<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549
                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934
                            -------------------------

        Date of Report (Date of earliest event reported): APRIL 17, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
             (ON BEHALF OF PUBLIC STEERS(R) SERIES 1998 HLT-1 TRUST)
             (Exact name of registrant as specified in its charter)

         DELAWARE                001-13971                      13-3891329
     (State or other            (Commission                (I. R. S. Employer
     jurisdiction  of           File Number)               identification No.)
      incorporation)

  WORLD FINANCIAL CENTER,                                         10080
    NEW YORK, NEW YORK                                          (Zip Code)
   (Address of principal
    executive offices)
                           --------------------------

       Registrant's telephone number, including area code: (212) 449-1000

                      INFORMATION TO BE INCLUDED IN REPORT

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>

SECTION 1.        REGISTRANT'S BUSINESS AND OPERATIONS

                  Not applicable.

SECTION 2.        FINANCIAL INFORMATION

                  Not applicable.

SECTION 3.        SECURITIES AND TRADING MARKETS

                  Not applicable.

SECTION 4.        MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

                  Not applicable.

SECTION 5.        CORPORATE GOVERNANCE AND MANAGEMENT

                  Not applicable.

SECTION 6.        ASSET-BACKED SECURITIES

                  Not applicable.

SECTION 7.        REGULATION FD

                  Not applicable.

SECTION 8.        OTHER EVENTS

      ITEM 8.01   OTHER EVENTS

                  99.1   Distribution to holders of Public STEERS(R) Trust
                         Certificates Series 1998 HLT-1 on April 17, 2006.

                                  For information with respect to the
                         underlying securities held by Public STEERS(R) Series
                         1998 HLT-1 Trust, please refer to Hilton Hotels
                         Corporation's (Commission file number 001-03427)
                         periodic reports, including annual reports on Form
                         10-K, quarterly reports on Form 10-Q and current
                         reports on Form 8-K, and other information on file with
                         the Securities and Exchange Commission (the "SEC"). You
                         can read and copy these reports and other information
                         at the public reference facilities maintained by the
                         SEC at Room 1580, 100 F Street, NE, Washington, D.C.
                         20549. You may obtain copies of this material for a fee
                         by writing to the SEC's Public Reference Section of the
                         SEC at 100 F Street, NE, Washington, D.C. 20549. You
                         may obtain information about the operation of the
                         Public Reference Room by calling the SEC at
                         1-800-SEC-0330. You can also access some of this
                         information electronically by means of the SEC's
                         website on the Internet at http://www.sec.gov, which
                         contains reports, proxy and information statements and
                         other information that the underlying securities issuer
                         has filed electronically with the SEC.

<PAGE>

                                  Although we have no reason to believe the
                         information concerning the underlying securities or the
                         underlying securities issuer contained in the
                         underlying securities issuer's Exchange Act reports is
                         not reliable, neither the depositor nor the trustee
                         participated in the preparation of such documents or
                         made any due diligence inquiry with respect to the
                         information provided therein. No investigation with
                         respect to the underlying securities issuer (including,
                         without limitation, no investigation as to its
                         financial condition or creditworthiness) or of the
                         underlying securities has been made. You should obtain
                         and evaluate the same information concerning the
                         underlying securities issuer as you would obtain and
                         evaluate if your investment were directly in the
                         underlying securities or in other securities issued by
                         the underlying securities issuer. There can be no
                         assurance that events affecting the underlying
                         securities or the underlying securities issuer have not
                         occurred or have not yet been publicly disclosed which
                         would affect the accuracy or completeness of the
                         publicly available documents described above.

SECTION 9.        FINANCIAL STATEMENTS AND EXHIBITS

      ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

                  (a)   Financial statements of business acquired.

                        Not Applicable.

                  (b)   Pro forma financial information.

                        Not Applicable.

                  (c)   Shell company transactions.

                        Not Applicable.

                  (c)   Exhibits.

                        99.1     Trustee's report in respect of the April 17,
                                 2006 distribution to holders of the Public
                                 STEERS(R) Trust Certificates Series 1998
                                 HLT-1.

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.


                                           MERRILL LYNCH DEPOSITOR, INC.

