8-K 1 bsa03sd3_nov.txt NOVEMBER 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): November 26, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-SD3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-91334-15 54-2132832 Pooling and Servicing Agreement) (Commission 54-2132833 (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 November 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-SD3 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-SD3 Trust, relating to the November 26, 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-SD3 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: 12/2/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-SD3 Trust, relating to the November 26, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities Mortgage Pass-Through Certificates Record Date: 810/31/2004 Distribution Date: 911/2726/2004 BSA Series: 2003-SD3 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-1 07384YNB8 SEN 2.~~09500~~41250% ~~118~~113,~~406~~377,~~707~~021.7497 ~~227~~243,~~390~~130.2172 23,~~440~~051,~~828~~392.6654 R-1 07384YNF9 RES 0.00000% 0.00 0.00 0.00 R-2 07384YNG7 RES 0.00000% 0.00 0.00 0.00 M-1 07384YNC6 MEZ 2.~~36500~~68250% 8,448,000.00 1820,~~314~~143.5679 0.00 M-2 07384YND4 MEZ 3.~~51500~~83250% 7,040,000.00 2223,~~683~~982.4793 0.00 B 07384YNE2 SUB 5.~~11500~~43250% 5,632,500.00 2627,~~409~~198.3872 0.00 B-IO 07384YNM4 IO 0.00000% 0.00 ~~453~~395,~~704~~121.6821 0.00 OC BSA03S3OC OC 0.00000% 3,285,549.90 0.00 0.00 Totals ~~142~~137,~~812~~783,~~757~~071.6487 ~~748~~709,~~502~~577.3037 23,~~440~~051,~~828~~392.6654

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~115~~110,~~965~~325,~~879~~629.0843 23,~~668~~294,~~218~~523.8726 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 M-1 0.00 8,448,000.00 1820,~~314~~143.5679 0.00 M-2 0.00 7,040,000.00 2223,~~683~~982.4793 0.00 B 0.00 5,632,500.00 2627,~~409~~198.3872 0.00 B-IO 0.00 0.00 ~~453~~395,~~704~~121.6821 0.00 OC 0.00 3,285,549.90 0.00 0.00 Totals 0.00 ~~140~~134,~~371~~731,~~928~~679.9833 3,~~189~~760,~~330~~969.9691 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-1 166,625,000.00 ~~118~~113,~~406~~377,~~707~~021.7497 0.00 23,~~440~~051,~~828~~392.6654 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 M-1 8,448,000.00 8,448,000.00 0.00 0.00 0.00 0.00 M-2 7,040,000.00 7,040,000.00 0.00 0.00 0.00 0.00 B 5,632,500.00 5,632,500.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 OC 208.52 3,285,549.90 0.00 0.00 0.00 0.00 Totals 187,745,808.52 ~~142~~137,~~812~~783,~~757~~071.6487 0.00 23,~~440~~051,~~828~~392.6654 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-1 23,~~440~~051,~~828~~392.6654 ~~115~~110,~~965~~325,~~879~~629.0843 0.~~69596927~~66211931 23,~~440~~051,~~828~~392.6654 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 M-1 0.00 8,448,000.00 1.00000000 0.00 M-2 0.00 7,040,000.00 1.00000000 0.00 B 0.00 5,632,500.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 OC 0.00 3,285,549.90 15,756.52167658 0.00 Totals 23,~~440~~051,~~828~~392.6654 ~~140~~134,~~371~~731,~~928~~679.9833 0.~~74767011~~71762816 23,~~440~~051,~~828~~392.6654

