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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:                Commission file number:
             December 31, 2005                           001-16833


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

              DELAWARE                                13-3891329
           (State or other                        (I. R. S. Employer
           jurisdiction of                       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

Securities registered pursuant to Section 12(b) of the Act:

PreferredPLUS Trust Certificates Series QWS-2, listed on The New York Stock
Exchange

Securities registered pursuant to Section 12(g) of the Act:

Not Applicable.



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Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

                           Yes [ ]             No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

                           Yes [ ]             No [X]

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                           Yes [X]             No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                           Yes [ ]             No [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                           Yes [ ]             No [X]

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was lost sold, or the average bid and asked price of such common equity,
as of the last business day of the registrant's most recently completed second
fiscal quarter.

Not Applicable.

Indicate the number of shares outstanding for each of the registrant's classes
of common stock, as of the latest practicable date.

Not Applicable.

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                       DOCUMENTS INCORPORATED BY REFERENCE

None.

       PART I

       ITEM 1.           BUSINESS

                         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, N.E., 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, N.E., 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 guarantee and underlying securities or
                         the underlying securities guarantor and the underlying
                         securities issuer 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 guarantor and
                         underlying securities issuer (including, without
                         limitation, no investigation as to their respective
                         financial condition or creditworthiness) or of the
                         underlying securities and 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 your investment were 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
                         guarantee or the underlying securities issuer and
                         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.

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       ITEM 1A.          RISK FACTORS

                         Your investment in the trust certificates will involve
                         certain risks. You should carefully consider the
                         following discussion of risks, and the other
                         information included or incorporated by reference in
                         the applicable prospectus supplement and the
                         accompanying prospectus. You should also carefully
                         consider any risk factors and other information that
                         the underlying securities guarantor may file in its
                         Exchange Act reports as referenced in Item 1 above.

                         IF THE UNDERLYING SECURITIES ARE REDEEMED PRIOR TO
                         THEIR MATURITY DATE OR IF ANY CALL WARRANTS ARE
                         EXERCISED, YOU MAY NOT BE ABLE TO REINVEST YOUR
                         REDEMPTION OR CALL PROCEEDS AT A YIELD COMPARABLE TO
                         THE YIELD YOU WOULD HAVE RECEIVED ON YOUR TRUST
                         CERTIFICATES

                         The yield you will realize on your trust certificates
                         depends upon several factors, including:

                         o   the purchase price of the trust certificates,

                         o   when you acquire your trust certificates,

                         o   whether the underlying securities issuer exercises
                             its option to redeem the underlying securities,
                             and

                         o   whether the call warrant holders exercise their
                             optional rights to purchase outstanding trust
                             certificates.

                         The underlying securities issuer has the right to
                         redeem the underlying securities at its option.
                         Because the underlying securities issuer has the right
                         to redeem the underlying securities early, we cannot
                         assure you that the trust will be able to hold the
                         underlying securities until their maturity date.

                         Although the call warrant holders are not obligated to
                         exercise the call warrants, the yield you will realize
                         on your trust certificates depends on whether the call
                         warrant holders exercise their call warrants to
                         purchase the trust certificates. Prevailing interest
                         rates at the time of an early redemption or a call
                         exercise may be lower than the yield on your trust
                         certificates. Therefore, you may be unable to realize
                         a comparable yield upon reinvesting the funds you
                         receive from an early redemption or exercise of any
                         call warrants. In addition, if the prevailing market
                         value of the trust certificates exceeds the redemption
                         price call exercise price paid to you upon a
                         redemption of the underlying securities or the
                         exercise of a call, you will not be able to realize
                         such excess.

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                         YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE
                         INSUFFICIENT

                         Currently, the trust has no significant assets other
                         than the underlying securities. If the underlying
                         securities are insufficient to make payments or
                         distributions on the trust certificates, no other
                         assets will be available for payment of the
                         deficiency.

