8-K 1 bsa03sd1.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-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-09 54-2126335 Pooling and Servicing Agreement) (Commission 54-2126334 (State or other File Number) IRS EIN jurisdiction 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-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 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-SD1 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-SD1 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-SD1 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 A 07384YKL9 SEN 1.~~56875~~54000% ~~158~~142,~~670~~266,~~268~~336.0182 ~~214~~176,~~342~~489.6029 53,~~294~~591,~~519~~353.7526 R-1 BSA03S1R1 RES 0.00000% 0.00 0.00 0.00 R-2 BSA03S1R2 RES 0.00000% 0.00 0.00 0.00 M-1 07384YKM7 MEZ 1.~~96875~~94000% 8,295,000.00 1412,~~062~~963.6224 0.00 M-2 07384YKN5 MEZ 3.~~16875~~14000% 7,258,000.00 1918,~~804~~358.5171 0.00 B 07384YKP0 SUB 4.~~61875~~59000% 5,185,000.00 2019,~~622~~171.0854 0.00 B-IO BSA03SBIO IO 0.00000% 0.00 050,769.0031 0.00 OC BSA03S1OC OC 0.00000% 13,~~506~~541,~~656~~036.0770 0.00 0.00 Totals ~~180~~166,~~914~~545,~~924~~373.0852 ~~268~~277,~~831~~752.8109 53,~~294~~591,~~519~~353.7526

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~153~~138,~~375~~674,~~748~~983.2656 53,~~508~~767,~~862~~842.3555 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 M-1 0.00 8,295,000.00 1412,~~062~~963.6224 0.00 M-2 0.00 7,258,000.00 1918,~~804~~358.5171 0.00 B 0.00 5,185,000.00 2019,~~622~~171.0854 0.00 B-IO 0.00 0.00 050,769.0031 0.00 OC 0.00 24,~~203~~146,~~245~~749.2609 0.00 0.00 Totals 0.00 ~~176~~163,~~316~~559,~~993~~732.5265 53,~~563~~869,~~351~~105.5635 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 186,599,000.00 ~~158~~142,~~670~~266,~~268~~336.0182 0.00 53,~~294~~591,~~519~~353.7526 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 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 13,~~506~~541,~~656~~036.0770 0.00 0.00 0.00 0.00 Totals 207,337,554.31 ~~180~~166,~~914~~545,~~924~~373.0852 0.00 53,~~294~~591,~~519~~353.7526 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 53,~~294~~591,~~519~~353.7526 ~~153~~138,~~375~~674,~~748~~983.2656 0.~~82195375~~74317110 53,~~294~~591,~~519~~353.7526 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 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 24,~~203~~146,~~245~~749.2609 49,~~849~~127.~~65169158~~57608241 0.00 Totals 53,~~294~~591,~~519~~353.7526 ~~176~~163,~~316~~559,~~993~~732.5265 0.~~85038619~~78885725 53,~~294~~591,~~519~~353.7526

