 0.00000000 0.00000000 B-4 2,031,000.00 ~~988~~987.~~94189562~~05264894 1.~~88924175~~90635155 0.00000000 0.00000000 B-5 812,000.00 ~~988~~987.~~94189655~~05264778 1.~~88924877~~90635468 0.00000000 0.00000000 B-6 2,573,178.01 ~~988~~987.~~94189213~~05264857 1.~~88924357~~90635082 0.00000000 0.00000000 P 100.00 1000.00000000 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 R-3 50.00 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-A1 0.00000000 6116.~~38826218~~66339624 ~~766~~749.~~62034891~~95695266 0.~~76662035~~74995695 6116.~~38826218~~66339624 I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A3 0.00000000 5916.~~04845255~~02827211 ~~775~~759.~~51559918~~48732708 0.~~77551560~~75948733 5916.~~04845255~~02827211 I-A4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A 0.00000000 1519.~~25206098~~38514455 ~~874~~854.~~03094603~~64580149 0.~~87403095~~85464580 1519.~~25206098~~38514455 I-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 0.00000000 3327.~~93387486~~81042523 ~~940~~912.~~29062038~~48019515 0.~~94029062~~91248020 3327.~~93387486~~81042523 II-PO 0.00000000 38.~~80094303~~35697404 ~~866~~857.~~25691603~~89994199 0.~~86625692~~85789994 38.~~80094303~~35697404 B-1 0.00000000 1.~~88924432~~90635085 ~~987~~985.~~05264915~~14629830 0.~~98705265~~98514630 1.~~88924432~~90635085 B-2 0.00000000 1.~~88924350~~90635252 ~~987~~985.~~05264901~~14629903 0.~~98705265~~98514630 1.~~88924350~~90635252 B-3 0.00000000 1.~~88924184~~90635303 ~~987~~985.~~05265163~~14629860 0.~~98705265~~98514630 1.~~88924184~~90635303 B-4 0.00000000 1.~~88924175~~90635155 ~~987~~985.~~05264894~~14629739 0.~~98705265~~98514630 1.~~88924175~~90635155 B-5 0.00000000 1.~~88924877~~90635468 ~~987~~985.~~05264778~~14629310 0.~~98705265~~98514629 1.~~88924877~~90635468 B-6 0.00000000 1.~~88924357~~90635082 ~~987~~985.~~05264857~~14629775 0.~~98705265~~98514630 1.~~88924357~~90635082 P 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 (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-A1 114,500,000.00 5.25000% 9487,~~806~~778,~~985~~029.9795 ~~414~~384,~~780~~028.5688 0.00 0.00 I-A2 4,537,091.00 5.25000% 4,537,091.00 19,849.77 0.00 0.00 I-A3 44,638,909.00 2.~~43250~~68000% 3734,~~254~~618,~~028~~170.7626 7577,~~517~~313.0291 0.00 0.00 I-A4 0.00 5.~~56750~~32000% 3734,~~254~~618,~~028~~170.7626 ~~172~~153,~~843~~473.1789 0.00 0.00 II-A 85,959,000.00 5.00000% 7675,~~441~~130,~~878~~826.0009 ~~318~~313,~~507~~045.8311 0.00 0.00 I-X 0.00 0.~~84265~~83046% ~~106~~98,~~116~~405,~~366~~343.6327 7468,~~516~~101.0363 0.00 0.00 II-X 0.00 0.~~51245~~51243% 7069,~~648~~364,~~199~~645.5016 3029,~~169~~620.4655 0.00 0.00 I-PO 1,920,994.00 0.00000% 1,~~871~~806,~~479~~292.4164 0.00 0.00 0.00 II-PO 256,831.00 0.00000% ~~223~~222,~~457~~481.8263 0.00 0.00 0.00 B-1 7,040,000.00 5.~~66157~~66225% 6,~~962~~948,~~150~~850.9365 32,~~847~~788.2544 0.00 0.00 B-2 3,926,000.00 5.~~66157~~66225% 3,~~882~~875,~~585~~168.8770 18,~~317~~285.9415 0.00 0.00 B-3 2,572,000.00 5.~~66157~~66225% 2,~~543~~538,~~558~~699.5542 1211,~~000~~978.4596 0.00 0.00 B-4 2,031,000.00 5.~~66157~~66225% 2,~~008~~004,~~540~~703.9993 9,~~476~~459.2528 0.00 0.00 B-5 812,000.00 5.~~66157~~66225% ~~803~~801,~~020~~486.8275 3,~~788~~781.6385 0.00 0.00 B-6 2,573,178.01 5.