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<SEC-DOCUMENT>0001174947-08-000134.txt : 20080327
<SEC-HEADER>0001174947-08-000134.hdr.sgml : 20080327
<ACCEPTANCE-DATETIME>20080327171048
ACCESSION NUMBER:		0001174947-08-000134
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080327
DATE AS OF CHANGE:		20080327

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:		08715825

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>e30050_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 10-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ANNUAL REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>For the fiscal year ended:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission file number:</B></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><B>December&nbsp;31, 2007</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-31941</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MERRILL LYNCH DEPOSITOR, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(ON BEHALF OF INDEXPLUS TRUST SERIES 2003-1)</DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DELAWARE<BR>
(State or other <BR>
jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-3891329<BR>
(I. R. S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">WORLD FINANCIAL CENTER, <BR>
NEW YORK, NEW YORK<BR>
(Address of principal <BR>
executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10080<BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (212)&nbsp;449-1000</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(b) of the Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INDEXPLUS Trust Certificates Series&nbsp;2003-1, listed on The New York Stock
Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(g) of the Act:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule&nbsp;405 of the Securities Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is not required to file reports
pursuant to Section&nbsp;13 or Section 15(d) of the Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
Registrant was required to file such reports), and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#111;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405
of Regulation&nbsp;S-K is not contained herein, and will not be contained, to the
best of registrant&#146;s knowledge, in definitive proxy or information statements
incorporated by reference in Part&nbsp;III of this Form 10-K or any amendment to
this Form 10-K.&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule&nbsp;12b-2 of the Act).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a shell company (as defined in
Rule&nbsp;12b-2 of the Exchange Act).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&#146;s most recently completed second
fiscal quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate the number of shares outstanding for each of the registrant&#146;s classes
of common stock, as of the latest practicable date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR><TD></TD><TD colspan="8"><A HREF="#page000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page001">ITEM 1. BUSINESS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page002">ITEM 1A. RISK FACTORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page003">ITEM 1B. UNRESOLVED STAFF COMMENTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page004">ITEM 2. PROPERTIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page005">ITEM 3. LEGAL PROCEEDINGS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page006">ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page007">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page008">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page009">ITEM 6. SELECTED FINANCIAL DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page010">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page011">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page012">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page013">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page014">ITEM 9A. CONTROLS AND PROCEDURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page015">ITEM 9B. OTHER INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page016">PART III</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page017">ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page018">ITEM 11. EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page019">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page020">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page021">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page022">PART IV</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#page023">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#page024">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="e30050ex31_1.htm">EX-31.1: CERTIFICATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="e30050ex99_1.htm">EX-99.1: TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATE</A></TD></TR>
<TR><TD colspan="9"><A HREF="e30050ex99_2.htm">EX-99.2: REPORT OF DELOITTE &amp; TOUCHE LLP</A></TD></TR>
<TR>
        <TD colspan="9"><A HREF="e30050ex99_3.htm">EX-99.3: REPORT OF KPMG  LLP</A></TD>
      </TR>
</TABLE>
</CENTER>


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<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DOCUMENTS INCORPORATED BY REFERENCE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None.
</DIV>

<!-- link2 "PART I" -->
<DIV align="left"><A NAME="page000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART I
</DIV>

<!-- link2 "ITEM 1. BUSINESS" -->
<DIV align="left"><A NAME="page001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 1. BUSINESS
</DIV>



