Delaware
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6211
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13-5674085
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(State or other jurisdiction of incorporation or
organization) |
(Primary Standard Industrial Classification
Code Number) |
(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) |
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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4
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9
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17
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17
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19
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20
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25
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30
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30
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30
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30
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Loss of investment. Because the value of Pharmaceutical HOLDRS directly relates to the value of the underlying securities, you may lose all or a substantial portion of your investment in the Pharmaceutical HOLDRS if the underlying securities decline in value.
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Discount trading price. Pharmaceutical 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 Pharmaceutical HOLDRS or other corporate events, such as mergers, a Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 pharmaceutical industry. At the time of the initial offering on January 31, 2000, the companies included in the Pharmaceutical HOLDRS were generally considered to be involved in various segments of the pharmaceutical industry; however, since the time of the initial offering, the companies included in the Pharmaceutical HOLDRS may not be involved in the pharmaceutical industry. In this case, the Pharmaceutical HOLDRS may not consist of securities issued only by companies involved in the pharmaceutical industry. In addition, the market price of the underlying securities and the Pharmaceutical HOLDRS may not necessarily follow the price movements of the entire pharmaceutical industry generally. If the underlying securities decline in value, your investment in the Pharmaceutical HOLDRS will decline in value, even if common stock prices of companies involved in the pharmaceutical industry generally increase in value.
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Not necessarily comprised of solely pharmaceutical companies. As a result of distributions of securities by companies included in the Pharmaceutical HOLDRS or other corporate events, such as mergers, securities of companies that are not currently included in the Pharmaceutical HOLDRS and that are not involved in the pharmaceutical industry may be included in the Pharmaceutical HOLDRS. The securities of a new company will only be distributed from the Pharmaceutical HOLDRS if the securities have a different Standard & Poor’s Corporation (“Standard & Poor’s”) sector classification than any of the underlying issuers included in Pharmaceutical 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 Pharmaceutical HOLDRS provides no assurance that each new company included in the Pharmaceutical HOLDRS will be involved in the pharmaceutical industry. Currently, the underlying securities included in the Pharmaceutical HOLDRS are represented in the Health Care 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 Pharmaceutical HOLDRS yet not be involved in the pharmaceutical industry. In addition, the GICS sector classifications of securities included in the Pharmaceutical HOLDRS may change over time if the companies that issued these securities change their focus of operations resulting in a change to a GICS sector classification or if Standard & Poor’s alters the criteria it uses to determine GICS
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No investigation of underlying securities. The underlying securities initially included in the Pharmaceutical 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 pharmaceutical industry, without regard for the value, price performance, volatility or investment merit of the underlying securities. The Pharmaceutical 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, Pharmaceutical HOLDRS may not necessarily be a diversified investment in the pharmaceutical 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 Pharmaceutical HOLDRS, may also reduce diversification. As a result, Pharmaceutical 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 any form of stock repurchase program by an issuer of an underlying security or participate in a tender offer relating to one or more of the underlying securities, you will be required to cancel your Pharmaceutical 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 Pharmaceutical HOLDRS will allow you to sell the individual underlying securities or to deliver the individual underlying securities in a tender offer or any form of stock repurchase program. The cancellation of Pharmaceutical HOLDRS will involve payment of a cancellation fee to the trustee.
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Trading halts. Trading in Pharmaceutical HOLDRS on the NYSE Arca may be halted if (i) the Pharmaceutical HOLDRS has fewer than the required number of record and/or beneficial holders for 30 or more consecutive trading days; (ii) the number of Pharmaceutical HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; (iii) the market value of all Pharmaceutical 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 trading is halted in Pharmaceutical HOLDRS, you will not be able to trade Pharmaceutical HOLDRS and you will only be able to trade the underlying securities if you cancel your Pharmaceutical HOLDRS and receive each of the underlying securities.
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Delisting from the NYSE Arca. The NYSE Arca may consider delisting the Pharmaceutical HOLDRS if (i) the Pharmaceutical HOLDRS has fewer than the required number of record and/or beneficial holders for 30 or more consecutive trading days; (ii) the number of Pharmaceutical HOLDRS issued and outstanding falls below levels prescribed by the NYSE Arca; (iii) the market value of all Pharmaceutical 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 Pharmaceutical HOLDRS on the NYSE Arca inadvisable. If the Pharmaceutical HOLDRS are delisted by the NYSE Arca, a termination event will result unless the Pharmaceutical HOLDRS are listed for trading on another U.S. national securities exchange within five business days from the date the Pharmaceutical 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 the Pharmaceutical 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 Pharmaceutical 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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Pharmaceutical company stock prices have been and will likely continue to be volatile. Pharmaceutical companies stock prices could be subject to wide fluctuations in response to a variety of factors, including:
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announcements of technological innovations or new commercial products;
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developments in patent or proprietary rights;
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government regulatory initiatives;
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public concern as to the safety or other implications of pharmaceutical products;
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fluctuations in quarterly and annual financial results;
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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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market conditions; and
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difficulty in obtaining additional financing.
