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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001125282-06-007828.txt : 20061213
<SEC-HEADER>0001125282-06-007828.hdr.sgml : 20061213
<ACCEPTANCE-DATETIME>20061213172652
ACCESSION NUMBER:		0001125282-06-007828
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060620
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061213
DATE AS OF CHANGE:		20061213

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:		061275022

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b416160_8k.txt
<DESCRIPTION>FORM 8-K
<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, 2006

                         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.


<PAGE>

Section 6.        Asset-Backed Securities

                  Not applicable.

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, 2006.

                                    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);
                           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). 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 respective underlying securities
                           issuers have 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)       Shell company transactions.

                           Not applicable

                  (d) Exhibits.

                            99.1    Trustee's report in respect of the
                                    June 20, 2006 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:06/22/06               By:      /s/ Jason Liddell
                                              ------------------------------
                                      Name:  Jason Liddell
                                     Title:  Vice President



<PAGE>


                                            EXHIBIT INDEX


                  99.1     Trustee's report in respect of the June 20, 2006
                           distribution to holders of the INDEXPLUS Trust
                           Certificates Series 2003-1.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>b416160ex_99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>



                                  EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                          INDEXPLUS TRUST SERIES 2003-1

                                DISTRIBUTION DATE
                                  JUNE 20, 2006
                             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 06/20/06:              $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
       Federated Retail Holdings, Inc.                 $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           Ba1          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           Ba1          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
   Federated Retail Holdings, Inc.        $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 Global Funding Corporation       $2,213,000         7.750%         923-44G-AS5           A2           A+
             Viacom Inc.                  $2,213,000         5.500%         925-524-AV2          Baa3         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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