Series  2003-1

CUSIP # 33901XAB4

Libor :

Class A Note Rate:

Payment Date:

Interest Period:

Due Period:

Number of days in Interest Period:

I.

Statement to Noteholders

B.  Cumulative Charge-Off Amounts

Fleet Home Equity Loan Trust

Under the Sale and Servicing Agreement dated as of April 15,2003 between Fleet National Bank, as Seller and Servicer,  Fleet

Home Equity Loan Trust , 2003-1 as the Trust, Fleet Home Equity Loan LLC, as Depositor and U.S. Bank National Association

as Indenture Trustee, the Servicer is required to prepare certain information each month, including distributions of principal

and interest, for the benefit of the Fleet Home Equity Loan Trust, Series 2003-1 Noteholders.

Certain information is presented on the basis of  an original principal amount of $1,000 per Series 2003-1 Note. Certain other

information is presented based on the aggregate amount for the Trust. All capitalized terms used herein shall have the respective

meanings set forth in the Sale and Servicing Agreement.

1.1000000

May 18, 2004

Libor Determination Date:

June 21, 2004

1.3500000

  -  

May , 2004

05/20/2004

06/20/2004

32

Pool Balance:

A.  Cut-Off Date Pool Principal Balance

C.  Pool Principal Balance at beginning of Due Period

D.  Charge-Off Amounts incurred during the related Due Period

E.  Aggregate amount of Principal Collections received during the related Due Period

F.  Additional Balances (Draws) conveyed to the Trust during the related Due Period

G.  Pool Principal Balance at End of Due Period

H.  Number of Mortgage Loans outstanding at beginning of related Due Period

A.  Original Class A Note Principal Balance

B.  Class A Note Principal Balance at beginning of Due Period

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

Collections:

IV.

A.  Aggregate amount of Interest Collections received during the related Due Period

B.  Class A Interest Collections received during the related Due Period

C.  Class A Principal Distribution Amount received during the related Due Period

D.  Net Recoveries received during the related Due Period

I.  Number of Mortgage Loans outstanding at end of related Due Period

III.

Invested Amount after all distributions on the Payment Date

II.

Note Balance :

 

Distributions:

E.  Insurance Policy Draw Amount (x+y):

(x) Excess of Interest Distribution for the Class A Notes over Class A Interest Collections

V.

A.  Premium Amount paid to the Insurer on the Payment Date

B.  Interest Distribution payable {due}

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

Payment Date

E.  Excess Spread

F.  Specified O/C Amount

G.  O/C Amount after all distributions on the Payment Date

H.  O/C Reduction Amount

I.  Excess O/C Amount

J.  Distributable Excess Spread

K.  Any other amounts paid to the Insurer pursuant to the Insurance Agreement

L.  LIBOR Interest Carryover Shortfall balance paid on the Payment Date

M.  LIBOR Interest Carryover Shortfall remaining

N.  Amount paid to the Transferor in respect of the Transferor Interest

D.  Outstanding Interest Carryover Shortfall remaining after all distributions on the     

Modified Loans:

VII.

Replaced Loans:

VIII.

A.  Purchase Prices

(y) Guaranteed Principal Distribution Amount

O.  Amount actually distributed to Class A Noteholders in respect of principal

Three Month Rolling Average

VI.

B.  Substitution Adjustment

C.  Transferor Deposit Amounts

D.  Weighted average Margin at the end of Due Period after giving effect to

modifications

effect to modifications

C.  Weighted average of Credit Limits at the end of Due Period after giving

after giving effect to modifications

B.  Aggregate Credit Limit of Mortgage Loans modified on a cumulative basis

to the modifications

A.  Aggregate Principal Balance of Mortgage Loans modified after giving effect

Weighted Averages:

IX.

A.  Has a Rapid Amortization Event occurred?

Rapid Amortization:

B.  What was the Rapid Amortization Event?

XI.

Allocations to Certificateholders (for each $1,000 of original principal):

C.  Interest Distribution payable

A.  Aggregate amount of Principal Collections received during the related Due Period

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

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

XII.

FLEET NATIONAL BANK as Servicer

By:   

Jeffrey A. Lipson

Vice President

B. Amount Actually Distributed to Class A Noteholders in respect of principal

A.  Weighted average of the Loan Rates at end of related Due Period

A.  30-59 days delinquent

B.  60-89 days delinquent

C.  90+   days delinquent

D.  REO Properties

E.  Foreclosures  

F.  Bankruptcies  

Delinquent Accounts:

X.

B.  Weighted average of the Loan Rate Cap at end of related Due Period

C.  Weighted average Margin at end of related Due Period

G.  Six Month Rolling Average