Pharmaceutical HOLDRS are Depositary Receipts issued by the Pharmaceutical HOLDRS Trust which represent an undivided beneficial ownership in the common stock of a group of specified companies that are involved in various segments of the Pharmaceutical Industry. The Bank of New York is the trustee. Pharmaceutical HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Pharmaceutical HOLDRS or round-lot multiples. Pharmaceutical HOLDRS are separate from the underlying deposited common stocks that are represented by the Pharmaceutical HOLDRS. The Pharmaceutical HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940.