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Pharmaceutical companies face uncertainty with respect to pricing and third party reimbursement. The ability of many pharmaceutical companies to commercialize current and any future products depends in part on the extent to which reimbursement for the cost of such products and related treatments are available from government health agencies, private health insurers and other third-party payors. Third-party payors are increasingly challenging the price and cost-effectiveness of medical products. Significant uncertainty exists as to the reimbursement status of health care products, and there can be no assurance that adequate third-party coverage will be available for pharmaceutical companies to obtain satisfactory price levels for their products. Government and other third-party payors are increasingly attempting to contain health care costs by a variety of means, including limiting both the degree of coverage and the level of reimbursement for new therapeutic products. If pharmaceutical companies do not obtain adequate coverage and reimbursement levels from
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Protection of patent and proprietary rights of pharmaceutical companies is difficult and costly. The success of many pharmaceutical companies is highly dependent on their ability to obtain patents, to defend their existing patents and trade secrets and to operate in a manner that does not infringe the proprietary rights of other pharmaceutical companies.
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Pharmaceutical companies must keep pace with rapid technological change to remain competitive. The pharmaceutical industry is highly competitive and is subject to rapid and significant technological change. The success of a pharmaceutical company will depend in large part on its ability to maintain a competitive position, measured largely by the effectiveness and marketing of its products. Any technological advancement, product or process that these companies develop may become obsolete before research and development expenses are recovered.
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Research and development efforts may not result in successful products. A pharmaceutical company’s success depends on its ability to commit substantial resources to research and development and to obtain regulatory approval to market new pharmaceutical products. Development of a product requires substantial technical, financial and human resources and the research and development process that takes years from discovery to commercial product launch. This process is conducted in various stages, and during each stage there is a substantial risk that a pharmaceutical company will have to abandon a product in which it has substantially invested. A pharmaceutical company may choose product candidates that are unsuccessful, unable to be developed in a timely manner or that require excessive resources to bring to market. Delays or unanticipated increases in costs of development at any stage of development, or failure to obtain regulatory approval or market acceptance of products could adversely affect a pharmaceutical company’s results and financial condition.
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Many pharmaceutical companies face intense competition from new products and less costly generic products. The pharmaceutical industry is highly competitive and rapidly changing. Many pharmaceutical companies are major international corporations with substantial resources for research and development, production and marketing. Proprietary pharmaceutical products, which are products under patent protection, face intense competition from other competitors’ similar proprietary products and many pharmaceutical companies also face increasing competition from similar generic products. Generic pharmaceutical competitors generally are able to obtain regulatory approval for drugs no longer covered by patents without investing in costly and time-consuming clinical trials, and need only demonstrate that their product is equivalent to the drug they wish to copy. As a result of their substantially reduced developments costs, generic pharmaceutical products are sold at lower prices than the original proprietary product. The introduction of a generic product can significantly reduce revenues received from a patented pharmaceutical product.
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Pharmaceutical companies are subject to extensive government regulation. Pharmaceutical products offered by pharmaceutical companies are subject to extensive regulation by governmental authorities throughout the world. Many products require extensive pre-clinical testing and other testing, clinical trials, government review and final approval before any marketing of the products will be permitted. This procedure could take a number of years and involves the expenditure of substantial resources. The success of a pharmaceutical company’s products will depend, in part, upon obtaining and maintaining regulatory approval to market products and, once approved, complying with the continued review by regulatory agencies. The manufacturing process for pharmaceutical products is also highly regulated and pharmaceutical companies are subjected to periodic inspection of manufacturing facilities by regulatory agencies in many countries. Regulatory agencies may shut down manufacturing facilities that they find do not comply with regulations. The failure to obtain necessary government approvals, the restriction of existing approvals, loss of or changes to previously obtained approvals
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The international operations of many pharmaceutical 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 pharmaceutical 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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volatility of currency markets and value of worldwide financial markets; and
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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.
