<PAGE>

                       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

                           --------------------------

      For the fiscal year ended:                Commission file number:
           December 31, 2005                           001-32247

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

              DELAWARE                                  13-3891329
           (State or other                          (I. R. S. Employer
           jurisdiction of                          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

Securities registered pursuant to Section 12(b) of the Act:

PPLUS Trust Certificates Series GSC-2 listed on The New York Stock Exchange.

Securities registered pursuant to Section 12(g) of the Act:

Not Applicable.


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Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.

                           Yes [ ]             No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.

                           Yes [ ]             No [X]

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                           Yes [X]             No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).

                           Yes [ ]             No [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                           Yes [ ]             No [X]

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common equity,
as of the last business day of the registrant's most recently completed second
fiscal quarter.

Not Applicable.

Indicate the number of shares outstanding for each of the registrant's classes
of common stock, as of the latest practicable date.

Not Applicable.

                                        2

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                       DOCUMENTS INCORPORATED BY REFERENCE

None.

       PART I

       ITEM 1.           BUSINESS

                         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 1580, 100 F
                         Street, N.E., 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 100 F
                         Street, N.E., 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 guarantor
                         and the underlying securities issuer have filed
                         electronically with the SEC.

                         Although we have no reason to believe the information
                         concerning the underlying securities and the junior
                         subordinated debentures or the underlying securities
                         guarantor and the underlying securities issuer
                         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 guarantor and underlying
                         securities issuer (including, without limitation, no
                         investigation as to their respective financial
                         condition or creditworthiness) or of the underlying
                         securities and the junior subordinated debentures has
                         been made. You should obtain and evaluate the same
                         information concerning the underlying securities
                         issuer and the underlying securities guarantor 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
                         or the underlying securities guarantor. There can be
                         no assurance that events affecting the underlying
                         securities and the junior subordinated debentures or
                         the underlying securities issuer and 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.

                                        3

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       ITEM 1A.          RISK FACTORS

                         Your investment in the trust certificates will involve
                         certain risks. You should carefully consider the
                         following discussion of risks, and the other
                         information included or incorporated by reference in
                         the applicable prospectus supplement and the
                         accompanying prospectus. You should also carefully
                         consider any risk factors and other information that
                         the underlying securities guarantor may file in its
                         Exchange Act reports as referenced in Item 1 above.

                         IF THE UNDERLYING SECURITIES ARE REDEEMED PRIOR TO THE
                         MATURITY DATE OF THE UNDERLYING SECURITIES OR IF ANY
                         CALL WARRANTS ARE EXERCISED PRIOR TO THE STATED
                         MATURITY DATE, YOU MAY NOT BE ABLE TO REINVEST YOUR
                         REDEMPTION OR CALL PROCEEDS AT A YIELD COMPARABLE TO
                         THE YIELD YOU WOULD HAVE RECEIVED ON YOUR TRUST
                         CERTIFICATES

                         The yield you will realize on your trust certificates
                         depends upon several factors, including:

                         o   whether an early termination payment is payable by
                             the trust to the swap counterparty,

                         o   the purchase price of trust certificates,

                         o   when you acquire your trust certificates,

                         o   whether the underlying securities issuer exercises
                             its option to redeem the underlying securities,
                             and

                         o   whether the call warrant holders exercise their
                             optional rights to purchase outstanding trust
                             certificates.

                         The underlying securities issuer has the right to
                         redeem the underlying securities in whole or in part
                         at its option or in part if it becomes obligated to
                         pay additional amounts. Because the underlying
                         securities issuer has the right to redeem the
                         underlying securities early, we cannot assure you that
                         the trust will be able to hold the underlying
                         securities until the maturity date of the underlying
                         securities.

                         Although the call warrant holders are not obligated to
                         exercise the call warrants, the yield you will realize
                         on your trust certificates depends on whether the call
                         warrant holders exercise their call warrants to
                         purchase the trust certificates.

                                        4
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                         Prevailing interest rates at the time of an early
                         redemption or a call exercise may be lower than the
                         yield on your trust certificates. Therefore, you may
                         be unable to realize a comparable yield upon
                         reinvesting the funds you receive from an early
                         redemption or exercise of any call warrants. In
                         addition, if the prevailing market value of the trust
                         certificates exceeds the redemption price or call
                         exercise price paid to you upon redemption of the
                         underlying securities or the exercise of a call, you
                         will not be able to realize such excess.

