~~Fieldstone~~UNITED Mortgage Company Mortgage Backed Securities Record Date: 2/29/2004 Distribution Date: 3/25/2004 FLD Series: 2004-1 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 1-A 31659TAL9 SEN 1.40500% 437,257,238.75 494,890.16 2,419,661.77 2-A 31659TAN5 SEN 1.38000% 113,787,115.83 126,493.34 2,385,247.14 A-IO 31659TAP0 SEN 6.00000% 0.00 867,098.98 0.00 S 31659TAM7 SEN 0.91000% 0.00 485,800.57 0.00 M1 31659TAQ8 MEZ 1.64000% 41,873,000.00 55,318.88 0.00 M2 31659TAR6 MEZ 2.19000% 32,341,000.00 57,054.91 0.00 M3 31659TAS4 MEZ 2.54000% 8,511,000.00 17,414.45 0.00 M4 31659TAT2 MEZ 2.74000% 11,915,000.00 26,299.05 0.00 M5 31659TAU9 MEZ 2.89000% 6,809,000.00 15,851.73 0.00 M6 31659TAV7 MEZ 4.34000% 10,213,000.00 35,705.78 0.00 Owner Cert IELDS041OTC SEN 0.00000% 0.00 756,058.72 0.00 Totals 662,706,354.58 2,937,986.57 4,804,908.91STATES

~~Certificateholder~~SECURITIES ~~Distribution~~EXCHANGE Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 434,837,576.98 2,914,551.93 0.00 2-A 0.00 111,401,868.69 2,511,740.48 0.00 A-IO 0.00 0.00 867,098.98 0.00 S 0.00 0.00 485,800.57 0.00 M1 0.00 41,873,000.00 55,318.88 0.00 M2 0.00 32,341,000.00 57,054.91 0.00 M3 0.00 8,511,000.00 17,414.45 0.00 M4 0.00 11,915,000.00 26,299.05 0.00 M5 0.00 6,809,000.00 15,851.73 0.00 M6 0.00 10,213,000.00 35,705.78 0.00 Owner Cert 0.00 0.00 756,058.72 0.00 Totals 0.00 657,901,445.67 7,742,895.48 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.COMMISSION

~~Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A 437~~Washington,~~672,000.00~~ ~~437,257,238~~D.~~75 0~~C.00 2,419,661.77 0.00 0.00 2-A 113,823,000.00 113,787,115.83 0.00 2,385,247.14 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 S 0.00 0.00 0.00 0.00 0.00 0.00 M1 41,873,000.00 41,873,000.00 0.00 0.00 0.00 0.00 M2 32,341,000.00 32,341,000.00 0.00 0.00 0.00 0.00 M3 8,511,000.00 8,511,000.00 0.00 0.00 0.00 0.00 M4 11,915,000.00 11,915,000.00 0.00 0.00 0.00 0.00 M5 6,809,000.00 6,809,000.00 0.00 0.00 0.00 0.00 M6 10,213,000.00 10,213,000.00 0.00 0.00 0.00 0.00 Owner Cert 0.00 0.00 0.00 0.00 0.00 0.00 Totals 663,157,000.00 662,706,354.58 0.00 4,804,908.91 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. 20549

~~Principal~~FORM Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-A 2,419,661.77 434,837,576.98 0.99352386 2,419,661.77 2-A 2,385,247.14 111,401,868.69 0.97872898 2,385,247.14 A-IO 0.00 0.00 0.00000000 0.00 S 0.00 0.00 0.00000000 0.00 M1 0.00 41,873,000.00 1.00000000 0.00 M2 0.00 32,341,000.00 1.00000000 0.00 M3 0.00 8,511,000.00 1.00000000 0.00 M4 0.00 11,915,000.00 1.00000000 0.00 M5 0.00 6,809,000.00 1.00000000 0.00 M6 0.00 10,213,000.00 1.00000000 0.00 Owner Cert 0.00 0.00 0.00000000 0.00 Totals 4,804,908.91 657,901,445.67 0.99207495 4,804,908.91-K

~~Principal~~CURRENT Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 437,672,000.00 999.05234685 0.00000000 5.52848199 0.00000000 2-A 113,823,000.00 999.68473709 0.00000000 20.95575710 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 S 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 41,873,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 32,341,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 8,511,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 11,915,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 6,809,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 10,213,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 Owner Cert 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.REPORT