                         THE TRUSTEE WILL NOT MANAGE THE UNDERLYING SECURITIES

                         Except as described below, the trust will not dispose
                         of any underlying securities, even if an event occurs
                         that adversely affects the value of the underlying
                         securities or that adversely affects the underlying
                         securities issuer. As provided in the applicable trust
                         agreement, the trust will dispose of the underlying
                         securities only if:

                         o   there is a payment default on any underlying
                             securities,

                         o   there is another type of default that accelerates
                             the maturity of the underlying securities, or

                         o   the underlying securities guarantor ceases to file
                             Exchange Act reports.

                         Under the first circumstance listed above, the trustee
                         must sell the underlying securities on behalf of the
                         trust, even if adverse market conditions exist. The
                         trustee has no discretion to do otherwise. If adverse
                         market conditions do exist at the time of the
                         trustee's sale of the underlying securities, you may
                         incur greater losses than if the trust continued to
                         hold the underlying securities.

                         THE TRUST CERTIFICATES ARE SUBJECT TO THE
                         CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUER
                         AND THE UNDERLYING SECURITIES GUARANTOR

                         The trust certificates represent interests in
                         obligations of the underlying securities issuer and
                         the underlying securities guarantor. In particular,
                         the trust certificates will be subject to all the
                         risks associated with directly investing in both the
                         underlying securities issuer's and the underlying
                         securities guarantor's unsecured subordinated debt
                         obligations. Neither the underlying indenture nor the
                         underlying securities place a limitation on the amount
                         of indebtedness that may be incurred by the underlying
                         securities issuer or the underlying securities
                         guarantor.

                         THE PAYMENTS OWED TO THE TRUST CERTIFICATEHOLDERS ARE
                         UNSECURED OBLIGATIONS

                         In a liquidation, holders of the underlying
                         securities, including the trust, will be paid only
                         after holders of secured obligations of the underlying
                         securities issuer. According to the underlying
                         securities prospectus, the underlying securities are
                         general unsecured obligations of the underlying
                         securities issuer, which rank equally with all other
                         unsecured and unsubordinated indebtedness of the
                         underlying securities issuer. However, if the
                         underlying securities issuer subjects any of its
                         property to a lien then the underlying securities, and
                         any other obligations which are then outstanding and
                         subject to a similar covenant, will be secured ratably
                         with the indebtedness or obligation secured by that
                         lien and for the same length of time, subject to
                         certain exceptions.

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                         The rights of the trust certificateholders through the
                         underlying guarantee to participate in any
                         distribution of assets of a subsidiary of the
                         underlying securities guarantor could be found to be
                         subordinate to the prior claims of the creditors of
                         such subsidiary

                         The underlying guarantee is an unsecured obligation of
                         the underlying securities guarantor and ranks equally
                         with all other unsecured and unsubordinated
                         indebtedness of the underlying securities guarantor.
                         However, because the underlying securities guarantor
                         is a holding company that conducts substantially all
                         of its operations through subsidiaries, the right of
                         the underlying securities guarantor, and hence the
                         right of creditors of the underlying securities
                         guarantor (including holders of the underlying
                         securities through the guarantee), to participate in
                         any distribution of assets of any subsidiary upon its
                         liquidation or reorganization or otherwise is
                         necessarily subject to the prior claims of creditors
                         of such subsidiary, except to the extent that claims
                         of the underlying securities guarantor itself as a
                         creditor of the subsidiary may be recognized.

                         THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE

                         At the time of issuance, Moody's and/or S&P assigned
                         ratings to the trust certificates equivalent to the
                         ratings of the underlying securities as of the date of
                         the applicable prospectus supplement.

                         Any rating issued with respect to the trust
                         certificates is not a recommendation to purchase, sell
                         or hold a security. Ratings do not comment on the
                         market price of the trust certificates or their
                         suitability for a particular investor. We cannot
                         assure you that initial ratings will remain for any
                         given period of time or that a ratings agency would
                         not revise or withdraw entirely the ratings if, in its
                         judgment, circumstances (including, without
                         limitation, the rating of the underlying securities)
                         merit. A revision or withdrawal of a rating may
                         adversely affect the market price of the trust
                         certificates.

