<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>b411875_10k.txt
<DESCRIPTION>ANNUAL REPORT
<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, 2005                        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.)
                in corporation)

            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.

<PAGE>

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

                                 Yes [ ]  No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

                                 Yes [ ]  No [X]

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]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                 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 for each of the registrant's classes
of common stock, as of the latest practicable date.

Not Applicable.

                                        2

<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); Federated
                 Retail Holdings Inc. (Commission file number 333-42940); The
                 May Department Stores Company LLC (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 001-13175); 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 1580, 100 F
                 Street, N.E., 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, N.E., 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.


                                        3
<PAGE>

                 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 1A.  RISK FACTORS

                 Your investment in the trust certificates will involve certain
                 risks. You should carefully consider the following discussion
                 of risks, and the other information included or incorporated by
                 reference in the applicable prospectus supplement and the
                 accompanying prospectus. You should also carefully consider any
                 risk factors and other information that the underlying
                 securities issuer may file in its Exchange Act reports as
                 referenced in Item 1 above.

                 IF THE TRUST CERTIFICATES OR ANY OF THE UNDERLYING SECURITIES
                 ARE REDEEMED PRIOR TO THEIR MATURITY DATE, YOU MAY NOT BE ABLE
                 TO REINVEST YOUR REDEMPTION PROCEEDS AT A YIELD COMPARABLE TO
                 THE YIELD YOU WOULD HAVE RECEIVED ON YOUR TRUST CERTIFICATES.

                 The yield you will realize on your trust certificates depends
                 upon several factors, including:

                 o  the purchase price of the trust certificates,

                 o  when you acquire your trust certificates,

                 o  whether an underlying securities issuer exercises an option
                    to redeem underlying securities, and

                 o  whether the trust redeems the trust certificates prior to
                    the final scheduled distribution date.

                 The description of the underlying securities in the applicable
                 prospectus supplement indicates which of the underlying
                 securities can be redeemed prior to maturity at the option of
                 the associated underlying securities issuer. Because the
                 indicated underlying securities issuers have the right to
                 redeem the indicated underlying securities early, we cannot
                 assure you that the trust will be able to hold those underlying
                 securities until their maturity date.


                                       4
<PAGE>

                 YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE INSUFFICIENT

                 Distributions on the trust certificates will be made only from
                 available assets of the trust. The trust will have no
                 significant assets other than the portfolio of underlying
                 securities. The trust certificates are not obligations of and
                 do not represent any interests in the underwriter, the
                 depositor, the trustee, the market agent, the calculation agent
                 or any of their affiliates. Neither we nor the underwriter, the
                 trustee, the market agent, the calculation agent or any other
                 person or entity will be obligated to make any payments on the
                 trust certificates from its own assets, and trust certificates
                 holders will have no recourse against any of them or their
                 respective assets. If the payments received from the underlying
                 securities are insufficient to make distributions on the trust
                 certificates, you may not receive all or part of the full
                 amount due on your trust certificates.

                 NEITHER WE NOR THE TRUSTEE, THE UNDERWRITER, THE MARKET AGENT,
                 THE CALCULATION AGENT NOR ANY OF THEIR AFFILIATES WILL MANAGE
                 THE UNDERLYING SECURITIES

                 Except as described below, the trust will not dispose of any of
                 the underlying securities, even if an event occurs that
                 adversely affects any underlying securities issuer and/or the
                 value of any or all of the underlying securities. Under the
                 applicable trust agreement, the trust will dispose of an
                 underlying security only if:

                 o   there is a credit event on an underlying security or an
                     underlying securities issuer,

                 o   there is a non-payment-related default that accelerates the
                     maturity of an underlying security, or

                 o   in the case of an underlying securities issuer that is
                     obliged to file Exchange Act reports, the relevant
                     underlying securities issuer ceases to file Exchange Act
                     reports and the related underlying securities comprise 10%
                     or more of the assets of the trust.

