8-K 1 thb03005_dec.txt DECEMBER 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): December 27, 2004 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-5 Trust (Exact name of registrant as specified in its charter) Delaware (governing law of 333-106323-04 54-2132888 Pooling and Servicing Agreement) (Commission 54-2132889 (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 December 27, 2004 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-5 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 2003-5 Trust, relating to the December 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 2003-5 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: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-5 Trust, relating to the December 27, 2004 distribution. EX-99.1

Thornburg Mortgage Home Loans, Inc. Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~THB~~Thornburg Mortgage Home Loans, Inc. Mortgage Pass-Through Certificates Series: 2003-5 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 885220EB5 SEN 3.~~57227~~58854% ~~125~~120,~~350~~538,~~111~~563.9042 ~~373~~360,~~154~~464.0545 41,~~811~~252,~~548~~922.4833 II-A 885220EC3 SEN 3.~~68865~~69326% ~~134~~132,~~839~~911,~~150~~537.9037 ~~414~~409,~~478~~063.8485 1,~~927~~378,~~613~~504.5345 III-A 885220ED1 SEN 4.~~08650~~08372% ~~392~~390,~~903~~211,~~714~~871.6945 1,~~338~~327,~~000~~928.3259 2,~~691~~675,~~843~~201.2328 IV-A 885220EE9 SEN 4.~~55661~~55705% 194,~~620~~038,~~212~~999.1073 ~~739~~736,~~006~~871.3820 ~~581~~978,~~212~~276.3646 B-1 885220EH2 SUB 4.~~03684~~03896% 12,~~567~~564,~~695~~638.5623 42,~~278~~290.1709 3,~~057~~072.3307 B-2 885220EJ8 SUB 4.~~03684~~03896% 5,~~529~~528,~~682~~337.3515 18,~~602~~607.0529 1,~~345~~351.2069 B-3 885220EK5 SUB 4.~~03684~~03896% 4,~~524~~523,~~194~~094.9131 15,~~219~~223.5584 1,~~100~~105.6090 B-4 885220EL3 SUB 4.~~03684~~03896% 1,005,~~487~~242.4483 3,~~382~~383.5045 ~~244~~245.6078 B-5 885220EM1 SUB 4.~~03684~~03896% 2,010,~~675~~186.7461 6,~~763~~765.9889 ~~489~~491.1449 B-6 885220EN9 SUB 4.~~03684~~03896% 2,~~011~~010,~~062~~573.6239 6,~~765~~767.2919 ~~489~~491.2359 R-I 885220EF6 SEN 0.00000% 0.00 0.00 0.00 R-II 885220EG4 SEN 0.00000% 0.00 0.00 0.00 Totals ~~875~~865,~~361~~343,~~988~~044.2149 2,~~957~~927,~~651~~365.1384 106,~~018~~291,~~943~~663.7004

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~120~~119,~~538~~285,~~563~~641.4209 51,~~184~~613,~~702~~386.5378 0.00 II-A 0.00 ~~132~~131,~~911~~533,~~537~~032.3792 21,~~342~~787,~~092~~568.3730 0.00 III-A 0.00 ~~390~~387,~~211~~536,~~871~~670.4517 4,~~029~~003,~~843~~129.5587 0.00 IV-A 0.00 ~~194~~193,~~038~~060,~~999~~723.7328 1,~~320~~715,~~218~~147.7466 0.00 B-1 0.00 12,~~564~~561,~~638~~566.2316 45,~~335~~362.5016 0.00 B-2 0.00 5,~~528~~526,~~337~~985.1546 19,~~947~~958.2598 0.00 B-3 0.00 4,~~523~~521,~~094~~988.3141 16,~~320~~329.1574 0.00 B-4 0.00 1,~~005~~004,~~242~~997.8305 3,~~627~~629.1023 0.00 B-5 0.00 2,~~010~~009,~~186~~695.6111 7,~~253~~257.1238 0.00 B-6 0.00 2,010,~~573~~081.3980 7,~~254~~258.5278 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 ~~865~~859,~~343~~051,~~044~~381.4945 129,~~976~~219,~~594~~028.8388 