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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, 2004                            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.

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]

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant. The aggregate market value shall be
computed by reference to the price at which the common equity was sold, or the
average bid and asked prices 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 class 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 1024, 450 Fifth Street, NW,
              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 450 Fifth Street, NW, 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.

ITEM 2.       PROPERTIES

              None.

ITEM 3.       LEGAL PROCEEDINGS

              None.

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

              None.

                                       2
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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.

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.

                                       3
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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.

                                       4
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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

              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 29, 2005,
                                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, 2004.

                       99.1     Trustee's Annual Compliance
                                Certificate dated March 24, 2005.

                       99.2     Report of Deloitte & Touche LLP,
                                Independent Registered Public
                                Accounting Firm dated March 25,
                                2005, Registrant's Assertion on
                                Compliance with PPLUS Minimum
                                Servicing Standards dated March 25,
                                2005 and PPLUS Minimum Servicing
                                Standards.

                       99.3     Report of Ernst & Young LLP,
                                Independent Registered Public
                                Accounting Firm dated March 14,
                                2005, The Bank of New York's
                                Assertion on Compliance with PPLUS
                                Minimum Servicing Standards dated
                                March 14, 2005 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.


                                        5
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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 29, 2005              By: /s/ Stephan Kuppenheimer
                                      -----------------------------------
                                      Name: Stephan Kuppenheimer
                                      Title: President