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

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         Date of Report (Date of earliest event reported): April 1, 2004

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

              DELAWARE              001-16669             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

            None.

ITEM 2.     ACQUISITION OF DISPOSITION OF ASSETS

            None.

ITEM 3.     BANKRUPTCY OR RECEIVERSHIP

            None.

ITEM 4.     CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

            Not Applicable.




ITEM 5.     OTHER EVENTS

            99.1  Distribution to holders of the PREFERREDPLUS Trust Series
                  CZN-1 on April 1, 2004.

                        For information with respect to the underlying
                  securities held by PREFERREDPLUS Trust Series CZN-1, please
                  refer to Citizens Communications Company's (Commission file
                  number 001-11001) 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 issuer has filed electronically with the
                  SEC.

                        Although we have no reason to believe the information
                  concerning the underlying securities or the underlying
                  securities issuer contained in the underlying securities
                  issuer'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 (including,
                  without limitation, no investigation as to its financial
                  condition or creditworthiness) or of the underlying securities
                  has been made. You should obtain and evaluate the same
                  information concerning the underlying securities issuer 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. There can be no assurance that
                  events affecting the underlying securities or the underlying
                  securities issuer 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 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 April 1, 2004
                        distribution to holders of the PREFERREDPLUS Trust
                        Series CZN-1.

ITEM 8.     CHANGE IN FISCAL YEAR

            None.

ITEM 9.     SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S

            None.

                                   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: April 7, 2004               By:  /s/ Michael F. Connor
                                             Name:   Michael F. Connor
                                             Title:  President




                                  EXHIBIT INDEX

            99.1  Trustee's report in respect of the April 1, 2004 distribution
                  to holders of the PREFERREDPLUS Trust Series CZN-1.