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 15, 2005

                          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 February 15, 2005.

                           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 underlying
                  securities guarantor (including, without limitation, no
                  investigation as to their financial condition or
                  creditworthiness) or of the underlying securities or the
                  underlying securities guarantee 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, 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 February 15,
                              2005 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: February 23, 2005        By:  /s/ Stephan Kuppenheimer
                                              -------------------------------
                                             Name:  Stephan Kuppenheimer
                                             Title: President




                                  EXHIBIT INDEX

          99.1             Trustee's report in respect of the February 15,
                           2005 distribution to holders of the PPLUS Trust
                           Certificates Series GSC-2.