8-K 1 fld03001.txt OCTOBER 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): October 27, 2003 FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-09 Pending Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) 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 (Former name or former address, if changed since last report) ITEM 5. Other Events On October 27, 2003 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT CORP, Mortgage Pass-Through Certificates, Series 2003-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the October 27, 2003 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. FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2003-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/7/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the October 27, 2003 distribution. EX-99.1

~~SECURITIES~~Fieldstone ~~AND~~Mortgage ~~EXCHANGE~~Investors ~~COMMISSION~~Corp Mortgage Pass-Through Certificates Record Date: 9/30/03 Distribution Date: 10/27/03 FMIC Series: 2003-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 1-A 31695TAA3 SEN 1.47000% 312,896,000.00 255,531.73 1,913,796.48 2-A1 31695TAB1 SEN 1.34000% 71,233,000.00 53,029.01 826,974.14 2-A2 31695TAC9 SEN 1.62000% 18,513,000.00 16,661.70 0.00 A-IO 31695TAD7 SEN 6.00000% 0.00 360,000.00 0.00 M1 31695TAE5 MEZ 1.80000% 32,511,000.00 32,511.00 0.00 M2 31695TAF2 MEZ 2.87000% 26,260,000.00 41,870.11 0.00 M3 31695TAG0 MEZ 3.17000% 8,753,000.00 15,415.01 0.00 M4 31695TAH8 MEZ 4.12000% 7,503,000.00 16,453.06 0.00 M5 31695TAJ4 MEZ 4.37000% 5,001,000.00 10,299.98 0.00 B 31695TAK1 SEN 4.37000% 6,253,000.00 12,878.58 0.00 X FLD03001X SEN 0.00000% 11,254,479.36 0.00 0.00 R FLD030014 SEN 0.00000% 0.00 0.00 0.00 Totals 500,177,479.36 814,650.18 2,740,770.62

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 310,982,203.52 D2,169,328.C21 0. ~~20549~~00 2-A1 0.00 70,406,025.86 880,003.15 0.00 2-A2 0.00 18,513,000.00 16,661.70 0.00 A-IO 0.00 0.00 360,000.00 0.00 M1 0.00 32,511,000.00 32,511.00 0.00 M2 0.00 26,260,000.00 41,870.11 0.00 M3 0.00 8,753,000.00 15,415.01 0.00 M4 0.00 7,503,000.00 16,453.06 0.00 M5 0.00 5,001,000.00 10,299.98 0.00 B 0.00 6,253,000.00 12,878.58 0.00 X 0.00 13,118,683.02 0.00 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 499,300,912.40 3,555,420.80 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal 8Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-KA 312,896,000.00 312,896,000.00 0.00 1,913,796.48 0.00 0.00 2-A1 71,233,000.00 71,233,000.00 0.00 826,974.14 0.00 0.00 2-A2 18,513,000.00 18,513,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 32,511,000.00 32,511,000.00 0.00 0.00 0.00 0.00 M2 26,260,000.00 26,260,000.00 0.00 0.00 0.00 0.00 M3 8,753,000.00 8,753,000.00 0.00 0.00 0.00 0.00 M4 7,503,000.00 7,503,000.00 0.00 0.00 0.00 0.00 M5 5,001,000.00 5,001,000.00 0.00 0.00 0.00 0.00 B 6,253,000.00 6,253,000.00 0.00 0.00 0.00 0.00 X 11,254,479.36 11,254,479.36 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 500,177,479.36 500,177,479.36 0.00 2,740,770.62 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.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A 1,913,796.48 310,982,203.52 0.99388360 1,913,796.48 2-A1 826,974.14 70,406,025.86 0.98839058 826,974.14 2-A2 0.00 18,513,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 32,511,000.00 1.00000000 0.00 M2 0.00 26,260,000.00 1.00000000 0.00 M3 0.00 8,753,000.00 1.00000000 0.00 M4 0.00 7,503,000.00 1.00000000 0.00 M5 0.00 5,001,000.00 1.00000000 0.00 B 0.00 6,253,000.00 1.00000000 0.00 X 0.00 13,118,683.02 1.16564104 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2,740,770.62 499,300,912.40 0.99824749 2,740,770.62

