8-K 1 bsl03001_aug.txt AUGUST 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 25, 2004 BEAR STEARNS ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 033-44658-30 54-2120432 Pooling and Servicing Agreement) (Commission 54-2120433 (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) 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 ALT-A TRUST, Mortgage Pass-Through Certificates, Series 2003-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 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 ALT-A TRUST Mortgage Pass-Through Certificates, Series 2003-1 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: 8/30/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the August 25, 2004 distribution. EX-99.1

Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates Record Date: 27/2931/~~2004~~04 Distribution Date: 38/25/~~2004~~04 BSL Series: 2003-1 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 07386HBF7 SEN 1.~~47000~~83000% ~~216~~150,~~689~~575,~~515~~654.5784 ~~256~~229,~~596~~627.5086 710,~~882~~381,~~910~~695.3964 II-A 07386HBG5 SEN 1.~~39000~~75000% 8651,~~018~~322,~~273~~980.0790 9674,~~316~~846.5701 52,~~983~~640,~~909~~315.4022 M 07386HBH3 SUB 2.~~19000~~55000% 15,804,800.00 2733,~~882~~585.3020 0.00 B-IO 07386HBK6 SUB 0.00000% 0.00 1633,~~083,789~~638.4815 0.00 OC BSL03001X SUB 0.00000% 3,160,951.00 0.00 0.00 XP 07386HBJ9 SEN 0.00000% 100.00 0.00 0.00 R-I 07386HBL4 RES 0.00000% 0.00 0.00 0.00 R-II 07386HBM2 RES 0.00000% 0.00 0.00 0.00 Totals ~~321~~220,~~673~~864,~~639~~486.6474 1971,~~464,584~~697.8522 13,~~866~~022,~~819~~010.7986

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~208~~140,~~806~~193,~~605~~959.1820 810,~~139~~611,~~506~~323.8950 0.00 II-A 0.00 8048,~~034~~682,~~363~~665.6768 62,~~080~~715,~~225~~161.9723 0.00 M 0.00 15,804,800.00 2733,~~882~~585.3020 0.00 B-IO 0.00 0.00 1633,~~083,789~~638.4815 0.00 OC 0.00 3,160,951.00 0.00 0.00 XP 0.00 100.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 ~~307~~207,~~806~~842,~~819~~475.8588 1513,~~331~~993,~~404~~708.6408 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A 346,987,400.00 ~~216~~150,~~689~~575,~~515~~654.5784 0.00 710,~~882~~381,~~910~~695.3964 0.00 0.00 II-A 269,398,000.00 8651,~~018~~322,~~273~~980.0790 0.00 52,~~983~~640,~~909~~315.4022 0.00 0.00 M 15,804,800.00 15,804,800.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 22.63 3,160,951.00 0.00 0.00 0.00 0.00 XP 100.00 100.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 Totals 632,190,322.63 ~~321~~220,~~673~~864,~~639~~486.6474 0.00 13,~~866~~022,~~819~~010.7986 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 710,~~882~~381,~~910~~695.3964 ~~208~~140,~~806~~193,~~605~~959.1820 0.~~60176999~~40403184 710,~~882~~381,~~910~~695.3964 II-A 52,~~983~~640,~~909~~315.4022 8048,~~034~~682,~~363~~665.6768 0.~~29708596~~18070908 52,~~983~~640,~~909~~315.4022 M 0.00 15,804,800.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 3,160,951.00 139,679.67300044 0.00 XP 0.00 100.00 1.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 13,~~866~~022,~~819~~010.7986 ~~307~~207,~~806~~842,~~819~~475.8588 0.~~48688948~~32876567 13,~~866~~022,~~819~~010.7986