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Pharmaceutical companies may be exposed to extensive product liability costs. Product liability is a significant commercial risk for many pharmaceutical companies. Substantial damage awards have been granted in several jurisdictions against pharmaceutical companies based upon claims for injuries allegedly caused by the use of their products. Many pharmaceutical companies obtain product liability insurance; however, a single product liability claim could exceed the coverage limits of a pharmaceutical company. Further, there can be no assurance that a pharmaceutical company will be able to obtain or maintain its product liability insurance, that it will continue to be able to obtain adequate product liability insurance on reasonable terms or that any product liability insurance obtained will provide adequate coverage against potential liabilities. The business, financial condition and results of operations of a pharmaceutical company could be materially and adversely affected by one or more successful product liability claims.
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Many pharmaceutical companies are dependent on key personnel for success. The success of many pharmaceutical companies is highly dependent on the experience, abilities and continued services of key executive officers and key scientific and technical personnel. If these companies lose the services of any of these officers or key scientific and technical personnel, their future success could be undermined. The success of many pharmaceutical companies also depends upon their ability to attract and retain other highly qualified scientific, technical, sales and manufacturing personnel and their ability to develop and maintain relationships with qualified clinical researchers. Competition for such personnel and relationships is intense and many of these companies compete with each other and with universities and non-profit research organizations. There is no certainty that any of these pharmaceutical companies will be able to continue to attract and retain qualified personnel or develop and maintain relationships with clinical researchers.
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Companies whose securities are included in the Pharmaceutical 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 securities are included in the Pharmaceutical HOLDRS. Companies whose securities are included in the Pharmaceutical 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 securities are included in the Pharmaceutical 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 operations completely. Any of these actions may reduce the market price of stocks of such companies.
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Issuer
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Pharmaceutical HOLDRS Trust.
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The trust
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The Pharmaceutical HOLDRS Trust was formed under the depositary trust agreement, dated as of January 24, 2000, among The Bank of New York Mellon, as trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, other depositors and the owners of the Pharmaceutical 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 Pharmaceutical HOLDRS representing the underlying securities issued by the trust. The trustee holds the underlying securities on behalf of the holders of Pharmaceutical HOLDRS.
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Purpose of Pharmaceutical HOLDRS
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Pharmaceutical HOLDRS were designed to achieve the following:
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Diversification. Pharmaceutical HOLDRS were initially designed to allow you to diversify your investments in the pharmaceutical 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 Pharmaceutical HOLDRS have undivided beneficial ownership interests in each of the underlying securities represented by the Pharmaceutical HOLDRS, and can cancel their Pharmaceutical HOLDRS to receive each of the underlying securities represented by the Pharmaceutical HOLDRS.
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Transaction costs. The expenses associated with buying and selling Pharmaceutical 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 pharmaceutical industry. 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 Pharmaceutical 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 Pharmaceutical HOLDRS
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The trust has issued, and may continue to issue, Pharmaceutical HOLDRS that represent an undivided beneficial ownership interest in the shares of common stock that are held by the trust on your behalf. The Pharmaceutical HOLDRS themselves are separate from the underlying securities that are represented by the Pharmaceutical 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 Pharmaceutical HOLDR; | |
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the stock ticker symbols; | |
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the share amounts currently represented by a round-lot of 100 Pharmaceutical HOLDRS; and | |
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the primary U.S. market on which the common stock of the selected companies are traded. |
Name of Company (1)
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Ticker
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Share
Amounts |
Primary
Trading Market |
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Abbott Laboratories
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ABT
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14.0000 |
NYSE
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Allergan, Inc.
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AGN
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2.0000 |
NYSE
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Bristol-Myers Squibb Company
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BMY
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18.0000 |
NYSE
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Eli Lilly & Company
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LLY
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10.0000 |
NYSE
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Forest Laboratories, Inc.
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FRX
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4.0000 |
NYSE
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Hospira, Inc.
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HSP
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1.4000 |
NYSE
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Johnson & Johnson
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JNJ
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26.0000 |
NYSE
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Medco Health Solutions, Inc.
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MHS
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5.3064 |
NYSE
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Merck & Co., Inc.
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MRK
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30.0738 |
NYSE
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Mylan, Inc.
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MYL
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2.2500 |
NASDAQ GS
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Pfizer Inc.
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PFE
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69.8200 |
NYSE
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Valeant Pharmaceuticals International, Inc. (2)
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VRX
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5.7809 |
NYSE
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Watson Pharmaceuticals, Inc.
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WPI
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1.0000 |
NYSE
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Zimmer Holdings Inc.
