SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                      ----

                                    FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
        (Mark One)

          |X|  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
               EXCHANGE ACT OF 1934

               For the fiscal year ended December 31, 2003

                                       or

          | |  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI-
               TIES EXCHANGE ACT OF 1934

          For the transition period from ________ to ________

                 Commission File Number:    333-58504-01; 001-16547



                           Bear Stearns Depositor Inc.
                                  on behalf of
                 Trust Certificates (TRUCs), Series 2001-1 Trust
    -----------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

               Delaware                                    13-4164633
               --------                                    ----------
     (State or Other Jurisdiction,                      (I.R.S. Employer
     Organization or Incorporation)                     Identification No.)

 383 Madison Avenue, New York, New York                       10179
 --------------------------------------                       -----
(Address of principal executive offices)                   (Zip Code)

     Registrant's telephone number, including area code: (212) 272-2000



<PAGE>

Securities registered pursuant to Section 12(b) of the Act:


Title of Class                                       Name of Registered Exchange
--------------                                       ---------------------------

Trust Certificates (TRUCs), Series 2001-1, Class A-1    New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: NOT APPLICABLE.

Indicate by check mark whether the registrant: (1) Has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to file
requirements for the past 90 days
Yes |X|     No | |

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. |X|

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).
Yes | |     No |X|

State the aggregate market value of the voting stock held by non-affiliates of
the registrant: NOT APPLICABLE.

Indicate the number of shares outstanding of each of registrant's classes of
common stock, as of the latest practicable date: NOT APPLICABLE

                       DOCUMENTS INCORPORATED BY REFERENCE

None

                                Introductory Note

The registrant is the depositor under the trust agreement for the TRUCs
Certificates referenced above which are listed on the New York Stock Exchange.
The certificates represent interests only in the Trust Certificates (TRUCs),
Series 2001-1 Trust and do not represent obligations of or interests in the
depositor. The Underlying Securities for the trust are $28,800,000 principal
amount of 6.50% notes issued by AT&T Corp. due 2029. Pursuant to staff
administrative positions established in Corporate Asset Backed Corporation
(available August 9, 1995), registrant is not required to respond to various
items of Form 10-K. Such items are designated herein as "Not applicable."
Distribution reports detailing receipts and distributions by the trust are filed
after each distribution date on Form 8-K in lieu of reports on Form 10-Q.

AT&T Corp. (the "Underlying Securities Issuer") is subject to the information
reporting requirements of the Securities Exchange Act of 1934 (the "Exchange
Act"). For information on the Underlying Securities Issuer, refer to the current
and periodic reports required to be filed pursuant to the Exchange Act by the
Underlying Securities Issuer under its Exchange Act file number, 1-1105. These
reports may be inspected and copied at the public reference facilities
maintained by the Securities and Exchange Commission (the "Commission") at 450
Fifth Street, N.W., Washington, D.C. 20549, or through the Commission's site on
the World Wide Web at "http://www.sec.gov" at which users can view and download
copies of reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
(EDGAR) system. Neither Bear Stearns Depositor Inc. nor the Trustee has
participated in the preparation of such reporting documents, or made any due
diligence investigation with respect to the information provided therein.
Neither Bear Stearns Depositor Inc. nor the Trustee has verified the accuracy or
completeness of such documents or reports. There can be no assurance that events
affecting the Underlying Securities Issuer or the Underlying Securities have not
occurred or have not yet been publicly disclosed which would affect the accuracy
or completeness of the publicly available documents described above.



                                       2
<PAGE>


                                     PART I

Item 1. Business.
----------------
        Not Applicable

Item 2. Properties.
------------------
        Not Applicable

Item 3. Legal Proceedings.
-------------------------
        None

Item 4. Submission of Matters To A Vote of Security Holders.
-----------------------------------------------------------
        None


                                    PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
-----------------------------------------------------------------------------
        The Trust Certificates (TRUCs), Series 2001-1, Class A-1 certificates
are represented by one or more physical certificates registered in the name of
"Cede & Co.", the nominee of The Depository Trust Company. The certificates are
listed on the New York Stock Exchange.

Item 6. Selected Financial Data.
-------------------------------
        Not Applicable

Item 7. Management's Discussion and Analysis of Financial Condition and Results
        of Operations.
-------------------------------------------------------------------------------
        Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
-------------------------------------------------------------------
         Not Applicable

Item 8. Financial Statements and Supplementary Data.
----------------------------------------------------
        Not Applicable

Item 9. Changes In and Disagreements With Accountants on Accounting and
        Financial Disclosure.
-----------------------------------------------------------------------
        None


                                    PART III

Item 10. Directors and Executive Officers of the Registrant.
-----------------------------------------------------------
         Not Applicable

Item 11. Executive Compensation.
-------------------------------
         Not Applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.
---------------------------------------------------------------------------
         None

Item 13. Certain Relationships and Related Transactions.
-------------------------------------------------------
         None

Item 14. Principal Accountant Fees and Services.
-----------------------------------------------
         None



                                       3
<PAGE>

                                    PART IV

Item 15. Exhibits, Financial Statements, Schedules and Reports on Form 8-K.
--------------------------------------------------------------------------

         (a) The following documents have been filed as part of this report:

         Exhibits:

         99.1 - Certification by Chief Executive Officer/President of the
         registrant pursuant to 15 U.S.C. Section 7241, as adopted pursuant to
         Section 302 of the Sarbanes-Oxley Act of 2002.

         99.2 - Annual Compliance Report by Trustee.

         99.3 - Registrant's Current Report on Form 8-K filed with the
         Securities and Exchange Commission on March 25, 2003, as further
         described in item 15(b) below, is incorporated herein by reference.

         99.4 - Registrant's Current Report on Form 8-K filed with the
         Securities and Exchange Commission on September 30, 2003, as further
         described in item 15(b) below, is incorporated herein by reference.

         (b)  The following reports on Form 8-K were filed during the period
              covered by this report:


              Date of Report                Event                 Date Filed
              --------------                -----                 ----------

              March 15, 2003          Distribution Date       March 25, 2003

              September 15, 2003      Distribution Date       September 30, 2003

         (c)  See item 15(a) above.

         (d)  Not Applicable.



                                       4
<PAGE>

                                    SIGNATURE

         Pursuant to the requirements of Section 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.

                                      Bear Stearns Depositor Inc. acting on
                                      behalf of Trust Certificates (TRUCs),
                                      Series 2001-1 Trust



                                      By:   /s/ Timothy Kelley Millet
                                         -------------------------------
                                      Name: Timothy Kelley Millet
                                      Title: Chief Executive Officer/ President
                                      Date: March 26, 2004



                                       5