~~Pursuant~~UNITED toSTATES SECURITIES ~~Section~~AND 13EXCHANGE orCOMMISSION Washington, ~~15(d)~~D. ofC. ~~the~~ 20549

~~Form~~FORM 10-K

~~Washington,~~(Mark ~~D.C. 20549~~One)

~~SECURITIES~~[X] ~~AND~~ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ~~COMMISSION~~ACT OF 1934

~~United~~For ~~States~~the offiscal ~~America~~year ended March 31, 2005

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission file number 333-53662

Fleet Home Equity Loan, LLC

as Depositor on behalf of

Fleet Home Equity Loan Trust 2003-1

(Exact name of registrant as specified in its charter)

Fleet Home Equity Loan Trust 2001-1

Delaware	04-3544150
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

~~Commission~~100 ~~File~~Federal ~~Number~~ Street, Boston, Massachusetts 02110 (Address of principal executive offices) (Zip Code)

~~For~~Registrant's ~~the~~telephone ~~Transition~~number, including ~~Period~~area ~~from~~code ~~_____________ to~~(617) ~~______________~~434-2200.

~~December~~Securities ~~31,~~registered ~~2001~~pursuant ~~or [ ] Transition Report Pursuant~~ to Section ~~13 or 15~~12(db) of the ~~Securities Exchange~~ Act ~~of 1934~~:

~~[x] Annual~~Title ~~Report Pursuant to Section 13 or 15(d)~~ of ~~the~~each ~~Securities~~class ~~Exchange~~None ~~Act~~Name of ~~1934~~each ~~for~~exchange ~~the~~on ~~fiscal~~which ~~year~~registered ~~ended~~ N/A

Securities ~~Exchange~~registered ~~Act~~pursuant to Section 12(g) of ~~1934~~the Act:

~~04-3544150~~Title of each class None Name of each exchange on which registered N/A

Indicate by check mark whether the registrant (I1) 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 such filing requirements for the past 90 days.~~R.S.~~ ~~Employer~~Yes [X] No [ ]

~~Identification~~Indicate Noby 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 [ ].) Not applicable.

Indicate by check mark whether the registrant is an accelerated filer (~~State~~as defined orin ~~other~~Rule ~~jurisdiction~~12b-2 of the Act.) Yes[ ] No [X]

State the aggregate market value of ~~incorporation~~the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or ~~organization)~~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: None

~~c/o~~Indicate ~~Fleet~~the ~~Home~~number ~~Equity~~of ~~Loan~~shares outstanding of the registrant's classes of common stock, ~~LLC~~as of the latest practicable date: None.

~~Boston,~~Documents ~~Massachusetts~~Incorporated By Reference:

~~100~~List ~~Federal~~hereunder ~~Street~~the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980).

~~02110~~ No documents incorporated by reference.

~~(Zip~~ PART ~~Code)~~I

~~Registrant's~~Item ~~telephone~~1. ~~number, including area code:~~ Business.

~~Securities~~Not ~~registered pursuant to Section 12 (b) of the Act~~Applicable.

~~Securities~~Item ~~registered~~2. ~~pursuant to Section 12 (g) of the Act~~Properties.

~~Indicate~~Information byconcerning ~~check~~Fleet ~~mark~~Home ~~whether~~Equity ~~the~~Loan ~~registrant~~Trust (2003-1 (the "Trust") ~~has~~is ~~filed~~set ~~all~~forth ~~reports~~in ~~required~~the toCurrent beReports ~~filed~~on byForm ~~section~~8-K 13dated orMay 20, 152004 ~~(d)~~through ofApril 20, 2005, as filed by the Registrant.

