8-K 1 bst03004.txt MARCH 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): March 25, 2004 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2003-4 Trust (Exact name of registrant as specified in its charter) New York (governing law of 033-44658-32 54-2120395 Pooling and Servicing Agreement) (Commission 54-2120396 (State or other File Number) 54-2120397 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On March 25, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2003-4 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 2003-4 Trust, relating to the March 25, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2003-4 Trust By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/1/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-4 Trust, relating to the March 25, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 112/3029/032004 Distribution Date: 123/2625/032004 BST Series: 2003-4 Contact: ~~CTSLink~~ Customer Service - CTSLink Wells Fargo Bank ~~Minnesota~~, N.A. ~~Corporate~~Securities ~~Trust~~Administration Services ~~9062~~7485 ~~Old~~New ~~Annapolis~~Horizon ~~Road~~Way ~~Columbia~~Frederick, MD ~~21045-1951~~21703 Telephone: (301) 815-6600 Fax: (301) 815-~~6600~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A-1 07384MVM1 SEN 4.~~24841~~23414% 3734,~~590~~525,~~786~~833.7968 ~~133~~121,~~084~~822.0666 ~~205~~2,~~141~~733,801.5211 I-X-A-1 07384MVN9 SEN 0.17600% 0.00 5,~~513~~063.3279 0.00 II-A-1 07384MVP4 SEN 4.~~69571~~69272% ~~209~~202,~~950~~436,~~063~~968.6916 ~~821~~791,~~553~~649.4468 25,~~031~~075,~~461~~244.2180 II-X-A-1 07384MVQ2 SEN 0.26600% 0.00 4644,~~538~~873.9353 0.00 III-A-1 07384MVR0 SEN 4.~~99110~~98574% ~~207~~201,~~914~~462,~~849~~497.8317 ~~864~~837,~~770~~033.1629 1658,~~568,313~~137.2594 III-X-A-1 07384MVS8 SEN 0.22400% 0.00 3837,~~810~~606.7733 0.00 R-I 07384MVT6 SEN 4.~~51139~~50961% 0.00 0.00 0.00 R-II 07384MVU3 SEN 4.~~51139~~50961% 0.00 0.00 0.00 R-III 07384MVV1 SEN 4.~~51139~~50961% 0.00 0.00 0.00 B-1 07384MVW9 SUB 5.~~03000~~02502% 5,~~952~~940,~~729~~230.7017 24,~~951~~874.8883 4,~~145~~202.8936 B-2 07384MVX7 SUB 5.~~03000~~02502% 4,~~535~~525,~~308~~785.7753 1918,~~010~~951.5282 3,~~158~~201.7073 B-3 07384MVY5 SUB 5.~~03000~~02502% 3,~~118~~111,~~186~~639.6206 13,~~070~~030.4105 2,~~171~~201.7230 B-4 07384MVZ2 SUB 5.~~03000~~02502% 1,~~417~~414,~~321~~345.3425 5,~~940~~922.9460 ~~987~~1,000.1257 B-5 07384MWA6 SUB 5.~~03000~~02502% ~~850~~848,~~333~~547.0552 3,~~564~~553.3231 ~~592~~600.2330 B-6 07384MWB4 SUB 5.~~03000~~02502% 1,~~134~~131,~~022~~641.4018 4,~~753~~738.4577 ~~789~~800.8157 Totals ~~472~~455,~~463~~397,~~602~~487.1972 1,~~981~~909,~~562~~120.2066 38,~~816~~479,~~761~~190.4568

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 3731,~~385~~792,~~645~~032.2857 ~~338~~2,~~225~~855,623.5877 0.00 I-X-A-1 0.00 0.00 5,~~513~~063.3279 0.00 II-A-1 0.00 ~~207~~197,~~918~~361,~~602~~723.4836 25,~~853~~866,~~014~~894.6548 0.00 II-X-A-1 0.00 0.00 4644,~~538~~873.9353 0.00 III-A-1 0.00 ~~206~~200,~~346~~804,~~536~~359.5923 21,~~433~~495,~~083~~171.4123 0.00 III-X-A-1 0.00 0.00 3837,~~810~~606.7733 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 B-1 0.00 5,~~948~~936,~~583~~027.81 29,~~097~~077.7719 0.00 B-2 0.00 4,~~532~~522,~~150~~583.0781 22,~~169~~153.2255 