UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934  for the  fiscal year ended December 31, 2005

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                        Commission File Number 333-121605-21


                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
             (Exact name of registrant as specified in its charter)

         Delaware                                            13-3416059
State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization                            Identification No.)

250 Vesey Street
4 World Financial Center 28th Floor
New York, New York                                              10080
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code : (212) 449-0357

                               Terwin Mortgage Trust
               Asset-Backed Certificates, Series TMTS 2005-10HE
            (Title of each class of securities covered by this Form)

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 if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.  Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.  Yes [  ]   No [X]

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. [X]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12-b-2 of the Exchange Act.

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the  registrant is a shell company (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  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.   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.

Documents incorporated by reference:  None


<PAGE>


PART I

Item 1.  Business.

         Not Applicable.

Item 1A. Risk Factors.

         Not Applicable.

Item 1B. Unresolved Staff Comments.

         None.

Item 2.  Properties.

         Not Applicable.

Item 3.  Legal Proceedings.

         The  Registrant  knows  of   no  material  pending  legal   proceedings
         involving the trust created  under the Pooling and Servicing Agreement,
         the Trustee,  any Servicer or  the Registrant with respect to the trust
         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,  Related Stockholder Matters and
         Issuer Purchases of Equity Securities.

         Currently,   there  is   no  established   secondary   market  for  the
         Certificates  known to  the  Registrant.  As of December 31, 2005,  the
         number of holders of  each class of offered  certificates  was 25 based
         on records provided by The Depository Trust Company.

Item 6.  Selected Financial Data.

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.

         Not Applicable.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

         None.

Item 9A. Controls and Procedures.

         Not Applicable.

Item 9B. Other Information.

         Not Applicable.

                                      -2-

<PAGE>

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.

         No reportable transactions have occurred.

Item 14. Principal Accounting Fees and Services.

         Not Applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following documents are filed as part of this report:

    (1)  Financial Statements:

         Not Applicable.

    (2)  Financial Statement Schedules:

         Not Applicable.

    (3)  Exhibits:

         Rule 13a-14(a)/15d-14(a) Certification, filed as 31.1 hereto.

         Annual Independent Accountants' Servicing Report
         with Management Assertion, filed as Exhibit 99.1 hereto.

         Officer's Annual Certification as to Compliance,
         filed as Exhibit 99.2 hereto.

(b) The exhibits required to be filed by Registrant pursuant to Item 601 of
    Regulation S-K are listed above and in the Exhibit Index that immediately
    follows the signature page hereof.

(c) Not Applicable.




                                      -3-
<PAGE>

SIGNATURE

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.


                     By:  /s/  John Beggins
                          -----------------------------
                   Name:  John Beggins
                  Title:  Chief Executive Officer
                          Specialized Loan Servicing LLC

                   Date:  March 31, 2006





                                      -4-
<PAGE>

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.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-
<PAGE>



                                 EXHIBIT INDEX

Exhibit     Description

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

99.1    Annual Independent Accountants' Servicing Report
        with Management Assertion

        JPMorgan Chase Bank, N.A.
        Specialized Loan Servicing, LLC

99.2    Officer's Annual Certification as to Compliance

        JPMorgan Chase Bank, N.A.
        Specialized Loan Servicing, LLC



                                      -6-

<PAGE>
                                  EXHIBIT 31.1
                  Annual Rule 13a-14(a)/15d-14(a) Certification
                              --------------------

     I, John Beggins, 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 Terwin
     Mortgage Trust Asset-Backed Certificates, Series TMTS 2005-10HE;

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.   I am responsible  for reviewing the  activities  performed by the servicer
     under the pooling and  servicing,  or similar,  agreement and based upon my
     knowledge and the annual  compliance  review required under that agreement,
     and except as  disclosed in the reports,  the  servicer has  fulfilled  its
     obligations under that 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:  the  Trustee  and the
Servicers.

