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<SEC-DOCUMENT>0001125282-05-001649.txt : 20050329
<SEC-HEADER>0001125282-05-001649.hdr.sgml : 20050329
<ACCEPTANCE-DATETIME>20050329151747
ACCESSION NUMBER:		0001125282-05-001649
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050329
DATE AS OF CHANGE:		20050329

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]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		05709536

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>b405344_10k.txt
<DESCRIPTION>10-K
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                    FORM 10-K

                                  ANNUAL REPORT

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

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


      For the fiscal year ended:                       Commission file number:
         December 31, 2004                                     001-31941

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

                DELAWARE                                 13-3891329
             (State or other                         (I. R. S. Employer
             jurisdiction of                         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

Securities registered pursuant to Section 12(b) of the Act:

INDEXPLUS Trust Certificates Series 2003-1, listed on The New York Stock
Exchange.

Securities registered pursuant to Section 12(g) of the Act:

Not Applicable.

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.



Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                                 Yes [ ] No [X]

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the common equity was sold, or the
average bid and asked prices 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 for each of the registrant's class of
common stock, as of the latest practicable date.

Not Applicable.

<PAGE>


                       DOCUMENTS INCORPORATED BY REFERENCE

None.


         PART I

         ITEM 1.           BUSINESS

                           For information with respect to the underlying
                           securities held by INDEXPLUS Trust Series 2003-1,
                           please refer to respective periodic reports,
                           including annual reports on Form 10-K, quarterly
                           reports on Form 10-Q and current reports on Form 8-K,
                           and other information 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) on file
                           with the Securities and Exchange Commission (the
                           "SEC"). 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 respective underlying securities
                           issuers have filed electronically with the SEC.

                           Although we have no reason to believe the information
                           concerning the respective underlying securities or
                           the respective underlying securities issuers
                           contained in the underlying securities issuer's
                           Exchange Act reports are 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 respective underlying securities issuers
                           (including, without limitation, no investigation as
                           to their respective financial condition or
                           creditworthiness) or of the respective 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 your investment were 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 issuesr 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 2.           PROPERTIES

                           None.

         ITEM 3.           LEGAL PROCEEDINGS

                           None.

         ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                           None.

                                       2
<PAGE>

         PART II

         ITEM 5.           MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
                           STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
                           SECURITIES

                           The Trust Certificates issued by INDEXPLUS Trust
                           Series 2003-1 are represented by one or more physical
                           certificates registered in the name of Cede & Co.,
                           the nominee of the Depository Trust Company. The
                           Trust Certificates are listed on the New York Stock
                           Exchange.

         ITEM 6.           SELECTED FINANCIAL DATA

                           Not Applicable.

         ITEM 7.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                           CONDITION AND RESULTS OF OPERATIONS

                           Not Applicable.

         ITEM 7A.          QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
                           RISK

                           Not Applicable.

         ITEM 8.           FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                           Not Applicable.

         ITEM 9.           CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                           ACCOUNTING AND FINANCIAL DISCLOSURE

                           None.

         ITEM 9A.          CONTROLS AND PROCEDURES

                           The Registrant has procedures so as to provide
                           reasonable assurance that its future Exchange Act
                           filings will be filed within the applicable time
                           periods.

         ITEM 9B.          OTHER INFORMATION

                           None

                                       3
<PAGE>

         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 AND RELATED STOCKHOLDER MATTERS

                           (a)   Securities Authorized For Issuance Under
                                 Equity Compensation Plans: None.
                           (b)   Security Ownership Of Certain Beneficial
                                 Owners: None.
                           (c)   Security Ownership Of Management: Not
                                 Applicable.
                           (d)   Changes In Control: None.

         ITEM 13.          CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

                           None.

         ITEM 14.          PRINCIPAL ACCOUNTING FEES AND SERVICES

                           Not Applicable.

                                       4
<PAGE>

         PART IV

         ITEM 15.          EXHIBITS, FINANCIAL STATEMENT SCHEDULES

                           (a)(1)   Financial Statements: Not Applicable

                           (a)(2)   Financial Statement Schedules: Not
                                    Applicable

                           (a)(3)   List of Exhibits

                           The following exhibits are filed as part of, and
                           incorporated by reference into this Annual Report on
                           Form 10-K:

                                    31.1     Certification of President of
                                             Registrant dated March 29, 2005,
                                             pursuant to Rules 13a-14 and 15d-14
                                             under the Securities Exchange Act
                                             of 1934, as adopted pursuant to
                                             Section 302 of the Sarbanes-Oxley
                                             Act of 2002, with respect to the
                                             Registrant's Annual Report on Form
                                             10-K for the year ended December
                                             31, 2004.