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ZMH
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1.8000 |
NYSE
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1
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On February 28, 2011, the acquisition of King Pharmaceuticals, Inc. by Pfizer Inc. because effective. As a result, King Pharmaceuticals, Inc. is no longer an underlying constituent of the Pharmaceutical HOLDRS Trust. In connection with the acquisition, King Pharmaceuticals, Inc. shareholders received $14.25 in cash for each share of King Pharmaceuticals, Inc. held. The Bank of New York Mellon received $60.5625 for the 4.25 shares of King Pharmaceuticals, Inc. per 100 shares round-lot of Pharmaceutical HOLDRS. The Bank of New York Mellon distributed cash at a rate of $0.605625 for each depositary share of Pharmaceutical HOLDRS. The record date for the distribution was March 8, 2011 and the payment date was March 10, 2011.
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2
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On September 28, 2010, the merger of Valeant Pharmaceuticals International and Biovail Corporation became effective. Also, effective September 28, 2010, Biovail Corporation changed its name to (New) Valeant Pharmaceuticals International, Inc. As a result, (Old) Valeant Pharmaceuticals International, Inc. will no longer be an underlying constituent of the Pharmaceutical HOLDRS Trust. In connection with the merger, (Old) Valeant Pharmaceuticals International, Inc. shareholders will receive 1.7809 shares of (New) Valeant Pharmaceuticals International, Inc. The Bank of New York Mellon will receive 1.7809 shares of (New) Valeant Pharmaceuticals International, Inc. per 100 share round lot of Pharmaceutical HOLDRS. As a result, once the allocation has been completed by The Depository Trust Company, creations of Pharmaceutical HOLDRS will require a deposit of 5.7809 shares of (New) Valeant Pharmaceuticals International, Inc. per 100 share round lot of Pharmaceutical HOLDRS.
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The companies whose common stock were initially included in the Pharmaceutical HOLDRS at the time the Pharmaceutical HOLDRS were originally issued on January 31, 2000 were generally considered to be among the largest and most liquid companies with U.S.-traded common stock involved in the pharmaceutical industry as measured by market capitalization and trading volume on December 15, 1999. The market capitalization of a company is determined by multiplying the market price of its common stock by the number of outstanding shares of its common stock.
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The trust only will issue and cancel, and you only may obtain, hold, trade or surrender, Pharmaceutical HOLDRS in a round-lot of 100 Pharmaceutical HOLDRS and round-lot multiples.
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The trust will only issue Pharmaceutical HOLDRS upon the deposit of the whole shares represented by a round-lot of 100 Pharmaceutical HOLDRS. In the event that a fractional share comes to be represented by a round-lot of Pharmaceutical HOLDRS, the trust may require a minimum of more than one round-lot of 100 Pharmaceutical HOLDRS for an issuance so that the trust will always receive whole share amounts for issuance of Pharmaceutical HOLDRS.
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The number of outstanding Pharmaceutical 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 Pharmaceutical HOLDRS on a continuous basis when an investor deposits the required number of shares of common stock with the trustee.
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Purchases
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You may acquire Pharmaceutical 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 Pharmaceutical HOLDRS by delivering to the trust the requisite shares of common stock represented by a round-lot of 100 Pharmaceutical 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 Pharmaceutical HOLDRS. If you wish to cancel your Pharmaceutical 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 Pharmaceutical HOLDRS.
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Commissions
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If you choose to deposit underlying securities in order to receive Pharmaceutical 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 Pharmaceutical HOLDRS, to be deducted from any cash dividend or other cash distributions on underlying securities received by the
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trustee. With respect to the aggregate custody fee payable in any calendar year for each Pharmaceutical 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. | |
Rights relating to Pharmaceutical 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 Pharmaceutical 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 cancellation. The trustee will not deliver fractional shares of underlying securities. To the extent that any cancellation of Pharmaceutical 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 Pharmaceutical HOLDRS themselves will not have voting rights.
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Rights relating to the underlying securities
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Pharmaceutical HOLDRS represents your beneficial ownership of the underlying securities. Owners of Pharmaceutical HOLDRS have the same rights and privileges as if they owned beneficially the underlying securities in “street name” outside of Pharmaceutical HOLDRS. These include the right to instruct the trustee to vote the underlying securities or 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 Pharmaceutical HOLDRS and the right to surrender Pharmaceutical HOLDRS to receive the underlying securities. See “Description of the Depositary Trust Agreement”. Pharmaceutical 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”). 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 Pharmaceutical HOLDRS. However, due to the nature of Pharmaceutical HOLDRS, you will not be able to participate in any dividend reinvestment program of an issuer of underlying securities unless you cancel your Pharmaceutical HOLDRS (and pay the applicable fees) and receive all of the underlying securities.
