8-K 1 sai03bc5.txt JUNE 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): June 25, 2003 STRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-BC5 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-102489-14 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, 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) ITEM 5. Other Events On June 25, 2003 a distribution was made to holders of STRUCTURED ASSET INVESTMENT LOAN TRUST, Mortgage Pass-Through Certificates, Series 2003-BC5 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-BC5 Trust, relating to the June 25, 2003 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. STRUCTURED ASSET INVESTMENT LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-BC5 Trust By: Wells Fargo Bank Minnesota, N.A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 7/2/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-BC5 Trust, relating to the June 25, 2003 distribution. EX-99.1

~~SECURITIES~~Structured ~~AND~~Asset ~~EXCHANGE~~Investment ~~COMMISSION~~Loan Trust Mortgage Pass-Through Certificates Record Date: 5/31/03 Distribution Date: 6/25/03 SAIL Series: 2003-BC5 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 1A1 86358EBS4 SEN 1.42000% 346,631,000.00 423,852.67 13,505,458.07 1A2 86358EBT2 SEN 1.92000% 253,014,000.00 404,822.39 0.00 2A 86358EBU9 SEN 1.64000% 312,159,000.00 440,837.87 4,196,178.56 AIO 86358EBV7 IO 6.00000% 0.00 1,749,389.96 0.00 M1 86358EBW5 MEZ 2.05000% 46,120,000.00 81,414.61 0.00 M2A 86358EBX3 MEZ 3.09000% 30,000,000.00 79,825.00 0.00 M2B 86358ECC8 MEZ 3.20000% 15,060,000.00 41,498.67 0.00 M3 86358EBY1 MEZ 3.55000% 15,904,000.00 48,617.64 0.00 M4 86358EBZ8 MEZ 4.30000% 13,253,000.00 49,072.91 0.00 M5 86358ECA2 MEZ 4.80000% 13,253,000.00 54,779.07 0.00 B 86358ECB0 SEN 4.80000% 7,422,000.00 30,677.60 0.00 X SAI03BC5X SEN 0.00000% 7,420,782.32 3,173,068.75 0.00 P SAI03BC5P SEN 0.00000% 100.00 129,376.45 0.00 R1 SAI03B5R1 SEN 0.00000% 0.00 0.00 0.00 R2 SAI03B5R2 SEN 0.00000% 0.00 0.00 0.00 R3 SAI03B5R3 SEN 0.00000% 0.00 0.00 0.00 R4 SEN 0.00000% 0.00 0.00 0.00 Totals 1,060,236,882.32 6,707,233.59 17,701,636.63

