8-K 1 bsa03sd1.txt SEPTEMBER 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): September 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-09 Pending Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) 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 September 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-SD1 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 Asset-Backed Certificates, Series 2003-SD1 Trust, relating to the September 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. BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-SD1 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: 10/2/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-SD1 Trust, relating to the September 25, 2003 distribution. EX-99.1

~~SECURITIES~~Bear ~~AND~~Stearns ~~EXCHANGE~~Asset ~~COMMISSION Washington~~Backed Securities Asset-Backed Certificates Record Date: 8/31/03 Distribution Date: 9/25/03 BSA Series: 2003-SD1 Contact: CTSLink Customer Service Wells Fargo Bank Minnesota, DN.CA. ~~20549 FORM~~Corporate Trust Services 9062 Old Annapolis Road Columbia, MD 21045-1951 Telephone: (301) 815-6600 Fax: (301) 815-6600 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A 07384YKL9 SEN 1.56000% 186,599,000.00 218,320.83 7,371,855.20 R-1 BSA03S1R1 RES 0.00000% 50.00 0.00 50.00 R-2 BSA03S1R2 RES 0.00000% 50.00 0.00 50.00 M-1 07384YKM7 MEZ 1.96000% 8,295,000.00 12,193.65 0.00 M-K2 07384YKN5 MEZ 3.16000% 7,258,000.00 17,201.46 0.00 B 07384YKP0 SUB 4.61000% 5,185,000.00 17,927.14 0.00 B-IO BSA03SBIO IO 0.00000% 0.00 841,122.97 0.00 OC BSA03S1OC OC 0.00000% 454.31 0.00 0.00 Totals 207,337,554.31 1,106,766.05 7,371,955.20

~~CURRENT~~Certificateholder ~~REPORT PURSUANT~~Distribution TOSummary ~~SECTION~~(continued) 13Current OREnding ~~15(d)~~Cumulative OFRealized ~~THE SECURITIES~~Certificate ~~AND~~Total ~~EXCHANGE~~Realized ~~ACT~~Class OFLoss ~~1934 Date~~Balance ofDistribution ~~Report~~Losses ~~(Date~~A of0.00 ~~earliest~~179,227,144.80 ~~event~~7,590,176.03 ~~reported) August~~0.00 29R-1 0.00 0.00 50.00 0.00 R-2 0.00 0.00 50.00 0.00 M-1 0.00 8,295,000.00 ~~2003~~12,193.65 0.00 M-2 0.00 7,258,000.00 17,201.46 0.00 B 0.00 5,185,000.00 17,927.14 0.00 B-IO 0.00 0.00 841,122.97 0.00 OC 0.00 453.99 0.00 0.00 Totals 0.00 199,965,598.79 8,478,721.25 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Delaware~~Principal ~~(State~~Distribution orStatement ~~other~~Original ~~jurisdiction~~Beginning ofScheduled ~~incorporation)~~Unscheduled ~~333-91334~~Face ~~(Commission~~Certificate ~~file~~Principal ~~number~~Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 13A 186,599,000.00 186,599,000.00 0.00 7,371,855.20 0.00 0.00 R-~~3836437~~1 (I50.00 50.00 0.00 50.00 0.00 0.00 R-2 50.S00 50.00 ~~employer~~0.00 ~~identification~~50.00 no0.00 0.00 M-1 8,295,000.00 8,295,000.00 0.00 0.00 0.00 0.00 M-2 7,258,000.00 7,258,000.00 0.00 0.00 0.00 0.00 B 5,185,000.00 5,185,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 454.31 454.31 0.00 0.00 0.00 0.00 Totals 207,337,554.31 207,337,554.31 0.00 7,371,955.20 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.