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A holder of Pharmaceutical HOLDRS is not a registered owner of the underlying securities. In order to become a registered owner, a holder of Pharmaceutical HOLDRS would need to surrender their Pharmaceutical 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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You 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 Pharmaceutical HOLDRS in the same manner as if you beneficially
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owned your underlying securities outside of Pharmaceutical 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. | |
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, 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 Pharmaceutical 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 Pharmaceutical HOLDRS or any underlying securities, you will be responsible for paying that tax or governmental charge.
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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 Pharmaceutical HOLDRS (and pay the applicable fees and expenses) and receive all of your underlying securities in exchange for your Pharmaceutical 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.”
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Ownership rights in fractional shares in the underlying securities
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As a result of distributions of securities by companies included in the Pharmaceutical HOLDRS or other corporate events, such as mergers, a Pharmaceutical HOLDR may represent an interest in a fractional share of an underlying security. You are entitled to receive distributions proportionate to your fractional shares.
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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 Pharmaceutical 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 Pharmaceutical HOLDRS are outstanding and each round-lot of 100 Pharmaceutical HOLDRS represents 1.75 shares of an underlying security, there will
|
be 175,001.75 votes of the underlying security represented by Pharmaceutical HOLDRS. If holders of 50,000 round-lots of 100 Pharmaceutical HOLDRS vote their underlying securities “yes” and holders of 50,001 round-lots of 100 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 the securities are delisted.
|
To the extent a distribution of underlying securities from the Pharmaceutical 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 Pharmaceutical HOLDRS, as a result of a distribution of securities by an underlying issuer or 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical HOLDRS or distributed from the Pharmaceutical 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 Pharmaceutical HOLDRS are currently represented in the Health Care GICS sector. The Standard & Poor’s GICS sector classifications of the securities included in the Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 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 Pharmaceutical 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 Pharmaceutical HOLDRS as directly owning the underlying securities. The Pharmaceutical 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 Pharmaceutical HOLDRS are listed on the NYSE Arca under the symbol “PPH.”
|
Trading
|
Investors are only able to acquire, hold, transfer and surrender a round-lot of 100 Pharmaceutical HOLDRS. Bid and ask prices, however, are quoted per single Pharmaceutical HOLDRS.
|
Clearance and settlement
|
Pharmaceutical HOLDRS have been issued only in book-entry form. Pharmaceutical 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 Pharmaceutical HOLDRS.”
|
1998
|
Closing
Price
|
2000
|
Closing
Price
|
2002
|
Closing
Price
|
2004
|
Closing
Price
|
||||||||||||
June 30
|
174.24 |
January 31
|
104.05 |
January 31
|
95.63 |
January 30
|
82.48 | ||||||||||||
July 31
|
172.87 |
February 29
|
90.05 |
February 28
|
96.42 |
February 27
|
83.17 | ||||||||||||
August 31
|
152.43 |
March 31
|
92.72 |
March 28
|
94.13 |
March 31
|
77.95 | ||||||||||||
September 30
|
171.31 |
April 28
|
104.18 |
April 30
|
86.66 |
April 30
|
81.86 | ||||||||||||
October 30
|
177.73 |
May 31
|
110.53 |
May 31
|
84.53 |
May 28
|
81.47 | ||||||||||||
November 30
|
190.20 |
June 30
|
120.59 |
June 28
|
76.90 |
June 30
