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
    
    001-32285
 MERRILL LYNCH DEPOSITOR, INC.
   DELAWARE
(State or other 
jurisdiction of 
incorporation)
    
    13-3891329
(I. R. S. Employer
Identification No.)
 ONE BRYANT PARK, 4th FL
        STRUCTURED 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). Yes o No o
 o
 o o þSmaller reporting  filer o
 Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
 o þ
     DOCUMENTS INCORPORATED BY REFERENCE


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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 OFFICERS AND 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


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
    
    the purchase price of the trust certificates,
    
    when you acquire your trust certificates, and
    
    whether the call warrant holders exercise their optional
rights to purchase outstanding trust certificates.
     3


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
    
    The underlying securities issuers right to participate as
an equity holder in any distribution of assets of any of
its subsidiaries upon the subsidiarys liquidation of
otherwise, and thus the ability of its security holders,
including the trust, to benefit from the distribution, will
be subject to prior claims of the subsidiarys creditors,
except to the extent that any claims the underlying
securities issuer may have as a creditor of the subsidiary
are recognized, and
    
    The underlying securities issuers ability to service its
indebtedness and other obligations is dependent primarily
upon the earnings and cash flow of its subsidiaries and the
distribution or other payment to it of such earnings and
cash flow.
   
    
    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 or
present value or stated amount (if applicable) of the trust
certificates; and
    
    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.
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
    
    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 issuer ceases to file Exchange
Act reports.
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(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.
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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.
     8


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MERRILL LYNCH DEPOSITOR, INC.Date: March 9, 2012
    By:
      /s/ John MarcianoName:
      John MarcianoTitle:
      Vice President 9


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