8-K 1 bsa03ac4.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 ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC4 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-08 54-2123789 Pooling and Servicing Agreement) (Commission 54-2123788 (State or other File Number) 54-2123790 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 ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-AC4 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-AC4 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 ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-AC4 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: 4/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-AC4 Trust, relating to the March 25, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 112/3029/032004 Distribution Date: 123/2625/032004 BSA Series: 2003-AC4 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 07384YKF2 SEN 5.00000% ~~701~~648,~~243~~458,~~836~~348.2186 2,~~921~~701,~~849~~909.3279 2224,~~992~~056,~~637~~628.2985 A-IO 07384YKG0 IO 5.00000% 0.00 359,050.00 0.00 M-1 07384YKH8 MEZ 5.15800% 4138,~~913~~758,~~970~~935.8610 ~~180~~166,~~160~~598.2282 1,~~374~~437,~~290~~886.4821 M-2 07384YKJ4 MEZ 2.~~91875~~89000% 3330,~~046~~559,~~654~~097.5591 8371,~~058~~143.4128 1,~~083~~133,~~545~~687.7012 BA 07384YKK1 SUB 4.~~16875~~14000% 1816,~~664~~419,~~344~~394.4601 6754,~~000~~758.4668 ~~977~~1,~~869~~023,120.7598 BB 07384YKS4 SUB 6.25000% 11,159,339.00 58,121.56 0.00 C 07384YKU9 SEN 0.00000% 0.00 0.00 0.00 P 07384YKT2 SEN 0.00000% 100.00 019,835.0007 0.00 R1 07384YKV7 RES 0.00000% 0.00 0.00 0.00 R2 07384YKW5 RES 0.00000% 0.00 0.00 0.00 R3 07384YKX3 RES 0.00000% 0.00 0.00 0.00 Totals ~~806~~745,~~028~~355,~~245~~214.0888 3,~~669~~431,~~239~~417.9720 2627,~~428~~651,~~343~~323.2216

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~678~~624,~~251~~401,~~198~~720.9201 2526,~~914~~758,~~486~~538.6164 0.00 A-IO 0.00 0.00 359,050.00 0.00 M-1 0.00 4037,~~539~~321,~~680~~048.3890 1,~~554~~604,~~450~~485.7003 0.00 M-2 0.00 3129,~~963~~425,~~108~~410.8679 1,~~166~~204,~~604~~830.1140 0.00 BA 0.00 1715,~~686~~396,~~474~~273.7103 1,~~044~~077,~~870~~879.2166 0.00 BB 0.00 11,159,339.00 58,121.56 0.00 C 0.00 0.00 0.00 0.00 P 0.00 100.00 019,835.0007 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 Totals 0.00 ~~779~~717,~~599~~703,~~901~~891.8773 3031,~~097~~082,~~583~~740.1936 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 749,696,000.00 ~~701~~648,~~243~~458,~~836~~348.2186 0.00 2224,~~992~~056,~~637~~628.2985 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 44,810,000.00 4138,~~913~~758,~~970~~935.8610 0.00 1,~~374~~437,~~290~~886.4821 0.00 0.00 M-2 35,330,000.00 3330,~~046~~559,~~654~~097.5591 0.00 1,~~083~~133,~~545~~687.7012 0.00 0.00 BA 20,725,000.00 1816,~~664~~419,~~344~~394.4601 0.00 ~~977~~1,~~869~~023,120.7598 0.00 0.00 BB 11,159,339.00 11,159,339.00 0.00 0.00 0.00 0.00 C 0.00 0.00 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 Totals 861,720,439.00 ~~806~~745,~~028~~355,~~245~~214.0888 0.00 2627,~~428~~651,~~343~~323.2216 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 2224,~~992~~056,~~637~~628.2985 ~~678~~624,~~251~~401,~~198~~720.9201 0.~~90470164~~83287322 2224,~~992~~056,~~637~~628.2985 A-IO 0.00 0.00 0.00000000 0.00 M-1 1,~~374~~437,~~290~~886.4821 4037,~~539~~321,~~680~~048.3890 0.~~90470164~~83287322 1,~~374~~437,~~290~~886.4821 M-2 1,~~083~~133,~~545~~687.7012 3129,~~963~~425,~~108~~410.8679 0.~~90470164~~83287322 1,~~083~~133,~~545~~687.7012 BA ~~977~~1,~~869~~023,120.7598 1715,~~686~~396,~~474~~273.7103 0.~~85338841~~74288410 ~~977~~1,~~869~~023,120.7598 BB 0.00 11,159,339.00 1.00000000 0.00 C 0.00 0.00 0.00000000 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 Totals 2627,~~428~~651,~~343~~323.2216 ~~779~~717,~~599~~703,~~901~~891.8773 0.~~90470165~~83287324 2627,~~428~~651,~~343~~323.2216