Date:                                      By: /s/ Stephan Kuppenheimer
                                               ------------------------------
                                           Name:  Stephan Kuppenheimer
                                           Title: President


<PAGE>


                                  EXHIBIT INDEX


99.1     Trustee's report in respect of the April 17, 2006 distribution to
         holders of the Public STEERS(R) Trust Certificates Series 1998 HLT-1.
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{"company-data": {"conformed-name": "MERRILL LYNCH DEPOSITOR INC PUBLIC STEERS SERIES 1998-1 TRUS", "cik": "0001073703", "assigned-sic": "6189", "irs-number": "133891329", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13971", "film-number": "06798238"}, "business-address": {"street1": "WORLD FINANCIAL CENTER", "city": "NEW YORK", "state": "NY", "zip": "10281", "phone": "2124491000"}, "mail-address": {"street1": "WORLD FINANCIAL CENTER", "city": "NEW YORK", "state": "NY", "zip": "10281"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549
                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934
                            -------------------------

        Date of Report (Date of earliest event reported): APRIL 17, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
             (ON BEHALF OF PUBLIC STEERS(R) SERIES 1998 HLT-1 TRUST)
             (Exact name of registrant as specified in its charter)

         DELAWARE                001-13971                      13-3891329
     (State or other            (Commission                (I. R. S. Employer
     jurisdiction  of           File Number)               identification No.)
      incorporation)

  WORLD FINANCIAL CENTER,                                         10080
    NEW YORK, NEW YORK                                          (Zip Code)
   (Address of principal
    executive offices)
                           --------------------------

       Registrant's telephone number, including area code: (212) 449-1000

                      INFORMATION TO BE INCLUDED IN REPORT

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
SECTION 1.        REGISTRANT'S BUSINESS AND OPERATIONS

                  Not applicable.

SECTION 2.        FINANCIAL INFORMATION

                  Not applicable.

SECTION 3.        SECURITIES AND TRADING MARKETS

                  Not applicable.

SECTION 4.        MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

                  Not applicable.

SECTION 5.        CORPORATE GOVERNANCE AND MANAGEMENT

                  Not applicable.

SECTION 6.        ASSET-BACKED SECURITIES

                  Not applicable.

SECTION 7.        REGULATION FD

                  Not applicable.

SECTION 8.        OTHER EVENTS

      ITEM 8.01   OTHER EVENTS

                  99.1   Distribution to holders of Public STEERS(R) Trust
                         Certificates Series 1998 HLT-1 on April 17, 2006.

                                  For information with respect to the
                         underlying securities held by Public STEERS(R) Series
                         1998 HLT-1 Trust, please refer to Hilton Hotels
                         Corporation's (Commission file number 001-03427)
                         periodic reports, including annual reports on Form
                         10-K, quarterly reports on Form 10-Q and current
                         reports on Form 8-K, and other information on file with
                         the Securities and Exchange Commission (the "SEC"). You
                         can read and copy these reports and other information
                         at the public reference facilities maintained by the
                         SEC at Room 1580, 100 F Street, NE, Washington, D.C.
                         20549. You may obtain copies of this material for a fee
                         by writing to the SEC's Public Reference Section of the
                         SEC at 100 F Street, NE, Washington, D.C. 20549. You
                         may obtain information about the operation of the
                         Public Reference Room by calling the SEC at
                         1-800-SEC-0330. You can also access some of this
                         information electronically by means of the SEC's
                         website on the Internet at http://www.sec.gov, which
                         contains reports, proxy and information statements and
                         other information that the underlying securities issuer
                         has filed electronically with the SEC.
Although we have no reason to believe the
                         information concerning the underlying securities or the
                         underlying securities issuer contained in the
                         underlying securities issuer's Exchange Act reports is
                         not reliable, neither the depositor nor the trustee
                         participated in the preparation of such documents or
                         made any due diligence inquiry with respect to the
                         information provided therein. No investigation with
                         respect to the underlying securities issuer (including,
                         without limitation, no investigation as to its
                         financial condition or creditworthiness) or of the
                         underlying securities has been made. You should obtain
                         and evaluate the same information concerning the
                         underlying securities issuer as you would obtain and
                         evaluate if your investment were directly in the
                         underlying securities or in other securities issued by
                         the underlying securities issuer. There can be no
                         assurance that events affecting the underlying
                         securities or the underlying securities issuer have not
                         occurred or have not yet been publicly disclosed which
                         would affect the accuracy or completeness of the
                         publicly available documents described above.

SECTION 9.        FINANCIAL STATEMENTS AND EXHIBITS

      ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

                  (a)   Financial statements of business acquired.

                        Not Applicable.

                  (b)   Pro forma financial information.

                        Not Applicable.

                  (c)   Shell company transactions.

                        Not Applicable.

                  (c)   Exhibits.

                        99.1     Trustee's report in respect of the April 17,
                                 2006 distribution to holders of the Public
                                 STEERS(R) Trust Certificates Series 1998
                                 HLT-1.
SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.

                                           MERRILL LYNCH DEPOSITOR, INC.

Date:                                      By: /s/ Stephan Kuppenheimer
                                               ------------------------------
                                           Name:  Stephan Kuppenheimer
                                           Title: President
EXHIBIT INDEX

99.1     Trustee's report in respect of the April 17, 2006 distribution to
         holders of the Public STEERS(R) Trust Certificates Series 1998 HLT-1.