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                       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, 2005                          001-15485


                          MERRILL LYNCH DEPOSITOR, INC.
            (ON BEHALF OF PUBLIC STEERS(R) SERIES 1999 REN-C1 TRUST)
             (Exact name of registrant as specified in its charter)


                  DELAWARE                             13-3891329
              (State or other                      (I. R. S. Employer
               jurisdiction of                     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

Securities registered pursuant to Section 12(b) of the Act:

Public STEERS(R) Trust Certificates Series 1999 REN-C1, listed on The New York
Stock Exchange.

Securities registered pursuant to Section 12(g) of the Act:

Not Applicable.

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Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

                       Yes [ ]                      No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

                       Yes [ ]                      No [X]

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                       Yes [X]                      No [ ]

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.

                                      [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                       Yes [ ]                      No [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                       Yes [ ]                      No [X]

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common equity,
as of the last business day of the registrant's most recently completed second
fiscal quarter.

Not Applicable.

Indicate the number of shares outstanding for each of the registrant's classes
of common stock, as of the latest practicable date.

Not Applicable.

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                       DOCUMENTS INCORPORATED BY REFERENCE

None.

       PART I

       ITEM 1.   BUSINESS

                 For information with respect to the underlying securities held
                 by Public STEERS(R) Series 1999 REN-C1 Trust, please refer to
                 RenaissanceRe Holdings Ltd.'s (Commission file number 001-
                 14428) 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, N.E., 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, N.E., 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 guarantor has filed electronically with
                 the SEC.

                 Although we have no reason to believe the information
                 concerning the underlying securities, the junior subordinated
                 debentures, the underlying securities issuer or the underlying
                 securities guarantor contained in the underlying securities
                 guarantor'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 underlying
                 securities guarantor (including, without limitation, no
                 investigation as to their respective financial condition or
                 creditworthiness) or of the underlying securities or junior
                 subordinated debentures has been made. You should obtain and
                 evaluate the same information concerning the underlying
                 securities issuer and the underlying securities guarantor as
                 you would obtain and evaluate if your investment were directly
                 in the underlying securities, junior subordinated debentures or
                 in other securities issued by the underlying securities issuer
                 or the underlying securities guarantor. There can be no
                 assurance that events affecting the underlying securities,
                 junior subordinated debentures, the underlying securities
                 issuer or the underlying securities guarantor have not occurred
                 or have not yet been publicly disclosed which would affect the
                 accuracy or completeness of the publicly available documents
                 described above.

                                        3

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       ITEM 1A.  RISK FACTORS

                 Your investment in the trust certificates will involve certain
                 risks. You should carefully consider the following discussion
                 of risks, and the other information included or incorporated by
                 reference in the applicable prospectus supplement and the
                 accompanying prospectus. You should also carefully consider any
                 risk factors and other information that the underlying
                 securities guarantor may file in its Exchange Act reports as
                 referenced in Item 1 above.

                 IF THE UNDERLYING SECURITIES ARE REDEEMED PRIOR TO THEIR
                 MATURITY DATE, YOU MAY NOT BE ABLE TO REINVEST YOUR REDEMPTION
                 PROCEEDS AT A YIELD COMPARABLE TO THE YIELD YOU WOULD HAVE
                 RECEIVED ON YOUR TRUST CERTIFICATES

                 The yield you will realize on your trust certificates depends
                 upon several factors, including:

                 o   the purchase price of the trust certificates,

                 o   when you acquire your trust certificates, and

                 o   whether the underlying securities guarantor exercises its
                     option to redeem the junior subordinated debentures.

                 The underlying securities guarantor has the option to redeem
                 the junior subordinated debentures on or after March 1, 2007.
                 If the underlying securities guarantor redeems the junior
                 subordinated debentures, the underlying securities held by the
                 trust will also be redeemed. Because the underlying securities
                 guarantor has the right to redeem the junior subordinated
                 debentures early, the depositor cannot assure you that the
                 trust will be able to hold the underlying securities until
                 their maturity date.

