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 033-48481-07

                          NOMURA ASSET ACCEPTANCE CORP.
             (Exact name of registrant as specified in its charter)

         Delaware                                            13-3672336
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

2 World Financial Center
Building B, 21st Floor
New York, New York                                             10281
(Address of Principal Executive Offices)                      (Zip Code)

       Registrant's telephone number, including area code :(212)667-9300


                      ALTERNATIVE LOAN TRUST SERIES 2003-A1
               MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-A1
            (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>

ALTERNATIVE LOAN TRUST SERIES 2003-A1
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-A1
--------------------------------------------------------

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 Servicer,  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.  There are less than 300  participants  in the DTC
System.  As of December 31, 2003 the total number of such DTC participants  with
respect to each class of certificates is 41.


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 with respect
    to the Trust were filed by the Registrant for 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 date. The items reported in such Current Report were
    Item 5 and Item 7.

(c) Exhibits to this report.

     Annual  Independent  Accountant's  Servicing  Report  concerning  servicing
activities, filed as Exhibit 99.1 hereto.

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

(d) Not applicable.



                                      -3-
<PAGE>

ALTERNATIVE LOAN TRUST SERIES 2003-A1
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-A1
--------------------------------------------------------

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.


                                 NOMURA ASSET ACCEPTANCE CORP.


Date:  March 25, 2004            By: /s/  N. Dante LaRocca
                                    -----------------------------
                               Name:  N. Dante LaRocca
                              Title:  Attorney-in-Fact and Agency



                                      -4-
<PAGE>

                                CERTIFICATION
                      Alternative Loan Trust Series 2003-A1
               Mortgage Pass-Through Certificates, Series 2003-A1

                  I, N. Dante LaRocca, 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  Alternative  Loan Trust
Series 2003-A1 Mortgage Pass-Through Certificates, Series 2003-A1 (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 statements included
in the report and required to be delivered to the Trustee in accordance with the
terms of the Pooling and Servicing  Agreement and based upon the review required
under the  Pooling  and  Servicing  Agreement,  and except as  disclosed  in the
report,  each  Servicer  has  fulfilled  its  obligations  under the Pooling and
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:  Nomura Credit & Capital,
Inc.,  as seller,  Option One Mortgage  Corporation,  as servicer,  and JPMorgan
Chase Bank,  as trustee and  custodian.


Nomura Asset Acceptance Corporation

By: /s/ N. Dante LaRocca
    -------------------------------------
Name:   N. Dante LaRocca
Title:  Attorney-in-Fact and Agency

Dated:  March 25, 2004

                                      -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      Annual Independent Accountant's Servicing Report

99.2      Report of Management as to Compliance with Minimum Servicing Standards





                                      -7-

<page>
                                  EXHIBIT 99.1
                Annual Independent Accountant's Servicing Report
                                 ---------------

PricewaterhouseCoopers, LLP
350 South Grand Avenue, 49th Floor
Los Angeles, CA  90071
Telephone:  (213) 356-6000
Facsimile:  (213) 637-4444


REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholder
of Option One Mortgage Corporation


     We  have  examined   management's   assertion  about  Option  One  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
April 30, 2003 included in the  accompanying  management  assertion (see Exhibit
I).  Management is  responsible  for the Company's  compliance  with the 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 attestion 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 other such 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 April
30, 2003 is fairly stated, in all material respects.


By:  /s/ PricewaterhouseCoopers, LLC
------------------------------------
PricewaterhouseCoopers, LLC


July 30, 2003

============================================================================

Opion One Mortgage
6501 Irvine Center Drive
Irvine, CA  92618
800.326.1500
fax 949.784.6032



Exhibit I

                  Management's Assertion Concerning Compliance
                     with USAP Minimum Servicing Standands


July 30, 2003

     As of  and  for  the  year  ended  April  30,  2003,  Option  One  Mortgage
Corporation and its  subsidiaries  (the "Company") have 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").

     As of and for this same period,  the Company had in effect a fidelity  bond
and errors and omissions  policy in the amounts of $30,000,000 and  $10,000,000,
respectively.

/s/ Robert E. Dubrish, Chief Executive Officer
----------------------------------------------

/s/ William L. O'Neill, Chief Financial Officer
-----------------------------------------------

/s/ Sheridan Brooks, Controller
-----------------------------------------------

/s/ John A. Vella, Chief Servicing Officer
-----------------------------------------------


                                      -8-


<page>

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

Opion One Mortgage
6501 Irvine Center Drive
Irvine, CA  92618
800.326.1500
fax 949.784.6032


                  Management's Assertion Concerning Compliance
                     with USAP Minimum Servicing Standands


July 30, 2003

     As of  and  for  the  year  ended  April  30,  2003,  Option  One  Mortgage
Corporation and its  subsidiaries  (the "Company") have 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").

     As of and for this same period,  the Company had in effect a fidelity  bond
and errors and omissions  policy in the amounts of $30,000,000 and  $10,000,000,
respectively.

/s/ Robert E. Dubrish, Chief Executive Officer
----------------------------------------------

/s/ William L. O'Neill, Chief Financial Officer
-----------------------------------------------

/s/ Sheridan Brooks, Controller
-----------------------------------------------

/s/ John A. Vella, Chief Servicing Officer
-----------------------------------------------


                                      -9-