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, 2003

      OR



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


      Commission File Number:  333-51279-14


        Bear Stearns ARM Trust
        Mortgage Pass-Through Certificates
        Series 2001-3

     (Exact name of registrant as specified in its charter)


   New York                                         90-0031697
                                                    90-0042365
                                                    90-0031963
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)

   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: (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.

  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).
    Yes___       No X






  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 15(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, 2003, the number of holders of
            record for each class of Certificate was zero.

            The deal terminated in April 2003.


  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 15(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.

  Item 9A. Controls and Procedures.

            Not applicable.


                                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. Principal Accounting Fees and Services.

            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, 2003.

       <TABLE>

       
         <c>
       a) ABN Amro Mortgage Group, as Servicer <F1>
       b) Cendant Mortgage Corp, as Servicer <F1>
       c) Chevy Chase FSB, as Servicer <F2>
       d) Commercial Federal Mtg, as Servicer <F1>
       e) Washington Mutual Bank, F.A., as Servicer <F1>
       f) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards for the year ended December 31, 2003.

       <TABLE>

       
        <c>
       a) ABN Amro Mortgage Group, as Servicer <F1>
       b) Cendant Mortgage Corp, as Servicer <F1>
       c) Chevy Chase FSB, as Servicer <F2>
       d) Commercial Federal Mtg, as Servicer <F1>
       e) Washington Mutual Bank, F.A., as Servicer <F1>
       f) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) ABN Amro Mortgage Group, as Servicer <F1>
       b) Cendant Mortgage Corp, as Servicer <F1>
       c) Chevy Chase FSB, as Servicer <F2>
       d) Commercial Federal Mtg, as Servicer <F1>
       e) Washington Mutual Bank, F.A., as Servicer <F1>
       f) Wells Fargo Home Mortgage, Inc, as Servicer <F1>
       </TABLE>


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


           No distributions to Certificate Holders were made during
           the fiscal period covered by this report.


   (c) Not applicable.


   (d) Omitted.




  <F1> Such document (i) is not filed herewith since such document was not
  received by the reporting person at least three business days prior to
  the due date covered by this report, and (ii) will be included in an
  amendment to this report on Form 10-K/A to be filed within 30 days of the
  Reporting Person's receipt of such document.

  <F2> 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 ARM Trust
     Mortgage Pass-Through Certificates
     Series 2001-3
     (Registrant)



  Signed: Structured Asset Mortgage Investments Inc., as Seller


  By:     Jeffrey Mayer, President

  By: /s/ Jeffrey Mayer, President

  Dated: March 30, 2004


  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-31.1 Rule 13a-14(a)/15d-14(a) Certification

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 ARM Trust Mortgage Pass-Through Certificates Series 2001-3 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.   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: ABN AMRO
     as Servicer, Cendant Mortgage Corp, as Servicer, Chevy Chase FSB, as
     Servicer, Commercial Federal Mtg, as Servicer, Homeside Lending Inc (TX),
     as Servicer, Washington Mutual Bank, F.A., as Servicer, Wells Fargo Home
     Mortgage, Inc, as Servicer and Wells Fargo Bank Minnesota, N.A., as
    Securities Administrator.


     Date: March 30, 2004

     /s/ Jeffrey Mayer
     Signature

     President
     Title




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>


  B1                                 $121,462.01             $6,242,648.70              $0.00         $0.00
  B2                                  $68,320.92             $3,511,415.01              $0.00         $0.00
  B3                                  $45,547.67             $2,340,963.32              $0.00         $0.00
  B4                                  $30,365.49             $1,560,662.17              $0.00         $0.00
  B5                                  $15,183.34               $780,361.04              $0.00         $0.00
  B6                                  $22,730.57             $1,162,243.41          $8,358.01         $0.00
  IA                                 $117,938.12             $5,992,506.92              $0.00         $0.00
  IIA1                                     $0.00                     $0.00              $0.00         $0.00
  IIA2                                     $0.00                     $0.00              $0.00         $0.00
  IIA3                             $1,587,711.57            $99,215,548.20              $0.00         $0.00
  IIA4                                    $20.98                 $1,000.00              $0.00         $0.00
  IIIA                               $865,947.66            $49,512,887.36              $0.00         $0.00
  IIX                                $101,860.14                     $0.00              $0.00         $0.00
  IVA                                $352,715.74            $19,405,769.57              $0.00         $0.00
  R1                                       $0.00                     $0.00              $0.00         $0.00
  R2                                       $0.00                     $0.00              $0.00         $0.00
  R3                                       $0.00                     $0.00              $0.00         $0.00
  VA                                 $296,345.30            $17,614,765.58              $0.00         $0.00
  VIA                                $203,757.10            $11,416,855.10              $0.00         $0.00

</TABLE>


EX-99.1 (d)

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

Audit Committee
Chevy Chase Bank, F.S.B.

