Delaware
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6211
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13-5674085
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(State or other jurisdiction
of incorporation or organization)
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(Primary Standard Industrial
Classification Code Number)
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(I.R.S. Employer
Identification Number)
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Merrill Lynch, Pierce, Fenner & Smith Incorporated
One Bryant Park
New York, New York 10036
(212) 449-1000
Attn: Corporate Secretary
(Name, address, including zip code, and telephone number, including
area code, of agent for service)
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Abigail Arms, Esq.
Shearman & Sterling LLP
801 Pennsylvania Avenue, NW, Suite 900
Washington, D.C. 20004
(202) 508-8000
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3
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10
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23
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27
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32
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32
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32
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33
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Loss of investment. Because the value of Semiconductor HOLDRS directly relates to the value of the underlying securities, you may lose all or a substantial portion of your investment in the Semiconductor HOLDRS if the underlying securities decline in value.
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Discount trading price. Semiconductor HOLDRS may trade at a discount to the aggregate value of the underlying securities.
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Ownership of only fractional shares in the underlying securities. As a result of distributions of securities by companies included in the Semiconductor HOLDRS or other corporate events, such as mergers, a Semiconductor HOLDR may represent an interest in a fractional share of an underlying security. You will only be entitled to voting, distribution and other beneficial ownership rights in the underlying securities in which you own only fractional shares to the extent that the depositary aggregates your fractional shares with the other fractional shares of such underlying securities included in the Semiconductor HOLDRS and passes on beneficial ownership rights, including distribution and voting rights, to you based on your proportional, fractional shares in the underlying securities. In addition, if you surrender your Semiconductor HOLDRS to receive the underlying securities you will receive cash in lieu of your fractional shares. You will not be entitled to any securities if your interest in an underlying security is only a fraction of a share.
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Not necessarily representative of the semiconductor industry. At the time of the initial offering on May 4, 2000, the companies included in the Semiconductor HOLDRS were generally considered to be involved in various aspects of the semiconductor industry; however, since the time of the initial offering, the companies included in the Semiconductor HOLDRS may not be involved in the semiconductor industry. In this case, the Semiconductor HOLDRS may not consist of securities issued only by companies in the semiconductor industry. In addition, the market price of the underlying securities and the Semiconductor HOLDRS may not necessarily follow the price movements of the entire semiconductor industry generally. If the underlying securities decline in value, your investment in the Semiconductor HOLDRS will decline in value even if common stock prices of companies involved in the semiconductor industry generally increase in value.
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Not necessarily comprised of solely semiconductor companies. As a result of distributions of securities by companies included in the Semiconductor HOLDRS or other corporate events, such as mergers, securities of companies that are not currently included in the Semiconductor HOLDRS and that are not involved in the semiconductor industry may be included in the Semiconductor HOLDRS. The securities of a new company will only be distributed from the Semiconductor HOLDRS if the securities have a different Standard & Poor’s Corporation (“Standard & Poor’s”) sector classification than any of the underlying issuers included in the Semiconductor HOLDRS at the time of the distribution or the corporate event or if the securities are not listed for trading on a U.S. national securities exchange. As of January 2, 2002, Standard & Poor’s Corporation sector classifications are based upon the Standard & Poor’s Global Industry Classification Standard (“GICS”) sectors. As there are only 10 broadly defined GICS sector classifications, the use of GICS sectors to determine whether a new company will be included in, or whether the securities of a new company are distributed from, the Semiconductor HOLDRS provides no assurance that each new company included in the Semiconductor HOLDRS will be involved in the semiconductor industry. Currently, the underlying securities included in the Semiconductor HOLDRS are represented in the Information Technology GICS sector. As each Standard & Poor’s GICS sector is defined very broadly, the securities of a new company could have the same GICS sector classification as a company currently included in the Semiconductor HOLDRS, and yet not be involved in the semiconductor industry. In addition, the GICS sector classifications of securities included in the Semiconductor HOLDRS may change
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No investigation of underlying securities. The underlying securities initially included in the Semiconductor HOLDRS were selected by Merrill Lynch, Pierce, Fenner & Smith Incorporated based on the market capitalization of the issuers and the market liquidity of common stock in the semiconductor industry, without regard for the value, price performance, volatility or investment merit of the underlying securities. Consequently, the Semiconductor HOLDRS Trust, the trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and each of their respective affiliates have not performed, and will not in the future perform, any investigation or review of the selected companies, including the public filings by the companies. Investors and market participants should not conclude that the inclusion of a company is any form of investment recommendation by the trust, the trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, or their respective affiliates.
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Loss of diversification. As a result of industry developments, reorganizations or market fluctuations affecting issuers of the underlying securities, Semiconductor HOLDRS may not necessarily be a diversified investment in the semiconductor industry. In addition, reconstitution events, distributions of securities by an underlying issuer or other events, which may result in distributions of securities from, or the inclusion of additional securities in, the Semiconductor HOLDRS, may also reduce diversification. As a result, Semiconductor HOLDRS may represent a concentrated investment in one or more of the underlying securities, which would reduce investment diversification and increase your exposure to the risks of concentrated investments.
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Conflicting investment choices. In order to sell one or more of the underlying securities individually, participate in a tender offer relating to one or more of the underlying securities, or participate in any form of stock repurchase program by an issuer of an underlying security, you will be required to cancel your Semiconductor HOLDRS and receive delivery of each of the underlying securities, including those underlying securities that you may not want to sell or are not subject to a tender offer or repurchase offer. The cancellation of your Semiconductor HOLDRS will allow you to sell individual underlying securities or to deliver individual underlying securities in a tender offer or any form of stock repurchase program. The cancellation of Semiconductor HOLDRS will involve payment of a cancellation fee to the trustee.
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Trading halts. Trading in Semiconductor HOLDRS on the NYSE Arca may be halted if (i) the Semiconductor HOLDRS has fewer than the required number of record and/or beneficial holders for 30 or more consecutive trading days; (ii) the number of Semiconductor HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; (iii) the market value of all Semiconductor HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; or (iv) any other event shall occur or conditions exists which, in the opinion of the NYSE Arca, makes further listing of the Semiconductor HOLDRS on the NYSE Arca inadvisable. If trading is halted in Semiconductor HOLDRS, you will not be able to trade Semiconductor HOLDRS and you will only be able to trade the underlying securities if you cancel your Semiconductor HOLDRS and receive each of the underlying securities.
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Delisting from the NYSE Arca. The NYSE Arca may consider delisting the Semiconductor HOLDRS if (i) the Semiconductor HOLDRS has fewer than the required number of record and/or beneficial holders for 30 or more consecutive trading days; (ii) the number of Semiconductor HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; (iii) the market value of all Semiconductor HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; or (iv) any other event shall occur or conditions exists which, in the opinion of the NYSE Arca, makes further dealings on the NYSE Arca inadvisable. If the Semiconductor HOLDRS are delisted by the NYSE Arca, a termination event will result unless the Semiconductor HOLDRS are listed for trading on another U.S. national securities exchange within five business days from the date the Semiconductor HOLDRS are delisted.
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Possible conflicts of interest. Merrill Lynch, Pierce, Fenner & Smith Incorporated, as initial depositor, selected the underlying securities that were originally included in Semiconductor HOLDRS and may face possible conflicts of interest as Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates may engage in investment banking or may provide other services for issuers of the underlying securities in connection with its business.
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Delays in distributions. The depositary trust agreement provides that the trustee will use its reasonable efforts to distribute any cash or other distributions paid in respect of the underlying securities to you as soon as practicable after receipt of such distribution. You may, however, receive such cash or other distributions later than you would if you owned the underlying securities outside of the Semiconductor HOLDRS. In addition, you will not be entitled to any interest on any distribution by reason of any delay in distribution by the depositary.
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The stock prices of companies in the semiconductor industry have been and will likely continue to be volatile, which will directly affect the price volatility of the Semiconductor HOLDRS, and you could lose all or a substantial part of your investment. The trading prices of the common stocks of semiconductor companies included in the Semiconductor HOLDRS have been volatile. Semiconductor companies’ stock prices could be subject to wide fluctuations in response to a variety of factors, including the following:
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general market fluctuations;
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actual or anticipated variations in companies’ quarterly operating results;
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announcements of technological innovations or new services by the competitors of the companies included in the Semiconductor HOLDRS;
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announcements by semiconductor companies or their competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;
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failure to integrate or realize projected benefits from acquisitions;
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manufacturing yields;
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changes in government regulations;
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changes in financial estimates by securities analysts;
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additions or departures of key personnel;
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fluctuations in quarterly and annual operating results; and
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difficulty in obtaining additional financing.
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Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating results of companies whose common stocks are included in the Semiconductor HOLDRS. During the 1990s and continuing into 2000, the semiconductor industry enjoyed unprecedented growth, benefiting from the rapid expansion of the Internet and other computing and communications technologies. Many of the companies whose common stocks are included in the Semiconductor HOLDRS were adversely affected by a general economic slowdown and an abrupt decline in demand for many of the end-user products that incorporate their semiconductor devices. There can be no assurance that this reduction in demand for end-user products will not continue in the future.
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Companies whose common stocks are included in the Semiconductor HOLDRS may need additional financing, which may be difficult to obtain. Failure to obtain necessary financing or doing so on unattractive terms could adversely affect development and marketing efforts and other operations of companies whose common stocks are included in the Semiconductor HOLDRS. Companies whose common stocks are included in the Semiconductor HOLDRS may need to raise additional capital in order to fund the continued development and marketing of their products or to fund strategic acquisitions or investments. Their ability to obtain additional financing will depend on a number of factors, including market conditions, operating performance and investor interest. These factors may make the timing, amount, terms and conditions of any financing unattractive. If adequate funds are not available or are not available on acceptable terms, companies whose common stocks are included in the Semiconductor HOLDRS may have to forego strategic acquisitions or investments, reduce or defer their development activities, delay their introduction of new products and services or terminate their operations completely. Any of these actions may reduce the market price of stocks in the semiconductor business.
