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): November 15, 2004

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

           DELAWARE             001-32247                    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


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.  [RESERVED]

SECTION 7.  REGULATION FD

            Not applicable.

SECTION 8.  OTHER EVENTS

      ITEM 8.01  OTHER EVENTS

           99.1  Distribution to holders of the PPLUS Trust Certificates Series
                 GSC-2 on November 15, 2004.

                      For information with respect to the underlying securities
                 held by PPLUS Trust Series GSC-2, please refer to The Goldman
                 Sachs Group, Inc.'s (Commission file number 001-14965) 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, the junior subordinated
                 debentures, the underlying securities issuer or 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 or the swap
                 guarantor (including, without limitation, no investigation as
                 to their respective financial condition or creditworthiness) or
                 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 you were
                 investing 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, the junior subordinated debentures, the underlying
                 securities issuer or 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) Exhibits.

                     99.1 Trustee's report in respect of the November 15, 2004
                          distribution to holders of the PPLUS Trust
                          Certificates Series GSC-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: November 23, 2004            By:  /s/ Stephan Kuppenheimer
                                                 -------------------------------
                                                 Name:  Stephan Kuppenheimer
                                                 Title: President






                                  EXHIBIT INDEX


                     99.1   Trustee's report in respect of the November 15, 2004
                            distribution to holders of the PPLUS Trust
                            Certificates Series GSC-2.