~~66157~~66225% 2,~~544~~539,~~723~~862.5317 1211,~~005~~984.9445 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 50.00 5.00000% 0.00 0.00 0.00 0.00 R-2 50.00 5.00000% 0.00 0.00 0.00 0.00 R-3 50.00 5.00000% 0.00 0.00 0.00 0.00 Totals 270,767,253.01 1,~~194~~133,~~620~~711.3087 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-A1 (0.0001) 0.00 ~~414~~384,~~780~~028.6389 0.00 8785,~~778~~870,~~029~~071.9508 I-A2 0.00 0.00 19,849.7877 0.00 4,537,091.00 I-A3 0.00 0.00 7577,~~517~~313.0391 0.00 3433,~~618~~902,~~170~~685.2668 I-A4 0.00 0.00 ~~172~~153,~~843~~473.2089 0.00 3433,~~618~~902,~~170~~685.2668 II-A 0.00 0.00 ~~318~~313,~~507~~045.8110 0.00 7573,~~130~~464,~~826~~498.0945 I-X 0.00 0.00 7468,~~516~~101.0463 0.00 9897,~~405~~497,~~343~~896.2737 II-X 0.00 0.00 3029,~~169~~620.4655 0.00 6968,~~364~~114,~~645~~362.1672 I-PO 0.00 0.00 0.00 0.00 1,~~806~~752,~~292~~868.6498 II-PO 0.00 0.00 0.00 0.00 ~~222~~220,~~481~~335.6330 B-1 0.00 0.00 32,~~847~~788.2644 0.00 6,~~948~~935,~~850~~429.6594 B-2 0.00 0.00 18,~~317~~285.9415 0.00 3,~~875~~867,~~168~~684.7037 B-3 0.00 0.00 1211,~~000~~978.4596 0.00 2,~~538~~533,~~699~~796.4228 B-4 0.00 0.00 9,~~476~~459.2528 0.00 2,~~004~~000,~~703~~832.9313 B-5 0.00 0.00 3,~~788~~781.6385 0.00 ~~801~~799,~~486~~938.7579 B-6 0.00 0.00 1211,~~005~~984.9445 0.00 2,~~539~~534,~~862~~956.1779 P 0.00 0.00 0.00 0.00 100.00 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 Totals (0.0001) 0.00 1,~~194~~133,~~620~~711.4287 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-A1 114,500,000.00 5.25000% ~~828~~766.~~00861109~~62034891 3.~~62253764~~35396402 0.00000000 0.00000000 I-A2 4,537,091.00 5.25000% 1000.00000000 4.37499931 0.00000000 0.00000000 I-A3 44,638,909.00 2.~~43250~~68000% ~~834~~775.~~56405173~~51559918 1.~~69173086~~73198476 0.00000000 0.00000000 I-A4 0.00 5.~~56750~~32000% ~~834~~775.~~56405173~~51559918 3.~~87202944~~43811920 0.00000000 0.00000000 II-A 85,959,000.00 5.00000% ~~889~~874.~~28300701~~03094603 3.~~70534592~~64179562 0.00000000 0.00000000 I-X 0.00 0.~~84265~~83046% ~~812~~753.~~64695966~~59537424 0.~~57064925~~52152730 0.00000000 0.00000000 II-X 0.00 0.~~51245~~51243% ~~890~~874.~~56401567~~38402360 0.~~38030460~~37338525 0.00000000 0.00000000 I-PO 1,920,994.00 0.00000% ~~974~~940.~~22449524~~29062038 0.00000000 0.00000000 0.00000000 II-PO 256,831.00 0.00000% ~~870~~866.~~05782012~~25691603 0.00000000 0.00000000 0.00000000 B-1 7,040,000.00 5.~~66157~~66225% ~~988~~987.~~94189347~~05264915 4.~~66580256~~65744886 0.00000000 0.00000000 B-2 3,926,000.00 5.~~66157~~66225% ~~988~~987.~~94189251~~05264901 4.~~66580234~~65745033 0.00000000 0.00000000 B-3 2,572,000.00 5.~~66157~~66225% ~~988~~987.~~94189347~~05265163 4.~~66580482~~65744946 0.00000000 0.00000000 B-4 2,031,000.00 5.~~66157~~66225% ~~988~~987.~~94189562~~05264894 4.~~66580502~~65744953 0.00000000 0.00000000 B-5 812,000.00 5.~~66157~~66225% ~~988~~987.~~94189655~~05264778 4.~~66580049~~65745074 0.00000000 0.00000000 B-6 2,573,178.01 5.~~66157~~66225% ~~988~~987.~~94189213~~05264857 4.~~66580235~~65745081 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 5.00000% 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-A1 (0.~~00000000~~00000009) 0.00000000 3.~~62253825~~35396410 0.00000000 ~~766~~749.~~62034891~~95695266 I-A2 0.00000000 0.00000000 4.~~37500152~~37499931 0.00000000 1000.00000000 I-A3 0.00000000 0.00000000 1.~~69173109~~73198476 0.00000000 ~~775~~759.