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Many semiconductor companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products, and failure to do so could have a material adverse effect on their business, results of operations and financial condition. The ability to maintain or increase market share depends on timely introduction and market acceptance of new products offered by semiconductor companies. The equipment manufacturing, data communications and storage, and telecommunications markets which semiconductor companies serve are characterized by rapidly changing technology, evolving industry standards and practices, frequent new product and service introductions and enhancements, pricing pressure and changing customer demands. It is necessary for semiconductor companies to adapt to rapidly changing technologies, adapt their services to evolving industry standards and to continually improve the price, performance, features and reliability of their products. They must quickly develop, introduce and deliver their products, or incur the risk that their competitors will introduce the same or similar products, or products which could make their products obsolete. In addition, the widespread adoption of new technologies could require substantial expenditures to modify or adapt the existing products offered by many semiconductor companies. New product research and development may be costly and time-consuming.
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Some of the companies involved in the semiconductor industry are also engaged in other lines of business unrelated to the semiconductor business, and they may experience problems with these lines of business, which could adversely affect their operating results. Some of the companies which comprise the Semiconductor HOLDRS have lines of business that do not relate to the semiconductor business and which may present additional risks not mentioned in this prospectus. The operating results of these semiconductor companies may fluctuate as a result of these additional risks and events in the industries of these other lines of business. Despite a company’s possible success in the semiconductor business, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition.
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The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The semiconductor industry is highly cyclical and has been
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Many semiconductor companies have created new technologies for the semiconductor industry and currently rely on a limited number of customers as purchasers of their products and services. If new customers do not adopt these technologies for use in their systems, the operating results and financial condition of these semiconductor companies may be adversely affected. In addition, many semiconductor products are marketed to equipment manufacturers who may be reluctant to change suppliers and incorporate different technologies into their products due to the significant costs associated with qualifying a new supplier. As a result, semiconductor companies may experience barriers to future sales opportunities.
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Many semiconductor companies rely on a single supplier or a limited number of suppliers for the parts and raw materials used in their products, and if quality parts and materials are not delivered by the suppliers on a timely basis, these companies will not be able to manufacture and deliver their products on a timely schedule which could adversely affect their financial condition. Reliance on a single supplier or limited number of suppliers subjects many semiconductor companies to risks of delivery delays, price increases, receipt of non-conforming or poor quality components and inability to obtain long-term supplies of components. Any reduction or interruption in these third parties’ supply or manufacturing could adversely affect many semiconductor companies’ ability to deliver their products and meet customer needs, especially since many semiconductor companies do not maintain extensive inventories of parts and materials for manufacturing. There can be no assurance that semiconductor companies will not encounter problems with suppliers which may result in harm to their reputation and adversely affect their operations and financial condition.
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The manufacturing processes are highly complex, costly and potentially vulnerable to impurities and other disruptions that can significantly increase costs and delay product shipments to customers. The manufacturing processes of many semiconductor companies are highly complex, require advanced and costly equipment, and are continuously being modified in an effort to improve yields and product performance. Impurities or other difficulties in the manufacturing process can lower yields, interrupt production and result in loss of customers. As system complexity has increased and technologies have become more advanced, manufacturing tolerances have been reduced and requirements for precision have become even more demanding. There can be no assurance that semiconductor companies will not experience production difficulties that cause delivery delays and quality control problems.
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The semiconductor industry is very competitive, and a semiconductor company’s failure to establish a customer base which uses its technologies would adversely affect its operating results. Semiconductor access services can be based on several different technologies, and the competition among semiconductor companies to convince a provider to select its technology can be intense. The semiconductor market is rapidly evolving, and it is likely that competitors will expand in existing technologies as well as continue to develop new technologies that compete with, or make obsolete, the existing technologies. Failure to accurately identify emerging technological trends and demand for product features and performance characteristics could place a semiconductor company at a severe competitive disadvantage. Many semiconductor companies face significant competition from other companies. These companies may be better positioned to finance research and development activities, and they may have greater resources with which to acquire other companies in the industry.
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Failure to integrate acquisitions could disrupt operations and prevent the realization of intended benefits. Various semiconductor companies are active acquirers of other companies as part of their business plans.
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The international operations of many semiconductor companies expose them to risks associated with instability and changes in economic, legal and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Many semiconductor companies have international operations and derive substantial revenue from international sales. The risks of international business that the companies are exposed to include the following:
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volatility in general economic, social and political conditions;
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the difficulty of enforcing intellectual property rights, agreements and collecting receivables through certain foreign legal systems;
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differing tax rates, tariffs, exchange controls or other similar restrictions;
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currency fluctuations;
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changes in, and compliance with, domestic and foreign laws and regulations which impose a range of restrictions on operations, trade practices, foreign trade and international investment decisions; and
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reduction in the number or capacity of qualified manufacturing subcontractors in international markets.
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Inability to adequately protect proprietary rights may harm the competitive positions of many semiconductor companies. Many semiconductor companies rely on a combination of copyrights, trademarks, service marks and trade secret law and contractual restrictions to establish and protect proprietary rights in their products and services. There can be no assurance that these companies will be able to protect their intellectual property if they are unable to enforce their rights or if they do not detect unauthorized use of their intellectual property. Furthermore, any steps taken to protect intellectual property may be inadequate, time consuming and expensive. In addition, semiconductor companies may be subject to claims that their products and services infringe the intellectual property rights of others. Patent disputes are possible and can preclude the successful introduction of new products and technologies. Any claim, whether meritorious or not, could be time consuming, result in costly litigation, delay product or service introduction or require semiconductor companies to enter into royalty or licensing agreements.
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Many semiconductor companies are dependent on their ability to continue to attract and retain highly skilled technical and managerial personnel to develop and generate their business. The success of many semiconductor companies is highly dependent on the experience, abilities and continued services of key executive officers and key technical personnel. If these companies lose the services of any of these officers or key technical personnel, their future success could be undermined. Competition for personnel has been and may continue to be intense. There is no certainty that any of these semiconductor companies will be able to continue to attract and retain qualified personnel.
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Issuer
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Semiconductor HOLDRS Trust.
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The trust
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The Semiconductor HOLDRS Trust was formed under the depositary trust agreement, dated as of April 24, 2000, among The Bank of New York Mellon, as trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, other depositors and the owners of the Semiconductor HOLDRS. The depositary trust agreement was amended on November 22, 2000. The trust is not a registered investment company under the Investment Company Act of 1940.
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Initial depositor
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Merrill Lynch, Pierce, Fenner & Smith Incorporated.
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Trustee
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The Bank of New York Mellon, a New York state-chartered banking organization, is the trustee and receives compensation as set forth in the depositary trust agreement. The trustee is responsible for receiving deposits of underlying securities and delivering Semiconductor HOLDRS representing the underlying securities issued by the trust. The trustee holds the underlying securities on behalf of the holders of Semiconductor HOLDRS.
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Purpose of Semiconductor HOLDRS
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Semiconductor HOLDRS were designed to achieve the following:
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Diversification. Semiconductor HOLDRS were initially designed to allow you to diversify your investments in the semiconductor industry through a single, exchange-listed instrument representing your undivided beneficial ownership of the underlying securities. See “Risk Factors—General Risk Factors.”
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Flexibility. The beneficial owners of Semiconductor HOLDRS have undivided beneficial ownership interests in each of the underlying securities represented by the Semiconductor HOLDRS, and can cancel their Semiconductor HOLDRS to receive each of the underlying securities represented by the Semiconductor HOLDRS.
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Transaction costs. The expenses associated with buying and selling Semiconductor HOLDRS in the secondary market are expected to be less than separately buying and selling each of the underlying securities in a traditional brokerage account with transaction-based charges.
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Trust assets
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The trust holds shares of common stock issued by specified companies that, when initially selected, were involved in the semiconductor business. Except when a reconstitution event, distribution of securities by an underlying issuer or other event occurs, the underlying securities will not change and the securities of a new company will not be added to the securities underlying the Semiconductor HOLDRS. Reconstitution events are described in this prospectus under the heading “Description of the Depositary Trust Agreement Distributions” and “Reconstitution events.”
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The trust’s assets may increase or decrease as a result of in-kind deposits and withdrawals of the underlying securities during the life of the trust.
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The Semiconductor HOLDRS
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The trust has issued, and may continue to issue, Semiconductor HOLDRS that represent an undivided beneficial ownership interest in the shares of U.S.-traded common stock that are held by the trust on your behalf. The Semiconductor HOLDRS themselves are separate from the underlying securities that are represented by the Semiconductor HOLDRS.
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The following table provides:
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the names of the issuers of the underlying securities currently represented by a Semiconductor HOLDR; | |
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the stock ticker symbols; | |
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the share amounts currently represented by a round-lot of 100 Semiconductor HOLDRS; and | |
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the primary U.S. market on which the shares of common stock of the selected companies are traded. |
Name of Company
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Ticker
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Share Amounts
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Primary
Trading
Market
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Advanced Micro Devices, Inc.
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AMD
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4.0000 |
NYSE
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Altera Corporation
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ALTR
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6.0000 |
NASDAQ GS
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Amkor Technology, Inc.
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AMKR
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2.0000 |
NASDAQ GS
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Analog Devices, Inc.
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ADI
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6.0000 |
NYSE
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Applied Materials, Inc.