    By:   /s/ John Beggins
        -----------------------------
  Name:  John Beggins
 Title:  Chief Executive Officer of Specialized Loan Servicing LLC

  Date:  March 31, 2006



                                       -7-
<PAGE>



                                  EXHIBIT 99.1
                Annual Independent Accountants' Servicing Report
                            with Management Assertion
                               -----------------
PricewaterhouseCoopers LLP
PricewaterhouseCoopers Center
300 Madison Avenue
New York NY 10017
Telephone (646) 471 3000
Facsimile (813) 286 6000


                         Report of Independent Auditors


To the Board of Directors of
JPMorgan Chase Bank, N.A.:

We have examined  management's  assertion about JPMorgan Chase Bank, N.A.'s (the
"Company")  compliance with the minimum servicing  standards as set forth 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, 2005. The
Company  has  interpreted  USAP  and  determined  that  USAP  minimum  servicing
standards I.1, I.2, I.3, III.1,  III.5, IV.1, and VII.1 are applicable to master
servicers and are included in the accompanying management assertion (see Exhibit
I).  Management is responsible  for the Company's  compliance with these minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion,  as it relates to the Company's  compliance  with the  aforementioned
minimum  servicing  standards,  based  on  our  examination.   The  Company  has
interpreted USAP and determined that USAP minimum servicing standards I.4, II.1,
II.2, II.3, II.4, III.2,  III.3,  III.4,  III.6, V.1, V.2, V.3, V.4 and VI.1 are
not applicable to master servicers. The Company uses a subservicing organization
to perform the servicing  obligations  subject to servicing standards I.4, II.1,
II.2, II.3, II.4, III.2, III.3, III.4, III.6, V.1, V.2, V.3, V.4 and VI.1 of the
USAP. We did not examine the Company's  compliance with the servicing  standards
referred to in the previous sentence and accordingly,  do not express an opinion
thereon.

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 solely as they relate to standards
I.1,  I.2,  I.3,  III.1,  III.5,  IV.1,  and VII.1 as of and for the year  ended
December 31, 2005 is fairly stated, in all material respects.

/s/ PricewaterhouseCoopers LLP
------------------------------
March 29, 2006

                                      -8-
<page>
                                                                      EXHIBIT I

             Management's Assertion Concerning Compliance with USAP
                          Minimum Servicing Standards

March 29, 2006

As of and for the year ended December 31, 2005,  JPMorgan Chase Bank,  N.A. (the
"Company")  has complied in all  material  respects  with the minimum  servicing
standards set forth in the Mortgage  Bankers  Association  of America's  Uniform
Single Attestation Program for Mortgage Bankers ("USAP") that we have determined
are applicable to master servicers. We have interpreted USAP and determined that
minimum servicing  standards I.1, I.2, I.3, III.1, III.5, IV.1, and VII.1 as set
forth in USAP are applicable to master servicers.  We have also interpreted that
USAP minimum  servicing  standards I.4, II.1, II.2, II.3,  II.4,  III.2,  III.3,
III.4,  III.6,  V.1,  V.2,  V.3,  V.4 and  VI.1  as set  forth  in USAP  are not
applicable  to master  servicers;  for these  minimum  servicing  standards  the
Company relies on the performance of its  subservicers.  This assertion  relates
specifically to the Company's Master Servicing Portfolio.

It is  the  Company's  policy  to  obtain  and  review  USAP  reports  from  the
independent  auditors of its  subservicers on an annual basis.  Not all of these
USAP reports for the year ended  December 31, 2005 are available as of March 29,
2006. As of March 29, 2006, the Company has obtained USAP reports for 36% of its
subservicers.  These  subservicers  serviced loans  comprising 92% of the unpaid
principal balance of the Company's Master Servicing Portfolio as of December 31,
2005.  Instances of  non-compliance  noted in the USAP reports received from the
subservicers as of March 29, 2006, have been included in Exhibit II hereto.

As of and for this same  period,  the  Company had in effect  fidelity  bond and
errors and omissions  policies in the amounts of $250,000,000  and  $25,000,000,
respectively.


/s/ William Jenkins
-------------------------
William Jenkins
Vice President
JPMorgan Chase Bank, N.A.


/s/ Kelly A. Mathieson
-------------------------
Kelly A. Mathieson
Managing Director
JPMorgan Chase Bank, N.A.

                                      -9-
<page>


                                                                     Exhibit II

                           JPMorgan Chase Bank, N.A.
                      Subservicers' USAP Report Exceptions


It is the policy of JPMorgan Chase Bank,  N.A. (the "Company") to obtain Uniform
Single  Attestation  Program for  Mortgage  Bankers  ("USAP")  reports  from the
independent  auditors of its  subservicers as of and for the year ended December
31,  2005.  As of March 29, 2006,  the Company has  obtained  and reviewed  USAP
reports  for  36%  of  its  subservicers.   These  subservicers  serviced  loans
comprising 92% of the unpaid principal balance of the Company's Master Servicing
Portfolio as of December 31, 2005. The Company noted instances of  noncompliance
included in the USAP reports received as of March 29, 2006, which are summarized
below.

