8-K 1 bsa03ac3_oct.txt OCTOBER 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): October 27, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-06 54-2121818 Pooling and Servicing Agreement) (Commission 54-2121820 (State or other File Number) 54-2121819 jurisdiction IRS EIN 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 October 27, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC3 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-AC3 Trust, relating to the October 27, 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-AC3 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: 10/29/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-AC3 Trust, relating to the October 27, 2003 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 89/3130/03 Distribution Date: 910/2527/03 BSA Series: 2003-AC3 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 A-1 07384YJH0 SEN 4.00000% ~~204~~198,~~853~~248,~~914~~868.2074 ~~682~~660,~~846~~829.3855 64,605,~~045~~774.4678 A-IO 07384YJJ6 IO 5.00000% 0.00 153,291.6766 0.00 M-1 07384YJK3 MEZ 4.40300% 14,~~887~~407,~~201~~197.5582 5452,~~623~~862.6241 ~~480~~334,~~003~~712.7317 M-2 07384YJL1 MEZ 3.~~61000~~62000% 1110,~~159~~799,~~088~~289.9164 34,~~689~~749.2771 ~~359~~250,~~799~~892.2720 M-3 07384YJY3 MEZ 4.65400% 1,~~942~~879,~~231~~608.1233 7,~~532~~289.6275 6243,~~622~~667.8060 B-1 07384YJM9 SUB 4.~~61000~~62000% 5,~~359~~186,~~586~~779.7817 21,~~276~~300.0737 ~~172~~120,~~807~~500.6175 C 07384YKA3 SEN 0.00000% ~~352~~693,~~959~~604.0557 0.00 0.00 P 07384YJZ0 SEN 0.00000% 100.00 0.00 0.00 R-1 07384YKB1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YKC9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YKD7 RES 0.00000% 0.00 0.00 0.00 Totals ~~238~~231,~~555~~215,~~081~~448.6127 ~~954~~930,~~259~~323.6345 75,~~680~~355,~~278~~547.8750

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~198~~193,~~248~~643,~~868~~093.7496 75,~~287~~266,~~891~~604.8433 0.00 A-IO 0.00 0.00 153,291.6766 0.00 M-1 0.00 14,~~407~~072,~~197~~485.8265 ~~534~~387,~~627~~574.3558 0.00 M-2 0.00 10,~~799~~548,~~289~~397.6443 ~~394~~285,~~488~~641.5491 0.00 M-3 0.00 1,~~879~~835,~~608~~940.3372 7050,~~155~~957.4235 0.00 B-1 0.00 5,~~186~~066,~~779~~278.1743 ~~194~~141,~~083~~801.6812 0.00 C 0.00 ~~693~~1,~~604~~018,132.5728 0.00 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 ~~231~~226,~~215~~184,~~448~~428.2747 86,~~634~~285,~~538~~870.5095 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-1 210,947,000.00 ~~204~~198,~~853~~248,~~914~~868.2074 0.00 64,605,~~045~~774.4678 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 15,330,000.00 14,~~887~~407,~~201~~197.5582 0.00 ~~480~~334,~~003~~712.7317 0.00 0.00 M-2 11,491,000.00 1110,~~159~~799,~~088~~289.9164 0.00 ~~359~~250,~~799~~892.2720 0.00 0.00 M-3 2,000,000.00 1,~~942~~879,~~231~~608.1233 0.00 6243,~~622~~667.8060 0.00 0.00 B-1 5,519,000.00 5,~~359~~186,~~586~~779.7817 0.00 ~~172~~120,~~807~~500.6175 0.00 0.00 C 478.38 ~~352~~693,~~959~~604.0557 0.00 0.00 0.00 0.00 P 100.00 100.00 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 Totals 245,287,578.38 ~~238~~231,~~555~~215,~~081~~448.6127 0.00 75,~~680~~355,~~278~~547.8750 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 64,605,~~045~~774.4678 ~~198~~193,~~248~~643,~~868~~093.7496 0.~~93980416~~91797036 64,605,~~045~~774.4678 A-IO 0.00 0.00 0.00000000 0.00 M-1 ~~480~~334,~~003~~712.7317 14,~~407~~072,~~197~~485.8265 0.~~93980416~~91797036 ~~480~~334,~~003~~712.7317 M-2 ~~359~~250,~~799~~892.2720 10,~~799~~548,~~289~~397.6443 0.~~93980416~~91797036 ~~359~~250,~~799~~892.2720 M-3 6243,~~622~~667.8060 1,~~879~~835,~~608~~940.3372 0.~~93980417~~91797036 6243,~~622~~667.8060 B-1 ~~172~~120,~~807~~500.6175 5,~~186~~066,~~779~~278.1743 0.~~93980416~~91797036 ~~172~~120,~~807~~500.6175 C 0.00 ~~693~~1,~~604~~018,132.5728 12,~~449~~128.~~90294327~~29190184 0.00 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 75,~~680~~355,~~278~~547.8750 ~~231~~226,~~215~~184,~~448~~428.2747 0.~~94263007~~92211937 75,~~680~~355,~~278~~547.8750

