8-K 1 bsa04ac2_sep.txt SEPTEMBER 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): September 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2004-AC2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-113636-02 54-2151924 Pooling and Servicing Agreement) (Commission 54-2151925 (State or other File Number) 54-2151926 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 September 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2004-AC2 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 2004-AC2 Trust, relating to the September 27, 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 2004-AC2 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: 9/24/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-AC2 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage ~~Backed~~Pass-Through Certificates Record Date: 78/31/2004 Distribution Date: 89/2527/2004 BSA Series: 2004-AC2 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-A1 073879AA6 SEN 5.25000% ~~106~~103,~~514~~452,~~476~~113.1789 ~~466~~452,~~000~~602.8794 35,~~062~~828,~~362~~102.2991 I-A2 073879AB4 SEN 5.25000% 4,537,091.00 19,849.77 0.00 I-A3 073879AC2 SEN 12.~~95000~~11500% 4140,~~644~~495,~~337~~951.5772 6771,~~672~~374.0511 12,~~148~~185,~~385~~538.8559 I-A4 073879AD0 SEN 65.~~05000~~88500% 0.00 ~~209~~198,~~956~~598.8987 0.00 II-A 073879AG3 SEN 5.00000% 8180,~~867~~702,~~822~~898.2340 ~~341~~336,~~115~~262.8516 1,~~164~~441,~~923~~429.8252 I-X 073879AE8 SEN 0.~~87801~~87523% 0.00 8884,~~041~~814.5458 0.00 II-X 073879AH1 SEN 0.~~43339~~52293% 0.00 2732,~~207~~463.0742 0.00 I-PO 073879AF5 SEN 0.00000% 1,~~903~~895,~~624~~586.8837 0.00 820,~~038~~792.5144 II-PO 073879AJ7 SEN 0.00000% ~~253~~235,~~592~~856.7003 0.00 171,~~736~~217.6717 B-1 073879AK4 SUB 5.~~65957~~66023% 76,~~001~~988,~~496~~465.9998 3332,~~021~~963.2059 13,~~031~~112.0071 B-2 073879AL2 SUB 5.~~65957~~66023% 3,~~904~~897,~~528~~261.0100 18,~~414~~382.9582 7,~~267~~312.0057 B-3 073879AM0 SUB 5.~~65957~~66023% 2,~~557~~553,~~933~~172.2752 12,~~063~~042.9995 4,~~760~~790.7661 B-4 073879AR9 SUB 5.~~65957~~66023% 2,~~019~~016,~~892~~132.1073 9,~~526~~509.4381 3,~~759~~782.3794 B-5 073879AS7 SUB 5.~~65957~~66023% ~~807~~806,~~559~~056.0302 3,~~808~~802.6905 1,~~503~~512.0143 B-6 073879AT5 SUB 5.~~65957~~66023% 2,~~559~~554,~~104~~341.8490 12,~~069~~048.5247 4,~~762~~792.9480 P 073879AV0 SEN 0.00000% 100.00 04,810.0026 0.00 R-1 073879AN8 RES 5.00000% 0.00 0.00 0.00 R-2 073879AP3 RES 5.00000% 0.00 0.00 0.00 R-3 073879AQ1 RES 5.00000% 0.00 0.00 0.00 Totals ~~255~~250,~~571~~135,~~558~~027.7956 1,~~308~~289,~~748~~525.8280 59,~~436~~512,~~531~~384.2269

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A1 0.00 ~~103~~97,~~452~~624,~~113~~010.8997 36,~~528~~280,~~363~~705.1685 0.00 I-A2 0.00 4,537,091.00 19,849.77 0.00 I-A3 0.00 4038,~~495~~310,~~951~~413.7213 12,~~216~~256,~~057~~912.9070 0.00 I-A4 0.00 0.00 ~~209~~198,~~956~~598.8987 0.00 II-A 0.00 8079,~~702~~261,~~898~~468.4088 1,~~506~~777,~~039~~691.6768 0.00 I-X 0.00 0.00 8884,~~041~~814.5458 0.00 II-X 0.00 0.00 2732,~~207~~463.0742 0.00 I-PO 0.00 1,~~895~~874,~~586~~793.3793 820,~~038~~792.5144 0.00 II-PO 0.00 ~~235~~234,~~856~~638.0386 171,~~736~~217.6717 