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 152,635,500.00 ~~125~~120,~~350~~538,~~111~~563.9042 4,~~784~~665.3175 41,~~806~~248,~~764~~256.1758 0.00 0.00 II-A 168,720,200.00 ~~134~~132,~~839~~911,~~150~~537.9037 34,~~810~~786.1553 1,~~892~~343,~~803~~717.3892 0.00 0.00 III-A 452,531,300.00 ~~392~~390,~~903~~211,~~714~~871.6945 111,~~980~~748.0108 2,~~579~~563,~~863~~453.2220 0.00 0.00 IV-A 206,700,500.00 194,~~620~~038,~~212~~999.1073 56,~~756~~503.2547 ~~524~~921,~~456~~772.1199 0.00 0.00 B-1 12,604,100.00 12,~~567~~564,~~695~~638.5623 3,~~057~~072.3307 0.00 0.00 0.00 B-2 5,545,700.00 5,~~529~~528,~~682~~337.3515 1,~~345~~351.2069 0.00 0.00 0.00 B-3 4,537,300.00 4,~~524~~523,~~194~~094.9131 1,~~100~~105.6090 0.00 0.00 0.00 B-4 1,008,400.00 1,005,~~487~~242.4483 ~~244~~245.6078 0.00 0.00 0.00 B-5 2,016,500.00 2,010,~~675~~186.7461 ~~489~~491.1449 0.00 0.00 0.00 B-6 2,016,888.00 2,~~011~~010,~~062~~573.6239 ~~489~~491.2359 0.00 0.00 0.00 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 1,008,316,488.00 ~~875~~865,~~361~~343,~~988~~044.2149 ~~215~~214,~~056~~462.8235 96,~~803~~077,~~886~~200.8869 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 41,~~811~~252,~~548~~922.4833 ~~120~~119,~~538~~285,~~563~~641.4209 0.~~78971513~~78150654 41,~~811~~252,~~548~~922.4833 II-A 1,~~927~~378,~~613~~504.5345 ~~132~~131,~~911~~533,~~537~~032.3792 0.~~78776304~~77959268 1,~~927~~378,~~613~~504.5345 III-A 2,~~691~~675,~~843~~201.2328 ~~390~~387,~~211~~536,~~871~~670.4517 0.~~86228703~~85637539 2,~~691~~675,~~843~~201.2328 IV-A ~~581~~978,~~212~~276.3646 ~~194~~193,~~038~~060,~~999~~723.7328 0.~~93874470~~93401188 ~~581~~978,~~212~~276.3646 B-1 3,~~057~~072.3307 12,~~564~~561,~~638~~566.2316 0.~~99686913~~99662540 3,~~057~~072.3307 B-2 1,~~345~~351.2069 5,~~528~~526,~~337~~985.1546 0.~~99686913~~99662540 1,~~345~~351.2069 B-3 1,~~100~~105.6090 4,~~523~~521,~~094~~988.3141 0.~~99686913~~99662540 1,~~100~~105.6090 B-4 ~~244~~245.6078 1,~~005~~004,~~242~~997.8305 0.~~99686913~~99662540 ~~244~~245.6078 B-5 ~~489~~491.1449 2,~~010~~009,~~186~~695.6111 0.~~99686913~~99662540 ~~489~~491.1449 B-6 ~~489~~491.2359 2,010,~~573~~081.3980 0.~~99686913~~99662540 ~~489~~491.2359 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 106,~~018~~291,~~943~~663.7004 ~~865~~859,~~343~~051,~~044~~381.4945 0.~~85820579~~85196602 106,~~018~~291,~~943~~663.7004

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 152,635,500.00 ~~821~~789.~~23825650~~71512800 0.~~03134467~~03056792 318.~~49178382~~17802267 0.00000000 II-A 168,720,200.00 ~~799~~787.~~18795082~~76303827 0.~~20631880~~20617881 117.~~21859374~~96417927 0.00000000 III-A 452,531,300.00 ~~868~~862.~~23544513~~28703175 0.~~24745252~~24694000 5.~~70096084~~66469811 0.00000000 IV-A 206,700,500.00 ~~941~~938.~~55656179~~74470420 0.~~27458206~~27335914 24.~~53727548~~45946183 0.00000000 B-1 12,604,100.00 ~~997~~996.~~11169857~~86913227 0.~~24256631~~24373577 0.00000000 0.00000000 B-2 5,545,700.00 ~~997~~996.~~11169915~~86913284 0.~~24256631~~24373659 0.00000000 0.00000000 B-3 4,537,300.00 ~~997~~996.~~11169859~~86913142 0.~~24256717~~24373526 0.00000000 0.00000000 B-4 1,008,400.00 ~~997~~996.