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AMAT
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26.0000 |
NASDAQ GS
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Atmel Corporation
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ATML
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8.0000 |
NASDAQ GS
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Broadcom Corporation
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BRCM
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3.0000 |
NASDAQ GS
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Intel Corporation
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INTC
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30.0000 |
NASDAQ GS
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KLA-Tencor Corporation
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KLAC
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3.0000 |
NASDAQ GS
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Linear Technology Corporation
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LLTC
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5.0000 |
NASDAQ GS
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LSI Corporation
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LSI
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5.0000 |
NYSE
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Micron Technology, Inc.
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MU
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9.0000 |
NASDAQ GS
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National Semiconductor Corporation
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NSM
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6.0000 |
NYSE
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Novellus Systems, Inc.
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NVLS
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2.0000 |
NASDAQ GS
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SanDisk Corporation
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SNDK
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2.0000 |
NASDAQ GS
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Teradyne, Inc.
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TER
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3.0000 |
NYSE
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Texas Instruments Incorporated
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TXN
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22.0000 |
NYSE
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Xilinx, Inc.
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XLNX
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5.0000 |
NASDAQ GS
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The companies whose securities were initially included in the Semiconductor HOLDRS at the time Semiconductor HOLDRS were originally issued on May 4, 2000 were generally considered to be among the largest and most liquid companies with U.S.-traded common stock involved in the semiconductor industry, as measured by market capitalization and trading volume on April 17, 2000. The market capitalization of a company is determined by multiplying the price of its common stock by the number of outstanding shares of its common stock.
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The trust will only issue and cancel, and you may only obtain, hold, trade or surrender, Semiconductor HOLDRS in a round-lot of 100 Semiconductor HOLDRS and round-lot multiples. The trust will only issue Semiconductor HOLDRS upon the deposit of the whole shares represented by a round-lot of 100 Semiconductor HOLDRS. In the event that a fractional share comes to be represented by a round-lot of Semiconductor HOLDRS, the trust may require a minimum of more than one round-lot of 100 Semiconductor HOLDRS for an issuance so that the trust will always receive whole share amounts for issuance of Semiconductor HOLDRS.
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The number of outstanding Semiconductor HOLDRS will increase and decrease as a result of in-kind deposits and withdrawals of the underlying securities. The trust will stand ready to issue additional Semiconductor HOLDRS on a continuous basis when an investor deposits the required shares of common stock with the trustee.
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Purchases
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You may acquire Semiconductor HOLDRS in two ways:
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through an in-kind deposit of the required number of shares of common stock of the underlying issuers with the trustee; or | |
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through a cash purchase in the secondary trading market. |
Issuance and cancellation fees
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If you wish to create Semiconductor HOLDRS by delivering to the trust the requisite shares of common stock represented by a round-lot of 100 Semiconductor HOLDRS, The Bank of New York Mellon, as trustee, will charge you an issuance fee of up to $10.00 for each round-lot of 100 Semiconductor HOLDRS. If you wish to cancel your Semiconductor HOLDRS and withdraw your underlying securities, The Bank of New York Mellon, as trustee, will charge you a cancellation fee of up to $10.00 for each round-lot of 100 Semiconductor HOLDRS.
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Commissions
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If you choose to deposit underlying securities in order to receive Semiconductor HOLDRS, you will be responsible for paying any sales commission associated with your purchase of the underlying securities that is charged by your broker in addition to the issuance fee charged by the trustee that is described above.
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Custody fees
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The Bank of New York Mellon, as trustee and as custodian, will charge you a quarterly custody fee of $2.00 for each round-lot of 100 Semiconductor HOLDRS, to be deducted from any cash dividend or other cash distributions on underlying securities received by the trustee. With respect to the aggregate custody fee payable in any calendar year for each Semiconductor HOLDR, the trustee will waive that portion of the fee which exceeds the total cash dividends and other cash distributions received, or to be received, and payable with respect to such calendar year.
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Rights relating to Semiconductor HOLDRS
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You have the right to withdraw the underlying securities upon request by delivering a round-lot or integral multiple of a round-lot of Semiconductor HOLDRS to the trustee, during the trustee’s business hours, and paying the cancellation fees, taxes, and other charges. You should receive the underlying securities no later than the business day after the trustee receives a proper notice of
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cancellation. The trustee will not deliver fractional shares of underlying securities. To the extent that any cancellation of Semiconductor HOLDRS would otherwise require the delivery of a fractional share, the trustee will sell the fractional share in the market and the trust, in turn, will deliver cash in lieu of such fractional share. Except with respect to the right to vote for dissolution of the trust, the Semiconductor HOLDRS themselves will not have voting rights. | |
Rights relating to the underlying securities
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Semiconductor HOLDRS represents your beneficial ownership of the underlying securities. Owners of Semiconductor HOLDRS have the same rights and privileges as if they owned beneficially the underlying securities in “street name” outside of Semiconductor HOLDRS. These include the right to instruct the trustee to vote the underlying securities or you may attend shareholder meetings yourself, the right to receive any dividends and other distributions on the underlying securities that are declared and paid to the trustee by an issuer of an underlying security, the right to pledge Semiconductor HOLDRS and the right to surrender Semiconductor HOLDRS to receive the underlying securities. Semiconductor HOLDRS does not change your beneficial ownership in the underlying securities under United States federal securities laws, including sections 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). See “Description of the Depositary Trust Agreement.” As a result, you have the same obligations to file insider trading reports that you would have if you held the underlying securities outside of Semiconductor HOLDRS. However, due to the nature of Semiconductor HOLDRS, you will not be able to participate in any dividend reinvestment program of an issuer of underlying securities unless you cancel your Semiconductor HOLDRS (and pay the applicable fees) and receive all of the underlying securities.
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A holder of Semiconductor HOLDRS is not a registered owner of the underlying securities. In order to become a registered owner, a holder of Semiconductor HOLDRS would need to surrender their Semiconductor HOLDRS, pay the applicable fees and expenses, receive all of the underlying securities and follow the procedures established by the issuers of the underlying securities for registering their securities in the name of such holder.
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Your retain the right to receive any reports and communications that the issuers of underlying securities are required to send to beneficial owners of their securities. As such, you will receive such reports and communications from the broker through which you hold your Semiconductor HOLDRS in the same manner as if you beneficially owned your underlying securities outside of Semiconductor HOLDRS in “street name” through a brokerage account. The trustee will not attempt to exercise the right to vote that attaches to, or give a proxy with respect to, the underlying securities other than in accordance with your instructions.
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The depositary trust agreement entitles you to receive, subject to certain limitations and net of any fees and expenses of the trustee, any distributions of cash (including dividends), securities or property made with respect to the underlying securities. However,
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any distribution of securities by an issuer of underlying securities will be deposited into the trust and will become part of the underlying securities unless the distributed securities are not listed for trading on a U.S. national securities exchange or the distributed securities have a Standard & Poor’s GICS sector classification that is different from the GICS sector classifications represented by the companies included in the Semiconductor HOLDRS at the time of the distribution. | |
In addition, if the issuer of underlying securities offers rights to acquire additional underlying securities or other securities, the rights may be distributed to you, may be disposed of for your benefit, or may lapse.
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There may be a delay between the time any cash or other distribution is received by the trustee with respect to the underlying securities and the time such cash or other distributions are distributed to you. In addition, you are not entitled to any interest on any distribution by reason of any delay in distribution by the trustee. If any tax or other governmental charge becomes due with respect to Semiconductor HOLDRS or any underlying securities, you will be responsible for paying that tax or governmental charge.
|
|
If you wish to participate in a tender offer for any of the underlying securities, or any form of stock repurchase program by an issuer of an underlying security, you must surrender your Semiconductor HOLDRS (and pay the applicable fees and expenses) and receive all of your underlying securities in exchange for your Semiconductor HOLDRS, including those underlying securities not subject to a tender offer or repurchase offer. For specific information about obtaining your underlying securities, you should read the discussion under the caption “Description of the Depositary Trust Agreement—Withdrawal of underlying securities.”
|
|
Ownership rights in fractional shares in the underlying securities
|
As a result of distributions of securities by companies included in the Semiconductor HOLDRS or other corporate events, such as mergers, a Semiconductor HOLDR may represent an interest in a fractional share of an underlying security. You are entitled to receive distributions proportionate to your fractional shares.
|
In addition, you are entitled to receive proxy materials and other shareholder communications and you are entitled to exercise voting rights proportionate to your fractional shares. The trustee will aggregate the votes of all of the share fractions represented by Semiconductor HOLDRS and will vote the largest possible number of whole shares. If, after aggregation, there is a fractional remainder, this fraction will be ignored, because the issuer will only recognize whole share votes. For example, if 100,001 round-lots of 100 Semiconductor HOLDRS are outstanding and each round-lot of 100 Semiconductor HOLDRS represents 1.75 shares of an underlying security, there will be 175,001.75 votes of the underlying security represented by Semiconductor HOLDRS. If holders of 50,000 round-lots of 100 Semiconductor HOLDRS vote their underlying securities “yes” and holders of 50,001 round-lots of 100 Semiconductor HOLDRS vote their underlying securities “no,” there will be 87,500 affirmative votes and 87,501.75 negative votes. The trustee will ignore the .75 negative votes and will deliver to the
|
issuer 87,500 affirmative votes and 87,501 negative votes. | |
Reconstitution events
|
The depositary trust agreement provides for the automatic distribution of underlying securities from the Semiconductor HOLDRS to you in the following four circumstances:
|
A. |
If an issuer of underlying securities no longer has a class of securities registered under section 12 of the Exchange Act, then its securities will no longer be an underlying security and the trustee will distribute the shares of that company to the owners of the Semiconductor HOLDRS.
|
|
B. |
If the Securities and Exchange Commission (the “SEC”) finds that an issuer of underlying securities should be registered as an investment company under the Investment Company Act of 1940, and the trustee has actual knowledge of the SEC finding, then its securities will no longer be an underlying security and the trustee will distribute the shares of that company to the owners of the Semiconductor HOLDRS.
|
|
C. |
If the underlying securities of an issuer cease to be outstanding as a result of a merger, consolidation, corporate combination or other event, the trustee will distribute the consideration paid by and received from the acquiring company to the beneficial owners of Semiconductor HOLDRS; provided that any securities received as consideration will be distributed only if the distributed securities have a different Standard & Poor’s GICS sector classification than any of the underlying securities represented in the Semiconductor HOLDRS at the time of the distribution or exchange or if the securities received are not listed for trading on a U.S. national securities exchange. In any other case, the additional securities received as consideration will be deposited into the trust.
|
|
D. |
If an issuer’s underlying securities are delisted from trading on a U.S. national securities exchange or through the and are not listed for trading on another U.S. national securities exchange within five business days from the date the securities are delisted.
|
To the extent a distribution of underlying securities from the Semiconductor HOLDRS is required as a result of a reconstitution event, the trustee will deliver the underlying security to you as promptly as practicable after the date that the trustee has knowledge of the occurrence of a reconstitution event.
|
|
In addition, securities of a new company will be added to the Semiconductor HOLDRS as a result of a distribution of securities by an underlying issuer, where a corporate event occurs, or where the securities of an underlying issuer are exchanged for the securities of another company, unless the securities have a Standard & Poor’s GICS sector classification that is different from the GICS sector classification of any other security then included in the Semiconductor HOLDRS or if the securities received are not listed for trading on a U.S. national securities exchange.
|
It is anticipated that, as a result of the broadly defined Standard & Poor’s GICS sectors, most distributions or exchanges of securities will result in the inclusion of new securities in the Semiconductor HOLDRS. The trustee will review the Standard & Poor’s GICS sector classifications of securities to determine whether securities received as a result of a distribution by an underlying issuer or as consideration for securities will be included in the Semiconductor HOLDRS or distributed from the Semiconductor HOLDRS to you.
|
|
Standard & Poor’s sector classifications
|
Standard & Poor’s Corporation is an independent source of market information that, among other things, maintains the Global Industry Classification Standard, which classifies the securities of public companies into various sector classifications based upon GICS sectors, which are derived from its own criteria. The GICS classification standards were effective as of January 2, 2002. There are 10 Standard & Poor’s GICS sector classifications and each class of publicly traded securities of a company is given only one GICS sector classification. The securities included in the Semiconductor HOLDRS are currently represented in the Information Technology GICS sector.
|
The Standard & Poor’s GICS sector classifications of the securities included in the Semiconductor HOLDRS may change over time if the companies that issued these securities change their focus of operations or if Standard & Poor’s alters the criteria it uses to determine GICS sectors, or both.
|
Termination events
|
A. |
The Semiconductor HOLDRS are delisted from the NYSE Arca and are not listed for trading on another U.S. national securities exchange within five business days from the date the Semiconductor HOLDRS are delisted.
|
B. |
The trustee resigns and no successor trustee is appointed within 60 days from the date the trustee provides notice to Merrill Lynch, Pierce, Fenner & Smith Incorporated, as initial depositor, of its intent to resign.
|
|
C. |
Beneficial owners of at least 75% of outstanding Semiconductor HOLDRS, other than Merrill Lynch, Pierce, Fenner & Smith Incorporated, vote to dissolve and liquidate the trust.
|
If a termination event occurs, the trustee will distribute the underlying securities to you as promptly as practicable after the termination event.
|
|
Upon termination of the depositary trust agreement and prior to distributing the underlying securities to you, the trustee will charge you a cancellation fee of up to 10.00 per round-lot of 100 Semiconductor HOLDRS surrendered, along with any taxes or other governmental charges, if any.
|
U.S. federal income tax consequences
|
The U.S. federal income tax laws will treat a U.S. receipt holder of Semiconductor HOLDRS as directly owning the underlying securities. The Semiconductor HOLDRS themselves will not result in any U.S. federal income tax consequences separate from the tax consequences associated with ownership of the underlying securities. See “U.S. Federal Income Tax Consequences.”
|
Listing
|
The Semiconductor HOLDRS are listed on the NYSE Arca under the symbol “SMH.”
|
Trading
|
Investors are only able to acquire, hold, transfer and surrender a round-lot of 100 Semiconductor HOLDRS. Bid and ask prices, however, are quoted per single Semiconductor HOLDRS.
|
Clearance and settlement
|
Semiconductor HOLDRS have been issued only in book-entry form. Semiconductor HOLDRS are evidenced by one or more global certificates that the trustee has deposited with The Depository Trust Company, referred to as DTC. Transfers within DTC will be in accordance with DTC’s usual rules and operating procedures. For further information see “Description of Semiconductor HOLDRS.”
|
1998
|
Closing
Price
|
1999
|
Closing
Price
|
2000
|
Closing
Price
|
2001
|
Closing
Price
|
||||||||||||
May 29
|
17.39 |
January 29
|
33.04 |
January 31
|
62.30 |
January 31
|
53.87 | ||||||||||||
June 30
|
17.42 |
February 26
|
28.06 |
February 29
|
85.39 |
February 28
|
38.62 | ||||||||||||
July 31
|
18.69 |
March 31
|
29.13 |
March 31
|
91.67 |
March 30
|
38.90 | ||||||||||||
August 31
|
14.50 |
April 30
|
29.41 |
April 28
|
91.72 |
April 30
|
47.81 | ||||||||||||
September 30
|
16.90 |
May 28
|
29.41 |
May 31
|
82.25 |
May 31
|
42.77 | ||||||||||||
October 30
|
20.00 |
June 30
|
36.37 |
June 30
|
88.03 |
June 29
|
44.05 | ||||||||||||
November 30
|
23.08 |
July 30
|
38.59 |
July 31
|
79.43 |
July 31
|
43.74 | ||||||||||||
December 31
|
26.64 |
August 31
|
43.32 |
August 31
|
91.56 |
August 31
|
41.07 | ||||||||||||
September 30
|
41.64 |
September 29
|
64.27 |
September 28
|
27.71 | ||||||||||||||
October 29
|
45.54 |
October 31
|
60.25 |
October 31
|
33.20 | ||||||||||||||
November 30
|
48.81 |
November 30
|
44.20 |
November 30
|
39.59 | ||||||||||||||
December 31
|
56.04 |
December 29
|
44.92 |
December 31
|
38.84 |
2002
|
Closing
Price
|
2003
|
Closing
Price
|
2004
|
Closing
Price
|
2005
|
Closing
Price
|
||||||||||||
January 31
|
42.23 |
January 31
|
19.84 |
January 30
|
39.18 |
January 31
|
29.31 | ||||||||||||
February 28
|
37.84 |
February 28
|
21.79 |
February 27
|
38.23 |
February 28
|
31.77 | ||||||||||||
March 28
|
43.54 |
March 31
|
21.27 |
March 31
|
36.96 |
March 31
|
30.45 | ||||||||||||
April 30
|
38.84 |
April 30
|
24.32 |
April 30
|
32.89 |
April 29
|
28.98 | ||||||||||||
May 31
|
36.11 |
May 30
|
27.88 |
May 28
|
36.16 |
May 31
|
32.30 | ||||||||||||
June 28
|
28.26 |
June 30
|
26.46 |
June 30
|
35.00 |
June 30
|
31.71 | ||||||||||||
July 31
|
25.10 |
July 31
|
30.28 |
July 30
|
30.38 |
July 29
|
35.21 | ||||||||||||
August 30
|
22.50 |
August 29
|
35.04 |
August 31
|
27.09 |
August 31
|
34.82 | ||||||||||||
September 30
|
17.97 |
September 30
|
32.25 |
September 30
|
28.07 |
September 30
|
34.79 | ||||||||||||
October 31
|
22.31 |
October 31
|
38.99 |
October 29
|
30.14 |
October 31
|
31.95 | ||||||||||||
November 29
|
27.16 |
November 28
|
41.01 |
November 30
|
30.35 |
November 30
|
35.52 | ||||||||||||
December 31
|
20.51 |
December 31
|
38.98 |
December 31
|
31.16 |
December 30
|
34.87 |
2006
|
Closing
Price
|
2007
|
Closing
Price
|
2008
|
Closing
Price
|
2009
|
Closing
Price
|
||||||||||||
January 31
|
35.51 |
January 31
|
32.33 |
January 31
|
28.92 |
January 30
|
16.96 | ||||||||||||
February 28
|
35.03 |
February 28
|
32.80 |
February 29
|
28.51 |
February 27
|
16.45 | ||||||||||||
March 31
|
34.39 |
March 30
|
32.07 |
March 31
|
28.79 |
March 31
|
18.77 | ||||||||||||
April 28
|
35.81 |
April 30
|
35.00 |
April 30
|
30.56 |
April 30
|
20.54 | ||||||||||||
May 31
|
32.49 |
May 31
|
35.17 |
May 30
|
32.84 |
May 29
|
21.15 | ||||||||||||
June 30
|
31.32 |
June 29
|
36.43 |
June 30
|
29.61 |
June 30
|
21.49 | ||||||||||||
July 31
|
29.97 |
July 31
|
36.12 |
July 31
|
27.96 |
July 31
|
24.98 | ||||||||||||
August 31
|
32.68 |
August 31
|
36.43 |
August 29
|
28.47 |
August 31
|
25.44 | ||||||||||||
September 29
|
32.85 |
September 28
|
36.86 |
September 30
|
24.61 |
September 30
|
25.70 | ||||||||||||
October 31
|
32.44 |
October 31
|
34.65 |
October 31
|
20.66 |
October 30
|
24.25 | ||||||||||||
November 30
|
32.96 |
November 30
|
32.40 |
November 28
|
16.73 |
November 30
|
25.48 | ||||||||||||
December 29
|
32.08 |
December 31
|
32.56 |
December 31
|
17.70 |
December 31
|
27.98 |
2010
|
Closing Price
|
2011
|
Closing Price
|
|||||||
January 29
|
24.79 |
January 31
|
34.44 | |||||||
February 26
|
26.47 |
February 28
|
35.83 | |||||||
March 31
|
27.92 | |||||||||
April 30
|
28.99 | |||||||||
May 28
|
27.49 | |||||||||
June 30
|
25.95 | |||||||||
July 30
|
27.40 | |||||||||
August 31
|
24.32 | |||||||||
September 30
|
27.74 | |||||||||
October 29
|
29.52 | |||||||||
November 30
|
31.09 | |||||||||
December 31
|
32.52 |
|
A.
|
If an issuer of underlying securities no longer has a class of securities registered under section 12 of the Exchange Act, then its securities will no longer be an underlying security and the trustee will distribute the shares of that company to the owners of the Semiconductor HOLDRS.
|
|
B.
|
If the SEC finds that an issuer of underlying securities should be registered as an investment company under the Investment Company Act of 1940, and the trustee has actual knowledge of the SEC finding, then the trustee will distribute the shares of that company to the owners of the Semiconductor HOLDRS.
|
|
C.
|
If the underlying securities of an issuer cease to be outstanding as a result of a merger, consolidation, corporate combination or other event, the trustee will distribute the consideration paid by and received from the acquiring company to the beneficial owners of Semiconductor HOLDRS; provided that any securities received as consideration will be distributed only if the distributed securities have a different Standard & Poor’s GICS sector classification than any of the underlying securities represented in the Semiconductor HOLDRS at the time of the distribution or exchange or if the securities received are not listed for trading on a U.S. national securities exchange. In any other case, the additional securities received as consideration will be deposited into the trust.
|
|
D.
|
If an issuer’s underlying securities are delisted from trading on a U.S. national securities exchange and are not listed for trading on another U.S. national securities exchange within five business days from the date such securities are delisted.
|
|
·
|
an individual who is a citizen or resident of the United States;
|
|
·
|
a corporation (or an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
|
|
·
|
an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or
|
|
·
|
a trust if either (i) it is subject to the primary supervision of a U.S. court and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.
|
|
·
|
a foreign corporation that is eligible for the benefits of a comprehensive U.S. income tax treaty, which the Secretary of the Treasury determines to be satisfactory and that includes an exchange of information program;
|
|
·
|
a foreign corporation if the stock to which the dividend is paid is readibly tradable on an established market in the United States; and
|
|
·
|
a corporation that is incorporated in a possession of the United States;
|
|
·
|
at least 75% of its gross income is “passive income;” or
|
|
·
|
on average at least 50% of the gross value of its assets is attributable to assets that produce “passive income” or are held for the production of passive income.
|
|
·
|
in the case of any gain realized by an individual non-U.S. receipt holder, the non-U.S. receipt holder is present in the United States for 183 days or more in the taxable year of the sale or other disposition and certain other conditions are met;
|
|
·
|
that gain is effectively connected with a U.S. trade or business conducted by the non-U.S. receipt holder or, where a tax treaty applies, is attributable to a permanent establishment maintained in the United States by the non-U.S. receipt holder; or
|
|
·
|
the underlying securities issuer is or has been a U.S. real property holding corporation for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of the
|
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
41.80 |
January
|
15.55 |
January
|
7.59 |
January
|
2.19 |
January
|
7.46 |
January
|
7.83 | ||||||||||||||||||
February
|
38.67 |
February
|
15.07 |
February
|
7.21 |
February
|
2.18 |
February
|
7.91 |
February
|
9.21 | ||||||||||||||||||
March
|
33.16 |
March
|
13.06 |
March
|
5.89 |
March
|
3.05 |
March
|
9.27 | ||||||||||||||||||||
April
|
32.35 |
April
|
13.82 |
April
|
5.96 |
April
|
3.61 |
April
|
9.07 | ||||||||||||||||||||
May
|
30.89 |
May
|
14.27 |
May
|
6.88 |
May
|
4.54 |
May
|
8.57 | ||||||||||||||||||||
June
|
24.42 |
June
|
14.30 |
June
|
5.83 |
June
|
3.87 |
June
|
7.32 | ||||||||||||||||||||
July
|
19.39 |
July
|
13.54 |
July
|
4.21 |
July
|
3.66 |
July
|
7.49 | ||||||||||||||||||||
August
|
24.99 |
August
|
13.00 |
August
|
6.29 |
August
|
4.36 |
August
|
5.61 | ||||||||||||||||||||
September
|
24.85 |
September
|
13.20 |
September
|
5.25 |
September
|
5.66 |
September
|
7.11 | ||||||||||||||||||||
October
|
21.27 |
October
|
13.08 |
October
|
3.50 |
October
|
4.60 |
October
|
7.34 | ||||||||||||||||||||
November
|
21.57 |
November
|
9.76 |
November
|
2.36 |
November
|
7.01 |
November
|
7.29 | ||||||||||||||||||||
December
|
20.35 |
December
|
7.50 |
December
|
2.16 |
December
|
9.68 |
December
|
8.18 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
19.31 |
January
|
20.05 |
January
|
16.89 |
January
|
15.38 |
January
|
21.32 |
January
|
37.57 | ||||||||||||||||||
February
|
20.04 |
February
|
21.11 |
February
|
17.11 |
February
|
15.33 |
February
|
24.43 |
February
|
41.86 | ||||||||||||||||||
March
|
20.64 |
March
|
19.99 |
March
|
18.43 |
March
|
17.55 |
March
|
24.30 | ||||||||||||||||||||
April
|
21.84 |
April
|
22.54 |
April
|
21.28 |
April
|
16.31 |
April
|
25.36 | ||||||||||||||||||||
May
|
19.56 |
May
|
22.81 |
May
|
23.14 |
May
|
17.02 |
May
|
23.57 | ||||||||||||||||||||
June
|
17.55 |
June
|
22.13 |
June
|
20.70 |
June
|
16.29 |
June
|
24.81 | ||||||||||||||||||||
July
|
17.31 |
July
|
23.20 |
July
|
21.93 |
July
|
18.69 |
July
|
27.72 | ||||||||||||||||||||
August
|
20.23 |
August
|
23.81 |
August
|
22.64 |
August
|
19.21 |
August
|
24.65 | ||||||||||||||||||||
September
|
18.38 |
September
|
24.08 |
September
|
20.68 |
September
|
20.51 |
September
|
30.16 | ||||||||||||||||||||
October
|
18.44 |
October
|
19.62 |
October
|
17.35 |
October
|
19.79 |
October
|
31.24 | ||||||||||||||||||||
November
|
19.89 |
November
|
18.78 |
November
|
14.71 |
November
|
21.03 |
November
|
35.09 | ||||||||||||||||||||
December
|
19.68 |
December
|
19.32 |
December
|
16.71 |
December
|
22.63 |
December
|
35.58 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
5.63 |
January
|
10.53 |
January
|
7.64 |
January
|
2.32 |
January
|
5.69 |
January
|
8.14 | ||||||||||||||||||
February
|
8.88 |
February
|
11.53 |
February
|
11.71 |
February
|
1.71 |
February
|
6.02 |
February
|
7.37 | ||||||||||||||||||
March
|
8.64 |
March
|
12.48 |
March
|
10.70 |
March
|
2.69 |
March
|
7.08 | ||||||||||||||||||||
April
|
12.09 |
April
|
13.99 |
April
|
9.55 |
April
|
4.31 |
April
|
7.54 | ||||||||||||||||||||
May
|
9.51 |
May
|
14.22 |
May
|
10.66 |
May
|
4.53 |
May
|
6.81 | ||||||||||||||||||||
June
|
9.46 |
June
|
15.75 |
June
|
10.41 |
June
|
4.72 |
June
|
5.51 | ||||||||||||||||||||
July
|
6.18 |
July
|
12.36 |
July
|
8.76 |
July
|
6.26 |
July
|
5.77 | ||||||||||||||||||||
August
|
5.67 |
August
|
11.52 |
August
|
7.51 |
August
|
5.54 |
August
|
5.08 | ||||||||||||||||||||
September
|
5.15 |
September
|
11.52 |
September
|
6.37 |
September
|
6.88 |
September
|
6.57 | ||||||||||||||||||||
October
|
6.91 |
October
|
11.33 |
October
|
4.06 |
October
|
5.51 |
October
|
7.23 | ||||||||||||||||||||
November
|
10.23 |
November
|
8.24 |
November
|
2.20 |
November
|
5.55 |
November
|
6.96 | ||||||||||||||||||||
December
|
9.34 |
December
|
8.53 |
December
|
2.18 |
December
|
7.16 |
December
|
7.41 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
39.77 |
January
|
32.75 |
January
|
28.36 |
January
|
19.98 |
January
|
26.96 |
January
|
38.83 | ||||||||||||||||||
February
|
38.14 |
February
|
36.31 |
February
|
26.92 |
February
|
18.64 |
February
|
29.24 |
February
|
39.88 | ||||||||||||||||||
March
|
38.29 |
March
|
34.49 |
March
|
29.52 |
March
|
19.27 |
March
|
28.82 | ||||||||||||||||||||
April
|
37.92 |
April
|
38.62 |
April
|
32.21 |
April
|
21.28 |
April
|
29.93 | ||||||||||||||||||||
May
|
33.73 |
May
|
36.21 |
May
|
35.11 |
May
|
24.41 |
May
|
29.17 | ||||||||||||||||||||
June
|
32.14 |
June
|
37.64 |
June
|
31.77 |
June
|
24.78 |
June
|
27.86 | ||||||||||||||||||||
July
|
32.33 |
July
|
35.45 |
July
|
30.51 |
July
|
27.37 |
July
|
29.71 | ||||||||||||||||||||
August
|
30.64 |
August
|
36.88 |
August
|
27.96 |
August
|
28.25 |
August
|
27.88 | ||||||||||||||||||||
September
|
29.39 |
September
|
36.16 |
September
|
26.35 |
September
|
27.58 |
September
|
31.38 | ||||||||||||||||||||
October
|
31.82 |
October
|
33.46 |
October
|
21.36 |
October
|
25.63 |
October
|
33.67 | ||||||||||||||||||||
November
|
32.52 |
November
|
30.78 |
November
|
17.10 |
November
|
29.99 |
November
|
35.56 | ||||||||||||||||||||
December
|
32.87 |
December
|
31.70 |
December
|
19.02 |
December
|
31.58 |
December
|
37.67 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
19.05 |
January
|
17.73 |
January
|
17.92 |
January
|
9.37 |
January
|
12.18 |
January
|
15.69 | ||||||||||||||||||
February
|
18.32 |
February
|
18.57 |
February
|
19.17 |
February
|
9.21 |
February
|
12.24 |
February
|
16.43 | ||||||||||||||||||
March
|
17.51 |
March
|
18.32 |
March
|
19.51 |
March
|
10.75 |
March
|
13.47 | ||||||||||||||||||||
April
|
17.95 |
April
|
19.22 |
April
|
18.66 |
April
|
12.21 |
April
|
13.78 | ||||||||||||||||||||
May
|
16.91 |
May
|
19.10 |
May
|
19.81 |
May
|
11.26 |
May
|
12.92 | ||||||||||||||||||||
June
|
16.28 |
June
|
19.87 |
June
|
19.09 |
June
|
11.01 |
June
|
12.02 | ||||||||||||||||||||
July
|
15.76 |
July
|
22.04 |
July
|
17.32 |
July
|
13.80 |
July
|
11.80 | ||||||||||||||||||||
August
|
16.90 |
August
|
21.36 |
August
|
17.92 |
August
|
13.18 |
August
|
10.37 | ||||||||||||||||||||
September
|
17.73 |
September
|
20.70 |
September
|
15.13 |
September
|
13.38 |
September
|
11.68 | ||||||||||||||||||||
October
|
17.39 |
October
|
19.42 |
October
|
12.91 |
October
|
12.20 |
October
|
12.35 | ||||||||||||||||||||
November
|
18.01 |
November
|
18.83 |
November
|
9.58 |
November
|
12.31 |
November
|
12.43 | ||||||||||||||||||||
December
|
18.45 |
December
|
17.76 |
December
|
10.13 |
December
|
13.94 |
December
|
14.05 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
3.95 |
January
|
5.98 |
January
|
3.16 |
January
|
3.34 |
January
|
4.64 |
January
|
13.54 | ||||||||||||||||||
February
|
4.55 |
February
|
5.54 |
February
|
3.25 |
February
|
3.57 |
February
|
4.51 |
February
|
14.68 | ||||||||||||||||||
March
|
4.72 |
March
|
5.03 |
March
|
3.48 |
March
|
3.63 |
March
|
5.04 | ||||||||||||||||||||
April
|
5.24 |
April
|
5.32 |
April
|
3.72 |
April
|
3.84 |
April
|
5.45 | ||||||||||||||||||||
May
|
4.80 |
May
|
5.59 |
May
|
4.47 |
May
|
3.81 |
May
|
5.11 | ||||||||||||||||||||
June
|
5.55 |
June
|
5.56 |
June
|
3.48 |
June
|
3.73 |
June
|
4.80 | ||||||||||||||||||||
July
|
4.79 |
July
|
5.39 |
July
|
3.53 |
July
|
4.17 |
July
|
5.23 | ||||||||||||||||||||
August
|
5.78 |
August
|
5.30 |
August
|
4.19 |
August
|
4.13 |
August
|
5.80 | ||||||||||||||||||||
September
|
6.04 |
September
|
5.16 |
September
|
3.39 |
September
|
4.19 |
September
|
7.96 | ||||||||||||||||||||
October
|
5.75 |
October
|
4.89 |
October
|
4.15 |
October
|
3.72 |
October
|
8.86 | ||||||||||||||||||||
November
|
5.05 |
November
|
4.39 |
November
|
2.80 |
November
|
3.97 |
November
|
10.39 | ||||||||||||||||||||
December
|
6.05 |
December
|
4.32 |
December
|
3.13 |
December
|
4.61 |
December
|
12.32 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
45.47 |
January
|
31.92 |
January
|
22.08 |
January
|
15.85 |
January
|
26.72 |
January
|
45.09 | ||||||||||||||||||
February
|
45.10 |
February
|
34.09 |
February
|
18.91 |
February
|
16.45 |
February
|
31.32 |
February
|
41.22 | ||||||||||||||||||
March
|
43.16 |
March
|
32.07 |
March
|
19.27 |
March
|
19.98 |
March
|
33.20 | ||||||||||||||||||||
April
|
41.11 |
April
|
32.55 |
April
|
25.96 |
April
|
23.19 |
April
|
34.50 | ||||||||||||||||||||
May
|
33.79 |
May
|
30.56 |
May
|
28.69 |
May
|
25.48 |
May
|
34.50 | ||||||||||||||||||||
June
|
30.33 |
June
|
29.25 |
June
|
27.29 |
June
|
24.79 |
June
|
32.97 | ||||||||||||||||||||
July
|
23.96 |
July
|
32.81 |
July
|
24.29 |
July
|
28.23 |
July
|
36.03 | ||||||||||||||||||||
August
|
29.39 |
August
|
34.50 |
August
|
24.06 |
August
|
28.45 |
August
|
29.96 | ||||||||||||||||||||
September
|
30.34 |
September
|
36.44 |
September
|
18.63 |
September
|
30.69 |
September
|
35.39 | ||||||||||||||||||||
October
|
30.27 |
October
|
32.55 |
October
|
17.08 |
October
|
26.61 |
October
|
40.83 | ||||||||||||||||||||
November
|
32.83 |
November
|
26.74 |
November
|
15.31 |
November
|
29.20 |
November
|
44.49 | ||||||||||||||||||||
December
|
32.31 |
December
|
26.14 |
December
|
16.97 |
December
|
31.47 |
December
|
43.55 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
21.26 |
January
|
20.96 |
January
|
21.10 |
January
|
12.90 |
January
|
19.40 |
January
|
21.46 | ||||||||||||||||||
February
|
20.60 |
February
|
19.86 |
February
|
19.97 |
February
|
12.74 |
February
|
20.53 |
February
|
21.47 | ||||||||||||||||||
March
|
19.46 |
March
|
19.13 |
March
|
21.18 |
March
|
15.03 |
March
|
22.29 | ||||||||||||||||||||
April
|
19.98 |
April
|
21.50 |
April
|
22.26 |
April
|
15.78 |
April
|
22.84 | ||||||||||||||||||||
May
|
18.02 |
May
|
22.18 |
May
|
23.18 |
May
|
15.72 |
May
|
21.42 | ||||||||||||||||||||
June
|
19.00 |
June
|
23.74 |
June
|
21.48 |
June
|
16.55 |
June
|
19.45 | ||||||||||||||||||||
July
|
18.00 |
July
|
23.62 |
July
|
22.19 |
July
|
19.25 |
July
|
20.60 | ||||||||||||||||||||
August
|
19.57 |
August
|
25.75 |
August
|
22.87 |
August
|
20.32 |
August
|
17.67 | ||||||||||||||||||||
September
|
20.57 |
September
|
25.86 |
September
|
18.73 |
September
|
19.57 |
September
|
19.20 | ||||||||||||||||||||
October
|
21.34 |
October
|
26.90 |
October
|
16.03 |
October
|
19.11 |
October
|
20.05 | ||||||||||||||||||||
November
|
21.40 |
November
|
26.08 |
November
|
13.80 |
November
|
19.20 |
November
|
21.16 | ||||||||||||||||||||
December
|
20.25 |
December
|
26.66 |
December
|
14.66 |
December
|
20.40 |
December
|
21.03 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
51.98 |
January
|
49.25 |
January
|
41.78 |
January
|
20.04 |
January
|
28.20 |
January
|
44.08 | ||||||||||||||||||
February
|
52.23 |
February
|
51.74 |
February
|
42.01 |
February
|
17.25 |
February
|
29.13 |
February
|
48.82 | ||||||||||||||||||
March
|
48.36 |
March
|
53.32 |
March
|
37.10 |
March
|
20.00 |
March
|
30.93 | ||||||||||||||||||||
April
|
48.16 |
April
|
55.55 |
April
|
43.68 |
April
|
27.74 |
April
|
34.06 | ||||||||||||||||||||
May
|
41.04 |
May
|
54.98 |
May
|
46.12 |
May
|
27.00 |
May
|
30.77 | ||||||||||||||||||||
June
|
41.57 |
June
|
54.95 |
June
|
40.71 |
June
|
25.25 |
June
|
27.88 | ||||||||||||||||||||
July
|
42.19 |
July
|
56.79 |
July
|
37.59 |
July
|
31.88 |
July
|
31.67 | ||||||||||||||||||||
August
|
43.91 |
August
|
57.47 |
August
|
37.06 |
August
|
31.20 |
August
|
28.01 | ||||||||||||||||||||
September
|
44.47 |
September
|
55.78 |
September
|
31.65 |
September
|
35.86 |
September
|
35.23 | ||||||||||||||||||||
October
|
49.17 |
October
|
52.65 |
October
|
23.25 |
October
|
32.51 |
October
|
35.72 | ||||||||||||||||||||
