UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549



                                      FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2002

      OR



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  333-56242-02


        Bear Stearns Asset Backed Securities Trust
        Asset-Backed Certificates
        Series 2001-AC1 Trust

       (Exact name of registrant as specified in its charter)



   New York                                       52-2316421
                                                  52-2316422
                                                  52-2316423
  (State or other jurisdiction of                 (I.R.S. Employer
  incorporation or organization)                  Identification No.)

   c/o Wells Fargo Bank Minnesota, 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


  Securities registered pursuant to Section 12(b) of the Act:

       NONE.



  Securities registered pursuant to Section 12(g) of the Act:

       NONE.



  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

      Yes  X       No ___







  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

         Not applicable.






  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates of the registrant. The aggregate market
  value shall be computed by reference to the price at which the common
  equity was sold, or the average bid and asked prices of such common
  equity, as of a specified date within 60 days prior to the date of
  filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

         Not applicable.








  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

         Not applicable.



  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

         Not applicable.










                                 PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 14(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.



  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trusts created under the Pooling and Servicing
            Agreement (the Trusts), the Trustee, the Servicer or the
            registrant with respect to the Trusts other than routine
            litigation incidental to the duties of the respective parties.





  Item 4.  Submission of Matters to a Vote of Security Holders.


            None.

                               PART II


  Item 5.  Market for registrant's Common Equity and Related Stockholder
           Matters.


            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2002, the number of holders of
            record for each class of Certificate were as follows:


             Class I-A2                        4
             Class I-A3                        1
             Class I-A4                        6
             Class I-A5                        1
             Class II-A                        1
             Class A-IO                        1
             Class B                           1
             Class B-IO                        1
             Class M-1                         1
             Class M-2                         1
             Class P                           1
             Class R-1                         1
             Class R-2                         1
             Class R-3                         1

             Total:                           22


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.

  Item 8.  Financial Statements and Supplementary Data.

            See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.




  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.


                               PART III


  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.


  Item 13. Certain Relationships and Related Transactions.

            Not applicable.


  Item 14. Controls and Procedures.

            Not applicable.

                               PART IV


  Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

    (99.1) Annual Independent Accountants' Servicing Reports concerning
           servicing activities for the year ended December 31, 2002.

       <TABLE>

       
        <c>
       a) CitiMortgage Inc. (MO), as Servicer <F1>
       b) EMC Mortgage Corp, as Servicer <F1>
       c) National City Mortgage Co, as Servicer <F1>
       </TABLE>

    (99.2) Report of Management as to Compliance with Minimum Servicing
           Standards for the year ended December 31, 2002.

       <TABLE>

       
        <c>
       a) CitiMortgage Inc. (MO), as Servicer <F1>
       b) EMC Mortgage Corp, as Servicer <F1>
       c) National City Mortgage Co, as Servicer <F1>
       </TABLE>

    (99.3) Annual Statements of Compliance under the Pooling and Servicing
           Agreements for the year ended December 31, 2002.

       <TABLE>

       
         <c>
       a) CitiMortgage Inc. (MO), as Servicer <F1>
       b) EMC Mortgage Corp, as Servicer <F1
       c) National City Mortgage Co, as Servicer <F1>
       </TABLE>


    (99.4) Aggregate Statement of Principal and Interest Distributions to
           Certificate Holders.


   (b)  On November 07, 2002, December 06, 2002, and January 09, 2003
        reports on Form 8-K were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed during
        the last quarter of the period covered by this report.


   (c) Not applicable.


   (d) Omitted.



  <F1> Filed herewith.




                               SIGNATURES


  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized:



    Bear Stearns Asset Backed Securities Trust
    Asset-Backed Certificates
    Series 2001-AC1 Trust
    (Registrant)



  Signed:   Bear Sterns Asset Backed Securities Inc., as Depositor


  By:   Jeffrey Mayer, President

  By: /s/  Jeffrey Mayer

  Dated: April 14, 2003




Sarbanes-Oxley Certification

I, Jeffrey Mayer, certify that:

1.   I have reviewed this annual report on Form 10-K, and all reports on Form
     8-K containing distribution or servicing reports filed in respect of
     periods included in the year covered by this annual report, of Bear
     Stearns Asset Backed Securities Trust Asset-Backed Certificates Series
     2001-AC1 Trust;