  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">For information with respect to the underlying securities held
by INDEXPLUS Trust Series&nbsp;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 (USA), Inc. (Commission file
number 001-06862); DaimlerChrysler North America Holding
Corporation (Commission file number 333-13160); Daimler
AG (Commission file number 001-14561); Ford Motor Company
(Commission file number 001-03950); General Electric Capital
Corporation (Commission file number 001-06461); GMAC LLC (Commission file number 001-03754); The
Goldman Sachs Group, Inc. (Commission file number 001-14965);
Johnson &#038; Johnson (Commission file number 001-03215); Macy&#146;s Holdings Inc. (Commission file number 333-42940); Macy&#146;s Inc. (Commission file number 001-
13536); 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); CBS Corporation
(Commission file number 001-09553); CBS Operations Inc. (Commission file number 333-62052-01) and Weyerhaeuser
Company (Commission file number 001-04825) on file with the
Securities and Exchange Commission (the &#147;SEC). You can read and
copy these reports and other information at the public
reference facilities maintained by the SEC at Room&nbsp;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&#146;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&#146;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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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&#146;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 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.
</DIV>
<!-- link2 "ITEM 1A. RISK FACTORS" -->
<DIV align="left"><A NAME="page002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1A. RISK FACTORS
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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&nbsp;1 above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The yield you will realize on your trust certificates depends
upon several factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price of the trust certificates,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when you acquire your trust certificates,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether an underlying securities issuer exercises an option
to redeem underlying securities, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the trust redeems the trust certificates prior to
the final scheduled distribution date.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE INSUFFICIENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">NEITHER WE NOR THE TRUSTEE, THE UNDERWRITER, THE MARKET AGENT,
THE CALCULATION AGENT NOR ANY OF THEIR AFFILIATES WILL MANAGE
THE UNDERLYING SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a credit event on an underlying security or an
underlying securities issuer,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a non-payment-related default that accelerates the
maturity of an underlying security, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE VALUE OF THE TRUST CERTIFICATES DEPENDS UPON THE
CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUERS AND THE
MARKET PRICES OF THE UNDERLYING SECURITIES.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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&#146;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE TRUST CERTIFICATEHOLDERS MAY SUFFER A LOSS UPON THE
OCCURRENCE OF A REMOVAL EVENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE PASS-THROUGH RATE MAY BE REDUCED UPON PAYMENT OF PRINCIPAL
ON OR THE OCCURRENCE OF A REMOVAL EVENT WITH RESPECT TO
UNDERLYING SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">PRINCIPAL AND INTEREST PAYMENTS ON THE UNDERLYING SECURITIES
ARE UNSECURED OBLIGATIONS OF THE UNDERLYING SECURITIES ISSUERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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&#146;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At the time of issuance, Moody&#146;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">POTENTIAL CONFLICTS OF INTERESTS MAY ARISE BETWEEN US, THE
UNDERWRITER AND THE TRUST
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We, Merrill Lynch, or one of its affiliates will acquire the
underlying securities comprising the trust&#146;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.
</DIV>
<!-- link2 "ITEM 1B. UNRESOLVED STAFF COMMENTS" -->
<DIV align="left"><A NAME="page003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1B. UNRESOLVED STAFF COMMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 2. PROPERTIES" -->
<DIV align="left"><A NAME="page004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 2. PROPERTIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 3. LEGAL PROCEEDINGS" -->
<DIV align="left"><A NAME="page005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 3. LEGAL PROCEEDINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS" -->
<DIV align="left"><A NAME="page006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "PART II" -->
<DIV align="left"><A NAME="page007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART II
</DIV>

<!-- link2 "ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES" -->
<DIV align="left"><A NAME="page008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 6%; text-indent: -6%">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Trust Certificates issued by INDEXPLUS Trust Series&nbsp;2003-1
are represented by one or more physical certificates registered
in the name of Cede &#038; Co., the nominee of the Depository Trust
Company. The Trust Certificates are listed on the New York
Stock Exchange.
</DIV>
<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA" -->
<DIV align="left"><A NAME="page009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 6. SELECTED FINANCIAL DATA
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->
<DIV align="left"><A NAME="page010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 276; page: 276" -->



<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" -->
<DIV align="left"><A NAME="page011"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA" -->
<DIV align="left"><A NAME="page012"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE" -->
<DIV align="left"><A NAME="page013"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "ITEM 9A. CONTROLS AND PROCEDURES" -->
<DIV align="left"><A NAME="page014"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9A. CONTROLS AND PROCEDURES
</DIV>



  <DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant&#146;s
current report on Form 8-K filed with the Securities and Exchange
Commission on January 11, 2008, in respect of the December 20, 2007
distribution to holders of the INDEXPLUS Trust Certificates
Series&nbsp;2003-1, had been filed late.
The Registrant has revised its procedures so as to provide reasonable assurance that its future
Exchange Act filings will be filed within the applicable time periods.
</DIV>
<!-- link2 "ITEM 9B. OTHER INFORMATION" -->
<DIV align="left"><A NAME="page015"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9B. OTHER INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>
<!-- link2 "PART III" -->
<DIV align="left"><A NAME="page016"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART III
</DIV>

<!-- link2 "ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT" -->
<DIV align="left"><A NAME="page017"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 11. EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="page018"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 11. EXECUTIVE COMPENSATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS" -->
<DIV align="left"><A NAME="page019"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 6%; text-indent: -6%">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Authorized For Issuance Under Equity
Compensation Plans: None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Certain Beneficial Owners: None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Management: Not Applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes In Control: None.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="page020"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES" -->
<DIV align="left"><A NAME="page021"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>
<!-- link2 "PART IV" -->
<DIV align="left"><A NAME="page022"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART IV
</DIV>

<!-- link2 "ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES" -->
<DIV align="left"><A NAME="page023"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(1) Financial Statements: Not Applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(2) Financial Statement Schedules: Not Applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(3) List of Exhibits
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following exhibits are filed as part of, and incorporated
by reference into, this Annual Report on Form 10-K:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">31.1.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Certification of Vice President of Registrant dated
March 14, 2008, pursuant to Rules&nbsp;13a-14 and 15d-14
under the Securities Exchange Act of 1934, as
adopted pursuant to Section&nbsp;302 of the
Sarbanes-Oxley Act of 2002, with respect to the
Registrant&#146;s Annual Report on Form 10-K for the
fiscal year ended December&nbsp;31, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Trustee&#146;s Annual Compliance Certificate dated
March 6, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.2.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Report of Deloitte &#038; Touche LLP, Independent
Registered Public Accounting Firm, dated
March 14, 2008, Registrant&#146;s Assertion on
Compliance with PPLUS Minimum Servicing Standards
dated March 14, 2008 and PPLUS Minimum Servicing
Standards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.3.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD>Report of KPMG  LLP, Independent
Registered Public Accounting Firm, dated
March 5, 2008, The Bank of New York&#146;s Assertion
on Compliance with PPLUS Minimum Servicing
Standards dated March 5, 2008 and PPLUS Minimum
Servicing Standards.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Exhibits
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Registrant hereby files as part of this Annual Report
on Form 10-K the exhibits listed in Item&nbsp;15(a)(3) set forth
above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;Financial Statement Schedules
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Not applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<!-- MARKER PAGE="sheet: 278; page: 278" -->



<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="page024"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;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.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MERRILL LYNCH DEPOSITOR, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
      <TD align="left">Date: March 25, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Ronald Monaco
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ronald Monaco&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<SEQUENCE>2
<FILENAME>e30050ex31_1.htm
<DESCRIPTION>CERTIFICATION
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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 31.1
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Ronald Monaco, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;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&nbsp;2003-1;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;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
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
    </TR>
    <TR>
      <TD valign="top" align="left">&nbsp;</TD>
      <TD colspan="3" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">Date: March 14, 2008&nbsp;</TD>
      <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/
Ronald Monaco
&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">Ronald Monaco
</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">Vice President&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>