~~Securities~~As ~~Exchange~~of ~~Act~~March 31, 2005, approximately 0.49% of ~~1934~~the ~~during~~accounts and 0.74% of the Principal ~~preceding~~Receivables 12in ~~months~~the (Trust were 30 days or ~~for~~more delinquent. Of such amount, ~~shorter~~Accounts ~~period~~designated ~~that~~to the ~~registrant~~Trust ~~was~~having a principal balance of $2,163,300 or approximately 0.58% of all Principal Receivables were delinquent 30-59 days; Accounts designated to the Trust having a principal balance of $290,210 or approximately 0.08% of all Principal Receivables were delinquent 60-89 days; and Accounts designated to the Trust having a principal balance of $302,255, or approximately 0.08% of all Principal Receivables were delinquent 90 days or more.

~~required~~The toaggregate ~~file~~Investor ~~such~~Charge-off ~~reports),~~Amount ~~and~~was ~~(2)~~$163,721 ~~has been subject to such filing requirements~~ for the ~~past~~year 90ended ~~days~~March 31, 2005.

~~[X] Yes [ ] No~~Supplemental Trust Information is presented in Exhibit 99.1 to this Annual Report.

~~(Address~~Item of3. ~~Principal~~Legal ~~Executive Offices)~~Proceedings.

There are no material pending legal proceedings with respect to the Trust involving either the Trust, Wilmington Trust Company, a Delaware banking corporation, as owner trustee (~~617~~the "Owner Trustee"), ~~434-9597~~U.S. Bank National Association, as indenture trustee (the "Indenture Trustee"), Fleet Home Equity Loan, LLC (the "Depositor") or Fleet National Bank other than ordinary or routine litigation incidental to the Owner Trustee's, the Indenture Trustee's, the Depositor's, or Fleet National Bank's duties under the Sale and Servicing Agreement dated as of April 15, 2003 (the "Sale and Servicing Agreement"), among the Depositor, the Trust, Fleet National Bank, as Seller and Servicer, and the Indenture Trustee.

~~Part~~Item I4. Submission of Matters to a Vote of Security Holders.

~~Item 1 Business~~None.

~~Item~~PART ~~2 Properties~~II

~~Item~~(a) ~~4 Submission~~There ofis ~~Matters~~no toestablished apublic ~~Vote~~trading ofmarket ~~Security~~for ~~Holders~~the Securities.

On(b) ~~May~~At ~~15,~~March ~~2001~~31, ~~Fleet~~2005 ~~Home~~there ~~Equity~~were ~~Loan~~22 ~~Trust~~holders ~~2001-1~~of ~~was~~record ~~created~~of ~~pursuant~~the toFleet aHome Equity ~~Trust~~Loan ~~Agreement~~Asset-Backed ~~between~~Notes, ~~the~~Series ~~depositor~~2003-1 (the "Securities").

(~~Fleet Home Equity Loan, LLC~~c) ~~and~~Not ~~the owner Trustee, Wilmington Trust Company~~applicable. ~~On May 30, 2001 the Trust issued~~

~~securities~~Item ~~referred~~6. toSelected asFinancial ~~Fleet Home Equity Loan Asset-Backed Notes, Series 2001-1~~Data.

~~See~~Not ~~Exhibit 99~~applicable.

~~There~~Item ~~are~~7. ~~no material pending legal proceedings with respect to the Trust, involving either the Trust, the Trustee or the Registrant, other than ordinary or routine litigation incidental to the Trustee~~Management's orDiscussion ~~the~~and ~~Registrant's~~Analysis ~~duties~~of ~~under~~Financial ~~the~~Condition ~~Sale~~ and ~~Servicing~~Results ~~Agreement~~of Operation.

Not applicable.

~~Part~~Item II7A. Quantitative and Qualitative Disclosures About Market Risk.

~~Item~~Not ~~8 Financial Statements and Supplementary Data~~applicable.

Item ~~9 Changes~~8. inFinancial ~~and~~Statements ~~Disagreements with Accountants on Accounting~~ and ~~Financial~~Supplementary ~~Disclosure~~Data.

~~Item~~Not ~~7A Quantitative And Qualitative Disclosures about Market Risk~~applicable.

