424B3 1 f424b3_040203.txt FORM 424(B)(3) TO TELECOM HOLDRS FILED PURSUANT TO RULE NO. 424(b)(3) PROSPECTUS SUPPLEMENT REGISTRATION NO. 333-92613 (To Prospectus dated March 12, 2002) 333-95807 [LOGO OMITTED] 1,000,000,000 Depositary Receipts Telecom HOLDRS (SM) Trust This prospectus supplement supplements information contained in the prospectus dated March 12, 2002 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 on page 12 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 Corp.(1) T 5 NYSE AT&T Wireless Services AWE 8.045 NYSE BCE Inc. BCE 5 NYSE BellSouth Corp. BLS 15 NYSE Broadwing Inc. BRW 2 NYSE CenturyTel, Inc. CTL 1 NYSE Level 3 Communications, Inc. LVLT 3 NASDAQ Nextel Communications, Inc. NXTL 6 NASDAQ Qwest Communications International Inc. Q 12.91728 NYSE SBC Communications Inc. SBC 27 NYSE Sprint Corporation-FON Group FON 6 NYSE Sprint Corporation-PCS Group PCS 6 NYSE Telephone and Data Systems, Inc. TDS 1 AMEX Verizon Communications VZ 21.76 NYSE
____________________ (1) As a result of AT&T Corp.'s spin off of its broadband business, which merged with Comcast Corporation, for the 25 shares of AT&T Corp. previously included in each round lot of 100 Telecom HOLDRS, the Bank of New York received 8.0875 shares of Comcast corporation and distributed these shares at a rate of 0.080875 per Telecom HOLDR to holders of record on November 26, 2002. Comcast Corporation was not added as an underlying security of the Telecom HOLDRS because Comcast Corporation had a different Global Industry Classification Standard sector classification than each of the underlying securities represented in the Telcom HOLDRS at the time of the distribution. 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, 2003.