<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): OCTOBER 17, 2005

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

              DELAWARE           001-31595                      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


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.


<PAGE>

SECTION 6.        [RESERVED]

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
                  VAL-1 on October 17, 2005.

                                For information with respect to the
                  underlying securities held by PPLUS Trust Series VAL-1,
                  please refer to Valero Energy Corporation's (Commission
                  file number 001-13175) 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)    Exhibits.

                  99.1     Trustee's report in respect of the October 17, 2005
                           distribution to holders of the PPLUS Trust
                           Certificates Series VAL-1.



<PAGE>

                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.


                                            MERRILL LYNCH DEPOSITOR, INC.

Date: October 26, 2005                      By:    /s/ Zvi Gillon
                                                   -----------------------------
                                            Name:  Zvi Gillon
                                            Title: Vice President









<PAGE>

                                  EXHIBIT INDEX


99.1     Trustee's report in respect of the October 17, 2005 distribution to
         holders of the PPLUS Trust Certificates Series VAL-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): OCTOBER 17, 2005

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

              DELAWARE           001-31595                      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

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.        [RESERVED]

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
                  VAL-1 on October 17, 2005.

                                For information with respect to the
                  underlying securities held by PPLUS Trust Series VAL-1,
                  please refer to Valero Energy Corporation's (Commission
                  file number 001-13175) 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)    Exhibits.

                  99.1     Trustee's report in respect of the October 17, 2005
                           distribution to holders of the PPLUS Trust
                           Certificates Series VAL-1.
SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.

                                            MERRILL LYNCH DEPOSITOR, INC.

Date: October 26, 2005                      By:    /s/ Zvi Gillon
                                                   -----------------------------
                                            Name:  Zvi Gillon
                                            Title: Vice President
EXHIBIT INDEX

99.1     Trustee's report in respect of the October 17, 2005 distribution to
         holders of the PPLUS Trust Certificates Series VAL-1.