0.00 B-1 0.00 6,~~988~~975,~~465~~353.9827 46,~~052~~076.2030 0.00 B-2 0.00 3,~~897~~889,~~261~~948.0043 25,~~681~~695.9539 0.00 B-3 0.00 2,~~553~~548,~~172~~381.5291 16,~~824~~833.7556 0.00 B-4 0.00 2,~~016~~012,~~132~~349.7379 13,~~285~~292.8075 0.00 B-5 0.00 ~~806~~804,~~056~~543.0259 5,~~311~~314.7048 0.00 B-6 0.00 2,~~554~~549,~~341~~549.9010 16,~~832~~841.4627 0.00 P 0.00 100.00 04,810.0026 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 Totals 0.00 ~~250~~240,~~135~~622,~~027~~642.5686 610,~~745~~801,~~280~~910.0449 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-A1 114,500,000.00 ~~106~~103,~~514~~452,~~476~~113.1789 9593,~~442~~594.1222 25,~~966~~734,~~920~~508.1670 0.00 0.00 I-A2 4,537,091.00 4,537,091.00 0.00 0.00 0.00 0.00 I-A3 44,638,909.00 4140,~~644~~495,~~337~~951.5772 35,~~790~~097.8083 12,~~112~~150,~~595~~440.0675 0.00 0.00 I-A4 0.00 0.00 0.00 0.00 0.00 0.00 II-A 85,959,000.00 8180,~~867~~702,~~822~~898.2340 ~~311~~309,~~258~~754.3687 ~~853~~1,~~665~~131,674.4765 0.00 0.00 I-X 0.00 0.00 0.00 0.00 0.00 0.00 II-X 0.00 0.00 0.00 0.00 0.00 0.00 I-PO 1,920,994.00 1,~~903~~895,~~624~~586.8837 1,~~887~~892.1425 618,~~151~~900.3819 0.00 0.00 II-PO 256,831.00 ~~253~~235,~~592~~856.7003 ~~1,060~~998.2788 ~~16,676~~218.4029 0.00 0.00 B-1 7,040,000.00 76,~~001~~988,~~496~~465.9998 13,~~031~~112.0071 0.00 0.00 0.00 B-2 3,926,000.00 3,~~904~~897,~~528~~261.0100 7,~~267~~312.0057 0.00 0.00 0.00 B-3 2,572,000.00 2,~~557~~553,~~933~~172.2752 4,~~760~~790.7661 0.00 0.00 0.00 B-4 2,031,000.00 2,~~019~~016,~~892~~132.1073 3,~~759~~782.3794 0.00 0.00 0.00 B-5 812,000.00 ~~807~~806,~~559~~056.0302 1,~~503~~512.0143 0.00 0.00 0.00 B-6 2,573,178.01 2,~~559~~554,~~104~~341.8490 4,~~762~~792.9480 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 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 R-3 50.00 0.00 0.00 0.00 0.00 0.00 Totals 270,767,253.01 ~~255~~250,~~571~~135,~~558~~027.7956 ~~480~~476,~~522~~642.7711 49,~~956~~035,~~008~~742.4758 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-A1 35,~~062~~828,~~362~~102.2991 ~~103~~97,~~452~~624,~~113~~010.8997 0.~~90351191~~85261145 35,~~062~~828,~~362~~102.2991 I-A2 0.00 4,537,091.00 1.00000000 0.00 I-A3 12,~~148~~185,~~385~~538.8559 4038,~~495~~310,~~951~~413.7213 0.~~90718955~~85822915 12,~~148~~185,~~385~~538.8559 I-A4 0.00 0.00 0.00000000 0.00 II-A 1,~~164~~441,~~923~~429.8252 8079,~~702~~261,~~898~~468.4088 0.~~93885339~~92208459 1,~~164~~441,~~923~~429.8252 I-X 0.00 0.00 0.00000000 0.00 II-X 0.00 0.00 0.00000000 0.00 I-PO 820,~~038~~792.5144 1,~~895~~874,~~586~~793.3793 0.~~98677371~~97594991 820,~~038~~792.5144 II-PO 171,~~736~~217.6717 ~~235~~234,~~856~~638.0386 0.~~91833163~~91359244 171,~~736~~217.6717 B-1 13,~~031~~112.0071 6,~~988~~975,~~465~~353.9827 0.~~99267983~~99081723 13,~~031~~112.0071 B-2 7,~~267~~312.0057 3,~~897~~889,~~261~~948.0043 0.~~99267983~~99081723 7,~~267~~312.0057 B-3 4,~~760~~790.7661 2,~~553~~548,~~172~~381.5291 0.~~99267983~~99081723 4,~~760~~790.7661 B-4 3,~~759~~782.3794 2,~~016~~012,~~132~~349.7379 0.~~99267983~~99081723 3,~~759~~782.3794 B-5 1,~~503~~512.0143 ~~806~~804,~~056~~543.0259 0.~~99267983~~99081723 1,~~503~~512.0143 B-6 4,~~762~~792.9480 2,~~554~~549,~~341~~549.9010 0.~~99267983~~99081723 4,~~762~~792.9480 P 0.00 100.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 Totals 59,~~436~~512,~~531~~384.2269 ~~250~~240,~~135~~622,~~027~~642.5686 0.~~92380088~~88866966 59,~~436~~512,~~531~~384.2269