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 749,696,000.00 ~~935~~864.~~37091863~~96172963 0.00000000 3032.~~66928100~~08851168 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 44,810,000.00 ~~935~~864.~~37091854~~96172952 0.00000000 3032.~~66928096~~08851172 0.00000000 M-2 35,330,000.00 ~~935~~864.~~37091848~~96172969 0.00000000 3032.~~66928106~~08851175 0.00000000 BA 20,725,000.00 ~~900~~792.~~57150591~~25061568 0.00000000 4749.~~18310012~~36651291 0.00000000 BB 11,159,339.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 0.00 0.00000000 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

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 3032.~~66928100~~08851168 ~~904~~832.~~70163762~~87321796 0.~~90470164~~83287322 3032.~~66928100~~08851168 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 3032.~~66928096~~08851172 ~~904~~832.~~70163758~~87321803 0.~~90470164~~83287322 3032.~~66928096~~08851172 M-2 0.00000000 3032.~~66928106~~08851175 ~~904~~832.~~70163770~~87321795 0.~~90470164~~83287322 3032.~~66928106~~08851175 BA 0.00000000 4749.~~18310012~~36651291 ~~853~~742.~~38840579~~88410277 0.~~85338841~~74288410 4749.~~18310012~~36651291 BB 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 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 (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 A 749,696,000.00 5.00000% ~~701~~648,~~243~~458,~~836~~348.2186 2,~~921~~701,~~849~~909.3279 0.00 0.00 A-IO 0.00 5.00000% 86,172,000.00 359,050.00 0.00 0.00 M-1 44,810,000.00 5.15800% 4138,~~913~~758,~~970~~935.8610 ~~180~~166,~~160~~598.2282 0.00 0.00 M-2 35,330,000.00 2.~~91875~~89000% 3330,~~046~~559,~~654~~097.5591 8371,~~058~~143.4128 0.00 0.00 BA 20,725,000.00 4.~~16875~~14000% 1816,~~664~~419,~~344~~394.4601 6754,~~000~~758.4668 0.00 0.00 BB 11,159,339.00 6.25000% 11,159,339.00 58,121.56 0.00 0.00 C 0.00 0.00000% ~~807~~748,~~960~~954,~~708~~115.4406 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 Totals 861,720,439.00 3,~~669~~411,~~239~~582.9713 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 0.00 0.00 2,~~921~~701,~~849~~909.3279 0.00 ~~678~~624,~~251~~401,~~198~~720.9201 A-IO 0.00 0.00 359,050.00 0.00 86,172,000.00 M-1 0.00 0.00 ~~180~~166,~~160~~598.2282 0.00 4037,~~539~~321,~~680~~048.3890 M-2 0.00 0.00 8371,~~058~~143.4128 0.00 3129,~~963~~425,~~108~~410.8679 BA 0.00 0.00 6754,~~000~~758.4668 0.00 1715,~~686~~396,~~474~~273.7103 BB 0.00 0.00 58,121.56 0.00 11,159,339.00 C 0.00 0.00 0.00 0.00 ~~782~~721,~~107~~811,~~894~~922.8809 P 0.00 0.00 019,835.0007 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 Totals 0.00 0.00 3,~~669~~431,~~239~~417.9720 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 A 749,696,000.00 5.00000% ~~935~~864.~~37091863~~96172963 3.~~89737883~~60400721 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M-1 44,810,000.00 5.15800% ~~935~~864.~~37091854~~96172952 43.~~02053604~~71789377 0.00000000 0.00000000 M-2 35,330,000.00 2.~~91875~~89000% ~~935~~864.~~37091848~~96172969 2.~~35093150~~01367903 0.00000000 0.00000000 BA 20,725,000.00 4.~~16875~~14000% ~~900~~792.~~57150591~~25061568 32.~~23283281~~64215585 0.00000000 0.00000000 BB 11,159,339.00 6.25000% 1000.00000000 5.20833358 0.00000000 0.00000000 C 0.00 0.00000% ~~937~~869.~~61359889~~13825870 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 (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 0.00000000 0.00000000 3.~~89737883~~60400721 0.00000000 ~~904~~832.~~70163762~~87321796 A-IO 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 43.~~02053604~~71789377 0.00000000 ~~904~~832.~~70163758~~87321803 M-2 0.00000000 0.00000000 2.~~35093150~~01367903 0.00000000 ~~904~~832.~~70163770~~87321795 BA 0.00000000 0.00000000 32.~~23283281~~64215585 0.00000000 ~~853~~742.~~38840579~~88410277 BB 0.00000000 0.00000000 5.20833358 0.00000000 1000.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 ~~907~~837.~~61220240~~64057698 P 0.00000000 0.00000000 0198350.~~00000000~~70000000 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 (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 3031,~~227~~247,~~077~~849.2231 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~181~~180,~~504~~968.1691 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3031,~~408~~428,~~581~~818.3822 Withdrawals Reimbursement for Servicer Advances ~~142~~189,~~480~~854.8321 Payment of Service Fee ~~168~~156,~~517~~223.3665 Payment of Interest and Principal 3031,~~097~~082,~~583~~740.1936 Total Withdrawals (Pool Distribution Amount) 3031,~~408~~428,~~581~~818.3822 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~168~~156,~~325~~032.1411 Miscellaneous Fee ~~192~~191.2254 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~168~~156,~~517~~223.3665