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 210,947,000.00 ~~971~~939.~~11556078~~80416285 0.00000000 3121.~~31139793~~83380081 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 15,330,000.00 ~~971~~939.~~11556099~~80416308 0.00000000 3121.~~31139791~~83380104 0.00000000 M-2 11,491,000.00 ~~971~~939.~~11556087~~80416326 0.00000000 3121.~~31139762~~83380037 0.00000000 M-3 2,000,000.00 ~~971~~939.~~11556000~~80416500 0.00000000 3121.~~31140000~~83380000 0.00000000 B-1 5,519,000.00 ~~971~~939.~~11556079~~80416199 0.00000000 3121.~~31139880~~83380141 0.00000000 C 478.38 ~~737821~~1449902.~~50173502~~94326686 0.00000000 0.00000000 0.00000000 P 100.00 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

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 3121.~~31139793~~83380081 ~~939~~917.~~80416285~~97036203 0.~~93980416~~91797036 3121.~~31139793~~83380081 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 3121.~~31139791~~83380104 ~~939~~917.~~80416308~~97036204 0.~~93980416~~91797036 3121.~~31139791~~83380104 M-2 0.00000000 3121.~~31139762~~83380037 ~~939~~917.~~80416326~~97036202 0.~~93980416~~91797036 3121.~~31139762~~83380037 M-3 0.00000000 3121.~~31140000~~83380000 ~~939~~917.~~80416500~~97036000 0.~~93980417~~91797036 3121.~~31140000~~83380000 B-1 0.00000000 3121.~~31139880~~83380141 ~~939~~917.~~80416199~~97036238 0.~~93980416~~91797036 3121.~~31139880~~83380141 C 0.00000000 0.00000000 12,~~449~~128,~~902~~291.~~94326686~~90183536 ~~1449~~2128.~~90294327~~29190184 0.00000000 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, ~~Bankrupcy~~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-1 210,947,000.00 4.00000% ~~204~~198,~~853~~248,~~914~~868.2074 ~~682~~660,~~846~~829.3856 0.00 0.00 A-IO 0.00 5.00000% 36,790,000.00 153,291.67 0.00 0.00 M-1 15,330,000.00 4.40300% 14,~~887~~407,~~201~~197.5582 5452,~~623~~862.6241 0.00 0.00 M-2 11,491,000.00 3.~~61000~~62000% 1110,~~159~~799,~~088~~289.9164 34,~~689~~749.2771 0.00 0.00 M-3 2,000,000.00 4.65400% 1,~~942~~879,~~231~~608.1233 7,~~532~~289.6275 0.00 0.00 B-1 5,519,000.00 4.~~61000~~62000% 5,~~359~~186,~~586~~779.7817 21,~~276~~300.0737 0.00 0.00 C 478.38 0.00000% ~~352~~693,~~959~~604.0557 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 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 Totals 245,287,578.38 ~~954~~930,~~259~~323.6347 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 0.0001 0.00 ~~682~~660,~~846~~829.3855 0.00 ~~198~~193,~~248~~643,~~868~~093.7496 A-IO 0.00 0.00 153,291.6766 0.00 36,790,000.00 M-1 0.00 0.00 5452,~~623~~862.6241 0.00 14,~~407~~072,~~197~~485.8265 M-2 0.00 0.00 34,~~689~~749.2771 0.00 10,~~799~~548,~~289~~397.6443 M-3 0.00 0.00 7,~~532~~289.6275 0.00 1,~~879~~835,~~608~~940.3372 B-1 0.00 0.00 21,~~276~~300.0737 0.00 5,~~186~~066,~~779~~278.1743 C 0.00 0.00 0.00 0.00 ~~693~~1,~~604~~018,132.5728 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 ~~954~~930,~~259~~323.6345 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~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-1 210,947,000.00 4.00000% ~~971~~939.~~11556078~~80416285 3.~~23705187~~13268053 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666676 0.00000000 0.00000000 M-1 15,330,000.00 4.40300% ~~971~~939.~~11556099~~80416308 3.~~56318461~~44829811 0.00000000 0.00000000 M-2 11,491,000.00 3.~~61000~~62000% ~~971~~939.~~11556087~~80416326 3.~~01882082~~02408058 0.00000000 0.00000000 M-3 2,000,000.00 4.65400% ~~971~~939.~~11556000~~80416500 3.~~76631000~~64487500 0.00000000 0.00000000 B-1 5,519,000.00 4.~~61000~~62000% ~~971~~939.~~11556079~~80416199 3.~~85505889~~85946186 0.00000000 0.00000000 C 478.38 0.00000% ~~737821~~1449902.~~50173502~~94326686 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 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 (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~~00000005 0.00000000 3.~~23705187~~13268048 0.00000000 ~~939~~917.~~80416285~~97036203 A-IO 0.00000000 0.00000000 4.~~16666676~~16666649 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 3.~~56318461~~44829811 0.00000000 ~~939~~917.~~80416308~~97036204 M-2 0.00000000 0.00000000 3.~~01882082~~02408058 0.00000000 ~~939~~917.~~80416326~~97036202 M-3 0.00000000 0.00000000 3.~~76631000~~64487500 0.00000000 ~~939~~917.~~80416500~~97036000 B-1 0.00000000 0.00000000 3.~~85505889~~85946186 0.00000000 ~~939~~917.~~80416199~~97036238 C 0.00000000 0.00000000 0.00000000 0.00000000 ~~1449902~~2128291.~~94326686~~90183536 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, ~~Bankrupcy~~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 86,~~689~~333,~~445~~821.8507 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1216,~~279~~440.9995 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 86,~~701~~350,~~725~~262.8402 Withdrawals Reimbursement for Servicer Advances 1312,~~424~~279.8199 Payment of Service Fee 5352,~~762~~111.5308 Payment of Interest and Principal 86,~~634~~285,~~538~~870.5095 Total Withdrawals (Pool Distribution Amount) 86,~~701~~350,~~725~~262.8402 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.0001

