<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): January 17, 2006

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

           DELAWARE             001-31620                      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 PPLUS Trust
                    Certificates Series FMC-1 on January 17, 2006.

                             For information with respect to the
                    underlying securities held by PPLUS Trust Series
                    FMC-1, please refer to Ford Motor Company's
                    (Commission file number 001-03950) 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.
<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 January 17, 2006
                           distribution to holders of the PPLUS Trust
                           Certificates Series FMC-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: January 30, 2006             By:      /s/ Zvi Gillon
                                                     ------------------------
                                            Name:    Zvi Gillon
                                            Title:   Vice President


<PAGE>

                                  EXHIBIT INDEX


                    99.1   Trustee's report in respect of the January 17,
                           2006 distribution to holders of the PPLUS Trust
                           Certificates Series FMC-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): January 17, 2006

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

           DELAWARE             001-31620                      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 PPLUS Trust
                    Certificates Series FMC-1 on January 17, 2006.

                             For information with respect to the
                    underlying securities held by PPLUS Trust Series
                    FMC-1, please refer to Ford Motor Company's
                    (Commission file number 001-03950) 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 January 17, 2006
                           distribution to holders of the PPLUS Trust
                           Certificates Series FMC-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: January 30, 2006             By:      /s/ Zvi Gillon
                                                     ------------------------
                                            Name:    Zvi Gillon
                                            Title:   Vice President
EXHIBIT INDEX

                    99.1   Trustee's report in respect of the January 17,
                           2006 distribution to holders of the PPLUS Trust
                           Certificates Series FMC-1.