                         YOU MAY SUFFER LOSSES AS A RESULT OF ANY SWAP EARLY
                         TERMINATION PAYMENT UPON THE LIQUIDATION OF THE
                         UNDERLYING SECURITIES

                         In event the underlying securities are liquidated as a
                         result of a default by the underlying securities
                         issuer on its obligations or the underlying securities
                         issuer ceases to file Exchange Act reports, or upon an
                         underlying securities bankruptcy event, trust swap
                         payment default or a trust regulatory event, you will
                         not receive any distributions payable to you until
                         after the payment of the early termination payment (if
                         any is then payable) to the swap counterparty. Unless
                         the proceeds received from the liquidation of the
                         underlying securities are sufficient to pay any early
                         termination payment plus the certificate principal
                         balance and accrued and unpaid interest then due on
                         the trust certificates, you will suffer a loss as a
                         result of such early termination payment and such
                         liquidation. This loss could be quite substantial in
                         relation to the total value of your trust
                         certificates.

                         YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE
                         INSUFFICIENT

                         Currently, the trust has no significant assets other
                         than the underlying securities, the underlying
                         securities guarantee and the swap agreement. If the
                         underlying securities or payments made under the
                         underlying securities guarantee and the swap agreement
                         are insufficient to make payments or distributions on
                         the trust certificates, no other assets will be
                         available for payment of the deficiency.

                         The underlying securities issuer conducts its business
                         through subsidiaries. Accordingly, its ability to meet
                         its obligations under the underlying securities is
                         dependent on the earnings and cash flows of those
                         subsidiaries and the ability of those subsidiaries to
                         pay dividends or to advance or repay funds to the
                         underlying securities issuer. In addition, the rights
                         that the underlying securities issuer and its
                         creditors would have to participate in the assets of
                         any such subsidiary upon the subsidiary's liquidation
                         or recapitalization will be subject to the prior
                         claims of the subsidiary's creditors. Certain
                         subsidiaries of the underlying securities issuer have
                         incurred substantial amounts of debt in the expansion
                         of their businesses, and the underlying securities
                         issuer anticipates that certain of its subsidiaries
                         will do so in the future.

                                        5
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                         YOU MAY NOT RECOVER THE WHOLE OF THE PRESENT VALUE OR
                         STATED AMOUNT (IF APPLICABLE) OF YOUR TRUST
                         CERTIFICATES IF THE TRUST DISPOSES OF THE UNDERLYING
                         SECURITIES ON A DEFAULT BY THE UNDERLYING SECURITIES
                         ISSUER OR IN THE EVENT THE UNDERLYING SECURITIES
                         GUARANTOR CEASES FILING EXCHANGE ACT REPORTS

                         If the underlying securities issuer defaults on its
                         obligations under the underlying securities or the
                         underlying securities guarantor ceases to file
                         Exchange Act reports, then the trust will either
                         distribute the underlying securities to the trust
                         certificateholders or dispose of them and distribute
                         the proceeds to the trust certificateholders. Your
                         recovery in either of those events may be limited by
                         three factors:

                         o   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;

                         o   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

                         o   any such distribution of funds will be subject to
                             the payment by the trust to the swap counterparty
                             of any early termination payment.

                         THE TRUSTEE WILL NOT MANAGE THE UNDERLYING SECURITIES

                         Except as described below, the trust will not dispose
                         of any underlying securities, even if an event occurs
                         that adversely affects the value of the underlying
                         securities or that adversely affects the underlying
                         securities issuer or the underlying securities
                         guarantor. As provided in the applicable trust
                         agreement, the trust will dispose of the underlying
                         securities only if:

                         o   there is a payment default on any underlying
                             securities,

                         o   there is another type of default that accelerates
                             the maturity of the underlying securities, or

                         o   the underlying securities guarantor ceases to file
                             Exchange Act reports.

