UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-K
 ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 
 For the fiscal year ended:
    
    Commission file number:December 31, 2021
    
    001-32247
 MERRILL LYNCH DEPOSITOR, INC.
   DELAWARE (State or other  jurisdiction of  incorporation)
    
    13-3891329 (I. R. S. Employer Identification No.)
 ONE BRYANT PARK, 4th FL  NEW YORK, NEW
        YORK (Address of principal  executive offices)
    
    10036 (Zip Code)
 
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  o þ
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 Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files). o o
 o o þ o o
 If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. o
 o þ
      DOCUMENTS INCORPORATED BY REFERENCE


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TABLE OF CONTENTS
  PART I ITEM 1.
BUSINESS ITEM 1A.
RISK FACTORS ITEM 1B.
UNRESOLVED STAFF COMMENTS ITEM 2.
PROPERTIES ITEM 3.
LEGAL PROCEEDINGS ITEM 4.
MINE SAFETY DISCLOSURES PART II ITEM 5.
MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 6.
SELECTED FINANCIAL DATA ITEM 7.
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ITEM 9A.
CONTROLS AND PROCEDURES ITEM 9B.
OTHER INFORMATION ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS PART III ITEM 10.
DIRECTORS, EXECUTIVE OFFICERSAND CORPORATE GOVERNANCE ITEM 11.
EXECUTIVE COMPENSATION ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ITEM 14.
PRINCIPAL ACCOUNTING FEES AND SERVICES PART IV ITEM 15.
EXHIBITS, FINANCIAL STATEMENT SCHEDULES SIGNATURES EX-31.1:
CERTIFICATION EX-99.1:
TRUSTEE'S ANNUAL COMPLIANCE CERTIFICATE EX-99.2:
REPORT OF PRICEWATERHOUSECOOPERS LLP EX-99.3:
REPORT OF KPMG LLP  
 
 
  
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
    
    whether an early termination payment is payable by the trust to the swap counterparty,
    
    the purchase price of trust certificates,
    
    when you acquire your trust certificates,
    
    whether the underlying securities issuer exercises its option to redeem the underlying securities, and
    
    whether the call warrant holders exercise their optional rights to purchase outstanding trust certificates.
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    if a default occurs, the market value of the underlying securities may be adversely affected and the proceeds of their disposition may
        be lower than the aggregate present value or stated amount (if applicable) of the trust certificates;
    
    in either event, any distribution of funds or underlying securities by the trust to the trust certificateholders will be done in accordance
        with the allocation ratio as described in the applicable prospectus supplement relating to the trust certificates. The funds or aggregate
        principal amount of underlying securities you receive on that distribution may be less than the present value or stated amount (if applicable)
        of your trust certificates; and
    
    any such distribution of funds will be subject to the payment by the trust to the swap counterparty of any early termination payment.
   
    
    there is a payment default on any underlying securities,
    
    there is another type of default that accelerates the maturity of the underlying securities, or
    
    the underlying securities guarantor ceases to file Exchange Act reports.
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
    
    the purchase price you pay for your trust certificates;
    
    the interest rate on the trust certificates, which will be greater than or equal to 3.00% and will not exceed 8.00%;
    
    the performance of the underlying securities;
    
    whether the underlying securities issuer redeems, repurchases or repays the underlying securities before their maturity;
    
    whether the underlying security guarantor elects to defer interest payments on the underlying securities;
    
    whether the underlying securities issuer defaults under the underlying securities;
    
    the possibility that if there is a swap termination event that is not a trust termination event a fixed rate of 6.345% per annum will
        be payable on the trust certificates, instead of the floating rate distribution amount payable under the swap agreement;
    
    the possibility that the swap agreement may be terminated early in certain circumstances, resulting in the termination of the trust prior
        to its scheduled termination date; and
    
    whether the holder of the call options exercises its call options on your trust certificates.
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MINE SAFETY DISCLOSURES
  
  
   
   
   
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(a)
    
    Securities Authorized For Issuance Under Equity Compensation Plans: None.(b)
    
    Security Ownership Of Certain Beneficial Owners: None.(c)
    
    Security Ownership Of Management: Not Applicable.(d)
    
    Changes In Control: None.
 
   
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4.1
    
    For a
        description of the securities of the PPLUS Trust Series GSC-2, see Prospectus Supplement (To Prospectus dated October 24, 2002) dated
        as of July 13, 2004 filed by the Depositor with the SEC on July 16, 2004 and incorporated here by reference31.1.
    
    Certification of the President of Registrant dated March 28, 2022, pursuant to Rules 13a-14 and
    15d-14 under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with
    respect to the Registrants Annual Report on Form 10-K for the year ended December 31, 2021.99.1.
    
    Trustees Annual Compliance Certificate dated February 22, 2022.99.2.
    
    Report of PricewaterhouseCoopers LLP, Independent Accountants, dated March
        8, 2022, Registrants Assertion on Compliance with PPLUS Minimum Servicing Standards dated March 8, 2022 and PPLUS Minimum Servicing
        Standards.99.3.
    
    Report of KPMG LLP, Independent Registered Public Accounting Firm, dated February 23, 2022, The
    Bank of New York Mellons Assertion on Compliance with PPLUS Minimum Servicing Standards dated  February 23, 2022 and
    PPLUS Minimum Servicing Standards.
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MERRILL LYNCH DEPOSITOR, INC.Date: March 28, 2022
    By:
    /s/ Matthew J. NelsonName:
    Matthew J. NelsonTitle:
    President


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