8-K 1 bsa03sd2_aug.txt AUGUST 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): August 25, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD2 (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-11 54-2132831 Pooling and Servicing Agreement) (Commission 54-2132830 (State or other File Number) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On August 25, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-SD2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD2 Trust, relating to the August 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-SD2 Trust (Registrant) 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: 8/26/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD2 Trust, relating to the August 25, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset- Backed Certificates Record Date: 27/2931/2004 Distribution Date: 38/25/2004 BSA Series: 2003-SD2 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 07384YLH7 SEN 6.~~16164~~07694% 3832,~~822~~359,~~806~~972.7161 ~~199~~163,~~343~~874.3770 1910,~~049,671~~507.0437 II-A 07384YLJ3 SEN 5.~~07933~~08948% 9268,~~807~~817,~~697~~122.2588 ~~392~~291,~~833~~869.8135 42,~~972~~449,~~879~~918.3293 III-A 07384YLK0 SEN 4.~~83118~~73878% 2420,~~448~~832,~~600~~799.1631 9882,~~429~~268.5840 ~~889~~1,~~655~~396,202.9256 B-1 07384YLL8 SUB 5.~~31331~~28344% 7,~~855~~800,~~970~~461.7083 34,~~784~~344.3542 1011,~~878~~172.1503 B-2 07384YLM6 SUB 5.~~31331~~28344% 6,~~512~~466,~~279~~264.1657 28,~~834~~470.8112 9,~~017~~261.5415 B-3 07384YLN4 SUB 5.~~31331~~28344% 5,~~168~~131,~~289~~771.2303 22,~~883~~594.9452 7,~~156~~349.5286 B-4 07384YMH6 SUB 5.~~31331~~28344% 3,~~824~~797,~~597~~573.6977 16,~~934~~720.4022 5,~~295~~438.9298 B-5 07384YMJ2 SUB 5.~~31331~~28344% 2,~~584~~565,~~244~~984.0827 11,~~442~~297.4170 3,~~578~~675.4007 B-6 07384YMK9 SUB 5.~~31331~~28344% 6,~~408~~363,~~908~~624.4021 28,~~377~~018.1121 89,~~874~~114.4115 R-I 07384YLP9 RES 0.00000% 0.00 0.00 0.00 R-II 07384YLQ7 RES 0.00000% 0.00 0.0001 0.00 Totals ~~188~~154,~~433~~135,~~393~~574.3848 ~~833~~679,~~863~~457.7865 64,~~957~~802,~~007~~640.2210

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 3731,~~773~~449,~~135~~465.6724 1,~~249~~074,~~014~~382.4107 0.00 II-A 0.00 8766,~~834~~367,~~817~~203.9395 52,~~365~~741,~~713~~788.1328 0.00 III-A 0.00 2319,~~558~~436,~~944~~596.2475 ~~988~~1,~~085~~478,470.5096 0.00 B-1 0.00 7,~~845~~789,~~092~~289.5581 45,~~662~~516.5045 0.00 B-2 0.00 6,~~503~~457,~~261~~003.6141 37,~~852~~731.3527 0.00 B-3 0.00 5,~~161~~124,~~132~~421.7118 3029,~~040~~944.4638 0.00 B-4 0.00 3,~~819~~792,~~301~~134.7778 22,~~230~~159.3220 0.00 B-5 0.00 2,~~580~~562,~~665~~309.6820 1514,~~020~~972.8177 0.00 B-6 042,655.0030 6,~~400~~311,~~033~~854.9976 37,~~251~~132.5236 042,655.0030 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.0001 0.00 Totals 042,655.0030 ~~181~~149,~~476~~290,~~386~~279.1508 75,~~790~~482,~~871~~097.0075 042,655.0030 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 44,326,300.00 3832,~~822~~359,~~806~~972.7161 5446,~~475~~752.6592 ~~995~~863,~~195~~754.3945 0.00 0.00 II-A 102,857,300.00 9268,~~807~~817,~~697~~122.2588 9574,~~746~~948.9930 42,~~877~~374,~~132~~970.3363 0.00 0.00 III-A 28,146,100.00 2420,~~448~~832,~~600~~799.1631 6455,~~890~~931.2886 ~~824~~1,~~765~~340,270.6470 0.00 0.00 B-1 7,898,700.00 7,~~855~~800,~~970~~461.7083 1011,~~878~~172.1503 0.00 0.00 0.00 B-2 6,547,700.00 6,~~512~~466,~~279~~264.1657 9,~~017~~261.5415 