<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                            -------------------------

        Date of Report (Date of earliest event reported): August 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                 (ON BEHALF OF PREFERREDPLUS TRUST SERIES QWS-2)
             (Exact name of registrant as specified in its charter)

          DELAWARE             001-16833                    13-3891329
      (State or other        (Commission                (I. R. S. Employer
      jurisdiction  of        File Number)              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

                      INFORMATION TO BE INCLUDED IN REPORT

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

[ ]      Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 230.425)

[ ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))

[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))


<PAGE>

SECTION 1.        REGISTRANT'S BUSINESS AND OPERATIONS

                  Not applicable.

SECTION 2.        FINANCIAL INFORMATION

                  Not applicable.

SECTION 3.        SECURITIES AND TRADING MARKETS

                  Not applicable.

SECTION 4.        MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

                  Not applicable.

SECTION 5.        CORPORATE GOVERNANCE AND MANAGEMENT

                  Not applicable.

SECTION 6.        ASSET-BACKED SECURITIES

                  Not applicable.

SECTION 7.        REGULATION FD

                  Not applicable.

SECTION 8.        OTHER EVENTS

    ITEM 8.01     OTHER EVENTS

         99.1     Distribution to holders of the PreferredPLUS Trust
                  Certificates Series QWS-2 on August 15, 2006.

                           For information with respect to the underlying
                  securities held by PreferredPLUS Trust Series QWS-2, please
                  refer to Qwest Communications International Inc.'s (Commission
                  file number 001-15577) 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 guarantor and the underlying securities
                  issuer has filed electronically with the SEC.

<PAGE>

                           Although we have no reason to believe the information
                  concerning the underlying securities and the guarantee or the
                  underlying securities issuer and 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 and the underlying
                  securities guarantor (including, without limitation, no
                  investigation as to their respective financial condition or
                  creditworthiness) or of the underlying securities and the
                  guarantee 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 you were investing directly in the underlying
                  securities 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 and the guarantee or the underlying securities
                  issuer and 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.


SECTION 9.        FINANCIAL STATEMENTS AND EXHIBITS

   ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS

         (a)      Financial statements of business acquired.

                  None.

         (b)      Pro forma financial information.

                  None.

         (c)      Shell company transactions.

                  Not Applicable.

         (d)      Exhibits.

                  99.1     Trustee's report in respect of the August 15, 2006
                           distribution to holders of the PreferredPLUS Trust
                           Certificates Series QWS-2.


<PAGE>

                                   SIGNATURES

Pursuant to the requirements 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: 08/25/2006                  By: /s/ Jason Liddell
                                      ------------------------------
                                  Name: Jason Liddell
                                  Title: Vice-President



<PAGE>


                                  EXHIBIT INDEX


99.1     Trustee's report in respect of the August 15, 2006 distribution to
         holders of the PreferredPLUS Trust Certificates Series QWS-2.
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SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                            -------------------------

        Date of Report (Date of earliest event reported): August 15, 2006

                          MERRILL LYNCH DEPOSITOR, INC.
                 (ON BEHALF OF PREFERREDPLUS TRUST SERIES QWS-2)
             (Exact name of registrant as specified in its charter)

          DELAWARE             001-16833                    13-3891329
      (State or other        (Commission                (I. R. S. Employer
      jurisdiction  of        File Number)              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

                      INFORMATION TO BE INCLUDED IN REPORT

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):

[ ]      Written communications pursuant to Rule 425 under the Securities Act
         (17 CFR 230.425)

[ ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)

[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))

[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))
SECTION 1.        REGISTRANT'S BUSINESS AND OPERATIONS

                  Not applicable.

SECTION 2.        FINANCIAL INFORMATION

                  Not applicable.

SECTION 3.        SECURITIES AND TRADING MARKETS

                  Not applicable.

SECTION 4.        MATTERS RELATED TO ACCOUNTANTS AND FINANCIAL STATEMENTS

                  Not applicable.

SECTION 5.        CORPORATE GOVERNANCE AND MANAGEMENT

                  Not applicable.

SECTION 6.        ASSET-BACKED SECURITIES

                  Not applicable.

SECTION 7.        REGULATION FD

                  Not applicable.

SECTION 8.        OTHER EVENTS

    ITEM 8.01     OTHER EVENTS

         99.1     Distribution to holders of the PreferredPLUS Trust
                  Certificates Series QWS-2 on August 15, 2006.

                           For information with respect to the underlying
                  securities held by PreferredPLUS Trust Series QWS-2, please
                  refer to Qwest Communications International Inc.'s (Commission
                  file number 001-15577) 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 guarantor and the underlying securities
                  issuer has filed electronically with the SEC.
Although we have no reason to believe the information
                  concerning the underlying securities and the guarantee or the
                  underlying securities issuer and 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 and the underlying
                  securities guarantor (including, without limitation, no
                  investigation as to their respective financial condition or
                  creditworthiness) or of the underlying securities and the
                  guarantee 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 you were investing directly in the underlying
                  securities 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 and the guarantee or the underlying securities
                  issuer and 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.

SECTION 9.        FINANCIAL STATEMENTS AND EXHIBITS

   ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS

         (a)      Financial statements of business acquired.

                  None.

         (b)      Pro forma financial information.

                  None.

         (c)      Shell company transactions.

                  Not Applicable.

         (d)      Exhibits.

                  99.1     Trustee's report in respect of the August 15, 2006
                           distribution to holders of the PreferredPLUS Trust
                           Certificates Series QWS-2.
SIGNATURES

Pursuant to the requirements 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: 08/25/2006                  By: /s/ Jason Liddell
                                      ------------------------------
                                  Name: Jason Liddell
                                  Title: Vice-President
EXHIBIT INDEX

99.1     Trustee's report in respect of the August 15, 2006 distribution to
         holders of the PreferredPLUS Trust Certificates Series QWS-2.