EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                        PREFERREDPLUS TRUST SERIES CZN-1

                                DISTRIBUTION DATE
                                 APRIL 1, 2003
                             CUSIP NUMBER 740-434-881

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

                         Interest:                $1,445,250.00
                         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:                 $1,444,687.50
                         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.



                         Initial Principal Balance:         $34,500,000
                         ($25 Stated Amount)
                         Reduction:                                  (0)
                                                            -----------
                         Principal Balance 4/1/03:          $34,500,000