8-K 1 bsl03001.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 26, 2003 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 033-44658-30 54-2120433 Pooling and Servicing Agreement) (Commission 54-2120432 (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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2003-1 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 2003-1 Trust, relating to the December 26, 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 ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-1 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: 1/6/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 2003 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 BSL Series: 2003-1 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 I-A 07386HBF7 SEN 1.~~50000~~49875% ~~274~~247,~~229~~135,~~282~~682.5332 ~~365~~318,~~639~~950.0391 149,~~181~~936,~~835~~574.0885 II-A 07386HBG5 SEN 1.~~42000~~41875% ~~134~~107,~~004~~095,~~737~~630.9293 ~~169~~130,~~143~~838.7588 126,~~569~~595,~~889~~338.1288 M 07386HBH3 SUB 2.~~22000~~21875% 15,804,800.00 3130,~~188~~196.1450 0.00 B-IO 07386HBK6 SUB 0.00000% 0.00 1,~~434~~259,~~499~~263.8095 0.00 OC BSL03001X SUB 0.00000% 3,160,951.00 0.00 0.00 XP 07386HBJ9 SEN 0.00000% 100.00 0.00 0.00 R-I 07386HBL4 RES 0.00000% 0.00 0.00 0.00 R-II 07386HBM2 RES 0.00000% 0.00 0.00 0.00 Totals ~~427~~373,~~199~~197,~~871~~164.4525 21,~~000~~739,~~470~~250.7224 2616,~~751~~531,~~724~~913.2073

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~260~~237,~~047~~199,~~447~~107.4547 1410,~~547~~255,~~474~~525.1176 0.00 II-A 0.00 ~~121~~100,~~434~~500,~~848~~292.8005 126,~~739~~726,~~032~~177.8776 0.00 M 0.00 15,804,800.00 3130,~~188~~196.1450 0.00 B-IO 0.00 0.00 1,~~434~~259,~~499~~263.8095 0.00 OC 0.00 3,160,951.00 0.00 0.00 XP 0.00 100.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~400~~356,~~448~~665,~~147~~250.2552 2818,~~752~~271,~~194~~163.9297 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-A 346,987,400.00 ~~274~~247,~~229~~135,~~282~~682.5332 0.00 149,~~181~~936,~~835~~574.0885 0.00 0.00 II-A 269,398,000.00 ~~134~~107,~~004~~095,~~737~~630.9293 0.00 126,~~569~~595,~~889~~338.1288 0.00 0.00 M 15,804,800.00 15,804,800.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 22.63 3,160,951.00 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 Totals 632,190,322.63 ~~427~~373,~~199~~197,~~871~~164.4525 0.00 2616,~~751~~531,~~724~~913.2073 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-A 149,~~181~~936,~~835~~574.0885 ~~260~~237,~~047~~199,~~447~~107.4547 0.~~74944349~~68359574 149,~~181~~936,~~835~~574.0885 II-A 126,~~569~~595,~~889~~338.1288 ~~121~~100,~~434~~500,~~848~~292.8005 0.~~45076374~~37305508 126,~~569~~595,~~889~~338.1288 M 0.00 15,804,800.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 3,160,951.00 139,679.67300044 0.00 XP 0.00 100.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 2616,~~751~~531,~~724~~913.2073 ~~400~~356,~~448~~665,~~147~~250.2552 0.~~63342973~~56417385 2616,~~751~~531,~~724~~913.2073

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 346,987,400.00 ~~790~~712.~~31481411~~23243933 0.00000000 4028.~~87132582~~63670223 0.00000000 II-A 269,398,000.00 ~~497~~397.~~42291301~~53684485 0.00000000 4624.~~65917757~~48176631 0.00000000 M 15,804,800.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 22.63 139679673.00044200 0.00000000 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Per $1,000 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 4028.~~87132582~~63670223 ~~749~~683.~~44348829~~59573711 0.~~74944349~~68359574 4028.~~87132582~~63670223 II-A 0.00000000 4624.~~65917757~~48176631 ~~450~~373.~~76373544~~05507855 0.~~45076374~~37305508 4624.