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A1 114,500,000.00 ~~930~~903.~~25743380~~51191170 0.~~83355563~~81741677 2550.~~91196646~~08304541 0.00000000 I-A2 4,537,091.00 1000.00000000 0.00000000 0.00000000 0.00000000 I-A3 44,638,909.00 ~~932~~907.~~91566714~~18954892 0.~~80178483~~78626093 2448.~~92433361~~17413324 0.00000000 I-A4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-A 85,959,000.00 ~~952~~938.~~40547505~~85338824 3.~~62100955~~60351877 913.~~93107726~~16528403 0.00000000 I-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 1,920,994.00 ~~990~~986.~~95826432~~77370674 0.~~98237683~~98503691 39.~~20218595~~83875535 0.00000000 II-PO 256,831.00 ~~987~~918.~~39131958~~33162663 43.~~12827891~~88925013 640.~~93141404~~84993634 0.00000000 B-1 7,040,000.00 ~~994~~992.~~53082244~~67982670 1.~~85099432~~86260085 0.00000000 0.00000000 B-2 3,926,000.00 ~~994~~992.~~53082272~~67982680 1.~~85099338~~86260061 0.00000000 0.00000000 B-3 2,572,000.00 ~~994~~992.~~53082037~~67982893 1.~~85099533~~86260109 0.00000000 0.00000000 B-4 2,031,000.00 ~~994~~992.~~53082226~~67982767 1.~~85099458~~86259970 0.00000000 0.00000000 B-5 812,000.00 ~~994~~992.~~53082512~~67982759 1.~~85099754~~86259852 0.00000000 0.00000000 B-6 2,573,178.01 ~~994~~992.~~53082144~~67982630 1.~~85099514~~86259947 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 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 R-3 50.00 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 I-A1 0.00000000 2650.~~74552218~~90046210 ~~903~~852.~~51191170~~61144952 0.~~90351191~~85261145 2650.~~74552218~~90046210 I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 I-A3 0.00000000 2548.~~72611822~~96039439 ~~907~~858.~~18954892~~22915453 0.~~90718955~~85822915 2548.~~72611822~~96039439 I-A4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-A 0.00000000 1316.~~55208669~~76880280 ~~938~~922.~~85338824~~08458544 0.~~93885339~~92208459 1316.~~55208669~~76880280 I-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 II-X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 I-PO 0.00000000 410.~~18455758~~82379227 ~~986~~975.~~77370674~~94991447 0.~~98677371~~97594991 410.~~18455758~~82379227 II-PO 0.00000000 694.~~05969295~~73918647 ~~918~~913.~~33162663~~59244016 0.~~91833163~~91359244 694.~~05969295~~73918647 B-1 0.00000000 1.~~85099432~~86260085 ~~992~~990.~~67982670~~81722585 0.~~99267983~~99081723 1.~~85099432~~86260085 B-2 0.00000000 1.~~85099338~~86260061 ~~992~~990.~~67982680~~81722618 0.~~99267983~~99081723 1.~~85099338~~86260061 B-3 0.00000000 1.~~85099533~~86260109 ~~992~~990.~~67982893~~81722784 0.~~99267983~~99081723 1.~~85099533~~86260109 B-4 0.00000000 1.~~85099458~~86259970 ~~992~~990.~~67982767~~81722797 0.~~99267983~~99081723 1.~~85099458~~86259970 B-5 0.00000000 1.~~85099754~~86259852 ~~992~~990.~~67982759~~81722906 0.~~99267983~~99081723 1.~~85099754~~86259852 B-6 0.00000000 1.~~85099514~~86259947 ~~992~~990.