10-K

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)

¨ Yes        x No

DOCUMENTS INCORPORATED BY REFERENCE:

None

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 of Certificates	% of Ownership
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

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 1999-1
By:	/s/    DAVID A. PENKROT
	Name: 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

Exhibit Number	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.

EX-31.1

Exhibit 31.1

Certification

I, David A. Penkrot, the senior officer for securitization servicing of Bank One, National Association, a national banking association which serves as servicer for the Banc One HELOC Trust 1999-1, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Banc One HELOC Trust 1999-1;

2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

4. I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

Dated: March 29, 2004

/s/    David A. Penkrot

Name: David A. Penkrot

Title: Senior Officer for Securitization

Servicing and Senior Vice President-Controller

EX-99.1

Exhibit 99.1

Summary of Aggregate Amounts or End of Year

Amounts for the period ending December 31, 2003

Bank One Home Equity Loan Trust Series 1999-1

Summary of Aggregate Amounts

For the 12 months ending on the December 22, 2003 distribution date:

Pool Information:
Pool Balance		$135,015,327.61
Principal Collections Net of Draws		$55,783,878.86
Realized Losses		$1,446,627.99
Interest Collections		$8,372,758.67
Servicer Fees		$817,570.22
Delinquency Information:
	Number	Principal Balance
30-59 days	80	$2,330,654.53
60-89 days	27	$814,795.25
90+ days	74	$2,666,275.82
REO Properties	0	$0.00
Investor Certificate Information:
Investor Certificate Principal Balance		$121,027,494.47
Investor Certificate Principal Distributed		$55,282,957.10
Investor Certificate Interest Distributed		$2,267,413.13

EX-99.2

Exhibit 99.2

BANK ONE, NATIONAL ASSOCIATION

Annual Officer’s Certificate of the Servicer

Pursuant to Section 3.09(a) of the

Pooling and Servicing Agreement

The undersigned, duly authorized representatives of Bank One, National Association, as servicer (the “Servicer”), pursuant to Section 3.09(a) of the Pooling and Servicing Agreement dated as of May 31, 1999 (the “Agreement”) between Banc One ABS Corporation, as depositor (the “Depositor”), the Servicer and The Bank of New York, as trustee (the “Trustee”), do hereby certify as follows:

(1) All terms used herein that are defined in the Agreement shall have the meanings provided in the Agreement, unless otherwise defined herein.

(2) The undersigned are officers of the Servicer who are duly authorized pursuant to the Agreement to execute and deliver this Certificate.

(3) A review of the activities of the Servicer during the period from January 1, 2003 to December 31, 2003 (the “Servicing Period”) and of its performance under the Agreement has been made under our supervision.

(4) Based on such review, the Servicer has, to the best of our knowledge, fulfilled all of its material obligations under the Agreement throughout the Servicing Period except as set forth in paragraph (5) below.

(5) The following is a brief description of each default in the fulfillment of the Servicer’s obligations under the Agreement known to us to have been made by the Servicer during the Servicing Period, which sets forth in detail (i) the nature of each such default and (ii) the current status of each such default: “None”.

IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed by the undersigned duly authorized officers as of December 31, 2003.

BANK ONE, NATIONAL ASSOCIATION, AS SERVICER
By:	/s/    RANDY J. REDCAY
	Name: Randy J. Redcay Title: First Vice President
By:	/s/    KIM D. GREAVES
	Name: Kim D. Greaves Title: Senior Vice President

EX-99.3

Exhibit 99.3

KPMG LLP Suite 500 191 West Nationwide Boulevard Columbus, OH 43215-2568 Telephone 614 249 2300 Fax 614 249 2348

Independent Accountants’ Report

Board of Directors

Bank One, National Association (Columbus, Ohio):

We have examined management’s assertion, included in the accompanying Assertion by Bank One, National Association (Columbus, Ohio) (the “Company”), that the Company complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers (“USAP”) as of and for the year ended December 31, 2003, insofar as that assertion relates to the Bank One HELOC Asset Backed Certificates Series 1999-1 (the “Certificates”). Management is responsible for the Company’s compliance with those minimum servicing standards. Our responsibility is to express an option on management’s assertion about the Company’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test bases, evidence about the Company’s compliance with the minimum servicing standards specified above and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the minimum servicing standards.

In our opinion, management’s assertion that the Company complied with the aforementioned minimum servicing standards of the Certificates, during the year ended December 31, 2003, is fairly stated, in all material respects.

Columbus, Ohio

March 12, 2004

Assertion by Bank One, National Association (Columbus, Ohio)

As of and for the year ended December 31, 2003, Bank One, National Association (Columbus, Ohio) (the “Company”) complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers solely as they relate to the Banc One HELOC Asset Backed Certificates Series 1999-1. As of and for this same period, the Company had in effect a fidelity bond policy in the amount of $50,000,000 and an errors and omissions policy in the aggregate amount of $100,000,000 and $1,000,000 per home equity loan.

/S/    RANDY J. REDCAY	/S/    CORRINE M. BURGER
Randy J. Redcay First Vice President	Corrine M. Burger Retail Controller and Sr. Vice President