~~51559918~~48732708 I-A4 0.00000000 0.00000000 3.~~87203012~~43811920 0.00000000 ~~775~~759.~~51559918~~48732708 II-A 0.00000000 0.00000000 3.~~70534569~~64179551 0.00000000 ~~874~~854.~~03094603~~64580149 I-X 0.00000000 0.00000000 0.~~57064933~~52152730 0.00000000 ~~753~~746.~~59537424~~64607897 II-X 0.00000000 0.00000000 0.~~38030460~~37338525 0.00000000 ~~874~~858.~~38402360~~62344431 I-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~940~~912.~~29062038~~48019515 II-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~866~~857.~~25691603~~89994199 B-1 0.00000000 0.00000000 4.~~66580398~~65744886 0.00000000 ~~987~~985.~~05264915~~14629830 B-2 0.00000000 0.00000000 4.~~66580234~~65745033 0.00000000 ~~987~~985.~~05264901~~14629903 B-3 0.00000000 0.00000000 4.~~66580482~~65744946 0.00000000 ~~987~~985.~~05265163~~14629860 B-4 0.00000000 0.00000000 4.~~66580502~~65744953 0.00000000 ~~987~~985.~~05264894~~14629739 B-5 0.00000000 0.00000000 4.~~66580049~~65745074 0.00000000 ~~987~~985.~~05264778~~14629310 B-6 0.00000000 0.00000000 4.~~66580235~~65745081 0.00000000 ~~987~~985.~~05264857~~14629775 P 0.00000000 0.00000000 0.00000000 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 (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 125,~~290~~574,~~507~~577.7223 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~102~~92,~~871~~682.4652 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 125,~~393~~667,~~379~~259.1875 Withdrawals Reimbursement for Servicer Advances 69102,~~271~~871.9346 Payment of Service Fee 5149,~~648~~202.3701 Payment of Interest and Principal 125,~~272~~515,~~458~~186.8828 Total Withdrawals (Pool Distribution Amount) 125,~~393~~667,~~379~~259.1875 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4846,~~724~~416.9198 Master Servicing Fee 2,~~923~~785.4603 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5149,~~648~~202.3701

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 2 0 0 2 255,~~685~~473.3773 0.00 0.00 255,~~685~~473.3773 30 Days 4839 1 0 0 4940 118,~~987~~086,~~438~~190.2425 ~~160~~300,~~071~~074.3876 0.00 0.00 128,~~147~~386,~~509~~265.6201 60 Days 813 01 0 0 814 ~~912~~3,~~336~~491,920.8898 0160,071.0038 0.00 0.00 ~~912~~3,~~336~~651,992.8836 90 Days 43 0 0 0 43 ~~871~~561,~~092~~316.5591 0.00 0.00 0.00 ~~871~~561,~~092~~316.5591 120 Days 20 0 21 0 41 ~~445,410~~0.5700 0.00 ~~468~~369,~~593~~057.8489 0.00 ~~914~~369,~~004~~057.4189 150 Days 0 0 02 0 02 0.00 0.00 0468,593.0084 0.00 0468,593.0084 180+ Days 0 0 1 0 1 0.00 0.00 255,000.00 0.00 255,000.00 Totals 6255 34 34 0 6863 1412,~~216~~139,~~278~~428.2414 ~~415~~715,~~756~~619.7587 ~~723~~1,~~593~~092,651.8473 0.00 1513,~~355~~947,~~628~~699.8374 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.~~237248~~240674% 0.000000% 0.000000% 0.~~237248~~240674% 0.~~114578~~116772% 0.000000% 0.000000% 0.~~114578~~116772% 30 Days 54.~~693950~~693141% 0.~~118624~~120337% 0.000000% 0.000000% 54.~~812574~~813478% 53.~~371802~~696050% 0.~~071731~~137159% 0.000000% 0.000000% 53.~~443533~~833208% 60 Days 01.~~948992~~564380% 0.~~000000~~120337% 0.000000% 0.000000% 01.~~948992~~684717% 01.~~408836~~596093% 0.~~000000~~073166% 0.000000% 0.000000% 01.~~408836~~669259% 90 Days 0.~~474496~~361011% 0.000000% 0.000000% 0.000000% 0.~~474496~~361011% 0.~~390353~~256568% 0.000000% 0.000000% 0.000000% 0.~~390353~~256568% 120 Days 0.