ITEM 1B.                 UNRESOLVED STAFF COMMENTS

                         Not Applicable.

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ITEM 2.                  PROPERTIES

                         None.

ITEM 3.                  LEGAL PROCEEDINGS

                         None.

ITEM 4.                  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                         None.

PART II

ITEM 5.                  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
                         STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
                         SECURITIES

                         The Trust Certificates issued by PreferredPLUS Trust
                         Series QWS-2 are represented by one or more physical
                         certificates registered in the name of Cede & Co., the
                         nominee of the Depository Trust Company. The Trust
                         Certificates are listed on the New York Stock
                         Exchange.

ITEM 6.                  SELECTED FINANCIAL DATA

                         Not Applicable.

ITEM 7.                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                         CONDITION AND RESULTS OF OPERATIONS

                         Not Applicable.

ITEM 7A.                 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
                         RISK

                         Not Applicable.

ITEM 8.                  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                         Not Applicable.

ITEM 9.                  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                         ACCOUNTING AND FINANCIAL DISCLOSURE

                         None.

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ITEM 9A.                 CONTROLS AND PROCEDURES

                         The Registrant has procedures so as to provide
                         reasonable assurance that its future Exchange Act
                         filings will be filed within the applicable time
                         periods.

ITEM 9B.                 OTHER INFORMATION

                         None.

PART III

ITEM 10.                 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

                         Not Applicable.

ITEM 11.                 EXECUTIVE COMPENSATION

                         Not Applicable.

ITEM 12.                 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                         MANAGEMENT AND RELATED STOCKHOLDER MATTERS

                         (a) Securities Authorized For Issuance Under Equity
                             Compensation Plans: None.

                         (b) Security Ownership Of Certain Beneficial Owners:
                             None.

                         (c) Security Ownership Of Management: Not Applicable.

                         (d) Changes In Control: None.

ITEM 13.                 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

                         None.

ITEM 14.                 PRINCIPAL ACCOUNTING FEES AND SERVICES

                         Not Applicable.

PART IV

ITEM 15.                 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

                         (a)(1)  Financial Statements: Not Applicable.

                         (a)(2)  Financial Statement Schedules: Not Applicable.

                         (a)(3)  List of Exhibits

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                         The following exhibits are filed as part of, and
                         incorporated by reference into, this Annual Report on
                         Form 10-K:

                             31.1     Certification of President of Registrant
                                      dated March 27, 2006, pursuant to Rules
                                      13a-14 and 15d-14 under the Securities
                                      Exchange Act of 1934, as adopted pursuant
                                      to Section 302 of the Sarbanes-Oxley Act
                                      of 2002, with respect to the Registrant's
                                      Annual Report on Form 10-K for the year
                                      ended December 31, 2005.

                             99.1.    Trustee's Annual Compliance Certificate
                                      dated February 21, 2006.

                             99.2.    Report of Deloitte & Touche LLP,
                                      Independent Registered Public Accounting
                                      Firm, dated March 24, 2006, Registrant's
                                      Assertion on Compliance with PPLUS Minimum
                                      Servicing Standards dated March 24, 2006
                                      and PPLUS Minimum Servicing Standards.

                             99.3.    Report of Ernst & Young LLP, Independent
                                      Registered Public Accounting Firm, dated
                                      February 21, 2006, The Bank of New York's
                                      Assertion on Compliance with PPLUS Minimum
                                      Servicing Standards dated February 21,
                                      2006 and PPLUS Minimum Servicing
                                      Standards.

                         (b) Exhibits

                             The Registrant hereby files as part of this Annual
                             Report on Form 10-K the exhibits listed in Item
                             15(a)(3) set forth above.

                         (c) Financial Statement Schedules

                             Not applicable.

                                        9
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                                   SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) 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: March 27, 2006                              By: /s/ Stephan Kuppenheimer
                                                     ------------------------
                                                     Name:  Stephan Kuppenheimer
                                                     Title: President