~~11170171~~86912931 0.~~24256248~~24373265 0.00000000 0.00000000 B-5 2,016,500.00 ~~997~~996.~~11169849~~86913464 0.~~24256881~~24373419 0.00000000 0.00000000 B-6 2,016,888.00 ~~997~~996.~~11169882~~86913205 0.~~24256677~~24373689 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 (2) All Classes Are Per $1000 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 318.~~52312850~~20859060 ~~789~~781.~~71512800~~50653740 0.~~78971513~~78150654 318.~~52312850~~20859060 II-A 0.00000000 118.~~42491255~~17035808 ~~787~~779.~~76303827~~59268019 0.~~78776304~~77959268 118.~~42491255~~17035808 III-A 0.00000000 5.~~94841336~~91163811 ~~862~~856.~~28703175~~37539364 0.~~86228703~~85637539 5.~~94841336~~91163811 IV-A 0.00000000 24.~~81185754~~73282097 ~~938~~934.~~74470420~~01188328 0.~~93874470~~93401188 24.~~81185754~~73282097 B-1 0.00000000 0.~~24256631~~24373577 996.~~86913227~~62539650 0.~~99686913~~99662540 0.~~24256631~~24373577 B-2 0.00000000 0.~~24256631~~24373659 996.~~86913284~~62539625 0.~~99686913~~99662540 0.~~24256631~~24373659 B-3 0.00000000 0.~~24256717~~24373526 996.~~86913142~~62539616 0.~~99686913~~99662540 0.~~24256717~~24373526 B-4 0.00000000 0.~~24256248~~24373265 996.~~86912931~~62539667 0.~~99686913~~99662540 0.~~24256248~~24373265 B-5 0.00000000 0.~~24256881~~24373419 996.~~86913464~~62539549 0.~~99686913~~99662540 0.~~24256881~~24373419 B-6 0.00000000 0.~~24256677~~24373689 996.~~86913205~~62539516 0.~~99686913~~99662540 0.~~24256677~~24373689 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 152,635,500.00 3.~~57227~~58854% ~~125~~120,~~350~~538,~~111~~563.9042 ~~373~~360,~~154~~464.0445 0.00 0.00 II-A 168,720,200.00 3.~~68865~~69326% ~~134~~132,~~839~~911,~~150~~537.9037 ~~414~~409,~~478~~063.8385 0.00 0.00 III-A 452,531,300.00 4.~~08650~~08372% ~~392~~390,~~903~~211,~~714~~871.6945 1,~~338~~327,~~000~~928.3059 0.00 0.00 IV-A 206,700,500.00 4.~~55661~~55705% 194,~~620~~038,~~212~~999.1073 ~~739~~736,~~006~~871.3719 0.00 0.00 B-1 12,604,100.00 4.~~03684~~03896% 12,~~567~~564,~~695~~638.5623 42,~~278~~290.1709 0.00 0.00 B-2 5,545,700.00 4.~~03684~~03896% 5,~~529~~528,~~682~~337.3515 18,~~602~~607.0529 0.00 0.00 B-3 4,537,300.00 4.~~03684~~03896% 4,~~524~~523,~~194~~094.9131 15,~~219~~223.5584 0.00 0.00 B-4 1,008,400.00 4.~~03684~~03896% 1,005,~~487~~242.4483 3,~~382~~383.5045 0.00 0.00 B-5 2,016,500.00 4.~~03684~~03896% 2,010,~~675~~186.7461 6,~~763~~765.9889 0.00 0.00 B-6 2,016,888.00 4.~~03684~~03896% 2,~~011~~010,~~062~~573.6239 6,~~765~~767.2919 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 1,008,316,488.00 2,~~957~~927,~~651~~365.0883 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.~~01)~~00 0.00 ~~373~~360,~~154~~464.0545 0.00 ~~120~~119,~~538~~285,~~563~~641.4209 II-A (0.~~01)~~00 0.00 ~~414~~409,~~478~~063.8485 0.00 ~~132~~131,~~911~~533,~~537~~032.3792 III-A (0.~~03)~~00 0.00 1,~~338~~327,~~000~~928.3259 0.00 ~~390~~387,~~211~~536,~~871~~670.4517 IV-A (0.