~~237248~~000000% 0.000000% 0.~~237248~~120337% 0.000000% 0.~~474496~~120337% 0.~~199597~~000000% 0.000000% 0.~~209986~~168690% 0.000000% 0.~~409583~~168690% 150 Days 0.000000% 0.000000% 0.~~000000~~240674% 0.000000% 0.~~000000~~240674% 0.000000% 0.000000% 0.~~000000~~214186% 0.000000% 0.~~000000~~214186% 180+ Days 0.000000% 0.000000% 0.~~118624~~120337% 0.000000% 0.~~118624~~120337% 0.000000% 0.000000% 0.~~114270~~116556% 0.000000% 0.~~114270~~116556% Totals 76.~~354686~~618532% 0.~~355872~~481348% 0.~~355872~~481348% 0.000000% 87.~~066429~~581227% 65.~~370588~~548711% 0.~~186309~~327097% 0.~~324256~~499431% 0.000000% 6.~~881153~~375238%

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 2 0 0 2 255,~~685~~473.3773 0.00 0.00 255,~~685~~473.3773 30 Days 4435 1 0 0 4536 107,~~981~~288,~~740~~982.5567 ~~160~~300,~~071~~074.3876 0.00 0.00 117,~~141~~589,~~811~~057.9343 60 Days 813 01 0 0 814 ~~912~~3,~~336~~491,920.8898 0160,071.0038 0.00 0.00 ~~912~~3,~~336~~651,992.8836 90 Days 23 0 0 0 23 ~~496~~561,~~346~~316.9591 0.00 0.00 0.00 ~~496~~561,~~346~~316.9591 120 Days 20 0 21 0 41 ~~445,410~~0.5700 0.00 ~~468~~369,~~593~~057.8489 0.00 ~~914~~369,~~004~~057.4189 150 Days 0 0 02 0 02 0.00 0.00 0468,593.0084 0.00 0468,593.0084 180 Days 0 0 1 0 1 0.00 0.00 255,000.00 0.00 255,000.00 Totals 5651 34 34 0 6259 1211,~~835~~342,~~834~~220.9556 ~~415~~715,~~756~~619.7587 ~~723~~1,~~593~~092,651.8473 0.00 13,~~975~~150,~~185~~492.5416 0-29 Days 0.~~312989~~316957% 0.000000% 0.000000% 0.~~312989~~316957% 0.~~181016~~184371% 0.000000% 0.000000% 0.~~181016~~184371% 30 Days 65.~~885759~~546751% 0.~~156495~~158479% 0.000000% 0.000000% 75.~~042254~~705230% 75.~~774678~~260336% 0.~~113325~~216559% 0.000000% 0.000000% 75.~~888002~~476895% 60 Days 12.~~251956~~060222% 0.~~000000~~158479% 0.000000% 0.000000% 12.~~251956~~218700% 02.~~645902~~520061% 0.~~000000~~115521% 0.000000% 0.000000% 02.~~645902~~635582% 90 Days 0.~~312989~~475436% 0.000000% 0.000000% 0.000000% 0.~~312989~~475436% 0.~~351396~~405093% 0.000000% 0.000000% 0.000000% 0.~~351396~~405093% 120 Days 0.~~312989~~000000% 0.000000% 0.~~312989~~158479% 0.000000% 0.~~625978~~158479% 0.~~315335~~000000% 0.000000% 0.~~331748~~266343% 0.000000% 0.~~647082~~266343% 150 Days 0.000000% 0.000000% 0.~~000000~~316957% 0.000000% 0.~~000000~~316957% 0.000000% 0.000000% 0.~~000000~~338176% 0.000000% 0.~~000000~~338176% 180 Days 0.000000% 0.000000% 0.~~156495~~158479% 0.000000% 0.~~156495~~158479% 0.000000% 0.000000% 0.~~180531~~184029% 0.000000% 0.~~180531~~184029% Totals 8.~~763693~~082409% 0.~~469484~~633914% 0.~~469484~~633914% 0.000000% 9.~~702660~~350238% 98.~~087310~~185490% 0.~~294341~~516451% 0.~~512278~~788548% 0.000000% 9.~~893929~~490490% 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 4 0 0 0 4 1797,~~005,697~~207.6958 0.00 0.00 0.00 1797,~~005,697~~207.6958 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 20 0 0 0 20 ~~374,745~~0.6000 0.00 0.00 0.00 ~~374,745~~0.6000 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 64 0 0 0 64 1797,~~380,443~~207.2958 0.00 0.00 0.00 1797,~~380,443~~207.2958 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 12.~~960784~~000000% 0.000000% 0.000000% 0.000000% 12.~~960784~~000000% 10.~~227887~~993847% 0.000000% 0.000000% 0.000000% 10.~~227887~~993847% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.~~980392~~000000% 0.000000% 0.000000% 0.000000% 0.~~980392~~000000% 0.~~457538~~000000% 0.000000% 0.000000% 0.000000% 0.~~457538~~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% 0.000000% 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 2.~~941176~~000000% 0.000000% 0.000000% 0.000000% 2.~~941176~~000000% 10.~~685425~~993847% 0.000000% 0.000000% 0.000000% 10.~~685425~~993847%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~102~~92,~~871~~682.4652