                         Under the first circumstance listed above, the trustee
                         must sell the underlying securities on behalf of the
                         trust, even if adverse market conditions exist. The
                         trustee has no discretion to do otherwise. If adverse
                         market conditions do exist at the time of the
                         trustee's sale of the underlying securities, you may
                         incur greater losses than if the trust continued to
                         hold the underlying securities.

                                        6
<PAGE>

                         THE TRUST CERTIFICATES ARE SUBJECT TO THE
                         CREDITWORTHINESS OF THE UNDERLYING SECURITIES ISSUER
                         AND THE UNDERLYING SECURITIES GUARANTOR

                         The trust certificates represent interests in
                         obligations of the underlying securities issuer and
                         the underlying securities guarantor. In particular,
                         the trust certificates will be subject to all the
                         risks associated with directly investing in both
                         underlying securities issuer's and the underlying
                         securities guarantor's unsecured subordinated debt
                         obligations. None of the underlying indenture, the
                         underlying securities or the underlying securities
                         guarantee places a limitation on the amount of
                         indebtedness that may be incurred by the underlying
                         securities issuer or underlying securities guarantor.

                         THE TRUST'S RIGHT TO DIRECT ACTION AGAINST THE
                         UNDERLYING SECURITIES GUARANTOR TO ENFORCE THE RIGHTS
                         OF THE UNDERLYING SECURITIESHOLDERS IS LIMITED

                         If a debenture event of default occurs and is
                         continuing, then the holders of the underlying
                         securities would rely on, and in certain circumstances
                         could cause, the trustee of the underlying securities
                         issuer to enforce its rights as a holder of the
                         underlying securities and the underlying securities
                         guarantee on behalf of the underlying securities
                         issuer against the underlying securities guarantor. In
                         addition, any registered holder of underlying
                         securities may institute a legal proceeding directly
                         against the underlying securities guarantor to enforce
                         its rights against the underlying securities guarantor
                         without first instituting any legal proceeding against
                         the underlying securities trustee or any other person
                         or entity.

                         THE UNDERLYING SECURITIES GUARANTOR HAS THE ABILITY TO
                         DEFER INTEREST PAYMENTS ON THE UNDERLYING SECURITIES

                         The underlying securities guarantor can, on one or
                         more occasions, defer interest payments on the
                         underlying securities for up to 10 consecutive
                         semiannual interest periods, but not beyond the
                         maturity date of the underlying securities. If the
                         underlying securities guarantor defers interest
                         payments on the underlying securities, the underlying
                         securities issuer will defer distributions on the
                         underlying securities. If the underlying securities
                         issuer defers distributions on the underlying
                         securities, the trust will defer distributions on the
                         trust certificates during any deferral period. No
                         additional amounts will accrue on the trust
                         certificates or be owed to trust certificateholders as
                         a result of any delay, but any additional amounts owed
                         and paid by the underlying securities issuer as a
                         result of the delay will be paid to the trust
                         certificateholders. Prior to the termination of any
                         deferral period, the underlying securities guarantor
                         may further extend the deferment, but the total of all
                         deferral periods must not exceed 10 consecutive
                         semiannual interest periods or extend beyond the
                         maturity date. Upon the termination of any deferral
                         period and the payment of all amounts then due, the
                         underlying securities guarantor may commence a new
                         deferral period, subject to the above requirements.

                                        7
<PAGE>

                         Because the underlying securities guarantor has the
                         right to defer interest payments, the market price of
                         the underlying securities (which represent an
                         undivided beneficial interest in the underlying
                         securities) may be more volatile than other similar
                         securities where the issuer does not have the right to
                         defer interest payments.

                         IF THE UNDERLYING SECURITIES GUARANTOR EXERCISES ITS
                         OPTION TO DEFER INTEREST PAYMENTS ON THE UNDERLYING
                         SECURITIES, THE TRUST CERTIFICATEHOLDERS MAY FACE
                         ADVERSE TAX CONSEQUENCES