  </TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- MARKER FORMAT-SHEET="5 pt rule no space" FSL="Workstation" -->
<HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e30050ex99_1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<DIV style="font-family: 'Times New Roman',Times,serif">
  <p align=CENTER><img src="bny_logo.jpg" width="253" height="80"></p>
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.1 </font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>THE BANK OF NEW YORK </font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <div align="center"><font face="Times New Roman, Times, Serif" size=2>Officer&#146;s Certificate </font>
</div>
  <hr noshade size="1" width="200">
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>March 6, 2008 </font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>MERRILL LYNCH DEPOSITOR, INC. <br>
    North
Tower, 7th Floor<br>
     4 World Financial Center <br>
    New York, New York 10080 </font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>PREFERREDPLUS, PPLUS
TRUST AND INDEXPLUS CERTIFICATE </font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>The undersigned, Joseph Panepinto,
Vice President of The Bank of New York, a New York corporation (the &#147;Trustee&#148;), 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 &#147;Depositor&#148;) and the Trustee, as successor to United
States Trust Company of New York, as trustee and securities intermediary (the &#147;Securities
Intermediary&#148;), in each case as amended by a series supplement between the Depositor, the
Trustee and the Securities Intermediary for each trust series listed in the attached
schedule with the exception of the items identified below: </font></p>
  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Project" -->
  <table width=100% cellpadding=0 cellspacing=0>
    <tr valign=TOP>
      <td width=5%><font face="Times New Roman, Times, Serif" size="2">&#149;</font><font face="Times New Roman, Times, Serif" size="2"> </font></td>
      <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
      <td width=95%><font face="Times New Roman, Times, Serif" size=2>With
respect to the Preferred Plus Trust Series ELP-1,  CSF-1,  LMG-2, and PMC-1 transactions
and the July      trust  distribution  date, the disbursements were not made on the trust
distribution date of July 16, 2007 but      instead was made on July 17, 2007. </font></td>
    </tr>
  </table>
  <br>

  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Project" -->
  <table width=100% cellpadding=0 cellspacing=0>
    <tr valign=TOP>
      <td width=5%><font face="Times New Roman, Times, Serif" size=2>&#149;</font><font face="Times New Roman, Times, Serif" size="2"> </font><font face="Times New Roman, Times, Serif" size=2> </font></td>
      <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
      <td width=95%><font face="Times New Roman, Times, Serif" size=2>With
respect to the Preferred  Plus Trust Series VER-1  transaction  and the December  trust
 distribution      date, the  disbursement was not made on the trust  distribution  date
of December 3, 2007 but instead was made      on December 5, 2007. </font></td>
    </tr>
  </table>
  <br>

  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Project" -->
  <table width=100% cellpadding=0 cellspacing=0>
    <tr valign=TOP>
      <td width=5%><font face="Times New Roman, Times, Serif" size=2>&#149;</font><font face="Times New Roman, Times, Serif" size="2"> </font><font face="Times New Roman, Times, Serif" size=2>  </font></td>
      <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
      <td width=95%><font face="Times New Roman, Times, Serif" size=2>With
respect to the Public Steers Series 1999 REN-C1  transaction and the March trust
 distribution  date,      the  disbursement was not made on the trust  distribution  date
of March 1, 2007 but instead was made on March      8, 2007. </font></td>
    </tr>
  </table>
  <br>