We have examined management's assertion, included in the accompanying report
titled Report of Management, that Chevy Chase Bank, F.S.B (the "Bank") complied
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) during the year ended September 30, 2003. Management is responsible for
the Bank's compliance with those requirements. Our responsibility is to express
an opinion on management's assertions about the Bank'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 Bank'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 the Bank's compliance with specified requirements.

In our opinion, management's assertion, that the Bank complied with the
aforementioned requirements during the year ended September 30, 2003, is fairly
stated, in all material respects.

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

/s/Ernst & Young LLP

McLean, Virginia
October 31, 2003



EX-99.2 (d)

CHEVY CHASE BANK(Logo)

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

We, as members of management of Chevy Chase Bank, F.S.B., 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 the Bank's compliance with the minimum
servicing standards as set forth in the USAP as of September 30, 2003 and for
the year then ended. Based on this evaluation, we assert that during the year
ended September 30, 2003, the Bank complied, in all material respects, with the
minimum servicing standards set forth in the USAP.

As of and for the same period, the Bank had in effect a fidelity bond in the
amount of $40,000,000 and an errors and omissions policy in the amount of
$15,000,000.

Very truly yours,


/s/Alexander R.M. Boyle
Alexander R.M. Boyle
Vice Chairman of the Board


/s/ Stephen R. Halpin, Jr.
Stephen R. Halpin, Jr.
Executive Vice President and Chief
Financial Officer

/s/ Vicki L. Parry
Vicki L. Parry
Group Vice President

                                October 31, 2003


EX-99.3 (d)

Subject: Annual Audited Financial Statements Unifonn Single Audit Letter and
Statement of Compliance Certification (F. Y. Ending 09/30/03)

In compliance with the servicing guidelines and requirements outlined in the
Servicing Agreement between your company and Chevy Chase Bank, F .S.B., I hereby
submit the above infonnation and reports for your review as follows:

(A) Enclosed is our 2003 Audited Financial Statement prepared by our independent
accounting finn of Ernst & Young, by Mr. Robert G. Arnall, Audit Partner, at
8484 Westpark Drive, McLean, Virginia 22102, (703) 747- 0833, ill # 34-6565596.
This infonnation is confidential and by accepting it, you agree to maintain its
confidentiality. This precludes all photo-copying, as well as distribution,
other than for internal review purposes.

(B) Enclosed is a copy of the Unifonn Single Audit Letter issued by Ernst and
Young.

(C) Evidence of our current Fidelity Bond (sent November 2003) and Errors and
Omissions Insurance Policy Certificates showing coverage, limits of liability
and deductibility was forwarded in March 2003 by our company under separate
cover by our Insurance Agent: Chevy Chase Insurance Company, 7501 Wisconsin
Avenue, Bethesda, Maryland 20814.

(D) As Loan Servicing Manager and an Officer of Chevy Chase Bank, and having
authorization to issue this officers certification statement, I hereby submit
the following: 1. All infonnation pertaining to real estate transactions has
been reported as required by the Internal Revenue Service. 2. All insurance
premiums for each Hazard Insurance Policy, Flood Insurance Policy (if any),
Primary Mortgage Insurance Policy (if any),

Annual Compliance Page 2

and FHA Certification of Mortgage Insurance (if any), all taxes, ground rents
and other charges have been paid when due or within applicable grace periods. 3.
Analysis has been made to ensure sufficient moneys are being collected in escrow
for the current year. 4. The status of each mortgage has been reported to the
major credit repositories each month.
5. All required interest rate and/or monthly payment adjustments for the ARMS
and OP ARMS were made in accordance with the mortgage documents.

The officer signing this certificate has reviewed the activities and performance
of the Servicer during the preceding fiscal year under the Servicing Agreement
and, to the best of the officer's knowledge, the Servicer has fulfilled all of
its duties, responsibilities and obligations under the Servicing Agreement
throughout such year.

Sincerely,
/s/Vicki L. Parry
Vicki L. Parry
Group Vice President
Mortgage Loan Servicing Division
VLP:eay
Enclosures

Annual Compliance Page 3

Below is an updated list of key personnel in our Mortgage Banking Division with
corresponding titles and areas of responsibility:

NAME/RESPONSIBILITY
Robert D. Broeksmit, President B.F. Saul Mortgage Company (240) 497-8300 Robert
B. Buffalo, Group V .P .Mortgage Operations (240) 497-8030 Vicki L. Parry, Group
V.P .Loan Servicing Manager (301) 939-4076 Joseph P. Eger, V.P. Assistant
Servicing Manager (301) 939-4075 Customer Service/Collections/Cash
Payoffs/Releases Carol Thomas, V .P .Accounting Servicing Manager (240) 497-7069
Investor Reporting Debbie Adams, S.M.O. Special Loans Manager (301) 939-4115
ARMS/Conversions/Balloons/Resets Doris Raffo, A. V .P .Escrow Manager (301)
939-4095 Jeffrey Huston, V.P. Loss Mitigation Manager (301) 939-4057
Bankruptcy/Foreclosure/REOS