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OROriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) OFAmount ~~THE~~Balance Distribution Distribution Accretion 1-A 312,896,000.00 1000.00000000 0.00000000 6.11639804 0.00000000 2-A1 71,233,000.00 1000.00000000 0.00000000 11.60942456 0.00000000 2-A2 18,513,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 32,511,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 26,260,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 8,753,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,503,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 5,001,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 11,254,479.36 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are Per 1,000 Denomination

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A 0.00000000 6.11639804 993.88360196 0.99388360 6.11639804 2-A1 0.00000000 11.60942456 988.39057544 0.98839058 11.60942456 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,165.64103948 1.16564104 0.00000000 R 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.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A 312,896,000.00 1.47000% 312,896,000.00 255,531.73 0.00 0.00 2-A1 71,233,000.00 1.34000% 71,233,000.00 53,029.01 0.00 0.00 2-A2 18,513,000.00 1.62000% 18,513,000.00 16,661.70 0.00 0.00 A-IO 0.00 6.00000% 120,000,000.00 360,000.00 0.00 0.00 M1 32,511,000.00 1.80000% 32,511,000.00 32,511.00 0.00 0.00 M2 26,260,000.00 2.87000% 26,260,000.00 41,870.11 0.00 0.00 M3 8,753,000.00 3.17000% 8,753,000.00 15,415.01 0.00 0.00 M4 7,503,000.00 4.12000% 7,503,000.00 17,173.53 0.00 0.00 M5 5,001,000.00 4.37000% 5,001,000.00 12,141.32 0.00 0.00 B 6,253,000.00 4.37000% 6,253,000.00 15,180.89 0.00 0.00 X 11,254,479.36 0.00000% 11,254,479.36 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 500,177,479.36 819,514.30 0.00 0.00

~~October~~Interest 22Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A 0.00 0.00 255,531.73 ~~2003~~0.00 310,982,203.52 2-A1 0.00 0.00 53,029.01 0.00 70,406,025.86 2-A2 0.00 0.00 16,661.70 0.00 18,513,000.00 A-IO 0.00 0.00 360,000.00 0.00 120,000,000.00 M1 0.00 0.00 32,511.00 0.00 32,511,000.00 M2 0.00 0.00 41,870.11 0.00 26,260,000.00 M3 0.00 0.00 15,415.01 0.00 8,753,000.00 M4 0.00 0.00 16,453.06 0.00 7,503,000.00 M5 0.00 0.00 10,299.98 0.00 5,001,000.00 B 0.00 0.00 12,878.58 0.00 6,253,000.00 X 0.00 0.00 0.00 0.00 13,118,683.02 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 814,650.18 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.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement ~~(as~~Beginning ~~Depositor~~Payment ~~under~~of ~~the~~Original ~~Trust~~Current ~~Agreement~~Certificate/ ~~dated~~Current asUnpaid ofCurrent ~~September~~Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall 1-A 312,896,000.00 ~~2003~~1.47000% 1000.00000000 0.81666666 0.00000000 0.00000000 2-A1 71,233,000.00 ~~providing~~1.34000% ~~for~~1000.00000000 ~~the~~0.74444443 ~~issuance~~0.00000000 of0.00000000 ~~Fieldstone~~2-A2 ~~Mortgage~~18,513,000.00 ~~Investment~~1.62000% ~~Corp~~1000.00000000 ~~2003~~0.90000000 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 3.00000000 0.00000000 0.00000000 M1 32,511,000.00 1.80000% 1000.00000000 1.00000000 0.00000000 0.00000000 M2 26,260,000.00 ~~Mortgage~~2.87000% ~~Pass-Through~~1000.00000000 ~~Certificates~~1.59444440 0.00000000 0.00000000 M3 8,753,000.00 ~~Series~~3.17000% ~~2003-~~1000.00000000 1.76111162 0.00000000 0.00000000 M4 7,503,000.00 4.12000% 1000.00000000 2.28888844 0.00000000 0.00000000 M5 5,001,000.00 4.37000% 1000.00000000 2.42777844 0.00000000 0.00000000 B 6,253,000.00 4.37000% 1000.00000000 2.42777707 0.00000000 0.00000000 X 11,254,479.36 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denominations.

