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

                                  SCHEDULE 13G
                                 (RULE 13D-102)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
              TO RULES 13d-l(b), (c) AND (d) AND AMENDMENTS THERETO
                             FILED PURSUANT TO 13d-2
                               (AMENDMENT NO. __)*

                            MFA MORTGAGE INVESTMENTS
                                (Name of Issuer)

                                  COMMON STOCK
                         (Title of Class of Securities)


                                 (CUSIP Number)
                                    55272X102

                                OCTOBER 30, 2003
             (Date of Event Which Requires Filing of this Statement)

            Check the appropriate box to designate the rule pursuant
                        to which this Schedule is filed:

                                |X| Rule 13d-l(b)

                                | | Rule 13d-l(c)

                                | | Rule 13d-l(d)



* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                                  SCHEDULE 13G

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CUSIP NO. 55272X102                                           PAGE 2 OF 6 PAGES
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        NAME OF REPORTING PERSON
1       SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        Anchor Capital Advisors, Inc.
        I.R.S. Identification No. 04-2801194

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

2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*               (a) | |
                                                                        (b) | |

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3       SEC USE ONLY

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4       CITIZENSHIP OR PLACE OF ORGANIZATION

        Massachusetts

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               5      SOLE VOTING POWER
  NUMBER OF
    SHARES            3,425,530
               -----------------------------------------------------------------
 BENEFICIALLY
   OWNED BY    6      SHARED VOTING POWER
     EACH
  REPORTING           0
               -----------------------------------------------------------------
    PERSON
     WITH      7      SOLE DISPOSITIVE POWER

                      3,425,530
               -----------------------------------------------------------------

               8      SHARED DISPOSITIVE POWER

                      0
--------------------------------------------------------------------------------

9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        3,425,530
--------------------------------------------------------------------------------

10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
        SHARES                                                              | |
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11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

        5.79%
--------------------------------------------------------------------------------

12      TYPE OF REPORTING PERSON

        IA
--------------------------------------------------------------------------------



                                  SCHEDULE 13G

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CUSIP NO. 55272X102                                           PAGE 3 OF 6 PAGES
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ITEM 1(a). NAME OF ISSUER:

      MFA Mortgage Investments

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

      350 Park Avenue
      21st Floor
      New York, NY  10022

ITEM 2(a). NAME OF PERSON FILING:

      Anchor Capital Advisors, Inc.

ITEM 2(b). ADDRESS OF PRINCIPAL OFFICES OR, IF NONE, RESIDENCE:

      One Post Office Square
      Boston, MA  02109-2103

ITEM 2(c). CITIZENSHIP:

      Massachusetts

ITEM 2(d). TITLE OF CLASS OF SECURITIES:

      Common Stock

ITEM 2(e). CUSIP NUMBER:

      55272X102



                                  SCHEDULE 13G

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CUSIP NO. 55272X102                                           PAGE 4 OF 6 PAGES
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ITEM 3. IF THE STATEMENT IS BEING FILED PURSUANT TO RULE 13d-l(b), OR 13d-2(b)
OR (c), CHECK WHETHER THE FILING PERSON IS A:

(a)| |  Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);
(b)| |  Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)| |  Insurance  company as defined in Section  3(a)(19) of the Act (15 U.S.C.
        78c);
(d)| |  Investment  company registered under Section 8 of the Investment Company
        Act of 1940 (15 U.S.C.  80a-8);
(e)|X|  An investment adviser in accordance with l3d-l(b)(I)(ii)(E);
(f)| |  An employee  benefit plan or  endowment  fund in  accordance  with 13d-1
        (b)(1)(ii)(F);
(g)| |  A  parent  holding   company  or  control  person  in  accordance   with
        13d-l(b)(1)(ii)(G);
(h)| |  A savings  association as defined in Section 3(b) of the Federal Deposit
        Insurance Act (12 U.S.C. 1813);
(i)| |  A church  plan that is excluded  from the  definition  of an  investment
        company under Section 3(c)(14) of the Investment Company Act of 1940 (15
        U.S.C. 80a-3);
(j)| |  Group, in accordance with l3d-l(b)(l)(ii)(J).

If this statement is filed pursuant to 13d-1(c), check this box. | |

ITEM 4. OWNERSHIP:

      The information in Items 5-11 on the cover page (page 2) of this Schedule
13G is incorporated by reference.


                                  SCHEDULE 13G

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CUSIP NO. 55272X102                                           PAGE 5 OF 6 PAGES
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ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

      If this statement is being filed to report the fact that as of the date
hereof the reporting person had ceased to be the beneficial owner of more than
five percent of the class of securities, check the following            | |

ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

      Not Applicable.

ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

      Not Applicable.

ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

      Not Applicable.

ITEM 9.  NOTICE OF DISSOLUTION OF GROUP.

      Not Applicable.

ITEM 10. CERTIFICATION.

      By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.





                                  SCHEDULE 13G

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CUSIP NO. 55272X102                                           PAGE 6 OF 6 PAGES
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                                    SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: October 15, 2003

                                    ANCHOR CAPITAL ADVISORS, INC.


                                       By:/s/ WILLIAM P. RICE
                                          ----------------------------
                                             William P. Rice, President


      The original  statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative.  If the statement is signed
on behalf of a person by his authorized  representative  other than an executive
officer  or   general   partner  of  the   filing   person,   evidence   of  the
representative's  authority to sign on behalf of such person shall be filed with
the  statement,  provided,  however,  that a power of attorney  for this purpose
which is already on file with the Commission may be  incorporated  by reference.
The name and any title of each person who signs the statement  shall be typed or
printed beneath his signature.

ATTENTION. INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).