EXHIBIT 99.1

                               DISTRIBUTION REPORT
                                       FOR
                            PPLUS TRUST SERIES GSC-2

                                DISTRIBUTION DATE
                                 AUGUST 15, 2005

                             CUSIP NUMBER 73941X684

(i)      the amounts received by the Trustee as of the last such statement in
         respect of principal, interest and premium on the 6.345% Capital
         Securities due 2034 issued by Goldman Sachs Capital I (the "Underlying
         Securities"):

                             Interest:                            $1,110,375.00
                             Principal:                                    0.00
                             Premium:                                      0.00

(ii)     the amounts received by the Trustee as of the last such statement in
         respect of Interest Rate Swap entered into between PPLUS Trust Series
         GSC-2 and Merrill Lynch Capital Services, Inc. (the "Swap Agreement"):

                             Interest:                              $356,332.64
                             Principal:                                    0.00

(iii)    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

(iv)     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:

                             Interest:                              $356,332.64
                             Principal:                                   $0.00
                             Unpaid Interest Accrued:                     $0.00

(v)      the amount of distribution on such Distribution Date to Merrill Lynch
         Capital Services, Inc. in respect of the Interest Rate Swap entered
         into between PPLUS Trust Series GSC-2 and Merrill Lynch Capital
         Services, Inc. (the "Swap Agreement:

                             Interest:                            $1,110,375.00
                             Principal:                                   $0.00




(vi)     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:                      $35,000,000
                             Interest Rate:                               6.345%

                             Rating:
                                    Moody's Investor Service                 A1
                                    Standard & Poor's Rating Service         A-

(vii)    the aggregate notional amount of the Swap Agreement related to such
         Series, the current interest rate or rates thereon at the close of
         business on such Distribution Date.

                             Notional Amount:                       $35,000,000
                             Interest Rate:                              4.6400%


(viii)   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.


                             ($25 Stated Amount)
                             Principal Balance:                     $35,000,000
                             Reduction:                                      (0)
                                                                    ------------
                             Principal Balance 08/15/05             $35,000,000