~~Structured~~Interest ~~Asset~~Distribution ~~Securities~~Factors ~~Corporation~~ Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A 0.00000000 0.00000000 0.81666666 0.00000000 993.88360196 2-A1 0.00000000 0.00000000 0.74444443 0.00000000 988.39057544 2-A2 0.00000000 0.00000000 0.90000000 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 3.00000000 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.00000000 0.00000000 1000.00000000 M2 0.00000000 0.00000000 1.59444440 0.00000000 1000.00000000 M3 0.00000000 0.00000000 1.76111162 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.19286419 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.05958408 0.00000000 1000.00000000 B 0.00000000 0.00000000 2.05958420 0.00000000 1000.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 1165.64103948 R 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 3,765,614.97 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3,765,614.97 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~210,194.17 inPayment ~~its~~of ~~Charter~~Interest and Principal 3,555,420.80 Total Withdrawals (Pool Distribution Amount) 3,765,614.97 Ending Balance 0.00

Delaware	333-106925	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

745 Seventh Avenue, 7th Floor New York, New York		10019
(Address of Principal Executive Offices)		(Zip Code)

~~Registrant’s~~OTHER ~~telephone~~ACCOUNTS ~~number~~Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 ~~including~~1,000.00 ~~area~~0.00 ~~code: (212)~~0.00 ~~526-7000~~Financial Guaranty 0.00 0.00 0.00 0.00

~~None~~ 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

Delinquency Status By Groups

~~(Former~~DELINQUENT ~~Name~~BANKRUPTCY orFORECLOSURE ~~Former~~REO ~~Address,~~Total if1 ~~Changed~~No ~~Since~~of ~~Last~~Loans ~~Report)~~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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

~~Item~~OTHER 5INFORMATION Current Period Class A Insufficient Funds 0. ~~Other~~00 ~~Events~~Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

~~The~~COLLATERAL ~~Registrant~~STATEMENT ~~registered~~Collateral ~~issuances~~Description ofFixed ~~its~~& ~~Fieldstone~~Mixed ~~Mortgage~~ARM ~~Investment~~Weighted ~~Corp.~~Average ~~2003-1,~~Gross ~~Mortgage~~Coupon ~~Pass-Through~~6.928855% ~~Certificates,~~Weighted ~~Series~~Average ~~2003-1~~Net onCoupon a6.430069% ~~delayed~~Weighted orAverage ~~continuous~~Pass-Through ~~basis~~Rate ~~pursuant~~6.424569% toWeighted ~~Rule~~Average ~~415~~Maturity(Stepdown ~~under~~Calculation ~~the~~) ~~Securities~~356 ~~Act~~Beginning ofScheduled ~~1933,~~Collateral asLoan ~~amended~~Count ~~(the “Act”)~~2,754 byNumber aOf ~~Registration~~Loans ~~Statement~~Paid onIn ~~Form~~Full S-3 ~~(Registration~~Ending ~~File~~Scheduled ~~No.~~Collateral ~~333-106925)~~Loan ~~(the~~Count ~~“Registration Statement”). Pursuant to the Registration Statement~~2,751 ~~the~~Beginning ~~Registrant~~Scheduled ~~issued~~Collateral ~~$488,923,000~~Balance ~~aggregate principal amount of Class 1-A~~500, ~~Class 2-A1~~177,479.36 ~~Class~~Ending ~~2-A2,~~Scheduled ~~Class~~Collateral ~~A-IO,~~Balance ~~Class M1~~499, ~~Class M2~~300,912.41 ~~Class M3,~~Ending ~~Class~~Actual ~~M4,~~Collateral ~~Class~~Balance M5at ~~and Class B Certificates of its Fieldstone Mortgage Investment Corp. 2003~~30-~~1, Mortgage Pass~~Sep-~~Through Certificates, Series~~ 2003-1 ~~on October 7~~499, ~~2003~~468,336. ~~This~~48 ~~Current~~Monthly ~~Report~~P on&I ~~Form~~Constant ~~8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated August 26, 2003, as supplemented by the Prospectus Supplement dated October~~ 3, ~~2003 (the “Prospectus Supplement”)~~132,019.12 toSpecial ~~file~~Servicing aFee ~~copy~~0.00 ofPrepayment ~~the~~Penalties ~~Trust~~0.00 ~~Agreement~~Realized ~~(as~~Loss ~~defined~~Amount ~~below)~~0.00 ~~and~~Cumulative ~~other~~Realized ~~operative~~Loss ~~agreements~~0.00 ~~executed~~Ending inScheduled ~~connection~~Balance ~~with~~for ~~the~~Premium ~~issuance~~Loans ~~of the Certificates~~499,300,912.41 aScheduled ~~form~~Principal of243,971.35 ~~which~~Unscheduled ~~was~~Principal ~~filed as an exhibit to the Registration Statement~~632,595.60