~~67982630~~81722683 0.~~99267983~~99081723 1.~~85099514~~86259947 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 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-A1 114,500,000.00 5.25000% ~~106~~103,~~514~~452,~~476~~113.1789 ~~466~~452,~~000~~603.8300 0.00 0.00 I-A2 4,537,091.00 5.25000% 4,537,091.00 19,849.77 0.00 0.00 I-A3 44,638,909.00 12.~~95000~~11500% 4140,~~644~~495,~~337~~951.5772 6771,~~672~~374.0511 0.00 0.00 I-A4 0.00 65.~~05000~~88500% 4140,~~644~~495,~~337~~951.5772 ~~209~~198,~~956~~598.8790 0.00 0.00 II-A 85,959,000.00 5.00000% 8180,~~867~~702,~~822~~898.2340 ~~341~~336,~~115~~262.9308 0.00 0.00 I-X 0.00 0.~~87801~~87523% ~~120~~116,~~328~~286,~~385~~696.8380 8884,~~041~~814.5360 0.00 0.00 II-X 0.00 0.~~43339~~52293% 7574,~~332~~495,~~922~~433.6211 2732,~~207~~463.0841 0.00 0.00 I-PO 1,920,994.00 0.00000% 1,~~903~~895,~~624~~586.8837 0.00 0.00 0.00 II-PO 256,831.00 0.00000% ~~253~~235,~~592~~856.7003 0.00 0.00 0.00 B-1 7,040,000.00 5.~~65957~~66023% 76,~~001~~988,~~496~~465.9998 3332,~~021~~963.2059 0.00 0.00 B-2 3,926,000.00 5.~~65957~~66023% 3,~~904~~897,~~528~~261.0100 18,~~414~~382.9582 0.00 0.00 B-3 2,572,000.00 5.~~65957~~66023% 2,~~557~~553,~~933~~172.2752 12,~~063~~042.9995 0.00 0.00 B-4 2,031,000.00 5.~~65957~~66023% 2,~~019~~016,~~892~~132.1073 9,~~526~~509.4381 0.00 0.00 B-5 812,000.00 5.~~65957~~66023% ~~807~~806,~~559~~056.0302 3,~~808~~802.6905 0.00 0.00 B-6 2,573,178.01 5.~~65957~~66023% 2,~~559~~554,~~104~~341.8490 12,~~069~~048.5247 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 50.00 5.00000% 0.00 0.00 0.00 0.00 R-2 50.00 5.00000% 0.00 0.00 0.00 0.00 R-3 50.00 5.00000% 0.00 0.00 0.00 0.00 Totals 270,767,253.01 1,~~308~~284,~~748~~715.8456 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-A1 0.00 0.00 ~~466~~452,~~000~~602.8794 0.00 ~~103~~97,~~452~~624,~~113~~010.8997 I-A2 0.00 0.00 19,849.77 0.00 4,537,091.00 I-A3 0.00 0.00 6771,~~672~~374.0511 0.00 4038,~~495~~310,~~951~~413.7213 I-A4 0.00 0.00 ~~209~~198,~~956~~598.8987 0.00 4038,~~495~~310,~~951~~413.7213 II-A 0.00 0.00 ~~341~~336,~~115~~262.8516 0.00 8079,~~702~~261,~~898~~468.4088 I-X 0.00 0.00 8884,~~041~~814.5458 0.00 ~~116~~109,~~286~~556,~~696~~846.8052 II-X 0.00 0.00 2732,~~207~~463.0742 0.00 7473,~~495~~085,~~433~~961.1120 I-PO 0.00 0.00 0.00 0.00 1,~~895~~874,~~586~~793.3793 II-PO 0.00 0.00 0.00 0.00 ~~235~~234,~~856~~638.0386 B-1 0.00 0.00 3332,~~021~~963.2059 0.00 6,~~988~~975,~~465~~353.9827 B-2 0.00 0.00 18,~~414~~382.9582 0.00 3,~~897~~889,~~261~~948.0043 B-3 0.00 0.00 12,~~063~~042.9995 0.00 2,~~553~~548,~~172~~381.5291 B-4 0.00 0.00 9,~~526~~509.4381 0.00 2,~~016~~012,~~132~~349.7379 B-5 0.00 0.00 3,~~808~~802.6905 0.00 ~~806~~804,~~056~~543.0259 B-6 0.00 0.00 12,~~069~~048.5247 0.00 2,~~554~~549,~~341~~549.9010 P 0.00 0.00 04,810.0026 0.00 100.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~308~~289,~~748~~525.8280 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-A1 114,500,000.00 5.25000% ~~930~~903.~~25743380~~51191170 43.~~06987624~~95286463 0.00000000 0.00000000 I-A2 4,537,091.00 5.25000% 1000.00000000 4.37499931 0.00000000 0.00000000 I-A3 44,638,909.00 12.~~95000~~11500% ~~932~~907.~~91566714~~18954892 1.