Item ~~7 Management's~~9. ~~Discussion~~Changes in and ~~Analysis~~Disagreements ofwith ~~Financial~~Accountants ~~Condition~~on Accounting and ~~Results~~Financial ~~of Operations~~Disclosure.

~~Item 6 Selected Financial Data~~None.

Item ~~5 Market~~9A. ~~for~~Controls ~~Registrant's Common Equity~~ and ~~Related Stockholder Matters~~Procedures.

~~(a)~~Not ~~There is no established public trading market for the Certificates~~applicable.

~~(b)~~Item At9B. ~~February~~Other ~~28, 2002 there were 14 holders of record of the Fleet Home Equity Loan Asset-Backed Notes, Series 2001-1~~Information.

~~(1)~~Not The effective date of the Registration Statement for which the use of proceeds information is disclosed herein is February 1, 2001 (such Registration Statement was amended by that certain post-effective amendment, the effective date of which is May 2, 2001)applicable. ~~The Commission file number assigned to such Registration Statement is 333-53662.~~

~~(2)~~PART ~~The offering commenced on May 30, 2001.~~III

~~(3)~~Item ~~The~~10. ~~offering~~Directors ~~has~~and ~~terminated~~Executive Officers of the Registrant.

Not applicable.

~~Not~~Item ~~applicable~~11. Executive Compensation.

Not applicable.

~~See~~Item ~~the~~12. ~~Supplementary~~Security ~~Trust~~Ownership ~~Data relating to the performance~~ of ~~the~~Certain ~~Trust~~Beneficial ~~filed~~Owners asand ~~Exhibit~~Management 99and ~~under~~Related ~~Item~~Stockholder ~~14 (a) hereof~~Matters.

~~Not~~(a). The ~~applicable~~Securities are represented by one or more securities registered in the name of Cede & Co., the nominee of the Depository Trust Company, and an investor holding an interest in the Trust is not entitled to receive a certificate representing such interest except in limited circumstances set forth in the Sale and Servicing Agreement. Accordingly, Cede & Co. is the sole holder of record of the Securities, which it holds on behalf of brokers, dealers, banks and other direct participants in the Depository Trust Company system. Such direct participants may hold securities for their own accounts or for the accounts of their customers. The name and address of Cede & Co. is Cede & Co., c/o the Depository Trust Company, 55 Water Street, New York, New York 10041. At March 31, 2005, the following direct Depository Trust Company participants held positions in Securities representing interests in the Trust equal to or exceeding 5% of the total principal amount of the Securities of each Series outstanding on the date. The information on positions held by the Depository Trust Company participants has been provided by the Depository Trust Company.

(iia) ~~Lehman~~ ~~Brothers Inc~~(i). Each ~~was~~holder ~~the~~of ~~managing~~record ~~underwriter~~at March 31, 2005 of more than five percent (5%) of the ~~offering;~~Securities is indicated below:

(iii) the securities registered and offered were the Fleet Home Equity Loan Asset-Backed Notes, Series 2001-1;

Name and Address of Holder	Percent of Securities Held	Dollar Amount of Securities Held (000’s)
State Street Bank & Trust 1776 Heritage Dr. No. Quincy, MA 02171	34.54%	$267,946
JPMorgan Chase Bank 14201 Dallas Parkway Dallas, TX 75254	22.51%	$174,594
Bank of New York One Wall Street New York, NY 10286	8.87%	$68,826
Harris Trust and Savings Bank 111 W. Monroe Street Chicago, IL 60603	7.09%	$55,000
Northern Trust 801 S. Canal Chicago, IL 60607	5.81%	$45,075
Citibank, N.A. 3800 Citibank Center B3-15 Tampa, FL 33610	5.25%	$40,767
UBS AG 677 Washington Blvd Stamford, CT 06901	5.16%	$40,000

(ivb) ~~the~~Not aggregate amount of such securities registered was $747,195,000; the aggregate price of the offering amount of such securities registered was $747,195,000; the amount of such securities registered sold was $747,195,000 and the aggregate offering price of the amount of such securities sold to date is $747,195,000;applicable.