  <!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Project" -->
  <table width=100% cellpadding=0 cellspacing=0>
    <tr valign=TOP>
      <td width=5%><font face="Times New Roman, Times, Serif" size=2>&#149;</font><font face="Times New Roman, Times, Serif" size="2"> </font><font face="Times New Roman, Times, Serif" size=2> </font></td>
      <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
      <td width=95%><font face="Times New Roman, Times, Serif" size=2>With
respect to the Public  Steers  Series 1998 TRV-C1  transaction  and the February  trust
 distribution      date, the disbursement was not made on the trust  distribution  date
of February 15, 2007 but instead was made      on February 20, 2007. </font></td>
    </tr>
  </table>
  <p><font face="Times New Roman, Times, Serif" size=2>Controls have been put in place and
procedures are currently being  reinforced so that  distributions  are remitted to the
holders within the applicable  time frames in accordance with the transaction  documents.
 In addition,  the debt service system has been enhanced to help prevent a future
occurrence. </font></p>
  <!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Project" -->
  <table width=100%>
    <tr align="center" valign=top>
      <td width=50%><font size=2> </font></td>
      <td width=50%><font size=2>&nbsp;</font></td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
    <tr>
      <td width="48%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="35%">&nbsp;</td>
      <td width="15%">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" align="left">&nbsp;</td>
      <td colspan="3" align="left">Very truly yours,<br>
        <br>
BANK OF NEW YORK<br>
        &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td valign="top">By:&nbsp;&nbsp;</td>
      <td colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Joseph Panepinto</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td valign="top">Name:&nbsp;&nbsp;</td>
      <td align="left">Joseph Panepinto&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td valign="top">Title:&nbsp;&nbsp;</td>
      <td align="left">Vice President&nbsp;</td>
      <td>&nbsp;</td>
    </tr>

  </table>
  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Project" -->
<br>
  &nbsp;
  <table width=100%>
    <tr>
      <td width=20% align=left><font size=1>&nbsp;</font></td>
      <td width=60% align=center><font size="2">
 </font></td>
      <td width=20% align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <hr size=5 noshade width=100% align=LEFT>


  <!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>SCHEDULE </font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>INDEXPLUS Trust Series 2003-1 <br>
    PPLUS
Trust Series CMT-1<br>
     PPLUS Trust Series CSF-1 <br>
    PPLUS Trust Series DCC-1 <br>
    PPLUS Trust Series
DCNA-1 <br>
    PPLUS Trust Series FMC-1 <br>
    PPLUS Trust Series GSC-1 <br>
    PPLUS Trust Series GSC-2 <br>
    PPLUS
Trust Series GSC-3<br>
     PPLUS Trust Series GSG-1 <br>
    PPLUS Trust Series GSG-2 <br>
    PPLUS Trust Series
JPM-1 <br>
    PPLUS Trust Series LMG-3 <br>
    PPLUS Trust Series PMC-1 <br>
    PPLUS Trust Series SPR-1 <br>
    PPLUS
Trust Series TWC-1 <br>
    PPLUS Trust Series VAL-1 <br>
    PreferredPLUS Trust Series ALL-1<br>
PreferredPLUS Trust Series BLC-1 <br>
    PreferredPLUS Trust Series BLC-2 <br>
    PreferredPLUS Trust
Series BLS-1 <br>
    PreferredPLUS Trust Series CCR-1 <br>
    PreferredPLUS Trust Series CTR-1<br>
PreferredPLUS Trust Series CZN-1 <br>
    PreferredPLUS Trust Series ELP-1 <br>
    PreferredPLUS Trust
Series FAR-1<br>
     PreferredPLUS Trust Series FRD-1 <br>
    PreferredPLUS Trust Series GEC-1<br>
PreferredPLUS Trust Series GRC-1 <br>
    PreferredPLUS Trust Series LMG-1<br>
     PreferredPLUS Trust
Series LMG-2 <br>
    PreferredPLUS Trust Series MSD-1 <br>
    PreferredPLUS Trust Series NAI-1<br>
PreferredPLUS Trust Series QWS-1 <br>
    PreferredPLUS Trust Series QWS-2 <br>
    PreferredPLUS Trust
Series UPC-1 <br>
    PreferredPLUS Trust Series VER-1<br>
     Public STEERS<small><sup>&#174;</sup></small> Series 1998 HLT-1 Trust<br>
Public STEERS<small><sup>&#174;</sup></small> Series 1998 TRV-C1 Trust <br>
    Public STEERS<small><sup>&#174;</sup></small> Series 1999 REN-C1 Trust </font></p>
  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Project" -->
<br>
  &nbsp;
  <table width=100%>
    <tr>
      <td width=20% align=left><font size=1>&nbsp;</font></td>
      <td width=60% align=center><font size="2">
</font></td>
      <td width=20% align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <hr size=5 noshade width=100% align=LEFT>


