<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): November 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                     (ON BEHALF OF PPLUS TRUST SERIES TWC-1)
             (Exact name of registrant as specified in its charter)

          DELAWARE             001-32018                    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 the PPLUS Trust
                           Certificates Series TWC-1 on November 15, 2006.

                                    For information with respect to the
                           underlying securities held by PPLUS Trust Series
                           TWC-1, please refer to Time Warner Inc.'s (Commission
                           file number 001-15062) 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, the
                           underlying guarantees, the underlying securities
                           issuer or the underlying securities guarantors
                           contained in the underlying securities guarantors'
                           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 or the underlying
                           securities guarantors (including, without limitation,
                           no investigation as to their financial condition or
                           creditworthiness) or of the underlying securities or
                           the underlying guarantees has been made. You should
                           obtain and evaluate the same information concerning
                           the underlying securities issuer and the underlying
                           securities guarantors as you would obtain and
                           evaluate if your investment were directly in the
                           underlying securities and the underlying guarantees
                           or in other securities issued by the underlying
                           securities issuer or the underlying guarantors. There
                           can be no assurance that events affecting the
                           underlying securities and the underlying guarantees
                           or the underlying securities issuer or the underlying
                           securities guarantors' 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.

                  (d)      Exhibits.

                             99.1   Trustee's report in respect of
                                    the November 15, 2006 distribution to
                                    holders of the PPLUS Trust Certificates
                                    Series TWC-1.
<PAGE>

                                   SIGNATURES

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

                                          MERRILL LYNCH DEPOSITOR, INC.

         Date:  11/16/2006                By:     /s/ Jason Liddell
                                                  ----------------------
                                          Name:   Jason Liddell
                                          Title:  Vice-President



<PAGE>


                                            EXHIBIT INDEX

               99.1        Trustee's report in respect of the November 15,
                           2006 distribution to holders of the PPLUS Trust
                           Certificates Series TWC-1.
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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): November 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                     (ON BEHALF OF PPLUS TRUST SERIES TWC-1)
             (Exact name of registrant as specified in its charter)

          DELAWARE             001-32018                    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 the PPLUS Trust
                           Certificates Series TWC-1 on November 15, 2006.

                                    For information with respect to the
                           underlying securities held by PPLUS Trust Series
                           TWC-1, please refer to Time Warner Inc.'s (Commission
                           file number 001-15062) 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, the
                           underlying guarantees, the underlying securities
                           issuer or the underlying securities guarantors
                           contained in the underlying securities guarantors'
                           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 or the underlying
                           securities guarantors (including, without limitation,
                           no investigation as to their financial condition or
                           creditworthiness) or of the underlying securities or
                           the underlying guarantees has been made. You should
                           obtain and evaluate the same information concerning
                           the underlying securities issuer and the underlying
                           securities guarantors as you would obtain and
                           evaluate if your investment were directly in the
                           underlying securities and the underlying guarantees
                           or in other securities issued by the underlying
                           securities issuer or the underlying guarantors. There
                           can be no assurance that events affecting the
                           underlying securities and the underlying guarantees
                           or the underlying securities issuer or the underlying
                           securities guarantors' 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.

                  (d)      Exhibits.

                             99.1   Trustee's report in respect of
                                    the November 15, 2006 distribution to
                                    holders of the PPLUS Trust Certificates
                                    Series TWC-1.
SIGNATURES

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

                                          MERRILL LYNCH DEPOSITOR, INC.

         Date:  11/16/2006                By:     /s/ Jason Liddell
                                                  ----------------------
                                          Name:   Jason Liddell
                                          Title:  Vice-President
EXHIBIT INDEX

               99.1        Trustee's report in respect of the November 15,
                           2006 distribution to holders of the PPLUS Trust
                           Certificates Series TWC-1.