~~Principal~~PURSUANT ~~Distribution~~TO ~~Factors~~SECTION ~~Statement~~13 ~~(continued)~~OR ~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss~~ 15(3d) ~~Reduction~~OF Balance Percentage Distribution 1-A 0.00000000 5.52848199 993.52386486 0.99352386 5.52848199 2-A 0.00000000 20.95575710 978.72898000 0.97872898 20.95575710 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S 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 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 Owner Cert 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.THE

~~Interest~~SECURITIES ~~Distribution~~EXCHANGE ~~Statement~~ACT ~~Beginning~~OF Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall 1-A 437,672,000.00 1.40500% 437,257,238.75 494,890.17 0.00 0.00 2-A 113,823,000.00 1.38000% 113,787,115.83 126,493.34 0.00 0.00 A-IO 0.00 6.00000% 173,419,799.37 867,099.00 0.00 0.00 S 0.00 0.91000% 662,706,354.58 485,800.57 0.00 0.00 M1 41,873,000.00 1.64000% 41,873,000.00 55,318.89 0.00 0.00 M2 32,341,000.00 2.19000% 32,341,000.00 57,054.91 0.00 0.00 M3 8,511,000.00 2.54000% 8,511,000.00 17,414.45 0.00 0.00 M4 11,915,000.00 2.74000% 11,915,000.00 26,299.05 0.00 0.00 M5 6,809,000.00 2.89000% 6,809,000.00 15,851.73 0.00 0.00 M6 10,213,000.00 4.34000% 10,213,000.00 35,705.78 0.00 0.00 Owner Cert 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 663,157,000.00 2,181,927.89 0.00 0.001934

~~Interest~~Date ~~Distribution~~of ~~Statement~~Report (~~continued)~~Date ~~Remaining~~of ~~Ending~~earliest ~~Non-Supported~~event ~~Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4~~reported) Distribution Shortfall Balance 1-A 0.01 0.00 494,890.16 0.00 434,837,576.98 2-A 0.00 0.00 126,493.34 0.00 111,401,868.69 A-IO 0.01 0.00 867,098.98 0.00 160,622,892.10 S 0.01 0.00 485,800.57 0.00 657,901,445.67 M1 0.00 0.00 55,318.88 0.00 41,873,000.00 M2 0.00 0.00 57,054.91 0.00 32,341,000.00 M3 0.00 0.00 17,414.45 0.00 8,511,000.00 M4 0.00 0.00 26,299.05 0.00 11,915,000.00 M5 0.00 0.00 15,851.73 0.00 6,809,000.00 M6 0.00 0.00 35,705.78 0.00 10,213,000.00 Owner Cert 0.00 0.00 756,058.72 0.00 0.00 Totals 0.03 0.00 2,937,986.57 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~~April 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 1-A 43716,~~672,000.00~~ 1.40500% 999.05234685 1.13073299 0.00000000 0.00000000 2-A 113,823,000.00 1.38000% 999.68473709 1.11131617 0.00000000 0.00000000 A-IO 0.00 6.00000% 926.21024518 4.63105124 0.00000000 0.00000000 S 0.00 0.91000% 999.32045440 0.73255740 0.00000000 0.00000000 M1 41,873,000.00 1.64000% 1000.00000000 1.32111122 0.00000000 0.00000000 M2 32,341,000.00 2.19000% 1000.00000000 1.76416654 0.00000000 0.00000000 M3 8,511,000.00 2.54000% 1000.00000000 2.04611092 0.00000000 0.00000000 M4 11,915,000.00 2.74000% 1000.00000000 2.20722199 0.00000000 0.00000000 M5 6,809,000.00 2.89000% 1000.00000000 2.32805551 0.00000000 0.00000000 M6 10,213,000.00 4.34000% 1000.00000000 3.49611084 0.00000000 0.00000000 Owner Cert 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 denomination.2004

~~Interest~~ Merrill ~~Distribution~~Lynch ~~Factors~~Mortgage Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A 0.00000002 0.00000000 1.13073297 0.00000000 993.52386486 2-A 0.00000000 0.00000000 1.11131617 0.00000000 978.72898000 A-IO 0.00000005 0.00000000 4.63105114 0.00000000 857.86380110 S 0.00000002 0.00000000 0.73255740 0.00000000 992.07494706 M1 0.00000000 0.00000000 1.32111098 0.00000000 1000.00000000 M2 0.00000000 0.00000000 1.76416654 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.04611092 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.20722199 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.32805551 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.49611084 0.00000000 1000.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special HazardInvestors, ~~Bankruptcy,or Fraud Losses Unless Otherwise Disclosed~~Inc. ~~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 8,026,399.13 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Servicer~~Exact ~~Advances)~~Name ~~0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 8,026,399.13 Withdrawals Reimbursement for Servicer Advances 0.00 Payment~~ of ~~Service~~Registrant ~~Fee~~as ~~283,503.65~~Specified ~~Payment~~in ofits ~~Interest and Principal 7,742,895.48 Total Withdrawals (Pool Distribution Amount~~Charter) ~~8,026,399.13 Ending Balance 0.00~~

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

Delaware (State or Other Jurisdiction Of Incorporation)	333-106175 (Commission File Number)	13-3416059
		(I.R.S. Employer Identification No.)

~~SERVICING~~4 ~~FEES~~World ~~Gross~~Financial ~~Servicing Fee 283~~Center,~~503.65~~ ~~Indenture~~10th ~~Trustee~~Floor ~~Fee~~New -York, ~~HSBC~~New ~~Bank~~York ~~USA~~(Address ~~0.00~~of ~~Owner~~Principal ~~Trustee~~Executive ~~Fee~~Offices) -10080 US(Zip ~~Bank Trust NA 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 283,503.65~~Code)

~~OTHER~~Registrant’s ~~ACCOUNTS~~telephone ~~Beginning~~number, ~~Current~~including ~~Current~~area ~~Ending~~code: (212) ~~Account Type Balance Withdrawals Deposits Balance SWAP Counterparty Account 0.00 0.00 743,347.29 0.00~~449-0357

~~LOAN~~None ~~STATUS~~(Former ~~STRATIFICATION/CREDIT~~Name ~~ENHANCEMENT~~or ~~STATEMENT~~Former 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 8 0 0 0 8 1Address,~~400,027.62~~ ~~0.00~~if ~~0.00~~Changed ~~0.00~~Since ~~1,400,027.62~~Last 60 Days 2 0 0 0 2 240,600.00 0.00 0.00 0.00 240,600.00 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 10 0 0 0 10 1,640,627.62 0.00 0.00 0.00 1,640,627.62 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 0.230681% 0.000000% 0.000000% 0.000000% 0.230681% 0.207213% 0.000000% 0.000000% 0.000000% 0.207213% 60 Days 0.057670% 0.000000% 0.000000% 0.000000% 0.057670% 0.035610% 0.000000% 0.000000% 0.000000% 0.035610% 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 0.288351% 0.000000% 0.000000% 0.000000% 0.288351% 0.242824% 0.000000% 0.000000% 0.000000% 0.242824%Report)

~~DELINQUENT~~Item BANKRUPTCY FORECLOSURE REO Total 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 05.00 Other 0.00 0.00 0.00 30 Days 8 0 0 0 8 1,400,027.62 0.00 0.00 0.00 1,400,027.62 60 Days 2 0 0 0 2 240,600.00 0.00 0.00 0.00 240,600.00 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 10 0 0 0 10 1,640,627.62 0.00 0.00 0.00 1,640,627.62 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.256246% 0.000000% 0.000000% 0.000000% 0.256246% 0.260451% 0.000000% 0.000000% 0.000000% 0.260451% 60 Days 0.064061% 0.000000% 0.000000% 0.000000% 0.064061% 0.044759% 0.000000% 0.000000% 0.000000% 0.044759% 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 0.320307% 0.000000% 0.000000% 0.000000% 0.320307% 0.305210% 0.000000% 0.000000% 0.000000% 0.305210% 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%Events

~~OTHER~~The ~~INFORMATION~~Registrant ~~Current~~registered ~~Period~~issuances of its Fieldstone Mortgage Investment Trust, Series 2004-1 Mortgage Backed Securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-106175) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $663,157,000 aggregate principal amount of Class 1-A, ~~Insufficient~~Class ~~Funds~~2-A, ~~0.00~~Class ~~Principal~~A-IO, ~~Balance~~Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Notes of ~~Contaminated~~its ~~Properties~~Fieldstone 0Mortgage Investment Trust, Series 2004-1 on February 24, 2004.00 This ~~Periodic~~Current ~~Advance~~Report 0on Form 8-K is being filed to satisfy an undertaking, contained in the definitive Prospectus dated July 3, 2003, as supplemented by the Prospectus Supplement dated February 6, 2004 (the “Prospectus Supplement”), to file a copy of the Trust Agreement, the Transfer and Servicing Agreement and the Indenture (as defined below) and other operative agreements executed in connection with the issuance of the Notes, the Class S Certificate and the Ownership Certificate, forms of which were filed as an exhibit to the Registration Statement.00

~~COLLATERAL~~The ~~STATEMENT~~Class ~~Collateral~~S ~~Description~~Certificate ~~Fixed~~and &the ~~Mixed~~Ownership ~~ARM~~Certificate ~~Weighted~~were ~~Average~~issued ~~Gross~~pursuant ~~Coupon~~to ~~6.876079%~~a ~~Weighted~~Trust ~~Average~~Agreement ~~Net~~(the ~~Coupon~~“Trust ~~6.376079%~~Agreement”) ~~Weighted~~dated ~~Average~~as ~~Pass-Through~~of ~~Rate~~January ~~6.376079%~~1, ~~Weighted~~2004, ~~Average~~among ~~Maturity(Stepdown~~Merrill ~~Calculation~~Lynch )Mortgage ~~357~~Investors, ~~Beginning~~Inc., ~~Scheduled~~as ~~Collateral~~depositor ~~Loan~~(the ~~Count 3~~“Depositor”),~~484~~ ~~Number~~U.S. OfBank ~~Loans~~Trust ~~Paid~~National InAssociation, ~~Full~~as 16owner ~~Ending~~trustee ~~Scheduled~~(the ~~Collateral~~“Owner ~~Loan~~Trustee”) ~~Count~~and 3Wells Fargo Bank Minnesota,~~468~~ ~~Beginning~~N.A., ~~Scheduled~~as ~~Collateral~~trust ~~Balance~~administrator ~~680,408,656~~(the “Trust Administrator”).92 The ~~Ending~~Notes ~~Scheduled~~were ~~Collateral~~issued ~~Balance~~pursuant ~~675,603,748.01~~to ~~Ending~~an ~~Actual~~Indenture ~~Collateral~~(the ~~Balance~~“Indenture”) atdated ~~29-Feb-2004~~as ~~675~~of January 1,~~645~~ 2004,~~584.91~~ ~~Monthly~~among PFieldstone &IMortgage ~~Constant~~Investment 4Trust,~~104~~ Series 2004-1,~~053.44~~ ~~Special~~as ~~Servicing~~issuer ~~Fee~~(the ~~0.00~~“Issuer”), ~~Prepayment~~the ~~Penalties~~Trust ~~0.00~~Administrator ~~Realized~~and ~~Loss~~HSBC ~~Amount~~Bank ~~0.00~~USA, ~~Cumulative~~as ~~Realized~~indenture ~~Loss~~trustee 0(the “Indenture Trustee”).00 The ~~Ending~~Trust ~~Scheduled~~Agreement ~~Balance~~is ~~for~~attached ~~Premium~~hereto ~~Loans~~as ~~675,603,748~~Exhibit 4.011. The ~~Scheduled~~Indenture ~~Principal~~is ~~205,267.00~~attached ~~Unscheduled~~hereto ~~Principal~~as Exhibit 4~~,599,641~~.912.

~~Prepayment~~The ~~Premiums~~Notes 66are secured by the assets of a trust estate (the “Trust Estate”) that consists primarily of a pool of first lien,~~051.08~~ ~~LIBOR~~conventional, adjustable rate mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of $680,857,782 as of January 1, 2004, together with certain other assets.~~09%~~

~~Miscellaneous~~The ~~Reporting~~Mortgage ~~Target~~Loans ~~Overcollateralization~~were ~~Amount~~sold ~~17,702,302~~by Fieldstone Investment Corporation.34 ~~Overcollateralization~~(the ~~Amount~~“Seller”) 17to the Registrant pursuant to the terms of a Mortgage Loan Purchase Agreement dated as of January 1,~~702,302.34~~ OC2004 ~~Increase~~(the ~~Amount~~“Mortgage ~~0.00~~Loan OCPurchase ~~Deficiency~~Agreement”) ~~Amount~~among ~~0.00~~the OCSeller ~~Release~~and ~~Amount~~the ~~0.00~~Registrant ~~Trigger~~and ~~Event~~were NOsimultaneously ~~Net~~sold ~~Swap~~by ~~Payment~~the ~~743347~~Registrant to the Trust pursuant to the Transfer and Servicing Agreement (defined below).29 A ~~Net~~copy ~~Swap~~of ~~Receipt~~the Mortgage Loan Purchase Agreement is attached hereto as Exhibit 99.001.