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 186,599,000.00 ~~850~~762.~~32753664~~41746644 0.00000000 2819.~~37378416~~24636927 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 8,295,000.00 1000.00000000 0.00000000 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 ~~3316361~~7794318.~~22911668~~19682596 0.00000000 0.00000000 0.00000000 All classes are 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 A 0.00000000 2819.~~37378416~~24636927 ~~821~~743.~~95375249~~17109717 0.~~82195375~~74317110 2819.~~37378416~~24636927 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 1,000.00000000 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 49,~~849~~127,~~651~~576.~~69157624~~08241069 ~~4849~~9127.~~65169158~~57608241 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 186,599,000.00 1.~~56875~~54000% ~~158~~142,~~670~~266,~~268~~336.0182 ~~214~~176,~~342~~489.6029 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 M-1 8,295,000.00 1.~~96875~~94000% 8,295,000.00 1412,~~062~~963.6224 0.00 0.00 M-2 7,258,000.00 3.~~16875~~14000% 7,258,000.00 1918,~~804~~358.5171 0.00 0.00 B 5,185,000.00 4.~~61875~~59000% 5,185,000.00 2019,~~622~~171.0854 0.00 0.00 B-IO 0.00 0.00000% ~~180~~166,~~914~~545,~~924~~373.0852 0.00 0.00 0.00 OC 454.31 0.00000% 13,~~506~~541,~~656~~036.0770 0.00 0.00 0.00 Totals 207,337,554.31 ~~268~~226,~~831~~982.8178 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 ~~214~~176,~~342~~489.6029 0.00 ~~153~~138,~~375~~674,~~748~~983.2656 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 M-1 0.00 0.00 1412,~~062~~963.6224 0.00 8,295,000.00 M-2 0.00 0.00 1918,~~804~~358.5171 0.00 7,258,000.00 B 0.00 0.00 2019,~~622~~171.0854 0.00 5,185,000.00 B-IO 0.00 0.00 050,769.0031 0.00 ~~176~~163,~~316~~559,~~993~~732.5265 OC 0.00 0.00 0.00 0.00 24,~~203~~146,~~245~~749.2609 Totals 0.00 0.00 ~~268~~277,~~831~~752.8109 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 186,599,000.00 1.~~56875~~54000% ~~850~~762.~~32753664~~41746644 10.~~14868033~~94582120 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 M-1 8,295,000.00 1.~~96875~~94000% 1000.00000000 1.~~69531284~~56277758 0.00000000 0.00000000 M-2 7,258,000.00 3.~~16875~~14000% 1000.00000000 2.~~72864563~~52944475 0.00000000 0.00000000 B 5,185,000.00 4.~~61875~~59000% 1000.00000000 3.~~97725747~~69750048 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~872~~803.~~56267654~~25754010 0.00000000 0.00000000 0.00000000 OC 454.31 0.00000% ~~3316361~~7794318.~~22911668~~19682596 0.00000000 0.00000000 0.00000000 All classes are 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 A 0.00000000 0.00000000 10.~~14868033~~94582120 0.00000000 ~~821~~743.~~95375249~~17109717 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.~~69531284~~56277758 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~72864563~~52944475 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~97725747~~69750048 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 0.~~00000000~~24486319 0.00000000 ~~850~~788.~~38660336~~85762919 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~4849651~~9127576.~~69157624~~08241069 (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 53,~~615~~902,~~177~~254.5717 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~115~~119,~~200~~936.9777 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 54,~~730~~022,~~378~~190.5494 Withdrawals Reimbursement for Servicer Advances ~~109~~100,~~215~~063.7793 Payment of Service Fee 5753,~~811~~021.2166 Payment of Interest and Principal 53,~~563~~869,~~351~~105.5635 Total Withdrawals (Pool Distribution Amount) 54,~~730~~022,~~378~~190.5494 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5651,~~303~~633.6178 Master Servicing Fee 1,~~507~~387.6088 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5753,~~811~~021.2166