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1A1 0.00 333,125,541.93 D13,929,310.C74 0. ~~20549~~00 1A2 0.00 253,014,000.00 404,822.39 0.00 2A 0.00 307,962,821.44 4,637,016.43 0.00 AIO 0.00 0.00 1,749,389.96 0.00 M1 0.00 46,120,000.00 81,414.61 0.00 M2A 0.00 30,000,000.00 79,825.00 0.00 M2B 0.00 15,060,000.00 41,498.67 0.00 M3 0.00 15,904,000.00 48,617.64 0.00 M4 0.00 13,253,000.00 49,072.91 0.00 M5 0.00 13,253,000.00 54,779.07 0.00 B 0.00 7,422,000.00 30,677.60 0.00 X 0.00 7,420,782.32 3,173,068.75 0.00 P 0.00 100.00 129,376.45 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 Totals 0.00 1,042,535,245.69 24,408,870.22 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal ~~8-K~~Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1A1 346,631,000.00 346,631,000.00 0.00 13,505,458.07 0.00 0.00 1A2 253,014,000.00 253,014,000.00 0.00 0.00 0.00 0.00 2A 312,159,000.00 312,159,000.00 0.00 4,196,178.56 0.00 0.00 AIO 0.00 0.00 0.00 0.00 0.00 0.00 M1 46,120,000.00 46,120,000.00 0.00 0.00 0.00 0.00 M2A 30,000,000.00 30,000,000.00 0.00 0.00 0.00 0.00 M2B 15,060,000.00 15,060,000.00 0.00 0.00 0.00 0.00 M3 15,904,000.00 15,904,000.00 0.00 0.00 0.00 0.00 M4 13,253,000.00 13,253,000.00 0.00 0.00 0.00 0.00 M5 13,253,000.00 13,253,000.00 0.00 0.00 0.00 0.00 B 7,422,000.00 7,422,000.00 0.00 0.00 0.00 0.00 X 7,420,782.32 7,420,782.32 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,060,236,882.32 1,060,236,882.32 0.00 17,701,636.63 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.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1A1 13,505,458.07 333,125,541.93 0.96103794 13,505,458.07 1A2 0.00 253,014,000.00 1.00000000 0.00 2A 4,196,178.56 307,962,821.44 0.98655756 4,196,178.56 AIO 0.00 0.00 0.00000000 0.00 M1 0.00 46,120,000.00 1.00000000 0.00 M2A 0.00 30,000,000.00 1.00000000 0.00 M2B 0.00 15,060,000.00 1.00000000 0.00 M3 0.00 15,904,000.00 1.00000000 0.00 M4 0.00 13,253,000.00 1.00000000 0.00 M5 0.00 13,253,000.00 1.00000000 0.00 B 0.00 7,422,000.00 1.00000000 0.00 X 0.00 7,420,782.32 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 R4 0.00 0.00 0.00000000 0.00 Totals 17,701,636.63 1,042,535,245.69 0.98330407 17,701,636.63

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1A1 346,631,000.00 1000.00000000 0.00000000 38.96206072 0.00000000 1A2 253,014,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 2A 312,159,000.00 1000.00000000 0.00000000 13.44243978 OR0.00000000 AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 46,120,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2A 30,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2B 15,060,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 15,904,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 13,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 13,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 7,422,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 7,420,782.32 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (d2) OFAll ~~THE~~Classes are Per $1,000 Denominations.

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1A1 0.00000000 38.96206072 961.03793928 0.96103794 38.96206072 1A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 2A 0.00000000 13.44243978 986.55756022 0.98655756 13.44243978 AIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1A1 346,631,000.00 1.42000% 346,631,000.00 423,852.68 0.00 0.00 1A2 253,014,000.00 1.92000% 253,014,000.00 404,822.40 0.00 0.00 2A 312,159,000.00 1.64000% 312,159,000.00 440,837.88 0.00 0.00 AIO 0.00 6.00000% 349,878,000.00 1,749,390.00 0.00 0.00 M1 46,120,000.00 2.05000% 46,120,000.00 81,414.61 0.00 0.00 M2A 30,000,000.00 3.09000% 30,000,000.00 79,825.00 0.00 0.00 M2B 15,060,000.00 3.20000% 15,060,000.00 41,498.67 0.00 0.00 M3 15,904,000.00 3.55000% 15,904,000.00 48,617.64 0.00 0.00 M4 13,253,000.00 4.30000% 13,253,000.00 49,072.91 0.00 0.00 M5 13,253,000.00 4.80000% 13,253,000.00 54,779.07 0.00 0.00 B 7,422,000.00 4.80000% 7,422,000.00 30,677.60 0.00 0.00 X 7,420,782.32 0.00000% 7,420,782.32 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 R4 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,060,236,882.32 3,404,788.46 0.00 0.00