</DIV>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>e30050ex99_2.htm
<DESCRIPTION>REPORT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
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<TITLE></TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 99.2
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Merrill Lynch Depositor, Inc.
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have examined management&#146;s assertion that Merrill Lynch Depositor, Inc. (the
&#147;Company&#148;) has complied as of and for the year ended
December&nbsp;31, 2007, with its
established minimum servicing standards described in the accompanying
Management&#146;s Assertion on Compliance with PPLUS Minimum Servicing Standards with
respect to INDEXPLUS Trust Series&nbsp;2003-1, dated
March 14, 2008. Management is
responsible for the Company&#146;s compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management&#146;s assertion about the
Company&#146;s compliance based on our examination. We did not examine The Bank of
New York&#146;s compliance with those minimum servicing standards that it is
responsible for as indicated for &#147;the Bank&#148; in the accompanying minimum
servicing standards. The Bank of New York&#146;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&#146;s compliance, is based solely on the report of such other accountants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&#146;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&#146;s compliance with its minimum servicing standards.
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, based on our examination and the report of other accountants,
management&#146;s assertion that the Company complied with the aforementioned minimum
servicing standards as of and for the year ended December&nbsp;31,
2007, is fairly
stated, in all material respects, based on the criteria set forth in Appendix&nbsp;I.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Deloitte &#038; Touche LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, New York<BR>
March 14, 2008

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Management&#146;s Assertion on Compliance with PPLUS Minimum<BR>
Servicing Standards
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">March 14,
2008
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of and
for the year ended December&nbsp;31, 2007, Merrill Lynch Depositor, Inc.
(the &#147;Company&#148;) has complied, in all material respects, with the Company&#146;s
established minimum servicing standards, as set forth in Appendix&nbsp;I, for
servicing the securities in each of the Trust Series, as listed on Schedule&nbsp;A
hereto, excluding those with respect to the Bank of New York as Trustee,
Custodian, Paying Agent and Transfer Agent.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>

</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ronald Monaco
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Ronald Monaco&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President<BR>
Merrill Lynch Depositor, Inc.&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">***************
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE A
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Public STEERS&#174; Series&nbsp;1998 HLT-1 Trust<BR>
Public STEERS&#174; Series&nbsp;1998 TRV-C1 Trust<BR>
Public STEERS&#174; Series&nbsp;1999 REN-C1 Trust<BR>
PreferredPLUS Trust Series&nbsp;CCR-1<BR>
PreferredPLUS Trust Series&nbsp;BLS-1<BR>
PreferredPLUS Trust Series&nbsp;NAI-1<BR>
PreferredPLUS Trust Series&nbsp;FRD-1<BR>
PreferredPLUS Trust Series&nbsp;BLC-1<BR>
PreferredPLUS Trust Series&nbsp;LMG-1<BR>
PreferredPLUS Trust Series&nbsp;CZN-1<BR>
PreferredPLUS Trust Series&nbsp;QWS-1<BR>
PreferredPLUS Trust Series&nbsp;CTR-1<BR>
PreferredPLUS Trust Series&nbsp;LMG-2<BR>
PreferredPLUS Trust Series&nbsp;QWS-2<BR>
PreferredPLUS Trust Series&nbsp;ALL-1<BR>
PreferredPLUS Trust Series&nbsp;BLC-2<BR>
PreferredPLUS Trust Series&nbsp;ELP-1<BR>
PreferredPLUS Trust Series&nbsp;MSD-1<BR>
PreferredPLUS Trust Series&nbsp;VER-1<BR>
PreferredPLUS Trust Series&nbsp;UPC-1<BR>
PreferredPLUS Trust Series&nbsp;FAR-1<BR>
PreferredPLUS Trust Series&nbsp;GEC-1<BR>
PreferredPLUS Trust Series&nbsp;GRC-1<BR>
PPLUS Trust Series&nbsp;PMC-1<BR>
PPLUS Trust Series&nbsp;VAL-1<BR>
PPLUS Trust Series&nbsp;GSG-1<BR>
PPLUS Trust Series&nbsp;FMC-1<BR>
PPLUS Trust Series&nbsp;GSG-2<BR>
PPLUS Trust Series&nbsp;DCC-1<BR>
PPLUS Trust Series&nbsp;CSF-1<BR>
PPLUS Trust Series&nbsp;SPR-1<BR>
PPLUS Trust Series&nbsp;TWC-1<BR>
PPLUS Trust Series&nbsp;CMT-1<BR>
PPLUS Trust Series&nbsp;GSC-1<BR>
PPLUS Trust Series&nbsp;DCNA-1<BR>
PPLUS Trust Series&nbsp;GSC-2<BR>
PPLUS Trust Series&nbsp;JPM-1<BR>
PPLUS Trust Series&nbsp;LMG-3<BR>
PPLUS Trust Series&nbsp;GSC-3<BR>
PPLUS Trust Series&nbsp;LMG-4<BR>
INDEXPLUS Trust Series 2003-1