                         Should the underlying securities guarantor exercise
                         its right to defer any payment of interest on the
                         underlying securities, each underlying securities
                         holder will be required to accrue interest income (as
                         original issue discount) in respect of the deferred
                         stated interest allocable to its share of the
                         underlying securities for United States federal income
                         tax purposes. As a result, a trust certificateholder,
                         as a beneficial owner of the underlying securities,
                         would have to include this amount in gross income for
                         United States federal income tax purposes prior to the
                         receipt of any cash distributions. In addition, the
                         trust certificateholder would not receive cash from
                         the underlying security issuer related to this income
                         if the trust certificateholder disposes of the trust
                         certificates prior to the record date on which
                         distributions of these amounts are made. To the extent
                         the selling price is less than the trust
                         certificateholder's adjusted tax basis (which will
                         include, in the form of original issue discount all
                         accrued but unpaid interest), the trust
                         certificateholder will recognize a capital loss.
                         Subject to limited exceptions, capital losses cannot
                         be applied to offset ordinary income for United States
                         federal income tax purposes.

                         THE PAYMENTS OWED TO THE TRUST CERTIFICATEHOLDERS ARE
                         UNSECURED OBLIGATIONS

                         In a liquidation, holders of the underlying
                         securities, including the trust, will be paid only
                         after holders of secured obligations of the underlying
                         securities issuer. According to the underlying
                         securities prospectus, the underlying securities are
                         unsecured and rank equally with all other unsecured
                         and unsubordinated indebtedness of the underlying
                         securities issuer.

                                        8
<PAGE>

                         IF THE SWAP AGREEMENT IS TERMINATED AS A RESULT OF A
                         SWAP AGREEMENT TERMINATION EVENT WHICH IS NOT A TRUST
                         TERMINATION EVENT, THEN THE YIELD ON THE TRUST
                         CERTIFICATES WILL BE CONVERTED FROM A FLOATING RATE TO
                         A FIXED RATE AND DISTRIBUTIONS TO YOU WILL BE MADE
                         SEMIANNUALLY INSTEAD OF QUARTERLY

                         The ability of the trust to make quarterly payments on
                         interest rate distributions on the trust certificates
                         will be dependent on the performance by the swap
                         counterparty of its payment obligations under the swap
                         agreement. If the swap agreement were to be terminated
                         as a result of a swap agreement termination event that
                         is not also a trust termination event, then (i) the
                         trust will remain in existence without any rights or
                         obligations under the swap agreement and (ii) you will
                         receive a pro rata share of the fixed rate interest
                         payments received by the trust in respect of the
                         underlying securities on a semiannual basis, instead
                         of a pro rata share of the floating rate payments
                         under the swap agreement received by the trust on a
                         quarterly basis.

                         YOU WILL NOT RECEIVE TIMELY DISTRIBUTION ON THE TRUST
                         CERTIFICATES IF THE TRUST DOES NOT RECEIVE TIMELY
                         DISTRIBUTION ON THE UNDERLYING SECURITIES

                         The underlying issuer may defer the payment of interest
                         on the junior subordinated debentures at any time and
                         in each case for up to 10 semiannual consecutive
                         interest periods, provided that (i) no extension period
                         may extend beyond the stated maturity date of the
                         junior subordinated debentures; and (ii) The underlying
                         issuer is not in default under the subordinated debt
                         indenture governing the junior subordinated debentures.
                         If there is a deferral, the underlying securities
                         issuer also will defer distributions on the underlying
                         securities and the swap counterparty will not be
                         obligated to make any payments to the trust pursuant to
                         the swap agreement. Before any extension period ends,
                         The underlying issuer may elect to extend the period
                         further. At the end of any extension period and the
                         payment of all interest then accrued and unpaid, The
                         underlying issuer may elect to begin a new extension
                         period. There is no limitation on the number of
                         extension periods. If the underlying securities issuer
                         does not pay amounts due under the underlying
                         securities, as a result of a deferral, the swap
                         counterparty is not obligated to make payments to the
                         trust, and the trust will not make any corresponding
                         payments on the trust certificates.

                         Should The underlying issuer elected to exercise its
                         right to defer payments of interest on the junior
                         subordinated debentures in the future, the market
                         price of the underlying securities is likely to be
                         adversely affected. In addition, merely as a result of
                         the existence of The underlying issuer's right to
                         defer payments of interest on the junior subordinated
                         debentures, the market price of the underlying
                         securities may be more volatile than the market prices
                         of other securities that are not subject to such
                         deferrals.