~~51598799~~59892147 0.00000000 0.00000000 I-A4 0.00 65.~~05000~~88500% ~~932~~907.~~91566714~~18954892 4.~~70344985~~44900882 0.00000000 0.00000000 II-A 85,959,000.00 5.00000% ~~952~~938.~~40547505~~85338824 3.~~96835619~~91188916 0.00000000 0.00000000 I-X 0.00 0.~~87801~~87523% ~~921~~890.~~48365056~~53209797 0.~~67422853~~64951646 0.00000000 0.00000000 II-X 0.00 0.~~43339~~52293% ~~949~~939.~~61783252~~06076204 0.~~34296198~~40922125 0.00000000 0.00000000 I-PO 1,920,994.00 0.00000% ~~990~~986.~~95826432~~77370674 0.00000000 0.00000000 0.00000000 II-PO 256,831.00 0.00000% ~~987~~918.~~39131958~~33162663 0.00000000 0.00000000 0.00000000 B-1 7,040,000.00 5.~~65957~~66023% ~~994~~992.~~53082244~~67982670 4.~~69051136~~68232813 0.00000000 0.00000000 B-2 3,926,000.00 5.~~65957~~66023% ~~994~~992.~~53082272~~67982680 4.~~69051197~~68232807 0.00000000 0.00000000 B-3 2,572,000.00 5.~~65957~~66023% ~~994~~992.~~53082037~~67982893 4.~~69050933~~68232893 0.00000000 0.00000000 B-4 2,031,000.00 5.~~65957~~66023% ~~994~~992.~~53082226~~67982767 4.~~69051206~~68232890 0.00000000 0.00000000 B-5 812,000.00 5.~~65957~~66023% ~~994~~992.~~53082512~~67982759 4.~~69050493~~68232759 0.00000000 0.00000000 B-6 2,573,178.01 5.~~65957~~66023% ~~994~~992.~~53082144~~67982630 4.~~69051109~~68233055 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 5.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 5.00000% 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 I-A1 0.00000000 0.00000000 43.~~06987659~~95286410 0.00000000 ~~903~~852.~~51191170~~61144952 I-A2 0.00000000 0.00000000 4.37499931 0.00000000 1000.00000000 I-A3 0.00000000 0.00000000 1.~~51598799~~59892147 0.00000000 ~~907~~858.~~18954892~~22915453 I-A4 0.00000000 0.00000000 4.~~70345030~~44900815 0.00000000 ~~907~~858.~~18954892~~22915453 II-A 0.00000000 0.00000000 3.~~96835526~~91189009 0.00000000 ~~938~~922.~~85338824~~08458544 I-X 0.00000000 0.00000000 0.~~67422860~~64951631 0.00000000 ~~890~~838.~~53209797~~99440833 II-X 0.00000000 0.00000000 0.~~34296185~~40922138 0.00000000 ~~939~~921.~~06076204~~29350155 I-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~986~~975.~~77370674~~94991447 II-PO 0.00000000 0.00000000 0.00000000 0.00000000 ~~918~~913.~~33162663~~59244016 B-1 0.00000000 0.00000000 4.~~69051136~~68232813 0.00000000 ~~992~~990.~~67982670~~81722585 B-2 0.00000000 0.00000000 4.~~69051197~~68232807 0.00000000 ~~992~~990.~~67982680~~81722618 B-3 0.00000000 0.00000000 4.~~69050933~~68232893 0.00000000 ~~992~~990.~~67982893~~81722784 B-4 0.00000000 0.00000000 4.~~69051206~~68232890 0.00000000 ~~992~~990.~~67982767~~81722797 B-5 0.00000000 0.00000000 4.~~69050493~~68232759 0.00000000 ~~992~~990.~~67982759~~81722906 B-6 0.00000000 0.00000000 4.~~69051109~~68233055 0.00000000 ~~992~~990.~~67982630~~81722683 P 0.00000000 0.00000000 048102.~~00000000~~60000000 0.00000000 1000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 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 610,~~817~~857,~~161~~455.9448 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 65,~~441~~135.8910 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 610,~~882~~922,~~603~~590.8358 Withdrawals Reimbursement for Servicer Advances 8065,~~885~~441.0689 Payment of Service Fee 5655,~~438~~238.7320 Payment of Interest and Principal 610,~~745~~801,~~280~~910.0449 Total Withdrawals (Pool Distribution Amount) 610,~~882~~922,~~603~~590.8358 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5352,~~244~~111.0351 Master Servicing Fee 3,~~194~~126.7069 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 5655,~~438~~238.7320

