<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 1, 2006

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

         DELAWARE             001-16569                    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 PreferredPLUS Trust
                           Certificates Series FRD-1 on November 1, 2006.

                                    For information with respect to the
                           underlying securities held by PreferredPLUS Trust
                           Series FRD-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 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.
<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 November 1, 2006 distribution to holders
                                    of the PreferredPLUS Trust Certificates
                                    Series FRD-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: November 6, 2006             By:  /s/ Michael Vasseghi
                                        ------------------------------
                                   Name:    Michael Vasseghi
                                   Title:   President



<PAGE>

                                  EXHIBIT INDEX


            99.1       Trustee's report in respect of the November 1, 2006
                       distribution to holders of the PreferredPLUS
                       Trust Certificates Series FRD-1.
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{"company-data": {"conformed-name": "MERRILL LYNCH DEPOSITOR INC PREFERREDPLUS TRUST SERIES FRD 1", "cik": "0001143716", "assigned-sic": "6189", "irs-number": "133891329", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-16569", "film-number": "061275030"}, "business-address": {"street1": "WORLD FINANCIAL CENTER", "street2": "NORTH TOWER", "city": "NEW YORK", "state": "NY", "zip": "10281", "phone": "2124491000"}, "mail-address": {"street1": "WORLD FINANCIAL CENTER NORTH TOWER", "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): November 1, 2006

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

         DELAWARE             001-16569                    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 PreferredPLUS Trust
                           Certificates Series FRD-1 on November 1, 2006.

                                    For information with respect to the
                           underlying securities held by PreferredPLUS Trust
                           Series FRD-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 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.

                  (d) Exhibits.

                        99.1        Trustee's report in respect of
                                    the November 1, 2006 distribution to holders
                                    of the PreferredPLUS Trust Certificates
                                    Series FRD-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: November 6, 2006             By:  /s/ Michael Vasseghi
                                        ------------------------------
                                   Name:    Michael Vasseghi
                                   Title:   President
EXHIBIT INDEX

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