-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001125282-05-003475.txt : 20050629
<SEC-HEADER>0001125282-05-003475.hdr.sgml : 20050629
<ACCEPTANCE-DATETIME>20050629172229
ACCESSION NUMBER:		0001125282-05-003475
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050620
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050629
DATE AS OF CHANGE:		20050629

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		05925906

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b407469_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 20, 2005

                          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


SECTION 1.        REGISTRANT'S BUSINESS AND OPERATIONS

                  Not applicable.

SECTION 2.        FINANCIAL INFORMATION

                  Not applicable.

SECTION 3.        SECURITIES AND TRADING MARKETS

                  Not applicable.

SECTION 4.        MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

                  Not applicable.

SECTION 5.        CORPORATE GOVERNANCE AND MANAGEMENT

                  Not applicable.

SECTION 6.        [RESERVED]


<PAGE>


SECTION 7.        REGULATION FD

                  Not applicable.

SECTION 8.        OTHER EVENTS

ITEM 8.01         OTHER EVENTS

         99.1     Distribution to holders of the INDEXPLUS Trust Certificates
                  Series 2003-1 on June 20, 2005.

                           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
                  001-14561); 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 1580, 100 F Street, NE, 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
                  100 F Street, NE, 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.

SECTION 9.        FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01         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 20, 2005
                           distribution to holders of the INDEXPLUS Trust
                           Certificates Series 2003-1.



<PAGE>


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




<PAGE>


                                  EXHIBIT INDEX


         99.1     Trustee's report in respect of the June 20, 2005 distribution
                  to holders of the INDEXPLUS Trust Certificates Series 2003-1.






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>b407469_ex99-1.txt
<DESCRIPTION>DISTRIBUTION REPORT
<TEXT>
<PAGE>


                                  EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                          INDEXPLUS TRUST SERIES 2003-1

                                DISTRIBUTION DATE
                                  JUNE 20, 2005
                             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:                        $1,134,715.78
                  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 06/20/05:        $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        Baa3       BB+
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        Baa2       BB
    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        Baa2       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 Global Funding Corporation           $2,213,000      7.750%     923-44G-AS5         A2        A+
             Viacom Inc.                      $2,213,000      5.500%     925-524-AV2         A3       BBB+
        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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