2.   Based on my knowledge, the information in these reports, taken as a whole,
     does not contain any untrue statement of a material fact or omit to state a
     material fact necessary to make the statements made, in light of the
     circumstances under which such statements were made, not misleading as of
     the last day of the period covered by this annual report;

3.   Based on my knowledge, the distribution or servicing information required
     to be provided to the trustee by the servicer under the pooling and
     servicing, or similar, agreement, for inclusion in these reports is
     included in these reports;

4.   I am responsible for reviewing the activities performed by the master
     servicer under the pooling and servicing, or similar, agreement and based
     upon my knowledge and the annual compliance review required under that
     agreement, and except as disclosed in the reports, the master servicer has
     fulfilled its obligations under that agreement; and

5.   The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon the
     report provided by an independent public accountant, after conducting a
     review in compliance with the Uniform Single Attestation Program for
     Mortgage Bankers or similar procedure, as set forth in the pooling and
     servicing, or similar, agreement, that is included in these reports.

     In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     CitiMortgage Inc., as Servicer, EMC Mortgage Corporation, as Servicer,
     National City Mortgage Co., as Servicer and Wells Fargo Bank Minnesota,
     N.A., as Trustee.


      Date: April 14, 2003


      /s/ Jeffrey Mayer
      Signature


      President
      Title






  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.



  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.



Ex-99.1 (a)

KPMG (logo)

10 South Broadway
Suite 900
St. Louis, MO 63102-1761
Telephone 314 444 1400
Fax 314 444 1470

Independent Accountants' Report

The Board of Directors
CitiMortgage, Inc.:

We have examined management's assertion, included in the accompanying management
assertion, that CitiMortgage, Inc. (an indirect wholly-owned subsidiary of
Citigroup Inc.) and subsidiaries (the Company), complied with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers as of and for the year
ended December 31, 2002.  Management is responsible for the Company's compliance
with those minimum servicing standards.  Our responsibility is to express an
opinion on management's assertion about the Company's compliance based on our
examination.

Our examination was concluded in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with the minimum servicing standards specified above and performing
such other procedures as we considered necessary in the circumstances.  We
believe that our examination provides a reasonable basis for our opinion.  Our
examination does not provide a legal determination on the Company's compliance
with the minimum servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards during the year ended December 31,
2002 is fairly stated, in all material respects.

/s/ KPMG LLP

March 14, 2003

KPMG LLP. KPMG LLP, a U.S. limited liability partnership, is a member of KPMG
International, a Swiss Association.



Ex-99.1 (b)

Deloitte
& Touche    (logo)

Deloitte & Touche
750 College Road East
3rd Floor
Princeton, New Jersey 08540

Tel: (609) 514-3600
Fax: (609) 514-3603
www.deloitte.com

INDEPENDENT ACCOUNTANTS' REPORT

Board of Directors and Stockholder
EMC Mortgage Corporation

We have examined the accompanying management assertion that EMC Mortgage
Corporation (the "Company") (a wholly owned subsidiary of The Bear Stearns
Companies Inc.) complied with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers as of and for the year ended November 30, 2002.
Management is responsible for the Company's compliance with those requirements.
Our responsibility is to express an opinion on management's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Company's compliance with the minimum
servicing standards.

In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2002 is fairly stated, in all material respects.

/s/ Deloitte & Touche LLP

January 15, 2003



Deloitte
Touche
Tohmatsu       (logo)




Ex-99.1 (c)

ERNST & YOUNG   (logo)

Ernst & Young LLP
1300 Huntington Building
925 Euclid Avenue
Cleveland, Ohio 44115-1405

Phone: (216) 861-5000
www.ey.com

Report on Management's Assertion on Compliance
with Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers

Report of Independent Accountants

Board of Directors
National City Mortgage Co.

We have examined management's assertion, included in the accompanying Report of
Management, that National City Mortgage Co. (NCM) complied with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) for the year
ended December 31, 2002. Management is responsible for NCM's compliance with
those requirements.  Our responsibility is to express an opinion on
management's assertions about NCM's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about NCM's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances.  We believe that our examination
provides a reasonable basis for our opinion.  Our examination does not provide
a legal determination on NCM's compliance with specified requirements.

In our opinion, management's assertion, that NCM complied with the
aforementioned requirements for the year ended December 31, 2002, is fairly
stated, in all material respects.