|
80.00 | ||||||||||||
December 31
|
200.89 |
July 31
|
112.05 |
July 31
|
75.03 |
July 30
|
75.06 | ||||||||||||
August 31
|
108.87 |
August 30
|
76.12 |
August 31
|
76.59 | ||||||||||||||
September 29
|
115.84 |
September 30
|
71.43 |
September 30
|
71.01 | ||||||||||||||
October 31
|
120.66 |
October 31
|
78.35 |
October 29
|
69.46 | ||||||||||||||
November 30
|
126.36 |
November 29
|
81.88 |
November 30
|
67.96 | ||||||||||||||
December 29
|
129.37 |
December 31
|
77.24 |
December 31
|
71.46 |
1999
|
Closing
Price
|
2001
|
Closing
Price
|
2003
|
Closing
Price
|
2005
|
Closing
Price
|
||||||||||||
January 29
|
202.60 |
January 31
|
115.03 |
January 31
|
74.22 |
January 31
|
67.35 | ||||||||||||
February 26
|
184.91 |
February 28
|
116.73 |
February 28
|
72.48 |
February 28
|
71.02 | ||||||||||||
March 31
|
179.91 |
March 30
|
107.52 |
March 31
|
75.58 |
March 31
|
71.10 | ||||||||||||
April 30
|
159.83 |
April 30
|
111.92 |
April 30
|
77.60 |
April 29
|
73.67 | ||||||||||||
May 28
|
152.56 |
May 31
|
112.70 |
May 30
|
77.24 |
May 31
|
73.40 | ||||||||||||
June 30
|
158.40 |
June 29
|
93.83 |
June 30
|
81.81 |
June 30
|
72.32 | ||||||||||||
July 30
|
100.72 |
July 31
|
100.06 |
July 31
|
78.05 |
July 29
|
71.13 | ||||||||||||
August 31
|
108.08 |
August 31
|
94.99 |
August 29
|
75.26 |
August 31
|
69.56 | ||||||||||||
September 30
|
100.43 |
September 28
|
97.66 |
September 30
|
75.41 |
September 30
|
68.39 | ||||||||||||
October 29
|
113.67 |
October 31
|
98.25 |
October 31
|
74.74 |
October 31
|
65.25 | ||||||||||||
November 30
|
111.80 |
November 30
|
101.58 |
November 28
|
75.66 |
November 30
|
64.65 | ||||||||||||
December 31
|
101.15 |
December 31
|
96.57 |
December 31
|
80.57 |
December 30
|
67.97 |
2006
|
Closing
Price
|
2007
|
Closing
Price
|
2008
|
Closing
Price
|
2009
|
Closing
Price
|
||||||||||||
January 31
|
70.65 |
January 31
|
79.43 |
January 31
|
73.00 |
January 30
|
55.77 | ||||||||||||
February 28
|
71.12 |
February 28
|
77.20 |
February 29
|
70.33 |
February 27
|
47.96 | ||||||||||||
March 31
|
70.74 |
March 30
|
77.62 |
March 31
|
68.14 |
March 31
|
51.84 | ||||||||||||
April 28
|
70.02 |
April 30
|
83.36 |
April 30
|
67.73 |
April 30
|
49.75 | ||||||||||||
May 31
|
68.36 |
May 31
|
84.20 |
May 30
|
68.10 |
May 29
|
53.88 | ||||||||||||
June 30
|
70.07 |
June 29
|
79.60 |
June 30
|
64.25 |
June 30
|
54.87 | ||||||||||||
July 31
|
74.61 |
July 31
|
76.03 |
July 31
|
65.64 |
July 31
|
57.79 | ||||||||||||
August 31
|
76.22 |
August 31
|
78.07 |
August 29
|
67.52 |
August 31
|
59.30 | ||||||||||||
September 29
|
77.73 |
September 28
|
79.72 |
September 30
|
64.39 |
September 30
|
60.10 | ||||||||||||
October 31
|
77.66 |
October 31
|
81.90 |
October 31
|
58.74 |
October 30
|
59.70 | ||||||||||||
November 30
|
77.09 |
November 30
|
82.49 |
November 28
|
55.65 |
November 30
|
65.41 | ||||||||||||
December 29
|
76.67 |
December 31
|
80.25 |
December 31
|
59.45 |
December 31
|
66.03 |
2010
|
Closing
Price
|
2011
|
Closing
Price
|
|
|
|
|
||||||||||||
January 29
|
65.71 |
January 31
|
64.13 | ||||||||||||||||
February 26
|
64.98 |
February 28
|
65.95 | ||||||||||||||||
March 31
|
66.34 | ||||||||||||||||||
April 30
|
63.96 | ||||||||||||||||||
May 28
|
59.39 | ||||||||||||||||||
June 30
|
59.58 | ||||||||||||||||||
July 30
|
60.03 | ||||||||||||||||||
August 31
|
60.34 | ||||||||||||||||||
September 30
|
64.80 | ||||||||||||||||||
October 29
|
65.56 | ||||||||||||||||||
November 30
|
62.72 | ||||||||||||||||||
December 31
|
65.00 |
|
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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 Pharmaceutical 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 readily 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 disposition or the period during which the non-U.S. receipt holder held the common stock of such issuer and (a) the common stock is not considered to be “regularly traded on an established securities market” or (b) the non-U.S. receipt holder owned, actually or constructively, at any time during the shorter of the periods described above, more than five percent of the common stock of such issuer. It is expected that the underlying securities are currently “regularly traded on an established securities market” although no assurances can be made that the securities will continue to be so traded.