~~383~~Principal ~~Madison~~Distribution ~~Avenue~~Statement ~~New~~(continued) ~~York~~Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 7,371,855.20 ~~New~~179,227,144.80 ~~York~~0.96049360 ~~(Address~~7,371,855.20 ofR-1 ~~principal~~50.00 ~~executive~~0.00 ~~offices)~~0.00000000 ~~10179~~50.00 ~~(ZIP~~R-2 ~~Code)~~50.00 0.00 0.00000000 50.00 M-1 0.00 8,295,000.00 1.00000000 0.00 M-2 0.00 7,258,000.00 1.00000000 0.00 B 0.00 5,185,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 453.99 0.99929564 0.00 Totals 7,371,955.20 199,965,598.79 0.96444467 7,371,955.20

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (~~212~~2) ~~272~~Amount Balance Distribution Distribution Accretion A 186,599,000.00 1000.00000000 0.00000000 39.50640250 0.00000000 R-~~2000 Registrant's~~1 ~~telephone~~50.00 ~~number~~1000.00000000 0.00000000 1000.00000000 0.00000000 R-2 50.00 1000.00000000 0.00000000 1000.00000000 0.00000000 M-1 8,295,000.00 ~~including~~1000.00000000 ~~area~~0.00000000 ~~code~~0.00000000 0.00000000 M-2 7,258,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 5,185,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 454.31 1000.00000000 0.00000000 0.00000000 0.00000000 All classes are per $1,000 denomination.

~~N/A~~ Principal Distribution Factors Statement (~~Former~~continued) ~~name~~Total orEnding ~~former~~Ending ~~address~~Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 39.50640250 960.49359750 0.96049360 39.50640250 R-1 0.00000000 1,000.00000000 if0.00000000 ~~changed~~0.00000000 ~~since~~1,000.00000000 ~~last~~R-2 ~~report~~0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 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 999.29563514 0.99929564 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.

~~Item~~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 186,599,000.00 1.56000% 186,599,000.00 218,320.83 0.00 0.00 R-1 50.00 0.00000% 50.00 0.00 0.00 0.00 R-2 50.00 0.00000% 50.00 0.00 0.00 0.00 M-1 8,295,000.00 1.96000% 8,295,000.00 12,193.65 0.00 0.00 M-2 7,258,000.00 3.16000% 7,258,000.00 17,201.46 0.00 0.00 B 5,185,000. ~~Other~~00 ~~Events~~4.61000% 5,185,000.00 17,927.14 0.00 0.00 B-IO 0.00 0.00000% 207,337,454.31 0.00 0.00 0.00 OC 454.31 0.00000% 454.31 0.00 0.00 0.00 Totals 207,337,554.31 265,643.08 0.00 0.00

