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

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

Commission File Number: 333-45458-08

Ace Securities Corp.
Home Equity Loan Asset-Backed Certs.
Series 2003-FM1

(Exact name of registrant as specified in its charter)

New York 54-2116960
54-2116961
54-2120395
(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 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 A-1 3
Class A-2 7
Class A-IO 10
Class CE 1
Class M-1 4
Class M-2 9
Class M-3 3
Class M-4 4
Class M-5 4
Class M-6 3
Class P 1
Class R-III 1

Total: 50

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

(33.1) 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.

<s> <c>
a) Litton Loan Servicing, as Servicer <F1>

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

<s> <c>
a) Litton Loan Servicing, as Servicer <F1>

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

<s> <c>
a) Litton Loan Servicing, as Servicer <F1>

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

(b) On November 7, 2003, December 1, 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.

(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:

Ace Securities Corp.
Home Equity Loan Asset-Backed Certs.
Series 2003-FM1
(Registrant)

Signed: Wells Fargo Bank, N.A. as Securities Administrator

By: Kristen Ann Cronin, Vice President

By: /s/ Kristen Ann Cronin, Vice President

Dated: March 29, 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

I, Kristen Ann Cronin, 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 Ace Securities Corp. Home Equity Loan Asset-Backed Certs.,
Series 2003-FM1 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. I am responsible for reviewing the activities performed by the master
servicer under the pooling and servicing, or similar, agreement, and
based on 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
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:
Litton Loan Servicing as Servicer.

Date: March 29, 2004

/s/ Kristen Ann Cronin
Signature

Vice President
Title

Ex-99.1 (a)
[logo] Deloitte

Deloitte & Touche LLP
Suite 2300
333 Clay Street
Houston, TX 77002-4196 USA
Tel: +17139822000 Fax:+17139822001
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 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 December
31, 2003 is fairly stated, in all material respects.

/s/ Deloitte and Touch LLP
February 20, 2004

Ex-99.2 (a)
[LOGO] Litton Loan Servicing LP An affiliate of C-Bass.

4828 Loop Central Drive
Houston, Texas 77081
Telephone 713 960 9676 Fax 713966-8830

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 the period,
Litton Loan Servicing LP had in effect fidelity bond in the amount of
$20,000,000 and errors and omissions policy in the amount of $20,000,000.

/s/ Larry B. Litton
Larry B. Litton
CEO

/s/ Janice McClure
Janice McClure
Senior Vice President

Ex-99.3 (a)
(logo) LITTON LOAN SERVICING An affiliate of C-BASS

4828 Loop Central Drive
Houston, Texas 77081

Telephone (713) 960-9676
Fax (713) 960-0539

February 20, 2004

David Traficanti
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045-1951

RE: ACE 2003-FM1, ACE Securities Corp. Home Equity Loan Trust, Asset Backed
Pass-Through 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
Janice McClure
Senior Vice President

/s/ Ann Kelley
Ann Kelley
Secretary

Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders

Class Interest Principal Losses Ending Balance
<s> <c> <c> <c> <c>
A-1 2,343,229.58 71,960,826.95 0.00 226,413,173.05
A-2 528,155.02 19,220,695.29 0.00 48,237,304.71
A-IO 1,458,027.06 0.00 0.00 0.00
A-IO1 1,189,168.75 0.00 0.00 0.00
A-IO2 268,858.31 0.00 0.00 0.00
CE 13,264,607.15 0.86 0.00 9,089,206.00
M-1 316,207.26 0.00 0.00 27,267,000.00
M-2 453,939.93 0.00 0.00 26,131,000.00
M-3 86,358.87 0.00 0.00 4,544,000.00
M-4 214,704.76 0.00 0.00 7,953,000.00
M-5 245,373.03 0.00 0.00 9,089,000.00
M-6 122,673.01 0.00 0.00 4,544,000.00
P 2,689,052.14 0.00 0.00 100.00
R-III 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00