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~394415~~371123% Weighted Average Net Coupon 6.~~144415~~121123% Weighted Average Pass-Through Rate 6.~~129415~~106123% Weighted Average Maturity(Stepdown Calculation ) ~~288~~287 Beginning Scheduled Collateral Loan Count ~~879~~843 Number Of Loans Paid In Full 3612 Ending Scheduled Collateral Loan Count ~~843~~831 Beginning Scheduled Collateral Balance ~~233~~222,~~879~~801,~~501~~662.4699 Ending Scheduled Collateral Balance ~~222~~218,~~801~~420,~~662~~188.9959 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~223~~218,~~154~~779,~~883~~263.8279 Monthly P &I Constant 1,~~705~~633,~~100~~003.6982 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 ~~222~~218,~~801~~420,~~662~~188.9959 Scheduled Principal ~~458~~450,~~831~~089.89 Unscheduled Principal 103,~~619~~931,~~006~~384.5851

Miscellaneous Reporting Senior Prep. Percentage Group 1 100.000000% Senior Prep. Percentage Group 2 100.000000% Senior Percentage Group 1 91.~~677224~~107084% Senior Percentage Group 2 92.~~337158~~241988% Subordinate Percentage Group 1 8.~~322776~~892916% Subordinate Percentage Group 2 7.~~662842~~758012% Sub Prep. Percentage 0.000000% Three month rolling average 0.01696142%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed Fixed Mixed Fixed Mixed Fixed Weighted Average Coupon Rate 6.~~783263~~767264 5.~~687677~~686591 6.~~394415~~371123 Weighted Average Net Rate 6.~~533262~~517264 5.~~437677~~436591 6.~~144415~~121123 Weighted Average Maturity ~~350~~349 ~~169~~168 ~~288~~287 Beginning Loan Count ~~672~~639 ~~207~~204 ~~879~~843 Loans Paid In Full 338 34 3612 Ending Loan Count ~~639~~631 ~~204~~200 ~~843~~831 Beginning Scheduled Balance ~~150~~141,~~870~~129,~~435~~477.2398 8381,~~009~~672,~~066~~185.2301 ~~233~~222,~~879~~801,~~501~~662.4699 Ending scheduled Balance ~~141~~138,~~129~~441,~~477~~380.9888 8179,~~672~~978,~~185~~807.0171 ~~222~~218,~~801~~420,~~662~~188.9959 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~986~~924,~~359~~000.4223 ~~718~~709,~~741~~003.2759 1,~~705~~633,~~100~~003.6982 Scheduled Principal ~~133~~128,~~531~~116.2756 ~~325~~321,~~300~~973.6233 ~~458~~450,~~831~~089.89 Unscheduled Principal 92,~~607~~559,~~425~~980.9854 1,~~011~~371,~~580~~403.6097 103,~~619~~931,~~006~~384.5851 Scheduled Interest ~~852~~795,~~828~~883.1567 ~~393~~387,~~440~~030.6526 1,~~246~~182,~~268~~913.8093 Servicing Fees 3129,~~431~~401.3691 17,~~293~~015.5507 4846,~~724~~416.9198 Master Servicing Fees 1,~~885~~764.8415 1,~~037~~020.6288 2,~~923~~785.4603 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 0.00 0.00 0.00 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 ~~819~~764,~~510~~717.9561 ~~375~~368,~~109~~994.4831 1,~~194~~133,~~620~~711.4392 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 6.~~518263~~502264 5.~~422677~~421591 6.~~129415~~106123

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-AC2