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, 2003

[  ]     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 333-103927-02

                      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.)

World Financial Center North Tower
250 Vesy Street, 10th Floor
New York, New York                                             10281-1310
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212)449-1000


                 MERRILL LYNCH MORTGAGE INVESTORS, INC.
        SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE TRUST
        MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC1
       (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 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 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 an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes  No [X]


Documents incorporated by reference:  None



<PAGE>

MERRILL LYNCH MORTGAGE  INVESTORS,  INC.
SPECIALTY  UNDERWRITING AND RESIDENTIAL FINANCE TRUST
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC1
--------------------------------------------------------

PART I

Item 1.  Business

         Omitted.

Item 2.  Properties

         Omitted.

Item 3.  Legal Proceedings

The  Registrant is not aware of any material legal  proceeding  with respect to,
the Company, the Master Servicer, the Servicers,  the Trust Administrator or the
Trustee, in each case if applicable, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders

No  matter  was  submitted  to a vote  or  consent  of  Holders  of the  Offered
Certificates during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue stock. There is currently no established secondary
market for the Certificates.  As of  December  31,  2003,  the number
of holders  of each  Class  of  Offered  Certificates was 17.


Item 6.  Selected Financial Data

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         Omitted.

Item 8.  Financial Statements and Supplementary Data

         Omitted.

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

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant

         Omitted.

Item 11. Executive Compensation

         Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Omitted.

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 and Reports on Form 8-K

(a) Not applicable.

(b)   Reports on Form 8-K: The  following  Current  Reports on Form 8-K were
      filed by the Registrant during the last quarter of 2003.

      Current  Reports   on Form 8-K,   dated   October 27,  2003,  November 25,
     2003,  and  December  26,  2003,  were filed for the  purpose of filing the
     Monthly  Statement  sent to the  Holders of the  Offered  Certificates  for
     payments made on the same dates.  The items reported in such Current Report
     were Item 5 and Item 7.

(c)  Exhibits to this report.

   Annual  Servicer's  Statement of  Compliance,  filed as Exhibit 99.1, hereto.

   Report of Management as to Compliance with Minimum Servicing Standards,
   filed as Exhibit 99.2 hereto.

   Annual Statement of  Independent  Accountants  Report for the Servicer,
   filed as Exhibit 99.3 hereto.

(d) Not applicable.

                                      -3-

<PAGE>
Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended December 31, 2003

MERRILL LYNCH MORTGAGE  INVESTORS,  INC.
SPECIALTY  UNDERWRITING AND RESIDENTIAL FINANCE TRUST
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2003-BC1
--------------------------------------------------------

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.


                                   MERRILL LYNCH MORTGAGE  INVESTORS,  INC.




Date:  March 30, 2004            By: /s/ Matthew Whalen
                                    -----------------------------
                               Name:  Matthew Whalen
                              Title:  President



                                      -4-
<PAGE>

                                CERTIFICATION

         Re:      Merrill Lynch Mortgage Investors, Inc.
                  Specialty Underwriting and Residential Finance Trust
                  Mortgage Loan Asset-Backed Certificates, Series 2003-BC1

                  I, Matthew Whalen, certify that:

     1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing  distribution  and servicing  reports filed in respect of periods
included  in  the  year  covered  by  this  annual  report,   of  Mortgage  Loan
Asset-Backed Certificates, Series 2003-BC1 (the "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  information  required  to be
prepared  by the Trustee  based upon the  servicing  information  required to be
provided by each Servicer under the Pooling and Servicing  Agreement 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 each
Servicer's  compliance with the minimum servicing standards based, in each case,
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 standard as set forth in the Pooling and Servicing 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:  Litton Loan  Servicing
L.P., as servicer,  and JPMorgan Chase Bank, as trustee.

Dated:  March 30, 2004



By: /s/ Matthew Whalen
    -------------------------------------
Name:   Matthew Whalen
Title:  President

                                      -5-
<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.

                                      -6-
<PAGE>


                                 EXHIBIT INDEX

Exhibit  Description

 99.1    Servicer's Annual Statement of Compliance
 99.2    Report of Management as to Compliance with Minimum Servicing Standards
 99.3    Servicer's Annual Independent Accountant's Report


                                      -7-





EXHIBIT 99.1 - Servicer's Annual Statement of Compliance


                                      -8-
<PAGE>

LITTON LOAN SERVICING, LP
an affiliate of C-BASS

4828 Loop Central Drive                 Telephone 713.960.9676
Houston, Texas  77081                         Fax 713.966.8830
-------------------------------------------------------------------------------

February 20, 2004

Diane Wallace
JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, NY  10004-2477

RE: SURF 2003-BC1,  Specialty  Underwriting and Residential  Finance Trust,
    Mortgage Loan Asset-Backed Certificates

To Whom It May Concern:

     The  undersigned  officer of Litton Loan  Servicing  LP provides the Annual
Statement as to Compliance  as required by the Pooling and  Servicing  Agreement
for the  above  referenced  security  and  certifies  that (i) a  review  of the
activities  of the Servicer during such  preceding  fiscal year (or such shorter
period in the case of the first  such  report)  and of  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 2003.

Sincerely,


/s/ Janice McClure                            /s/  Ann Kelley
-----------------------------------------    --------------------------------
Janice McClure                                  Ann Kelley
Senior Vice President                           Secretary


                                     -9-
<PAGE>


EXHIBIT 99.2 - Report of Management as to
               Compliance with Minimum Servicing Standards


                                        -10-

<PAGE>


LITTON LOAN SERVICING, LP
an affiliate of C-BASS

4828 Loop Central Drive                 Telephone 713.960.9676
Houston, Texas  77081                         Fax 713.966.8830
-------------------------------------------------------------------------------

February 20, 2004

Deloitte & Touche
333 Clay, Suite 2300
Houston, Texas 77002

     As of and for the period ended December 31, 2003,  Litton Loan Servicing LP
(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. As of and for this same period,
Litton  Loan  Servicing  LP had in  effect  a  fidelity  bond in the  amount  of
$20,000,000 and an errors and omissions policy in the amount of $20,000,000.


/s/ Larry B. Litton, Sr.
-----------------------------------------
Larry B. Litton, Sr., President & CEO


/s/ Janice McClure
------------------------------------------
Janice McClure, Senior Vice President

                                      -11-

<page>


EXHIBIT 99.3 -  Servicer's Annual Independent Accountant's Report



                                        -12-

<PAGE>




Deloitte & Touche LLP
Suite 2300
333 Clay Street
Houston, Texas  77002-4196
USA
Tel +1 713 982 2000
Fax +1 713 982 2001
www.deloitte.com

-------------------------------------------------------------------------------

INDEPENDENT AUDITORS' REPORT

Partners of Litton Loan Servicing LP

     We have examined  management's  assertion  about Litton Loan Servicing LP'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 as of and for the year ended December 31, 2003, 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 made 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 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 of 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/ Deloitte & Touche LLP
---------------------------------------------

February 20, 2004


                                        -13-