0.00 B-3 0.00 3,~~116~~109,~~014~~437.9075 15,~~242~~231.1335 0.00 B-4 0.00 1,~~416~~413,~~334~~344.2268 6,~~928~~923.0617 0.00 B-5 0.00 ~~849~~847,~~740~~947.8222 4,~~156~~153.5561 0.00 B-6 0.00 1,~~133~~130,~~232~~840.5961 5,~~543~~539.2634 0.00 Totals 0.00 ~~468~~446,~~646~~918,~~840~~297.7604 510,~~798~~388,~~323~~311.6534 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-1 50,011,600.00 3734,~~590~~525,~~786~~833.7968 4542,~~019~~633.3486 ~~160~~2,~~122~~691,167.1825 0.00 0.00 I-X-A-1 0.00 0.00 0.00 0.00 0.00 0.00 II-A-1 247,776,800.00 ~~209~~202,~~950~~436,~~063~~968.6916 ~~152~~148,~~510~~075.6655 14,~~878~~927,~~950~~169.5525 0.00 0.00 II-X-A-1 0.00 0.00 0.00 0.00 0.00 0.00 III-A-1 254,370,500.00 ~~207~~201,~~914~~462,~~849~~497.8317 ~~118~~117,~~335~~040.3340 1541,~~449,977~~097.9254 0.00 0.00 III-X-A-1 0.00 0.00 0.00 0.00 0.00 0.00 R-I 100.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 B-1 5,977,000.00 5,~~952~~940,~~729~~230.7017 4,~~145~~202.8936 0.00 0.00 0.00 B-2 4,553,800.00 4,~~535~~525,~~308~~785.7753 3,~~158~~201.7073 0.00 0.00 0.00 B-3 3,130,900.00 3,~~118~~111,~~186~~639.6206 2,~~171~~201.7230 0.00 0.00 0.00 B-4 1,423,100.00 1,~~417~~414,~~321~~345.3425 ~~987~~1,000.1257 0.00 0.00 0.00 B-5 853,800.00 ~~850~~848,~~333~~547.0552 ~~592~~600.2330 0.00 0.00 0.00 B-6 1,138,646.00 1,~~134~~131,~~022~~641.4018 ~~789~~800.8157 0.00 0.00 0.00 Totals 569,236,346.00 ~~472~~455,~~463~~397,~~602~~487.1972 ~~327~~319,~~710~~756.8064 38,~~489~~159,~~050~~434.6504 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-1 ~~205~~2,~~141~~733,801.5211 3731,~~385~~792,~~645~~032.2857 0.~~74753948~~63569317 ~~205~~2,~~141~~733,801.5211 I-X-A-1 0.00 0.00 0.00000000 0.00 II-A-1 25,~~031~~075,~~461~~244.2180 ~~207~~197,~~918~~361,~~602~~723.4836 0.~~83913668~~79653028 25,~~031~~075,~~461~~244.2180 II-X-A-1 0.00 0.00 0.00000000 0.00 III-A-1 1658,~~568,313~~137.2594 ~~206~~200,~~346~~804,~~536~~359.5923 0.~~81120467~~78941685 1658,~~568,313~~137.2594 III-X-A-1 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 B-1 4,~~145~~202.8936 5,~~948~~936,~~583~~027.81 0.~~99524574~~99314502 4,~~145~~202.8936 B-2 3,~~158~~201.7073 4,~~532~~522,~~150~~583.0781 0.~~99524574~~99314502 3,~~158~~201.7073 B-3 2,~~171~~201.7230 3,~~116~~109,~~014~~437.9075 0.~~99524574~~99314502 2,~~171~~201.7230 B-4 ~~987~~1,000.1257 1,~~416~~413,~~334~~344.2268 0.~~99524575~~99314502 ~~987~~1,000.1257 B-5 ~~592~~600.2330 ~~849~~847,~~740~~947.8222 0.~~99524575~~99314502 ~~592~~600.2330 B-6 ~~789~~800.8157 1,~~133~~130,~~232~~840.5961 0.~~99524575~~99314502 ~~789~~800.8157 Totals 38,~~816~~479,~~761~~190.4568 ~~468~~446,~~646~~918,~~840~~297.7604 0.~~82329044~~78511905 38,~~816~~479,~~761~~190.4568

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 50,011,600.00 ~~751~~690.~~64135501~~35651089 0.~~90017796~~85247942 353.~~20170081~~81086088 0.00000000 I-X-A-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 247,776,800.00 ~~847~~817.~~33543936~~01340949 0.~~61551630~~59761669 719.~~58323842~~88551491 0.00000000 II-X-A-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 III-A-1 254,370,500.00 ~~817~~792.~~37013463~~00417175 0.~~46520854~~46011782 52.~~70025974~~12720241 0.00000000 III-X-A-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 100.