                 The yield you will realize on your trust certificates also
                 depends upon whether a Special Event (as defined in the
                 applicable prospectus supplement) occurs. We have not
                 formulated an opinion as to the likelihood of a Special Event.
                 If
                                        4

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                 o   a Special Event occurs and the underlying securities
                     guarantor exercises its right to redeem all of the junior
                     subordinated debentures,

                 o   the underlying securities are paid or sold prior to
                     maturity as a result of a default, or

                 o   the underlying securities guarantor ceases to file reports
                     under the Exchange Act,

                 the trust certificates and the underlying securities will have
                 a shorter average maturity than if the underlying securities
                 guarantor did not exercise its redemption right, or if no
                 default had occurred or if the underlying securities guarantor
                 had continued to file reports under the Exchange Act.

                 If the underlying securities are redeemed, the trust will
                 redeem the trust certificates. Prevailing interest rates at the
                 time of an early redemption may be lower than the yield on your
                 trust certificates. Therefore, you may be unable to realize a
                 comparable yield upon reinvestment of your funds from an early
                 redemption.

                 YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE INSUFFICIENT

                 The trust has no significant assets other than the underlying
                 securities. If the underlying securities are insufficient to
                 make payments or distributions on the trust certificates, no
                 other assets will be available for payment of the deficiency.

                 THE TRUSTEE WILL NOT MANAGE THE UNDERLYING SECURITIES

                 Except as described below, the trust will not dispose of any
                 underlying securities, even if an event occurs that adversely
                 affects the value of the underlying securities, the underlying
                 securities guarantor or the underlying securities issuer. As
                 provided in the applicable trust agreement, the trust will
                 dispose of the underlying securities only if:

                 (1) there is a payment default on any underlying securities,

                 (2) there is another type of default which accelerates the
                     maturity of the underlying securities, or

                 (3) the underlying securities guarantor ceases to file Exchange
                     Act reports.

                 Under the first circumstance listed above, the trustee must
                 sell the underlying securities, even if adverse market
                 conditions exist. The trustee has no discretion to do
                 otherwise. If adverse market conditions do exist at the time of
                 the trustee's sale of the underlying securities, you may incur
                 greater losses than if the trust continued to hold the
                 underlying securities.

                                        5

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                 THE TRUST CERTIFICATES ARE SUBJECT TO THE CREDITWORTHINESS OF
                 THE UNDERLYING SECURITIES ISSUER AND THE UNDERLYING SECURITIES
                 GUARANTOR

                 The trust certificates represent interests in obligations of
                 the underlying securities issuer and underlying securities
                 guarantor. In particular, the trust certificates will be
                 subject to all the risks associated with directly investing in
                 the underlying securities guarantor's unsecured subordinated
                 debt obligations.

                 The trust's right to direct action against the underlying
                 securities guarantor to enforce the rights of the junior
                 subordinated debentures holders is limited. If a Declaration
                 Event of Default (as defined in the applicable prospectus
                 supplement) occurs and is continuing, then underlying
                 securities holders, including the trust, would rely on
                 enforcement by the trustee of the junior subordinated
                 debentures (the "Indenture Trustee") of their rights as holders
                 of the junior subordinated debentures against the underlying
                 securities guarantor. The holders of a majority in liquidation
                 amount of the underlying securities have the right to direct
                 the time, method and place of conducting any remedy proceeding
                 available to the Indenture Trustee or to direct the exercise of
                 any trust or power conferred upon the Indenture Trustee,
                 including the Indenture Trustee's right to exercise remedies
                 available to it as a junior subordinated debentures holder. If
                 the Indenture Trustee fails to enforce its rights under the
                 junior subordinated debentures, any underlying securities
                 holder may directly institute a legal proceeding against the
                 underlying securities guarantor to enforce the Indenture
                 Trustee's rights under the junior subordinated debentures. The
                 underlying securities holder does not have to first institute a
                 legal proceeding against the Indenture Trustee or any other
                 person or entity. If a Declaration Event of Default
                 attributable to the underlying securities guarantor's failure
                 to pay interest or principal on the junior subordinated
                 debentures on the date payable has occurred and is continuing,
                 then an underlying securities holder may also directly
                 institute a proceeding for enforcement of payment of the
                 principal of or interest on the junior subordinated debentures,
                 having a principal amount equal to the aggregate liquidation
                 amount of that holder's underlying securities, on or after the
                 due date without first:

                 o   directing the Indenture Trustee to enforce the terms of the
                     junior subordinated debentures or

                 o   instituting a legal proceeding against the underlying
                     securities guarantor to enforce the Indenture Trustee's
                     rights under the junior subordinated debentures.

