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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: December 31, 2006
 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)
 
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     DOCUMENTS INCORPORATED BY REFERENCE




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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    Table of Contents  
 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)
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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 and Executive Officers of the Registrant.(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.(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.
  
 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria
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##### Table of Contents



Servicing Party Servicing Report Attestation Report
 
 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
          (b)
    
    Exhibits
  (c)
    
    Financial Statement Schedules
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SIGNATURES
  MERRILL LYNCH DEPOSITOR, INC.Date: March 26, 2007
    By:

/s/
Jason LiddellName:
    Jason LiddellTitle:
    Vice President 7