-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 H66JmUJH0GOEhga2MnNLIAn3Ns6m+CfOFD8E++cPKFMPDxCvjoPGahAmxwLL+Csi
 gDI5EI6tCP2M+tO7J+v6Tw==

<SEC-DOCUMENT>0001174947-08-000002.txt : 20080111
<SEC-HEADER>0001174947-08-000002.hdr.sgml : 20080111
<ACCEPTANCE-DATETIME>20080111171058
ACCESSION NUMBER:		0001174947-08-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071220
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080111
DATE AS OF CHANGE:		20080111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH DEPOSITOR INC INDEXPLUS TRUST SERIES 2003-1
		CENTRAL INDEX KEY:			0001267332
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		08526908

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e29873_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE
COMMISSION                          <BR>                     WASHINGTON, D. C. 20549 </FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13
or 15(d) of                               <BR>          The Securities Exchange Act of 1934 </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date of
earliest event reported): December 20, 2007 </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>MERRILL LYNCH
DEPOSITOR, INC. <BR> (on behalf of INDEXPLUS TRUST SERIES
2003-1) </B><BR> (Exact name of registrant as specified in its
charter) </FONT> </P>

<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%>
<FONT SIZE="2"><B>Delaware </B><BR>
(State or other <BR>
jurisdiction of<BR>
incorporation) </FONT>
</TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%>
<FONT SIZE="2"><B>001-31941 </B><BR>
(Commission <BR>
File Number) </FONT>
</TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%>
<FONT SIZE="2"><B>13-3891329 </B><BR>
(I. R. S. Employer <BR>
Identification No.) </FONT>
</TD>
  </TR>
 </TABLE>


<br>
<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=54%>
<FONT SIZE="2"><B>World Financial Center,<BR>
New York, New York </B><BR>
(Address of principal <BR>
executive offices) </FONT>

</TD>
    <TD WIDTH=46%>
<FONT SIZE="2"><B>10080 </B><BR>
(Zip Code) </FONT>
</TD>
  </TR>
 </TABLE>


<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center no bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant&#146;s telephone
number, including area code: (212) 449-1000 </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INFORMATION TO BE
INCLUDED IN REPORT </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  1.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Registrant&#146;s Business and Operations </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  2.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Financial Information </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  3.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Securities and Trading Markets </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  4.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Matters Related to Accountants and Financial Statements </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  5.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Corporate Governance and Management </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

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




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



<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  6.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Asset-Backed Securities </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  7.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Regulation FD </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  8.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Other Events </FONT></b></TD>
  </TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=9%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item  8.01</FONT></b></TD>
    <TD width="0%"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>
    <TD WIDTH=86%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       Other events  </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Distribution
to holders of the INDEXPLUS Trust Certificates Series 2003-1 on December 20, 2007. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information with respect to
the underlying securities held by INDEXPLUS Trust Series 2003-1, please refer to
the respective periodic reports, including annual reports on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K and other
information on file with the Securities and Exchange Commission (the &#147;SEC&#148;) of:
The Boeing Company (Commission file number 001-00442); Citigroup Inc.
(Commission file number 001-09924); Credit Suisse First Boston (USA), Inc.
(Commission file number 001-06862); DaimlerChrysler North America Holding
Corporation (Commission file number 333-13160); DaimlerChrysler AG (Commission
file number 001-14561); Ford Motor Company (Commission file number 001-03950);
General Electric Capital Corporation (Commission file number 001-06461); General
Motors Acceptance Corporation (Commission file number 001-03754); The Goldman
Sachs Group, Inc. (Commission file number 001-14965); Johnson &amp; Johnson
(Commission file number 001-03215); Federated Retail Holdings, Inc. (Commission
file number 333-42940); The May Department Stores Company, LLC (Commission file
number 001-00079); Time Warner Inc. (Commission file number 001-15062); Time
Warner Companies, Inc. (Commission file number 001-08637); Turner Broadcasting
System, Inc. (Commission file number 001-08911); United States Department of
Treasury; Valero Energy Corporation (Commission file number 001-13175); Verizon
Communications Inc. (Commission file number 001-08606); Verizon Global Funding
Corp. (Commission file number 333-73612); Viacom Inc. (Commission file number
001-09553); Viacom International Inc. (Commission file number 001-15153) and
Weyerhaeuser Company (Commission file number 001-04825). You can read and copy
these reports and other information at the public reference facilities
maintained by the SEC at Room 1580, 100 F Street, NE, Washington, D.C. 20549.
You may obtain copies of this material for a fee by writing to the SEC&#146;s Public
Reference Section of the SEC at 100 F Street, NE, Washington, D.C. 20549. You
may obtain information about the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. You can also access some of this information
electronically by means of the SEC&#146;s website on the Internet at
http://www.sec.gov, which </FONT></TD>
</TR>
</TABLE>
<BR>