This report is intended solely for the information and use of the audit
committee, management, Federal Home Loan Mortgage Corporation, Federal National
Mortgage Association, Government National Mortgage Association and NCM's private
investors and is not intended to be and should not be used by anyone other than
these specified parties.

/s/ Ernst & Young LLP

February 24, 2002

A Member Practice of Ernst & Young Global


Ex-99.2 (a)

Citimortgage (logo)

CitiMortgage, Inc.
Financial Control
Mail Station 822
12855 N. Outer Forty Drive
St. Louis, MO 63141

As of and for the year ended December 31, 2002, CitiMortgage, Inc. (an indirect
wholly owned subsidiary of Citigroup) and subsidiaries (the Company) has
complied, in all material respects, with the minimum servicing standards as set
forth in the Mortgage Bankers Association of America's Uniform Single
Attestation for Mortgage Bankers.  As of and for this same period, the Company
had in effect a fidelity policy of $360 million and errors and omissions policy
in the amount of $50 million.

Very truly yours,

CITIMORTGAGE, INC.

By: /s/ David Schneider
David Schneider, President & Chief Operating Officer

By: /s/ David Lowman
David Lowman, Chief Servicing and Technology Officer

By: /s/ Paul Ince
Paul Ince, Chief Financial Officer

March 14, 2003


CitiMortgage, Inc. does business as Citicorp Mortgage in MT and NM.
A Member of citigroup



Ex-99.2 (b)

EMC
Mortgage Corporation       (logo)

January 15, 2003

As of and for the year ended November 30, 2002, EMC Mortgage Corporation (the
"Company") (a wholly owned subsidiary of The Bear Stearns Companies, Inc.), has
complied in all material respects with the minimum servicing standards set
forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers.

As of November 30, 2002 and for the year then ended, the company had in effect
a fidelity bond in the amount of $200,000,000, and errors and omissions
liability coverage in the amount of $10,000,000 on any individual mortgage
impairment claim.

/s/ Ralene Ruyle
Ralane Ruyle, President

/s/ Beverly A. Sibblies
Beveryly A. Sibblies, Executive Vice President

/s/ Scott D. Samlin
Scott D. Samlin, Senior Vice President



Two MacArthur Ridge, 909 Hidden Ridge Drive, Suite 200, Irving Texas 75038
Mailing Address: P.O. Box 141358 Irving, Texas 75014-1358


Member
Mortgage Bankers
Association of America        (logo)



Ex-99.2 (c)

National City
Mortgage        (logo)

National City Mortgage Co.
3232 Newmark Drive * Miamisburg, Ohio 45342
Telephone (937) 910-1200

Mailing Address:
P.O. Box 1820
Dayton, Ohio 45401-1820

Management's Assertion on Compliance with Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program
for Mortgage Bankers

Report on Management

We, as members of management of National City Mortgage Co. (NCM), are
responsible for complying with the minimum servicing standards as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP).  We are also responsible for establishing
and maintaining effective internal control over compliance with these standards.
We have performed an evaluation of NCM's compliance with the minimum servicing
standards as set forth in the USAP as of December 31, 2002 and for the year then
ended.  Based on this evaluation, we assert that during the year ended December
31, 2002, NCM complied, in all material respects, with the minimum servicing
standards set forth in the USAP.

As of and for this same period, NCM had in effect a fidelity bond policy in the
amount of $50 million and an errors and omissions policy in the amount of $40
million.

/s/ Charles Abourezk
Charles Abourezk, Senior Vice President

February 24, 2003



No one Cares More!




Ex-99.3 (a)

Citimortgage (logo)

March 31, 2003
Investor #7402

CitiMortgage, Inc.
M.S. 313
P.O. Box 790013
St. Louis, MO 63179-0013

Monyette Perry
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

OFFICER'S CERTIFICATE

RE: Annual Statement as to Compliance BSABS2002-AC1

Dear Mrs. Perry:

The activities of CitiMortgage, Inc. performed under the above-captioned
agreement during the preceding calendar year, have been conducted under my
supervision.  Based upon a review of those activities and to the best of my
knowledge, CitiMortgage, Inc. has fulfilled all of its obligations under this
agreement.

CitiMortgage, Inc.

