8-K

                       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 18, 2003

                          MERRILL LYNCH DEPOSITOR, INC.
                 (ON BEHALF OF PREFERREDPLUS TRUST SERIES QWS-1)
             (Exact name of registrant as specified in its charter)

        DELAWARE                   333-29015-05            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

ITEM 1.   CHANGES IN CONTROL OF REGISTRANT

          Not Applicable

ITEM 2.   ACQUISITION OF DISPOSITION OF ASSETS

          Not Applicable

ITEM 3.   BANKRUPTCY OR RECEIVERSHIP

          Not Applicable

ITEM 4.   CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

          Not Applicable



ITEM 5.   OTHER EVENTS

          99.1    Distribution to holders of the Preferred Plus Trust Series
                  QWS-1 on February 18, 2003.

ITEM 6.   RESIGNATION OF REGISTRANT'S DIRECTORS

          Not Applicable

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

          (a)      Financial statements of business acquired.

                   Not applicable

          (b)      Pro forma financial information.

                   Not applicable.

          (c)      Exhibits.

                   99.1    Trustee's report in respect of the February 18, 2003
                           distribution to holders of the Preferred Plus Trust
                           Series QWS-1

ITEM 8.   CHANGE IN FISCAL YEAR

          Not Applicable.

ITEM 9.            SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S

          Not Applicable

                                   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: 03/24/03                    By: /s/ Barry N. Finkelstein
                                                Name: Barry N. Finkelstein
                                                Title: President



                                  EXHIBIT INDEX

          99.1    Trustee's report in respect of the February 18, 2003
                  distribution to holders of the Preferred Plus Trust Series
                  QWS-1

EX-99.1

                                  EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                        PREFERREDPLUS TRUST SERIES QWS-1

                                DISTRIBUTION DATE
                                FEBRUARY 18, 2003
                            CUSIP NUMBER 740-434-873

(i)      the amounts received by the Trustee as of the last such statement in
         respect of principal, interest and premium on the Qwest Capital
         Funding, Inc. Debentures (the "Underlying Securities"):

                   Interest:                  $1,550,000.00
                   Principal:                          0.00
                   Premium:                            0.00

(ii)     the amounts of compensation received by the Trustee, for the period
         relating to such Distribution Date:

                   Paid by the Trust:             $    0.00
                   Paid by the Depositor:         $1,000.00

(iii)    the amount of distribution on such Distribution Date to Holders
         allocable to principal of and premium, if any, and interest on the
         Certificates of each such Class and the amount of aggregate unpaid
         interest accrued as of such Distribution Date:
           Class A:
                   Interest:                  $1,550,000.00
                   Principal:                 $        0.00

                   Unpaid Interest Accrued:   $        0.00

(iv)     the aggregate stated principal amount and, if applicable, notional
         amount of the Underlying Securities related to such Series, the current
         interest rate or rates thereon at the close of business on such
         Distribution Date, and the current rating assigned to the Certificates.

                   Principal Amount:            $40,000,000
                   Interest Rate:                      7.75%
                   Rating:
                          Moody's Investor Service          B2
                          Standard & Poor's Rating Service  CCC+

(v)      the aggregate Certificate Principal Balance (or Notional Amount, if
         applicable) of each Class of such Series at the close of business on
         such Distribution Date.

                   Class A: ($25 Stated Amount)
                   Principal Balance:           $ 1,600,000