~~The~~COLLATERAL ~~Certificates~~STATEMENT ~~were~~Collateral ~~issued~~Description ~~pursuant~~Fixed to& aMixed ~~Trust~~ARM ~~Agreement~~Weighted ~~(the~~Average ~~“Trust~~Coupon ~~Agreement”),~~Rate ~~attached hereto as Exhibit 4~~6.1,928855% ~~dated~~Weighted asAverage ofNet ~~September~~Rate 1,6.430069% ~~2003,~~Weighted ~~among~~Average ~~Structured~~Pass ~~Asset~~Through ~~Securities~~Rate ~~Corporation,~~6.424569% asWeighted ~~depositor,~~Average ~~Wells~~Maturity ~~Fargo~~356 ~~Bank~~Record ~~Minnesota,~~Date ~~National~~09/30/2003 ~~Association,~~Principal ~~as Master Servicer~~ and asInterest ~~Trust~~Constant ~~Administrator~~3,132,019.12 ~~and~~Beginning ~~HSBC~~Loan ~~Bank~~Count ~~USA~~2,754 asLoans ~~Trustee. The~~Paid ~~“Certificates”~~in ~~consist~~Full of3 ~~the~~Ending ~~following~~Loan ~~classes: Class~~Count ~~1-A, Class~~ 2~~-A1~~,751 ~~Class~~Beginning ~~2-A2,~~Scheduled ~~Class~~Balance ~~A-IO~~500,177,479.36 ~~Class~~Ending ~~M1,~~Scheduled ~~Class~~Balance M2499, ~~Class M3~~300,912.41 ~~Class~~Ending ~~M4,~~Actual ~~Class~~Balance M5at ~~and~~30-Sep-2003 ~~Class B~~499,468,336.48 ~~Class~~Scheduled XPrincipal ~~and Class R~~243,971. ~~The~~35 ~~Certificates~~Unscheduled ~~evidence~~Principal ~~all~~632,595.60 ofScheduled ~~the~~Interest ~~beneficial~~2,888,047.77 ~~ownership~~Servicing ~~interest~~Fee in207,901.47 aMaster ~~trust~~Servicing ~~fund~~Fee ~~(the “Trust Fund”) that consists primarily of two pools of certain conventional~~2,292.50 ~~first~~Trustee ~~and~~Fee ~~second~~0.00 ~~lien,~~FRY ~~fixed~~Amount ~~and~~0.00 ~~adjustable~~Special ~~rate,~~Hazard ~~fully~~Fee ~~amortizing~~0.00 ~~and~~Other ~~balloon,~~Fee ~~residential~~0.00 ~~mortgage~~Pool ~~loans~~Insurance ~~(the~~Fee ~~“Mortgage~~0.00 ~~Loans”)~~Spread ~~with~~1 an0.00 ~~aggregate~~Spread ~~outstanding~~2 ~~principal~~0.00 ~~balance~~Spread of3 ~~approximately~~0.00 ~~$500,177,479~~Net asInterest ~~of September 1~~2, ~~2003~~677,853.80 ~~together~~Realized ~~with~~Loss ~~certain~~Amount ~~other assets~~0. ~~Capitalized~~00 ~~terms~~Cumulative ~~used~~Realized ~~herein~~Loss ~~and~~0.00 ~~not~~Percentage ~~otherwise~~of ~~defined~~Cumulative ~~shall~~Losses ~~have~~0.0000 ~~the~~Special ~~meanings~~Servicing ~~assigned~~Fee to0.00 ~~them~~Prepayment inPenalties ~~the Trust Agreement~~0.00

