<SEC-DOCUMENT>0001174947-20-000469.txt : 20200330
<SEC-HEADER>0001174947-20-000469.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330161022
ACCESSION NUMBER:		0001174947-20-000469
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20191231
<DEPOSITOR-CIK>0001040240
<SPONSOR-CIK>0001040240
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330
ABS ASSET CLASS:             	Debt Securities

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:		20757088

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>form10k-23396_indexpl20031.htm
<DESCRIPTION>10-K
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif"></div>


<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>UNITED STATES<BR>
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>
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<!-- 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, 2019</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%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
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    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- 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">ONE BRYANT PARK, 4th FL <br>
        NEW YORK, NEW YORK<BR>
        (Address of principal <BR>
        executive offices)</TD>
    <TD>&nbsp;</TD>
        <TD align="center" valign="top">10036<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: (646)&nbsp;855-6745</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. Trading Symbol: IPB
</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">
    <p>Indicate by check mark whether the registrant has submitted electronically  every Interactive Data File required
to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required
to submit  such files).</p>
    <div align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<font face="Wingdings">&#111;</font>&nbsp;No&nbsp;<font face="Wingdings">&#111;</font></div>


  </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">     Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,  a smaller reporting company or an emerging growth company.
See     the definitions     of     &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller
reporting     company&#148;     and &ldquo;emerging growth company&rdquo; in     Rule&nbsp;12b-2 of the Exchange Act.</div>
    <div align="center" style="font-size: 10pt; margin-top: 12pt">Large
accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <font face="Wingdings">&#254;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting  company <font face="Wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company <font face="Wingdings">&#111;</font></div>
    <div align="left" style="font-size: 10pt; margin-top: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if
the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></P>


</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 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; page-break-before: always">
    <p>Not Applicable.
</p>
    <div align="center" style="font-size: 10pt; margin-top: 12pt"><b>DOCUMENTS INCORPORATED BY REFERENCE</b></div>


  <DIV STYLE="text-align: left; font-size: 10pt; margin-top: 6pt">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 Group AG (Commission
  file number 001-33434) (condensed consolidated financial statements with respect to guarantor Credit Suisse Group AG and
  issuer Credit Suisse (USA) of the underlying securities); Ford Motor Company (Commission file number 001-03950); Ally
  Financial Inc. (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, Inc. (Commission file number 001-13536); AT&amp;T, Inc.
  (formerly known as Warner Media LLC, the successor in interest to Time Warner LLC, the successor in interest to Time Warner
  Inc.) (Commission file number 001-08610); United States Department of Treasury; Valero Energy Corporation (Commission file
  number 001-13175); Verizon Communications Inc. (Commission file number 001-08606); ViacomCBS Inc. (formerly known as CBS
  Corporation)(Commission file number 001-09553) and Weyerhaeuser Company (Commission file number 001-04825) on file with the
  Securities and Exchange Commission (the &#147;SEC&rdquo;). 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 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. The underlying securities issuer Daimler
  Finance North America LLC (&ldquo;Daimler Finance&rdquo;) and the guarantor, Daimler AG, no longer file periodic Exchange Act
  reports. Unless and until the underlying securities comprise 10% of the assets held by the trust, the trust is not required
  to liquidate its holdings of the asset. If such circumstances were to occur, such as an increase in concentration of Daimler
  Finance assets to at least 10% of total trust assets, the asset would have to be liquidated. The underlying securities issuer
  General Electric Capital Corporation no longer files periodic Exchange Act reports. Unless and until the underlying
  securities comprise 10% of the assets held by the trust, the trust is not required to liquidate its holdings of the asset. If
  such circumstances were to occur, such as an increase in concentration of General Electric Capital Corporation assets to at
  least 10% of total trust assets, the asset would have to be liquidated. </DIV>
  </DIV>
<DIV STYLE="text-align: left; font-size: 10pt; margin-top: 6pt">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>