        Servicer                               Exception
       ----------                             -----------

Ocwen Loan Servicing, LLC        The Company did not comply with the requirement
                                 to  prepare  custodial  bank  account
                                 reconciliations  and  to  resolve  reconciling
                                 items  within  90  calendar  days  of  their
                                 original  identification  as specified by their
                                 minimum servicing standards.

                                 Certain ARM loans serviced by the Company were
                                 transferred  in  with  an  incorrect look back
                                 date due to errors in prior  servicer  records.
                                 These  certain  loans  had  ARM  adjustments
                                 shortly  after servicing transfer, but prior to
                                 the  Company  receiving  the  related  mortgage
                                 documents  from  the  prior  servicer. When the
                                 Company  received  the  mortgage  documents and
                                 these errors  were  identified, the Company did
                                 not adjust the principal and  interest  payment
                                 amount.  The  Company  has  subsequently  made
                                 adjustments  to  their  procedures  when  they
                                 identify  an error  in  prior  servicer data to
                                 analyze  the  effect  on the customer's account
                                 and make the appropriate adjustment.

North Fork Bancorporation, Inc.  The Company did not comply with the requirement
                                 to  prepare custodial bank account
                                 reconciliations  within  45 calendar days after
                                 the cutoff date and  the requirement to resolve
                                 reconciling  items  within  90 calendar days of
                                 their original identification as  specified  by
                                 their  minimum  servicing  standards.  For  the
                                 month  ended  December 31, 2005,  all custodial
                                 bank  reconciliations  had  been  completed and
                                 reviewed on a timely basis.

PHH Mortgage Corporation         The Company completed all custodial bank
                                 account  reconciliations  within 60 days of the
                                 cutoff  date,  however  did  not  complete  all
                                 reconciliations within 45 days of the cutoff as
                                 specified by the minimum  servicing  standards.
                                 As such, the Company has determined that it was
                                 materially  non-compliant  with the requirement
                                 to  prepare  custodial  bank  account
                                 reconciliations within 45 days after the cutoff
                                 date.

                                 During  the  year ended December  31, 2005, the
                                 Company  determined  it  was  materially
                                 non-compliant with the requirement to resolve
                                 reconciling items resulting from custodial bank
                                 account reconciliations within 90 calendar days
                                 as  specified  by  the  minimum  servicing
                                 standards.

                                      -10-
<page>

                                                                Grant Thornton
Accountants and Business Advisors


               REPORT OF INDEPENDENT ACCOUNTANTS ON MANAGEMENT'S
            ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING STANDARDS
            SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
                                MORTGAGE BANKERS

Board of Directors
Specialized Loan Servicing, LLC

We have examined management's assertion about Specialized Loan Servicing,  LLC'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, 2005
included in the accompanying management assertion. 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 conducted in accordance  with 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  Specialized  Loan Servicing,  LLC
complied with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 2005 is fairly stated, in all material respects.


/s/ Grant Thornton LLP
-------------------------
New York, New York
February 24, 2006

THE CHRYSLER CENTER
666 Third Avenue
New York, NY  10017
T 212.599.0100
F 212.370.4520
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International




Specialized Loan Servicing, LLC

As of and for the period ended December 31, 2005,  Specialized  Loan  Servicing,
LLC has complied in all material respects with the minimum  servicing  standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation  Program  for  Mortgage  Bankers.  As of and for the  period  ending
December  31 2005,  Specialized  Loan  Servicing,  LLC had in effect a  mortgage
bankers bond and errors and  omissions  policy in the amount of  $7,000,000  and
$5,000,000 respectively.



By: /s/ John Beggins                                  2/24/06
   -------------------------------------              ---------
   John Beggins,                                      Date
   President and Chief Executive Officer

By: /s/ Toby Wells                                    2/24/06
   -------------------------------------              ---------
   Toby Wells                                         Date
   Senior Vice President/Chief Financial Officer


                                      -11-
<page>



                                  EXHIBIT 99.2
                Officer's Annual Certification as to Compliance
                               -----------------

                        CERTIFICATION OF MASTER SERVICER


March 15, 2006

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

JPMorgan Chase Bank, N.A.
4 New York Plaza
New York, New York 10004-2477
Attention: Institutional Trust Services/Global Debt

Re:    Reference is made to  each  pooling and  servicing  agreement  listed  on
       Exhibit A here  to (each,  an agreement) entered  into by  JPMorgan Chase
       Bank, N.A. (the "Master Servicer")