0.00 0.00 0.00 B-3 5,196,400.00 5,~~168~~131,~~289~~771.2303 7,~~156~~349.5286 0.00 0.00 0.00 B-4 3,845,400.00 3,~~824~~797,~~597~~573.6977 5,~~295~~438.9298 0.00 0.00 0.00 B-5 2,598,300.00 2,~~584~~565,~~244~~984.0827 3,~~578~~675.4007 0.00 0.00 0.00 B-6 6,443,767.00 6,~~408~~363,~~908~~624.4021 89,~~874~~114.4115 0.00 0.00 042,655.0030 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 Totals 207,860,067.00 ~~188~~154,~~433~~135,~~393~~574.3848 ~~259~~223,~~913~~644.8632 64,~~697~~578,~~093~~995.3678 0.00 042,655.0030 (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 1910,~~049,671~~507.04 37 31,~~773~~449,~~135~~465.6724 0.~~85216081~~70949899 1910,~~049,671~~507.0437 II-A 42,~~972~~449,~~879~~918.3293 8766,~~834~~367,~~817~~203.9395 0.~~85394831~~64523572 42,~~972~~449,~~879~~918.3293 III-A ~~889~~1,~~655~~396,202.9256 2319,~~558~~436,~~944~~596.2475 0.~~83702340~~69056092 ~~889~~1,~~655~~396,202.9256 B-1 1011,~~878~~172.1503 7,~~845~~789,~~092~~289.5581 0.~~99321313~~98614833 1011,~~878~~172.1503 B-2 9,~~017~~261.5415 6,~~503~~457,~~261~~003.6141 0.~~99321313~~98614833 9,~~017~~261.5415 B-3 7,~~156~~349.5286 5,~~161~~124,~~132~~421.7118 0.~~99321313~~98614833 7,~~156~~349.5286 B-4 5,~~295~~438.9298 3,~~819~~792,~~301~~134.7778 0.~~99321313~~98614833 5,~~295~~438.9298 B-5 3,~~578~~675.4007 2,~~580~~562,~~665~~309.6820 0.~~99321313~~98614833 3,~~578~~675.4007 B-6 851,~~874~~769.4145 6,~~400~~311,~~033~~854.9976 0.~~99321313~~97952871 89,~~874~~114.4115 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 64,~~957~~845,~~007~~295.2240 ~~181~~149,~~476~~290,~~386~~279.1508 0.~~87306999~~71822492 64,~~957~~802,~~007~~640.2210

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 44,326,300.00 ~~875~~730.~~84135626~~04001259 1.~~22896903~~05474447 2219.~~45157818~~48627451 0.00000000 II-A 102,857,300.00 ~~902~~669.~~29567809~~05433917 0.~~93087209~~72866291 4723.~~41649188~~08995696 0.00000000 III-A 28,146,100.00 ~~868~~740.~~63189429~~16646392 21.~~30548033~~98719752 2947.~~30301676~~61834499 0.00000000 B-1 7,898,700.00 ~~994~~987.~~59033765~~56274197 1.~~37720764~~41441376 0.00000000 0.00000000 B-2 6,547,700.00 ~~994~~987.~~59033859~~56274264 1.~~37720726~~41441269 0.00000000 0.00000000 B-3 5,196,400.00 ~~994~~987.~~59033754~~56274151 1.~~37720730~~41441382 0.00000000 0.00000000 B-4 3,845,400.00 ~~994~~987.~~59033911~~56274250 1.~~37720913~~41441202 0.00000000 0.00000000 B-5 2,598,300.00 ~~994~~987.~~59033984~~56274102 1.~~37720817~~41441327 0.00000000 0.00000000 B-6 6,443,767.00 ~~994~~987.~~59033823~~56274241 1.~~37720839~~41441334 0.00000000 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 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 I-A 0.00000000 2320.~~68054721~~54101899 ~~852~~709.~~16080905~~49899360 0.~~85216081~~70949899 2320.~~68054721~~54101899 II-A 0.00000000 4823.~~34736397~~81861987 ~~853~~645.~~94831412~~23571929 0.~~85394831~~64523572 4823.~~34736397~~81861987 III-A 0.00000000 3149.~~60849709~~60554251 ~~837~~690.~~02339720~~56092141 0.~~83702340~~69056092 3149.~~60849709~~60554251 B-1 0.00000000 1.~~37720764~~41441376 ~~993~~986.~~21313001~~14832947 0.~~99321313~~98614833 1.~~37720764~~41441376 B-2 0.00000000 1.~~37720726~~41441269 ~~993~~986.~~21312980~~14832842 0.~~99321313~~98614833 1.~~37720726~~41441269 B-3 0.00000000 1.~~37720730~~41441382 ~~993~~986.~~21313024~~14832961 0.~~99321313~~98614833 1.~~37720730~~41441382 B-4 0.00000000 1.~~37720913~~41441202 ~~993~~986.