By: /s/ Patsy M. Barker
Patsy M. Barker, Vice President

By: /s/ Timothy Klingert
Timothy Klingert, Assistant Vice President




Ex-99.3 (b)

EMC
Mortgage Corporation (logo)


Officer's Certificate

BSABS 2001-AC1


I, Sue Stepanek, Executive Vice President of EMC Mortgage Corporation, do
hereby certify to the Company, that with respect to the period ending November
30, 2002, a review of the activities of EMC Mortgage Corporation and it's
performance during the past fiscal year under the above referenced Pooling and
Servicing Agreement has been made under my supervision.  To the best of my
knowledge, based on such review, "EMC" has performed and fulfilled its duties,
responsibilities and obligations in all material respects with the terms and
provisions under its Servicing Agreement throughout such year, or, if there has
been a default in the fulfillment of any such duties, responsibilities or
obligations, specifying each such default known to such Servicing Officer the
nature and status thereof has been reported to the Company.

/s/ Sue Stepanek
Sue Stepanek, Executive Vice President


Date


Two MacArthur Ridge 909 Hidden Ridge Drive, Suite 200 Irving, TX 75067




Ex-99.3 (c)

National City
Mortgage            (logo)

National City Mortgage Co.
3232 Newmark Drive * Miamisburg, Ohio 45342
Telephone (937) 910-1200

Mailing Address:
P.O. Box 1820
Dayton, Ohio 45401-1820

Wells Fargo Bank Minnesota NA
Attn: Dionne Waldron, Master Servicing
9062 Old Annapolis Road
Columbia, Maryland 21045

RE: Officer's Certification-National City Mortgage

Dear Master Servicer:

The undersigned Officer certifies the following for the 2002 fiscal year;

a.  I have reviewed the activities and performance of the Servicer during the
    preceding fiscal year under the terms of the Servicing Agreement, Trust
    Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and
    to the best of this Officer's knowledge, the Servicer has fulfilled all of
    its duties, responsibilities or obligations under these Agreements
    throughout such year, or if there has been a default or failure of the
    servicer to perform any of such duties, responsibilities or obligations, a
    description of each default or failure and the nature and status thereof
    has been reported to Wells Fargo Bank Minnesota NA;

b.  I have confirmed that the Servicer is currently an approved FNMA or FHLMC
    servicer in good standing;

c.  I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
    Policy and any other bonds required under the terms of the Servicing
    Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/
    Servicer Guide are in full force and effect;

d.  All premiums for each Hazard Insurance Policy, Flood Insurance Policy
    (if applicable) and Primary Mortgage Insurance Policy (if applicable), with
    respect to each Mortgaged Property, have been paid and that all such
    insurance policies are in full force and effect;

e.  All real estate taxes, governmental assessments and any other expenses
    accrued and due, that if not paid could result in a lien or encumbrance on
    any Mortgaged Property, have been paid, or if any such costs or expenses
    have not been paid with respect to any Mortgaged Property, the reason for
    the non-payment has been reported to Wells Fargo Bank Minnesota NA;

f.  All custodial accounts have been reconciled and are properly funded; and

g.  All annual reports of Foreclosure and Abandonment of Mortgaged Property
    required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
    respectively, have been prepared and filed.


Certified By:
/s/ Mary Beth Criswell
Mary Beth Criswell

Vice President
Title

March 11, 2003
Date




Ex-99.4
   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                            Interest          Principal               Losses            Ending Balance
   
                      <c>                   <c>                 <c>                <c>
   I-A1                          306,531.46        31,768,819.27                0.00                      0.00
   I-A2                        2,199,580.18        14,413,453.53                0.00             25,642,546.47
   I-A3                        1,022,794.48                 0.00                0.00             16,107,000.00
   I-A4                        1,683,945.00                 0.00                0.00             24,405,000.00
   I-A5                          971,360.19                 0.00                0.00             13,250,000.00
   II-A                        4,653,580.34        48,834,050.36                0.00             37,359,084.67
   A-IO                        1,935,999.96                 0.00                0.00                      0.00
   B                             211,749.96                 0.00                0.00              3,025,000.00
   B-IO                        2,045,452.04                 0.00                0.00                605,159.64
   M-1                           331,608.48                 0.00                0.00              4,841,000.00
   M-2                           296,520.00                 0.00                0.00              4,236,000.00
   P                              70,064.39                 0.00                0.00                    100.00
   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
   </TABLE>