                                    99.1     Trustee's Annual Compliance
                                             Certificate dated March 24, 2005.

                                    99.2     Report of Deloitte & Touche LLP,
                                             Independent Registered Public
                                             Accounting Firm dated March 25,
                                             2005, Registrant's Assertion on
                                             Compliance with PPLUS Minimum
                                             Servicing Standards dated March 25,
                                             2005 and PPLUS Minimum Servicing
                                             Standards.

                                    99.3     Report of Ernst & Young LLP,
                                             Independent Registered Public
                                             Accounting Firm dated March 14,
                                             2005, The Bank of New York's
                                             Assertion on Compliance with PPLUS
                                             Minimum Servicing Standards dated
                                             March 14, 2005 and PPLUS Minimum
                                             Servicing Standards.

                           (b)      Exhibits

                                    The Registrant hereby files as part of this
                                    Annual Report on Form 10-K the exhibits
                                    listed in Item 15(a)(3) set forth above.

                           (c)      Financial Statement Schedules

                                    Not applicable.

                                       5
<PAGE>


                                    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, hereunto duly authorized.

                                          MERRILL LYNCH DEPOSITOR, INC.

Date: March 29, 2005                      By:   /s/ Stephan Kuppenheimer
                                              -------------------------------
                                               Name:  Stephan Kuppenheimer
                                               Title: President



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>b405344ex31_1.txt
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<PAGE>



                                  EXHIBIT 31.1

I, Stephan Kuppenheimer, 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 Merrill Lynch Depositor,
Inc., on behalf of INDEXPLUS Trust Series 2003-1;

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 depositor by the trustee 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 depositor and
the trustee under the pooling and servicing, or similar, agreement and based
upon my knowledge and the annual compliance review required under that
agreement, and except as disclosed in the reports, the depositor and trustee
have each fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the compliance
by the depositor or trustee with the minimum servicing or similar 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 or
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: The Bank of New York and
its officers and agents.


Date:  March 29, 2005                      /s/ Stephan Kuppenheimer
                                          --------------------------------
                                           President
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>b405344_ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>

                                  EXHIBIT 99.1


                          [BANK OF NEW YORK LETTERHEAD]

                                BANK OF NEW YORK

                              Officer's Certificate

                          -----------------------------
                                 March 24, 2005



MERRILL LYNCH DEPOSITOR, INC.
North Tower, 7th Floor
4 World Financial Center
New York, New York 10080

              PREFERREDPLUS, PPLUS TRUST AND INDEXPLUS CERTIFICATE

The undersigned, Kevin Cremin, the Vice President-Manager of The Bank of New
York, a New York corporation (the "Trustee"), hereby certifies in such capacity
that, based on his knowledge, the Trustee has complied, in all material
respects, with all conditions and covenants applicable to the Trustee under the
Standard Terms for Trust Agreements dated February 20, 1998 between Merrill
Lynch Depositor, Inc. as depositor (the "Depositor") and the Trustee, as
successor to United States Trust Company of New York, as trustee and securities
intermediary (the "Securities Intermediary"), in each case as amended by a
series supplement between the Depositor, the Trustee and the Securities
Intermediary for each series of trust certificates listed in the attached
schedule.




                                    Very truly yours,

                                    BANK OF NEW YORK


                                    By: /s/ Kevin Cremin
                                        ------------------------
                                    Name:  Kevin Cremin
                                    Title: Vice President


<PAGE>

                                    SCHEDULE


INDEXPLUS Trust Series 2003-1
PPLUS Trust Series CMT-1
PPLUS Trust Series CSF-1
PPLUS Trust Series DCC-1
PPLUS Trust Series DCNA-1
PPLUS Trust Series FMC-1
PPLUS Trust Series GSC-1
PPLUS Trust Series GSC-2
PPLUS Trust Series GSC-3
PPLUS Trust Series GSG-1
PPLUS Trust Series GSG-2
PPLUS Trust Series HTZ-1
PPLUS Trust Series JPM-1
PPLUS Trust Series LMG-3
PPLUS Trust Series PMC-1
PPLUS Trust Series SPR-1
PPLUS Trust Series TWC-1
PPLUS Trust Series VAL-1
PreferredPLUS Trust Series ALL-1
PreferredPLUS Trust Series ATT-1
PreferredPLUS Trust Series BLC-1
PreferredPLUS Trust Series BLC-2
PreferredPLUS Trust Series BLS-1
PreferredPLUS Trust Series CCR-1
PreferredPLUS Trust Series CTR-1
PreferredPLUS Trust Series CZN-1
PreferredPLUS Trust Series ELP-1
PreferredPLUS Trust Series FAR-1
PreferredPLUS Trust Series FRD-1
PreferredPLUS Trust Series GEC-1
PreferredPLUS Trust Series GRC-1
PreferredPLUS Trust Series LMG-1
PreferredPLUS Trust Series LMG-2
PreferredPLUS Trust Series MSD-1
PreferredPLUS Trust Series NAI-1
PreferredPLUS Trust Series QWS-1
PreferredPLUS Trust Series QWS-2
PreferredPLUS Trust Series UPC-1
PreferredPLUS Trust Series VER-1
Public STEERS(R) Series 1998 F-Z4 Trust
Public STEERS(R) Series 1998 HLT-1 Trust
Public STEERS(R) Series 1998 IBM-Z2 Trust
Public STEERS(R) Series 1998 TRV-C1 Trust
Public STEERS(R) Series 1999 REN-C1 Trust


