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:  333-83816-09


        Salomon Brothers Mortgage Securities VII, Inc.
        Mortgage Pass-Through Certificates
        Series 2003-NBC1

     (Exact name of registrant as specified in its charter)


   Delaware                                         13-3439681
  (State or other jurisdiction of                   (I.R.S. Employer
  incorporation or organization)                    Identification No.)

   390 Greenwich Street
   New York, NY                                10013
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (212) 723-8604


  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 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.



  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 trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the 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 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 were as follows:


             Class AF                             3
             Class AV-1                           3
             Class AV-2                           3
             Class AV-3                           3
             Class AV-4                          10
             Class BF-1                           1
             Class BF-2                           1
             Class BF-3                           1
             Class BF-4                           1
             Class BF-5                           1
             Class BF-6                           1
             Class BV-1                           1
             Class BV-2                           1
             Class BV-3                           1
             Class BV-4                           1
             Class BV-5                           1
             Class BV-6                           1
             Class IO                             1
             Class PO                             1
             Class R-I                            1
             Class R-II                           1
             Class R-III                          1

             Total:                              39


  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

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

     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities for the year ended December 31, 2003.

       <TABLE>

       
         <c>
       a) National Bank Of Commerce, as Master 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) National Bank Of Commerce, as Master 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) National Bank Of Commerce, as Master Servicer <F1>
       </TABLE>


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


   (b)  On November 4, 2003, December 8, 2003, and January 9, 2004 reports on
        Form 8-K were filed by the Company in order to provide the statements
        for the monthly distributions to holders of the Certificates. No other
        reports on Form 8-K have been filed during the last quarter of the
        period covered by this report.




   (c) Not applicable.


   (d) Omitted.

  <F1> 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:



     Salomon Brothers Mortgage Securities VII, Inc.
     Mortgage Pass-Through Certificates
     Series 2003-NBC1
     (Registrant)



  Signed: National Bank of Commerce as Master Servicer


  By:     Leo P. Pylpec, Executive Vice President and Treasurer


  By: /s/ Leo P. Pylpec, Executive Vice President and Treasurer

  Dated: March 23, 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.

Exhibit Index

  Exhibit No.

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



  Re:  Salomon Brothers Mortgage Securities VII, Inc. Salomon
  Mortgage Loan Trust, Series 2003-NBC1, Mortgage Pass-Through
  Certificates

  I, Leo P. Pylpec, 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 Salomon Brothers Mortgage Securities VII, Inc. with respect to
     Salomon Mortgage Loan Trust, Series 2003-NBC1 (the "Registrant");

  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 Master Servicer
     under the Pooling and Servicing Agreement, or similar agreement,
     for inclusion in these reports, is included in these reports;

  4. I am responsible for reviewing the activities performed by the Master
     Servicer under the Pooling and Servicing Agreement, 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 Master Servicer has fulfilled its obligations under that
     Agreement; and

  5. The reports disclose all significant deficiencies relating to the
     Master 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 Agreement, or similar agreement that is
     included in these reports.

     Capitalized terms used but not defined herein have the meaning ascribed
     to them in the Pooling and Servicing Agreement, dated March 1, 2003
     (the "Pooling and Servicing Agreement"), among the Registrant as
     Depositor, National Bank of Commerce as master servicer and Wells Fargo
     Bank Minnesota, National Association as trustee.


     In giving the certification above, I have reasonably relied on information
     provided to me by the following unaffiliated party:  Trustee.

     Date: March 23, 2004

     /s/ Leo P. Pylpec
     Signature

     Executive Vice President and Treasurer
     Title

  Ex-99.1 (a)

  KPMG   (logo)

Morgan Keegan Tower, Suite 900
Fifty North Front Street
Memphis, TN 38103

Independent Accountants' Report


The Board of Directors
National Commerce Financial Corporation:

We have examined  management's  assertion  that National Bank of Commerce, a
wholly owned subsidiary of National  Commerce Financial Corporation complied
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 year ended December 31, 2003. Management is
responsible for National Bank of Commerce's compliance with those minimum
servicing standards.  Our responsibility is to express an opinion on
management's assertion about National Bank of Commerce's compliance based on our
examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about National Bank
of Commerce's compliance with the minimum servicing standards specified above
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
National Bank of Commerce's compliance with the minimum servicing standards.