~~65917757~~48176631 M 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 39,679,673.00044200 139679.67300044 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 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-A 346,987,400.00 1.~~50000~~49875% ~~274~~247,~~229~~135,~~282~~682.5332 ~~365~~318,~~639~~950.0491 0.00 0.00 II-A 269,398,000.00 1.~~42000~~41875% ~~134~~107,~~004~~095,~~737~~630.9293 ~~169~~130,~~143~~838.7688 0.00 0.00 M 15,804,800.00 2.~~22000~~21875% 15,804,800.00 3130,~~188~~196.1450 0.00 0.00 B-IO 0.00 0.00000% ~~427~~373,~~199~~197,~~771~~064.4525 0.00 0.00 0.00 OC 22.63 0.00000% 3,160,951.00 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 632,190,322.63 ~~565~~479,~~970~~986.9429 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-A 0.00 0.00 ~~365~~318,~~639~~950.0391 0.00 ~~260~~237,~~047~~199,~~447~~107.4547 II-A 0.00 0.00 ~~169~~130,~~143~~838.7588 0.00 ~~121~~100,~~434~~500,~~848~~292.8005 M 0.00 0.00 3130,~~188~~196.1450 0.00 15,804,800.00 B-IO 0.00 0.00 1,~~434~~259,~~499~~263.8095 0.00 ~~400~~356,~~448~~665,~~047~~150.2552 OC 0.00 0.00 0.00 0.00 3,160,951.00 XP 0.00 0.00 0.00 0.00 100.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 21,~~000~~739,~~470~~250.7224 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-A 346,987,400.00 1.~~50000~~49875% ~~790~~712.~~31481411~~23243933 10.~~05375308~~91920026 0.00000000 0.00000000 II-A 269,398,000.00 1.~~42000~~41875% ~~497~~397.~~42291301~~53684485 0.~~62785826~~48567131 0.00000000 0.00000000 M 15,804,800.00 2.~~22000~~21875% 1000.00000000 1.~~97333342~~91059045 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~675~~590.~~74561605~~32400517 0.00000000 0.00000000 0.00000000 OC 22.63 0.00000% 139679673.00044200 0.00000000 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1,000 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-A 0.00000000 0.00000000 10.~~05375305~~91920026 0.00000000 ~~749~~683.~~44348829~~59573711 II-A 0.00000000 0.00000000 0.~~62785822~~48567131 0.00000000 ~~450~~373.~~76373544~~05507855 M 0.00000000 0.00000000 1.~~97333342~~91059045 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 21.~~26909520~~99190672 0.00000000 ~~633~~564.~~42967499~~17378465 OC 0.00000000 0.00000000 0.00000000 0.00000000 139679673.00044200 XP 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 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 2818,~~891~~363,~~841~~596.0027 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6490,~~354~~738.5765 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 2818,~~956~~454,~~195~~334.5792 Withdrawals Reimbursement for Servicer Advances 7772,~~521~~189.4062 Payment of Service Fee ~~126~~110,~~479~~981.2533 Payment of Interest and Principal 2818,~~752~~271,~~194~~163.9297 Total Withdrawals (Pool Distribution Amount) 2818,~~956~~454,~~195~~334.5792 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 9280,~~530~~629.0658 Additional Servicing Fee 3027,~~295~~509.6933 Miscellaneous Fee 32,~~653~~842.5042 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~126~~110,~~479~~981.2533

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 14 0 0 14 ~~280~~701,~~349~~074.1680 0.00 0.00 ~~280~~701,~~349~~074.1680 30 Days 2733 0 0 0 2733 79,~~201~~662,~~331~~881.8365 0.00 0.00 0.00 79,~~201~~662,~~331~~881.8365 60 Days 48 0 0 0 48 12,~~172~~470,~~554~~075.9532 0.00 0.00 0.00 12,~~172~~470,~~554~~075.9532 90 Days 3 0 0 0 3 ~~873~~882,~~094~~270.2046 0.00 0.00 0.00 ~~873~~882,~~094~~270.2046 120 Days 0 0 20 0 20 0.00 0.00 ~~137,814~~0.7900 0.00 ~~137,814~~0.7900 150 Days 01 0 0 0 01 0307,801.0063 0.00 0.00 0.00 0307,801.0063 180+ Days 1 0 0 2 0 12 ~~957,683.20~~ 0.00 0.00 1,025,318.18 0.00 ~~957~~1,~~683~~025,318.2018 Totals 3545 14 2 0 3851 1013,~~204~~323,~~664~~029.1806 ~~280~~701,~~349~~074.1680 ~~137~~1,~~814~~025,318.7918 0.00 1015,~~622~~049,~~828~~422.1304 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.