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




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
contains
reports, proxy and information statements and other information that the respective
underlying securities issuers have filed electronically with the SEC.  </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we have no reason to
believe the information concerning the underlying securities or the underlying
securities issuers contained in the underlying securities issuers&#146; Exchange Act
reports is not reliable, neither the depositor nor the trustee participated in
the preparation of such documents or made any due diligence inquiry with respect
to the information provided therein. No investigation with respect to the
underlying securities issuers (including, without limitation, no investigation
as to their financial condition or creditworthiness) or of the underlying
securities has been made. You should obtain and evaluate the same information
concerning the respective underlying securities issuers as you would obtain and
evaluate if you were investing directly in the respective underlying securities
or in other securities issued by the respective underlying securities issuers.
There can be no assurance that events affecting the respective underlying
securities or the respective underlying securities issuers have not occurred or
have not yet been publicly disclosed which would affect the accuracy or
completeness of the publicly available documents described above. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=15%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section  9.</FONT></b></TD>

    <TD><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>

    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       Financial Statements and Exhibits </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=6%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></TD>
    <TD WIDTH=9%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         Item  9.01</FONT></b></TD>
    <TD width="0%"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></b></TD>
    <TD WIDTH=85%><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        Financial Statements and Exhibits </FONT></b></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (a)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial
statements of business acquired. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (b)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro
forma financial information. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shell
company transactions. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Not
applicable </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 15" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 20" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                           99.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trustee&#146;s
report in respect of the December 20, 2007 distribution to holders
                                    of the INDEXPLUS Trust Certificates Series 2003-1. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="5 pt rule no space" FSL="Workstation" -->
<hr size=5 noshade width=100% align=LEFT>




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->




<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly                   caused this
report to be signed on its behalf by the undersigned, hereunto duly authorized. </FONT></P>


<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=44%>&nbsp;</TD>
    <TD align="left" colspan="2"><font size=2>MERRILL LYNCH DEPOSITOR, INC.   </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=44%>&nbsp;</TD>
    <TD align="left" colspan="2">&nbsp;</TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=44% align="left" rowspan="2"><FONT SIZE=2> Date: </FONT></TD>
    <TD WIDTH=4% align="left"><FONT SIZE=2>
By:<BR>
      <br>




</FONT></TD>
    <TD WIDTH=52% align="left" rowspan="2"><font size=2>      /s/</font>
<font size=2>Michael Vasseghi    <br>
      </font>
      <hr noshade align="left" size="1" width="200">
      <font size=2>Michael Vasseghi    <br>
      President </font></TD>
  </TR>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=4% align="left"><font size=2>Name:    <br>

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></TD>
  </TR>

</TABLE>

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




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->




<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT INDEX </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  99.1  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trustee&#146;s
report in respect of the December 20, 2007 distribution to holders of the
                           INDEXPLUS Trust Certificates Series 2003-1. </FONT></TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>e29873ex99_1.htm
<DESCRIPTION>TRUSTREE'S REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 99.1 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DISTRIBUTION REPORT<BR>
                                                        FOR<BR>
                                           INDEXPLUS TRUST SERIES 2003-1 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DISTRIBUTION DATE<BR>
                                                 DECEMBER 20, 2007<BR>
                                              CUSIP NUMBER 45408V203 </B></FONT></P>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (i)  </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>the
amounts received by the Trustee as of the last such statement in respect of  principal,
                  interest and premium on the &#147;Underlying Securities&#148; (see following
chart): </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 align="center" WIDTH=500>


