8-K 1 thb03002_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 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-56240-12 54-2120412 Pooling and Servicing Agreement) (Commission 54-2120413 (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 September 27, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 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 2003-2 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. THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-2 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: 10/5/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-2 Trust, relating to the September 27, 2004 distribution. EX-99.1

Thornburg Mortgage Securities ~~Corporation~~Trust Mortgage Pass-Through Certificates Record Date: 78/31/2004 Distribution Date: 89/2527/2004 THB Series: 2003-2 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 A 885220DC4 SEN 1.~~79000~~95500% ~~628~~618,~~200~~418,~~917~~659.4454 ~~937~~1,~~066~~108,257.3979 915,~~782~~441,~~257~~535.9034 M-1 885220DD2 SUB 2.~~20000~~36500% 10,608,900.00 1922,~~449~~999.6521 0.00 M-2 885220DE0 SUB 23.~~95000~~11500% 10,608,900.00 2630,~~080~~292.2183 0.00 B-IO 885220DH3 SEN 0.00000% 69.76 1898,~~055,883~~052.8560 0.00 R-1 885220DF7 SEN 0.00000% 0.00 0.00 0.00 R-2 885220DG5 SEN 0.00000% 0.00 0.00 0.00 Totals ~~649~~639,~~418~~636,~~787~~529.2030 2,~~038~~059,~~480~~602.1043 915,~~782~~441,~~257~~535.9034

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~618~~602,~~418~~977,~~659~~124.5420 1016,~~719~~549,~~324~~793.2913 0.00 M-1 0.00 10,608,900.00 1922,~~449~~999.6521 0.00 M-2 0.00 10,608,900.00 2630,~~080~~292.2183 0.00 B-IO 0.00 69.76 1898,~~055,883~~052.8560 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~639~~624,~~636~~194,~~529~~993.3096 1117,~~820~~501,~~738~~137.0077 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 1,039,673,900.00 ~~628~~618,~~200~~418,~~917~~659.4454 0.00 915,~~782~~441,~~257~~535.9034 0.00 0.00 M-1 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 M-2 10,608,900.00 10,608,900.00 0.00 0.00 0.00 0.00 B-IO 69.76 69.76 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 Totals 1,060,891,869.76 ~~649~~639,~~418~~636,~~787~~529.2030 0.00 915,~~782~~441,~~257~~535.9034 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 915,~~782~~441,~~257~~535.9034 ~~618~~602,~~418~~977,~~659~~124.5420 0.~~59481984~~57996755 915,~~782~~441,~~257~~535.9034 M-1 0.00 10,608,900.00 1.00000000 0.00 M-2 0.00 10,608,900.00 1.00000000 0.00 B-IO 0.00 69.76 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 915,~~782~~441,~~257~~535.9034 ~~639~~624,~~636~~194,~~529~~993.3096 0.~~60292340~~58836816 915,~~782~~441,~~257~~535.9034

