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Telecom HOLDRS are Depositary Receipts issued by the Telecom HOLDRS Trust which represent an undivided beneficial ownership in the common stock of a group of 20 specified companies that are involved in various segments of the Telecommunications Industry. The Bank of New York is the trustee. Telecom HOLDRS may be acquired, held or transferred in a round-lot amount of 100 Telecom HOLDRS or round-lot multiples. Telecom HOLDRS are separate from the underlying deposited common stocks that are represented by the Telecom HOLDRS. The Telecom HOLDRS Trust is not a registered investment company under the Investment Company Act of 1940
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