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 5,977,000.00 ~~995~~993.~~93938431~~84811277 0.~~69364062~~70308851 0.00000000 0.00000000 B-2 4,553,800.00 ~~995~~993.~~93938469~~84811147 0.~~69364048~~70308973 0.00000000 0.00000000 B-3 3,130,900.00 ~~995~~993.~~93938484~~84811396 0.~~69364081~~70308857 0.00000000 0.00000000 B-4 1,423,100.00 ~~995~~993.~~93938585~~84811327 0.~~69364064~~70309184 0.00000000 0.00000000 B-5 853,800.00 ~~995~~993.~~93938862~~84811431 0.~~69364020~~70309206 0.00000000 0.00000000 B-6 1,138,646.00 ~~995~~993.~~93938766~~84811434 0.~~69363964~~70308946 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A-1 0.00000000 454.~~10187876~~66334031 ~~747~~635.~~53947644~~69317058 0.~~74753948~~63569317 454.~~10187876~~66334031 I-X-A-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A-1 0.00000000 820.~~19875473~~48313159 ~~839~~796.~~13668463~~53027790 0.~~83913668~~79653028 820.~~19875473~~48313159 II-X-A-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 III-A-1 0.00000000 62.~~16546828~~58732023 ~~811~~789.~~20466638~~41685152 0.~~81120467~~78941685 62.~~16546828~~58732023 III-X-A-1 0.00000000 0.00000000 0.00000000 0.00000000 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 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.~~69364062~~70308851 ~~995~~993.~~24574368~~14502426 0.~~99524574~~99314502 0.~~69364062~~70308851 B-2 0.00000000 0.~~69364048~~70308973 ~~995~~993.~~24574421~~14502394 0.~~99524574~~99314502 0.~~69364048~~70308973 B-3 0.00000000 0.~~69364081~~70308857 ~~995~~993.~~24574404~~14502220 0.~~99524574~~99314502 0.~~69364081~~70308857 B-4 0.00000000 0.~~69364064~~70309184 ~~995~~993.~~24574520~~14502143 0.~~99524575~~99314502 0.~~69364064~~70309184 B-5 0.00000000 0.~~69364020~~70309206 ~~995~~993.~~24574842~~14502225 0.~~99524575~~99314502 0.~~69364020~~70309206 B-6 0.00000000 0.~~69363964~~70308946 ~~995~~993.~~24574802~~14502488 0.~~99524575~~99314502 0.~~69363964~~70308946 (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-1 50,011,600.00 4.~~24841~~23414% 3734,~~590~~525,~~786~~833.7968 ~~133~~121,~~084~~822.0666 0.00 0.00 I-X-A-1 0.00 0.17600% 3734,~~590~~525,~~786~~833.7968 5,~~513~~063.3279 0.00 0.00 II-A-1 247,776,800.00 4.~~69571~~69272% ~~209~~202,~~950~~436,~~063~~968.6916 ~~821~~791,~~553~~649.4468 0.00 0.00 II-X-A-1 0.00 0.26600% ~~209~~202,~~950~~436,~~063~~968.6916 4644,~~538~~873.9353 0.00 0.00 III-A-1 254,370,500.00 4.~~99110~~98574% ~~207~~201,~~914~~462,~~849~~497.8317 ~~864~~837,~~770~~033.1630 0.00 0.00 III-X-A-1 0.00 0.22400% ~~207~~201,~~914~~462,~~849~~497.8317 3837,~~810~~606.7733 0.00 0.00 R-I 100.00 4.~~51139~~50961% 0.00 0.00 0.00 0.00 R-II 50.00 4.~~51139~~50961% 0.00 0.00 0.00 0.00 R-III 50.00 4.~~51139~~50961% 0.00 0.00 0.00 0.00 B-1 5,977,000.00 5.~~03000~~02502% 5,~~952~~940,~~729~~230.7017 24,~~951~~874.8883 0.00 0.00 B-2 4,553,800.00 5.~~03000~~02502% 4,~~535~~525,~~308~~785.7753 1918,~~010~~951.5282 0.00 0.00 B-3 3,130,900.00 5.~~03000~~02502% 3,~~118~~111,~~186~~639.6206 13,~~070~~030.4105 0.00 0.00 B-4 1,423,100.00 5.~~03000~~02502% 1,~~417~~414,~~321~~345.3425 5,~~940~~922.9460 0.00 0.00 B-5 853,800.00 5.~~03000~~02502% ~~850~~848,~~333~~547.0552 3,~~564~~553.3231 0.00 0.00 B-6 1,138,646.00 5.