EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                        PREFERREDPLUS TRUST SERIES CZN-1

                                DISTRIBUTION DATE
                                  APRIL 1, 2002
                             CUSIP NUMBER 740434881

      (i)   the amounts received by the Trustee as of the last such
            statement in respect of  principal, interest and premium on
            the WorldCom, Inc. Debentures (the "Underlying Securities"):

                        Interest:     $1,445,250.00
                        Principal:             0.00
                        Premium:               0.00

      (ii)  the amounts of compensation received by the Trustee, for the period
            relating to such Distribution Date:

                        Paid by the Trust:         $0.00
                        Paid by the Depositor: $1,000.00

      (iii) the amount of distribution on such Distribution Date to Holders
            allocable to principal of and premium, if any, and interest on the
            Certificates of each such Class and the amount of aggregate unpaid
            interest accrued as of such Distribution Date:

                  Class A:
                        Interest:     $1,444,687.50
                        Principal:            $0.00

                        Unpaid Interest Accrued:             $0.00

      (iv)  the aggregate stated principal amount and, if applicable, notional
            amount of the Underlying Securities related to such Series, the
            current interest rate or rates thereon at the close of business on
            such Distribution Date, and the current rating assigned to the
            Certificates.

                        Principal Amount:       $41,000,000
                        Interest Rate:                7.05%
                        Rating:
                              Moody's Investor Service            Baa2
                              Standard & Poor's Rating Service    BBB

      (v)   the aggregate Certificate Principal Balance (or Notional Amount, if
            applicable) of each Class of such Series at the close of business on
            such Distribution Date.

                        Class A: ($25 Stated Amount)
                        Initial Principal Balance:    $1,380,000