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Net WAC Reserve Fund 54,~~000~~999.0098 45,~~453~~202.0390 45,~~453~~202.0390 54,~~000~~999.0097

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 56 0 0 56 ~~697~~891,~~602~~098.3270 0.00 0.00 ~~697~~891,~~602~~098.3270 30 Days 9389 1 0 0 9490 1917,~~666~~816,~~940~~289.0863 ~~195~~88,~~977~~873.0279 0.00 0.00 1917,~~862~~905,~~917~~163.1042 60 Days 2019 0 0 0 2019 3,~~516~~230,~~140~~457.2007 0.00 0.00 0.00 3,~~516~~230,~~140~~457.2007 90 Days 167 0 0 0 167 41,~~078~~244,~~481~~259.1078 0.00 0.00 0.00 41,~~078~~244,~~481~~259.1078 120 Days 07 0 0 0 07 01,700,300.0096 0.00 0.00 0.00 01,700,300.0096 150 Days 04 0 1 0 15 01,235,917.0055 0.00 3457,~~266~~469.2040 0.00 341,~~266~~293,386.2095 180+ Days 05 0 03 0 08 01,251,913.0010 0.00 0980,474.0044 0.00 02,232,387.0054 Totals ~~129~~131 67 14 0 ~~136~~142 2726,~~261~~479,~~561~~138.3809 ~~893~~979,~~579~~972.3449 341,~~266~~037,943.2084 0.00 28,~~189~~497,~~406~~054.9242 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.~~142980~~183824% 0.000000% 0.000000% 0.~~142980~~183824% 0.~~089107~~123323% 0.000000% 0.000000% 0.~~089107~~123323% 30 Days 2.~~659422~~726716% 0.~~028596~~030637% 0.000000% 0.000000% 2.~~688018~~757353% 2.~~512115~~465676% 0.~~025033~~012300% 0.000000% 0.000000% 2.~~537148~~477976% 60 Days 0.~~571919~~582108% 0.000000% 0.000000% 0.000000% 0.~~571919~~582108% 0.~~449127~~447077% 0.000000% 0.000000% 0.000000% 0.~~449127~~447077% 90 Days 0.~~457535~~214461% 0.000000% 0.000000% 0.000000% 0.~~457535~~214461% 0.~~520956~~172199% 0.000000% 0.000000% 0.000000% 0.~~520956~~172199% 120 Days 0.~~000000~~214461% 0.000000% 0.000000% 0.000000% 0.~~000000~~214461% 0.~~000000~~235312% 0.000000% 0.000000% 0.000000% 0.~~000000~~235312% 150 Days 0.~~000000~~122549% 0.000000% 0.~~028596~~030637% 0.000000% 0.~~028596~~153186% 0.~~000000~~171044% 0.000000% 0.~~004377~~007953% 0.000000% 0.~~004377~~178998% 180+ Days 0.~~000000~~153186% 0.000000% 0.~~000000~~091912% 0.000000% 0.~~000000~~245098% 0.~~000000~~173258% 0.000000% 0.~~000000~~135692% 0.000000% 0.~~000000~~308950% Totals 34.~~688876~~013480% 0.~~171576~~214461% 0.~~028596~~122549% 0.000000% 34.~~889048~~350490% 3.~~482198~~664567% 0.~~114139~~135623% 0.~~004377~~143646% 0.000000% 3.~~600714~~943835%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~181~~180,~~504~~968.1691

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~554705~~532207% Weighted Average Net Coupon 6.~~304705~~282207% Weighted Average Pass-Through Rate 6.~~304420~~281900% Weighted Average Maturity(Stepdown Calculation ) ~~328~~325 Beginning Scheduled Collateral Loan Count 3,~~586~~363 Number Of Loans Paid In Full 8999 Ending Scheduled Collateral Loan Count 3,~~497~~264 Beginning Scheduled Collateral Balance ~~807~~748,~~960~~954,~~708~~115.4406 Ending Scheduled Collateral Balance ~~782~~721,~~107~~811,~~894~~922.8809 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 ~~782~~722,~~883~~572,~~774~~136.6765 Monthly P &I Constant 54,~~329~~952,~~121~~544.0856 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 ~~782~~721,~~107~~811,~~894~~922.8809 Scheduled Principal ~~915~~875,~~030~~737.6870 Unscheduled Principal 2426,~~937~~266,~~782~~455.8827 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~575~~509,~~529~~130.6619 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,308,602.00 Overcollateralized Amount 24,~~508~~108,~~093~~130.0236 Overcollateralized Deficiency Amount 1200,~~800,508~~471.9964 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~575~~509,~~529~~130.6619 Excess Cash Amount ~~575~~509,~~529~~130.6618

Miscellaneous Reporting Net WAC Rate Carryover Amount Class A 0.00 Net WAC Rate Carryover Amount Class BA 0.00 Net WAC Rate Carryover Amount Class BB 45,~~453~~202.0390 Net WAC Rate Carryover Amount Class M1 0.00 Net WAC Rate Carryover Amount Class M2 0.00 Three month rolling average 0.~~006447~~012327%

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES INC 2003-AC4