~~01)~~00 0.00 ~~739~~736,~~006~~871.3820 0.00 ~~194~~193,~~038~~060,~~999~~723.7328 B-1 0.00 0.00 42,~~278~~290.1709 0.00 12,~~564~~561,~~638~~566.2316 B-2 0.00 0.00 18,~~602~~607.0529 0.00 5,~~528~~526,~~337~~985.1546 B-3 0.00 0.00 15,~~219~~223.5584 0.00 4,~~523~~521,~~094~~988.3141 B-4 0.00 0.00 3,~~382~~383.5045 0.00 1,~~005~~004,~~242~~997.8305 B-5 0.00 0.00 6,~~763~~765.9889 0.00 2,~~010~~009,~~186~~695.6111 B-6 0.00 0.00 6,~~765~~767.2919 0.00 2,010,~~573~~081.3980 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.~~06)~~00 0.00 2,~~957~~927,~~651~~365.1384 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 152,635,500.00 3.~~57227~~58854% ~~821~~789.~~23825650~~71512800 2.~~44473953~~36160297 0.00000000 0.00000000 II-A 168,720,200.00 3.~~68865~~69326% ~~799~~787.~~18795082~~76303827 2.~~45660466~~42451022 0.00000000 0.00000000 III-A 452,531,300.00 4.~~08650~~08372% ~~868~~862.~~23544513~~28703175 2.~~95670222~~93444584 0.00000000 0.00000000 IV-A 206,700,500.00 4.~~55661~~55705% ~~941~~938.~~55656179~~74470420 3.~~57525197~~56492215 0.00000000 0.00000000 B-1 12,604,100.00 4.~~03684~~03896% ~~997~~996.~~11169857~~86913227 3.~~35431883~~35526456 0.00000000 0.00000000 B-2 5,545,700.00 4.~~03684~~03896% ~~997~~996.~~11169915~~86913284 3.~~35431956~~35526444 0.00000000 0.00000000 B-3 4,537,300.00 4.~~03684~~03896% ~~997~~996.~~11169859~~86913142 3.~~35431865~~35526414 0.00000000 0.00000000 B-4 1,008,400.00 4.~~03684~~03896% ~~997~~996.~~11170171~~86912931 3.~~35432368~~35526577 0.00000000 0.00000000 B-5 2,016,500.00 4.~~03684~~03896% ~~997~~996.~~11169849~~86913464 3.~~35431689~~35526407 0.00000000 0.00000000 B-6 2,016,888.00 4.~~03684~~03896% ~~997~~996.~~11169882~~86913205 3.~~35432111~~35526316 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 (5) All Classes Are 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 I-A (0.~~00000007)~~00000000 0.00000000 2.~~44473959~~36160297 0.00000000 ~~789~~781.~~71512800~~50653740 II-A (0.~~00000006)~~00000000 0.00000000 2.~~45660472~~42451022 0.00000000 ~~787~~779.~~76303827~~59268019 III-A (0.~~00000007)~~00000000 0.00000000 2.~~95670227~~93444584 0.00000000 ~~862~~856.~~28703175~~37539364 IV-A (0.~~00000005)~~00000000 0.00000000 3.~~57525202~~56492219 0.00000000 ~~938~~934.~~74470420~~01188328 B-1 0.00000000 0.00000000 3.~~35431883~~35526456 0.00000000 996.~~86913227~~62539650 B-2 0.00000000 0.00000000 3.~~35431956~~35526444 0.00000000 996.~~86913284~~62539625 B-3 0.00000000 0.00000000 3.~~35431865~~35526414 0.00000000 996.~~86913142~~62539616 B-4 0.00000000 0.00000000 3.~~35432368~~35526577 0.00000000 996.~~86912931~~62539667 B-5 0.00000000 0.00000000 3.~~35431689~~35526407 0.00000000 996.~~86913464~~62539549 B-6 0.00000000 0.00000000 3.~~35432111~~35526316 0.00000000 996.~~86913205~~62539516 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 139,~~177~~414,~~915~~786.0127 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3235,~~267~~640.9988 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 139,~~210~~450,~~183~~427.0015 Withdrawals Reimbursement for Servicer Advances 3132,~~995~~267.4699 Payment of Service Fee ~~201~~199,~~592~~130.7128 Payment of Interest and Principal 129,~~976~~219,~~594~~028.8388 Total Withdrawals (Pool Distribution Amount) 139,~~210~~450,~~183~~427.0015 