                                        9
<PAGE>

                         DISTRIBUTIONS AND OTHER PAYMENTS WITH RESPECT TO YOUR
                         TRUST CERTIFICATES AND YOUR EXPECTED INVESTMENT YIELD
                         MAY BE AFFECTED BY FACTORS SUCH AS THE PERFORMANCE OF
                         THE TRUST ASSETS, THE REDEMPTION OF THE UNDERLYING
                         SECURITIES AND THE EARLY TERMINATION OF THE SWAP
                         AGREEMENT

                         A number of factors may affect the timing of
                         distributions with respect to your trust certificates
                         and the yield that you realize on your trust
                         certificates, including:

                         o   the purchase price you pay for your trust
                             certificates;

                         o   the interest rate on the trust certificates, which
                             will be greater than or equal to 3.00% and will
                             not exceed 8.00%;

                         o   the performance of the underlying securities;

                         o   whether the underlying securities issuer redeems,
                             repurchases or repays the underlying securities
                             before their maturity;

                         o   whether the underlying security guarantor elects
                             to defer interest payments on the underlying
                             securities;

                         o   whether the underlying securities issuer defaults
                             under the underlying securities;

                         o   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;

                         o   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

                         o   whether the holder of the call options exercises
                             its call options on your trust certificates.

                         We can not predict whether or when the call options
                         will be exercised, whether the underlying securities
                         will be redeemed, repaid, repurchased or accelerated
                         or whether interest on the underlying securities will
                         be deferred. If the trust certificates are prepaid or
                         if the holder of the call options exercises its call
                         options prior to the final distribution date, then the
                         principal of your trust certificates or the call price
                         will be paid to the extent funds are received on the
                         underlying securities or the holder of the call
                         options pays the call price and your investment in the
                         trust certificates will have a shorter average
                         maturity.

                                        10
<PAGE>

                         UPON A SWAP TERMINATION EVENT WHEREBY THE SWAP
                         COUNTERPARTY IS THE DEFAULTING PARTY OR AFFECTED
                         PARTY, YOU ARE NOT LIKELY TO RECEIVE FROM THE SWAP
                         COUNTERPARTY ANY INTEREST THAT HAS ACCRUED

                         Upon a swap termination event that is not a trust
                         termination event whereby the swap counterparty is the
                         defaulting party (especially upon the bankruptcy,
                         insolvency or reorganization of the swap counterparty),
                         it is unlikely that you will receive from the swap
                         counterparty any interest that has accrued since the
                         last quarterly payment of the interest distribution
                         amount.

                         IF THE TRUST CERTIFICATES ARE PREPAID WHEN PREVAILING
                         MARKET INTEREST RATES FOR SECURITIES OF A COMPARABLE
                         CREDIT RATING ARE LOWER THAN THE YIELD ON YOUR TRUST
                         CERTIFICATES, YOU MAY BE UNABLE TO REALIZE A
                         COMPARABLE YIELD WHEN YOU REINVEST THE FUNDS THAT YOU
                         RECEIVE FROM THE PREPAYMENT OF YOUR TRUST
                         CERTIFICATES.

                         If the trust certificates are prepaid when prevailing
                         market interest rates for securities of a comparable
                         credit rating are lower than the yield on your trust
                         certificates, you may be unable to realize a
                         comparable yield when you reinvest the funds that you
                         receive from the prepayment of your trust
                         certificates. The interest rate cap on the trust
                         certificates may limit your interest payments and may
                         negatively impact the market value of your trust
                         certificates.

                         The interest paid on the trust certificates is based
                         on a floating rate that will not exceed 8.00%. If
                         interest rates exceed 8.00%, your trust certificates
                         will not receive interest based on the higher interest
                         rate but rather will be capped at 8.00%. Therefore,
                         the market value of your trust certificates will also
                         be negatively affected as interest rates rise.

                         THE INTEREST RATE CAP ON THE TRUST CERTIFICATES MAY
                         NEGATIVELY IMPACT THE MARKET VALUE OF YOUR TRUST
                         CERTIFICATES

                         The interest paid on the trust certificates is based
                         on a floating rate that will not exceed 8.00%.
                         Therefore, the market value of your trust certificates
                         may be negatively affected as interest rates rise.