~~03000~~02502% 1,~~134~~131,~~022~~641.4018 4,~~753~~738.4577 0.00 0.00 Totals 569,236,346.00 1,~~981~~909,~~562~~120.2067 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-1 0.00 0.00 ~~133~~121,~~084~~822.0666 0.00 3731,~~385~~792,~~645~~032.2857 I-X-A-1 0.00 0.00 5,~~513~~063.3279 0.00 3731,~~385~~792,~~645~~032.2857 II-A-1 0.00 0.00 ~~821~~791,~~553~~649.4468 0.00 ~~207~~197,~~918~~361,~~602~~723.4836 II-X-A-1 0.00 0.00 4644,~~538~~873.9353 0.00 ~~207~~197,~~918~~361,~~602~~723.4836 III-A-1 0.00 0.00 ~~864~~837,~~770~~033.1629 0.00 ~~206~~200,~~346~~804,~~536~~359.5923 III-X-A-1 0.00 0.00 3837,~~810~~606.7733 0.00 ~~206~~200,~~346~~804,~~536~~359.5923 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 24,~~951~~874.8883 0.00 5,~~948~~936,~~583~~027.81 B-2 0.00 0.00 1918,~~010~~951.5282 0.00 4,~~532~~522,~~150~~583.0781 B-3 0.00 0.00 13,~~070~~030.4105 0.00 3,~~116~~109,~~014~~437.9075 B-4 0.00 0.00 5,~~940~~922.9460 0.00 1,~~416~~413,~~334~~344.2268 B-5 0.00 0.00 3,~~564~~553.3231 0.00 ~~849~~847,~~740~~947.8222 B-6 0.00 0.00 4,~~753~~738.4577 0.00 1,~~133~~130,~~232~~840.5961 Totals 0.00 0.00 1,~~981~~909,~~562~~120.2066 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-1 50,011,600.00 4.~~24841~~23414% ~~751~~690.~~64135501~~35651089 2.~~66106383~~43588807 0.00000000 0.00000000 I-X-A-1 0.00 0.17600% ~~751~~690.~~64135501~~35651089 0.~~11024082~~10125231 0.00000000 0.00000000 II-A-1 247,776,800.00 4.~~69571~~69272% ~~847~~817.~~33543936~~01340949 3.~~31569961~~19501132 0.00000000 0.00000000 II-X-A-1 0.00 0.26600% ~~847~~817.~~33543936~~01340949 0.~~18782602~~18110465 0.00000000 0.00000000 III-A-1 254,370,500.00 4.~~99110~~98574% ~~817~~792.~~37013463~~00417175 3.~~39964799~~29060681 0.00000000 0.00000000 III-X-A-1 0.00 0.22400% ~~817~~792.~~37013463~~00417175 0.~~15257575~~14784077 0.00000000 0.00000000 R-I 100.00 4.~~51139~~50961% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 4.~~51139~~50961% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 4.~~51139~~50961% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 5,977,000.00 5.~~03000~~02502% ~~995~~993.~~93938431~~84811277 4.~~17464949~~16175841 0.00000000 0.00000000 B-2 4,553,800.00 5.~~03000~~02502% ~~995~~993.~~93938469~~84811147 4.~~17464974~~16175941 0.00000000 0.00000000 B-3 3,130,900.00 5.~~03000~~02502% ~~995~~993.~~93938484~~84811396 4.~~17464946~~16175860 0.00000000 0.00000000 B-4 1,423,100.00 5.~~03000~~02502% ~~995~~993.~~93938585~~84811327 4.~~17464690~~16175954 0.00000000 0.00000000 B-5 853,800.00 5.~~03000~~02502% ~~995~~993.~~93938862~~84811431 4.~~17465449~~16175919 0.00000000 0.00000000 B-6 1,138,646.00 5.~~03000~~02502% ~~995~~993.~~93938766~~84811434 4.~~17465130~~16175879 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A-1 0.00000000 0.00000000 2.~~66106383~~43588807 0.00000000 ~~747~~635.~~53947644~~69317058 I-X-A-1 0.00000000 0.00000000 0.~~11024082~~10125231 0.00000000 ~~747~~635.~~53947644~~69317058 II-A-1 0.00000000 0.00000000 3.~~31569961~~19501132 0.00000000 ~~839~~796.~~13668463~~53027790 II-X-A-1 0.00000000 0.00000000 0.~~18782602~~18110465 0.00000000 ~~839~~796.~~13668463~~53027790 III-A-1 0.00000000 0.00000000 3.~~39964799~~29060677 0.00000000 ~~811~~789.~~20466638~~41685152 III-X-A-1 0.00000000 0.00000000 0.~~15257575~~14784077 0.00000000 ~~811~~789.