~~May~~Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1A1 0.01 0.00 423,852.67 0.00 333,125,541.93 1A2 0.01 0.00 404,822.39 0.00 253,014,000.00 2A 0.01 0.00 440,837.87 0.00 307,962,821.44 AIO 0.04 0.00 1,749,389.96 0.00 349,878,000.00 M1 0.00 0.00 81,414.61 0.00 46,120,000.00 M2A 0.00 0.00 79,825.00 0.00 30,000,000.00 ~~2003~~M2B 0.00 0.00 41,498.67 0.00 15,060,000.00 M3 0.00 0.00 48,617.64 0.00 15,904,000.00 M4 0.00 0.00 49,072.91 0.00 13,253,000.00 M5 0.00 0.00 54,779.07 0.00 13,253,000.00 B 0.00 0.00 30,677.60 0.00 7,422,000.00 X 0.00 0.00 3,173,068.75 0.00 7,420,782.32 P 0.00 0.00 129,376.45 0.00 100.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 Totals 0.07 0.00 6,707,233.59 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (as5) ~~Depositor~~Amount ~~under~~Rate ~~the~~Balance ~~Trust~~Interest ~~Agreement~~Shortfall Shortfall 1A1 346,631,000.00 ~~dated~~1.42000% as1000.00000000 of1.22277777 ~~May~~0.00000000 0.00000000 1A2 253,014,000.00 1.92000% 1000.00000000 1.60000000 0.00000000 0.00000000 2A 312,159,000.00 ~~2003~~1.64000% 1000.00000000 1.41222223 0.00000000 0.00000000 AIO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M1 46,120,000.00 ~~providing~~2.05000% ~~for~~1000.00000000 ~~the~~1.76527775 ~~issuance~~0.00000000 of0.00000000 ~~Structured~~M2A ~~Asset~~30,000,000.00 ~~Investment~~3.09000% ~~Loan~~1000.00000000 ~~Trust~~2.66083333 ~~Mortgage~~0.00000000 ~~Pass-Through~~0.00000000 ~~Certificates~~M2B 15,060,000.00 ~~Series~~3.20000% ~~2003-BC5~~1000.00000000 2.75555578 0.00000000 0.00000000 M3 15,904,000.00 3.55000% 1000.00000000 3.05694416 0.00000000 0.00000000 M4 13,253,000.00 4.30000% 1000.00000000 3.70277748 0.00000000 0.00000000 M5 13,253,000.00 4.80000% 1000.00000000 4.13333358 0.00000000 0.00000000 B 7,422,000.00 4.80000% 1000.00000000 4.13333333 0.00000000 0.00000000 X 7,420,782.32 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denominations

~~Structured~~Interest ~~Asset~~Distribution ~~Securities~~Factors ~~Corporation~~ Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1A1 0.00000003 0.00000000 1.22277774 0.00000000 961.03793928 1A2 0.00000004 0.00000000 1.59999996 0.00000000 1000.00000000 2A 0.00000003 0.00000000 1.41222220 0.00000000 986.55756022 AIO 0.00000011 0.00000000 4.99999989 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.76527775 0.00000000 1000.00000000 M2A 0.00000000 0.00000000 2.66083333 0.00000000 1000.00000000 M2B 0.00000000 0.00000000 2.75555578 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.05694416 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.70277748 0.00000000 1000.00000000 M5 0.00000000 0.00000000 4.13333358 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.13333333 0.00000000 1000.00000000 X 0.00000000 0.00000000 427.59221510 0.00000000 1000.00000000 P 0.00000000 0.00000000 1293764.50000000 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,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 24,868,306.17 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 24,868,306.17 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~459,435.95 inPayment ~~its~~of ~~Charter~~Interest and Principal 24,408,870.22 Total Withdrawals (Pool Distribution Amount) 24,868,306.17 Ending Balance 0.00

Delaware	333-102489	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, New York		10019
(Address of Principal Executive Offices)		(Zip Code)

~~Registrant’s~~OTHER ~~telephone~~ACCOUNTS ~~number~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 ~~including~~0.00 ~~area~~0.00 ~~code: (212)~~1,000.00 ~~526-7000~~Financial Guaranty 0.00 0.00 0.00 0.00