In our opinion, management's assertion that National Bank of Commerce complied
with the aforementioned minimum servicing standards during the year ended
December 31, 2003 is fairly stated, in all material respects.

/s/ KPMG LLP

March 5, 2004

KPMG LLP, KPMG LLP, a U.S. limited liability partnership is
a member of KPMG international, a Swiss association.



  Ex-99.2 (a)

MANAGEMENT ASSERTION

As of and for the year ended December 31, 2003, National Bank of Commerce, a
wholly owned  subsidiary of National Commerce Financial Corporation, 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 this same period,
National Commerce Financial Corporation had in effect a fidelity bond in the
amount of $25,000,000 and an errors and omissions policy in the amount
of $5,000,000.


/s/ William R. Reed, Jr.
William R. Reed, Jr.
President and Chief Executive Officer
National Commerce Financial Corporation


/s/ John M. Presley
John M. Presley
Chief Financial Officer
National Commerce Financial Corporation


March 5, 2004

  Ex-99.3 (a)

Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

RE: Officer's Certificate - Annual Statement as to Compliance
Saloman Brothers Mortgage Securities VII Series 2003-NBC1

Dear Trustee, Depositor, and Rating Agencies:

The undersigned Officer of  National Bank of Commerce as Master Servicer
certifies the following for the 2003 fiscal year:

(i)  A review of the activities of the Master Servicer during the preceding year
     and of performance under the terms of the Pooling and Servicing Agreement
     has been made under the supervision of the officer who signed such
     Officer's Certificate;

(ii) To the best of such officer's knowledge, based on such review, the Master
     Servicer has fulfilled all its obligations under this Agreement throughout
     such year, or if there has been a default in the fulfillment of any such
     obligation, such Officer's Certificate shall specify each such default
     known to such signer and the nature and status thereof and what action the
     Master Servicer proposes to take with respect thereto.

Certified By:

/s/
Officer

/s/ EVP
Title

3/12/04
Date



  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>
   AF                             7,299,967.70         86,738,030.96                 0.00             110,287,089.84
   AV-1                           4,728,708.36         57,843,996.44                 0.00              87,656,003.57
   AV-2                           2,129,770.53         23,058,057.48                 0.00              32,090,942.53
   AV-3                           2,499,221.94         37,993,083.95                 0.00              35,412,916.04
   AV-4                           3,532,979.45         37,833,885.90                 0.00              67,182,114.09
   BF-1                             201,081.65            158,428.63                 0.00               4,202,571.37
   BF-2                             140,770.99            110,910.92                 0.00               2,942,089.06
   BF-3                              85,486.20             67,353.05                 0.00               1,786,646.94
   BF-4                              60,356.78             47,554.02                 0.00               1,261,445.98
   BF-5                              40,207.11             31,678.47                 0.00                 840,321.54
   BF-6                              75,434.66             59,433.60                 0.40               1,576,570.99
   BV-1                             755,397.13            315,582.43                 0.00              17,888,417.57
   BV-2                             399,899.05            167,065.91                 0.00               9,469,934.09
   BV-3                             302,175.45            126,239.91                 0.00               7,155,760.09
   BV-4                             213,249.07             89,089.10                 0.00               5,049,910.89
   BV-5                             168,889.62             70,557.03                 0.00               3,999,442.95
   BV-6                             204,405.34             85,394.46                 0.00               4,840,484.12
   IO                               795,716.93                  0.00                 0.00                       0.00
   PO                                     0.00          3,066,169.73                 0.00               4,904,709.45
   R-I                                    0.44                100.00                 0.00                       0.00
   R-II                                   0.52                100.00                 0.00                       0.00
   R-III                                  0.00                  0.00                 0.00                       0.00
   </TABLE>