~~078678~~347826% 0.000000% 0.000000% 0.~~078678~~347826% 0.~~069948~~196377% 0.000000% 0.000000% 0.~~069948~~196377% 30 Days 2.~~124312~~869565% 0.000000% 0.000000% 0.000000% 2.~~124312~~869565% 12.~~796755~~706661% 0.000000% 0.000000% 0.000000% 12.~~796755~~706661% 60 Days 0.~~314713~~695652% 0.000000% 0.000000% 0.000000% 0.~~314713~~695652% 0.~~292556~~691890% 0.000000% 0.000000% 0.000000% 0.~~292556~~691890% 90 Days 0.~~236035~~260870% 0.000000% 0.000000% 0.000000% 0.~~236035~~260870% 0.~~217840~~247132% 0.000000% 0.000000% 0.000000% 0.~~217840~~247132% 120 Days 0.000000% 0.000000% 0.~~157356~~000000% 0.000000% 0.~~157356~~000000% 0.000000% 0.000000% 0.~~034385~~000000% 0.000000% 0.~~034385~~000000% 150 Days 0.~~000000~~086957% 0.000000% 0.000000% 0.000000% 0.~~000000~~086957% 0.~~000000~~086218% 0.000000% 0.000000% 0.000000% 0.~~000000~~086218% 180+ Days 0.~~078678~~000000% 0.000000% 0.~~000000~~173913% 0.000000% 0.~~078678~~173913% 0.~~238945~~000000% 0.000000% 0.~~000000~~287201% 0.000000% 0.~~238945~~287201% Totals 23.~~753737~~913043% 0.~~078678~~347826% 0.~~157356~~173913% 0.000000% 24.~~989772~~434783% 23.~~546096~~731901% 0.~~069948~~196377% 0.~~034385~~287201% 0.000000% 24.~~650429~~215479%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I 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 14 0 0 14 ~~280~~701,~~349~~074.1680 0.00 0.00 ~~280~~701,~~349~~074.1680 30 Days 1820 0 0 0 1820 45,~~378~~571,~~277~~645.4928 0.00 0.00 0.00 45,~~378~~571,~~277~~645.4928 60 Days 24 0 0 0 24 ~~573~~1,~~266~~045,044.7809 0.00 0.00 0.00 ~~573~~1,~~266~~045,044.7809 90 Days 02 0 0 0 02 0548,512.0061 0.00 0.00 0.00 0548,512.0061 120 Days 0 0 10 0 10 0.00 0.00 ~~67,634~~0.9800 0.00 ~~67,634~~0.9800 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 1 0 0 2 0 12 ~~957,683.20~~ 0.00 0.00 1,025,318.18 0.00 ~~957~~1,~~683~~025,318.2018 Totals 2126 14 12 0 2332 57,~~909~~165,~~227~~201.4798 ~~280~~701,~~349~~074.1680 671,~~634~~025,318.9818 0.00 68,~~257~~891,~~211~~594.6196 0-29 Days 0.~~106270~~459242% 0.000000% 0.000000% 0.~~106270~~459242% 0.~~103721~~283319% 0.000000% 0.000000% 0.~~103721~~283319% 30 Days 12.~~912859~~296211% 0.000000% 0.000000% 0.000000% 12.~~912859~~296211% 12.~~619830~~251616% 0.000000% 0.000000% 0.000000% 12.~~619830~~251616% 60 Days 0.~~212540~~459242% 0.000000% 0.000000% 0.000000% 0.~~212540~~459242% 0.~~212091~~422324% 0.000000% 0.000000% 0.000000% 0.~~212091~~422324% 90 Days 0.~~000000~~229621% 0.000000% 0.000000% 0.000000% 0.~~000000~~229621% 0.~~000000~~221665% 0.000000% 0.000000% 0.000000% 0.~~000000~~221665% 120 Days 0.000000% 0.000000% 0.~~106270~~000000% 0.000000% 0.~~106270~~000000% 0.000000% 0.000000% 0.~~025023~~000000% 0.000000% 0.~~025023~~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.~~106270~~000000% 0.000000% 0.~~000000~~229621% 0.000000% 0.~~106270~~229621% 0.~~354314~~000000% 0.000000% 0.~~000000~~414352% 0.000000% 0.~~354314~~414352% Totals 2.~~231668~~985075% 0.~~106270~~459242% 0.~~106270~~229621% 0.000000% 23.~~444208~~673938% 2.~~186235~~895605% 0.~~103721~~283319% 0.~~025023~~414352% 0.000000% 23.~~314978~~593275% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II 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 913 0 0 0 913 24,~~823~~091,~~054~~236.3437 0.00 0.00 0.00 24,~~823~~091,~~054~~236.3437 60 Days 24 0 0 0 24 ~~599~~1,~~288~~425,031.1723 0.00 0.00 0.00 ~~599~~1,~~288~~425,031.1723 90 Days 31 0 0 0 31 ~~873~~333,~~094~~757.2085 0.00 0.00 0.00 ~~873~~333,~~094~~757.2085 120 Days 0 0 10 0 10 0.00 0.00 ~~70,179~~0.8100 0.00 ~~70,179~~0.8100 150 Days 01 0 0 0 01 0307,801.0063 0.00 0.00 0.00 0307,801.0063 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1419 0 10 0 1519 46,~~295~~157,~~436~~827.7108 0.00 ~~70,179~~0.8100 0.00 46,~~365~~157,~~616~~827.5208 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 24.