~~Bear~~Interest ~~Stearns~~Distribution ~~Asset~~Statement ~~Backed~~(continued) ~~Securities,~~Remaining ~~Inc.,~~Ending asNon-Supported ~~depositor~~Total ~~(the "Depositor")~~Unpaid ~~registered~~Certificate/ ~~issuances~~Interest ofRealized ~~Asset-Backed~~Interest ~~Certificates~~Interest onNotional aClass ~~delayed~~Shortfall ~~or continuous~~Losses ~~basis~~(4) ~~pursuant~~Distribution toShortfall ~~Rule~~Balance ~~415~~A ~~under~~0.00 ~~the~~0.00 ~~Securities~~218,320.83 ~~Act~~0.00 ~~of 1933~~179,227,144.80 ~~as amended~~R-1 ~~(the~~0.00 ~~"Act"),~~0.00 by0.00 a0.00 ~~Registration~~0.00 ~~Statement~~R-2 on0.00 ~~Form~~0.00 ~~S-3~~0.00 ~~(Registration~~0.00 ~~File No~~0.00 ~~333~~M-~~91334)~~1 ~~(as~~0.00 ~~amended~~0.00 12,193.65 ~~the~~0.00 ~~"Registration Statement")~~8,295,000.00 ~~Pursuant~~M-2 to0.00 ~~the Registration~~0.00 ~~Statement~~17,201.46 ~~the~~0.00 ~~Depositor~~7,258,000.00 ~~caused~~B ~~Bear~~0.00 ~~Stearns~~0.00 ~~Asset Backed Securities~~17,927.14 ~~Inc~~0.00 5,185,000.00 ~~Asset~~B-~~Backed~~IO ~~Certificates,~~0.00 ~~Series~~0.00 ~~2003-SD1~~841,122.97 to0.00 ~~issue $207~~199,~~337~~965,~~100~~598.79 ~~principal~~OC ~~amount~~0.00 of0.00 ~~Asset-Backed~~0.00 ~~Certificates,~~0.00 ~~Series~~453.99 ~~2003-SD1~~Totals ~~(the "~~0.00 ~~Certificates")~~0.00 1,106,766.05 on0.00 ~~August~~(4) 29Amount Does Not Include Excess Special Hazard, ~~2003~~Bankrupcy, ~~(the~~or ~~"Closing~~Fraud ~~Date")~~Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~The~~Interest ~~Certificates~~Distribution ~~were~~Factors ~~issued~~Statement ~~pursuant~~Beginning toPayment aof ~~pooling~~Original ~~and~~Current ~~servicing agreement~~Certificate/ ~~(the~~Current ~~"Pooling~~Unpaid ~~and~~Current ~~Servicing~~Face ~~Agreement"~~Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A 186,599,000.00 ~~dated~~1.56000% as1000.00000000 of1.17000000 ~~August~~0.00000000 0.00000000 R-1, ~~2003 (the~~50.00 ~~"Cut~~0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-~~Off~~2 ~~Date"),~~50.00 ~~among~~0.00000% ~~the~~1000.00000000 ~~Depositor,~~0.00000000 ~~EMC~~0.00000000 ~~Mortgage~~0.00000000 ~~Corporation~~M-1 8,295,000.00 as1.96000% ~~Seller and~~1000.00000000 ~~Servicer,~~1.47000000 ~~Wells~~0.00000000 ~~Fargo~~0.00000000 ~~Bank~~M-2 ~~Minnesota~~7,258,000.00 ~~National~~3.16000% ~~Association~~1000.00000000 2.37000000 0.00000000 0.00000000 B 5,185,000.00 as4.61000% ~~Securities Administrator~~1000.00000000 ~~and~~3.45750048 ~~Master~~0.00000000 ~~Servicer~~0.00000000 ~~and~~B-IO ~~JPMorgan~~0.00 ~~Chase~~0.00000% ~~Bank,~~1000.00000000 as0.00000000 ~~Trustee~~0. 00000000 0.00000000 OC 454.31 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 All classes are per $1,000 denomination.

~~Capitalized~~Interest ~~terms~~Distribution ~~not~~Factors ~~defined~~Statement ~~herein~~(continued) ~~have~~Remaining ~~the~~Ending ~~meanings~~Non-Supported ~~assigned in~~Total ~~the~~Unpaid ~~Pooling~~Certificate/ ~~and~~Interest ~~Servicing~~Realized ~~Agreement~~Interest ~~attached~~Interest ~~hereto~~Notional asClass ~~Exhibit~~Shortfall 4Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 1. 17000000 0.00000000 960.49359750 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1.47000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.37000000 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.45750048 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 4.05678257 0.00000000 964.44513344 OC 0.00000000 0.00000000 0.00000000 0.00000000 999.29563514 (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.

~~Item~~CERTIFICATEHOLDER 7ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0. ~~Financial~~00 ~~statements~~Deposits Payments of Interest and Principal 8,170,197.34 ~~Pro~~Liquidations, ~~Forma Financial~~Insurance ~~Information~~Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 372,432.36 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 8,542,629.70 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 65,636.17 Payment of Interest and ~~Exhibits~~Principal 8,478,721.25 Total Withdrawals (Pool Distribution Amount) 8,544,357.42 Ending Balance 0.00

~~(c)~~PREPAYMENT/CURTAILMENT ~~Exhibits~~INTEREST ~~Exhibit~~SHORTFALL NoTotal Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

1SERVICING FEES Gross Servicing Fee 63,908.45 Master Servicing Fee 1,727.72 ~~Underwriting~~Supported ~~Agreement~~Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 65,636.17

4OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.100 ~~Pooling~~0.00 ~~and~~0.00 ~~Servicing~~0.00 ~~Agreement~~Reserve Fund 0.00 0.00 0.00 0.00

99LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 255 0 0 0 255 36,509,155.39 0.00 0.00 0.00 36,509,155.39 60 Days 74 0 0 0 74 8,749,888.48 0.00 0.00 0.00 8,749,888.48 90 Days 42 0 0 0 42 5,220,065.22 0.00 0.00 0.00 5,220,065.22 120 Days 12 0 0 0 12 1,554,842.46 ~~Yield~~0.00 ~~Maintenance~~0.00 ~~Agreement~~0.00 1,554,842.46 150 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 383 0 0 0 383 52,033,951.55 0.00 0.00 0.00 52,033,951.55 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 19.767442% 0.000000% 0.000000% 0.000000% 19.767442% 18.224242% 0.000000% 0.000000% 0.000000% 18.224242% 60 Days 5.736434% 0.000000% 0.000000% 0.000000% 5.736434% 4.367674% 0.000000% 0.000000% 0.000000% 4.367674% 90 Days 3.255814% 0.000000% 0.000000% 0.000000% 3.255814% 2.605695% 0.000000% 0.000000% 0.000000% 2.605695% 120 Days 0.930233% 0.000000% 0.000000% 0.000000% 0.930233% 0.776129% 0.000000% 0.000000% 0.000000% 0.776129% 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 29.689922% 0.000000% 0.000000% 0.000000% 29.689922% 25.973741% 0.000000% 0.000000% 0.000000% 25.973741%

99OTHER INFORMATION Current Period Class A Insufficient Funds 0.200 ~~Yield~~Principal ~~Maintenance~~Balance ~~Agreement~~of Contaminated Properties 0.00 Periodic Advance 372,432.36

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.785473% Weighted Average Net Coupon 6.415592% Weighted Average Pass-Through Rate 6.405592% Weighted Average Maturity(Stepdown Calculation ) 362 Beginning Scheduled Collateral Loan Count 1,320 Number Of Loans Paid In Full 30 Ending Scheduled Collateral Loan Count 1,290 Beginning Scheduled Collateral Balance 207,337,554.31 Ending Scheduled Collateral Balance 199,965,598.79 Ending Actual Collateral Balance at 31-Aug-2003 200,332,911.70 Monthly P &I Constant 1,504,905.70 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 199,965,598.79 Scheduled Principal 332,503.50 Unscheduled Principal 7,039,351.70 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,146,749.09 Overcollateralized Amount 453.99 Overcollateralized Deficiency Amount 4,146,295.310 ~~Yield~~Base ~~Maintenance~~Overcollateralized ~~Agreement~~Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 841,122.97

99Miscellaneous Reporting Three month rolling average 0.4077313% Trigger Event YES Yield ~~Maintenance~~maintenance ~~Agreement~~amount 0.00

99.5 Assignment and Assumption Agreement

99.6 Assignment, Assumption and Recognition Agreement*

* To be filed by amendment.

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.

BEAR STEARNS ASSET BACKED SECURITIES, INC. By: /s/ Joseph T. Jurkowski, Jr. Name: Joseph T. Jurkowski, Jr. Title: Vice President

Dated: September 16, 2003

EXHIBIT INDEX

Exhibit Number Description

1.1 Underwriting Agreement between the Depositor and Bear, Stearns & Co. Inc., as underwriter (the "Underwriter") dated as of August 26, 2003.

4.1 Pooling and Servicing Agreement, among the Depositor, EMC Mortgage Corporation, as Seller and Servicer, Wells Fargo Bank Minnesota, National Association, as Securities Administrator and Master Servicer, and JPMorgan Chase Bank, as Trustee, dated as of August 1, 2003.

99.1 Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of August 29, 2003.

99.2 Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of August 29, 2003.

99.3 Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of August 29, 2003.

99.4 Yield Maintenance Agreement between Bear Stearns Financial Products, Inc. ("BSFP") and the Trustee, dated as of August 29, 2003.

99.5 Assignment and Assumption Agreement among EMC Mortgage Corporation, the Trustee and Wells Fargo Home Mortgage, Inc., dated as of August 29, 2003.

99.6 Assignment, Assumption and Recognition Agreement among EMC Mortgage Corporation, the Trustee, Washington Mutual Bank, FA, Washington Mutual Bank and Washington Mutual Bank fsb*

* To be filed by amendment.

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD1