424B3 1 f424b3_051106-telecom.txt PROSPECTUS SUPPLEMENT PROSPECTUS SUPPLEMENT REGISTRATION NO. 333-95807 (To Prospectus dated February 17, 2006) Filed Pursuant to Rule 424(b)(3) [HOLDRS TELECOM LOGO] 1,000,000,000 Depositary Receipts Telecom HOLDRS (SM) Trust This prospectus supplement supplements information contained in the prospectus dated February 17, 2006 relating to the sale of up to 1,000,000,000 depositary receipts by the Telecom HOLDRS (SM) Trust. The share amounts specified in the table in the "Highlights of Telecom HOLDRS" section of the base prospectus shall be replaced with the following:
Share Primary Name of Company Ticker Amounts Trading Market -------------------------------------------- ------------- -------------- ------------------ ALLTEL Corp. AT 2 NYSE AT&T Inc. T 30.8971 NYSE BCE Inc. BCE 5 NYSE BellSouth Corp. BLS 15 NYSE CenturyTel, Inc. CTL 1 NYSE Cincinnati Bell Incorporated CBB 2 NYSE Level 3 Communications, Inc. LVLT 3 NASDAQ Qwest Communications International Inc. Q 12.91728 NYSE Sprint Nextel Corporation S 16.60501308 NYSE Telephone and Data Systems, Inc. TDS 1 AMEX Telephone and Data Systems, Inc. - Special TDS.S 1 AMEX Common Shares Verizon Communications VZ 21.76 NYSE
The share amounts listed in the table above reflect all previous stock splits, dividends and business combination transactions. The date of this prospectus supplement is March 31, 2006.