~~None~~ 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 3 0 0 3 324,288.33 0.00 0.00 324,288.33 30 Days 46 0 0 0 46 6,004,962.52 0.00 0.00 0.00 6,004,962.52 60 Days 8 0 0 0 8 788,075.35 0.00 0.00 0.00 788,075.35 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 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 54 3 0 0 57 6,793,037.87 324,288.33 0.00 0.00 7,117,326.20 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 0.042224% 0.000000% 0.000000% 0.042224% 0.031086% 0.000000% 0.000000% 0.031086% 30 Days 0.647431% 0.000000% 0.000000% 0.000000% 0.647431% 0.575631% 0.000000% 0.000000% 0.000000% 0.575631% 60 Days 0.112597% 0.000000% 0.000000% 0.000000% 0.112597% 0.075544% 0.000000% 0.000000% 0.000000% 0.075544% 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% 0.000000% 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 0.760028% 0.042224% 0.000000% 0.000000% 0.802252% 0.651175% 0.031086% 0.000000% 0.000000% 0.682261%

~~(Former~~Delinquency ~~Name~~Status orBy ~~Former~~Groups ~~Address~~DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 8 0 0 0 8 521,707.01 if0.00 ~~Changed~~0.00 ~~Since~~0.00 ~~Last~~521,707.01 ~~Report)~~60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 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 8 0 0 0 8 521,707.01 0.00 0.00 0.00 521,707.01 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.868621% 0.000000% 0.000000% 0.000000% 0.868621% 0.552915% 0.000000% 0.000000% 0.000000% 0.552915% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 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% 0.000000% 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 0.868621% 0.000000% 0.000000% 0.000000% 0.868621% 0.552915% 0.000000% 0.000000% 0.000000% 0.552915% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 3 0 0 3 324,288.33 0.00 0.00 324,288.33 30 Days 30 0 0 0 30 3,997,798.75 0.00 0.00 0.00 3,997,798.75 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 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 30 3 0 0 33 3,997,798.75 324,288.33 0.00 0.00 4,322,087.08 0-29 Days 0.071429% 0.000000% 0.000000% 0.071429% 0.054982% 0.000000% 0.000000% 0.054982% 30 Days 0.714286% 0.000000% 0.000000% 0.000000% 0.714286% 0.677812% 0.000000% 0.000000% 0.000000% 0.677812% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 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% 0.000000% 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 0.714286% 0.071429% 0.000000% 0.000000% 0.785714% 0.677812% 0.054982% 0.000000% 0.000000% 0.732794% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 3 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 1 0 0 0 1 87,000.00 0.00 0.00 0.00 87,000.00 60 Days 2 0 0 0 2 135,625.98 0.00 0.00 0.00 135,625.98 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 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 3 0 0 0 3 222,625.98 0.00 0.00 0.00 222,625.98 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.101833% 0.000000% 0.000000% 0.000000% 0.101833% 0.062701% 0.000000% 0.000000% 0.000000% 0.062701% 60 Days 0.203666% 0.000000% 0.000000% 0.000000% 0.203666% 0.097747% 0.000000% 0.000000% 0.000000% 0.097747% 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% 0.000000% 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 0.305499% 0.000000% 0.000000% 0.000000% 0.305499% 0.160448% 0.000000% 0.000000% 0.000000% 0.160448% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 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 7 0 0 0 7 1,398,456.76 0.00 0.00 0.00 1,398,456.76 60 Days 6 0 0 0 6 652,449.37 0.00 0.00 0.00 652,449.37 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 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 13 0 0 0 13 2,050,906.13 0.00 0.00 0.00 2,050,906.13 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.698603% 0.000000% 0.000000% 0.000000% 0.698603% 0.634858% 0.000000% 0.000000% 0.000000% 0.634858% 60 Days 0.598802% 0.000000% 0.000000% 0.000000% 0.598802% 0.296193% 0.000000% 0.000000% 0.000000% 0.296193% 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% 0.000000% 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 1.297405% 0.000000% 0.000000% 0.000000% 1.297405% 0.931050% 0.000000% 0.000000% 0.000000% 0.931050%