~~21312997~~14832787 0.~~99321313~~98614833 1.~~37720913~~41441202 B-5 0.00000000 1.~~37720817~~41441327 ~~993~~986.~~21313166~~14832775 0.~~99321313~~98614833 1.~~37720817~~41441327 B-6 06.~~00000000~~61962172 18.~~37720839~~03403506 ~~993~~979.~~21312984~~52870735 0.~~99321313~~97952871 1.~~37720839~~41441334 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 44,326,300.00 6.~~16164~~07694% 3832,~~822~~359,~~806~~972.7161 ~~199~~163,~~343~~874.4069 0.00 0.00 II-A 102,857,300.00 5.~~07933~~08948% 9268,~~807~~817,~~697~~122.2588 ~~392~~291,~~833~~869.8835 0.00 0.00 III-A 28,146,100.00 4.~~83118~~73878% 2420,~~448~~832,~~600~~799.1631 9882,~~429~~268.6040 0.00 0.00 B-1 7,898,700.00 5.~~31331~~28344% 7,~~855~~800,~~970~~461.7083 34,~~784~~344.3642 0.00 0.00 B-2 6,547,700.00 5.~~31331~~28344% 6,~~512~~466,~~279~~264.1657 28,~~834~~470.8112 0.00 0.00 B-3 5,196,400.00 5.~~31331~~28344% 5,~~168~~131,~~289~~771.2303 22,~~883~~594.9552 0.00 0.00 B-4 3,845,400.00 5.~~31331~~28344% 3,~~824~~797,~~597~~573.6977 16,~~934~~720.4022 0.00 0.00 B-5 2,598,300.00 5.~~31331~~28344% 2,~~584~~565,~~244~~984.0827 11,~~442~~297.4170 0.00 0.00 B-6 6,443,767.00 5.~~31331~~28344% 6,~~408~~363,~~908~~624.4021 28,~~377~~018.1121 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 Totals 207,860,067.00 ~~833~~679,~~863~~457.9263 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 ~~199~~163,~~343~~874.3770 0.00 3731,~~773~~449,~~135~~465.6724 II-A (0.0001) 0.00 ~~392~~291,~~833~~869.8135 0.00 8766,~~834~~367,~~817~~203.9395 III-A 0.00 0.00 9882,~~429~~268.5840 0.00 2319,~~558~~436,~~944~~596.2475 B-1 0.00 0.00 34,~~784~~344.3542 0.00 7,~~845~~789,~~092~~289.5581 B-2 0.00 0.00 28,~~834~~470.8112 0.00 6,~~503~~457,~~261~~003.6141 B-3 0.00 0.00 22,~~883~~594.9452 0.00 5,~~161~~124,~~132~~421.7118 B-4 0.00 0.00 16,~~934~~720.4022 0.00 3,~~819~~792,~~301~~134.7778 B-5 0.00 0.00 11,~~442~~297.4170 0.00 2,~~580~~562,~~665~~309.6820 B-6 0.00 0.00 28,~~377~~018.1121 0.00 6,~~400~~311,~~033~~854.9976 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.0001 0.00 0.00 Totals (0.0001) 0.00 ~~833~~679,~~863~~457.7865 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 44,326,300.00 6.~~16164~~07694% ~~875~~730.~~84135626~~04001259 43.~~49718113~~69700810 0.00000000 0.00000000 II-A 102,857,300.00 5.~~07933~~08948% ~~902~~669.~~29567809~~05433917 32.~~81921244~~83761435 0.00000000 0.00000000 III-A 28,146,100.00 4.~~83118~~73878% ~~868~~740.~~63189429~~16646392 32.~~49709551~~92290584 0.00000000 0.00000000 B-1 7,898,700.00 5.~~31331~~28344% ~~994~~987.~~59033765~~56274197 4.~~40380822~~34811045 0.00000000 0.00000000 B-2 6,547,700.00 5.~~31331~~28344% ~~994~~987.~~59033859~~56274264 4.~~40380744~~34811002 0.00000000 0.00000000 B-3 5,196,400.00 5.~~31331~~28344% ~~994~~987.~~59033754~~56274151 4.~~40380841~~34811023 0.00000000 0.00000000 B-4 3,845,400.00 5.~~31331~~28344% ~~994~~987.~~59033911~~56274250 4.~~40380715~~34810943 0.00000000 0.00000000 B-5 2,598,300.00 5.~~31331~~28344% ~~994~~987.~~59033984~~56274102 4.~~40380633~~34811223 0.00000000 0.00000000 B-6 6,443,767.00 5.~~31331~~28344% ~~994~~987.~~59033823~~56274241 4.~~40380759~~34811035 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 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 I-A 0.00000000 0.00000000 43.~~49718045~~69700832 0.00000000 ~~852~~709.~~16080905~~49899360 II-A (0.~~00000000~~00000010) 0.00000000 32.~~81921176~~83761435 0.00000000 ~~853~~645.