       The Master Servicer hereby certifies to Merrill Lynch Mortgage Investors,
Inc. (the Depositor), JPMorgan  Chase  Bank (the Securities  Administrator), SLS
and their respective officers, directors and affiliates, that:

1.     Based  on  our knowledge  the information prepared by the Master Servicer
       and relating to the mortgage loans master serviced by the Master Servicer
       and provided by the Master Servicer to the  Securities  Administrator  in
       its reports to the  Securities  Administrator is accurate and complete in
       all material respects  as of  the  last day of the period covered by such
       report;

2.     Based on our knowledge, the master  servicing information  required to be
       provided to the Securities Administrator by the Master  Servicer pursuant
       to each  Agreement has been  provided to  the  Securities  Administrator;

3.     Based  upon  the  review  required  under  each  Agreement,  and except a
       disclosed in its  reports, the  Master Servicer as of the last day of the
       period covered by such reports has fulfilled its  obligations  under each
       Agreement;

4.     The Master Servicer has disclosed to its independent auditor, who  issues
       the independent  auditor's  report  on  the  Uniform  Single  Attestation
       Program for  mortgage Bankers  for the  Master Servicer,  any significant
       deficiencies relating to the  Master Servicer's  compliance  with minimum
       master servicing standards; and

5.     In compiling the information and making the foregoing certifications, the
       Master Servicer has relied  upon  information  furnished  to  it  by  the
       Servicers under  respective Agreements. The Master Servicer shall have no
       responsibility or  liability for any inaccuracy in such reports resulting
       from information so provided by the Servicer.

                                     JPMorgan Chase Bank, N.A.
                                     /s/ William Jenkins
                                     -----------------------------
                                     William Jenkins
                                     Vice President

                                      -12-

<page>


               Terwin Mortgage Trust, Asset-Backed Certificates

                OFFICER'S ANNUAL CERTIFICATION AS TO COMPLIANCE

TO:     JPMORGAN CHASE BANK
        4 New York Plaza
        New York, New York 10004-2477
        Attn:  Pei Yan Huang

        JPMORGAN CHASE BANK
        6525 West Campus Oval, Suite 200
        New Albany, Ohio  43056
        Attention: Master Servicing Department (Carrie Crome)

     I, John C. Beggins, hereby certify to the foregoing addresses that I am the
duly elected and acting  President and Chief  Executive  Officer of  Specialized
Loan  Servicing,  LLC  ("SLS"),  and pursuant to Section 3.17 of the Pooling and
Servicing  Agreement,  by and among Merrill Lynch  Mortgage  Investors,  LLC, as
Depositor;  Terwin Advisors LLC, as Seller; U.S. Bank National  Association,  as
Trustee;  and  JPMorgan  Chase  Bank,  as  Securities  Administrator,  Servicing
Administrator  and Backup  Servicer;  (the "Pooling and  Servicing  Agreement");
certify further as follows:

         I have  carefully  reviewed of the  activities  of SLS during the
         calendar  year 2005 and its  performance  under the  Pooling  and
         Servicing  Agreement  and to the best of my  knowledge,  based on
         such review,  SLS has fulfilled all of its obligations  under the
         Pooling and Servicing  Agreement  throughout such year, except as
         set forth on the  attached  Schedule A with  respect to the deals
         serviced by SLS listed on the attached Schedule B.

     IN WITNESS  WHEREOF,  I have hereunto  signed my name as of the 15th day of
March, 2006.

                             SPECIALIZED LOAN SERVICING LLC

                             By: /s/ John C. Beggins
                                -----------------------
                                John C. Beggins
                                President and Chief Executive Officer



                                   SCHEDULE A

       Servicer Compliance Defaults under Pooling and Servicing Agreement

There have been no material  defaults by Specialized  Loan Servicing LLC ("SLS")
in the fulfillment of its obligations under the Pooling and Servicing  Agreement
("PSA") with respect to the Terwin  Mortgage Trust Series listed on the attached
Schedule B during the 2005 calendar year, except to the extent that any material
defaults have been reported in the following  reports  delivered by SLS pursuant
to the PSA (a  copy  of  each of  which  is  attached  hereto):  (i) The  annual
independent public accountants'  Uniform Single Attestation Program for Mortgage
Bankers  report,  delivered  pursuant to Section  3.18 of the PSA;  and (ii) the
quarterly  independent auditor servicing reports,  delivered pursuant to Section
3.24 of the PSA.




                                   SCHEDULE B

TMTS 2005 12ALT
TMTS 2005 16HE
TMTS 2005 14HE
TMTS 2005 10HE
TMTS 2005 6HE


                                      -13-