~~Group~~The ~~Level~~Mortgage Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed Fixed Fixed & Mixed ARM Weighted Average Coupon Rate 6.960559 6.551404 6.876079 Weighted Average Net Rate 6.460559 6.051403 6.376079 Weighted Average Maturity 357 357 357 Beginning Loan Count 3,132 352 3,484 Loans ~~Paid~~will Inbe ~~Full~~master 10serviced 6by 16Wells ~~Ending~~Fargo ~~Loan~~Bank ~~Count 3~~Minnesota,~~122~~ ~~346 3,468 Beginning Scheduled Balance 539,922,413~~N.~~29 140,486,243~~A.63 ~~680,408,656.92~~(the ~~Ending~~“Master ~~scheduled Balance 537~~Servicer”),~~502,751.52~~ ~~138,100,996.49~~pursuant ~~675,603,748.01~~to ~~Record~~the ~~Date~~terms ~~02/29/2004~~of ~~02/29/2004~~a ~~02/29/2004~~Transfer ~~Principal~~and ~~And~~Servicing ~~Interest~~Agreement ~~Constant~~dated ~~3,317,678.68~~as ~~786,374.76~~of ~~4,104,053.44~~January ~~Scheduled Principal 185~~1,~~877.30~~ ~~19,389.70~~2004 ~~205,267.00~~(the ~~Unscheduled~~“Transfer ~~Principal~~and ~~2,233,784.47~~Servicing ~~2,365,857.44~~Agreement”) ~~4,599,641.91~~among ~~Scheduled~~the ~~Interest 3~~Issuer,~~131,801.38~~ ~~766,985.06~~the 3Registrant,~~898,786.44~~ ~~Servicing~~the ~~Fees~~Trust ~~224,967.69~~Administrator/Master 58Servicer,~~535.96~~ ~~283,503.65~~Fieldstone ~~Master~~ Servicing ~~Fees 0~~Corp.00 0.00 0.00 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 2,~~906,833.69~~ ~~708,449.10~~as 3Servicer,~~615,282.79~~ ~~Realized~~the ~~Loss~~Seller ~~Amount~~and ~~0.00~~the ~~0.00~~Indenture 0Trustee.00 A ~~Cumulative~~copy ~~Realized Loss 0.00 0.00 0.00 Percentage~~ of ~~Cumulative~~the ~~Losses~~Transfer ~~0.0000~~and ~~0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special~~ Servicing ~~Fee~~Agreement ~~0.00~~is ~~0.00~~attached ~~0.00~~hereto ~~Pass-Through~~as ~~Rate~~Exhibit 699.~~460559 6~~2.~~051404 6.376079~~

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

4.1

Trust Agreement dated as of January 1, 2004, among Merrill Lynch Mortgage Investors, Inc, as Depositor, U.S. Bank Trust National Association, as Owner Trustee, and Wells Fargo Bank Minnesota, N.A., as Trust Administrator.

4.2

Indenture dated as of January 1, 2004, among Fieldstone Mortgage Investment Trust, Series 2004-1, as Issuer, Wells Fargo Bank Minnesota, N.A., as Trust Administrator, and HSBC Bank USA, as Indenture Trustee.

99.1

Mortgage Loan Purchase Agreement dated as of January 1, 2004, between Fieldstone Investment Corporation, as Seller, and Merrill Lynch Mortgage Investors, Inc., as Purchaser.

99.2

Transfer and Servicing Agreement dated as of January 1, 2004, among Fieldstone Mortgage Investment Trust, Series 2004-1, as Issuer, Merrill Lynch Mortgage Investors, Inc., as Depositor, Wells Fargo Bank Minnesota, N.A., as Trust Administrator and Master Servicer, Fieldstone Servicing Corp., as Servicer, Chase Manhattan Mortgage Corp., as Subservicer, Fieldstone Investment Corporation, as Seller, and HSBC Bank USA, as Indenture Trustee.

99.3

Master Underwriting Agreement dated as of February 3, 2004, among Merrill Lynch Mortgage Investors, Inc., as Depositor, and Merrill Lunch, Pierce, Fenner & Smith Incorporated, as Underwriter.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MERRILL LYNCH MORTGAGE INVESTORS,
INC.

By: /s/ Ted Bouloukos

Name: Ted Bouloukos

Title: Vice President

Dated: April 16, 2004

EXHIBIT INDEX

Exhibit No.

Description

4.1

4.2

99.1

Mortgage Loan Purchase Agreement dated as of January 1, 2004, between Fieldstone Investment Corporation, as Seller, and Merrill Lynch Mortgage Investors, Inc., as Purchaser.

99.2

99.3

Master Underwriting Agreement dated as of February 3, 2004, among Merrill Lynch Mortgage Investors, Inc., as Depositor, and Merrill Lunch, Pierce, Fenner & Smith Incorporated, as Underwriter.

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