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 1,039,673,900.00 ~~15105~~14870.~~72010705~~49592040 0.00000000 ~~235~~371.~~22418664~~30717959 0.00000000 M-1 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 M-2 10,608,900.00 25000.00000000 0.00000000 0.00000000 0.00000000 B-IO 69.76 10000000.00000000 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 (2) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 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 ~~235~~371.~~22418664~~30717959 14,~~870~~499.~~49592040~~18874082 0.~~59481984~~57996755 ~~235~~371.~~22418664~~30717959 M-1 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 25,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.~~00000000 10~~0000000010,000,000.00000000 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 (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 1,039,673,900.00 1.~~79000~~95500% ~~628~~618,~~200~~418,~~917~~659.4454 ~~937~~1,~~066~~108,257.3777 0.00 0.00 M-1 10,608,900.00 2.~~20000~~36500% 10,608,900.00 1922,~~449~~999.6521 0.00 0.00 M-2 10,608,900.00 23.~~95000~~11500% 10,608,900.00 2630,~~080~~292.2183 0.00 0.00 B-IO 69.76 0.00000% 69.76 0.00 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 Totals 1,060,891,869.76 ~~982~~1,~~596~~161,549.2381 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 (0.0201) 0.00 ~~937~~1,~~066~~108,257.3979 0.00 ~~618~~602,~~418~~977,~~659~~124.5420 M-1 0.00 0.00 1922,~~449~~999.6521 0.00 10,608,900.00 M-2 0.00 0.00 2630,~~080~~292.2183 0.00 10,608,900.00 B-IO 0.00 0.00 1898,~~055,883~~052.8560 0.00 69.76 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals (0.0201) 0.00 2,~~038~~059,~~480~~602.1043 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 1,039,673,900.00 1.~~79000~~95500% ~~15105~~14870.~~72010705~~49592040 2226.~~53269920~~64916783 0.00000000 0.00000000 M-1 10,608,900.00 2.~~20000~~36500% 25000.00000000 4554.~~83333333~~19791402 0.00000000 0.00000000 M-2 10,608,900.00 23.~~95000~~11500% 25000.00000000 6171.~~45832744~~38541696 0.00000000 0.00000000 B-IO 69.76 0.00000% 10000000.00000000 0.00000000 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 (5) Classes A, M-1, M-2 are per $25,000 Denomination. Class B-IO are per $10,000,000 Denomination. Classes R-1, R-2 are per $50.00 ~~Den~~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.~~00000048~~00000024) 0.00000000 2226.~~53269968~~64916831 0.00000000 ~~14870~~14499.~~49592040~~18874082 M-1 0.00000000 0.00000000 4554.~~83333333~~19791402 0.00000000 25000.00000000 M-2 0.00000000 0.00000000 6171.~~45832744~~38541696 0.00000000 25000.00000000 B-IO 0.00000000 0.00000000 ~~359496846~~734604357.~~33000000~~79800000 0.00000000 10000000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 1117,~~972~~687,~~608~~723.4508 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 226,~~396~~267.6026 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 124,~~980~~054.0051 Total Deposits 1217,~~007~~698,~~985~~044.0585 Withdrawals Reimbursement for Servicer Advances 922,~~989~~396.1560 Payment of Service Fee ~~177~~174,~~257~~510.9048 Payment of Interest and Principal 1117,~~820~~501,~~738~~137.0077 Total Withdrawals (Pool Distribution Amount) 1217,~~007~~698,~~985~~044.0585 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~164~~161,~~413~~836.7772 External Master Servicing Fee- Washington Mutual 2,~~981~~959.5510 Master Servicing Fee- Wells Fargo 9,~~509~~366.3772 Trustee Fee - Deutsche Bank ~~353~~347.2194 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~177~~174,~~257~~510.9048

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 2111 10 0 0 2211 41,~~956~~411,~~774~~022.8502 ~~194,838~~0.2000 0.00 0.00 51,~~151~~411,~~613~~022.0502 60 Days 2 0 0 0 2 ~~171~~228,~~600~~473.9215 0.00 0.00 0.00 ~~171~~228,~~600~~473.9215 90 Days 10 0 0 0 10 ~~469,613~~0.1900 0.00 0.00 0.00 ~~469,613~~0.1900 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 10 0 0 0 10 ~~110,306~~0.8900 0.00 0.00 0.00 ~~110,306~~0.8900 Totals 2513 10 0 0 2613 51,~~708~~639,~~295~~495.8517 ~~194,838~~0.2000 0.00 0.00 51,~~903~~639,~~134~~495.0517 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 10.~~348748~~721785% 0.~~064226~~000000% 0.000000% 0.000000% 10.~~412974~~721785% 0.~~771552~~225044% 0.~~030328~~000000% 0.000000% 0.000000% 0.~~801880~~225044% 60 Days 0.~~128452~~131234% 0.000000% 0.000000% 0.000000% 0.~~128452~~131234% 0.~~026711~~036439% 0.000000% 0.000000% 0.000000% 0.~~026711~~036439% 90 Days 0.~~064226~~000000% 0.000000% 0.000000% 0.000000% 0.~~064226~~000000% 0.~~073098~~000000% 0.000000% 0.000000% 0.000000% 0.~~073098~~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.~~064226~~000000% 0.000000% 0.000000% 0.000000% 0.~~064226~~000000% 0.~~017170~~000000% 0.000000% 0.000000% 0.000000% 0.~~017170~~000000% Totals 10.~~605652~~853018% 0.~~064226~~000000% 0.000000% 0.000000% 10.~~669878~~853018% 0.~~888531~~261484% 0.~~030328~~000000% 0.000000% 0.000000% 0.~~918859~~261484%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 226,~~396~~267.6026