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~188~~186,~~352~~042.8505 Master Servicing Fee- Wells Fargo 12,~~765~~619.7460 Trustee Fee - Deutsche Bank ~~474~~468.1263 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~201~~199,~~592~~130.71 Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.00991752 % 100,000.00 0.01155611 % Fraud 10,187,911.00 1.01038822 % 8,753,619.89 1.01157800 % Special Hazard 10,187,911.00 1.01038822 % 10,000,000.00 1.15561107 % Limit of Subordinate's Exposure to Certain Types of Losses28

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 1 0 0 0 1 ~~204~~49,~~250~~881.0089 0.00 0.00 0.00 ~~204~~49,~~250~~881.0089 60 Days 10 0 0 0 10 ~~49,881~~0.8900 0.00 0.00 0.00 ~~49,881~~0.8900 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 21 0 0 0 21 ~~254~~49,~~131~~881.89 0.00 0.00 0.00 ~~254~~49,~~131~~881.89 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~392157~~396825% 0.000000% 0.000000% 0.000000% 0.~~392157~~396825% 0.~~163588~~040356% 0.000000% 0.000000% 0.000000% 0.~~163588~~040356% 60 Days 0.~~392157~~000000% 0.000000% 0.000000% 0.000000% 0.~~392157~~000000% 0.~~039951~~000000% 0.000000% 0.000000% 0.000000% 0.~~039951~~000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~784314~~396825% 0.000000% 0.000000% 0.000000% 0.~~784314~~396825% 0.~~203539~~040356% 0.000000% 0.000000% 0.000000% 0.~~203539~~040356% 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 03 0 0 0 03 01,913,435.0030 0.00 0.00 0.00 01,913,435.0030 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 10 0 10 0.00 0.00 ~~454,700~~0.00 0.00 ~~454,700~~0.00 150 Days 0 0 01 0 01 0.00 0.00 0454,700.00 0.00 0454,700.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 03 0 1 0 14 01,913,435.0030 0.00 454,700.00 0.00 ~~454~~2,~~700~~368,135.0030 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~000000~~010101% 0.000000% 0.000000% 0.000000% 01.~~000000~~010101% 01.~~000000~~403699% 0.000000% 0.000000% 0.000000% 01.~~000000~~403699% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.~~328947~~000000% 0.000000% 0.~~328947~~000000% 0.000000% 0.000000% 0.~~330224~~000000% 0.000000% 0.~~330224~~000000% 150 Days 0.000000% 0.000000% 0.~~000000~~336700% 0.000000% 0.~~000000~~336700% 0.000000% 0.000000% 0.~~000000~~333569% 0.000000% 0.~~000000~~333569% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 01.~~000000~~010101% 0.000000% 0.~~328947~~336700% 0.000000% 01.~~328947~~346801% 01.~~000000~~403699% 0.000000% 0.~~330224~~333569% 0.000000% 01.~~330224~~737268% 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 1 0 0 0 1 ~~263~~184,~~994~~586.9402 0.00 0.00 0.00 ~~263~~184,~~994~~586.9402 60 Days 10 0 0 0 10 ~~4,999,999~~0.00 0.00 0.00 0.00 ~~4,999,999~~0.00 90 Days 01 0 0 0 01 04,999,999.00 0.00 0.00 0.00 04,999,999.00 120 Days 0 0 10 0 10 0.00 0.00 ~~999,000~~0.00 0.00 ~~999,000~~0.00 150 Days 0 0 01 0 01 0.00 0.00 0999,000.00 0.00 0999,000.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 1 0 3 5,~~263~~184,~~993~~585.9402 0.00 999,000.00 0.00 6,~~262~~183,~~993~~585.9402 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~128700~~129702% 0.000000% 0.000000% 0.000000% 0.~~128700~~129702% 0.