(vc) ~~the~~Not ~~underwriting discount incurred in connection with the issuance and distribution of the securities offered was 0~~applicable.275% and expenses estimated in connection with the issuance and distribution of the securities offered aggregated $840,000; (a) no payment of such underwriting discount or estimated expenses was made to a director, officer, general partner of the issuer or their associates, or to persons owning ten percent or more of any class of equity securities of the issuer or to affiliates of the issuer; (b)the net offering proceeds to the issuer after deducting the aforementioned underwriting discount and expenses was $744,300,214; and

~~(i) The~~Not ~~offering did not terminate before the sale of all securities registered;~~ applicable.

~~(4)~~Item 14. Principal Accounting Fees and Services.

~~Part~~Not ~~III~~applicable.

~~Item~~PART ~~10 Directors and Executive Officers of the Registrant.~~IV

Item ~~11 Executive~~15. ~~Compensation~~Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

~~Item~~(a) ~~12 Security Ownership of Certain Beneficial Owners and Management.~~

Item 13 Certain Relationships and Related Transactions.

(1)	None
(2)	None
(3)	Exhibit 31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and relevant rules and regulations of the Commission
	Exhibit 99.1	Supplementary Trust Data relating to performance of the Trust
	Exhibit 99.2	Annual Officer's Certificate
	Exhibit 99.3	Report of Independent Accountants
	Exhibit 99.4	Management Report on Internal Control over the Servicing of Securitized Mortgage Loans and on Compliance with Specified Servicing Requirements

~~Not~~(b) ~~applicable~~Reports on Form 8-K

~~Not~~The ~~applicable~~following reports on Form 8-K were filed by the registrant with respect to Monthly Periods and events occurring during the year ended March 31, 2005:

Each holder of record at February 28, 2002 of more than five percent (5%) of the Notes is indicated below:

Date	Items	Description
05/20/04	2	Monthly Reports for April 2004
06/21/04	2	Monthly Reports for May 2004
07/20/04	2	Monthly Reports for June 2004
08/20/04	2	Monthly Reports for July 2004
09/20/04	9.01	Monthly Reports for August 2004
10/20/04	9.01	Monthly Reports for September 2004
11/22/04	9.01	Monthly Reports for October 2004
12/20/04	9.01	Monthly Reports for November 2004
01/20/05	9.01	Monthly Reports for December 2004
02/22/05	9.01	Monthly Reports for January 2005
03/21/05	9.01	Monthly Reports for February 2005
04/20/05	9.01	Monthly Reports for March 2005

~~Name~~ (c) ~~and Address of Holder~~Exhibits

Percent of Certificates Held

Exhibit No.	Description of Exhibit
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and relevant rules and regulations of the Commission
99.1	Supplementary Trust Data
99.2	Annual Officer’s Certificate
99.3	Report of Independent Accountants
99.4	Management Report on Internal Control over the Servicing of Securitized Mortgage Loans and on Compliance with Specified Servicing Requirements

~~Original Dollar amount of Certificates Held (in $1,000's)~~SIGNATURES

~~Not~~Pursuant ~~applicable~~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.

~~Citibank~~Fleet Home Equity Loan, ~~N.A.~~LLC As Depositor on behalf of Fleet Home Equity Loan Trust 2003-1 Date: May 30, 2005 By: /s/ Gretchen Hefner Gretchen Hefner Senior Vice President

~~3800~~ INDEX ~~Citibank~~TO ~~Center B3-15~~EXHIBITS

Tampa, FL 33610

Exhibit Number	Description of Exhibit
31.1	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and relevant rules and regulations of the Commission
99.1	Supplementary Trust Data
99.2	Annual Officer’s Certificate
99.3	Report of Independent Accountants
99.4	Management Report on Internal Control over the Servicing of Securitized Mortgage Loans and on Compliance with Specified Servicing Requirements

55.33%

$413,400

FUNB - Phila. Main

123 South Broad Street

Philadelphia, PA 19109

7.10%

$53,080

HSBC Bank USA / Treasury Investment

140 Broadway - Level A

New York, NY 10015

6.02%

$45,000

Investors Bank & Trust Co.