SERVICING FEES Gross Servicing Fee 4948,~~698~~169.9791 Master Servicing Fee 3,~~975~~853.9158 Miscellaneous Fee 87.6559 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5352,~~762~~111.5308

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 106 0 0 0 106 1,~~376~~297,~~791~~816.7028 0.00 0.00 0.00 1,~~376~~297,~~791~~816.7028 60 Days 17 0 0 0 17 83825,~~939~~405.2095 0.00 0.00 0.00 83825,~~939~~405.2095 90 Days 21 0 0 0 21 ~~319~~83,~~511~~939.4820 0.00 0.00 0.00 ~~319~~83,~~511~~939.4820 120 Days 01 0 0 0 01 0204,000.00 0.00 0.00 0.00 0204,000.00 150 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 1315 0 0 0 1315 12,~~780~~411,~~242~~161.3843 0.00 0.00 0.00 12,~~780~~411,~~242~~161.3843 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 10.~~044932~~639659% 0.000000% 0.000000% 0.000000% 10.~~044932~~639659% 0.~~594900~~573250% 0.000000% 0.000000% 0.000000% 0.~~594900~~573250% 60 Days 0.~~104493~~746269% 0.000000% 0.000000% 0.000000% 0.~~104493~~746269% 0.~~036269~~364585% 0.000000% 0.000000% 0.000000% 0.~~036269~~364585% 90 Days 0.~~208986~~106610% 0.000000% 0.000000% 0.000000% 0.~~208986~~106610% 0.~~138058~~037076% 0.000000% 0.000000% 0.000000% 0.~~138058~~037076% 120 Days 0.~~000000~~106610% 0.000000% 0.000000% 0.000000% 0.~~000000~~106610% 0.~~000000~~090108% 0.000000% 0.000000% 0.000000% 0.~~000000~~090108% 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.~~358412~~599147% 0.000000% 0.000000% 0.000000% 1.~~358412~~599147% 01.~~769228~~065019% 0.000000% 0.000000% 0.000000% 01.~~769228~~065019%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1216,~~279~~440.9995

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~784688~~783088% Weighted Average Net Coupon 6.~~534688~~533088% Weighted Average Pass-Through Rate 6.~~514247~~512633% Weighted Average Maturity(Stepdown Calculation ) ~~337~~336 Beginning Scheduled Collateral Loan Count ~~976~~957 Number Of Loans Paid In Full 19 Ending Scheduled Collateral Loan Count ~~957~~938 Beginning Scheduled Collateral Balance ~~238~~231,~~554~~215,~~981~~448.6126 Ending Scheduled Collateral Balance ~~231~~226,~~215~~184,~~448~~428.2647 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~231~~226,~~432~~396,~~470~~182.7229 Monthly P &I Constant 1,~~600~~552,~~100~~527.7168 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 ~~231~~226,~~215~~184,~~448~~428.2647 Scheduled Principal ~~251~~245,~~333~~484.0413 Unscheduled Principal 74,~~088~~785,~~200~~535.3166 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~340~~324,~~745~~527.5271 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,226,438.00 Overcollateralized Amount ~~693~~1,~~704~~018,232.5728 Overcollateralized Deficiency Amount ~~532~~208,~~733~~205.4372 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~340~~324,~~745~~527.5271 Excess Cash Amount ~~340~~324,~~745~~527.5271

Miscellaneous Reporting Three month rolling average 0.~~000960~~002601%

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