<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>





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








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


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page000">PART I</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page001">ITEM 1. BUSINESS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page002">ITEM 1A. RISK FACTORS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page003">ITEM 1B. UNRESOLVED STAFF COMMENTS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page004">ITEM 2. PROPERTIES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page005">ITEM 3. LEGAL PROCEEDINGS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page006">ITEM 4. RESERVED</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page007">PART II</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page008">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page009">ITEM 6. SELECTED FINANCIAL DATA</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page010">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page011">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page012">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page013">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page014">ITEM 9A. CONTROLS AND PROCEDURES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page015">ITEM 9B. OTHER INFORMATION</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page016">PART III</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page017">ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page018">ITEM 11. EXECUTIVE COMPENSATION</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page019">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page020">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page021">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page022">PART IV</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page023">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#page024">SIGNATURES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c23396ex31_1.htm">EX-31.1: CERTIFICATION</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c23396ex99_1.htm">EX-99.1: TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c23396ex99_2.htm">EX-99.2: REPORT OF PRICEWATERHOUSECOOPERS LLP</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c23396ex99_3.htm">EX-99.3: REPORT OF KPMG LLP</A></P>





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<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%">Not Applicable.</DIV>

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


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<!-- 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  the &ldquo;Documents Incorporated by Reference&rdquo; section 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 -->
</P>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 272; page: 272" -->



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


<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 -->
</P>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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<!-- MARKER PAGE="sheet: 273; page: 273" -->



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


<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 -->
</P>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 274; page: 274" -->



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


<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 -->
</P>


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 275; page: 275" -->


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


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


<HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->




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



<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- 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 has 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, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</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, AND DIRECTOR INDEPENDENCE
</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 -->
</P>


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<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- 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 STYLE="vertical-align: top; font-size: 10pt; color: #000000; background-color: transparent">
    <TD STYLE="background-color: transparent">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">4.1</TD>
    <TD>&nbsp;</TD>
        <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1267332/000094787103002697/f424b5_121503.txt" STYLE="-sec-extract: exhibit">For a description of the securities of the INDEXPLUS Trust Series 2003-1, see Prospectus Supplement (To Prospectus dated October 24, 2002) dated as of December 11, 2003 filed by the Depositor with the SEC on December 15, 2003 and incorporated here by reference.</A>


</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt; color: #000000; background-color: transparent">
    <TD STYLE="background-color: transparent">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD>&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">31.1.</TD>
    <TD width="1%">&nbsp;</TD>
        <TD><A HREF="c23396ex31_1.htm">Certification of the President of Registrant dated March 30, 2020, 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, 2019.</A></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><A HREF="c23396ex99_1.htm">Trustee&#146;s Annual Compliance Certificate dated February 28, 2020.</A></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><A HREF="c23396ex99_2.htm">Report of PricewaterhouseCoopers LLP, Independent Accountants, dated March 17, 2020, Registrant&#146;s Assertion on Compliance with PPLUS Minimum Servicing Standards dated March 17, 2020 and PPLUS Minimum Servicing Standards.</A></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><A HREF="c23396ex99_3.htm">Report of KPMG LLP, Independent Registered Public Accounting Firm, dated February 25, 2020, The Bank of New York Mellon&#146;s Assertion on Compliance with PPLUS Minimum Servicing Standards dated February 25, 2020 and PPLUS Minimum Servicing Standards.</A></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 -->
</P>


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<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- 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, thereunto 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 30, 2020</TD>
      <TD valign="top">By:&nbsp;&nbsp;</TD>
      <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Matthew J. Nelson</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD valign="top">Name:&nbsp;</TD>
      <TD align="left">Matthew J. Nelson</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD valign="top">Title:&nbsp;&nbsp;</TD>
      <TD align="left">President&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>

  </TABLE>

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c23396ex31_1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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, Matthew J. Nelson, 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 Mellon 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 30, 2020</TD>
      <TD COLSPAN="3" STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Matthew J. Nelson    </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">

Matthew J. Nelson</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">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 -->
</p>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c23396ex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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 MELLON</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>February 28, 2020</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>
    One Bryant Park<br>
  4th Floor &#150; Structured Credit Trading<br>
  New York, New York 10036 </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, James W. P. Hall,
Vice President of The Bank of New York Mellon (formerly 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.</font></p>
</DIV>
<DIV style="font-family: 'Times New Roman',Times,serif">
<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>
The Bank of New York Mellon (formerly
<br>
        The Bank of New York), as Trustee
<br>
        &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td valign="top">By:&nbsp;&nbsp;</td>
      <td style="border-bottom: 1px solid #000000" align="left">/s/
<font face="Times New Roman, Times, Serif" size=2></font></td>
      <td style="border-bottom: 1px solid #000000" align="left"><font face="Times New Roman, Times, Serif" size=2>James W. P. Hall</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td valign="top">Name:&nbsp;&nbsp;</td>
      <td align="left"><font face="Times New Roman, Times, Serif" size=2>James W. P. Hall</font></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> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->