~~94831412~~23571929 III-A 0.00000000 0.00000000 32.~~49709480~~92290584 0.00000000 ~~837~~690.~~02339720~~56092141 B-1 0.00000000 0.00000000 4.~~40380696~~34811045 0.00000000 ~~993~~986.~~21313001~~14832947 B-2 0.00000000 0.00000000 4.~~40380744~~34811002 0.00000000 ~~993~~986.~~21312980~~14832842 B-3 0.00000000 0.00000000 4.~~40380648~~34811023 0.00000000 ~~993~~986.~~21313024~~14832961 B-4 0.00000000 0.00000000 4.~~40380715~~34810943 0.00000000 ~~993~~986.~~21312997~~14832787 B-5 0.00000000 0.00000000 4.~~40380633~~34811223 0.00000000 ~~993~~986.~~21313166~~14832775 B-6 0.00000000 0.00000000 4.~~40380759~~34811035 0.00000000 ~~993~~979.~~21312984~~52870735 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.~~00000000~~20000000 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 75,~~844~~563,~~517~~701.6820 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~129~~121,~~084~~892.0537 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(42,655.0030) Prepayment Penalties 0.00 Total Deposits 75,~~973~~642,~~601~~938.7327 Withdrawals Reimbursement for Servicer Advances ~~126~~114,~~935~~609.8940 Payment of Service Fee 5546,~~794~~231.8411 Payment of Interest and Principal 75,~~790~~482,~~871~~097.0076 Total Withdrawals (Pool Distribution Amount) 75,~~973~~642,~~601~~938.7327 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 5444,~~224~~946.5664 Master Servicing Fee 1,~~570~~284.2847 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5546,~~794~~231.8411

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 1315 21 0 1516 12,~~976~~745,~~875~~072.8118 ~~294~~92,~~509~~594.1050 0.00 2,~~271~~837,~~384~~666.9168 30 Days 3438 21 23 0 3842 45,~~629~~368,~~973~~311.4105 ~~222~~150,~~223~~065.1570 ~~132~~323,~~702~~251.4844 0.00 45,~~984~~841,~~899~~628.0419 60 Days 2216 01 2 0 2419 31,~~108~~791,~~371~~482.9531 0102,478.0040 ~~174~~507,~~736~~929.2391 0.00 32,~~283~~401,~~108~~890.1862 90 Days 85 41 71 0 197 1626,~~702,071~~782.2511 ~~532~~194,~~820~~651.3225 238,~~298,475~~084.7917 0.00 4859,~~533,367~~517.3653 120 Days 64 13 97 0 1614 ~~930~~1,~~150~~053,490.9049 ~~109~~243,~~125~~814.9102 1,~~314~~166,~~520~~553.2577 0.00 2,~~353~~463,~~797~~858.0628 150 Days 71 2 37 0 1210 ~~965~~112,~~492~~863.1232 ~~223~~311,~~544~~882.5973 ~~287~~851,~~688~~751.3698 0.00 1,~~476~~276,~~725~~498.0703 180+ Days 76 48 717 25 2036 1583,~~229,533~~435.5054 ~~293~~2,~~800~~262,043.1256 ~~876~~1,~~730~~543,618.5197 ~~166~~393,~~418~~565.4029 24,~~566~~782,~~482~~663.5336 Totals 8470 2631 3238 25 144 129,~~565~~536,~~593~~364.1382 36,~~358~~010,~~389~~007.9084 54,~~379~~523,~~362~~784.7274 ~~166~~393,~~418~~565.4029 2120,~~469~~463,~~764~~722.1569 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.~~262136~~710376% 0.~~194175~~114025% 0.000000% 1.~~456311~~824401% 1.~~087425~~835182% 0.~~162001~~061903% 0.000000% 1.~~249426~~897085% 30 Days 34.~~300971~~332953% 0.~~194175~~114025% 0.~~194175~~342075% 0.000000% 34.~~689320~~789054% 23.~~546821~~588914% 0.~~122239~~100324% 0.~~072996~~216106% 0.000000% 23.~~742055~~905344% 60 Days 21.~~135922~~824401% 0.~~000000~~114025% 0.~~194175~~228050% 0.000000% 2.~~330097~~166477% 1.~~709830~~197672% 0.~~000000~~068511% 0.~~096118~~339570% 0.000000% 1.~~805947~~605753% 90 Days 0.~~776699~~570125% 0.~~388350~~114025% 0.~~679612~~114025% 0.000000% 10.~~844660~~798176% 0.~~936262~~419027% 0.~~293090~~130132% 10.~~264328~~025461% 0.000000% 20.~~493680~~574619% 120 Days 0.~~582524~~456100% 0.