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: December 31, 2008
 001-32854
(Commission file number of issuing entity)
 PPLUS TRUST SERIES LTD-1
  333-116208
(Commission file number of depositor)
 MERRILL LYNCH DEPOSITOR, INC.
  MERRILL LYNCH DEPOSITOR, INC.
  New York
(State or other jurisdiction of 
incorporation or organization of the issuing entity)
    
    13-3891329
(I. R. S. Employer Identification No.)World Financial Center,New York, New York
    
    10080(Address of principal executive offices of the 
issuing entity)
    
    (Zip Code)
 
      o þ
  o þ
  þ o
 o
 o o þSmaller reporting  filer o
 o þ
     DOCUMENTS INCORPORATED BY REFERENCE




---



TABLE OF CONTENTS
  PART IItem 1B. Unresolved Staff CommentsItem 1112(B) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)Item 1114(B)(2) of Regulation AB. Credit Enhancement and Other Support Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers)Item 1115(B) of Regulation AB. Certain Derivative Instruments (Financial Information)Item 1117 of Regulation AB. Legal ProceedingsPART IIItem 9B Other InformationPART IIIItem 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.Item 1122 of Regulation AB. Compliance with Applicable Servicing CriteriaItem 1123 of Regulation AB. Servicer Compliance StatementPART IVItem 15.Exhibits, Financial Statement SchedulesSIGNATURESEX-31.1: CERTIFICATIONEX-33.1: REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIAEX-34.1: ATTESTATION REPORTEX-35.1: SERVICER COMPLIANCE STATEMENT  
 PART I
 The following items have been omitted in accordance with general instruction J to Form 10-K:
 (A)
    
    Item 1, Business.(B)
    
    Item 1A, Risk Factors.(C)
    
    Item 2, Properties.(D)
    
    Item 3, Legal Proceedings.(E)
    
    Item 4, Submission of Matters to a Vote of Security Holders.
 
 Item 1B Unresolved Staff Comments
  Substitute information provided in accordance with general instruction J to Form 10-K:
 
 Item 1112(B) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)
   
 Item 1114(B)(2) of Regulation AB. Credit Enhancement and Other Support Except for Certain
Derivatives Instruments (Information Regarding Significant Enhancement Providers)
  3




---



Item 1115(B) of Regulation AB. Certain Derivative Instruments (Financial Information)
  
 Item 1117 of Regulation AB. Legal Proceedings
  
 PART II
 The following items have been omitted in accordance with general instruction J to Form 10-K:
 (A)
    
    Item 5, Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities.(B)
    
    Item 6, Selected Financial Data.(C)
    
    Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations.(D)
    
    Item 8, Financial Statements and Supplementary Data.(E)
    
    Item 9, Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.(F)
    
    Item 9A, Controls and Procedures.
 
 Item 9B. Other Information
  
 PART III
 The following items have been omitted in accordance with general instruction J to Form 10-K:
 (A)
    
        Item 10, Directors, Executive Officers and Corporate Governance.(B)
    
    Item 11, Executive Compensation.(C)
    
    Item 12, Security of Ownership of Certain Beneficial Owners and Management.(D)
    
        Item 13, Certain Relationships and Related Transactions, and Director Independence.(E)
    
    Item 14, Principal Accounting Fees and Services.
 Substitute information provided in accordance with general instruction J to Form 10-K:
 
 Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
  
 4




---



Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria


The Bank of New York Mellon  (in its role as trustee) has been identified by the registrant as
participating in the servicing function with respect to the asset pool held by the PPLUS Trust
Series LTD-1 (the Servicing Party). The Servicing Party has completed a report on assessment of
compliance with the servicing criteria applicable to it (a Servicing Report), which Servicing
Report is attached as  exhibit 33.1 to this Form 10-K. The Servicing Party has provided an
attestation report (an Attestation Report) by KPMG  LLP, Independent Registered Public
Accounting Firm, which report is  attached as exhibit 34.1 to this Form 10-K. Each of   the Servicing Report and   the Attestation Report  identified  material
instances of noncompliance with servicing criteria 1122(d)(2)(i) as described therein. While Regulation AB does not contemplate identifying noncompliance on an
individual transaction basis, the Servicing Party has confirmed to the
Registrant that no instances of noncompliance with Regulation AB were discovered
with respect to the PPLUS trust series that were part of the statistical sample
used in preparing the Servicing Report. The Servicing Party has informed the
Registrant that the Servicing Party cannot provide any assurances that had an
analysis been done of each and every transaction included in the platform
(including all PPLUS trust series forming part of the platform), that additional
instances of noncompliance would not have been discovered. However, the
Servicing Party has informed the Registrant that it has no reason, based on the
sampling and analysis done, to believe that there are any instances of
noncompliance with those PPLUS trust series that were not part of the sampling
procedures.
  Item 1123 of Regulation AB. Servicer Compliance Statement
 Compliance Statement
 
 PART IV
 
 Item 15.
Exhibits, Financial Statement Schedules
 Financial Statements:
 Financial Statement Schedules:
 List of Exhibits
  Depositor Registration Statement
  Standard
Terms
      (b)
    
    Exhibits
  (c)
    
    Financial Statement Schedules
  5




---



SIGNATURES
  MERRILL LYNCH DEPOSITOR, INC.Date:  March 24, 2009
    By:

      /s/
Steven ONeillName:
      Steven ONeillTitle:
      Vice President 6


---