Distribution to holders of the PPLUS Trust Certificates Series FMC-1 on December 13, 2010.

     On November 12, 2010, we received a notice of exercise from a holder of the call warrants for PreferredPLUS Trust Certificates Series FMC-1, which specified that the call warrant holder intended to exercise 1,600,000 of its warrants and call 1,600,000 trust certificates with an aggregate stated amount of $40,000,000. On December 13, 2010, the exercise date of the call warrants, we distributed the aggregate exercise price of $41,347,500.00 (representing, with respect to the trust certificates, $40,000,000 with respect to the principal amount and $1,347,500.00 with respect to the interest amount due.

      For information with respect to the underlying securities held by PPLUS Trust Series FMC-1, please refer to Ford Motor Company’s (Commission file number 001-03950) 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, NE, 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, NE,

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 issuer has filed electronically with the SEC.

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