<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): September 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                     (on behalf of PPLUS TRUST SERIES JPM-1)
             (Exact name of registrant as specified in its charter)

         Delaware                 001-32263                 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 JPM-1 on September 15, 2006.

                                   For information with respect to the
                          underlying securities held by PPLUS Trust Series
                          JPM-1, please refer to The J.P. Morgan Chase & Co.'s
                          (Commission file number 001-05805) 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 or the
                          swap guarantor (including, without limitation, no
                          investigation as to their respective financial
                          condition or creditworthiness) or 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 you were investing 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.

<PAGE>

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 September
                                    15, 2006 distribution to holders of the
                                    PPLUS Trust Certificates Series JPM-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: 9/26/2006                    By:  /s/ Jason Liddell
                                        ---------------------------------------
                                        Name:  Jason Liddell
                                        Title: Vice President

<PAGE>

                                  EXHIBIT INDEX


99.1    Trustee's report in respect of the September 15, 2006 distribution to
        holders of the PPLUS Trust Certificates Series JPM-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): September 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                     (on behalf of PPLUS TRUST SERIES JPM-1)
             (Exact name of registrant as specified in its charter)

         Delaware                 001-32263                 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 JPM-1 on September 15, 2006.

                                   For information with respect to the
                          underlying securities held by PPLUS Trust Series
                          JPM-1, please refer to The J.P. Morgan Chase & Co.'s
                          (Commission file number 001-05805) 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 or the
                          swap guarantor (including, without limitation, no
                          investigation as to their respective financial
                          condition or creditworthiness) or 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 you were investing 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.

               (d)        Exhibits.

                          99.1      Trustee's report in respect of the September
                                    15, 2006 distribution to holders of the
                                    PPLUS Trust Certificates Series JPM-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: 9/26/2006                    By:  /s/ Jason Liddell
                                        ---------------------------------------
                                        Name:  Jason Liddell
                                        Title: Vice President
EXHIBIT INDEX

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