                                       2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>b405344_ex99-2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<PAGE>

                                  EXHIBIT 99.2


            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Merrill Lynch Depositor, Inc.

We have examined management's assertion that Merrill Lynch Depositor, Inc. (the
"Company") has complied as of and for the year ended December 31, 2004, with its
established minimum servicing standards described in the accompanying
Management's Assertion on Compliance with PPLUS Minimum Servicing Standards with
respect to INDEXPLUS Trust Series 2003-1, dated March 25, 2005. 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. We did not examine The Bank of
New York's compliance with those minimum servicing standards that it is
responsible for as indicated for "the Bank" in the accompanying minimum
servicing standards. The Bank of New York's compliance with those minimum
servicing standards was examined by other accountants whose report has been
furnished to us, and our opinion, insofar as it relates to The Bank of New
York's compliance, is based solely on the report of such other accountants.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants as adopted
by the Public Company Accounting Oversight Board (United States) and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with its minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination and the report of other accountants provide a reasonable basis for
our opinion. Our examination does not provide a legal determination on the
Company's compliance with its minimum servicing standards.

In our opinion, based on our examination and the report of other accountants,
management's assertion that the Company complied with the aforementioned minimum
servicing standards as of and for the year ended December 31, 2004, is fairly
stated, in all material respects, based on the criteria set forth in Appendix I.

Deloitte & Touche LLP

New York, New York
March 25, 2005



<PAGE>

             Management's Assertion on Compliance with PPLUS Minimum
                               Servicing Standards


March 25, 2005

As of and for the year ended December 31, 2004, Merrill Lynch Depositor, Inc.
(the "Company") has complied, in all material respects, with the Company's
established minimum servicing standards, as set forth in Appendix I, for
servicing the securities in each of the Trust Series, as listed on Schedule A
hereto, excluding those with respect to the Bank of New York as Trustee,
Custodian, Paying Agent and Transfer Agent.



By: /s/ Stephan Kuppenheimer
    ------------------------


Stephan Kuppenheimer
President
Merrill Lynch Depositor, Inc.


                                 ***************
<PAGE>

                                   SCHEDULE A


INDEXPLUS Trust Series 2003-1
PPLUS Trust Series CSF-1
PPLUS Trust Series DCC-1
PPLUS Trust Series FMC-1
PPLUS Trust Series GSG-1
PPLUS Trust Series GSG-2
PPLUS Trust Series HTZ-1
PPLUS Trust Series PMC-1
PPLUS Trust Series SPR-1
PPLUS Trust Series VAL-1
PreferredPLUS Trust Series ALL-1
PreferredPLUS Trust Series ATT-1
PreferredPLUS Trust Series BLC-1
PreferredPLUS Trust Series BLC-2
PreferredPLUS Trust Series BLS-1
PreferredPLUS Trust Series CCR-1
PreferredPLUS Trust Series CTR-1
PreferredPLUS Trust Series CZN-1
PreferredPLUS Trust Series ELP-1
PreferredPLUS Trust Series FAR-1
PreferredPLUS Trust Series FRD-1
PreferredPLUS Trust Series GEC-1
PreferredPLUS Trust Series GRC-1
PreferredPLUS Trust Series LMG-1
PreferredPLUS Trust Series LMG-2
PreferredPLUS Trust Series MSD-1
PreferredPLUS Trust Series NAI-1
PreferredPLUS Trust Series QWS-1
PreferredPLUS Trust Series QWS-2
PreferredPLUS Trust Series UPC-1
PreferredPLUS Trust Series VER-1
Public STEERS(R) Series 1998 HLT-1 Trust
Public STEERS(R) Series 1998 TRV-C1 Trust
Public STEERS(R) Series 1999 REN-C1 Trust
<PAGE>