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 1520 0 0 1520 12,~~495~~104,~~284~~877.8882 0.00 0.00 12,~~495~~104,~~284~~877.8882 30 Days 5545 62 0 0 6147 65,~~351~~074,~~536~~929.3680 ~~715~~252,~~060~~348.6862 0.00 0.00 75,~~066~~327,~~597~~278.0442 60 Days 3126 5 1 0 0 32 3,~~611~~177,~~644~~903.5691 ~~168~~623,~~341~~961.8861 0134,171.0030 0.00 3,~~779~~936,~~986~~036.4482 90 Days 1711 12 15 0 1918 21,~~217~~104,~~822~~452.7121 69207,~~273~~910.9906 83460,~~419~~025.9474 0.00 21,~~370~~772,~~516~~388.6401 120 Days 912 01 54 0 1417 1,~~355~~298,~~857~~243.4961 0104,370.0057 ~~431~~424,~~495~~792.6590 0.00 1,~~787~~827,~~353~~407.1408 150 Days 45 0 35 0 710 ~~298~~542,~~981~~230.4769 0.00 ~~306~~577,~~138~~706.2633 0.00 ~~605~~1,119,937.7302 180+ Days 311 16 15 13 625 ~~413~~1,~~747~~459,840.9404 49490,~~462~~416.1665 47445,~~464~~185.7739 45231,~~304~~996.8002 ~~555~~2,~~979~~627,438.6710 Totals ~~119~~110 2436 1020 13 ~~154~~169 1412,~~249~~657,~~590~~600.5326 23,~~497~~783,~~423~~885.5933 ~~868~~2,~~518~~041,881.6266 45231,~~304~~996.8002 1718,~~660~~715,~~837~~363.5427 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 1.~~269036~~790510% 0.000000% 0.000000% 1.~~269036~~790510% 01.~~846538~~284423% 0.000000% 0.000000% 01.~~846538~~284423% 30 Days 4.~~653130~~028648% 0.~~507614~~179051% 0.000000% 0.000000% 54.~~160745~~207699% 3.~~595850~~096785% 0.~~404823~~153986% 0.000000% 0.000000% 43.~~000673~~250771% 60 Days 2.~~622673~~327663% 0.~~084602~~447628% 0.~~000000~~089526% 0.000000% 2.~~707276~~864816% 21.~~044691~~939196% 0.~~095305~~380749% 0.~~000000~~081873% 0.000000% 2.~~139996~~401818% 90 Days 10.~~438240~~984781% 0.~~084602~~179051% 0.~~084602~~447628% 0.000000% 1.~~607445~~611459% 10.~~255595~~673950% 0.~~039219~~126869% 0.~~047227~~280713% 0.000000% 1.~~342041~~081533% 120 Days 01.~~761421~~074306% 0.~~000000~~089526% 0.~~423012~~358102% 0.000000% 1.~~184433~~521934% 0.~~767603~~792204% 0.~~000000~~063688% 0.~~244286~~259214% 0.000000% 1.~~011890~~115106% 150 Days 0.~~338409~~447628% 0.000000% 0.~~253807~~447628% 0.000000% 0.~~592217~~895255% 0.~~169265~~330876% 0.000000% 0.~~173317~~352524% 0.000000% 0.~~342582~~683399% 180+ Days 0.~~253807~~984781% 0.~~084602~~537153% 0.~~084602~~447628% 0.~~084602~~268577% 02.~~507614~~238138% 0.~~234239~~890812% 0.~~028002~~299258% 0.~~026872~~271658% 0.~~025649~~141567% 01.~~314762~~603295% Totals 109.~~067682~~847807% 23.~~030457~~222919% 01.~~846024~~790510% 0.~~084602~~268577% 1315.~~028765~~129812% 87.~~067243~~723824% 12.~~413888~~308974% 01.~~491702~~245981% 0.~~025649~~141567% 911.~~998481~~420347%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~115~~119,~~200~~936.9777

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 6.~~787050~~747079% Weighted Average Net Coupon 6.~~413591~~375045% Weighted Average Pass-Through Rate 6.~~403591~~365044% Weighted Average Maturity(Stepdown Calculation ) ~~359~~356 Beginning Scheduled Collateral Loan Count 1,~~205~~130 Number Of Loans Paid In Full 2313 Ending Scheduled Collateral Loan Count 1,~~182~~117 Beginning Scheduled Collateral Balance ~~180~~166,~~914~~545,~~924~~373.0852 Ending Scheduled Collateral Balance ~~176~~163,~~316~~559,~~993~~732.5265 Ending Actual Collateral Balance at 3029-~~Nov~~Feb-~~2003~~2004 ~~176~~163,~~635~~877,~~203~~367.8582 Monthly P &I Constant 1,~~319~~212,~~224~~608.3392 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 ~~176~~163,~~316~~559,~~993~~732.5265 Scheduled Principal ~~295~~276,~~992~~196.0966 Unscheduled Principal 42,~~301~~709,~~938~~444.4721 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~696~~605,~~589~~712.1939 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,146,749.09 Overcollateralized Amount 24,~~203~~146,~~245~~749.2609 Overcollateralized Deficiency Amount ~~1,943,503~~0.8300 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~696~~605,~~589~~712.1939 Excess Cash Amount ~~696~~656,~~589~~481.1970

Miscellaneous Reporting Three month rolling average 0.~~054238~~059265% Trigger Event ~~YES Yield maintenance amount 0.00~~NO

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