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<!-- 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>
    PPLUS Trust Series GSC-2 <br>
    PreferredPLUS Trust Series CZN-1 <br>
INDEXPLUS Trust Series 2003-1
  &nbsp;
  </font></p>
  <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>

</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>c23396ex99_2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<DIV ALIGN="CENTER" STYLE="font-size: 10pt; margin-top: 18pt; text-align: left">
    <p style="text-align: center;">EXHIBIT 99.2</p>
    <p style="text-align: center;">[PricewaterhouseCoopers Letterhead]</p>

  <P STYLE="font: 10pt/11.1pt Times New Roman, Times, Serif; margin-top: 1.85pt; text-align: center; margin-bottom: 0"><B>Report of Independent Accountants</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">To the Board of Directors of Merrill Lynch
Depositor, Inc.:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">We have examined the accompanying
management assertion of Merrill Lynch Depositor, Inc. (the &ldquo;Company&rdquo;), that the Company complied with the PPLUS
Minimum Servicing Standards with respect to the INDEXPLUS Trust Series 2003-1 as set forth in Appendix I as of and for the
year ended December 31, 2019. The Company&rsquo;s management is responsible for its assertion. Our responsibility is to
express an opinion on management's assertion about the Company&rsquo;s compliance with the specified requirements based on
our examination.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our examination was conducted in accordance
with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that
we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the
specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence
about whether management&rsquo;s assertion is fairly stated, in all material respects. The nature, timing and extent of the procedures
selected depend on our judgment, including an assessment of the risks of material misstatement of management&rsquo;s assertion,
whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis
for our opinion.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our examination does not provide a legal determination
on the Company&rsquo;s compliance with the specified requirements.</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">In our opinion, management&rsquo;s
assertion that the Company complied with the PPLUS Minimum Servicing Standards with respect to the INDEXPLUS Trust Series
2003-1 as set forth in Appendix I as of and for the year ended December 31, 2019 is fairly stated, in all material
respects.</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">New York, NY</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">March 17, 2020</P>



</DIV>


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


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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 17,
2020
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of and
for the year ended December&nbsp;31, 2019, 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 Mellon 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/ Matthew J. Nelson</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD colspan="2" align="left">Matthew J. Nelson</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD colspan="2" align="left">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 --></p>
</DIV>


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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">PreferredPLUS Trust Series&nbsp;CZN-1<BR>
  PPLUS Trust Series&nbsp;GSC-2<BR>
  INDEXPLUS Trust Series 2003-1

</DIV>

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


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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards intended
for use</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>in connection with the Annual Accountants
Report (&quot;AAR&quot;)</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">Below is Merrill Lynch Depositor, Inc.'s (&quot;the
Depositor&quot;), Merrill Lynch Structured Credit Derivatives (&quot;SCD&quot;) and the Merrill Lynch Credit Derivatives Operations
Group (&quot;OG&quot;) (collectively Merrill Lynch) minimum servicing standards for the PreferredPlus Program (&quot;PPlus&quot;).
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.25in"><FONT STYLE="font-family: Georgia, Times, Serif">The
Bank of New York Mellon (&quot;the Bank&quot; or &#8220;the Trustee&#8221;) acting as Trustee, Custodian, Paying Agent, and Transfer
Agent on behalf of the PPlus Program has agreed to comply with all of the following minimum servicing standards. Merrill Lynch
has obtained a certification from the Bank that it has complied with these criteria for
the period January 1, 2019 to December 31, 2019.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must reconcile all related custodial bank accounts.</FONT><BR>
<BR>
</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-top: 12pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>

<TR>
    <TD ROWSPAN="3" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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. </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>TRUST DISBURSEMENTS</B></FONT> </TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 15%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt; width: 48%"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&quot;DTC&quot;) 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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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 SCD/OG.</FONT> </TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; padding-top: 12pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> 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.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
   <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10.5pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> 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.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT> </TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt">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's receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
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<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.3 </font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>[KPMG LLP Letterhead]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">KPMG LLP<BR>
Aon Center<BR>
Suite 5500<BR>
200 E. Randolph Street<BR>
Chicago, IL 60601-6436&nbsp;</p>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>Independent
Accountants&#146; Report </b></font></p>
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    <p><font face="Times New Roman, Times, Serif" size=2>The Board of Directors <br>
      The Bank of
New York Mellon: </font></p>