~~Item~~OTHER 5INFORMATION Current Period Class A Insufficient Funds 0. ~~Other~~00 ~~Events~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

~~The~~COLLATERAL ~~Registrant~~STATEMENT ~~registered~~Collateral ~~issuances~~Description ofMixed ~~its~~Fixed ~~Structured~~& ~~Asset~~Arm ~~Investment~~Weighted ~~Loan~~Average ~~Trust~~Gross ~~Mortgage~~Coupon ~~Pass-Through~~8.222162% ~~Certificates~~Weighted ~~Series~~Average ~~2003-BC5~~Net onCoupon a7.722162% ~~delayed~~Weighted orAverage ~~continuous~~Pass-Through ~~basis~~Rate ~~pursuant~~7.460434% toWeighted ~~Rule~~Average ~~415~~Maturity(Stepdown ~~under~~Calculation ~~the~~) ~~Securities~~1 ~~Act~~Beginning ofScheduled ~~1933,~~Collateral asLoan ~~amended~~Count ~~(the “Act”)~~7,720 byNumber aOf ~~Registration~~Loans ~~Statement~~Paid onIn ~~Form~~Full ~~S-3~~615 ~~(Registration~~Ending ~~File~~Scheduled ~~No.~~Collateral ~~333-102489)~~Loan ~~(the~~Count ~~“Registration Statement”). Pursuant to the Registration Statement~~7,105 ~~the~~Beginning ~~Registrant~~Scheduled ~~issued~~Collateral $Balance 1,~~052~~060,~~816~~236,~~000~~882.32 ~~aggregate~~Ending ~~principal~~Scheduled ~~amount~~Collateral ofBalance ~~Class~~ 1~~-A1~~, ~~Class 2A~~042, ~~Class A-IO~~535,245.69 ~~Class~~Ending ~~M1,~~Actual ~~Class~~Collateral ~~M2-A,~~Balance ~~Class~~at M231-B,May-2003 ~~Class M3~~1, ~~Class M4~~043,196,764.46 ~~Class~~Monthly M5P ~~and~~&I ~~Class~~Constant ~~B Certificates of its Structured Asset Investment Loan Trust Mortgage Pass-Through Certificates~~8,054,667.10 ~~Series~~Special ~~2003-BC5~~Servicing onFee ~~May 30, 2003~~0. ~~This~~00 ~~Current~~Prepayment ~~Report~~Penalties on0.00 ~~Form~~Realized ~~8-K~~Loss isAmount ~~being~~0.00 ~~filed~~Cumulative toRealized ~~satisfy~~Loss an0.00 ~~undertaking,~~Ending ~~contained~~Scheduled inBalance ~~the~~for ~~definitive~~Premium ~~Prospectus~~Loans ~~dated March 20~~1, ~~2003~~042, ~~as supplemented by the Prospectus Supplement dated May 28~~535,245.69 ~~2003~~Scheduled ~~(the~~Principal ~~“Prospectus Supplement”)~~790,134.64 toUnscheduled ~~file~~Principal ~~a copy of the Trust Agreement (as defined below) and other operative agreements executed in connection with the issuance of the Certificates~~16, ~~a form of which was filed as an exhibit to the Registration Statement~~911,501.99

