8-K 1 fld04001_jul.txt JULY 8-K 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): July 26, 2004 FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage-Backed Securities, Series 2004-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106175-14 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) 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: (240)884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On July 26, 2004 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT CORP, Mortgage-Backed Securities, Series 2004-1 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-Backed Securities, Series 2004-1 Trust, relating to the July 26, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage-Backed Securities, Series 2004-1 Trust By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/3/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage-Backed Securities, Series 2004-1 Trust, relating to the July 26, 2004 distribution. EX-99.1

~~UNITED~~Fieldstone ~~STATES~~Mortgage Company Mortgage Pass-Through Certificates Record Date: 6/30/2004 Distribution Date: 7/26/2004 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 1.61500% 416,002,470.36 578,532.31 13,710,363.83 2-A 31659TAN5 SEN 1.59000% 104,810,214.05 143,502.65 4,034,933.90 A-IO 31659TAP0 SEN 6.00000% 0.00 638,114.71 0.00 S 31659TAM7 SEN 0.70000% 0.00 381,241.68 0.00 M1 31659TAQ8 MEZ 1.85000% 41,873,000.00 66,706.01 0.00 M2 31659TAR6 MEZ 2.40000% 32,341,000.00 66,838.07 0.00 M3 31659TAS4 MEZ 2.75000% 8,511,000.00 20,154.52 0.00 M4 31659TAT2 MEZ 2.95000% 11,915,000.00 30,267.41 0.00 M5 31659TAU9 MEZ 3.10000% 6,809,000.00 18,176.25 0.00 M6 31659TAV7 MEZ 4.55000% 10,213,000.00 40,015.10 0.00 Owner Cert IELDS041OTC SEN 0.00000% 0.00 1,505,891.61 0.00 Totals 632,474,684.41 3,489,440.32 17,745,297.73

~~SECURITIES~~Certificateholder ~~EXCHANGE~~Distribution ~~COMMISSION~~Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 402,292,106.53 14,288,896.14 0.00 2-A 0.00 100,775,280.15 4,178,436.55 0.00 A-IO 0.00 0.00 638,114.71 0.00 S 0.00 0.00 381,241.68 0.00 M1 0.00 41,873,000.00 66,706.01 0.00 M2 0.00 32,341,000.00 66,838.07 0.00 M3 0.00 8,511,000.00 20,154.52 0.00 M4 0.00 11,915,000.00 30,267.41 0.00 M5 0.00 6,809,000.00 18,176.25 0.00 M6 0.00 10,213,000.00 40,015.10 0.00 Owner Cert 0.00 0.00 1,505,891.61 0.00 Totals 0.00 614,729,386.68 21,234,738.05 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Washington~~Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 1-A 437,672,000.00 D416,002,470.C36 0. ~~20549~~00 13,710,363.83 0.00 0.00 2-A 113,823,000.00 104,810,214.05 0.00 4,034,933.90 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 663,157,000.00 632,474,684.41 0.00 17,745,297.73 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.

~~FORM~~Principal 8Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 1-KA 13,710,363.83 402,292,106.53 0.91916345 13,710,363.83 2-A 4,034,933.90 100,775,280.15 0.88536834 4,034,933.90 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 17,745,297.73 614,729,386.68 0.92697414 17,745,297.73

~~CURRENT~~Principal ~~REPORT~~Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 437,672,000.00 950.48911139 0.00000000 31.32565901 0.00000000 2-A 113,823,000.00 920.81753292 0.00000000 35.44919656 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.

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OR(continued) 15Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (d3) OFReduction ~~THE~~Balance Percentage Distribution 1-A 0.00000000 31.32565901 919.16345238 0.91916345 31.32565901 2-A 0.00000000 35.44919656 885.36833636 0.88536834 35.44919656 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.