~~065499~~046104% 0.000000% 0.000000% 0.000000% 0.~~065499~~046104% 60 Days 0.~~128700~~000000% 0.000000% 0.000000% 0.000000% 0.~~128700~~000000% 10.~~240528~~000000% 0.000000% 0.000000% 0.000000% 10.~~240528~~000000% 90 Days 0.~~000000~~129702% 0.000000% 0.000000% 0.000000% 0.~~000000~~129702% 01.~~000000~~248836% 0.000000% 0.000000% 0.000000% 01.~~000000~~248836% 120 Days 0.000000% 0.000000% 0.~~128700~~000000% 0.000000% 0.~~128700~~000000% 0.000000% 0.000000% 0.~~247858~~000000% 0.000000% 0.~~247858~~000000% 150 Days 0.000000% 0.000000% 0.~~000000~~129702% 0.000000% 0.~~000000~~129702% 0.000000% 0.000000% 0.~~000000~~249517% 0.000000% 0.~~000000~~249517% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~257400~~259403% 0.000000% 0.~~128700~~129702% 0.000000% 0.~~386100~~389105% 1.~~306027~~294939% 0.000000% 0.~~247858~~249517% 0.000000% 1.~~553884~~544457% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 32 0 0 0 32 ~~846~~713,~~718~~927.1291 0.00 0.00 0.00 ~~846~~713,~~718~~927.1291 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 32 0 0 0 32 ~~846~~713,~~718~~927.1291 0.00 0.00 0.00 ~~846~~713,~~718~~927.1291 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~787402~~527704% 0.000000% 0.000000% 0.000000% 0.~~787402~~527704% 0.~~423565~~358901% 0.000000% 0.000000% 0.000000% 0.~~423565~~358901% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 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% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~787402~~527704% 0.000000% 0.000000% 0.000000% 0.~~787402~~527704% 0.~~423565~~358901% 0.000000% 0.000000% 0.000000% 0.~~423565~~358901%

Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.00991752 % 100,000.00 0.01164075 % Fraud 10,187,911.00 1.01038822 % 8,753,619.89 1.01898677 % Special Hazard 10,187,911.00 1.01038822 % 10,000,000.00 1.16407472 % Limit of Subordinate's Exposure to Certain Types of Losses COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~330885~~335616% Weighted Average Net Coupon 4.~~072680~~077626% Weighted Average Pass-Through Rate 4.~~054530~~059476% Weighted Average Maturity(Stepdown Calculation ) ~~347~~346 Beginning Scheduled Collateral Loan Count 1,~~735~~717 Number Of Loans Paid In Full 18 Ending Scheduled Collateral Loan Count 1,~~717~~699 Beginning Scheduled Collateral Balance ~~875~~865,~~361~~343,~~988~~044.5787 Ending Scheduled Collateral Balance ~~865~~859,~~343~~051,~~044~~381.8783 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~865~~859,~~507~~210,~~883~~332.4528 Monthly P &I Constant 3,~~374~~340,~~300~~958.56 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 129,~~876~~119,~~857~~232.1460 Ending Scheduled Balance for Premium Loans ~~865~~859,~~343~~051,~~044~~381.8783 Scheduled Principal ~~215~~214,~~056~~462.8235 Unscheduled Principal 96,~~803~~077,~~886~~200.8869