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 346,987,400.00 ~~624~~433.~~48813868~~95136204 0.00000000 2229.~~71814593~~91951765 0.00000000 II-A 269,398,000.00 ~~319~~190.~~29811309~~50988092 0.00000000 229.~~21215228~~80079741 0.00000000 M 15,804,800.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 22.63 139679673.00044200 0.00000000 0.00000000 0.00000000 XP 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) Per $1,000 Denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 2229.~~71814593~~91951765 ~~601~~404.~~76999274~~03184438 0.~~60176999~~40403184 2229.~~71814593~~91951765 II-A 0.00000000 229.~~21215228~~80079741 ~~297~~180.~~08596081~~70908351 0.~~29708596~~18070908 229.~~21215228~~80079741 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 ~~139~~39,679,673.00044200 ~~139679~~39679.67300044 0.00000000 XP 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A 346,987,400.00 1.~~47000~~83000% ~~216~~150,~~689~~575,~~515~~654.5784 ~~256~~229,~~596~~627.5087 0.00 0.00 II-A 269,398,000.00 1.~~39000~~75000% 8651,~~018~~322,~~273~~980.0790 9674,~~316~~846.5701 0.00 0.00 M 15,804,800.00 2.~~19000~~55000% 15,804,800.00 2733,~~882~~585.3020 0.00 0.00 B-IO 0.00 0.00000% ~~321~~220,~~673~~864,~~539~~386.6474 0.00 0.00 0.00 OC 22.63 0.00000% 3,160,951.00 0.00 0.00 0.00 XP 100.00 0.00000% 100.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 632,190,322.63 ~~380~~338,~~795~~059.3708 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 0.0001 0.00 ~~256~~229,~~596~~627.5086 0.00 ~~208~~140,~~806~~193,~~605~~959.1820 II-A 0.00 0.00 9674,~~316~~846.5701 0.00 8048,~~034~~682,~~363~~665.6768 M 0.00 0.00 2733,~~882~~585.3020 0.00 15,804,800.00 B-IO 0.00 0.00 1633,~~083,789~~638.4815 0.00 ~~307~~207,~~806~~842,~~719~~375.8588 OC 0.00 0.00 0.00 0.00 3,160,951.00 XP 0.00 0.00 0.00 0.00 100.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.0001 0.00 1971,~~464,584~~697.8522 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall I-A 346,987,400.00 1.~~47000~~83000% ~~624~~433.~~48813868~~95136204 0.~~73949803~~66177582 0.00000000 0.00000000 II-A 269,398,000.00 1.~~39000~~75000% ~~319~~190.~~29811309~~50988092 0.~~35752519~~27782690 0.00000000 0.00000000 M 15,804,800.00 2.~~19000~~55000% 1000.00000000 12.~~76416658~~12500000 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~508~~349.~~82397121~~36381303 0.00000000 0.00000000 0.00000000 OC 22.63 0.00000% 139679673.00044200 0.00000000 0.00000000 0.00000000 XP 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1,000 Denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A 0.~~00000000~~00000003 0.00000000 0.~~73949803~~66177579 0.00000000 ~~601~~404.~~76999274~~03184438 II-A 0.00000000 0.00000000 0.~~35752519~~27782690 0.00000000 ~~297~~180.~~08596081~~70908351 M 0.00000000 0.00000000 12.~~76416658~~12500000 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 1.~~71434078~~00229033 0.00000000 ~~486~~328.