~~Item~~Miscellaneous 7Reporting Monthly Excess Cashflow 1,864,203. ~~Financial~~66 ~~Statements;~~Overcollateralization ~~Pro~~Amount ~~Forma~~13,118,683.02 ~~Financial~~Overcollateralization ~~Information~~Deficiency ~~and~~636,197.98 ~~Exhibits~~Aggregate Overcollateralization Release 0.00 Targeted Overcollateralization Amount 13,754,881.00 Cap Payment 0.00

~~(a)~~Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed Fixed 6 Month LIBOR ARM Mixed Fixed Weighted Average Coupon Rate 7.908803 6.949038 7.039184 Weighted Average Net Rate 7.409959 6.449427 6.539184 Weighted Average Maturity 354 354 356 Beginning Loan Count 407 2,050 51 Loans Paid In Full 1 1 0 Ending Loan Count 406 2,049 51 Beginning Scheduled Balance 46,601,556.03 342,090,300.25 14,067,717.90 Ending scheduled Balance 46,543,737.99 341,684,015.19 14,062,019.58 Record Date 09/30/2003 09/30/2003 09/30/2003 Principal And Interest Constant 333,848.04 2,159,819.53 88,053.13 Scheduled Principal 26,712.59 178,820.67 5,532.09 Unscheduled Principal 31,105.45 227,464.39 166.23 Scheduled Interest 307,135.45 1,980,998.86 82,521.04 Servicing Fees 19,375.66 142,426.81 5,861.54 Master Servicing Fees 213.63 1,567.89 64.48 Trustee Fee 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 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 287,546.16 1,837,004.16 76,595.02 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 7.404376 6.443927 6.533684

~~Not~~Group ~~applicable~~Level Collateral Statement Group 4 Total Collateral Description 6 Month Arm Fixed & Mixed ARM Weighted Average Coupon Rate 6.373273 6.928855 Weighted Average Net Rate 5.877625 6.430069 Weighted Average Maturity 356 356 Beginning Loan Count 246 2,754 Loans Paid In Full 1 3 Ending Loan Count 245 2,751 Beginning Scheduled Balance 97,417,905.18 500,177,479.36 Ending scheduled Balance 97,011,139.65 499,300,912.41 Record Date 09/30/2003 09/30/2003 Principal And Interest Constant 550,298.42 3,132,019.12 Scheduled Principal 32,906.00 243,971.35 Unscheduled Principal 373,859.53 632,595.60 Scheduled Interest 517,392.42 2,888,047.77 Servicing Fees 40,237.46 207,901.47 Master Servicing Fees 446.50 2,292.50 Trustee Fee 0.00 0.00 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 476,708.46 2,677,853.80 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 5.872125 6.424569

(b)

Not applicable.

(c)

Exhibits:

4.1

Trust Agreement dated as of September 1, 2003, among Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank Minnesota, National Association, as Master Servicer and as Trust Administrator, Fieldstone Mortgage Company, as Seller, and HSBC Bank USA, as Trustee.

99.1

Mortgage Loan Purchase Agreement dated as of September 1, 2003, between Fieldstone Mortgage Company, as Seller and Servicer, and Structured Asset Securities Corporation, as Purchaser.

99.2

Servicing Agreement dated as of September 1, 2003, among Fieldstone Mortgage Company, as Seller and Servicer, Chase Manhattan Mortgage Corporation, as Subservicer and Wells Fargo Bank Minnesota, National Association, as Master Servicer, and acknowledged by HSBC, as Trustee.

99.3

Custodial Agreement dated as of September 1, 2003, between Wells Fargo Bank Minnesota, National Association, as Custodian and HSBC, as Trustee, and acknowledged by Fieldstone Mortgage Company, as Seller and Servicer, Structured Assets Securitization Corp., as Depositor, Wells Fargo Bank Minnesota, National Association, as Master Servicer and Chase Manhattan Mortgage Company, as Servicer.

SIGNATURES

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.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Matthew Lewis

Name: Matthew Lewis

Title: Senior Vice President

Dated: October 22, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

4.1

99.1

Mortgage Loan Purchase Agreement dated as of September 1, 2003, between Fieldstone Mortgage Company, as Seller and Servicer, and Structured Asset Securities Corporation, as Purchaser.

99.2

99.3

Filing Compare · FIELDSTONE MORTGAGE INVESTMENT CORP SERIES 2003-1