  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Interest:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$1,134,715.78</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Principal:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>0.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Premium:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>0.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
</TABLE>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (ii)  </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>the
amounts of compensation received by the Trustee for the period relating to such
                  Distribution Date: </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=500 align="center">

  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Paid by the Trust:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Paid by the Depositor:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$3,500.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
</TABLE>

<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (iii)  </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>the
amount of distribution on such Distribution Date to Holders allocable to principal of and
                  premium, if any, and interest on the Certificates and the amount of
aggregate unpaid interest                   accrued as of such Distribution Date: </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=500 align="center">

  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Interest:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$1,134,715.78</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Principal:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Unpaid Interest Accrued:</FONT></TD>
    <TD ALIGN=RIGHT><b><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00</FONT></b></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
</TABLE>


<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (iv)  </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>see
the following chart for the aggregate stated principal amount of the Underlying
Securities                   related to such Series, the current interest rate or rates
thereon at the close of business on                   such Distribution Date and the
current rating assigned to the Certificates. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (v)  </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>the
aggregate Certificate Principal Balance of such Series at the close of business on such
                  Distribution Date. </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=500 align="center">

  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="413"><FONT FACE="Times New Roman" SIZE=2>($25 Stated Amount)</FONT></TD>
    <TD ALIGN=RIGHT width="76"><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="413"><FONT FACE="Times New Roman" SIZE=2>Initial Principal Balance:</FONT></TD>
    <TD ALIGN=RIGHT width="76"><b><FONT FACE="Times New Roman" SIZE=2>$&nbsp;37,500,000</FONT></b></TD>
    <TD ALIGN=LEFT width="11"><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="413"><FONT FACE="Times New Roman" SIZE=2>Reduction:</FONT></TD>
    <TD ALIGN=RIGHT width="76"><b><FONT FACE="Times New Roman" SIZE=2>(0</FONT></b></TD>
    <TD ALIGN=LEFT width="11"><b><FONT FACE="Times New Roman" SIZE=2>)</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="413">&nbsp;</TD>
    <TD ALIGN=RIGHT width="76">
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT width="11">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="413"><FONT FACE="Times New Roman" SIZE=2>Principal Balance 12/20/07:</FONT></TD>
    <TD ALIGN=RIGHT width="76"><b><FONT FACE="Times New Roman" SIZE=2>$&nbsp;37,500,000</FONT></b></TD>
    <TD ALIGN=LEFT width="11"><b><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></b></TD>
  </TR>
</TABLE>

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




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->






<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Amounts Received Per
Issuer: </U></B></FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 align="center" WIDTH=600>
  <TR VALIGN=Bottom>

    <TH width="450"><font face="Times New Roman" size="2">Issuer </font>
      <HR WIDTH=60 SIZE=1 noshade>
    </TH>
    <TH COLSPAN=2><font face="Times New Roman" size="2">Interest <BR>
Collected </font>
      <HR WIDTH=60 SIZE=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center WIDTH=450><FONT FACE="Times New Roman" SIZE=2>The Boeing Company</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=109><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,773.13</FONT></TD>
    <TD ALIGN=LEFT WIDTH=41><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Citigroup Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,006.88</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Credit Suisse First Boston (USA), Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,838.13</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>DaimlerChrysler AG</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,052.50</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Ford Motor Company</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,434.25</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>&nbsp;General Electric Capital Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,688.75</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>General Motors Acceptance Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88,520.00</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>The Goldman Sachs Group, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,773.13</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>&nbsp;Johnson &amp; Johnson</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,771.75</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Federated Retail Holdings, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,348.50</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Time Warner Companies, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,305.63</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Valero Energy Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,987.50</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Verizon Communications Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,753.75</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Viacom Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,857.50</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="450"><FONT FACE="Times New Roman" SIZE=2>Weyerhaeuser Company</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,604.38</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>

    <TD align="center" width="450"></TD>
    <TD ALIGN=RIGHT width="109">
      <HR noshade COLOR=#000000 SIZE=1>
    </TD>
    <TD width="41"></TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=LEFT width="450"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="109"><FONT FACE="Times New Roman" SIZE=2>$1,134,715.78</FONT></TD>
    <TD ALIGN=LEFT width="41"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