                                        6

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                 The underlying securities guarantor would be subrogated to the
                 rights of the underlying securities holder to the extent of any
                 payments made by the underlying securities guarantor to the
                 holder in any direct action. Consequently, the underlying
                 securities guarantor will be entitled to amounts that an
                 underlying securities holder receives in respect of any
                 distribution that resulted from the holder bringing a direct
                 action to the extent the underlying securities holder receives
                 full payment on the unpaid distribution from the underlying
                 securities issuer. Except as described above, underlying
                 securities holders, such as the trust, will not be able to
                 exercise directly any remedy available to junior subordinated
                 debentures holders or to assert directly any other rights in
                 respect of the junior subordinated debentures.

                 THE UNDERLYING SECURITIES GUARANTOR HAS THE ABILITY TO DEFER
                 DISTRIBUTIONS PAYABLE TO THE TRUST

                 The underlying securities guarantor can, on one or more
                 occasions, defer interest payments on the junior subordinated
                 debentures for up to 10 consecutive semiannual interest
                 periods, but not beyond the maturity date of the junior
                 subordinated debentures. If the underlying securities guarantor
                 defers interest payments on the junior subordinated debentures,
                 the underlying securities issuer will defer distributions on
                 the underlying securities. If the underlying securities issuer
                 defers distributions on the underlying securities, the trust
                 will defer distributions on the trust certificates during any
                 deferral period. However, distributions will themselves accrue
                 interest compounded semiannually. Prior to the termination of
                 any deferral period, the underlying securities guarantor may
                 further extend the deferment, but the total of all deferral
                 periods must not exceed 10 consecutive semiannual interest
                 periods or extend beyond the maturity date. Upon the
                 termination of any deferral period and the payment of all
                 amounts then due, the underlying securities guarantor may
                 commence a new deferral period, subject to the above
                 requirements. Should the underlying securities guarantor
                 exercise its right to defer any payment of interest on the
                 junior subordinated debentures, each underlying securities
                 holder will be required to accrue interest income (as original
                 issue discount) in respect of the deferred stated interest
                 allocable to its share of the underlying securities for federal
                 income tax purposes. As a result, the trust, as an underlying
                 securities holder, would have to include this amount in gross
                 income for United States federal income tax purposes prior to
                 the receipt of any cash distributions. In addition, the trust
                 would not receive cash from the underlying securities issuer
                 related to this income if the trust disposes of the underlying
                 securities prior to the record date on which distributions of
                 these amounts are made. Also, because the underlying securities
                 guarantor has the right to defer interest payments, the market
                 price of the underlying securities (which represent an
                 undivided beneficial interest in the junior subordinated
                 debentures) may be more volatile than other similar securities
                 where the issuer does not have the right to defer interest
                 payments.

                                        7

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                 IF THE UNDERLYING SECURITIES GUARANTOR EXERCISES ITS OPTION TO
                 DEFER INTEREST PAYMENTS ON THE JUNIOR SUBORDINATED DEBENTURES,
                 THE TRUST MAY FACE ADVERSE TAX CONSEQUENCES

                 If the underlying securities guarantor exercises its option to
                 defer payment of interest on the junior subordinated
                 debentures, the underlying securities may trade at a price that
                 does not fully reflect the value of accrued but unpaid interest
                 of the underlying junior subordinated debentures. In the event
                 of a deferral, the trust, as an underlying securities holder,
                 must include the unpaid interest accrued on the junior
                 subordinated debentures in income, as ordinary income accrued
                 but unpaid, if the trust disposes of its underlying securities
                 between distribution record dates for the underlying
                 securities. The trust would also have to add this amount to its
                 adjusted tax basis in its pro rata share of the underlying
                 junior subordinated debentures deemed disposed of. To the
                 extent the selling price is less than the trust's adjusted tax
                 basis (which will include, in the form of original issue
                 discount, or OID, all accrued but unpaid interest), the trust
                 will recognize a capital loss. Subject to limited exceptions,
                 capital losses cannot be applied to offset ordinary income for
                 United States federal income tax purposes.