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">APPENDIX I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PPLUS Minimum Servicing Standards intended<BR>
for use in connection with the Annual<BR>
Accountants Report (&#147;AAR&#148;)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is Merrill Lynch Depositor, Inc.&#146;s (&#147;the Depositor&#148;) together with Merrill
Lynch High Grade Credit Management (&#147;HGCM&#148;) and the Merrill Lynch Credit
Derivative Integrated Support Solutions (&#147;ISS&#148;), minimum servicing standards for
the PreferredPlus Program (&#147;PPlus&#148;). The Bank of New York (&#147;the Bank&#148;) 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">MERRILL LYNCH DEPOSITOR, INC.&#146;S MINIMUM SERVICING STANDARDS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank must reconcile all related custodial bank accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will include the Distribution report as Exhibit&nbsp;99.1 in the Form
8-Ks filed with the SEC.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUST DISBURSEMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will make all disbursements via wire transfer to The Depository
Trust Company (&#147;DTC&#148;) 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.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PARTIAL REDEMPTIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COMMUNICATIONS WITH CERTIFICATEHOLDERS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s receipt of notice
of the occasion and the Bank must vote or give consents as directed by
certificateholders.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>e30050ex99_3.htm
<DESCRIPTION>REPORT OF KPMG LLP
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.3 </font></p>
    <!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Project" -->
    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>Independent
Accountants&#146; Report </b></font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>The Board of Directors <br>
      The Bank of
New York: </font></p>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->

<p><font face="Times New Roman, Times, Serif" size=2>We have examined the accompanying
 management&#146;s  assertion that The Bank of New York (the &#147;Company&#148;)  complied with the
PPLUS Minimum  Servicing  Standards for the INDEXPLUS Trust Series 2003-1  transaction
 as of and for the year ended  December 31, 2007.  With respect to servicing  standard 4,
5 and 7,  management&#146;s  assertion  indicates that there were no  activities  performed
 during the year ended  December 31, 2007 with respect to the INDEXPLUS Trust Series
2003-1  transaction,  because there were no  occurrences of events that would require the
Company to perform such  activities.  Management is  responsible  for the Company&#146;s
 compliance  with those  servicing  criteria.  Our responsibility  is to express an
opinion on  management&#146;s  assertion  about the Company&#146;s  compliance  based on our
examination. </font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>Our examination was made in
accordance with standards established by the American Institute of Certified Public
Accountants and, accordingly, included examining, on a test basis, evidence about the
Company&#146;s compliance with the Minimum Servicing Standards specified above 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&#146;s compliance with the PPLUS Minimum
Servicing Standards. </font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>In our opinion, management&#146;s
assertion that The Bank of New York has complied with the aforementioned Minimum
Servicing Standards as of and for the year ended December 31, 2007 is fairly stated, in
all material respects. </font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>/s/ KPMG LLP </font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>Chicago, Illinois <br>
      March 5, 2008 </font></p>
    <!-- MARKER FORMAT-SHEET="5 pt rule no space" FSL="Project" -->
    <hr size=5 noshade width=100% align=LEFT>