~~097087~~342075% 0.~~873786~~798176% 0.000000% 1.~~553398~~596351% 0.~~511650~~704297% 0.~~060027~~162999% 0.~~723081~~779884% 0.000000% 1.~~294759~~647180% 150 Days 0.~~679612~~114025% 0.~~194175~~228050% 0.~~291262~~798176% 0.000000% 1.~~165049~~140251% 0.~~531091~~075453% 0.~~122966~~208505% 0.~~158249~~569428% 0.000000% 0.~~812306~~853386% 180+ Days 0.~~679612~~684151% 0.~~388350~~912201% 01.~~679612~~938426% 0.~~194175~~570125% 14.~~941748~~104903% 0.~~676332~~390048% 01.~~161611~~512260% 01.~~482265~~031966% 0.~~091542~~263113% 13.~~411751~~197387% Totals 87.~~155340~~981756% 23.~~524272~~534778% 34.~~106796~~332953% 0.~~194175~~570125% 1316.~~980583~~419612% 6.~~911986~~375412% 14.~~847358~~017912% 23.~~959039~~024317% 0.~~091542~~263113% 1113.~~809925~~680754%

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 8 1 0 9 1,~~412~~711,~~655~~585.5865 ~~188~~92,~~508~~594.3550 0.00 1,~~601~~804,~~163~~180.9315 30 Days 1822 1 02 0 1925 23,~~536~~825,~~007~~789.8835 ~~106~~150,~~491~~065.9670 0282,249.0071 0.00 24,~~642~~258,~~499~~104.8476 60 Days 129 01 21 0 1411 1948,~~624,124~~612.3575 0102,478.0040 ~~174~~82,~~736~~745.2338 0.00 1,~~798~~133,~~860~~836.5853 90 Days 4 40 51 0 135 1524,~~124,665~~038.5824 ~~532,820~~0.3200 ~~563~~38,~~017~~084.6017 0.00 2562,~~220,503~~122.5041 120 Days 13 12 43 0 68 ~~179~~955,~~631~~105.0674 ~~109~~138,~~125~~579.9183 ~~502~~512,~~639~~527.8674 0.00 ~~791~~1,~~396~~606,213.8331 150 Days 5 1 2 2 0 85 ~~713~~112,~~795~~863.3332 80311,~~651~~882.1173 ~~184~~161,~~102~~748.3657 0.00 ~~978~~586,~~548~~494.8062 180 Days 76 3 5 18 163 122 583,~~229,533~~435.5054 ~~234~~450,~~547~~975.2750 ~~461~~590,~~329~~909.3343 71238,~~663~~351.5254 1,~~997~~863,~~073~~672.6201 Totals 4745 18 19 118 3 85 76,~~407~~949,~~757~~844.7094 2,~~476~~865,~~292~~567.1581 21,~~074~~760,~~333~~859.7350 71238,~~663~~351.5254 1211,~~030~~814,~~047~~623.1079 0-29 Days 23.~~597403~~007519% 0.~~324675~~375940% 0.000000% 23.~~922078~~383459% 34.~~067576~~318969% 0.~~409345~~233650% 0.000000% 34.~~476921~~552619% 30 Days 58.~~844156~~270677% 0.~~324675~~375940% 0.~~000000~~751880% 0.000000% 69.~~168831~~398496% 59.~~506931~~653893% 0.~~231247~~378672% 0.~~000000~~712221% 0.000000% 510.~~738178~~744786% 60 Days 3.~~896104~~383459% 0.~~000000~~375940% 0.~~649351~~375940% 0.000000% 4.~~545455~~135338% 32.~~526780~~393704% 0.~~000000~~258591% 0.~~379439~~208797% 0.000000% 32.~~906219~~861092% 90 Days 1.~~298701~~503759% 10.~~298701~~000000% 10.~~623377~~375940% 0.000000% 41.~~220779~~879699% 21.~~442207~~322344% 10.~~157017~~000000% 10.~~222590~~096101% 0.000000% 41.~~821815~~418444% 120 Days 01.~~324675~~127820% 0.~~324675~~751880% 1.~~298701~~127820% 0.000000% 13.~~948052~~007519% 02.~~390068~~410088% 0.~~236966~~349689% 1.~~091480~~293299% 0.000000% 14.~~718515~~053075% 150 Days 10.~~623377~~375940% 0.~~324675~~751880% 0.~~649351~~751880% 0.000000% 21.~~597403~~879699% 10.~~550004~~284796% 0.~~175134~~786996% 0.~~399778~~408152% 0.000000% 21.~~124915~~479945% 180 Days 2.~~272727~~255639% 01.~~974026~~879699% 13.~~623377~~007519% 01.~~324675~~127820% 58.~~194805~~270677% 21.~~669927~~472225% 01.~~509318~~137979% 1.~~001775~~491085% 0.~~155617~~601450% 4.~~336637~~702740% Totals 1516.~~259740~~917293% 57.~~844156~~142857% 6.~~168831~~766917% 01.~~324675~~127820% 2731.~~597403~~954887% 1617.~~085916~~537051% 57.~~377259~~230896% 4.~~504407~~443305% 0.~~155617~~601450% 2629.