UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~WASHINGTON~~Washington, D. C. 20549

__________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

~~The~~ Securities Exchange Act of 1934

~~_________________________~~Date of Report (Date of earliest event reported): April 12, 2012

Date of Report (Date of earliest event reported): March 15, 2012

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
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
jurisdiction of	File Number)	Identification No.)
incorporation)
One Bryant Park, 4th FL		10036
Structured Credit Trading		(Zip Code)
New York, NY
(Address of principal
executive offices)

~~__________________________~~One Bryant Park, 4th Floor, Structured Credit Trading, New York, NY 10036

~~Registrant’s~~(Address ~~telephone~~of ~~number~~principal executive offices, including ~~area code:~~Zip ~~(212~~Code) ~~449-1000~~

~~INFORMATION~~Registrant's TOtelephone BEnumber, ~~INCLUDED~~including INarea ~~REPORT~~ 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~~ N/A~~.2.):~~

(Former name or former address, if changed since last 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. below):

[ ] 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~~Item 18.01. Other ~~Registrant’s Business and Operations~~Events

~~Not~~ Pursuant to Part 5(e) of the Schedule to the 1992 ISDA® Master Agreement between Merrill Lynch Capital Services, Inc. (the “Transferor”) and PPLUS Trust Series JPM-1 (the “Trust”), dated August 3, 2004 (the “Transferred Master Agreement”), on April 12, 2012 the Transferor and Merrill Lynch International (the “Transferee”) entered into a Swap Transfer and Assignment Agreement (the “Transfer Agreement”) by which the Transferor transferred and assigned to the Transferee, and the Transferee accepted and assumed, all of the rights, liabilities, duties and obligations of the Transferor under the terms of the Transferred Master Agreement. On April 11, 2012 the Trust received written confirmation from Standard & Poor’s Rating Services that the execution of the Transfer Agreement did not result in the withdrawal or downgrading of the rating of the securities of the Trust. In connection with the transfer of the Transferor’s rights, liabilities, duties and obligations under the Transferred Master Agreement to the Transferee, the collateral posting requirements previously applicable to the Transferor (and which would otherwise now be applicable to the Transferee) have ceased to apply.

~~Section~~In 2connection with the Transfer Agreement, Merrill Lynch & Co., ~~Financial~~Inc. ~~Information~~(the “Guarantor”) issued a guarantee for the Trust’s benefit in which the Guarantor agreed to make any payment, or cause such payment to be made, to the Trust upon the Trust’s demand, due from the Transferor to the Trust under the terms of the Transferred Master Agreement.

~~Not~~Item ~~applicable~~9.01 Financial Statements and Exhibits

(d) Exhibits

~~Section~~Exhibit. 3No. ~~Securities and Trading Markets~~Description

Not applicable.

99.1	Swap Transfer and Assignment Agreement between Merrill Lynch International and Merrill Lynch Capital Services, Inc., dated April 12, 2012.

99.2	Guarantee issued by Merrill Lynch & Co., Inc.

~~Section 4. Matters Related to Accountants and Financial Statements~~SIGNATURES

~~Not~~ Pursuant ~~applicable~~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.

Section 5. Corporate Governance and Management

		MERRILL LYNCH DEPOSITOR, INC. (Depositor)

Date: April 12, 2012	By:	/s/ John Marciano
		Name: John Marciano
		Title: Vice President

~~Not~~EXHIBIT ~~applicable.~~INDEX

Section 6. Asset-Backed Securities

99.1	Swap Transfer and Assignment Agreement between Merrill Lynch International and Merrill Lynch Capital Services, Inc., dated April 12, 2012.
99.2	Guarantee issued by Merrill Lynch & Co., Inc.

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 March 15, 2012.

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.

Not applicable.

(d) Exhibits.

99.1 Trustee’s report in respect of the March 15, 2012 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: March 21, 2012	By:	/s/ John Marciano
		Name:	John Marciano
		Title:	Vice President

EXHIBIT INDEX

99.1 Trustee’s report in respect of the March 15, 2012 distribution to holders of the PPLUS Trust Certificates Series JPM-1.

Filing Compare · PPLUS Trust Series JPM-1