~~20466638~~41685152 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 4.~~17464949~~16175841 0.00000000 ~~995~~993.~~24574368~~14502426 B-2 0.00000000 0.00000000 4.~~17464974~~16175941 0.00000000 ~~995~~993.~~24574421~~14502394 B-3 0.00000000 0.00000000 4.~~17464946~~16175860 0.00000000 ~~995~~993.~~24574404~~14502220 B-4 0.00000000 0.00000000 4.~~17464690~~16175954 0.00000000 ~~995~~993.~~24574520~~14502143 B-5 0.00000000 0.00000000 4.~~17465449~~16175919 0.00000000 ~~995~~993.~~24574842~~14502225 B-6 0.00000000 0.00000000 4.~~17465130~~16175879 0.00000000 ~~995~~993.~~24574802~~14502488 (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 510,~~914~~493,~~986~~872.7789 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1214,~~547~~120.6951 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 510,~~927~~507,~~534~~993.4640 Withdrawals Reimbursement for Servicer Advances 1812,~~084~~590.5344 Payment of Service Fee ~~111~~107,~~126~~091.2862 Payment of Interest and Principal 510,~~798~~388,~~323~~311.6534 Total Withdrawals (Pool Distribution Amount) 510,~~927~~507,~~534~~993.4640 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~110~~106,~~676~~742.7260 Miscellaneous Fee ~~449~~349.5602 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~111~~107,~~126~~091.2862

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 67 0 0 0 67 2,~~213~~821,~~290~~663.01 0.00 0.00 0.00 2,~~213~~821,~~290~~663.01 60 Days 10 0 0 0 10 ~~348,307~~0.2600 0.00 0.00 0.00 ~~348,307~~0.2600 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 7 0 0 0 7 2,~~561~~821,~~597~~663.2701 0.00 0.00 0.00 2,~~561~~821,~~597~~663.2701 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 0.~~606061~~736067% 0.000000% 0.000000% 0.000000% 0.~~606061~~736067% 0.~~472011~~631007% 0.000000% 0.000000% 0.000000% 0.~~472011~~631007% 60 Days 0.~~101010~~000000% 0.000000% 0.000000% 0.000000% 0.~~101010~~000000% 0.~~074281~~000000% 0.000000% 0.000000% 0.000000% 0.~~074281~~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.~~707071~~736067% 0.000000% 0.000000% 0.000000% 0.~~707071~~736067% 0.~~546292~~631007% 0.000000% 0.000000% 0.000000% 0.~~546292~~631007%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 21 0 0 0 21 ~~578~~296,~~419~~497.0688 0.00 0.00 0.00 ~~578~~296,~~419~~497.0688 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 21 0 0 0 21 ~~578~~296,~~419~~497.0688 0.00 0.00 0.00 ~~578~~296,~~419~~497.0688 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 21.~~150538~~234568% 0.000000% 0.000000% 0.000000% 21.~~150538~~234568% 10.~~484738~~888917% 0.000000% 0.000000% 0.000000% 10.~~484738~~888917% 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 21.~~150538~~234568% 0.000000% 0.000000% 0.000000% 21.~~150538~~234568% 10.~~484738~~888917% 0.000000% 0.000000% 0.000000% 10.~~484738~~888917% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 ~~930~~926,~~856~~390.7852 0.00 0.00 0.00 ~~930~~926,~~856~~390.7852 60 Days 10 0 0 0 10 ~~348,307~~0.2600 0.00 0.00 0.00 ~~348,307~~0.2600 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 32 0 0 0 32 1926,~~279,164~~390.0452 0.00 0.00 0.00 1926,~~279,164~~390.0452 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~436681~~456621% 0.000000% 0.000000% 0.000000% 0.~~436681~~456621% 0.~~431617~~451704% 0.000000% 0.000000% 0.000000% 0.