Miscellaneous Reporting Senior Percentage Group 1 96.~~673038~~544951% Senior Percentage Group 2 96.~~592302~~545449% Senior Percentage Group 3 96.~~856006~~835877% Senior Percentage Group 4 97.~~094423~~086799% Subordinate Percentage Group 1 3.~~326962~~455049% Subordinate Percentage Group 2 3.~~407698~~454551% Subordinate Percentage Group 3 3.~~143994~~164123% Subordinate Percentage Group 4 2.~~905577~~913201% Senior PrePayment Percentage Grp 1 100.000000% Senior PrePayment Percentage Grp 2 100.000000% Senior PrePayment Percentage Grp 3 100.000000% Senior PrePayment Percentage Grp 4 100.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 0.000000% Subordinate PrePayment Percentage Grp 1 0.000000%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~846706~~861882 3.~~964530~~969238 4.~~360838~~357988 Weighted Average Net Rate 3.~~590423~~606689 3.~~706801~~711408 4.~~104648~~101866 Weighted Average Maturity ~~347~~346 ~~351~~350 ~~347~~346 Beginning Loan Count ~~261~~255 ~~309~~304 ~~783~~777 Loans Paid In Full 63 57 6 Ending Loan Count ~~255~~252 ~~304~~297 ~~777~~771 Beginning Scheduled Balance ~~129~~124,~~663~~852,~~983~~270.6754 ~~139~~137,~~596~~667,~~166~~324.4484 ~~405~~402,~~657~~962,~~564~~086.3216 Ending scheduled Balance ~~124~~123,~~852~~599,~~270~~181.5424 ~~137~~136,~~667~~287,~~324~~575.8467 ~~402~~400,~~962~~283,~~086~~233.1650 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~420~~406,~~598~~636.3664 ~~497~~491,~~232~~393.5323 1,~~589~~578,~~787~~819.2334 Scheduled Principal 4,~~948~~832.9672 36,~~038~~031.2225 115,~~614~~399.9446 Unscheduled Principal 41,~~806~~248,~~764~~256.1758 1,~~892~~343,~~803~~717.3892 2,~~579~~563,~~863~~453.2220 Scheduled Interest ~~415~~401,~~649~~803.4092 ~~461~~455,~~194~~361.3198 1,~~474~~463,~~172~~419.2988 Servicing Fees 2726,~~692~~551.2515 29,~~981~~578.6294 86,~~604~~006.3029 Master Servicing Fees 1,~~890~~820.9476 2,~~035~~007.7865 5,~~915~~876.8654 Trustee Fee 7067.2260 7574.6155 ~~219~~218.7326 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 ~~385~~373,~~995~~364.9941 ~~429~~423,~~101~~700.3084 1,~~381~~371,~~432~~318.4079 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 3.~~572273~~588539 3.~~688651~~693258 4.~~086498~~083716

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.~~838618~~838817 4.~~330885~~335616 Weighted Average Net Rate 4.~~574756~~575200 4.~~072680~~077626 Weighted Average Maturity ~~344~~343 ~~347~~346 Beginning Loan Count ~~382~~381 1,~~735~~717 Loans Paid In Full 12 18 Ending Loan Count ~~381~~379 1,~~717~~699 Beginning Scheduled Balance ~~200~~199,~~444~~861,~~274~~363.1433 ~~875~~865,~~361~~343,~~988~~044.5787 Ending scheduled Balance ~~199~~198,~~861~~881,~~363~~391.3342 ~~865~~859,~~343~~051,~~044~~381.8783 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~866~~864,~~682~~109.4435 3,~~374~~340,~~300~~958.56 Scheduled Principal 58,~~454~~198.7092 ~~215~~214,~~056~~462.8235 Unscheduled Principal ~~524~~921,~~456~~772.1199 96,~~803~~077,~~886~~200.8869 Scheduled Interest ~~808~~805,~~227~~910.7443 3,~~159~~126,~~243~~496.7421 Servicing Fees 4443,~~074~~905.6867 ~~188~~186,~~352~~042.8505 Master Servicing Fees 2,~~923~~914.1665 12,~~765~~619.7460 Trustee Fee 108.5622 ~~474~~468.1263 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~761~~758,~~121~~981.3489 2,~~957~~927,~~651~~365.0393 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 4.~~556606~~557050 4.~~054530~~059476

Filing Compare · THORNBURG MORTGAGE SECURITIES TRUST 2003 5