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




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->




<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Principal Amounts,
Rates &amp; Current Ratings: </U></B></FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=740 align="center">
  <TR VALIGN=Bottom>

    <TH width="339"><FONT FACE="Times New Roman" SIZE=1>Issuer</FONT>
      <hr width=60 size=1 noshade>
    </TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>Rate</FONT>
      <hr width=40 size=1 noshade>
    </TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>CUSIP</FONT>
      <hr width=40 size=1 noshade>
    </TH>
    <TH width="62"><FONT FACE="Times New Roman" SIZE=1>Moody&#146;s</FONT>
      <hr width=40 size=1 noshade>
    </TH>
    <TH width="68"><FONT FACE="Times New Roman" SIZE=1>S&amp;P</FONT>
      <hr width=40 size=1 noshade>
    </TH>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center WIDTH=339><FONT FACE="Times New Roman" SIZE=2>The Boeing Company</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=77><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT WIDTH=20><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=43><FONT FACE="Times New Roman" SIZE=2>6.125</FONT></TD>
    <TD ALIGN=LEFT WIDTH=18><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=92><FONT FACE="Times New Roman" SIZE=2>097-023-AU9</FONT></TD>
    <TD ALIGN=LEFT WIDTH=21><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER WIDTH=62><FONT FACE="Times New Roman" SIZE=2>A2</FONT></TD>
    <TD ALIGN=CENTER WIDTH=68><FONT FACE="Times New Roman" SIZE=2>A+</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Citigroup Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>5.875</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>172-967-BU4</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>A1</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>AA-</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>&nbsp;Credit Suisse First Boston (USA), Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>7.125</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>225-41L-AE3</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Aa1</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>AA-</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>DaimlerChrysler AG</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>8.500</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>233-835-AQ0</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>A3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB+</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Ford Motor Company</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>7.450</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>345-370-CA6</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Caa1</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>CCC+</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>General Electric Capital Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>6.750</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>369-62G-XZ2</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Aaa</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>AAA</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>General Motors Acceptance Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>8.000</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>370-425-RZ5</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Ba3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BB+</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>The Goldman Sachs Group, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>6.125</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>381-41G-CU6</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Aa3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>AA-</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Johnson &amp; Johnson</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>4.950</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>478-160-AL8</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Aaa</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>AAA</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;Federated Retail Holdings, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>6.900</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>577-778-BQ5</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Baa2</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Time Warner Companies, Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>6.625</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>887-315-BN8</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Baa2</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB+</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Valero Energy Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>7.500</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>919-13Y-AE0</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Baa3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>&nbsp;Verizon Global Funding Corporation</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>7.750</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>923-44G-AS5</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>A3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>A</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Viacom Inc.</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>5.500</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>925-524-AV2</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Baa3</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>Weyerhaeuser Company</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;2,213,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>7.375</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>962-166-BR4</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62"><FONT FACE="Times New Roman" SIZE=2>Baa2</FONT></TD>
    <TD ALIGN=CENTER width="68"><FONT FACE="Times New Roman" SIZE=2>BBB</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="43">&nbsp;</TD>
    <TD ALIGN=LEFT width="18">&nbsp;</TD>
    <TD ALIGN=RIGHT width="92">&nbsp;</TD>
    <TD ALIGN=LEFT width="21">&nbsp;</TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>United States Department of Treasury</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;&nbsp;4,305,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="43"><FONT FACE="Times New Roman" SIZE=2>0.000</FONT></TD>
    <TD ALIGN=LEFT width="18"><FONT FACE="Times New Roman" SIZE=2>%</FONT></TD>
    <TD ALIGN=RIGHT width="92"><FONT FACE="Times New Roman" SIZE=2>912-803-CH4</FONT></TD>
    <TD ALIGN=LEFT width="21"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER width="62">&nbsp;</TD>
    <TD ALIGN=CENTER width="68">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=center width="339">&nbsp;</TD>
    <TD ALIGN=RIGHT width="77">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>

    <TD ALIGN=center width="339"><FONT FACE="Times New Roman" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="77"><FONT FACE="Times New Roman" SIZE=2>$37,500,000</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>




<hr size=5 noshade width=100% align=LEFT>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