~~The~~COLLATERAL ~~Certificates~~STATEMENT ~~were~~Collateral ~~issued~~Description ~~pursuant~~Mixed toFixed a& ~~Trust~~Arm ~~Agreement~~Weighted ~~(the~~Average ~~“Trust~~Coupon ~~Agreement”),~~Rate ~~attached hereto as Exhibit 4~~8.1,222162% ~~dated~~Weighted asAverage ofNet ~~May~~Rate 1,7.722162% ~~2003,~~Weighted ~~among~~Average ~~Structured~~Pass ~~Asset~~Through ~~Securities~~Rate ~~Corporation,~~7.460434% asWeighted ~~depositor,~~Average ~~Aurora~~Maturity ~~Loan~~1 ~~Services~~Record ~~Inc.,~~Date as05/31/2003 ~~Master~~Principal ~~Servicer,~~and ~~The~~Interest ~~Murrayhill~~Constant ~~Company~~8,054,667.10 asBeginning ~~Credit~~Loan ~~Risk~~Count ~~Manager~~7,720 ~~Wells~~Loans ~~Fargo~~Paid ~~Bank~~in ~~Minnesota,~~Full ~~National~~615 ~~Association,~~Ending asLoan ~~Securities~~Count ~~Administrator~~7,105 ~~and~~Beginning ~~LaSalle~~Scheduled ~~Bank~~Balance ~~National Association~~1, ~~as Trustee~~060,236,882. ~~The~~32 ~~“Certificates”~~Ending ~~consist~~Scheduled ofBalance ~~the following classes: Class~~ 1~~-A1~~, ~~Class 1-A2~~042, ~~Class 2A~~535,245.69 ~~Class~~Ending ~~A-IO,~~Actual ~~Class~~Balance ~~M1,~~at ~~Class M2~~31-~~A, Class M2~~May-B,2003 ~~Class M3~~1, ~~Class M4~~043, ~~Class 1-A1~~196,764.46 ~~Class~~Scheduled ~~1-A2,~~Principal ~~Class 2A~~790,134.64 ~~Class~~Unscheduled B,Principal ~~Class P~~16,911,501.99 ~~Class~~Scheduled XInterest ~~and Class R~~7,264,532. ~~The~~46 ~~Certificates~~Servicing ~~evidence~~Fee ~~all~~441,765.34 ofMaster ~~the~~Servicing ~~beneficial~~Fee ~~ownership~~0.00 ~~interest~~Trustee inFee ~~a trust fund (the “Trust Fund”) that consists primarily of two pools of certain conventional~~4,417.65 ~~first~~FRY ~~and~~Amount ~~second~~0.00 ~~lien,~~Special ~~fixed~~Hazard ~~and~~Fee ~~adjustable~~0.00 ~~rate,~~Other ~~fully~~Fee ~~amortizing and balloon~~226,826.30 ~~residential~~Pool ~~mortgage~~Insurance ~~loans~~Fee ~~(the~~0.00 ~~“Mortgage~~Spread ~~Loans”)~~1 ~~with~~0.00 anSpread ~~aggregate~~2 ~~outstanding~~0.00 ~~principal~~Spread ~~balance~~3 ~~of $1,060,236,882~~0.3200 asNet ofInterest ~~May 1~~6, ~~2003~~591,523.17 ~~together~~Realized ~~with~~Loss ~~certain~~Amount ~~other assets~~0. ~~Capitalized~~00 ~~terms~~Cumulative ~~used~~Realized ~~herein~~Loss ~~and~~0.00 ~~not~~Percentage ~~otherwise~~of ~~defined~~Cumulative ~~shall~~Losses ~~have~~0.00 ~~the~~Special ~~meanings~~Servicing ~~assigned~~Fee to0.00 ~~them~~Prepayment inPenalties ~~the Trust Agreement~~0.00

~~Item~~Miscellaneous Reporting Monthly Excess Cashflows 3,173,481.70 Overcollateralization Amount 7,420,882. ~~Financial~~32 ~~Statements;~~Overcollateralization ~~Pro~~Deficiency ~~Forma~~0.00 ~~Financial~~Aggregate ~~Information~~Overcollateralization ~~and~~Release ~~Exhibits~~0.00 Targeted Overcollateralization Amount 7,420,882.32 Cap payment 0.00