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3229 0 0 0 3229 76,~~584~~404,~~758~~611.7051 0.00 0.00 0.00 76,~~584~~404,~~758~~611.7051 60 Days 310 0 0 0 310 ~~876~~1,~~780~~999,222.8213 0.00 0.00 0.00 ~~876~~1,~~780~~999,222.8213 90 Days 30 0 0 0 30 ~~763,650~~0.9300 0.00 0.00 0.00 ~~763,650~~0.9300 120 Days 01 0 0 0 01 0590,321.0059 0.00 0.00 0.00 0590,321.0059 150 Days 10 0 0 0 10 ~~255,000~~0.00 0.00 0.00 0.00 ~~255,000~~0.00 180+ Days 01 0 0 0 01 0255,000.00 0.00 0.00 0.00 0255,000.00 Totals 3941 0 0 0 3941 9,~~480~~249,~~190~~155.4523 0.00 0.00 0.00 9,~~480~~249,~~190~~155.4523 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.~~470716~~232999% 0.000000% 0.000000% 0.000000% 3.~~470716~~232999% 32.~~028025~~657720% 0.000000% 0.000000% 0.000000% 32.~~028025~~657720% 60 Days 01.~~325380~~114827% 0.000000% 0.000000% 0.000000% 01.~~325380~~114827% 0.~~350033~~829617% 0.000000% 0.000000% 0.000000% 0.~~350033~~829617% 90 Days 0.~~325380~~000000% 0.000000% 0.000000% 0.000000% 0.~~325380~~000000% 0.~~304869~~000000% 0.000000% 0.000000% 0.000000% 0.~~304869~~000000% 120 Days 0.~~000000~~111483% 0.000000% 0.000000% 0.000000% 0.~~000000~~111483% 0.~~000000~~244966% 0.000000% 0.000000% 0.000000% 0.~~000000~~244966% 150 Days 0.~~108460~~000000% 0.000000% 0.000000% 0.000000% 0.~~108460~~000000% 0.~~101802~~000000% 0.000000% 0.000000% 0.000000% 0.~~101802~~000000% 180+ Days 0.~~000000~~111483% 0.000000% 0.000000% 0.000000% 0.~~000000~~111483% 0.~~000000~~105817% 0.000000% 0.000000% 0.000000% 0.~~000000~~105817% Totals 4.~~229935~~570792% 0.000000% 0.000000% 0.000000% 4.~~229935~~570792% 3.~~784729~~838119% 0.000000% 0.000000% 0.000000% 3.~~784729~~838119%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2924 0 0 0 2924 65,~~735~~663,~~701~~346.9452 0.00 0.00 0.00 65,~~735~~663,~~701~~346.9452 60 Days 29 0 0 0 29 ~~837~~1,~~050.80 0.00 0.00 0.00 837~~559,~~050~~659.8089 ~~90 Days 2~~ 0 ~~0 0 2 173,329~~.~~34 0.~~00 0.00 0.00 ~~173,329.34 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days~~ 1 ~~0 0 0 1 255~~,~~000.00 0.00 0.00 0.00 255~~559,~~000~~659.0089 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 34 0 0 0 34 8,001,082.08 0.00 0.00 0.00 8,001,082.08 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.113475% 0.000000% 0.000000% 0.000000% 4.113475% 4.134459% 0.000000% 0.000000% 0.000000% 4.134459% 60 Days 0.283688% 0.000000% 0.000000% 0.000000% 0.283688% 0.513792% 0.000000% 0.000000% 0.000000% 0.513792% 90 Days 0~~.283688%~~ 0~~.000000%~~ 0~~.000000%~~ 0~~.000000%~~ 0~~.283688%~~ 0.106392% 0.000000% 0.000000% 0.000000% 0.106392% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.141844% 0.000000% 0.000000% 0.000000% 0.141844% 0.156522% 0.000000% 0.000000% 0.000000% 0.156522% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 4.822695% 0.000000% 0.000000% 0.000000% 4.822695% 4.911166% 0.000000% 0.000000% 0.000000% 4.911166% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 ~~30 Days 3~~ 0 ~~0 0 3 849,056~~.