~~88940264~~76556524 OC 0.00000000 0.00000000 0.00000000 0.00000000 139679673.00044200 XP 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1514,~~419~~052,~~748~~514.0041 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 8336,~~747~~425.1689 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1514,~~503~~088,~~495~~940.1630 Withdrawals Reimbursement for Servicer Advances 7629,~~576~~833.7355 Payment of Service Fee 9565,~~513~~398.7967 Payment of Interest and Principal 1513,~~331~~993,~~404~~708.6408 Total Withdrawals (Pool Distribution Amount) 1514,~~503~~088,~~495~~940.1630 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6845,~~096~~411.9858 Additional Servicing Fee 2418,~~580~~036.9038 Miscellaneous Fee 21,~~835~~950.9171 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 9565,~~513~~398.7967

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 53 0 0 53 1804,~~264,214~~105.9378 0.00 0.00 1804,~~264,214~~105.9378 30 Days 287 01 0 0 288 72,~~692~~738,~~493~~439.2290 081,303.0056 0.00 0.00 72,~~692~~819,~~493~~743.2246 60 Days 71 02 0 0 73 2153,~~505,156~~467.5079 0368,920.0047 0.00 0.00 2522,~~505,156~~388.5026 90 Days 20 10 0 0 30 ~~513,081~~0.2300 ~~104,667~~0.4400 0.00 0.00 ~~617,748~~0.6700 120 Days 10 0 13 0 23 ~~341,271~~0.0900 0.00 ~~330~~1,~~987~~663,088.1972 0.00 ~~672~~1,~~258~~663,088.2872 150 Days 2 0 01 1 0 2 ~~713,902.79~~ 0.00 0332,242.0024 302,198.38 0.00 ~~713~~634,~~902~~440.7962 180+ Days 0 0 21 01 2 0.00 0.00 1330,~~025,318~~987.1819 067,634.0098 1398,~~025,318~~622.1817 Totals 408 67 35 01 4921 112,~~765~~891,~~904~~907.8369 1,~~368~~586,~~882~~572.3705 12,~~356~~296,~~305~~274.3729 067,634.0098 146,~~491~~842,~~092~~389.5701 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.~~491642~~414938% 0.000000% 0.000000% 0.~~491642~~414938% 0.~~410300~~386519% 0.000000% 0.000000% 0.~~410300~~386519% 30 Days 20.~~753196~~968188% 0.~~000000~~138313% 0.000000% 0.000000% 21.~~753196~~106501% 21.~~496591~~316319% 0.~~000000~~039081% 0.000000% 0.000000% 21.~~496591~~355400% 60 Days 0.~~688299~~138313% 0.~~000000~~276625% 0.000000% 0.000000% 0.~~688299~~414938% 0.~~813046~~073769% 0.~~000000~~177333% 0.000000% 0.000000% 0.~~813046~~251103% 90 Days 0.~~196657~~000000% 0.~~098328~~000000% 0.000000% 0.000000% 0.~~294985~~000000% 0.~~166520~~000000% 0.~~033970~~000000% 0.000000% 0.000000% 0.~~200490~~000000% 120 Days 0.~~098328~~000000% 0.000000% 0.~~098328~~414938% 0.000000% 0.~~196657~~414938% 0.~~110759~~000000% 0.000000% 0.~~107422~~799417% 0.000000% 0.~~218181~~799417% 150 Days 0.~~196657~~000000% 0.~~000000~~138313% 0.~~000000~~138313% 0.000000% 0.~~196657~~276625% 0.~~231696~~000000% 0.~~000000~~159703% 0.~~000000~~145261% 0.000000% 0.~~231696~~304964% 180+ Days 0.000000% 0.000000% 0.~~196657~~138313% 0.~~000000~~138313% 0.~~196657~~276625% 0.000000% 0.000000% 0.~~332766~~159100% 0.~~000000~~032511% 0.~~332766~~191611% Totals 31.~~933137~~106501% 0.~~589971~~968188% 0.~~294985~~691563% 0.~~000000~~138313% 42.~~818092~~904564% 31.~~818613~~390088% 0.~~444269~~762637% 01.~~440188~~103778% 0.~~000000~~032511% 43.