                 THE UNDERLYING SECURITIES GUARANTOR'S OBLIGATIONS UNDER THE
                 JUNIOR SUBORDINATED DEBENTURES AND THE GUARANTEE ARE
                 SUBORDINATED

                 The underlying securities guarantor's obligations under the
                 junior subordinated debentures are subordinate and junior in
                 right of payment to the underlying securities guarantor's
                 Senior Indebtedness (as defined on in the applicable prospectus
                 supplement). This means that the underlying securities
                 guarantor cannot make any payments of principal (including
                 redemption payments) or interest on the junior subordinated
                 debentures if it defaults on a payment on its Senior
                 Indebtedness or the maturity of any of its Senior Indebtedness
                 has been accelerated because of a default.

                 The underlying securities guarantor's obligations under the
                 guarantee rank

                 o   subordinate and junior to all of the underlying securities
                     guarantor's obligations;

                 o   equal with the most senior preferred or preference stock
                     previously issued or that the underlying securities
                     guarantor may issue;

                 o   equal with any guarantee that the underlying securities
                     guarantor may offer in respect of any capital or preferred
                     securities issued by other trusts to be established by the
                     underlying securities guarantor that are similar to the
                     underlying securities; and

                 o   senior to the underlying securities guarantor's common
                     stock.

                                       8
<PAGE>

                 There are no terms in the underlying securities, the junior
                 subordinated debentures, the guarantee or the Indenture, dated
                 as of March 7, 1997 as amended and supplemented from time to
                 time, between the underlying securities guarantor and The Bank
                 of New York, as Indenture Trustee (the "Indenture"), that limit
                 the underlying securities guarantor's ability to incur
                 additional indebtedness, including indebtedness that ranks
                 senior to the junior subordinated debentures and the guarantee.

                 THE TRUST'S RIGHT TO DIRECT ACTION AGAINST THE UNDERLYING
                 SECURITIES GUARANTOR FOR PAYMENT IS LIMITED

                 The guarantee of the underlying securities guarantor is
                 qualified as an indenture under the Trust Indenture Act of
                 1939, as amended (the "Trust Indenture Act"). The trustee of
                 the junior subordinated debentures, in addition to acting as
                 indenture trustee under the Indenture, will act as indenture
                 trustee under the guarantee for the purposes of compliance with
                 the provisions of the Trust Indenture Act (the "Guarantee
                 Trustee"). The Guarantee Trustee will hold the guarantee for
                 the benefit of the underlying securities holders.

                 Pursuant to the guarantee, the underlying securities guarantor
                 has guaranteed to the underlying securities holders the payment
                 of

                 o   any accrued and unpaid distributions that are required to
                     be paid on the underlying securities, to the extent the
                     underlying securities issuer has funds available for
                     payment;

                 o   the applicable redemption price of the underlying
                     securities called for redemption, to the extent the
                     underlying securities issuer has funds available for
                     redemption; and

                 o   upon a voluntary or involuntary dissolution or liquidation
                     of the underlying securities issuer, the lesser of

                 o   the aggregate of the liquidation amount and all accrued and
                     unpaid distributions on the underlying securities to the
                     date of the payment, to the extent the underlying
                     securities issuer has funds available for payment, and

                 o   the amount of the underlying securities issuer's assets
                     remaining available for distribution to underlying
                     securities holders upon the underlying security issuer's
                     liquidation.

                                        9

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                 The holders of a majority in liquidation amount of the
                 underlying securities have the right to direct the time, method
                 and place of conducting any remedy proceeding available to the
                 Guarantee Trustee or to direct the exercise of any trust or
                 power the guarantee confers upon the Guarantee Trustee. If the
                 Guarantee Trustee fails to enforce the guarantee, any
                 underlying securities holder may directly institute a legal
                 proceeding against the underlying securities guarantor to
                 enforce the Guarantee Trustee's rights under the guarantee. The
                 underlying securities holder does not have to first institute a
                 legal proceeding against the underlying securities issuer, the
                 Guarantee Trustee or any other person or entity.

                 If the underlying securities guarantor were to default on its
                 obligation to pay amounts payable on the junior subordinated
                 debentures, the underlying securities issuer would lack
                 available funds for the payment of distributions or amounts
                 payable on redemption of the underlying securities or
                 otherwise. In that event, underlying securities holders would
                 not be able to rely upon the guarantee for payment of these
                 amounts. Instead, an underlying securities holder would rely on
                 its enforcement of its right against the underlying securities
                 guarantor to enforce payments on the junior subordinated
                 debentures. Despite any payments made to an underlying
                 securities holder by the underlying securities guarantor in
                 connection with a direct action, the underlying securities
                 guarantor shall remain obligated to pay the principal of (and
                 premium, if any) and interest on the junior subordinated
                 debentures. The underlying securities guarantor would be
                 subrogated to the rights of the underlying securities holder to
                 the extent of any payments made by the underlying securities
                 guarantor to the holder in any direct action. Except as
                 described above, underlying securities holders will not be able
                 to exercise directly any remedy available to junior
                 subordinated debentures holders or to assert directly any other
                 rights in respect of the junior subordinated debentures.

