SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-K



Pursuant to
Section 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 15d of the Securities Exchange Act of 1934

For the transition period from                      to



Commission file Number 333-59845-01



Banc One HELOC Trust 1999-1

(Exact
name of registrant as specified in its charter)



|                                                |  |                                     
|----------------------------------------------- |  | ------------------------------------
|United States                                   |  | 36-7282500                          
|(State or other jurisdiction                    |  | (I.R.S. Employer Identification No.)
|of incorporation or organization)               |  |                                     
|                                                | 
|c/o JPMorgan Chase Institutional Trust Services |  |                                     
|227 West Monroe St.                             |  |                                     
|26th Floor                                      |  |                                     
|Chicago, IL                                     |  | 60606                               
|(Address of Principal Executive Offices)        |  | (Zip Code)                          



Registrants
telephone number, including area code:    312-267-5078



HELOC Asset-Backed Certificates, Series 1999-1

(Title of each class of securities covered by this Form)



Securities registered pursuant to Section 12(b) of the Act:
NONE

Securities registered pursuant to Section 12(g) of the Act: NONE



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 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 such filing requirements for the past 90 days.



x
Yes ̈No



Indicate by Check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the ACT)



 ̈Yesx No



DOCUMENTS INCORPORATED BY REFERENCE:

None



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Bank One, National Association, the servicer of the Banc One HELOC Trust 1999-1, is a direct, wholly
owned subsidiary of BANK ONE CORPORATION (BANK ONE).



On January 14, 2004, J.P. Morgan Chase & Co. and BANK ONE entered into an Agreement and Plan of Merger. The agreement provides that BANK ONE will be merged with and into J.P. Morgan Chase & Co. with J.P. Morgan Chase as the
surviving entity. The merger is subject to the approval of the shareholders of both institutions as well as U.S. federal and state and foreign regulatory authorities, and there can be no assurance that such merger will take place. Completion of the
transaction is expected to occur in mid-2004.



PART I



ITEM 1.    BUSINESS



Available Information: Bank One has an Internet website at
www.bankone.com which includes certain reports for the HELOC Trust 1999-1 (the Trust or the Registrant). Electronic copies of the Trusts annual report on Form 10-K and current reports on Form 8-K are available
free of charge by visiting the Investor Relations section of www.bankone.com. The reports can be found under Asset Backed Securities in the Investor Relations section of the website. These reports are posted as soon as
reasonably practicable after they are electronically filed with the Securities and Exchange Commission.



ITEM 2.    PROPERTIES



Not applicable.



ITEM
3.    LEGAL PROCEEDINGS



There are no
legal proceedings to which the Registrant is a party, or of which any of its property is the subject; nor are any such proceedings known to be contemplated by any governmental authorities.



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 HELOC Asset-Backed Certificates, Series 1999-1 (the
Certificates) representing investors interests in the Trust are held and delivered in book-entry form through the facilities of the Depository Trust Company (DTC), a clearing agency registered pursuant to
the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The Certificates are held in the name of Cede & Co., the nominee of DTC. The records of DTC indicate that as of December 31, 2003, there were 10 participants
holding a position in the Certificates.



ITEM
6.    SELECTED FINANCIAL DATA.



Not
applicable.



---

ITEM 7.    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.



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.



PART IV



ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT



The Certificates are represented by one or more certificates registered in
the name of Cede & Co., the nominee of The Depository Trust Company. An investor holding Certificates is not entitled to receive a certificate representing such Certificates, except in limited circumstances.