~~SECURITIES~~Interest ~~EXCHANGE~~Distribution ~~ACT~~Statement OFBeginning ~~1934~~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 1.61500% 416,002,470.36 578,532.32 0.00 0.00 2-A 113,823,000.00 1.59000% 104,810,214.05 143,502.65 0.00 0.00 A-IO 0.00 6.00000% 127,622,944.32 638,114.72 0.00 0.00 S 0.00 0.70000% 632,474,684.41 381,241.68 0.00 0.00 M1 41,873,000.00 1.85000% 41,873,000.00 66,706.02 0.00 0.00 M2 32,341,000.00 2.40000% 32,341,000.00 66,838.07 0.00 0.00 M3 8,511,000.00 2.75000% 8,511,000.00 20,154.52 0.00 0.00 M4 11,915,000.00 2.95000% 11,915,000.00 30,267.41 0.00 0.00 M5 6,809,000.00 3.10000% 6,809,000.00 18,176.25 0.00 0.00 M6 10,213,000.00 4.55000% 10,213,000.00 40,015.10 0.00 0.00 Owner Cert 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 663,157,000.00 1,983,548.74 0.00 0.00

~~Date~~Interest ofDistribution ~~Report~~Statement (~~Date~~continued) ofRemaining ~~earliest~~Ending ~~event~~Non-Supported ~~reported~~Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 1-A 0.01 0.00 578,532.31 0.00 402,292,106.53 2-A 0.00 0.00 143,502.65 0.00 100,775,280.15 A-IO 0.01 0.00 638,114.71 0.00 118,204,549.38 S 0.01 0.00 381,241.68 0.00 614,729,386.68 M1 0.00 0.00 66,706.01 0.00 41,873,000.00 M2 0.00 0.00 66,838.07 0.00 32,341,000.00 M3 0.00 0.00 20,154.52 0.00 8,511,000.00 M4 0.00 0.00 30,267.41 0.00 11,915,000.00 M5 0.00 0.00 18,176.25 0.00 6,809,000.00 M6 0.00 0.00 40,015.10 0.00 10,213,000.00 Owner Cert 0.00 0.00 1,505,891.61 0.00 0.00 Totals 0.03 0.00 3,489,440.32 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.

~~April~~Interest 16Distribution 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 437,672,000.00 ~~2004~~1.61500% 950.48911139 1.32183992 0.00000000 0.00000000 2-A 113,823,000.00 1.59000% 920.81753292 1.26075266 0.00000000 0.00000000 A-IO 0.00 6.00000% 681.61581883 3.40807909 0.00000000 0.00000000 S 0.00 0.70000% 953.73295375 0.57488902 0.00000000 0.00000000 M1 41,873,000.00 1.85000% 1000.00000000 1.59305567 0.00000000 0.00000000 M2 32,341,000.00 2.40000% 1000.00000000 2.06666677 0.00000000 0.00000000 M3 8,511,000.00 2.75000% 1000.00000000 2.36805546 0.00000000 0.00000000 M4 11,915,000.00 2.95000% 1000.00000000 2.54027780 0.00000000 0.00000000 M5 6,809,000.00 3.10000% 1000.00000000 2.66944485 0.00000000 0.00000000 M6 10,213,000.00 4.55000% 1000.00000000 3.91805542 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.

~~Merrill~~Interest ~~Lynch~~Distribution ~~Mortgage~~Factors ~~Investors~~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 1.32183989 0.00000000 919.16345238 2-A 0.00000000 0.00000000 1.26075266 0.00000000 885.36833636 A-IO 0.00000005 0.00000000 3.40807903 0.00000000 631.31352395 S 0.00000002 0.00000000 0.57488902 0.00000000 926.97413536 M1 0.00000000 0.00000000 1.59305543 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.06666677 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.36805546 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.54027780 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.66944485 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.91805542 0.00000000 1000.00000000 Owner Cert 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, ~~Inc~~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 21,505,645.18 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 21,505,645.18 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~270,907.13 inPayment ~~its~~of ~~Charter~~Interest and Principal 21,234,738.05 Total Withdrawals (Pool Distribution Amount) 21,505,645.18 Ending Balance 0.00

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

4SERVICING ~~World~~FEES ~~Financial~~Gross ~~Center~~Servicing Fee 270,907.13 ~~10th~~Indenture ~~Floor~~Trustee ~~New~~Fee ~~York,~~- ~~New~~HSBC ~~York~~Bank ~~(Address~~USA of0.00 ~~Principal~~Owner ~~Executive~~Trustee ~~Offices)~~Fee ~~10080~~- ~~(Zip~~US ~~Code)~~Bank Trust NA 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 270,907.13

~~Registrant’s~~OTHER ~~telephone~~ACCOUNTS ~~number,~~Beginning ~~including~~Current ~~area~~Current ~~code: (212)~~Ending ~~449-0357~~Account Type Balance Withdrawals Deposits Balance SWAP Counterparty Account 0.00 0.00 329,660.49 0.00

~~None~~LOAN ~~(Former~~STATUS ~~Name~~STRATIFICATION/CREDIT orENHANCEMENT ~~Former~~STATEMENT ~~Address~~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 19 0 0 0 19 2,797,297.25 if0.00 ~~Changed~~0.00 ~~Since~~0.00 ~~Last~~2,797,297.25 ~~Report)~~60 Days 4 1 0 0 5 831,504.31 168,666.92 0.00 0.00 1,000,171.23 90 Days 2 0 8 0 10 283,745.29 0.00 743,129.89 0.00 1,026,875.18 120 Days 1 0 5 0 6 232,900.00 0.00 743,805.55 0.00 976,705.55 150 Days 0 1 0 1 2 0.00 168,996.50 0.00 239,096.00 408,092.50 180+ Days 0 0 1 0 1 0.00 0.00 99,000.00 0.00 99,000.00 Totals 26 2 14 1 43 4,145,446.85 337,663.42 1,585,935.44 239,096.00 6,308,141.71 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 0.581040% 0.000000% 0.000000% 0.000000% 0.581040% 0.442258% 0.000000% 0.000000% 0.000000% 0.442258% 60 Days 0.122324% 0.030581% 0.000000% 0.000000% 0.152905% 0.131462% 0.026667% 0.000000% 0.000000% 0.158129% 90 Days 0.061162% 0.000000% 0.244648% 0.000000% 0.305810% 0.044861% 0.000000% 0.117490% 0.000000% 0.162351% 120 Days 0.030581% 0.000000% 0.152905% 0.000000% 0.183486% 0.036822% 0.000000% 0.117597% 0.000000% 0.154419% 150 Days 0.000000% 0.030581% 0.000000% 0.030581% 0.061162% 0.000000% 0.026719% 0.000000% 0.037802% 0.064520% 180+ Days 0.000000% 0.000000% 0.030581% 0.000000% 0.030581% 0.000000% 0.000000% 0.015652% 0.000000% 0.015652% Totals 0.795107% 0.061162% 0.428135% 0.030581% 1.314985% 0.655403% 0.053385% 0.250740% 0.037802% 0.997330%

Delinquency Status By Groups

~~Item~~DELINQUENT 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 0.00 0.00 0.00 0.00 30 Days 18 0 0 0 18 2,419,297.25 0.00 0.00 0.00 2,419,297.25 60 Days 3 1 0 0 4 431,904.31 168,666.92 0.00 0.00 600,571.23 90 Days 2 0 8 0 10 283,745.29 0.00 743,129.89 0.00 1,026,875.18 120 Days 1 0 4 0 5 232,900. ~~Other~~00 ~~Events~~0.00 382,863.55 0.00 615,763.55 150 Days 0 1 0 1 2 0.00 168,996.50 0.00 239,096.00 408,092.50 180 Days 0 0 1 0 1 0.00 0.00 99,000.00 0.00 99,000.00 Totals 24 2 13 1 40 3,367,846.85 337,663.42 1,224,993.44 239,096.00 5,169,599.71 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.610169% 0.000000% 0.000000% 0.000000% 0.610169% 0.479049% 0.000000% 0.000000% 0.000000% 0.479049% 60 Days 0.101695% 0.033898% 0.000000% 0.000000% 0.135593% 0.085522% 0.033398% 0.000000% 0.000000% 0.118920% 90 Days 0.067797% 0.000000% 0.271186% 0.000000% 0.338983% 0.056185% 0.000000% 0.147149% 0.000000% 0.203333% 120 Days 0.033898% 0.000000% 0.135593% 0.000000% 0.169492% 0.046117% 0.000000% 0.075812% 0.000000% 0.121928% 150 Days 0.000000% 0.033898% 0.000000% 0.033898% 0.067797% 0.000000% 0.033463% 0.000000% 0.047344% 0.080807% 180 Days 0.000000% 0.000000% 0.033898% 0.000000% 0.033898% 0.000000% 0.000000% 0.019603% 0.000000% 0.019603% Totals 0.813559% 0.067797% 0.440678% 0.033898% 1.355932% 0.666874% 0.066861% 0.242563% 0.047344% 1.023642% 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 1 0 0 0 1 378,000.00 0.00 0.00 0.00 378,000.00 60 Days 1 0 0 0 1 399,600.00 0.00 0.00 0.00 399,600.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 1 0 1 0.00 0.00 360,942.00 0.00 360,942.00 150 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 2 0 1 0 3 777,600.00 0.00 360,942.00 0.00 1,138,542.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.312500% 0.000000% 0.000000% 0.000000% 0.312500% 0.296511% 0.000000% 0.000000% 0.000000% 0.296511% 60 Days 0.312500% 0.000000% 0.000000% 0.000000% 0.312500% 0.313454% 0.000000% 0.000000% 0.000000% 0.313454% 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% 0.312500% 0.000000% 0.312500% 0.000000% 0.000000% 0.283130% 0.000000% 0.283130% 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 0.625000% 0.000000% 0.312500% 0.000000% 0.937500% 0.609965% 0.000000% 0.283130% 0.000000% 0.893095%

~~The~~OTHER ~~Registrant~~INFORMATION ~~registered~~Current ~~issuances~~Period 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, ~~Class~~Insufficient ~~2-A,~~Funds ~~Class~~0.00 ~~A-IO,~~Principal ~~Class~~Balance ~~M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Notes~~ of ~~its~~Contaminated ~~Fieldstone~~Properties ~~Mortgage Investment Trust, Series 2004-1 on February 24, 2004~~0. ~~This~~00 ~~Current~~Periodic ~~Report~~Advance on 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 Statement0.00

~~The~~COLLATERAL ~~Class~~STATEMENT SCollateral ~~Certificate~~Description ~~and~~Fixed ~~the~~& ~~Ownership~~Mixed ~~Certificate~~ARM ~~were~~Weighted ~~issued~~Average ~~pursuant~~Gross toCoupon a6.862354% ~~Trust~~Weighted ~~Agreement~~Average ~~(the~~Net ~~“Trust~~Coupon ~~Agreement”)~~6.362354% ~~dated~~Weighted asAverage ofPass-Through ~~January~~Rate 1,6.362354% ~~2004,~~Weighted ~~among~~Average ~~Merrill~~Maturity(Stepdown ~~Lynch~~Calculation ~~Mortgage~~) ~~Investors,~~353 ~~Inc.,~~Beginning asScheduled ~~depositor~~Collateral ~~(the~~Loan ~~“Depositor”)~~Count 3,351 ~~U.S.~~Number ~~Bank~~Of ~~Trust~~Loans ~~National~~Paid ~~Association,~~In asFull ~~owner~~81 ~~trustee~~Ending ~~(the~~Scheduled ~~“Owner~~Collateral ~~Trustee”)~~Loan ~~and~~Count ~~Wells Fargo Bank Minnesota~~3,270 ~~N.A.,~~Beginning asScheduled ~~trust~~Collateral ~~administrator~~Balance ~~(the “Trust Administrator”)~~650,176,986. ~~The~~75 ~~Notes~~Ending ~~were~~Scheduled ~~issued~~Collateral ~~pursuant~~Balance to632,431,689.02 anEnding ~~Indenture~~Actual ~~(the~~Collateral ~~“Indenture”)~~Balance ~~dated~~at as30-Jun-2004 ~~of January 1~~632, ~~2004~~503,131.10 ~~among~~Monthly ~~Fieldstone~~P ~~Mortgage~~&I ~~Investment~~Constant ~~Trust~~3, ~~Series 2004-1~~918,563.92 asSpecial ~~issuer~~Servicing ~~(the~~Fee ~~“Issuer”),~~0.00 ~~the~~Prepayment ~~Trust~~Penalties ~~Administrator~~0.00 ~~and~~Realized ~~HSBC~~Loss ~~Bank~~Amount ~~USA,~~0.00 asCumulative ~~indenture~~Realized ~~trustee~~Loss ~~(the “Indenture Trustee”)~~0. ~~The~~00 ~~Trust~~Ending ~~Agreement~~Scheduled isBalance ~~attached~~for ~~hereto~~Premium asLoans ~~Exhibit 4~~632,431,689.~~1. The~~02 ~~Indenture~~Scheduled isPrincipal ~~attached~~200,443.56 ~~hereto~~Unscheduled asPrincipal ~~Exhibit 4~~17,544,854.2. 17

~~The~~Prepayment ~~Notes~~Premiums ~~are secured by the assets of a trust estate (the “Trust Estate”) that consists primarily of a pool of first lien~~371,887.56 ~~conventional,~~LIBOR ~~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~~. 3%

~~The~~Miscellaneous ~~Mortgage~~Reporting ~~Loans~~Target ~~were~~Overcollateralization ~~sold~~Amount ~~by Fieldstone Investment Corporation~~17,702,302.34 ~~(the~~Overcollateralization ~~“Seller”)~~Amount ~~to the Registrant pursuant to the terms of a Mortgage Loan Purchase Agreement dated as of January 1~~17,702,302.34 ~~2004~~OC ~~(the~~Increase ~~“Mortgage~~Amount ~~Loan~~0.00 ~~Purchase~~OC ~~Agreement”)~~Deficiency ~~among~~Amount ~~the~~0.00 ~~Seller~~OC ~~and~~Release ~~the~~Amount ~~Registrant~~0.00 ~~and~~Trigger ~~were~~Event ~~simultaneously~~NO ~~sold~~Net bySwap ~~the~~Payment ~~Registrant to the Trust pursuant to the Transfer and Servicing Agreement (defined below)~~329,660. A49 ~~copy~~Net ofSwap ~~the~~Receipt ~~Mortgage Loan Purchase Agreement is attached hereto as Exhibit 99.1.~~0

~~The~~Group ~~Mortgage~~Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed Fixed Fixed & Mixed ARM Weighted Average Coupon Rate 6.944538 6.538222 6.862354 Weighted Average Net Rate 6.444538 6.038222 6.362354 Weighted Average Maturity 353 353 353 Beginning Loan Count 3,021 330 3,351 Loans ~~will~~Paid beIn ~~master~~Full ~~serviced~~71 by10 ~~Wells~~81 ~~Fargo~~Ending ~~Bank~~Loan ~~Minnesota~~Count 2,950 N320 3,270 Beginning Scheduled Balance 518,667,644.A90 131,509,341.85 ~~(the~~650,176,986.75 ~~“Master~~Ending ~~Servicer”)~~scheduled Balance 504,957,281.07 ~~pursuant~~127,474,407.95 to632,431,689.02 ~~the~~Record ~~terms~~Date of06/30/2004 a06/30/2004 ~~Transfer~~06/30/2004 ~~and~~Principal ~~Servicing~~And ~~Agreement~~Interest ~~dated~~Constant as3,183,639.38 of734,924.54 ~~January~~3,918,563.92 1Scheduled Principal 182,050.04 ~~2004~~18,393.52 ~~(the~~200,443.56 ~~“Transfer~~Unscheduled ~~and~~Principal ~~Servicing~~13,528,313.79 ~~Agreement”)~~4,016,540.38 ~~among~~17,544,854.17 ~~the~~Scheduled ~~Issuer~~Interest 3,001,589.34 ~~the~~716,531.02 ~~Registrant~~3,718,120.36 ~~the~~Servicing ~~Trust~~Fees ~~Administrator/Master~~216,111.56 ~~Servicer~~54,795.57 ~~Fieldstone~~270,907.13 Master Servicing ~~Corp~~Fees 0.00 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 2,785,477.78 as661,735.45 ~~Servicer~~3,447,213.23 ~~the~~Realized ~~Seller~~Loss ~~and~~Amount ~~the~~0.00 ~~Indenture~~0.00 ~~Trustee~~0. A00 ~~copy~~Cumulative Realized Loss 0.00 0.00 0.00 Percentage of ~~the~~Cumulative ~~Transfer~~Losses ~~and~~0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing ~~Agreement~~Fee is0.00 ~~attached~~0.00 ~~hereto~~0.00 asPass-Through ~~Exhibit~~Rate 996.2444538 6.038222 6.362354

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.

Filing Compare · MERRILL LYNCH MORT INV FIELDSTONE MORT INV TR SER 2004-1