                         THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE

                         At the time of issuance, S&P assigned ratings to the
                         trust certificates equivalent to the ratings of the
                         underlying securities, as of the date of the
                         applicable prospectus supplement.

                                        11
<PAGE>

                         Any rating issued with respect to the trust
                         certificates is not a recommendation to purchase, sell
                         or hold a security. Ratings do not comment on the
                         market price of the trust certificates or their
                         suitability for a particular investor. We cannot
                         assure you that the ratings will remain for any given
                         period of time or that a ratings agency would not
                         revise or withdraw entirely the ratings if, in its
                         judgment, circumstances (including, without
                         limitation, the rating of the underlying securities)
                         merit. A revision or withdrawal of a rating may
                         adversely affect the market price of the trust
                         certificates.

ITEM 1B.                 UNRESOLVED STAFF COMMENTS

                         Not Applicable

ITEM 2.                  PROPERTIES

                         None.

ITEM 3.                  LEGAL PROCEEDINGS

                         None.

ITEM 4.                  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                         None.

PART II

ITEM 5.                  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
                         STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
                         SECURITIES

                         The Trust Certificates issued by PPLUS Trust Series
                         GSC-2 are represented by one or more physical
                         certificates registered in the name of Cede & Co., the
                         nominee of the Depository Trust Company. The Trust
                         Certificates are listed on the New York Stock
                         Exchange.

ITEM 6.                  SELECTED FINANCIAL DATA

                         Not Applicable.

ITEM 7.                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                         CONDITION AND RESULTS OF OPERATIONS

                         Not Applicable.

ITEM 7A.                 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
                         RISK

                         Not Applicable.


                                        12
<PAGE>

ITEM 8.                  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                         Not Applicable.

ITEM 9.                  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                         ACCOUNTING AND FINANCIAL DISCLOSURE

                         None.

ITEM 9A.                 CONTROLS AND PROCEDURES

                         The Registrant has procedures so as to provide
                         reasonable assurance that its future Exchange Act
                         filings will be filed within the applicable time
                         periods.

ITEM 9B.                 OTHER INFORMATION

                         None.

PART III

ITEM 10.                 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

                         Not Applicable.

ITEM 11.                 EXECUTIVE COMPENSATION

                         Not Applicable.

ITEM 12.                 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                         MANAGEMENT AND RELATED STOCKHOLDER MATTERS

                         (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.

ITEM 13.                 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

                         None.

ITEM 14.                 PRINCIPAL ACCOUNTING FEES AND SERVICES

                         Not Applicable.

                                        13
<PAGE>

PART IV

ITEM 15.                 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

                         (a)(1)  Financial Statements: Not Applicable.

                         (a)(2)  Financial Statement Schedules: Not Applicable.

                         (a)(3)  List of Exhibits

                         The following exhibits are filed as part of, and
                         incorporated by reference into, this Annual Report on
                         Form 10-K:

                             31.1     Certification of President of Registrant
                                      dated March 27, 2006, 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, 2005.

                             99.1     Trustee's Annual Compliance Certificate
                                      dated February 21, 2006.

                             99.2.    Report of Deloitte & Touche LLP,
                                      Independent Registered Public Accounting
                                      Firm, dated March 24, 2006, Registrant's
                                      Assertion on Compliance with PPLUS Minimum
                                      Servicing Standards dated March 24, 2006
                                      and PPLUS Minimum Servicing Standards.

                             99.3.    Report of Ernst & Young LLP, Independent
                                      Registered Public Accounting Firm, dated
                                      February 21, 2006, The Bank of New York's
                                      Assertion on Compliance with PPLUS Minimum
                                      Servicing Standards dated February 21,
                                      2006 and PPLUS Minimum Servicing
                                      Standards.

                         (b) Exhibits

                             The Registrant hereby files as part of this Annual
                             Report on Form 10-K the exhibits listed in Item
                             15(a)(3) set forth above.

                         (c) Financial Statement Schedules

                             Not applicable.

                                       14

<PAGE>

                                   SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) 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: March 27, 2006                      By: /s/ Stephan Kuppenheimer
                                             -----------------------------
                                                Name:  Stephan Kuppenheimer
                                                Title: President