~~431617~~451704% 60 Days 0.~~218341~~000000% 0.000000% 0.000000% 0.000000% 0.~~218341~~000000% 0.~~161502~~000000% 0.000000% 0.000000% 0.000000% 0.~~161502~~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.~~655022~~456621% 0.000000% 0.000000% 0.000000% 0.~~655022~~456621% 0.~~593119~~451704% 0.000000% 0.000000% 0.000000% 0.~~593119~~451704% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 24 0 0 0 24 ~~704~~1,~~014~~598,774.1761 0.00 0.00 0.00 ~~704~~1,~~014~~598,774.1761 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 24 0 0 0 24 ~~704~~1,~~014~~598,774.1761 0.00 0.00 0.00 ~~704~~1,~~014~~598,774.1761 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~455581~~925926% 0.000000% 0.000000% 0.000000% 0.~~455581~~925926% 0.~~328546~~765970% 0.000000% 0.000000% 0.000000% 0.~~328546~~765970% 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.~~455581~~925926% 0.000000% 0.000000% 0.000000% 0.~~455581~~925926% 0.~~328546~~765970% 0.000000% 0.000000% 0.000000% 0.~~328546~~765970%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1214,~~547~~120.6951

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 519,224,746.00 91.21426445% ~~431~~415,~~261~~126,~~195~~264.4847 92.~~02264003~~88638818% 96.~~373376~~205082% 0.000000% Class R-I 519,224,646.00 91.21424689% ~~431~~415,~~261~~126,~~195~~264.4847 92.~~02264003~~88638818% 0.000000% 0.000000% Class R-II 519,224,596.00 91.21423810% ~~431~~415,~~261~~126,~~195~~264.4847 92.~~02264003~~88638818% 0.000000% 0.000000% Class R-III 519,224,546.00 91.21422932% ~~431~~415,~~261~~126,~~195~~264.4847 92.~~02264003~~88638818% 0.000000% 0.000000% Class 2A1 271,447,746.00 47.68629901% ~~223~~217,~~342~~764,~~593~~541.0011 4748.~~65690782~~72580569% 44.~~365732~~160582% 1,~~223~~163.~~334387~~676927% Class B-1 11,100,246.00 1.95002411% 11,~~047~~024,~~472~~154.6007 2.~~35731293~~46670457% 1.~~269311~~328213% 34.999789% Class B-2 6,546,446.00 1.15004006% 6,~~515~~501,~~322~~570.5326 1.~~39024143~~45475589% 01.~~967072~~011949% 26.665892% Class B-3 3,415,546.00 0.60002247% 3,~~399~~392,~~307~~132.6351 0.~~72534526~~75900506% 0.~~664896~~695751% 18.333752% Class B-4 1,992,446.00 0.35002087% 1,~~982~~978,~~973~~787.4183 0.~~42312745~~44276277% 0.~~302218~~316242% 8.333311% Class B-5 1,138,646.00 0.20003045% 1,~~133~~130,~~232~~840.5961 0.~~24180950~~25303073% 0.~~181318~~189732% 4.999635% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~241810~~253031% 6.667621% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~315174~~312842% Weighted Average Net Coupon 5.~~034068~~031568% Weighted Average Pass-Through Rate 5.~~032927~~030649% Weighted Average Maturity(Stepdown Calculation ) ~~352~~349 Beginning Scheduled Collateral Loan Count ~~998~~967 Number Of Loans Paid In Full 816 Ending Scheduled Collateral Loan Count ~~990~~951 Beginning Scheduled Collateral Balance ~~472~~455,~~463~~397,~~602~~487.4194 Ending Scheduled Collateral Balance ~~468~~446,~~646~~918,~~840~~297.9727 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 ~~468~~447,~~906~~168,~~590~~612.8934 Monthly P &I Constant 2,~~420~~335,~~399~~968.2890 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 510,~~715~~305,~~186~~233.6614 Ending Scheduled Balance for Premium Loans ~~468~~446,~~646~~918,~~840~~297.9727 Scheduled Principal ~~327~~319,~~710~~756.7963 Unscheduled Principal 38,~~489~~159,~~050~~434.6504

