-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001125282-04-003073.txt : 20040628
<SEC-HEADER>0001125282-04-003073.hdr.sgml : 20040628
<ACCEPTANCE-DATETIME>20040628134851
ACCESSION NUMBER:		0001125282-04-003073
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040621
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH DEPOSITOR INC INDEXPLUS TRUST SERIES 2003-1
		CENTRAL INDEX KEY:			0001267332
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		04884120

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b332819_8k.txt
<DESCRIPTION>CURRENT REPORT
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549
                           __________________________

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934
                            _________________________

         Date of Report (Date of earliest event reported): June 21, 2004

                          MERRILL LYNCH DEPOSITOR, INC.
                  (ON BEHALF OF INDEXPLUS TRUST SERIES 2003-1)
             (Exact name of registrant as specified in its charter)

          DELAWARE               001-31941               13-3891329
      (State or other          (Commission           (I. R. S. Employer
      jurisdiction  of          File Number)         Identification No.)
       incorporation)

                WORLD FINANCIAL CENTER,                    10080
                  NEW YORK, NEW YORK                    (Zip Code)
                 (Address of principal
                  executive offices)
                           __________________________

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

                  INFORMATION TO BE INCLUDED IN REPORT


ITEM 1.           CHANGES IN CONTROL OF REGISTRANT

                  None.

ITEM 2.           ACQUISITION OF DISPOSITION OF ASSETS

                  None.

ITEM 3.           BANKRUPTCY OR RECEIVERSHIP

                  None.

ITEM 4.           CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

                  Not Applicable.
<PAGE>

ITEM 5.           OTHER EVENTS

          99.1    Distribution to holders of the INDEXPLUS Trust Series 2003-1
                  on June 21, 2004.

                           For information with respect to the underlying
                  securities held by INDEXPLUS Trust Series 2003-1, please refer
                  to the respective periodic reports, including annual reports
                  on Form 10-K, quarterly reports on Form 10-Q, current reports
                  on Form 8-K and other information on file with the Securities
                  and Exchange Commission (the "SEC") of: The Boeing Company
                  (Commission file number 001-00442); Citigroup Inc. (Commission
                  file number 001-09924); Credit Suisse First Boston (USA), Inc.
                  (Commission file number 001-06862); DaimlerChrysler North
                  America Holding Corporation (Commission file number
                  333-13160); DaimlerChrysler AG (Commission file number
                  001-12356); Ford Motor Company (Commission file number
                  001-03950); General Electric Capital Corporation (Commission
                  file number 001-06461); General Motors Acceptance Corporation
                  (Commission file number 001-03754); The Goldman Sachs Group,
                  Inc. (Commission file number 001-14965); Johnson & Johnson
                  (Commission file number 001-03215); The May Department Stores
                  Company (New York) (Commission file number 333-42940); The May
                  Department Stores Company (Delaware) (Commission file number
                  001-00079); Time Warner Inc. (Commission file number
                  001-15062); Time Warner Companies, Inc. (Commission file
                  number 001-08637); Turner Broadcasting System, Inc.
                  (Commission file number 001-08911); United States Department
                  of Treasury; Valero Energy Corporation (Commission file number
                  001-04718); Verizon Communications Inc. (Commission file
                  number 001-08606); Verizon Global Funding Corp. (Commission
                  file number 333-73612); Viacom Inc. (Commission file number
                  001-09553); Viacom International Inc. (Commission file number
                  001-15153) and Weyerhaeuser Company (Commission file number
                  001-04825). You can read and copy these reports and other
                  information at the public reference facilities maintained by
                  the SEC at Room 1024, 450 Fifth Street, NW, Washington, D.C.
                  20549. You may obtain copies of this material for a fee by
                  writing to the SEC's Public Reference Section of the SEC at
                  450 Fifth Street, NW, Washington, D.C. 20549. You may obtain
                  information about the operation of the Public Reference Room
                  by calling the SEC at 1-800-SEC-0330. You can also access some
                  of this information electronically by means of the SEC's
                  website on the Internet at http://www.sec.gov, which contains
                  reports, proxy and information statements and other
                  information that the underlying securities issuer has filed
                  electronically with the SEC.
<PAGE>

                           Although we have no reason to believe the information
                  concerning the underlying securities or the underlying
                  securities issuers contained in the underlying securities
                  issuers' Exchange Act reports is not reliable, neither the
                  depositor nor the trustee participated in the preparation of
                  such documents or made any due diligence inquiry with respect
                  to the information provided therein. No investigation with
                  respect to the underlying securities issuers (including,
                  without limitation, no investigation as to their financial
                  condition or creditworthiness) or of the underlying securities
                  has been made. You should obtain and evaluate the same
                  information concerning the respective underlying securities
                  issuers as you would obtain and evaluate if you were investing
                  directly in the respective underlying securities or in other
                  securities issued by the respective underlying securities
                  issuers. There can be no assurance that events affecting the
                  respective underlying securities or the respective underlying
                  securities issuers have not occurred or have not yet been
                  publicly disclosed which would affect the accuracy or
                  completeness of the publicly available documents described
                  above.

ITEM 6.           RESIGNATION OF REGISTRANT'S DIRECTORS

                  Not Applicable.

ITEM 7.           FINANCIAL STATEMENTS AND EXHIBITS

                  (a) Financial statements of business acquired.

                      Not Applicable.

                  (b) Pro forma financial information.

                      Not Applicable.

                  (c) Exhibits.

                  99.1     Trustee's report in respect of the June 21, 2004
                           distribution to holders of the INDEXPLUS Trust
                           Certificates Series 2003-1.

ITEM 8.           CHANGE IN FISCAL YEAR

                  None.