~~123199~~812702% 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 24 10 0 34 ~~256~~738,~~142~~848.3151 ~~106,000~~0.7500 0.00 ~~362~~738,~~143~~848.0651 30 Days 9 0 10 0 109 1983,~~164,666~~868.3358 0.00 ~~111,748~~0.5200 0.00 1983,~~276,414~~868.8558 60 Days 62 0 01 0 63 1201,~~026,947~~484.0932 0.00 0425,184.0053 0.00 1626,~~026,947~~668.0985 90 Days 21 0 1 0 30 ~~480~~2 102,~~292~~743.1987 194,651.25 0.00 ~~1,608,921.73~~ 0.00 2297,~~089,213~~395.9212 120 Days 01 0 32 0 3 098,384.0075 0.00 ~~531~~419,~~167~~199.8263 0.00 ~~531~~517,~~167~~584.8238 150 Days 0 10 12 0 2 0.00 ~~142,893~~0.4800 ~~103~~209,~~586~~301.0031 0.00 ~~246~~209,~~479~~301.4831 180 Days 0 13 26 1 410 0.00 591,~~252~~811,068.8506 ~~415~~850,~~401~~489.1814 94,754.88 ~~569~~2,~~408~~756,312.9108 Totals 1713 48 911 1 3133 21,~~671~~386,~~905~~481.6152 ~~458~~2,~~288~~744,567.6482 21,~~876~~904,~~826~~174.0061 94,754.88 6,~~101~~129,~~775~~978.1383 0-29 Days 0.~~408998~~980392% 0.~~204499~~000000% 0.000000% 0.~~613497~~980392% 0.~~239512~~865570% 0.~~099118~~000000% 0.000000% 0.~~338630~~865570% 30 Days 12.~~840491~~205882% 0.000000% 0.~~204499~~000000% 0.000000% 2.~~044990~~205882% 1.~~089047~~152615% 0.000000% 0.~~104493~~000000% 0.000000% 1.~~193540~~152615% 60 Days 10.~~226994~~490196% 0.000000% 0.~~000000~~245098% 0.000000% 10.~~226994~~735294% 0.~~960270~~236041% 0.000000% 0.~~000000~~498109% 0.000000% 0.~~960270~~734151% 90 Days 0.~~408998~~245098% 0.~~000000~~245098% 0.~~204499~~000000% 0.000000% 0.~~613497~~490196% 0.~~449108~~120366% 0.~~000000~~228036% 10.~~504458~~000000% 0.000000% 10.~~953566~~348402% 120 Days 0.~~000000~~245098% 0.000000% 0.~~613497~~490196% 0.000000% 0.~~613497~~735294% 0.~~000000~~115259% 0.000000% 0.~~496680~~491098% 0.000000% 0.~~496680~~606357% 150 Days 0.000000% 0.~~204499~~000000% 0.~~204499~~490196% 0.000000% 0.~~408998~~490196% 0.000000% 0.~~133616~~000000% 0.~~096860~~245199% 0.000000% 0.~~230476~~245199% 180 Days 0.000000% 0.~~204499~~735294% 01.~~408998~~470588% 0.~~204499~~245098% 02.~~817996~~450980% 0.000000% 02.~~055406~~121689% 0.~~388430~~996359% 0.~~088603~~111007% 03.~~532438~~229055% Totals 3.~~476483~~186275% 01.~~817996~~960784% 12.~~840491~~696078% 0.~~204499~~245098% 68.~~339468~~088235% 21.~~498424~~624281% 03.~~428533~~215296% 2.~~690040~~230765% 0.~~088603~~111007% 57.~~705600~~181348% 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 3 0 0 3 ~~308~~294,~~077~~638.9202 0.00 0.00 ~~308~~294,~~077~~638.9202 30 Days 7 10 1 0 98 ~~929~~558,~~299~~653.2012 ~~115,731~~0.1900 2041,~~953~~001.9673 0.00 1599,~~065,984~~654.3585 60 Days 45 0 0 0 45 ~~457~~641,~~300~~385.5124 0.00 0.00 0.00 ~~457~~641,~~300~~385.5124 90 Days 20 0 10 0 30 ~~97,113~~0.4800 0.00 ~~126,536~~0.4600 0.00 ~~223,649~~0.9400 120 Days 5 0 1 2 0 73 ~~750,519.84~~ 0.00 ~~280~~105,~~712~~234.5719 234,826.40 0.00 1340,~~031,232~~060.4159 150 Days 2 0 0 3 0 23 ~~251,696.79~~ 0.00 0.00 480,702.10 0.00 ~~251~~480,~~696~~702.7910 180 Days 0 0 03 01 04 0.00 0.00 0102,220.0040 060,458.0087 0162,679.0027 Totals 2012 4 49 01 2826 21,~~485~~200,~~929~~038.8236 ~~423~~399,~~809~~872.1121 ~~428~~858,~~202~~750.9963 060,458.0087 32,~~337~~519,~~941~~120.9207 0-29 Days 1.~~287554~~477833% 0.000000% 0.000000% 1.~~287554~~477833% 1.~~069736~~198146% 0.000000% 0.000000% 1.~~069736~~198146% 30 Days 3.~~004292~~448276% 0.~~429185~~000000% 0.~~429185~~492611% 0.000000% 3.~~862661~~940887% 32.~~226797~~271764% 0.~~401852~~000000% 0.~~072758~~166734% 0.000000% 32.