<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): July 17, 2006

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

          DELAWARE                001-31288                    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

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>


                      INFORMATION TO BE INCLUDED IN REPORT


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 PreferredPLUS Trust
                        Certificates Series ELP-1 on July 17, 2006.

                                For information with respect to the underlying
                        securities held by PreferredPLUS Trust Series ELP-1,
                        please refer to El Paso Corporation's (Commission file
                        number 001-14365) 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
                        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 July 17, 2006
                                distribution to holders of the PreferredPLUS
                                Trust Certificates Series ELP-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: July 24, 2006                 By: /s/ Jason Liddell
                                        ----------------------------------
                                    Name: Jason Liddell
                                    Title: Vice President




<PAGE>

                                  EXHIBIT INDEX

99.1  Trustee's report in respect of the July 17, 2006 distribution to holders
      of the PreferredPLUS Trust Certificates Series ELP-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): July 17, 2006

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

          DELAWARE                001-31288                    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

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))
INFORMATION TO BE INCLUDED IN REPORT

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 PreferredPLUS Trust
                        Certificates Series ELP-1 on July 17, 2006.

                                For information with respect to the underlying
                        securities held by PreferredPLUS Trust Series ELP-1,
                        please refer to El Paso Corporation's (Commission file
                        number 001-14365) 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
                        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 July 17, 2006
                                distribution to holders of the PreferredPLUS
                                Trust Certificates Series ELP-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: July 24, 2006                 By: /s/ Jason Liddell
                                        ----------------------------------
                                    Name: Jason Liddell
                                    Title: Vice President
EXHIBIT INDEX

99.1  Trustee's report in respect of the July 17, 2006 distribution to holders
      of the PreferredPLUS Trust Certificates Series ELP-1.