|
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
43.15 |
January
|
53.00 |
January
|
56.18 |
January
|
55.44 |
January
|
52.94 |
January
|
45.16 | ||||||||||||||||||
February
|
44.18 |
February
|
54.62 |
February
|
53.55 |
February
|
47.34 |
February
|
54.28 |
February
|
48.10 | ||||||||||||||||||
March
|
42.47 |
March
|
55.80 |
March
|
55.15 |
March
|
47.70 |
March
|
52.68 | ||||||||||||||||||||
April
|
42.74 |
April
|
56.62 |
April
|
52.75 |
April
|
41.85 |
April
|
51.16 | ||||||||||||||||||||
May
|
42.70 |
May
|
56.35 |
May
|
56.35 |
May
|
45.06 |
May
|
47.56 | ||||||||||||||||||||
June
|
43.61 |
June
|
53.55 |
June
|
52.97 |
June
|
47.04 |
June
|
46.78 | ||||||||||||||||||||
July
|
47.77 |
July
|
50.69 |
July
|
56.34 |
July
|
44.99 |
July
|
49.08 | ||||||||||||||||||||
August
|
48.70 |
August
|
51.91 |
August
|
57.43 |
August
|
45.23 |
August
|
49.34 | ||||||||||||||||||||
September
|
48.56 |
September
|
53.62 |
September
|
57.58 |
September
|
49.47 |
September
|
52.24 | ||||||||||||||||||||
October
|
47.51 |
October
|
54.62 |
October
|
55.15 |
October
|
50.57 |
October
|
51.32 | ||||||||||||||||||||
November
|
46.66 |
November
|
57.51 |
November
|
52.39 |
November
|
54.49 |
November
|
46.51 | ||||||||||||||||||||
December
|
48.71 |
December
|
56.15 |
December
|
53.37 |
December
|
53.99 |
December
|
47.91 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
58.20 |
January
|
58.36 |
January
|
67.08 |
January
|
38.12 |
January
|
57.50 |
January
|
70.61 | ||||||||||||||||||
February
|
54.13 |
February
|
55.86 |
February
|
59.23 |
February
|
38.74 |
February
|
58.43 |
February
|
74.17 | ||||||||||||||||||
March
|
54.25 |
March
|
55.41 |
March
|
56.39 |
March
|
47.76 |
March
|
65.32 | ||||||||||||||||||||
April
|
51.36 |
April
|
60.60 |
April
|
56.37 |
April
|
46.66 |
April
|
63.69 | ||||||||||||||||||||
May
|
47.41 |
May
|
62.27 |
May
|
57.62 |
May
|
44.13 |
May
|
60.19 | ||||||||||||||||||||
June
|
53.63 |
June
|
57.64 |
June
|
52.05 |
June
|
47.58 |
June
|
58.26 | ||||||||||||||||||||
July
|
53.93 |
July
|
58.13 |
July
|
51.93 |
July
|
53.43 |
July
|
61.06 | ||||||||||||||||||||
August
|
57.28 |
August
|
60.01 |
August
|
55.87 |
August
|
55.92 |
August
|
61.42 | ||||||||||||||||||||
September
|
56.31 |
September
|
64.47 |
September
|
51.50 |
September
|
56.76 |
September
|
66.53 | ||||||||||||||||||||
October
|
57.75 |
October
|
67.58 |
October
|
39.67 |
October
|
56.25 |
October
|
72.41 | ||||||||||||||||||||
November
|
58.29 |
November
|
67.04 |
November
|
37.68 |
November
|
58.13 |
November
|
66.27 | ||||||||||||||||||||
December
|
59.87 |
December
|
64.24 |
December
|
40.32 |
December
|
63.01 |
December
|
68.67 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
22.79 |
January
|
28.79 |
January
|
23.02 |
January
|
21.41 |
January
|
24.36 |
January
|
25.18 | ||||||||||||||||||
February
|
23.10 |
February
|
26.38 |
February
|
22.61 |
February
|
18.41 |
February
|
24.51 |
February
|
25.81 | ||||||||||||||||||
March
|
24.61 |
March
|
27.76 |
March
|
21.30 |
March
|
21.92 |
March
|
26.70 | ||||||||||||||||||||
April
|
25.38 |
April
|
28.86 |
April
|
21.97 |
April
|
19.20 |
April
|