~~701408~~438498% 60 Days 12.~~716738~~463054% 0.000000% 0.000000% 0.000000% 12.~~716738~~463054% 12.~~587881~~608195% 0.000000% 0.000000% 0.000000% 12.~~587881~~608195% 90 Days 0.~~858369~~000000% 0.000000% 0.~~429185~~000000% 0.000000% 10.~~287554~~000000% 0.~~337206~~000000% 0.000000% 0.~~439371~~000000% 0.000000% 0.~~776578~~000000% 120 Days 20.~~145923~~000000% 0.~~000000~~492611% 0.~~858369~~985222% 0.000000% 31.~~004292~~477833% 20.~~606023~~000000% 0.~~000000~~427935% 0.~~974716~~954922% 0.000000% 31.~~580739~~382857% 150 Days 0.~~858369~~000000% 0.000000% 01.~~000000~~477833% 0.000000% 01.~~858369~~477833% 0.~~873965~~000000% 0.000000% 01.~~000000~~954776% 0.000000% 01.~~873965~~954776% 180 Days 0.000000% 0.000000% 01.~~000000~~477833% 0.~~000000~~492611% 01.~~000000~~970443% 0.000000% 0.000000% 0.~~000000~~415680% 0.~~000000~~245856% 0.~~000000~~661536% Totals 85.~~583691~~911330% 1.~~716738~~970443% 14.~~716738~~433498% 0.~~000000~~492611% 12.~~017167~~807882% 84.~~631872~~879959% 1.~~471589~~626081% 13.~~486845~~492112% 0.~~000000~~245856% 1110.~~590306~~244008%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~129~~121,~~084~~892.0537

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 163,533,767.00 78.67493230% ~~143~~117,~~703~~840,~~250~~813.4884 7978.~~18564657~~93401597% 2021.~~814353~~065983% 0.000000% Class 2A 60,676,467.00 29.19101676% 5551,~~868~~473,~~432~~609.5589 3034.~~78551069~~47887547% 4844.~~400136~~455141% ~~271~~207.~~854562~~157901% Class 3A 32,530,367.00 15.65012822% 32,~~309~~037,~~488~~013.3114 1721.~~80368721~~45954381% 1213.~~981823~~019332% 7260.~~916488~~669191% Class B-1 24,631,667.00 11.85011982% 24,~~464~~247,~~395~~723.7633 1316.~~48075976~~24199730% 45.~~322927~~217547% 24.~~281080~~313408% Class B-2 18,083,967.00 8.70006792% 17,~~961~~790,~~134~~719.1592 911.~~89722930~~91686415% 34.~~583530~~325133% 20.~~128024~~154823% Class B-3 12,887,567.00 6.20011683% 12,~~800~~666,~~001~~298.4474 78.~~05326001~~48434252% 23.~~843969~~432522% 15.~~974047~~995315% Class B-4 9,042,167.00 4.35012224% 8,~~980~~874,~~699~~163.6796 45.~~94868771~~94423423% 2.~~104572~~540108% 11.~~820991~~836730% Class B-5 6,443,867.00 3.10009859% 6,~~400~~311,~~033~~854.9976 34.~~52664834~~22790736% 1.~~422039~~716327% 7.~~987331~~997965% Class B-6 100.00 0.00004811% 0.00 0.00000000% 34.~~526648~~227907% 19.~~808528~~701758% Class R-I 50.00 0.00002405% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~666948~~645528% Weighted Average Net Coupon 5.~~321630~~295602% Weighted Average Pass-Through Rate 5.~~311630~~285602% Weighted Average Maturity(Stepdown Calculation ) ~~326~~321 Beginning Scheduled Collateral Loan Count ~~1,053~~902 Number Of Loans Paid In Full 2325 Ending Scheduled Collateral Loan Count ~~1,030~~877 Beginning Scheduled Collateral Balance ~~188~~154,~~433~~135,~~394~~575.1588 Ending Scheduled Collateral Balance ~~181~~149,~~476~~290,~~387~~280.0748 Ending Actual Collateral Balance at 2931-~~Feb~~Jul-2004 ~~181~~149,~~794~~580,~~252~~371.7560 Monthly P &I Constant 1948,~~149,782~~791.3955 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 042,655.0030 Cumulative Realized Loss 042,655.0030 Class A Optimal Amount 75,~~602~~294,~~813~~641.1630 Ending Scheduled Balance for Premium Loans ~~181~~149,~~476~~290,~~387~~280.0748 Scheduled Principal ~~259~~223,~~913~~644.8632 Unscheduled Principal 64,~~697~~621,~~093~~651.2908

