Semiconductor HOLDRS are Depositary Receipts issued by the Semiconductor 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 integrated circuitry and other products made from semiconductors which allow for increased speed and functionality in components for computers and other electronic devices. The Bank of New York is the trustee. Semiconductor HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Semiconductor HOLDRS or round-lot multiples. Semiconductor HOLDRS are separate from the underlying deposited common stocks that are represented by the Semiconductor HOLDRS. The Semiconductor HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940.