November
|
51.67 |
November
|
48.08 |
November
|
18.81 |
November
|
31.24 |
November
|
36.67 | ||||||||||||||||||||
December
|
49.75 |
December
|
48.16 |
December
|
21.79 |
December
|
36.16 |
December
|
38.64 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
37.21 |
January
|
30.95 |
January
|
27.67 |
January
|
23.42 |
January
|
26.10 |
January
|
34.79 | ||||||||||||||||||
February
|
36.86 |
February
|
33.19 |
February
|
27.71 |
February
|
21.80 |
February
|
27.17 |
February
|
34.56 | ||||||||||||||||||
March
|
35.08 |
March
|
31.59 |
March
|
30.69 |
March
|
22.98 |
March
|
28.25 | ||||||||||||||||||||
April
|
35.50 |
April
|
37.42 |
April
|
34.96 |
April
|
21.78 |
April
|
30.04 | ||||||||||||||||||||
May
|
33.75 |
May
|
35.89 |
May
|
36.77 |
May
|
23.38 |
May
|
27.96 | ||||||||||||||||||||
June
|
33.49 |
June
|
36.18 |
June
|
32.57 |
June
|
23.35 |
June
|
27.81 | ||||||||||||||||||||
July
|
32.35 |
July
|
35.65 |
July
|
31.05 |
July
|
26.87 |
July
|
31.88 | ||||||||||||||||||||
August
|
34.01 |
August
|
33.99 |
August
|
32.64 |
August
|
26.57 |
August
|
28.62 | ||||||||||||||||||||
September
|
31.12 |
September
|
34.99 |
September
|
30.66 |
September
|
27.63 |
September
|
30.73 | ||||||||||||||||||||
October
|
31.12 |
October
|
33.02 |
October
|
22.68 |
October
|
25.88 |
October
|
32.25 | ||||||||||||||||||||
November
|
32.14 |
November
|
30.46 |
November
|
19.95 |
November
|
26.97 |
November
|
32.60 | ||||||||||||||||||||
December
|
30.32 |
December
|
31.83 |
December
|
22.12 |
December
|
30.56 |
December
|
34.59 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
9.15 |
January
|
9.40 |
January
|
5.21 |
January
|
3.18 |
January
|
4.99 |
January
|
6.19 | ||||||||||||||||||
February
|
9.75 |
February
|
10.16 |
February
|
5.04 |
February
|
2.90 |
February
|
5.39 |
February
|
6.29 | ||||||||||||||||||
March
|
11.56 |
March
|
10.44 |
March
|
4.95 |
March
|
3.04 |
March
|
6.12 | ||||||||||||||||||||
April
|
10.65 |
April
|
8.50 |
April
|
6.20 |
April
|
3.84 |
April
|
6.02 | ||||||||||||||||||||
May
|
9.73 |
May
|
8.68 |
May
|
7.27 |
May
|
4.47 |
May
|
5.33 | ||||||||||||||||||||
June
|
8.95 |
June
|
7.51 |
June
|
6.14 |
June
|
4.56 |
June
|
4.60 | ||||||||||||||||||||
July
|
8.20 |
July
|
7.20 |
July
|
6.94 |
July
|
5.18 |
July
|
4.03 | ||||||||||||||||||||
August
|
8.05 |
August
|
6.89 |
August
|
6.65 |
August
|
5.21 |
August
|
4.03 | ||||||||||||||||||||
September
|
8.22 |
September
|
7.42 |
September
|
5.36 |
September
|
5.49 |
September
|
4.55 | ||||||||||||||||||||
October
|
10.05 |
October
|
6.60 |
October
|
3.85 |
October
|
5.12 |
October
|
5.24 | ||||||||||||||||||||
November
|
10.66 |
November
|
5.55 |
November
|
2.68 |
November
|
5.29 |
November
|
5.74 | ||||||||||||||||||||
December
|
9.00 |
December
|
5.31 |
December
|
3.29 |
December
|
6.01 |
December
|
5.99 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
14.68 |
January
|
12.95 |
January
|
6.99 |
January
|
3.72 |
January
|
8.72 |
January
|
10.54 | ||||||||||||||||||
February
|
15.51 |
February
|
11.86 |
February
|
7.52 |
February
|
3.22 |
February
|
9.06 |
February
|
11.13 | ||||||||||||||||||
March
|
14.72 |
March
|
12.08 |
March
|
5.97 |
March
|
4.06 |
March
|
10.37 | ||||||||||||||||||||
April
|
16.97 |
April
|
11.47 |
April
|
7.72 |
April
|
4.88 |
April
|
9.35 | ||||||||||||||||||||
May
|
16.56 |
May
|
12.18 |
May
|
8.07 |
May
|
5.06 |
May
|
9.09 | ||||||||||||||||||||
June
|
15.06 |
June
|
12.53 |
June
|
6.00 |
June
|
5.06 |
June
|
8.49 | ||||||||||||||||||||
July
|
15.59 |
July
|
11.87 |
July
|
4.83 |
July
|
6.39 |
July
|
7.28 | ||||||||||||||||||||
August
|
17.28 |
August
|
11.45 |
August
|
4.24 |
August
|
7.37 |
August
|
6.46 | ||||||||||||||||||||
September
|
17.40 |
September
|
11.10 |
September
|
4.05 |
September
|
8.20 |
September
|
7.21 | ||||||||||||||||||||
October
|
14.45 |
October
|
10.51 |
October
|
4.71 |
October
|
6.79 |
October
|
8.26 | ||||||||||||||||||||
November
|
14.60 |
November
|
8.32 |
November
|
2.74 |
November
|
7.52 |
November
|
7.27 | ||||||||||||||||||||
December
|
13.96 |
December
|
7.25 |
December
|
2.64 |
December
|
10.56 |
December
|
8.02 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
28.21 |
January
|
23.13 |
January
|
18.40 |
January
|
10.14 |
January
|
13.26 |
January
|
15.16 | ||||||||||||||||||
February
|
28.05 |
February
|
25.63 |
February
|
16.47 |
February
|
10.90 |
February
|
14.48 |
February
|
15.50 | ||||||||||||||||||
March
|
27.84 |
March
|
24.14 |
March
|
18.32 |
March
|
10.27 |
March
|
14.46 | ||||||||||||||||||||
April
|
29.98 |
April
|
26.30 |
April
|
20.39 |
April
|
12.37 |
April
|
14.78 | ||||||||||||||||||||
May
|
25.68 |
May
|
26.92 |
May
|
21.05 |
May
|
13.88 |
May
|
14.05 | ||||||||||||||||||||
June
|
23.85 |
June
|
28.27 |
June
|
20.54 |
June
|
12.55 |
June
|
13.46 | ||||||||||||||||||||
July
|
23.26 |
July
|
25.99 |
July
|
20.95 |
July
|
15.06 |
July
|
13.80 | ||||||||||||||||||||
August
|
24.29 |
August
|
26.32 |
August
|
21.43 |
August
|
15.17 |
August
|
12.61 | ||||||||||||||||||||
September
|
23.53 |
September
|
27.12 |
September
|
17.21 |
September
|
14.27 |
September
|
12.77 | ||||||||||||||||||||
October
|
24.29 |
October
|
25.14 |
October
|
13.17 |
October
|
12.94 |
October
|
13.70 | ||||||||||||||||||||
November
|
24.19 |
November
|
22.86 |
November
|
11.00 |
November
|
14.60 |
November
|
13.35 | ||||||||||||||||||||
December
|
22.70 |
December
|
22.64 |
December
|
10.07 |
December
|
15.36 |
December
|
13.76 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
28.35 |
January
|
30.83 |
January
|
23.76 |
January
|
13.79 |
January
|
20.90 |
January
|
36.07 | ||||||||||||||||||
February
|
26.73 |
February
|
32.20 |
February
|
22.08 |
February
|
12.75 |
February
|
22.12 |
February
|
39.96 | ||||||||||||||||||
March
|
24.00 |
March
|
32.02 |
March
|
21.05 |
March
|
16.63 |
March
|
24.99 | ||||||||||||||||||||
April
|
24.70 |
April
|
32.37 |
April
|
21.86 |
April
|
18.06 |
April
|
26.22 | ||||||||||||||||||||
May
|
23.16 |
May
|
30.69 |
May
|
23.89 |
May
|
17.93 |
May
|
25.82 | ||||||||||||||||||||
June
|
24.70 |
June
|
28.37 |
June
|
21.19 |
June
|
16.70 |
June
|
25.36 | ||||||||||||||||||||
July
|
25.28 |
July
|
28.52 |
July
|
20.37 |
July
|
19.57 |
July
|
26.71 | ||||||||||||||||||||
August
|
27.92 |
August
|
27.37 |
August
|
22.67 |
August
|
19.16 |
August
|
23.29 | ||||||||||||||||||||
September
|
27.66 |
September
|
27.26 |
September
|
19.64 |
September
|
20.98 |
September
|
26.58 | ||||||||||||||||||||
October
|
27.65 |
October
|
28.41 |
October
|
15.80 |
October
|
20.58 |
October
|
29.22 | ||||||||||||||||||||
November
|
31.22 |
November
|
26.01 |
November
|
12.39 |
November
|
20.69 |
November
|
30.15 | ||||||||||||||||||||
December
|
34.42 |
December
|
27.57 |
December
|
12.34 |
December
|
23.34 |
December
|
32.32 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
67.36 |
January
|
40.18 |
January
|
25.45 |
January
|
11.43 |
January
|
25.42 |
January
|
45.37 | ||||||||||||||||||
February
|
60.34 |
February
|
36.42 |
February
|
23.55 |
February
|
8.91 |
February
|
29.15 |
February
|
49.60 | ||||||||||||||||||
March
|
57.52 |
March
|
43.80 |
March
|
22.57 |
March
|
12.65 |
March
|
34.63 | ||||||||||||||||||||
April
|
63.83 |
April
|
43.45 |
April
|
27.09 |
April
|
15.72 |
April
|
39.84 | ||||||||||||||||||||
May
|
56.27 |
May
|
43.55 |
May
|
28.31 |
May
|
15.66 |
May
|
46.62 | ||||||||||||||||||||
June
|
50.98 |
June
|
48.94 |
June
|
18.70 |
June
|
14.70 |
June
|
42.07 | ||||||||||||||||||||
July
|
46.66 |
July
|