200 Clarendon St, 9th Floor

Boston, MA 02116

7.84%

$58,600

JPMorgan Chase Bank

14201 Dallas Pkwy, 12th Fl

Mail Code 121

Dallas, TX 75254

13.65%

$102,000

Part IV

Item 14 Exhibits, Financial Statements Schedules, and Reports on Form 8-K.

(a) Supplementary Trust Data relating to performance of the Trust is being filed herewith as Exhibit 99.

(b) Reports on Form 8-K

The registrant has filed Current reports on form 8-K with the Securities and Exchange Commission dated July 20, 2001 through January 20, 2002.

Exhibit No. Description of Exhibit

24 Power of Attorney (Included on signature page)

99 Supplementary Trust Data

(d) Not applicable. No annual report or proxy material has been sent to security holders.

Signatures

[See General Instruction D]

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Commission Act of 1934, the registrant has

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

Fleet Home Equity Loan Trust 2001-1

By: _____________________

Jeffrey A. Lipson

Director

KNOW ALL MEN BY THESE PRESENTS, that the undersigned does hereby constitute and appoint Jeffrey A Lipson, his

or her true and lawful attorney-in-fact and agent, with full power of subsitution, for him or her and on his or her behalf to

sign, execute and file an Annual Report on Form 10-K under the Securities Exchange Act of 1934, as amended, for the

fiscal year ended December 31, 2001 relating to Fleet Home Equity Loan Trust 2001-1 and any or all amendments thereto,

with all exhibits and any and all documents required to be filed with respect thereto, with the Securities and Exchange Commission or any regulatory authority, granting unto such attorneys-in-fact and agents, on each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in

or to effectuate the same as fully all intents and purposes as her or she might or could do if personally present, hereby

ratifying and confirming all that such attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may

lawfully do or cause to be done.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of Fleet Home Equity Loan, LLC as servicer of the Fleet Home Equity Loan Trust 2001-1 and in the capacities indicated on the 26th day of March 2002.

Signature

___________________________

Jeffrey A. Lipson

Title

Director

___________________________

John Rodehorst

Director

___________________________

Sherri Jonas

Director

Independent Director

___________________________

Dean A. Christiansen

Director

___________________________

Nancy O'Connor

___________________________

Benjamin Abedine

Independent Director

/s/ JEFFREY A. LIPSON

/s/ JOHN RODEHORST

/s/ NANCY O'CONNOR

/s/ SHERRI JONAS

/s/ DEAN A. CHRISTIANSEN

/s/ BENJAMIN ABEDINE

Index of Exhibits

Exhibit 99

Supplementary Trust Data

Exhibit 99 -- Supplementary Trust Data or End of Year Amounts for the period ending December 31, 2001

Fleet Home Equity Loan Trust 2001-1

Supplementary Trust Data or End of Year Amounts

$607,201,417.75

Pool Principal Balance at end of Due Period

$603,465,244.44

Class A Note Principal Balance after all distributions on the Payment Date

Class A Principal Distribution Amount received during the related Due Period

$21,517,991.04

Charge-Off Amounts incurred during the related Due Period

$0.00

Interest Distribution for the Class A Notes paid on the Payment Date

$1,227,441.03

Exhibit Number 24

Description of Exhibit

Power of Attorney (Included on signature page)

Supplementary Trust Data

Sequential Page Number 4

$2,192,116.83

Total Servicing Fee for Year

$565,967.27

End of Year Amounts:

$142,721.12

$0.00

$212,928.39

$616,035.37

Bankruptcies

Foreclosures

REO Properties

90+ days delinquent

60-89 days delinquent

$2,186,253.42

30-59 days delinquent

Principal Balance

# of Accounts

Filing Compare · FLEET HOME EQUITY LOAN LLC