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~053714~~166459% Weighted Average Net Coupon 3.~~751145~~864097% Weighted Average Pass-Through Rate 3.~~727508~~840418% Weighted Average Maturity(Stepdown Calculation ) ~~316~~315 Beginning Scheduled Collateral Loan Count 1,~~583~~557 Number Of Loans Paid In Full 2633 Ending Scheduled Collateral Loan Count 1,~~557~~524 Beginning Scheduled Collateral Balance ~~652~~642,~~071~~288,~~016~~758.6272 Ending Scheduled Collateral Balance ~~642~~626,~~288~~847,~~758~~223.7238 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~642~~626,~~441~~997,~~871~~177.0754 Monthly P &I Constant 2,~~396~~418,~~662~~903.3044 Special Servicing Fee 0.00 Prepayment Penalties 124,~~980~~054.0051 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~642~~626,~~288~~847,~~758~~223.7238 Scheduled Principal ~~193~~188,~~904~~845.3509 Unscheduled Principal 915,~~588~~252,~~353~~690.5525 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1893,~~042,903~~998.8811

Beginning Class B-IO Notional Amount $~~649~~639,~~418~~636,~~787~~529.2030 Ending Class B-IO Notional Amount $~~639~~624,~~636~~194,~~529~~993.3096 Ending Scheduled Principal Balance of the TThree Year Hybrid Mortgage Loans $4036,~~216~~840,~~687~~427.8565 Ending Scheduled Principal Balance of the FFive Year Hybrid Mortgage Loans $~~192~~188,~~047~~897,~~353~~114.4031 Ending Scheduled Principal Balance of the 7-10 Year Hybrid Mortgage Loans $44,~~978~~550,~~922~~699.8018

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Coupon Rate 4.~~053714~~166459% Weighted Average Net Rate 3.~~751145~~864097% Weighted Average Pass Through Rate 3.~~727508~~840418% Weighted Average Maturity ~~316~~315 Record Date 0708/31/2004 Principal and Interest Constant 2,~~396~~418,~~662~~903.3044 Beginning Loan Count 1,~~583~~557 Loans Paid in Full 2633 Ending Loan Count 1,~~557~~524 Beginning Scheduled Balance ~~652~~642,~~071~~288,~~016~~758.6272 Ending Scheduled Balance ~~642~~626,~~288~~847,~~758~~223.7238 Ending Actual Balance at 31-~~Jul~~Aug-2004 ~~642~~626,~~441~~997,~~871~~177.0754 Scheduled Principal ~~193~~188,~~904~~845.3509 Unscheduled Principal 915,~~588~~252,~~353~~690.5525 Scheduled Interest 2,~~202~~230,~~757~~058.9535 Servicing Fee ~~164~~161,~~413~~836.7772 Master Servicing Fee 9,~~509~~366.3772 Trustee Fee ~~353~~347.2194 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,~~981~~959.5510 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~025~~055,~~500~~547.0587 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties 124,~~980~~054.0051 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,652,299.18 Overcollateralized Amount 2,652,299.18 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Filing Compare · STRUCTURED ASSET MORT INV INC THORNBURG MORT SEC TR 2003-2