53.63 |
July
|
14.10 |
July
|
17.82 |
July
|
43.70 | ||||||||||||||||||||
August
|
58.87 |
August
|
56.06 |
August
|
14.46 |
August
|
17.70 |
August
|
33.13 | ||||||||||||||||||||
September
|
53.54 |
September
|
55.10 |
September
|
19.55 |
September
|
21.70 |
September
|
36.65 | ||||||||||||||||||||
October
|
48.10 |
October
|
44.40 |
October
|
8.89 |
October
|
20.48 |
October
|
37.63 | ||||||||||||||||||||
November
|
44.40 |
November
|
37.44 |
November
|
8.00 |
November
|
19.72 |
November
|
44.60 | ||||||||||||||||||||
December
|
43.03 |
December
|
33.17 |
December
|
9.60 |
December
|
28.99 |
December
|
49.86 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
17.42 |
January
|
14.90 |
January
|
10.99 |
January
|
4.81 |
January
|
9.34 |
January
|
16.68 | ||||||||||||||||||
February
|
16.79 |
February
|
16.11 |
February
|
11.99 |
February
|
4.13 |
February
|
9.99 |
February
|
18.63 | ||||||||||||||||||
March
|
15.51 |
March
|
16.54 |
March
|
12.42 |
March
|
4.38 |
March
|
11.17 | ||||||||||||||||||||
April
|
16.86 |
April
|
17.45 |
April
|
13.29 |
April
|
5.94 |
April
|
12.23 | ||||||||||||||||||||
May
|
15.57 |
May
|
17.02 |
May
|
13.74 |
May
|
7.15 |
May
|
10.98 | ||||||||||||||||||||
June
|
13.93 |
June
|
17.58 |
June
|
11.07 |
June
|
6.86 |
June
|
9.75 | ||||||||||||||||||||
July
|
13.14 |
July
|
15.69 |
July
|
9.37 |
July
|
7.88 |
July
|
10.76 | ||||||||||||||||||||
August
|
14.04 |
August
|
14.89 |
August
|
9.33 |
August
|
8.25 |
August
|
8.98 | ||||||||||||||||||||
September
|
13.16 |
September
|
13.80 |
September
|
7.81 |
September
|
9.25 |
September
|
11.14 | ||||||||||||||||||||
October
|
14.02 |
October
|
12.34 |
October
|
5.10 |
October
|
8.37 |
October
|
11.24 | ||||||||||||||||||||
November
|
14.90 |
November
|
10.89 |
November
|
3.79 |
November
|
8.86 |
November
|
11.86 | ||||||||||||||||||||
December
|
14.96 |
December
|
10.34 |
December
|
4.22 |
December
|
10.73 |
December
|
14.04 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
29.23 |
January
|
31.19 |
January
|
30.95 |
January
|
14.95 |
January
|
22.50 |
January
|
33.91 | ||||||||||||||||||
February
|
29.85 |
February
|
30.96 |
February
|
29.96 |
February
|
14.35 |
February
|
24.38 |
February
|
35.61 | ||||||||||||||||||
March
|
32.47 |
March
|
30.10 |
March
|
28.27 |
March
|
16.51 |
March
|
24.47 | ||||||||||||||||||||
April
|
34.71 |
April
|
34.37 |
April
|
29.16 |
April
|
18.06 |
April
|
26.01 | ||||||||||||||||||||
May
|
31.23 |
May
|
35.36 |
May
|
32.48 |
May
|
19.40 |
May
|
24.42 | ||||||||||||||||||||
June
|
30.29 |
June
|
37.63 |
June
|
28.16 |
June
|
21.30 |
June
|
23.28 | ||||||||||||||||||||
July
|
29.78 |
July
|
35.19 |
July
|
24.38 |
July
|
24.05 |
July
|
24.69 | ||||||||||||||||||||
August
|
32.59 |
August
|
34.24 |
August
|
24.51 |
August
|
24.59 |
August
|
23.02 | ||||||||||||||||||||
September
|
33.25 |
September
|
36.59 |
September
|
21.50 |
September
|
23.69 |
September
|
27.14 | ||||||||||||||||||||
October
|
30.18 |
October
|
32.60 |
October
|
19.56 |
October
|
23.45 |
October
|
29.57 | ||||||||||||||||||||
November
|
29.55 |
November
|
31.57 |
November
|
15.57 |
November
|
25.29 |
November
|
31.80 | ||||||||||||||||||||
December
|
28.80 |
December
|
33.40 |
December
|
15.52 |
December
|
26.06 |
December
|
32.50 |
2006
|
Closing Price
|
2007
|
Closing Price
|
2008
|
Closing Price
|
2009
|
Closing Price
|
2010
|
Closing Price
|
2011
|
Closing Price
|
||||||||||||||||||
January
|
28.16 |
January
|
24.30 |
January
|
21.87 |
January
|
16.85 |
January
|
23.58 |
January
|
32.20 | ||||||||||||||||||
February
|
27.28 |
February
|
25.62 |
February
|
22.36 |
February
|
17.68 |
February
|
25.83 |
February
|
33.25 | ||||||||||||||||||
March
|
25.46 |
March
|
25.73 |
March
|
23.75 |
March
|
19.16 |
March
|
25.50 | ||||||||||||||||||||
April
|
27.67 |
April
|
29.48 |
April
|
24.77 |
April
|
20.44 |
April
|
25.79 | ||||||||||||||||||||
May
|
26.00 |
May
|
28.48 |
May
|
27.20 |
May
|
20.74 |
May
|
24.45 | ||||||||||||||||||||
June
|
22.65 |
June
|
26.77 |
June
|
25.25 |
June
|
20.46 |
June
|
25.26 | ||||||||||||||||||||
July
|
20.31 |
July
|
25.00 |
July
|
24.83 |
July
|
21.69 |
July
|
27.92 | ||||||||||||||||||||
August
|
22.87 |
August
|
25.57 |
August
|
25.98 |
August
|
22.24 |
August
|
24.14 | ||||||||||||||||||||
September
|
21.95 |
September
|
26.14 |
September
|
23.45 |
September
|
23.42 |
September
|
26.64 | ||||||||||||||||||||
October
|
25.51 |
October
|
24.40 |
October
|
18.42 |
October
|
21.75 |
October
|
26.80 | ||||||||||||||||||||
November
|
26.82 |
November
|
21.90 |
November
|
16.36 |
November
|
22.64 |
November
|
27.13 | ||||||||||||||||||||
December
|
23.81 |
December
|
21.87 |
December
|
17.82 |
December
|
25.06 |
December
|
28.98 |
|
(1)
|
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
|
|
(i)
|
To include any prospectus required by Section 10(a)(3) of the Securities Act.
|
|
(ii)
|
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of the prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement.
|
|
(iii)
|
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
|
|
(2)
|
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
(3)
|
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
|
|
(4)
|
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
|
|
(5)
|
For purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
(6)
|
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to Item 14 of this registration statement, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated | |||
By: |
*
|
||
Name: | Sallie L. Krawcheck | ||
Title: | Co-Chief Executive Officer | ||
Executive Vice President and Director |
Signature
|
Title
|
|||
*
|
Co-Chief Executive Officer, Executive Vice
President and Director
|
|||
Sallie L. Krawcheck
|
(Principal Executive Officer)
|
|||
*
|
Co-Chief Executive Officer, Executive Vice
President and Director
|
|||
Thomas K. Montag
|
(Principal Executive Officer)
|
|||
*
|
Chief Financial Officer and Senior Vice President
|
|||
Robert Qutub
|
(Principal Financial Officer and Principal
Accounting Officer)
|
|||
*
|
Executive Vice President and Director
|
|||
Bruce R. Thompson
|
||||
*By:
|
/s/ Liam B. O’Neil |
|
Attorney-in-Fact
|
|
Liam B. O’Neil
|
*4.1
|
Standard Terms for Depositary Trust Agreements between Merrill Lynch, Pierce, Fenner & Smith Incorporated and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee dated as of September 2, 1999, and included as exhibits thereto, form of Depositary Trust Agreement and form of HOLDRS and Form of Amendment No. 2 to the Standard Terms for Depositary Trust Agreements, filed on April 13, 2000 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Semiconductor HOLDRS.
|
*4.2
|
Amendment No. 2 to the Standard Terms for Depositary Trust Agreements, dated as of November 22, 2000, filed on November 28, 2000 as an exhibit to post-effective Amendment No. 1 to the registration statement filed on Form S-1 for Semiconductor HOLDRS.
|
*5.1
|
Opinion of Shearman & Sterling LLP regarding the validity of the Semiconductor HOLDRS Receipts, filed on April 13, 2000 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Semiconductor HOLDRS.
|
*8.1
|
Opinion of Shearman & Sterling LLP, as special U.S. tax counsel regarding the material federal income tax consequences, filed on April 13, 2000 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Semiconductor HOLDRS.
|
*24.1
|
Power of Attorney of Sallie L. Krawcheck, Thomas K. Montag, Robert Qutub, and Bruce R. Thompson.
|
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