Miscellaneous Reporting Senior Percentage Group 1 9695.~~073980~~755098% Senior Percentage Group 2 96.~~493055~~375275% Senior Percentage Group 3 96.~~365646~~259805% Senior Prepayment Percentage Group 1 100.000000% Senior Prepayment Percentage Group 2 100.000000% Senior Prepayment Percentage Group 3 100.000000% Subordinate Percentage Group 1 34.~~926020~~244902% Subordinate Percentage Group 2 3.~~506945~~624725% Subordinate Percentage Group 3 3.~~634354~~740195% Subordinate Prepay Percent Group 1 0.000000% Subordinate Prepay Percent Group 2 0.000000% Subordinate Prepay Percent Group 3 0.000000% Average Loss Severity Group 1 0.00 Average Loss Severity Group 2 0.00 Average Loss Severity Group 3 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~776752~~763800 5.~~242369~~239441 5.~~486236~~481097 Weighted Average Net Rate 4.~~424405~~410139 4.~~964187~~960712 5.~~215102~~209742 Weighted Average Maturity ~~353~~350 ~~353~~350 ~~354~~351 Beginning Loan Count 9487 ~~462~~447 ~~442~~433 Loans Paid In Full 16 49 31 Ending Loan Count 9381 ~~458~~438 ~~439~~432 Beginning Scheduled Balance 3936,~~126~~056,~~917~~392.3207 ~~217~~210,~~580~~050,~~491~~730.2322 ~~215~~209,~~756~~290,~~193~~365.8665 Ending scheduled Balance 3833,~~919~~320,~~936~~700.1197 ~~215~~204,~~543~~969,~~487~~916.1722 ~~214~~208,~~183~~627,~~417~~680.6908 Record Date 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 1102/3029/~~2003~~2004 Principal And Interest Constant ~~202~~187,~~608~~661.6772 1,~~108~~070,~~584~~768.47 1,~~109~~077,~~206~~538.1471 Scheduled Principal 4644,~~859~~523.0385 ~~158~~153,~~053~~644.5175 ~~122~~121,~~798~~588.2503 Unscheduled Principal ~~160~~2,~~122~~691,167.1825 14,~~878~~927,~~950~~169.5525 1541,~~449,977~~097.9254 Scheduled Interest ~~155~~143,~~749~~137.6487 ~~950~~917,~~530~~123.9672 ~~986~~955,~~407~~950.8968 Servicing Fees 1110,~~488~~626.5445 5048,~~439~~789.0741 4847,~~749~~326.1174 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 0.00 ~~449~~349.5602 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~144~~132,~~261~~511.1042 ~~899~~867,~~642~~985.3329 ~~937~~908,~~658~~623.7894 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~424405~~410139 4.~~961708~~958718 5.~~215102~~209742

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~315174~~312842 Weighted Average Net Rate 5.~~034068~~031568 Weighted Average Maturity ~~352~~349 Beginning Loan Count ~~998~~967 Loans Paid In Full 816 Ending Loan Count ~~990~~951 Beginning Scheduled Balance ~~472~~455,~~463~~397,~~602~~487.4194 Ending scheduled Balance ~~468~~446,~~646~~918,~~840~~297.9727 Record Date 1102/3029/~~2003~~2004 Principal And Interest Constant 2,~~420~~335,~~399~~968.2890 Scheduled Principal ~~327~~319,~~710~~756.7963 Unscheduled Principal 38,~~489~~159,~~050~~434.6504 Scheduled Interest 2,~~092~~016,~~688~~212.4927 Servicing Fees ~~110~~106,~~676~~742.7260 Master Servicing Fees 0.00 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee ~~449~~349.5602 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 1,~~981~~909,~~562~~120.2165 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.~~032927~~030649

Filing Compare · BEAR STEARNS ARM TRUST 2003-4