PROSPECTUS SUPPLEMENT                       FILED PURSUANT TO RULE NO. 424(b)(3)
(To Prospectus dated October 25, 2004)                REGISTRATION NO. 333-52022




                               [GRAPHICS OMITTED]




                        1,000,000,000 Depositary Receipts
                          Oil Service HOLDRS(SM) Trust

              This Prospectus Supplement reflects a correction of information
contained in the prospectus dated October 25, 2004 (the "Prospectus") relating
to the sale of up to 1,000,000,000 depositary receipts by the Oil Service
HOLDRS(SM) Trust.

              Oil Service HOLDRS are listed on the American Stock Exchange under
the symbol "OIH" and not "HHH."

              The third full paragraph on page 1 of the Prospectus should
therefore read in its entirety as follows:

              The Oil Service HOLDRS are listed on the American Stock Exchange
under the symbol "OIH." On October 20, 2004 the last reported sale price of the
Oil Service HOLDRS on the American Stock Exchange was $82.64.



          The date of this Prospectus Supplement is February 7, 2005