                 Under the above circumstances, the trustee must retain a market
                 agent who will sell the defaulted underlying security on or
                 after the 30th day after receipt of notice of the default in
                 accordance with the sale procedures described in the applicable
                 prospectus supplement and distribute the net proceeds from such
                 sale to the holders of the trust certificates pro rata even if
                 adverse market conditions exist. Neither the trustee nor the
                 market agent has discretion to do otherwise. If adverse market
                 conditions exist at the time of the sale of the underlying
                 securities, you may incur greater losses than if the trust
                 continued to hold the underlying securities and sold them at a
                 later date.

                                        5
<PAGE>

                 THE VALUE OF THE TRUST CERTIFICATES DEPENDS UPON THE
                 CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUERS AND THE
                 MARKET PRICES OF THE UNDERLYING SECURITIES.

                 The trust certificates represent interests in obligations of
                 the underlying securities issuers and will be subject to all
                 the risks associated with directly investing in each underlying
                 securities issuer's debt obligations. The underlying indenture
                 and the terms and conditions governing each underlying security
                 may not limit the amount of indebtedness that may be incurred
                 by the relevant underlying securities issuer. In addition, an
                 investment in the trust certificates represents an investment
                 in the underlying securities and most of the underlying
                 securities are not listed on any securities exchange. The
                 underlying securities are generally purchased and sold through
                 dealers who make a market in such securities for their own
                 accounts, and there may be significant disparities in the
                 prices quoted for any of the underlying securities by
                 securities dealers at any point in time. Therefore, the market
                 for any of the underlying securities is less liquid than the
                 market for securities which are traded through a securities
                 exchange and the aggregate market value of a comparable amount
                 of the underlying securities may be higher than the market
                 price of the trust certificates. You should consider the nature
                 of each underlying security and the credit risk of each
                 underlying securities issuer before making an investment
                 decision regarding the trust certificates.

                 THE TRUST CERTIFICATEHOLDERS MAY SUFFER A LOSS UPON THE
                 OCCURRENCE OF A REMOVAL EVENT

                 Should a removal event, as described in the applicable
                 prospectus supplement, occur with respect to an underlying
                 security, the trustee on behalf of the trust will instruct the
                 market agent to sell such underlying security and distribute
                 the net proceeds of the sale of such underlying security to the
                 trust certificateholders. In such case, the certificate
                 principal balance of the trust certificates will be reduced by
                 the principal amount of the underlying security subject to such
                 removal event. If the amount distributable to the trust
                 certificateholders from the proceeds of the sale of the
                 underlying securities subject to the removal event is less than
                 the principal amount of such underlying securities plus any
                 accrued and unpaid interest thereof the trust
                 certificateholders will suffer a loss. Additionally, if less
                 than all of such underlying securities are sold and the
                 applicable underlying securities issuer defaults on payments
                 due on such unsold underlying securities, the trust
                 certificateholders will suffer a loss. The trust
                 certificateholders will also bear the risk of reinvestment
                 resulting from the reduction in the certificate principal
                 balance of the trust certificates.

                                        6
<PAGE>

                 THE PASS-THROUGH RATE MAY BE REDUCED UPON PAYMENT OF PRINCIPAL
                 ON OR THE OCCURRENCE OF A REMOVAL EVENT WITH RESPECT TO
                 UNDERLYING SECURITIES

                 Because the pass-through rate on the trust certificates will be
                 determined in part by the weighted average interest rate of the
                 underlying securities, payments of principal on an underlying
                 security or the occurrence of a removal event may cause the
                 pass-through rate to decrease depending upon the interest rate
                 of such underlying security.

                 AS UNDERLYING SECURITIES ARE REMOVED FROM THE TRUST AT THEIR
                 MATURITY, REDEMPTION OR SALE, THE POOL OF UNDERLYING SECURITIES
                 WILL BECOME LESS DIVERSIFIED AND YOUR EXPOSURE TO ECONOMIC
                 FACTORS THAT DISPROPORTIONATELY AFFECT ONE OR MORE OF THE
                 REMAINING UNDERLYING SECURITIES WILL INCREASE.