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 166,625,000.00 ~~710~~680.~~61790092~~43223988 0.00000000 1418.~~64863412~~31293347 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 8,448,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,040,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 5,632,500.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 208.52 15756521.67657780 0.00000000 0.00000000 0.00000000 Per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 1418.~~64863412~~31293347 ~~695~~662.~~96926680~~11930641 0.~~69596927~~66211931 1418.~~64863412~~31293347 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.~~0000000015~~00000000 15,756,521.67657780 15756.52167658 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-1 166,625,000.00 2.~~09500~~41250% ~~118~~113,~~406~~377,~~707~~021.7497 ~~227~~243,~~390~~130.2172 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 M-1 8,448,000.00 2.~~36500~~68250% 8,448,000.00 1820,~~314~~143.5679 0.00 0.00 M-2 7,040,000.00 3.~~51500~~83250% 7,040,000.00 2223,~~683~~982.4793 0.00 0.00 B 5,632,500.00 5.~~11500~~43250% 5,632,500.00 2627,~~409~~198.3872 0.00 0.00 B-IO 0.00 0.00000% ~~142~~137,~~812~~783,~~757~~071.6487 0.00 0.00 0.00 OC 208.52 0.00000% 3,285,549.90 0.00 0.00 0.00 Totals 187,745,808.52 ~~294~~314,~~797~~456.6216 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-1 0.00 0.00 ~~227~~243,~~390~~130.2172 0.00 ~~115~~110,~~965~~325,~~879~~629.0843 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 M-1 0.00 0.00 1820,~~314~~143.5679 0.00 8,448,000.00 M-2 0.00 0.00 2223,~~683~~982.4793 0.00 7,040,000.00 B 0.00 0.00 2627,~~409~~198.3872 0.00 5,632,500.00 B-IO 0.00 0.00 ~~453~~395,~~704~~121.6821 0.00 ~~140~~134,~~371~~731,~~928~~679.9833 OC 0.00 0.00 0.00 0.00 3,285,549.90 Totals 0.00 0.00 ~~748~~709,~~502~~577.3037 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-1 166,625,000.00 2.~~09500~~41250% ~~710~~680.~~61790092~~43223988 1.~~36468243~~45914911 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 M-1 8,448,000.00 2.~~36500~~68250% 1000.00000000 2.~~16791667~~38444484 0.00000000 0.00000000 M-2 7,040,000.00 3.~~51500~~83250% 1000.00000000 3.~~22208381~~40666619 0.00000000 0.00000000 B 5,632,500.00 5.~~11500~~43250% 1000.00000000 4.~~68874922~~82888948 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~760~~733.~~67122261~~88133852 0.00000000 0.00000000 0.00000000 OC 208.52 0.00000% 15756521.67657780 0.00000000 0.00000000 0.00000000 Per $1000 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-1 0.00000000 0.00000000 1.~~36468243~~45914911 0.00000000 ~~695~~662.~~96926680~~11930641 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 2.~~16791667~~38444484 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~22208381~~40666619 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~68874922~~82888948 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 2.~~41659148~~10455522 0.00000000 ~~747~~717.~~67050649~~62854337 OC 0.00000000 0.00000000 0.00000000 0.00000000 15756521.67657780 (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 3,~~214~~810,~~869~~516.0036 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~108~~98,~~109~~731.3377 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(11,258.0075) Prepayment Penalties 0.00 Total Deposits 3,~~322~~897,~~978~~989.3338 Withdrawals Reimbursement for Servicer Advances 95100,~~709~~711.8048 Payment of Service Fee 3736,~~937~~307.5799 Payment of Interest and Principal 3,~~189~~760,~~330~~969.9691 Total Withdrawals (Pool Distribution Amount) 3,~~322~~897,~~978~~989.3338 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 3635,~~747~~159.5078 Master Servicing Fee 1,~~190~~148.0721 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 3736,~~937~~307.5799