~~727273~~659498% 0.000000% 0.000000% 0.000000% 24.~~727273~~659498% 23.~~163193~~734486% 0.000000% 0.000000% 0.000000% 23.~~163193~~734486% 60 Days 01.~~606061~~433692% 0.000000% 0.000000% 0.000000% 01.~~606061~~433692% 01.~~459210~~300771% 0.000000% 0.000000% 0.000000% 01.~~459210~~300771% 90 Days 0.~~909091~~358423% 0.000000% 0.000000% 0.000000% 0.~~909091~~358423% 0.~~669017~~304655% 0.000000% 0.000000% 0.000000% 0.~~669017~~304655% 120 Days 0.000000% 0.000000% 0.~~303030~~000000% 0.000000% 0.~~303030~~000000% 0.000000% 0.000000% 0.~~053776~~000000% 0.000000% 0.~~053776~~000000% 150 Days 0.~~000000~~358423% 0.000000% 0.000000% 0.000000% 0.~~000000~~358423% 0.~~000000~~280962% 0.000000% 0.000000% 0.000000% 0.~~000000~~280962% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 46.~~242424~~810036% 0.000000% 0.~~303030~~000000% 0.000000% 46.~~545455~~810036% 35.~~291420~~620873% 0.000000% 0.~~053776~~000000% 0.000000% 35.~~345196~~620873%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6490,~~354~~738.5765

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 65.~~032185~~949678% Weighted Average Net Coupon 5.~~772269~~690417% Weighted Average Pass-Through Rate 5.~~676906~~592822% Weighted Average Maturity(Stepdown Calculation ) ~~351~~349 Beginning Scheduled Collateral Loan Count 1,~~338~~199 Number Of Loans Paid In Full 6749 Ending Scheduled Collateral Loan Count 1,~~271~~150 Beginning Scheduled Collateral Balance ~~427~~373,~~199~~197,~~771~~064.4525 Ending Scheduled Collateral Balance ~~400~~356,~~448~~665,~~047~~150.2552 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~400~~357,~~796~~003,~~481~~823.7771 Monthly P &I Constant 2,~~576~~227,~~129~~735.5357 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 ~~400~~356,~~448~~665,~~047~~150.2552 Scheduled Principal ~~428~~377,~~672~~400.7422 Unscheduled Principal 2616,~~323~~154,~~051~~513.4651 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,160,951.00 Overcollateralized Amount 3,160,951.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~434~~259,~~499~~263.7895

Group Level Collateral Statement Group Group I Group II Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~700262~~653044 6.~~692449~~607337 65.~~032185~~949678 Weighted Average Net Rate 5.~~468865~~421827 6.~~375803~~285902 5.~~772269~~690417 Weighted Average Maturity ~~351~~349 ~~318~~316 ~~351~~349 Beginning Loan Count ~~979~~902 ~~359~~297 1,~~338~~199 Loans Paid In Full 3831 2918 6749 Ending Loan Count ~~941~~871 ~~330~~279 1,~~271~~150 Beginning Scheduled Balance ~~284~~257,~~285~~191,~~583~~983.7049 ~~142~~116,~~914~~005,~~187~~080.7576 ~~427~~373,~~199~~197,~~771~~064.4525 Ending scheduled Balance ~~270~~247,~~103~~255,~~748~~408.6264 ~~130~~109,~~344~~409,~~298~~741.6388 ~~400~~356,~~448~~665,~~047~~150.2552 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant 1,~~590~~427,~~011~~818.1302 ~~986~~799,~~118~~917.4055 2,~~576~~227,~~129~~735.5357 Scheduled Principal ~~239~~216,~~592~~219.6292 ~~189~~161,~~080~~180.1230 ~~428~~377,~~672~~400.7422 Unscheduled Principal 139,~~942~~720,~~242~~354.4693 126,~~380~~434,~~809~~158.0058 2616,~~323~~154,~~051~~513.4651 Scheduled Interest 1,~~350~~211,~~418~~598.5110 ~~797~~638,~~038~~737.2825 21,~~147~~850,~~456~~335.7935 Servicing Fees 5449,~~819~~556.0313 3731,~~711~~073.0345 9280,~~530~~629.0658 Master Servicing Fees 0.00 0.00 0.00 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 3330,~~885~~288.4222 63.7753 3330,~~949~~351.1975 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 1,~~261~~131,~~714~~753.0675 ~~759~~607,~~263~~600.4827 21,~~020~~739,~~977~~354.5402 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 5.~~325831~~280509 6.~~375268~~285245 5.~~676906~~592822

Filing Compare · STRUCT ASS MORT INV INC BS ALTA MORT PAS THR CER SER 2003 1