                 As underlying securities mature, underlying securities are
                 redeemed or sold, or removal events occur, the pool of
                 underlying securities held by the trust will become less
                 diversified. These events could increase your risk of loss
                 resulting from the decline in one or more of the economic
                 factors disproportionately affecting any of the remaining
                 underlying securities.

                 PRINCIPAL AND INTEREST PAYMENTS ON THE UNDERLYING SECURITIES
                 ARE UNSECURED OBLIGATIONS OF THE UNDERLYING SECURITIES ISSUERS

                 Distributions on the trust certificates depend primarily on
                 principal and interest payments on the underlying securities.
                 Some of these payments are unsecured obligations of the
                 underlying securities issuers. In any proceedings involving the
                 insolvency, liquidation or winding up of an underlying
                 securities issuer, holders of unsecured securities of that
                 underlying issuer will be paid only after the holders of that
                 underlying securities issuer's secured obligations are paid in
                 full. As a result, you may not recover the principal amount of
                 your trust certificates attributable to such underlying
                 security.

                 THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE

                 At the time of issuance, Moody's and/or Fitch Ratings assigned
                 ratings to the trust certificates on the original issue date in
                 one of the four highest categories assigned to long-term debt.

                 Any rating issued with respect to the trust certificates is not
                 a recommendation to purchase, sell or hold a security. Ratings
                 do not reflect upon the market price of the trust certificates
                 or their suitability for a particular investor. We cannot
                 assure you that initial ratings will remain for any given
                 period of time or that a ratings agency would not revise or
                 withdraw entirely the ratings if, in its judgment,
                 circumstances (including, without limitation, the rating of any
                 of the underlying securities) merit. A revision or withdrawal
                 of a rating may adversely affect the market price of the trust
                 certificates.


                                        7
<PAGE>

                 POTENTIAL CONFLICTS OF INTERESTS MAY ARISE BETWEEN US, THE
                 UNDERWRITER AND THE TRUST

                 We, Merrill Lynch, or one of its affiliates will acquire the
                 underlying securities comprising the trust's portfolio.
                 Potential conflicts of interests may arise as Merrill Lynch and
                 its affiliates may engage in investment banking or may provide
                 other services for some or all of the underlying securities
                 issuers. In addition, Merrill Lynch and its affiliates may also
                 own, make purchases or sales, including sales to the trust,
                 establish long or short positions or engage in hedging
                 activities in some or all of the underlying securities for
                 their own accounts. All such activities may result in conflicts
                 of interests among Merrill Lynch, its affiliates and the trust
                 certificateholders.

ITEM 1B.         UNRESOLVED STAFF COMMENTS

                 Not Applicable.

ITEM 2.          PROPERTIES

                 None.

ITEM 3.          LEGAL PROCEEDINGS

                 None.

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

                 None.

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.

                                        8
<PAGE>

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

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.

                                        9
<PAGE>

ITEM 14.         PRINCIPAL ACCOUNTING FEES AND SERVICES

                 Not Applicable.

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 27, 2006, 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
                             fiscal year ended December 31, 2005.

                     99.1.   Trustee's Annual Compliance Certificate dated
                             February 21, 2006.

                     99.2.   Report of Deloitte & Touche LLP, Independent
                             Registered Public Accounting Firm, dated
                             March 24, 2006, Registrant's Assertion on
                             Compliance with PPLUS Minimum Servicing Standards
                             dated March 24, 2006 and PPLUS Minimum Servicing
                             Standards.

                     99.3.   Report of Ernst & Young LLP, Independent
                             Registered Public Accounting Firm, dated
                             February 21, 2006, The Bank of New York's Assertion
                             on Compliance with PPLUS Minimum Servicing
                             Standards dated February 21, 2006 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.

                                        10

<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 27, 2006                         By: /s/ Stephan Kuppenheimer
                                                -------------------------------
                                                  Name:  Stephan Kuppenheimer
                                                  Title:  President








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