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 1216 01 0 1217 12,~~899~~302,~~763~~817.7932 081,540.0055 0.00 12,~~899~~384,~~763~~357.7987 30 Days 4433 4 02 0 4839 64,~~499~~112,~~694~~428.8992 ~~464~~463,~~535~~746.4308 0199,073.0018 0.00 64,~~964~~775,~~230~~248.3218 60 Days 1021 10 30 0 1421 ~~963~~2,~~815~~279,375.8494 ~~131,658~~0.5200 ~~249,683~~0.5500 0.00 12,~~345~~279,~~157~~375.9194 90 Days 58 01 62 0 11 ~~770~~1,~~628~~071,234.1176 0150,284.0016 ~~816~~247,~~017~~071.4786 0.00 1,~~586~~468,~~645~~590.5878 120 Days 41 1 5 0 107 ~~670~~276,~~812~~366.7397 ~~161~~155,~~920~~860.2771 ~~831~~1,~~839~~049,074.8642 0.00 1,~~664~~481,~~572~~302.8610 150 Days 1 1 23 20 65 48111,~~372~~183.2283 71161,~~468~~783.5531 ~~266~~237,~~417~~413.8374 ~~314,027~~0.9500 ~~700~~510,~~286~~380.5588 180+ Days 9 3 6 79 2511 129 333,~~258,831~~153.9351 ~~234~~756,~~732~~704.2527 ~~574~~860,~~281~~232.3021 ~~744~~1,~~494~~346,094.2884 23,~~812~~296,~~339~~184.7683 Totals 7367 2229 22 911 ~~126~~129 108,~~212~~183,~~155~~743.7293 23,~~964~~991,~~078~~195.8185 2,~~738~~674,~~240~~405.0196 1,~~058~~346,~~522~~094.2384 16,~~972~~195,~~996~~440.7758 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.~~315789~~820250% 0.~~000000~~113766% 0.000000% 1.~~315789~~934016% 1.~~350447~~705331% 0.~~000000~~060384% 0.000000% 1.~~350447~~765716% 30 Days 43.~~824561~~754266% 0.~~438596~~455063% 0.~~000000~~227531% 0.000000% 54.~~263158~~436860% 43.~~620307~~045424% 0.~~330215~~343423% 0.~~000000~~147422% 0.000000% 43.~~950522~~536269% 60 Days 12.~~096491~~389078% 0.~~109649~~000000% 0.~~328947~~000000% 0.000000% 12.~~535088~~389078% 01.~~685128~~687972% 0.~~093589~~000000% 0.~~177488~~000000% 0.000000% 01.~~956205~~687972% 90 Days 0.~~548246~~910125% 0.~~000000~~113766% 0.~~657895~~227531% 0.000000% 1.~~206140~~251422% 0.~~547801~~793294% 0.~~000000~~111292% 0.~~580066~~182967% 0.000000% 1.~~127867~~087552% 120 Days 0.~~438596~~113766% 0.~~109649~~113766% 0.~~548246~~568828% 0.000000% 10.~~096491~~796359% 0.~~476847~~204661% 0.~~115101~~115421% 0.~~591313~~776883% 0.000000% 1.~~183261~~096965% 150 Days 0.~~109649~~113766% 0.~~109649~~113766% 0.~~219298~~341297% 0.~~219298~~000000% 0.~~657895~~568828% 0.~~034385~~082336% 0.~~050803~~119807% 0.~~189383~~175815% 0.~~223227~~000000% 0.~~497799~~377958% 180+ Days 0.~~986842~~341297% 0.~~328947~~682594% 01.~~657895~~023891% 01.~~767544~~251422% 23.~~741228~~299204% 0.~~894841~~246714% 0.~~166859~~560371% 0.~~408228~~637038% 0.~~529224~~996839% 12.~~999151~~440961% Totals 87.~~004386~~622298% 23.~~412281~~299204% 2.~~412281~~502844% 01.~~986842~~251422% 1314.~~815789~~675768% 76.~~259310~~060401% 2.~~107015~~955646% 1.~~946478~~980508% 0.~~752450~~996839% 1211.~~065253~~993393%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~108~~98,~~109~~731.3377

COLLATERAL STATEMENT Collateral Description Fixed 15 & 30 Year Weighted Average Gross Coupon 6.~~608979~~595950% Weighted Average Net Coupon 6.~~300204~~289731% Weighted Average Pass-Through Rate 6.~~290204~~279731% Weighted Average Maturity(Stepdown Calculation ) ~~293~~291 Beginning Scheduled Collateral Loan Count ~~929~~898 Number Of Loans Paid In Full 1719 Ending Scheduled Collateral Loan Count ~~912~~879 Beginning Scheduled Collateral Balance ~~142~~137,~~812~~783,~~757~~071.6487 Ending Scheduled Collateral Balance ~~140~~134,~~371~~731,~~928~~679.9833 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~140~~135,~~676~~036,~~678~~348.8124 Monthly P &I Constant 1999,~~032,148~~120.8368 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 011,258.0075 Cumulative Realized Loss 010,244.0096 Ending Scheduled Balance for Premium Loans ~~140~~134,~~371~~731,~~928~~679.9833 Scheduled Principal ~~245~~241,~~610~~778.0582 Unscheduled Principal 2,~~195~~809,~~218~~613.6172 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 011,258.0075 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,285,549.90 Overcollateralized Amount 3,285,549.90 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 011,258.0075 Excess Cash Amount ~~453~~406,~~704~~379.6896

Miscellaneous Reporting Three month rolling average 56.~~772783~~107631% Trigger Event NO Yield Maintenence Amount 0

Filing Compare · BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-SD3