SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                   FORM 10-K/A

                                 AMENDMENT NO.1

                                  ANNUAL REPORT

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

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

         For the fiscal year ended:             Commission file number:
           December 31, 2003                            001-31409

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

                       Delaware                  13-3891329
                    (State or other          (I. R. S. Employer
                    jurisdiction of          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

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

PreferredPLUS Trust Certificates Series VER-1, Listed on The 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

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for such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing 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.



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 and non-voting common equity held
by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the common equity was sold, or the
average bid and asked prices of such common equity, as of the last business day
of the registrant's most recently completed second fiscal quarter.

Not Applicable.

Indicate the number of shares outstanding for each of the registrant's class of
common stock, as of the latest practicable date.

Not Applicable.



                       DOCUMENTS INCORPORATED BY REFERENCE

None.


                                EXPLANATORY NOTE

Merrill Lynch Depositor, Inc. (on behalf of PreferredPLUS Trust Series VER-1)
hereby amends its Annual Report for the fiscal year ended December 31, 2003 in
its entirety as set forth below.

     PART I

     Item 1.    Business

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                For information with respect to the underlying securities held
                by PreferredPLUS Trust Series VER-1, please refer to Verizon
                Communications Inc.'s (Commission file number 001-08606)
                periodic reports, including annual reports on Form 10-K,
                quarterly reports on Form 10-Q and current reports on Form 8-K,
                and other information on file with the Securities and Exchange
                Commission (the "SEC"). 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 and the underlying securities
                support provider has filed electronically with the SEC.

                Although we have no reason to believe the information concerning
                the support agreement and the underlying securities or the
                underlying securities support provider and the underlying
                securities issuer contained in the underlying securities support
                provider's 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 support provider and
                underlying securities issuer (including, without limitation, no
                investigation as to their respective financial condition or
                creditworthiness) or of the underlying securities and support
                agreement has been made. You should obtain and evaluate the same
                information concerning the underlying securities issuer and the
                underlying securities support provider as you would obtain and
                evaluate if your investment were directly in the underlying
                securities or in other securities issued by the underlying
                securities issuer or the underlying securities support provider.
                There can be no assurance that events affecting the underlying
                securities and support agreement or the underlying securities
                issuer and underlying securities support provider have not
                occurred or have not yet been publicly disclosed which would
                affect the accuracy or completeness of the publicly available
                documents described above.

     Item 2.    Properties

                None.

     Item 3.    Legal Proceedings

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                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 issued by PreferredPLUS Trust Series
                VER-1 are represented by one or more physical certificates
                registered in the name of Cede & Co., the nominee of the
                Depository Trust Company. The Trust 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.

     Item 9A.   Controls and Procedures

                The Registrant's annual report on Form 10-K filed with the
                Securities and Exchange Commission on January 26, 2004 for the
                fiscal year ended December 31, 2003, and as amended hereby, did
                not include as an exhibit (i) a trustee report on compliance
                with the Standard Terms for Trust Agreements dated February 20,
                1998, as amended, between the Registrant and the Trustee, (ii)
                an independent accountants' report attesting to management's
                assertion that the Registrant complied with its PPLUS Minimum
                Servicing Standards and (iii) a certification by the chief
                executive officer of the Registrant certifying to such
                compliance with servicing standards. The Registrant has revised
                its procedures so as to provide reasonable assurance that its
                future Exchange Act filings will be filed within the applicable
                time periods.


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     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

                (a)     Securities Authorized For Issuance Under Equity
                        Compensation Plans: None.
                (b)     Security Ownership Of Certain Beneficial Owners: None.
                (c)     Security Ownership Of Management: Not Applicable.
                (d)     Changes In Control: None.

     Item 13.   Certain Relationships and Related Party Transactions

                None.

     Item 14.   Principal Accounting Fees and Services

                Not Applicable.

     PART IV

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

                (a)(1)   Financial Statements: Not Applicable

                (a)(2)   Financial Statement Schedules: Not Applicable

                (a)(3)   List of Exhibits

                The following exhibits are filed as part of, and incorporated by
                reference into, this Amendment No. 1 on Form 10-K/A to the
                Registrant's Annual Report on Form 10-K:

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                        31.1    Certification of President of Registrant dated
                                March 30, 2004, pursuant to Rules 13a-14 and
                                15d-14 under the Securities Exchange Act of
                                1934, as adopted pursuant to Section 302 of the
                                Sarbanes-Oxley Act of 2002, with respect to the
                                Registrant's Annual Report on Form 10-K for the
                                year ended December 31, 2003.

                        99.1.   Trustee's Annual Compliance Certificate dated
                                March 30, 2004.

                        99.2.   Independent Accountants' Report dated March 30,
                                2004, Management's Assertion on Compliance with
                                PPLUS Minimum Servicing Standards dated March
                                30, 2004 and PPLUS Minimum Servicing Standards.

                (b)     Reports on Form 8-K

                        Trustee's report in respect of the June 2, 2003
                        distribution to holders of the PreferredPLUS Trust
                        Certificates Series VER-1 incorporated herein by
                        reference as Exhibit 99.1 to Registrant's Current Report
                        on Form 8-K filed with the Securities and Exchange
                        Commission on June 12, 2003.

                        Trustee's report in respect of the December 1, 2003
                        distribution to holders of the PreferredPLUS Trust
                        Certificates Series VER-1 incorporated herein by
                        reference as Exhibit 99.1 to Registrant's Current Report
                        on Form 8-K filed with the Securities and Exchange
                        Commission on December 3, 2003.

                (c)     Exhibits

                        The Registrant hereby files as part of this Amendment
                        No. 1 on Form 10-K/A to its Annual Report on Form 10-K
                        the exhibits listed in Item 15(a)(3) set forth above.


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                                   SIGNATURES

          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, hereunto duly authorized.

                                            MERRILL LYNCH DEPOSITOR, INC.

Date: March 30, 2004                        By: /s/ Michael Frank Connor
                                               ------------------------------
                                                Name:   Michael Frank Connor
                                                Title:  President