EXHIBIT 99.1

                               DISTRIBUTION REPORT

                                       FOR

                        PREFERREDPLUS TRUST SERIES CZN-1

                                DISTRIBUTION DATE

                                 OCTOBER 1, 2001

                             CUSIP NUMBER 740434881

(i)      the amounts received by the Trustee as of the last such statement in
         respect of principal, interest and premium on the WorldCom, Inc.
         Debentures (the "Underlying Securities"):

                                    Interest:                  $256,933.33
                                    Principal:                        0.00
                                    Premium:                          0.00

(ii)     the amounts of compensation received by the Trustee, for the period
         relating to such Distribution Date:

                                    Paid by the Trust:               $0.00
                                    Paid by the Depositor:       $1,000.00

(iii)    the amount of distribution on such Distribution Date to Holders
         allocable to principal of and premium, if any, and interest on the
         Certificates of each such Class and the amount of aggregate unpaid
         interest accrued as of such Distribution Date:

                           Class A:
                                    Interest:                  $256,833.33
                                    Principal:                       $0.00
                                    Unpaid Interest Accrued:         $0.00

(iv)     the aggregate stated principal amount and, if applicable, notional
         amount of the Underlying Securities related to such Series, the current
         interest rate or rates thereon at the close of business on such
         Distribution Date, and the current rating assigned to the Certificates.

                                    Principal Amount:          $41,000,000
                                    Interest Rate:                   7.05%
                                     Rating:

                                        Moody's Investor Service            Baa2
                                        Standard & Poor's Rating Service     BBB

(v)      the aggregate Certificate Principal Balance (or Notional Amount, if
         applicable) of each Class of such Series at the close of business on
         such Distribution Date.

                                    Class A: ($25 Stated Amount)
                                    Initial Principal Balance:$1,380,000