SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                            -------------------------

       Date of Report (Date of earliest event reported): December 20, 2004

                          MERRILL LYNCH DEPOSITOR, INC.
                  (ON BEHALF OF INDEXPLUS TRUST SERIES 2003-1)
             (Exact name of registrant as specified in its charter)

          DELAWARE             001-31941                    13-3891329
      (State or other        (Commission                (I. R. S. Employer
      jurisdiction  of        File Number)              Identification No.)
       incorporation)

   WORLD FINANCIAL CENTER,                                     10080
     NEW YORK, NEW YORK                                     (Zip Code)
    (Address of principal
     executive offices)
                           --------------------------

       Registrant's telephone number, including area code: (212) 449-1000

                      INFORMATION TO BE INCLUDED IN REPORT


SECTION 1.     REGISTRANT'S BUSINESS AND OPERATIONS

               Not applicable.

SECTION 2.     FINANCIAL INFORMATION

               Not applicable.

SECTION 3.     SECURITIES AND TRADING MARKETS

               Not applicable.

SECTION 4.     MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

               Not applicable.

SECTION 5.     CORPORATE GOVERNANCE AND MANAGEMENT

               Not applicable.


SECTION 6.     [RESERVED]

SECTION 7.     REGULATION FD

               Not applicable.

SECTION 8.     OTHER EVENTS

    ITEM 8.01  OTHER EVENTS

        99.1   Distribution to holders of the INDEXPLUS Trust
               Certificates Series 2003-1 on December 20, 2004.

                      For information with respect to the underlying
               securities held by INDEXPLUS Trust Series 2003-1, please refer
               to the respective periodic reports, including annual reports
               on Form 10-K, quarterly reports on Form 10-Q, current reports
               on Form 8-K and other information on file with the Securities
               and Exchange Commission (the "SEC") of: The Boeing Company
               (Commission file number 001-00442); Citigroup Inc. (Commission
               file number 001-09924); Credit Suisse First Boston (USA), Inc.
               (Commission file number 001-06862); DaimlerChrysler North
               America Holding Corporation (Commission file number
               333-13160); DaimlerChrysler AG (Commission file number
               001-14561); Ford Motor Company (Commission file number
               001-03950); General Electric Capital Corporation (Commission
               file number 001-06461); General Motors Acceptance Corporation
               (Commission file number 001-03754); The Goldman Sachs Group,
               Inc. (Commission file number 001-14965); Johnson & Johnson
               (Commission file number 001-03215); The May Department Stores
               Company (New York) (Commission file number 333-42940); The May
               Department Stores Company (Delaware) (Commission file number
               001-00079); Time Warner Inc. (Commission file number
               001-15062); Time Warner Companies, Inc. (Commission file
               number 001-08637); Turner Broadcasting System, Inc.
               (Commission file number 001-08911); United States Department
               of Treasury; Valero Energy Corporation (Commission file number
               001-04718); Verizon Communications Inc. (Commission file
               number 001-08606); Verizon Global Funding Corp. (Commission
               file number 333-73612); Viacom Inc. (Commission file number
               001-09553); Viacom International Inc. (Commission file number
               001-15153) and Weyerhaeuser Company (Commission file number
               001-04825). You can read and copy these reports and other
               information at the public reference facilities maintained by
               the SEC at Room 1024, 450 Fifth Street, NW, Washington, D.C.
               20549. You may obtain copies of this material for a fee by
               writing to the SEC's Public Reference Section of the SEC at
               450 Fifth Street, NW, 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's
               website on the Internet at http://www.sec.gov, which contains
               reports, proxy and information statements and other
               information that the underlying securities issuer has filed
               electronically with the SEC.


                         Although we have no reason to believe the information
                  concerning the underlying securities or the underlying
                  securities issuers contained in the underlying securities
                  issuers' Exchange Act reports is not reliable, neither the
                  depositor nor the trustee participated in the preparation of
                  such documents or made any due diligence inquiry with respect
                  to the information provided therein. No investigation with
                  respect to the underlying securities issuers (including,
                  without limitation, no investigation as to their financial
                  condition or creditworthiness) or of the underlying securities
                  has been made. You should obtain and evaluate the same
                  information concerning the respective underlying securities
                  issuers as you would obtain and evaluate if you were investing
                  directly in the respective underlying securities or in other
                  securities issued by the respective underlying securities
                  issuers. There can be no assurance that events affecting the
                  respective underlying securities or the respective underlying
                  securities issuers have not occurred or have not yet been
                  publicly disclosed which would affect the accuracy or
                  completeness of the publicly available documents described
                  above.

SECTION 9.    FINANCIAL STATEMENTS AND EXHIBITS

  ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

              (a) Financial statements of business acquired.

                       Not Applicable.

              (b) Pro forma financial information.

                       Not Applicable.

              (c) Exhibits.

                    99.1        Trustee's report in respect of the
                                December 20, 2004 distribution to holders
                                of the INDEXPLUS Trust Certificates
                                Series 2003-1.






                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                 MERRILL LYNCH DEPOSITOR, INC.

Date: January 3, 2005            By:     /s/ Stephan Kuppenheimer
                                         ------------------------------
                                 Name:   Stephan Kuppenheimer
                                 Title:  President










                                  EXHIBIT INDEX


         99.1              Trustee's report in respect of the December 20,
                           2004 distribution to holders of the INDEXPLUS Trust
                           Certificates Series 2003-1.