~~76 0.~~00 ~~0.00 0.00 849,056.76 60 Days 1 0 0 0 1 39,730.02 0.00 0.00 0.00 39,730.02 90 Days 1 0 0 0 1 590,321.59 0.00 0.00 0.00 590,321.59~~ 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 01 0 0 0 01 0255,000.00 0.00 0.00 0.00 0255,000.00 Totals 534 0 0 0 534 17,~~479~~478,~~108~~006.3741 0.00 0.00 0.00 17,~~479~~478,~~108~~006.3741 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 13.~~382488~~513909% 0.000000% 0.000000% 0.000000% 13.~~382488~~513909% 03.~~969584~~656791% 0.000000% 0.000000% 0.000000% 03.~~969584~~656791% 60 Days 01.~~460829~~317716% 0.000000% 0.000000% 0.000000% 01.~~460829~~317716% 01.~~045370~~007063% 0.000000% 0.000000% 0.000000% 01.~~045370~~007063% 90 Days 0.~~460829~~000000% 0.000000% 0.000000% 0.000000% 0.~~460829~~000000% 0.~~674120~~000000% 0.000000% 0.000000% 0.000000% 0.~~674120~~000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.~~000000~~146413% 0.000000% 0.000000% 0.000000% 0.~~000000~~146413% 0.~~000000~~164652% 0.000000% 0.000000% 0.000000% 0.~~000000~~164652% Totals 24.~~304147~~978038% 0.000000% 0.000000% 0.000000% 24.~~304147~~978038% 14.~~689074~~828506% 0.000000% 0.000000% 0.000000% 14.~~689074~~828506%

~~OTHER~~DELINQUENT ~~INFORMATION~~BANKRUPTCY ~~Current~~FORECLOSURE ~~Period~~REO ~~Class~~Total AGroup ~~Insufficient~~2 ~~Funds~~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 ~~Principal~~0.00 ~~Balance~~0.00 of0.00 ~~Contaminated~~30 ~~Properties~~Days 5 0 0 0 5 741,264.99 0.00 ~~Periodic~~0.00 ~~Advance~~0.00 65741,~~441~~264.8999 60 Days 1 0 0 0 1 439,562.24 0.00 0.00 0.00 439,562.24 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 1 0 0 0 1 590,321.59 0.00 0.00 0.00 590,321.59 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7 0 0 0 7 1,771,148.82 0.00 0.00 0.00 1,771,148.82 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.336449% 0.000000% 0.000000% 0.000000% 2.336449% 0.860841% 0.000000% 0.000000% 0.000000% 0.860841% 60 Days 0.467290% 0.000000% 0.000000% 0.000000% 0.467290% 0.510469% 0.000000% 0.000000% 0.000000% 0.510469% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.467290% 0.000000% 0.000000% 0.000000% 0.467290% 0.685548% 0.000000% 0.000000% 0.000000% 0.685548% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.271028% 0.000000% 0.000000% 0.000000% 3.271028% 2.056859% 0.000000% 0.000000% 0.000000% 2.056859%

~~COLLATERAL~~OTHER ~~STATEMENT~~INFORMATION ~~Collateral~~Current ~~Description~~Period ~~Mixed~~Class ~~Fixed~~A ~~Weighted~~Insufficient ~~Average~~Funds Gross Coupon 6.436603% Weighted Average Net Coupon 6.186603% Weighted Average Pass-Through Rate 6.171603% Weighted Average Maturity(Stepdown Calculation ) 291 Beginning Scheduled Collateral Loan Count 945 Number Of Loans Paid In Full 23 Ending Scheduled Collateral Loan Count 922 Beginning Scheduled Collateral Balance 255,571,458.59 Ending Scheduled Collateral Balance 250,134,927.36 Ending Actual Collateral Balance at 31-Jul-2004 250,485,309.88 Monthly P &I Constant 1,851,366.02 Special Servicing Fee 0.00 ~~Prepayment~~Principal ~~Penalties~~Balance ~~0.00~~of ~~Realized~~Contaminated ~~Loss~~Properties ~~Amount~~ 0.00 ~~Cumulative~~Periodic ~~Realized~~Advance ~~Loss 0.00 Ending Scheduled Balance for Premium Loans 250~~65,~~134,927~~135.~~36 Scheduled Principal 480,522.76 Unscheduled Principal 4,956,008.47~~10

