EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                        PREFERREDPLUS TRUST SERIES CZN-1

                                DISTRIBUTION DATE
                                  APRIL 1, 2004
                             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 Citizens
            Communications 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 04/1/04:   $  34,500,000