~~703070~~289013%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group I No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 53 0 0 53 1804,~~264,214~~105.9378 0.00 0.00 1804,~~264,214~~105.9378 30 Days 184 01 0 0 185 41,~~631~~715,~~904~~959.4586 081,303.0056 0.00 0.00 41,~~631~~797,~~904~~263.4542 60 Days 51 02 0 0 53 1153,~~818,556~~467.4879 0368,920.0047 0.00 0.00 1522,~~818,556~~388.4826 90 Days 10 10 0 0 20 ~~210,247~~0.2500 ~~104,667~~0.4400 0.00 0.00 ~~314,914~~0.6900 120 Days 0 0 02 0 02 0.00 0.00 01,384,344.0076 0.00 01,384,344.0076 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 2 0 21 1 0.00 0.00 ~~1,025,318.18~~ 0.00 167,~~025~~634.98 67,~~318~~634.1898 Totals 245 6 2 01 3214 61,~~660~~869,~~708~~427.1865 1,~~368~~254,~~882~~329.3781 1,~~025~~384,~~318~~344.1876 067,634.0098 94,~~054~~575,~~908~~737.7320 0-29 Days 0.~~635324~~527241% 0.000000% 0.000000% 0.~~635324~~527241% 0.~~577143~~534763% 0.000000% 0.000000% 0.~~577143~~534763% 30 Days 20.~~287166~~702988% 0.~~000000~~175747% 0.000000% 0.000000% 20.~~287166~~878735% 21.~~114571~~141184% 0.~~000000~~054070% 0.000000% 0.000000% 21.~~114571~~195254% 60 Days 0.~~635324~~175747% 0.~~000000~~351494% 0.000000% 0.000000% 0.~~635324~~527241% 0.~~830213~~102062% 0.~~000000~~245347% 0.000000% 0.000000% 0.~~830213~~347410% 90 Days 0.~~127065~~000000% 0.~~127065~~000000% 0.000000% 0.000000% 0.~~254130~~000000% 0.~~095983~~000000% 0.~~047783~~000000% 0.000000% 0.000000% 0.~~143766~~000000% 120 Days 0.000000% 0.000000% 0.~~000000~~351494% 0.000000% 0.~~000000~~351494% 0.000000% 0.000000% 0.~~000000~~920646% 0.000000% 0.~~000000~~920646% 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.~~254130~~000000% 0.~~000000~~175747% 0.~~254130~~175747% 0.000000% 0.000000% 0.~~468081~~000000% 0.~~000000~~044980% 0.~~468081~~044980% Totals 30.~~049555~~878735% 01.~~762389~~054482% 0.~~254130~~351494% 0.~~000000~~175747% 42.~~066074~~460457% 31.~~040766~~243246% 0.~~624926~~834181% 0.~~468081~~920646% 0.~~000000~~044980% 43.~~133774~~043053% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group II No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 103 0 0 0 10 3 1,~~060~~022,~~588~~480.7704 0.00 0.00 0.00 31,~~060~~022,~~588~~480.7704 60 Days 20 0 0 0 20 ~~686,600~~0.0200 0.00 0.00 0.00 ~~686,600~~0.0200 90 Days 10 0 0 0 10 ~~302,833~~0.9800 0.00 0.00 0.00 ~~302,833~~0.9800 120 Days 10 0 1 0 21 ~~341,271~~0.0900 0.00 ~~330~~278,~~987~~743.1996 0.00 ~~672~~278,~~258~~743.2896 150 Days 2 0 01 1 0 2 ~~713,902.79~~ 0.00 0332,242.0024 302,198.38 0.00 ~~713~~634,~~902~~440.7962 180 Days 0 0 01 0 01 0.00 0.00 0330,987.0019 0.00 0330,987.0019 Totals 163 0 1 3 0 177 51,~~105~~022,~~196~~480.6504 0332,242.0024 ~~330~~911,~~987~~929.1953 0.00 52,~~436~~266,~~183~~651.8481 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 41.~~347826~~948052% 0.000000% 0.000000% 0.000000% 41.~~347826~~948052% 31.~~436051~~772951% 0.000000% 0.000000% 0.000000% 31.~~436051~~772951% 60 Days 0.~~869565~~000000% 0.000000% 0.000000% 0.000000% 0.~~869565~~000000% 0.~~770830~~000000% 0.000000% 0.000000% 0.000000% 0.~~770830~~000000% 90 Days 0.~~434783~~000000% 0.000000% 0.000000% 0.000000% 0.~~434783~~000000% 0.~~339985~~000000% 0.000000% 0.000000% 0.000000% 0.~~339985~~000000% 120 Days 0.~~434783~~000000% 0.000000% 0.~~434783~~649351% 0.000000% 0.~~869565~~649351% 0.~~383137~~000000% 0.000000% 0.~~371592~~483334% 0.000000% 0.~~754729~~483334% 150 Days 0.~~869565~~000000% 0.~~000000~~649351% 0.~~000000~~649351% 0.000000% 01.~~869565~~298701% 0.~~801482~~000000% 0.~~000000~~576098% 0.~~000000~~524003% 0.000000% 01.~~801482~~100102% 180 Days 0.000000% 0.000000% 0.~~000000~~649351% 0.000000% 0.~~000000~~649351% 0.000000% 0.000000% 0.~~000000~~573922% 0.000000% 0.~~000000~~573922% Totals 61.~~956522~~948052% 0.~~000000~~649351% 01.~~434783~~948052% 0.000000% 74.~~391304~~545455% 51.~~731485~~772951% 0.~~000000~~576098% 01.~~371592~~581259% 0.000000% 63.~~103077~~930308%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 8336,~~747~~425.1689