                                   APPENDIX I


                   PPLUS Minimum Servicing Standards intended
                      for use in connection with the Annual
                           Accountants Report ("AAR")

Below is Merrill Lynch Depositor, Inc.'s ("the Depositor") together with Merrill
Lynch High Grade Credit Management ("HGCM") and the Merrill Lynch Credit
Derivative Integrated Support Solutions ("ISS"), minimum servicing standards for
the PreferredPlus Program ("PPlus"). The Bank of New York ("the Bank") acts as
Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus
Program and has agreed to comply with these minimum servicing standards.


MERRILL LYNCH DEPOSITOR, INC.'S MINIMUM SERVICING STANDARDS


1. CUSTODIAL BANK ACCOUNT RECONCILIATIONS

   o  The Bank must reconcile all related custodial bank accounts.

   o  The Bank will include the Distribution report as Exhibit 99.1 in the Form
      8-Ks filed with the SEC.

2. VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS

   o  The Bank must have a tickler system in place so that they will be
      expecting and monitoring the custodial bank account for receipt of the
      collateral coupon interest. Each of the tickler systems shall be updated
      on an on-going basis as each new trust series is created.

   o  The Bank will ensure all interest payments are deposited into the
      custodial bank accounts and related bank clearing accounts on the day the
      Bank is in receipt of the funds.

   o  The Bank must prove the arithmetic accuracy of the amount of interest
      received by the Trust from the underlying securities and ensure that the
      face amount, description, coupon rate, and maturity date of the securities
      held in the Trust agree to the PPM Supplement dated Date XX, 20XX.

3. TRUST DISBURSEMENTS

   o  The Bank must prove the arithmetic accuracy of the amount of interest to
      be paid by the Trust to the Debt Unit holders by referring to the PPM
      Supplement dated Date XX, 20XX.

   o  The Bank will make all disbursements via wire transfer to The Depository
      Trust Company ("DTC") on the scheduled trust distribution date as soon as
      the amount of interest received from the underlying collateral into the
      custodial bank account has been received and verified for accuracy.


<PAGE>

4. PARTIAL REDEMPTIONS

   o  If there is a partial redemption of the trust certificates the Bank and
      the Depositor must ensure that the redemption proceeds received by the
      trust and distributed by the Bank are in accordance with the series
      supplement.

5. DEFAULTS

   o  If the Bank has actual knowledge of an event of default on the underlying
      securities that did not cause the trust to liquidate, the Bank must
      distribute a formal notice of default to the Depositor, the
      certificateholders, the rating agencies and HGCM/ISS.

   o  If the Bank has actual knowledge of an event of default on the underlying
      securities that did not cause the Trust to liquidate, the procedures for a
      vote or consent of the certificateholders as set forth in the Standard
      Terms and series Supplement must be complied with.

6. CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must give the Depositor and the affected
      certificateholders notice of any exercise of call warrants or optional
      exchange. Such notice must contain the amount of certificates to be
      purchased, the call price, and any other relevant information.

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must notify the rating agencies of the call exercise
      or optional exchange.

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must give notice of exercise or optional exchange to
      the Depositor and certificate registrar of any certificates that were
      called.

7. COMMUNICATIONS WITH CERTIFICATEHOLDERS

   o  If there was any occasion for the exercise of voting rights or giving
      consents by the certificateholders, the Bank must provide notice to the
      certificateholders within 5 business days of the Trust's receipt of notice
      of the occasion and the Bank must vote or give consents as directed by
      certificateholders.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>b405344_ex99-3.txt
<DESCRIPTION>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<PAGE>
                                  EXHIBIT 99.3

            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have examined management's assertion, included in the accompanying Report of
Management on Compliance, that The Bank of New York (the "Company") complied
with the PPLUS Minimum Servicing Standards (attached) as of and for the year
ended December 31, 2004 as it relates to IndexPLUS Trust Series 2003-1.
Management is responsible for The Bank of New York's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about The Bank of New York's compliance based on our examination.

Our examination was conducted in accordance with attestation 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 those requirements 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 specified requirements.

In our opinion, management's assertion that The Bank of New York complied with
the aforementioned requirements as of and for the year ended December 31, 2004
is fairly stated, in all material respects.


