424B3 1 f424b3_080504-telecom.txt PROSPECTUS SUPPLEMENT PROSPECTUS SUPPLEMENT Filed Pursuant to Rule No.424(b)(3) (To Prospectus dated July 3, 2003) REGISTRATION NO. 333-92613 333-95807 [LOGO] 1,000,000,000 Depositary Receipts Telecom HOLDRS (SM) Trust This prospectus supplement supplements information contained in the prospectus dated July 3, 2003 relating to the sale of up to 1,000,000,000 depositary receipts by the Telecom HOLDRS (SM) Trust. The share amounts specified in the table in the "Highlights of Telecom HOLDRS" section of the base prospectus shall be replaced with the following: Share Primary Name of Company Ticker Amounts Trading Market --------------- ------ ------- -------------- ALLTEL Corp. AT 2 NYSE AT&T Corp. T 5 NYSE AT&T Wireless Services AWE 8.045 NYSE BCE Inc. BCE 5 NYSE BellSouth Corp. BLS 15 NYSE CenturyTel, Inc. CTL 1 NYSE Cincinnati Bell Incorporated CBB 2 NYSE Level 3 Communications, Inc. LVLT 3 NASDAQ Nextel Communications, Inc. NXTL 6 NASDAQ Qwest Communications International Inc. Q 12.91728 NYSE SBC Communications Inc. SBC 27 NYSE Sprint Corporation(1) FON 9 NYSE Telephone and Data Systems, Inc. TDS 1 AMEX Verizon Communications VZ 21.76 NYSE ------------------- (1) Shares of Sprint Corporation--PCS Group (NYSE:PCS) and Sprint Corporation--FON Group (NYSE:FON) were previously included in Telecom HOLDRS and were traded as tracking stocks. As a result of a reclassification of shares, effective April 23, 2004, the PCS tracking stock was eliminated and each share of PCS common stock was automatically converted into .50 shares of FON common stock. Effective April 26, 2004 the share amount of Sprint Corporation (in the form of Sprint Corporation--FON Group shares) represented by a round lot of 100 Telecom HOLDRS was 9. 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 June 30, 2004.