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~830294~~672476% Weighted Average Net Coupon 5.~~576259~~425746% Weighted Average Pass-Through Rate 5.~~473980~~317152% Weighted Average Maturity(Stepdown Calculation ) ~~346~~341 Beginning Scheduled Collateral Loan Count ~~1,057~~766 Number Of Loans Paid In Full 4043 Ending Scheduled Collateral Loan Count ~~1,017~~723 Beginning Scheduled Collateral Balance ~~321~~220,~~673~~864,~~539~~386.6474 Ending Scheduled Collateral Balance ~~307~~207,~~806~~842,~~719~~375.8588 Ending Actual Collateral Balance at 2931-~~Feb~~Jul-2004 ~~308~~208,~~119~~037,~~863~~743.0187 Monthly P &I Constant 1,~~897~~274,~~978~~268.9264 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 ~~307~~207,~~806~~842,~~719~~375.8588 Scheduled Principal ~~335~~230,~~102~~228.9076 Unscheduled Principal 1312,~~531~~791,~~716~~782.8910 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,160,951.00 Overcollateralized Amount 3,160,951.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1633,~~083,789~~638.4913

Group Level Collateral Statement Group Group I Group II Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~564171~~474346 6.~~465958~~200862 5.~~830294~~672476 Weighted Average Net Rate 5.~~335143~~249485 65.~~152191~~895808 5.~~576259~~425746 Weighted Average Maturity ~~346~~341 ~~313~~308 ~~346~~341 Beginning Loan Count ~~812~~605 ~~245~~161 ~~1,057~~766 Loans Paid In Full 2536 157 4043 Ending Loan Count ~~787~~569 ~~230~~154 ~~1,017~~723 Beginning Scheduled Balance ~~226~~160,~~745~~631,~~816~~956.7401 9460,~~927~~232,~~722~~430.9073 ~~321~~220,~~673~~864,~~539~~386.6474 Ending scheduled Balance ~~218~~150,~~862~~250,~~906~~260.3537 8857,~~943~~592,~~813~~115.5051 ~~307~~207,~~806~~842,~~719~~375.8588 Record Date 0207/2931/2004 0207/2931/2004 0207/2931/2004 Principal And Interest Constant 1868,~~247,080~~681.4087 ~~650~~405,~~898~~586.5277 1,~~897~~274,~~978~~268.9264 Scheduled Principal ~~195~~135,~~703~~886.2613 ~~139~~94,~~399~~342.6463 ~~335~~230,~~102~~228.9076 Unscheduled Principal 710,~~687~~245,~~207~~809.1351 52,~~844~~545,~~509~~972.7659 1312,~~531~~791,~~716~~782.8910 Scheduled Interest 1732,~~051,377~~795.1474 ~~511~~311,~~498~~244.8814 1,~~562~~044,~~876~~039.0288 Servicing Fees 4330,~~276~~099.0381 2415,~~820~~311.9577 6845,~~096~~411.9858 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 2719,~~353~~924.6557 6362.1652 2719,~~416~~987.8109 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 ~~980~~682,~~747~~771.4636 ~~486~~295,~~614~~869.7785 1978,~~467,362~~641.2321 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 5.~~190380~~100639 65.~~151393~~894562 5.~~473980~~317152

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