Ernst & Young LLP

New York, New York
March 14, 2005
<PAGE>

                       REPORT OF MANAGEMENT ON COMPLIANCE


March 14, 2005


We, as members of management of The Bank of New York, (the "Company") are
responsible for complying with the requirements of the PPLUS Minimum Servicing
Standards as it relates to INDEXPLUS Trust Series 2003-1. We also are
responsible for establishing and maintaining effective internal control over
compliance with the PPLUS Minimum Servicing Standards. We have performed an
evaluation of the Company's compliance with the requirements of PPLUS Minimum
Servicing Standards as it relates to INDEXPLUS Trust Series 2003-1 as of
December 31, 2004 and for the year ended December 31, 2004. Based on this
evaluation, we assert that for the year ended December 31, 2004, the Company
complied with the requirements of the PPLUS Minimum Servicing Standards
(attached).








                                                 /s/ Robert L. Griffin
                                                 -----------------------------
                                                 Robert L. Griffin
                                                 Managing Director



                                                 /s/ Kevin Cremin
                                                 -----------------------------
                                                 Kevin Cremin
                                                 Vice President

<PAGE>

                                   APPENDIX I


                   PPLUS Minimum Servicing Standards intended
                      for use in connection with the Annual
                           Accountants Report ("AAR")

Below is Merrill Lynch Depositor, Inc.'s ("the Depositor") together with Merrill
Lynch High Grade Credit Management ("HGCM") and the Merrill Lynch Credit
Derivative Integrated Support Solutions ("ISS"), minimum servicing standards for
the PreferredPlus Program ("PPlus"). The Bank of New York ("the Bank") acts as
Trustee, Custodian, Paying Agent, and Transfer Agent on behalf of the PPlus
Program and has agreed to comply with these minimum servicing standards.


MERRILL LYNCH DEPOSITOR, INC.'S MINIMUM SERVICING STANDARDS


1. CUSTODIAL BANK ACCOUNT RECONCILIATIONS

   o  The Bank must reconcile all related custodial bank accounts.

   o  The Bank will include the Distribution report as Exhibit 99.1 in the Form
      8-Ks filed with the SEC.

2. VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS

   o  The Bank must have a tickler system in place so that they will be
      expecting and monitoring the custodial bank account for receipt of the
      collateral coupon interest. Each of the tickler systems shall be updated
      on an on-going basis as each new trust series is created.

   o  The Bank will ensure all interest payments are deposited into the
      custodial bank accounts and related bank clearing accounts on the day the
      Bank is in receipt of the funds.

   o  The Bank must prove the arithmetic accuracy of the amount of interest
      received by the Trust from the underlying securities and ensure that the
      face amount, description, coupon rate, and maturity date of the securities
      held in the Trust agree to the PPM Supplement dated Date XX, 20XX.

3. TRUST DISBURSEMENTS

   o  The Bank must prove the arithmetic accuracy of the amount of interest to
      be paid by the Trust to the Debt Unit holders by referring to the PPM
      Supplement dated Date XX, 20XX.

   o  The Bank will make all disbursements via wire transfer to The Depository
      Trust Company ("DTC") on the scheduled trust distribution date as soon as
      the amount of interest received from the underlying collateral into the
      custodial bank account has been received and verified for accuracy.

                                       1
<PAGE>

4. PARTIAL REDEMPTIONS

   o  If there is a partial redemption of the trust certificates the Bank and
      the Depositor must ensure that the redemption proceeds received by the
      trust and distributed by the Bank are in accordance with the series
      supplement.

5. DEFAULTS

   o  If the Bank has actual knowledge of an event of default on the underlying
      securities that did not cause the trust to liquidate, the Bank must
      distribute a formal notice of default to the Depositor, the
      certificateholders, the rating agencies and HGCM/ISS.

   o  If the Bank has actual knowledge of an event of default on the underlying
      securities that did not cause the Trust to liquidate, the procedures for a
      vote or consent of the certificateholders as set forth in the Standard
      Terms and series Supplement must be complied with.

6. CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must give the Depositor and the affected
      certificateholders notice of any exercise of call warrants or optional
      exchange. Such notice must contain the amount of certificates to be
      purchased, the call price, and any other relevant information.

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must notify the rating agencies of the call exercise
      or optional exchange.

   o  If there is an exercise of call warrants or an optional exchange of trust
      certificates for underlying securities that did not cause the trust to
      liquidate, the Bank must give notice of exercise or optional exchange to
      the Depositor and certificate registrar of any certificates that were
      called.

7. COMMUNICATIONS WITH CERTIFICATEHOLDERS

   o  If there was any occasion for the exercise of voting rights or giving
      consents by the certificateholders, the Bank must provide notice to the
      certificateholders within 5 business days of the Trust's receipt of notice
      of the occasion and the Bank must vote or give consents as directed by
      certificateholders.

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