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Broadband HOLDRS are Depositary Receipts issued by the Broadband HOLDRS Trust which represent an undivided beneficial ownership in the common stock of a group of specified companies that, among other things, develop, manufacture and market products and services which facilitate the transmission of data, video and voice more quickly and more efficiently than traditional telephone line communications. The Bank of New York is the trustee. Broadband HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Broadband HOLDRS or round-lot multiples. Broadband HOLDRS are separate from the underlying deposited common stocks that are represented by the Broadband HOLDRS. The Broadband HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940.
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