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<P STYLE="font: 10pt Times New Roman, Times, Serif">We have examined the accompanying Management Assertion from The Bank of New York Mellon (the &ldquo;Company&rdquo;) that the
Company complied with the PPLUS Minimum Servicing Standards (&ldquo;Servicing Standards&rdquo;) for the INDEXPLUS Trust Series
2003-1 transaction as of and for the year ended December 31, 2019. With respect to Servicing Standards 4, 5 and 6, the Management
Assertion indicates that there were no activities performed as of and for the year ended December 31, 2019 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. The Company&rsquo;s management is responsible for its assertion. Our responsibility is to express an opinion
on management&#146;s assertion about the Company&rsquo;s compliance with the specified requirements based on our examination.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform
the examination to obtain reasonable assurance about whether the Management Assertion about compliance with the specified requirements
is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether the
Management Assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend
on our judgment, including an assessment of the risks of material misstatement of the Management Assertion, whether due to fraud
or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our examination does not provide a legal determination on
the Company&#146;s compliance with specified requirements. </p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif">In our opinion, the Management Assertion that the Company complied with the aforementioned PPLUS Minimum Servicing Standards
for the INDEXPLUS Trust Series 2003-1 transaction as of and for the year ended December 31, 2019 is fairly stated, in all material
respects. </p>
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    <p><font face="Times New Roman, Times, Serif" size=2>/s/ KPMG LLP </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>Chicago, Illinois <br>
      February 25, 2020 </font></p>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>MANAGEMENT ASSERTION </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>The Bank of New York Mellon (formerly The Bank of New York) (the
&ldquo;Company&rdquo;)  is   responsible  for  complying  with the requirements  of the PPLUS  Minimum  Servicing Standards
(&ldquo;Servicing Standards&rdquo;) as they  relate to the INDEXPLUS Trust  Series  2003-1 transaction.  With respect to
Servicing  Standards 4, 5 and 6, there were no  activities  performed  during the year ended  December 31, 2019 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.  The Company is   responsible  for establishing  and  maintaining
effective internal  control  over compliance  with the  Servicing Standards.  The Company has   performed
an evaluation  of its   compliance with the  requirements  of the Servicing  Standards as it relates to
INDEXPLUS Trust Series 2003-1 as of and for the year ended December 31, 2019.  Based on this  evaluation,  the  Company
asserts  that as of and for the year ended December 31, 2019,  it has  complied with the requirements of the PPLUS Minimum
Servicing Standards (attached). <br>   <br> </font></p>



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      <font size="2">/s/ </font><font face="Times New Roman, Times, Serif" size=2>Alphonse J. Briand, Jr. </font>

      <hr noshade align="left" width="200" size="1">
  <font face="Times New Roman, Times, Serif" size=2>The Bank of New York Mellon<br>
      Alphonse J. Briand, Jr. <br>
      Executive Vice President/Corporate Trust  <br>
      <br>
      February 25, 2020
      </font></td>
    <td width="50%">

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


      </p>
  <font size="2">
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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards intended
for use</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>in connection with the Annual Accountants
Report (&quot;AAR&quot;)</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">Below is Merrill Lynch Depositor, Inc.'s (&quot;the
Depositor&quot;), Merrill Lynch Structured Credit Derivatives (&quot;SCD&quot;) and the Merrill Lynch Credit Derivatives Operations
Group (&quot;OG&quot;) (collectively Merrill Lynch) minimum servicing standards for the PreferredPlus Program (&quot;PPlus&quot;).
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.25in"><FONT STYLE="font-family: Georgia, Times, Serif">The
Bank of New York Mellon (&quot;the Bank&quot; or &#8220;the Trustee&#8221;) acting as Trustee, Custodian, Paying Agent, and Transfer
Agent on behalf of the PPlus Program has agreed to comply with all of the following minimum servicing standards. Merrill Lynch
has obtained a certification from the Bank that it has complied with these criteria for
the period January 1, 2019 to December 31, 2019.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must reconcile all related custodial bank accounts.</FONT><BR>
<BR>
</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-top: 12pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>

<TR>
    <TD ROWSPAN="3" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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. </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>TRUST DISBURSEMENTS</B></FONT> </TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 15%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt; width: 48%"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&quot;DTC&quot;) 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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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 SCD/OG.</FONT> </TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">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.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; padding-top: 12pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> 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.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
   <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10.5pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> 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.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT> </TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt">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's receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

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end
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</DOCUMENT>
</SEC-DOCUMENT>