~~Miscellaneous~~COLLATERAL ~~Reporting~~STATEMENT ~~Senior~~Collateral ~~Prep.~~Description ~~Percentage~~Mixed ~~Group~~Fixed 1Weighted ~~100~~Average Gross Coupon 6.~~000000~~428308% ~~Senior~~Weighted ~~Prep~~Average Net Coupon 6.178308% ~~Percentage~~Weighted ~~Group~~Average 2Pass-Through ~~100~~Rate 6.~~000000~~163308% ~~Senior~~Weighted ~~Percentage~~Average ~~Group~~Maturity(Stepdown 1Calculation 92) 290 Beginning Scheduled Collateral Loan Count 922 Number Of Loans Paid In Full 25 Ending Scheduled Collateral Loan Count 897 Beginning Scheduled Collateral Balance 250,134,927.~~470640%~~36 ~~Senior~~Ending ~~Percentage~~Scheduled ~~Group~~Collateral 2Balance 92240,622,542.~~731111%~~66 ~~Subordinate~~Ending ~~Percentage~~Actual ~~Group~~Collateral 1Balance 7at 31-Aug-2004 240,981,462.~~529360%~~38 ~~Subordinate~~Monthly ~~Percentage~~P ~~Group~~&I 2Constant 71,816,595.~~268889%~~77 ~~Sub~~Special ~~Prep~~Servicing Fee 0.00 ~~Percentage~~Prepayment Penalties 0.~~000000%~~00 ~~Three~~Realized ~~month~~Loss ~~rolling~~Amount ~~average~~0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 240,622,542.66 Scheduled Principal 476,642.12 Unscheduled Principal 9,035,742.58

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Senior ~~Statement~~Prep. ~~Group~~Percentage Group 1 ~~Group 2 Total Collateral Description Mixed Fixed Mixed Fixed Mixed Fixed Weighted Average Coupon Rate 6~~100.~~829130~~000000% ~~5.696081~~Senior 6Prep.~~436603~~ ~~Weighted~~Percentage ~~Average~~Group ~~Net~~2 ~~Rate 6~~100.~~579130~~000000% ~~5.446081~~Senior ~~6.186603~~Percentage ~~Weighted~~Group Average Maturity 353 172 291 Beginning Loan Count 725 220 945 Loans Paid In Full 20 3 23 Ending Loan Count 705 217 922 Beginning Scheduled Balance 167,032,692.29 88,538,766.30 255,571,458.59 Ending scheduled Balance 162,803,220.08 87,331,707.28 250,134,927.36 Record Date 07/31/2004 07/31/2004 07/31/2004 Principal And Interest Constant 1~~,094,378.91~~ ~~756,987~~92.11279747% ~~1,851,366.02~~Senior ~~Scheduled~~Percentage ~~Principal~~Group 143,805.61 336,717.15 480,522.76 Unscheduled Principal 4,085,666.60 870,341.87 4,956,008.47 Scheduled Interest 950,573.30 420,269.96 1,370,843.26 Servicing Fees 34,798.46 18,445.57 53,244.03 Master Servicing Fees 2~~,087.95~~ ~~1,106~~92.75659865% ~~3,194.70~~Subordinate ~~Trustee~~Percentage ~~Fee~~Group ~~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 07.00720253% ~~0.00~~Subordinate ~~0.00~~Percentage ~~Spread~~Group ~~Fee~~ 2 07.00340135% ~~0.00~~Sub 0Prep.00 ~~Spread Fee 3 0.00 0.00 0.00 Net Interest 913,686.89 400,717.64 1,314,404.53 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00~~ Percentage ~~of Cumulative Losses~~ 0.~~0000~~000000% ~~0.0000~~Three ~~0.0000~~month ~~Prepayment~~rolling ~~Penalties~~average 0~~.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.564130 5.431081 6.171603~~

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES I TRUST 2004-AC2