Miscellaneous Reporting Senior Percentage 8279.~~829853~~157517% Senior Percentage Group 1 8279.~~597923~~938793% Senior Percentage Group 2 8378.~~000575~~447443% Senior Percentage Group 3 8280.~~553373~~340035% Senior Prepay Percentage Group 1 100.000000% Senior Prepay Percentage Group 2 100.000000% Senior Prepay Percentage Group 3 100.000000% Subordinate Percentage 1720.~~170147~~842483% Subordinate Percentage Group 1 1720.~~402077~~061207% Subordinate Percentage Group 2 1621.~~999425~~552557% Subordinate Percentage Group 3 1719.~~446627~~659965% Subordinate Prepay Percentage 0.000000% Subordinate Prepay Percent Group1 0.000000% Subordinate Prepay Percent Group 2 0.000000% Subordinate Prepay Percent Group 3 0.000000% Subordination Doubling Test passed? NO Delinquency Test passed? YES Realized Loss Test passed? YES

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~554557~~479328 5.~~388790~~387666 5.~~308453~~216218 Weighted Average Net Rate 6.~~170879~~092211 5.~~091898~~089638 4.~~841177~~748781 Weighted Average Maturity ~~324~~319 ~~346~~341 ~~254~~249 Beginning Loan Count ~~313~~273 ~~501~~418 ~~239~~211 Loans Paid In Full 57 1210 68 Ending Loan Count ~~308~~266 ~~489~~408 ~~233~~203 Beginning Scheduled Balance 4740,~~002~~480,~~158~~937.7007 ~~111~~87,~~815~~723,~~728~~856.3488 2925,~~615~~930,~~507~~781.1193 Ending scheduled Balance 4539,~~941~~516,~~010~~041.6442 ~~106~~85,~~823~~253,~~238~~346.9974 2824,~~712~~520,~~137~~892.4432 Record Date 0207/2931/2004 0207/2931/2004 0207/2931/2004 Principal And Interest Constant ~~322~~277,~~684~~060.6728 ~~617~~489,~~483~~395.2418 ~~209~~182,~~614~~336.4809 Scheduled Principal 6558,~~952~~485.8190 ~~115~~95,~~357~~539.0251 7869,~~604~~618.0391 Unscheduled Principal ~~995~~906,~~195~~409.3275 42,~~877~~374,~~132~~970.3363 ~~824~~1,~~765~~340,270.6470 Scheduled Interest ~~256~~218,~~731~~574.9338 ~~502~~393,~~126~~855.2267 ~~131~~112,~~010~~717.4518 Servicing Fees 1513,~~028~~059.0504 2721,~~664~~786.3276 1110,~~532~~100.1984 Master Servicing Fees ~~391~~337.6936 ~~931~~731.8002 ~~246~~216.7909 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 0.00 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 ~~241~~205,~~312~~177.1998 ~~473~~371,~~530~~337.1089 ~~119~~102,~~231~~400.4725 Realized Loss Amount 042,655.0030 0.00 0.00 Cumulative Realized Loss 042,655.0030 0.00 0.00 Percentage of Cumulative Losses 0.~~0000~~0812 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~160879~~082211 5.~~081898~~079638 4.~~831177~~738781

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~666948~~645528 Weighted Average Net Rate 5.~~321630~~295602 Weighted Average Maturity ~~326~~321 Beginning Loan Count ~~1,053~~902 Loans Paid In Full 2325 Ending Loan Count ~~1,030~~877 Beginning Scheduled Balance ~~188~~154,~~433~~135,~~394~~575.1588 Ending scheduled Balance ~~181~~149,~~476~~290,~~387~~280.0748 Record Date 0207/2931/2004 Principal And Interest Constant 1948,~~149,782~~791.3955 Scheduled Principal ~~259~~223,~~913~~644.8632 Unscheduled Principal 64,~~697~~621,~~093~~651.2908 Scheduled Interest ~~889~~725,~~868~~147.6023 Servicing Fees 5444,~~224~~946.5664 Master Servicing Fees 1,~~570~~284.2847 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest ~~834~~678,~~073~~916.7612 Realized Loss Amount 042,655.0030 Cumulative Realized Loss 042,655.0030 Percentage of Cumulative Losses 0.~~0000~~0205 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 5.~~311630~~285602

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD2