Item 1. Business
Not applicable.
Item 2.
Item 2. Properties
Not applicable on reliance of Relief Letters
Item 3.
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of the Security Holders.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder matters
As of December 31, 2003, the Trust had Twenty-six (26) holders of record of the Notes, computed in accordance with Rule 12g5-1 under the Securities Exchange Act of 1934, as amended.
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Information required by Item 304 of Reg. S-K.
Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not Applicable 2. Not Applicable 3. Exhibits 	 33.1 Sarbanes-Oxley Certification 99.1 Annual Statement of Compliance 99.2 Report of Independent Accountants 99.3 Report of Management
(b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: June 25, 2003; July 25, 2003; August 25, 2003; September 25, 2003; October 27, 2003; November 25, 2003; December 26, 2003
(c) See (a) 3 above
(d) Not Applicable
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.
MASTR Asset Backed Securities Trust 2003-WMC1 MORTGAGE PASS-THROUGH CERTIFICATES Series 2003-WMC1
/s/ Bryan R. Calder
Name: Bryan R. Calder
Title: Executive Vice President
Company: U.S. Bank National Association, as Trustee
Date: March 30, 2004
EXHIBIT INDEX
Exhibit Number Description 33.1 Sarbanes-Oxley Certification 99.1 Annual Statement of Compliance 99.2 Report of Independent Accountants 99.3 Report of Management
EXHIBIT 33.1
Sarbanes-Oxley Certification
I, Bryan R. Calder, Executive Vice President of U.S. Bank National Association 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 MASTR Asset Backed Securities Trust 2003-WMC1 MORTGAGE PASS-THROUGH CERTIFICATES Series 2003-WMC1
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. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing 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:
CHASE MANHATTAN MORTGAGE CORPORATION, as Servicer
Date: March 30, 2004
Signature: /s/ Bryan R. Calder
Company: U.S. Bank National Association
Title: Executive Vice President
EXHIBIT 99.1 -- Servicer's Annual Statement of Compliance
Chase Home Finance 3415 Vision Drive Columbus, OH 43219 1-800-848-9136 Customer Service 1-800-582-0542 TDD / Text Telephone
March 15, 2004
Brian Giel MASTR 2003-WMC1 180 East Fifth Street St Paul MN 55101
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement') dated as of May 1, 2003 , I, H. John Berens, hereby certify that
i.	A review of the activities of the Servicer during the preceding year and the performance under this Agreement has been made under my supervision, and
ii.	To the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year.
Sincerely,
/s/ H. John Berens H. John Berens Senior Vice President
HJB/rk
cc: Ms. Lucy Gambino Mr. Richard Yonemura
EXHIBIT 99.2 -- Report of Independent Accountants
PriceWaterhouseCoopers
PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York NY 10036 Telephone (646) 471 4000 Facsimile (813) 286 6000
Report of Independent Auditors
To the Board of Directors and Stockholder of Chase Manhattan Mortgage Corporation:
We have examined management's assertion about Chase Manhattan Mortgage Corporation's (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended December 31,2003 included in the accompanying management assertion (see Exhibit 99.3). The Company performs loan subservicing functions for the residential loan servicing portfolio of its affiliate, Chase Mortgage Company West. 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 made 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 December 31, 2003 is fairly stated, in all material respects.
/s/PriceWaterhouseCoopers LLP March 3, 2004
EXHIBIT 99.3 -- Report of Management
CHASE Chase Manhattan Mortgage Corporation 3415 Vision Drive Columbus OH 43219
Management's Assertion Concerning Compliance with USAP Minimum Servicing Standards
March 3, 2004
As of and for the year ended December 31, 2003, Chase Manhattan Mortgage Corporation and its subsidiaries (collectively, the "Group") have complied in all material respects with the minimum servicing standards (the "standards") set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"). These standards are applicable only to Chase Manhattan Mortgage Corporation's prime and subprime mortgage portfolios.
As of and for this same period, the Group had in effect fidelity bond and errors and omissions policy in the amounts of $250,000,000 and $25,000,000 respectively.
/s/ Steve Rotella Steve Rotella Chief Executive Officer
/s/ Terry L. Gentry Terry L. Gentry Senior Vice President of Servicing
/s/ Lucy Gambino Lucy Gambino Vice President of Risk Management