Accordingly, Cede & Co. is the sole holder of the Certificates, which it
holds on behalf of brokers, dealers, banks and other participants in the DTC system. Such participants may hold Certificates for their own accounts or for the accounts of their customers. The following table, based on information provided to the
Trust by DTC, sets forth the identity of each DTC participant that holds a position in the Certificates in excess of 5% at December 31, 2003.



|                                                                                        |  |                       |  |               |  
|--------------------------------------------------------------------------------------- |  | --------------------- |  | ------------- | -
|                                                                                        |  | Number ofCertificates |  | % ofOwnership |  
|Bank of New York (The) One Wall Street New York, NY 10286                               |  | 31,250                |  | 6.25          | %
|                                                                                        |  |                      
|Commerz Bank Capital Markets Corporation 1251 Avenue of the Americas New York, NY 10020 |  | 30,000                |  | 6.00          | %
|                                                                                        |  |                      
|HSBC Bank USA Omnibus 140 Broadway  Level A New York, NY 10015                         |  | 25,000                |  | 5.00          | %



---

|                                                                                                                |  |         |  |       |  
|--------------------------------------------------------------------------------------------------------------- |  | ------- |  | ----- | -
|JP Morgan Chase Bank Proxy/Class Actions/Bankruptcy 14201 Dallas Pkwy Dallas, TX 75254                          |  | 113,000 |  | 22.60 | %
|                                                                                                                |  |        
|State Street Bank and Trust Company 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171 |  | 65,050  |  | 13.01 | %
|                                                                                                                |  |        
|UBS AG 1776 Heritage Dr. Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171                              |  | 188,000 |  | 37.60 | %



ITEM
13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.



None.



ITEM
14.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K



| | (a) | 1.         Not Applicable
| | --- | -------------------------



| | 2. | Not Applicable
| | -- | --------------



| | 3. | Exhibits
| | -- | --------



31.1    Senior Officer for Securitization Servicing Certification Pursuant to Section 302(a) of the

Sarbanes-Oxley Act of 2002 Relating to Reports



99.1 Annual Summary Statement



99.2 Annual Statement as to Compliance



99.3 Annual Independent Public Accountants Servicing Report.



| | (b) | Reports on Form 8-K
| | --- | -------------------



The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated:



February 25, 2003; February 27, 2003; March 17, 2003; April 22, 2003; May
20, 2003; June 20, 2003; July 21, 2003; August 20, 2003; September 22, 2003; October 20, 2003; November 20, 2003; December 22, 2003



| | (c) | See (a) 3 above
| | --- | ---------------



| | (d) | Not Applicable
| | --- | --------------



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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 caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on March 29, 2004.



BANK ONE, NATIONAL ASSOCIATION As Servicer for Banc One HELOC Trust 1999-1By:

/s/    DAVID A. PENKROTName: David A. Penkrot Title: Senior Officer for Securitization Servicing and Senior Vice
President-Controller




|                                                 |  |                                          |  | 
|------------------------------------------------ |  | ---------------------------------------- |  | 
|Signature                                        |  | Title                                    |  | 
|                                                 | 
|/s/    JONATHON D.
DARGUSCH*Jonathon D.
Dargusch |  | Director, Bank One, National Association
|                                                 | 
|/s/    MELISSA P.
INGWERSEN*Melissa P.
Ingwersen |  | Director, Bank One, National Association
|                                                 | 
|/s/    WILLIAM C.
LEITER*William C.
Leiter       |  | Director, Bank One, National Association
|                                                 | 
|/s/    STEPHEN M.
SAMFORD*Stephen M.
Samford     |  | Director, Bank One, National Association
|                                                 | 
|/s/    BRADLEY H.
TIDWELL*Bradley H.
Tidwell     |  | Director, Bank One, National Association



Date: March 29, 2004



* The undersigned, by signing his or her name hereto, does sign this Form 10-K on behalf of
each of the above-indicated officers and directors of the Servicer pursuant to the power of attorney signed by such officers and directors.



|    |  |                        
|--- |  | -----------------------
|   
|    | 
|By: |  | /s/    DAVID A. PENKROT
|    |  |                        
|    |  | Attorney-in-Fact       



---

EXHIBIT INDEX



|              |  |                                                                                                                                           
|------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description                                                                                                                               
|              | 
|31.1          |  | Senior Officer for Securitization Servicing Certification Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 Relating to Reports
|              | 
|99.1          |  | Annual Summary Statement                                                                                                                  
|              | 
|99.2          |  | Annual Statement as to Compliance.                                                                                                        
|              | 
|99.3          |  | Annual Independent Public Accountants Servicing Report.