ITEM 9.           REGULATION FD DISCLOSURE

                  None.
<PAGE>

ITEM 10.          AMENDMENTS TO THE REGISTRANT'S CODE OF ETHICS, OR WAIVER OF A
                  PROVISION OF THE CODE OF ETHICS

                  None.

ITEM 11.          TEMPORARY SUSPENSION OF TRADING UNDER REGISTRANT'S EMPLOYEE
                  BENEFIT PLANS

                  Not Applicable.

ITEM 12.          RESULTS OF OPERATIONS AND FINANCIAL CONDITION

                  Not Applicable.

                                          SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
                  1934, the registrant has duly caused this report to be signed
                  on its behalf by the undersigned, hereunto duly authorized.


                          MERRILL LYNCH DEPOSITOR, INC.

         Date: 6/28/04                      By:      By:      /s/ Brian Barrett
                                                              -----------------
                                                     Name:    Brian Barrett
                                                     Title:   President


                                            EXHIBIT INDEX


                  99.1     Trustee's report in respect of the June 21, 2004
                           distribution to holders of the INDEXPLUS Trust
                           Certificates Series 2003-1.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>b332819_ex99-1.txt
<DESCRIPTION>TRUSTEE'S REPORT
<TEXT>
<PAGE>

                                  EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                          INDEXPLUS TRUST SERIES 2003-1

                                DISTRIBUTION DATE
                                  JUNE 21, 2004
                             CUSIP NUMBER 45408V203


         (i)      the amounts received by the Trustee as of the last such
                  statement in respect of principal, interest and premium on the
                  "Underlying Securities" (see following chart):

                                    Interest:                $1,134,715.78
                                    Principal:                        0.00
                                    Premium:                          0.00

         (ii)     the amounts of compensation received by the Trustee, for the
                  period relating to such Distribution Date:

                                    Paid by the Trust:               $0.00
                                    Paid by the Depositor:       $4,250.00

         (iii)    the amount of distribution on such Distribution Date to
                  Holders allocable to principal of and premium, if any, and
                  interest on the Certificates and the amount of aggregate
                  unpaid interest accrued as of such Distribution Date:

                                    Interest:                $1,134,715.75
                                    Principal:                       $0.00

                                    Unpaid Interest Accrued:         $0.00


         (iv)     see the following chart for the aggregate stated principal
                  amount of the Underlying Securities related to such Series,
                  the current interest rate or rates thereon at the close of
                  business on such Distribution Date and the current rating
                  assigned to the Certificates.

         (v)      the aggregate Certificate Principal Balance of such Series at
                  the close of business on such Distribution Date.

                                    ($25 Stated Amount)
                                    Initial Principal Balance:    $37,500,000
                                    Reduction:                             (0)
                                                                  ------------
                                    Principal Balance 06/21/04:   $37,500,000

<PAGE>

AMOUNTS RECEIVED PER ISSUER:

                                                                 INTEREST
                        ISSUER                                  COLLECTED
                        ------                                  ---------
                  The Boeing Company                            $67,773.13
                    Citigroup Inc.                              $65,006.88
        Credit Suisse First Boston (USA), Inc.                  $78,838.13
                  DaimlerChrysler AG                            $94,052.50
                  Ford Motor Company                            $82,434.25
         General Electric Capital Corporation                   $74,688.75
        General Motors Acceptance Corporation                   $88,520.00
            The Goldman Sachs Group, Inc.                       $67,773.13
                  Johnson & Johnson                             $54,771.75
          The May Department Stores Company                     $76,348.50
             Time Warner Companies, Inc.                        $73,305.63
              Valero Energy Corporation                         $82,987.50
             Verizon Communications Inc.                        $85,753.75
                     Viacom Inc.                                $60,857.50
                 Weyerhaeuser Company                           $81,604.38
                                                            -------------------
                                                             $1,134,715.78

<PAGE>

PRINCIPAL AMOUNTS, RATES & CURRENT RATINGS:

<TABLE>
<CAPTION>
               ISSUER                                         RATE             CUSIP            MOODY'S        S&P
               ------                                         ----             -----            -------        ---
<S>                                       <C>                <C>            <C>                  <C>          <C>
         The Boeing Company               $2,213,000         6.125%         097-023-AU9           A3            A
           Citigroup Inc.                 $2,213,000         5.875%         172-967-BU4           Aa2          A+
  Credit Suisse First Boston (USA), Inc.  $2,213,000         7.125%         225-41L-AE3           Aa3          A+
         DaimlerChrysler AG               $2,213,000         8.500%         233-835-AQ0           A3           BBB
         Ford Motor Company               $2,213,000         7.450%         345-370-CA6          Baa1         BBB-
General Electric Capital Corporation      $2,213,000         6.750%         369-62G-XZ2           Aaa          AAA
General Motors Acceptance Corporation     $2,213,000         8.000%         370-425-RZ5           A3           BBB
    The Goldman Sachs Group, Inc.         $2,213,000         6.125%         381-41G-CU6           Aa3          A+
          Johnson & Johnson               $2,213,000         4.950%         478-160-AL8           Aaa          AAA
  The May Department Stores Company       $2,213,000         6.900%         577-778-BQ5          Baa1         BBB+
     Time Warner Companies, Inc.          $2,213,000         6.625%         887-315-BN8          Baa1         BBB+
      Valero Energy Corporation           $2,213,000         7.500%         919-13Y-AE0          Baa3          BBB
     Verizon Communications Inc.          $2,213,000         7.750%         923-44G-AS5           A2           A+
             Viacom Inc.                  $2,213,000         5.500%         925-524-AV2           A3           A-
        Weyerhaeuser Company              $2,213,000         7.375%         962-166-BR4          Baa2          BBB
United States Department of Treasury      $4,305,000         0.000%         912-803-CH4

                                         $37,500,000
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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