<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): February 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 February 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 February 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: February 28, 2006              By:      /s/ Stephan Kuppenheimer
                                                        -----------------------
                                              Name:    Stephan Kuppenheimer
                                              Title:   President

<PAGE>

                                  EXHIBIT INDEX


         99.1     Trustee's report in respect of the February 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): February 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 February 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 February 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: February 28, 2006              By:      /s/ Stephan Kuppenheimer
                                                        -----------------------
                                              Name:    Stephan Kuppenheimer
                                              Title:   President
EXHIBIT INDEX

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