Group Level Collateral Statement Group 1 2 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 8.096818 8.527187 7.517761 Weighted Average Net Rate 0.000000 0.000000 0.000000 Weighted Average Maturity (a1) (1) (1) Beginning Loan Count 938 4,278 991 Loans Paid In Full (921) (4,200) (982) Ending Loan Count 921 4,200 982 Beginning Scheduled Balance 96,306,404.66 600,955,315.33 140,090,577.27 Ending scheduled Balance 94,270,544.09 589,485,717.83 138,637,173.31 Record Date 05/31/2003 05/31/2003 05/31/2003 Principal And Interest Constant 754,099.99 4,657,334.96 1,016,189.62 Scheduled Principal 104,287.16 386,953.04 138,550.02 Unscheduled Principal 1,931,573.41 11,082,644.46 1,314,853.94 Scheduled Interest 649,812.83 4,270,381.92 877,639.60 Servicing Fees 40,127.68 250,398.02 58,371.07 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 401.26 2,504.01 583.69 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 8,097.24 122,606.58 14,657.31 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 601,186.65 3,894,873.31 804,027.53 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.490924 7.777364 6.887208

~~Not~~Group ~~applicable~~Level Collateral Statement Group 4 Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.896633 8.222162 Weighted Average Net Rate 0.000000 7.722162 Weighted Average Maturity (1) 1 Beginning Loan Count 1,013 7,220 Loans Paid In Full (1,002) (7,105) Ending Loan Count 1,002 7,105 Beginning Scheduled Balance 222,884,585.06 1,060,236,882.32 Ending scheduled Balance 220,141,810.46 1,042,535,245.69 Record Date 05/31/2003 05/31/2003 Principal And Interest Constant 1,627,042.53 8,054,667.10 Scheduled Principal 160,344.42 790,134.64 Unscheduled Principal 2,582,430.18 16,911,501.99 Scheduled Interest 1,466,698.11 7,264,532.46 Servicing Fees 92,868.57 441,765.34 Master Servicing Fees 0.00 0.00 Trustee Fee 928.69 4,417.65 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 81,465.17 226,826.30 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 1,291,435.68 6,591,523.17 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.953028 7.460434

(b)

Not applicable.

(c)

Exhibits:

1.1

Terms Agreement, dated May 28, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as Representative of the Underwriters.

4.1

Trust Agreement, dated as of May 1, 2003, among Structured Asset Securities Corporation, as Depositor, Aurora Loan Services Inc., as Master Servicer, The Murrayhill Company, as Credit Risk Manager, Wells Fargo Bank Minnesota, National Association, as Securities Administrator, and LaSalle Bank National Association, as Trustee.

99.1

Mortgage Loan Sale and Assignment Agreement, dated as of May 1, 2003, between Lehman Brothers Holdings Inc., as Seller, and Structured Asset Securities Corporation, as Purchaser.

99.2

Securitization Servicing Agreement, dated as of May 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Ocwen Federal Bank FSB, as Servicer.

99.3

Subservicing Agreement, dated as of May 1, 2003, among Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Option One Mortgage Corporation, as Servicer.

99.4

Servicing Agreement, dated as of May 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, and Aurora Loan Services Inc. in the dual capacities of Master Servicer and Servicer.

99.5

Reconstituted Servicing Agreement, dated as of May 1, 2003, by and between Lehman Brothers Holdings Inc., as Seller, Aurora Loan Services Inc., as Master Servicer, and Wells Fargo Home Mortgage, Inc., as Servicer.

99.6

Mortgage Guaranty Insurance Corporation (“MGIC”), Master Policy (No. 12-670-4-3169), including (i) the Master Policy Declaration Page (form #71-70035 8/94); (ii) the Terms and Conditions (form #71-7135); (iii) Endorsements #71-70192 (8/01) and #71-70201 (10/01) and (iv) the MGIC Commitment Certificate (form #71-7239 2/03) covering certain first lien Mortgage Loans with original Loan-to-Value Ratios in excess of 80%.

99.7

Radian Guaranty Inc. Master Policy for Primary Mortgage Insurance.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Ellen V. Kiernan

Name: Ellen V. Kiernan

Title: Senior Vice President

Dated: May 30, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

1.1

Filing Compare · STRUCTURED ASSET SEC CORP MORT PASS THR CERTS SER 2003-BC5