SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-K
 ANNUAL REPORT
 Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
 For the fiscal year ended:
    
    Commission file number:December 31, 2011
    
    001-32247
 MERRILL LYNCH DEPOSITOR, INC.
   DELAWARE
(State or other 
jurisdiction of 
incorporation)
    
    13-3891329
(I. R. S. Employer
Identification No.)
 ONE BRYANT PARK, 4th FLSTRUCTURED CREDIT TRADING 
        NEW YORK, NEW YORK
        (Address of principal 
        executive offices)
    
        10036
(Zip Code)
 
       o þ
  o þ
  þ o
 Indicate by check
      mark whether the registrant has submitted electronically and posted on its
      corporate Web site, if any, every Interactive Data File required to be submitted
      and posted pursuant to Rule 405 of Regulation S-T during the preceding 12
      months (or for such shorter period that the registrant was required to submit
      and post such files). o o
 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
      of Regulation S-K is not contained herein, and will not be contained,
      to the best of registrants knowledge, in definitive proxy or information
      statements incorporated by reference in Part III of this Form 10-K
      or any amendment to this Form 10-K. o
 o o þSmaller reporting  filer o
 o þ
     DOCUMENTS INCORPORATED BY REFERENCE


---







TABLE OF CONTENTS
  PART IITEM 1. BUSINESSITEM 1A. RISK FACTORSITEM 1B. UNRESOLVED STAFF COMMENTSITEM 2. PROPERTIESITEM 3. LEGAL PROCEEDINGSITEM 4. MINE SAFETY DISCLOSURESPART IIITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESITEM 6. SELECTED FINANCIAL DATAITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREITEM 9A. CONTROLS AND PROCEDURESITEM 9B. OTHER INFORMATIONPART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERSAND CORPORATE GOVERNANCEITEM 11. EXECUTIVE COMPENSATIONITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERSITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCEITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICESPART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULESSIGNATURESEX-31.1: CERTIFICATIONEX-99.1: TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATEEX-99.2: REPORT OF PRICEWATERHOUSECOOPERS
          LLPEX-99.3: REPORT OF KPMG LLP  
 
   
  
    2


---








    
    whether an early termination payment is payable by
the trust to the swap counterparty,
    
    the purchase price of trust certificates,
    
    when you acquire your trust certificates,
    
    whether the underlying securities issuer exercises
its option to redeem the underlying securities,
and
    
    whether the call warrant holders exercise their
optional rights to purchase outstanding trust
certificates.
   3


---







4


---








    
    if a default occurs, the market value of the
underlying securities may be adversely affected
and the proceeds of their disposition may be lower
than the aggregate present value or stated amount
(if applicable) of the trust certificates;
    
    in either event, any distribution of funds or
underlying securities by the trust to the trust
certificateholders will be done in accordance with
the allocation ratio as described in the
applicable prospectus supplement relating to the
trust certificates. The funds or aggregate
principal amount of underlying securities you
receive on that distribution may be less than the
present value or stated amount (if applicable) of
your trust certificates; and
    
    any such distribution of funds will be subject to
the payment by the trust to the swap counterparty
of any early termination payment.
   
    
    there is a payment default on any underlying
securities,
    
    there is another type of default that accelerates
the maturity of the underlying securities, or
    
    the underlying securities guarantor ceases to file
Exchange Act reports.
  5


---







6


---







7


---







8


---








    
    the purchase price you pay for your trust
certificates;
    
    the interest rate on the trust certificates, which
will be greater than or equal to 3.00% and will
not exceed 8.00%;
    
    the performance of the underlying securities;
    
    whether the underlying securities issuer redeems,
repurchases or repays the underlying securities
before their maturity;
    
    whether the underlying security guarantor elects
to defer interest payments on the underlying
securities;
    
    whether the underlying securities issuer defaults
under the underlying securities;
    
    the possibility that if there is a swap
termination event that is not a trust termination
event a fixed rate of 6.345% per annum will be
payable on the trust certificates, instead of the
floating rate distribution amount payable under
the swap agreement;
    
    the possibility that the swap agreement may be
terminated early in certain circumstances,
resulting in the termination of the trust prior to
its scheduled termination date; and
    
    whether the holder of the call options exercises
its call options on your trust certificates.
  9


---







10


---







MINE SAFETY DISCLOSURES
  
  
   
   
   
   11


---







(a)
    
    Securities Authorized For Issuance Under Equity
Compensation Plans: None.(b)
    
    Security Ownership Of Certain Beneficial Owners:
None.(c)
    
    Security Ownership Of Management: Not Applicable.(d)
    
    Changes In Control: None.
 
   
   12


---







31.1.
    
        Certification of the Vice President of Registrant dated March 9,
          2012, pursuant to Rules 13a-14 and 15d-14 under the Securities Exchange
          Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley
          Act of 2002, with respect to the Registrants Annual Report on
          Form 10-K for the year ended December 31, 2011.99.1.
    
        Trustees Annual Compliance Certificate dated March 5,
          2012.99.2.
    
        Report of PricewaterhouseCoopers LLP,
          Independent Registered Public Accounting Firm, dated March 6,
          2012, Registrants Assertion on Compliance with PPLUS Minimum
          Servicing Standards dated March 6, 2012 and PPLUS Minimum Servicing
          Standards.99.3.
    
        Report of KPMG LLP, Independent Registered Public Accounting Firm,
          dated February 24, 2012, The Bank of New York Mellons Assertion
          on Compliance with PPLUS Minimum Servicing Standards dated February 24,
          2012 and PPLUS Minimum Servicing Standards.
     13


---







MERRILL LYNCH DEPOSITOR, INC.Date: March 9, 2012
    By:

      /s/ John MarcianoName:
      John MarcianoTitle:
      Vice President


---