                 THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE

                 At the time of issuance, Moody's and/or S&P assigned ratings to
                 the trust certificates equivalent to the ratings of the
                 underlying securities as of the date of the applicable
                 prospectus supplement.

                 Any rating issued with respect to the trust certificates is not
                 a recommendation to purchase, sell or hold a security. Ratings
                 do not comment on the market price of the trust certificates or
                 their suitability for a particular investor. We cannot assure
                 you that these ratings will remain for any given period of time
                 or that a ratings agency would not revise or withdraw entirely
                 the ratings if, in its judgment, circumstances (including,
                 without limitation, the rating of the underlying securities)
                 merit. A revision or withdrawal of a rating may adversely
                 affect the market price of the trust certificates.

                                       10

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ITEM 1B.     UNRESOLVED STAFF COMMENTS

             Not Applicable.

ITEM 2.      PROPERTIES

             None.

ITEM 3.      LEGAL PROCEEDINGS

             None.

ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

             None.

PART II

ITEM 5.      MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
             AND ISSUER PURCHASES OF EQUITY SECURITIES

             The Trust Certificates issued by Public STEERS(R) Series 1999
             REN-C1 Trust are represented by one or more physical certificates
             registered in the name of Cede & Co., the nominee of the Depository
             Trust Company. The Trust Certificates are listed on the New York
             Stock Exchange.

ITEM 6.      SELECTED FINANCIAL DATA

             Not Applicable.

ITEM 7.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

             Not Applicable.

ITEM 7A.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

             Not Applicable.

ITEM 8.      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

             Not Applicable.

ITEM 9.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
             FINANCIAL DISCLOSURE

             None.

                                       11

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ITEM 9A.     CONTROLS AND PROCEDURES

             The Registrant has procedures so as to provide reasonable assurance
             that its future Exchange Act filings will be filed within the
             applicable time periods.

ITEM 9B.     OTHER INFORMATION

             None.

PART III

ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

             Not Applicable.

ITEM 11.     EXECUTIVE COMPENSATION

             Not Applicable.

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
             RELATED STOCKHOLDER MATTERS

             (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.

ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

             None.

ITEM 14.     PRINCIPAL ACCOUNTING FEES AND SERVICES

             Not Applicable.

                                       12

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PART IV

ITEM 15.     EXHIBITS, FINANCIAL STATEMENT SCHEDULES

             (a)(1) Financial Statements: Not Applicable.

             (a)(2) Financial Statement Schedules: Not Applicable.

             (a)(3) List of Exhibits

             The following exhibits are filed as part of, and incorporated by
             reference into, this Annual Report on Form 10-K:

                 31.1    Certification of President of Registrant dated March
                         27, 2006, 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, 2005.

                 99.1.   Trustee's Annual Compliance Certificate dated February
                         21, 2006.

                 99.2.   Report of Deloitte & Touche LLP, Independent Registered
                         Public Accounting Firm, dated March 24, 2006,
                         Registrant's Assertion on Compliance with PPLUS Minimum
                         Servicing Standards dated March 24, 2006 and PPLUS
                         Minimum Servicing Standards.

                 99.3.   Report of Ernst & Young LLP, Independent Registered
                         Public Accounting Firm, dated February 21, 2006, and
                         The Bank of New York's Assertion on Compliance with
                         PPLUS Minimum Servicing Standards dated February 21,
                         2006 and PPLUS Minimum Servicing Standards.

             (b) Exhibits

                 The Registrant hereby files as part of this Annual Report on
                 Form 10-K the exhibits listed in Item 15(a)(3) set forth above.

             (c) Financial Statement Schedules

                 Not applicable.

                                       13

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                                   SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) 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 27, 2006                         By: /s/ Stephan Kuppenheimer
                                                 -------------------------------
                                                  Name:   Stephan Kuppenheimer
                                                  Title:  President