    <!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 284; page: 284" -->

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>MANAGEMENT ASSERTION </font></p>
    <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
    <p><font face="Times New Roman, Times, Serif" size=2>March 5, 2008 </font></p>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->

<p><font face="Times New Roman, Times, Serif" size=2>We, as members of  management  of
The Bank of New York (the  &#147;Company&#148;)  are  responsible  for  complying  with the
requirements  of the PPLUS  Minimum  Servicing  Standards  as they  relate to the INDEXPLUS Trust  Series  2003-1 transaction.  With respect to servicing  standard 4, 5 and 7,
there were no  activities  performed  during the year ended  December 31, 2007 with
 respect to the INDEXPLUS Trust Series  2003-1  transaction,  because  there were no
occurrences  of events that would  require the Company to perform  such  activities.  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&#146;s  compliance  with the  requirements  of the PPLUS Minimum
 Servicing  Standards as it relates to INDEXPLUS Trust Series 2003-1 as of and for the
year ended December 31, 2007.  Based on this  evaluation,  we assert that as of and for
the year ended  December 31, 2007,  the Company complied with the requirements of the
PPLUS Minimum Servicing Standards (attached). <br>
  <br>
  </font></p>



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<table width="100%" border="0" cellspacing="0" cellpadding="0">

  <tr>

    <td>&nbsp;</td>
    <td width="50%">

      <p><font face="Times New Roman, Times, Serif" size=2>/s/ Joseph Panepin</font><font size="2">to</font>

      <hr noshade align="left" width="200" size="1">
  <font face="Times New Roman, Times, Serif" size=2>The Bank of New York <br>
      Joseph Panepinto <br>
      Vice
President </font><!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->


      <p>
  <font size="2">
  /s/ Robert L. Griffin
</font>

      <hr noshade align="left" width="200" size="1">
  <font face="Times New Roman, Times, Serif" size=2>The Bank of New York <br>
      Robert L. Griffin <br>
      Managing Director </font></td>
  </tr>

</table>
<BR>








<HR SIZE=5 noshade>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">APPENDIX I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PPLUS Minimum Servicing Standards intended<BR>
for use in connection with the Annual<BR>
Accountants Report (&#147;AAR&#148;)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is Merrill Lynch Depositor, Inc.&#146;s (&#147;the Depositor&#148;) together with Merrill
Lynch High Grade Credit Management (&#147;HGCM&#148;) and the Merrill Lynch Credit
Derivative Integrated Support Solutions (&#147;ISS&#148;), minimum servicing standards for
the PreferredPlus Program (&#147;PPlus&#148;). The Bank of New York (&#147;the Bank&#148;) 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">MERRILL LYNCH DEPOSITOR, INC.&#146;S MINIMUM SERVICING STANDARDS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank must reconcile all related custodial bank accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will include the Distribution report as Exhibit&nbsp;99.1 in the Form
8-Ks filed with the SEC.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUST DISBURSEMENTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank will make all disbursements via wire transfer to The Depository
Trust Company (&#147;DTC&#148;) 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.</TD>
</TR>

</TABLE>
</DIV>
  <P align="center" style="font-size: 10pt"><!-- Folio -->
</DIV>


<P><HR SIZE=5 noshade><P>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PARTIAL REDEMPTIONS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>COMMUNICATIONS WITH CERTIFICATEHOLDERS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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&#146;s receipt of notice
of the occasion and the Bank must vote or give consents as directed by
certificateholders.</TD>
</TR>

</TABLE>
    <!-- Folio --> <br>
    <!-- /Folio -->
</DIV>


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