25.31 | ||||||||||||||||||||
May
|
24.55 |
May
|
30.31 |
May
|
22.79 |
May
|
19.92 |
May
|
23.21 | ||||||||||||||||||||
June
|
25.86 |
June
|
31.56 |
June
|
20.53 |
June
|
20.31 |
June
|
24.94 | ||||||||||||||||||||
July
|
23.97 |
July
|
28.41 |
July
|
21.12 |
July
|
21.74 |
July
|
24.92 | ||||||||||||||||||||
August
|
21.75 |
August
|
29.15 |
August
|
21.34 |
August
|
22.13 |
August
|
26.08 | ||||||||||||||||||||
September
|
24.92 |
September
|
28.82 |
September
|
20.85 |
September
|
22.52 |
September
|
27.11 | ||||||||||||||||||||
October
|
24.75 |
October
|
29.99 |
October
|
20.55 |
October
|
21.80 |
October
|
26.90 | ||||||||||||||||||||
November
|
24.83 |
November
|
29.63 |
November
|
20.70 |
November
|
25.31 |
November
|
25.24 | ||||||||||||||||||||
December
|
26.32 |
December
|
26.52 |
December
|
23.25 |
December
|
25.25 |
December
|
26.48 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
56.62 |
January
|
54.12 |
January
|
51.39 |
January
|
36.82 |
January
|
35.20 |
January
|
34.77 | ||||||||||||||||||
February
|
55.62 |
February
|
52.59 |
February
|
50.02 |
February
|
29.38 |
February
|
34.34 |
February
|
34.56 | ||||||||||||||||||
March
|
55.30 |
March
|
53.71 |
March
|
51.59 |
March
|
33.41 |
March
|
36.22 | ||||||||||||||||||||
April
|
52.92 |
April
|
59.13 |
April
|
48.14 |
April
|
32.92 |
April
|
34.97 | ||||||||||||||||||||
May
|
51.64 |
May
|
58.62 |
May
|
48.14 |
May
|
34.57 |
May
|
32.79 | ||||||||||||||||||||
June
|
55.27 |
June
|
55.88 |
June
|
46.16 |
June
|
34.64 |
June
|
33.50 | ||||||||||||||||||||
July
|
56.77 |
July
|
54.09 |
July
|
47.11 |
July
|
34.89 |
July
|
35.60 | ||||||||||||||||||||
August
|
55.93 |
August
|
57.35 |
August
|
46.65 |
August
|
33.46 |
August
|
33.59 | ||||||||||||||||||||
September
|
57.00 |
September
|
56.93 |
September
|
44.03 |
September
|
33.03 |
September
|
36.53 | ||||||||||||||||||||
October
|
56.01 |
October
|
54.15 |
October
|
33.82 |
October
|
34.01 |
October
|
35.20 | ||||||||||||||||||||
November
|
53.59 |
November
|
52.95 |
November
|
34.15 |
November
|
36.73 |
November
|
33.66 | ||||||||||||||||||||
December
|
52.10 |
December
|
53.39 |
December
|
40.27 |
December
|
35.71 |
December
|
35.04 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
46.28 |
January
|
56.11 |
January
|
39.68 |
January
|
25.04 |
January
|
29.64 |
January
|
32.26 | ||||||||||||||||||
February
|
45.90 |
February
|
51.76 |
February
|
39.77 |
February
|
21.44 |
February
|
29.88 |
February
|
32.40 | ||||||||||||||||||
March
|
44.63 |
March
|
51.44 |
March
|
40.01 |
March
|
21.96 |
March
|
31.36 | ||||||||||||||||||||
April
|
40.38 |
April
|
53.21 |
April
|
34.71 |
April
|
21.69 |
April
|
27.26 | ||||||||||||||||||||
May
|
37.48 |
May
|
50.71 |
May
|
35.91 |
May
|
23.69 |
May
|
25.88 | ||||||||||||||||||||
June
|
38.69 |
June
|
45.65 |
June
|
34.74 |
June
|
25.11 |
June
|
27.43 | ||||||||||||||||||||
July
|
46.31 |
July
|
40.20 |
July
|
35.51 |
July
|
25.83 |
July
|
27.75 | ||||||||||||||||||||
August
|
49.98 |
August
|
37.63 |
August
|
35.69 |
August
|
29.27 |
August
|
27.29 | ||||||||||||||||||||
September
|
50.61 |
September
|
37.29 |
September
|
28.28 |
September
|
29.44 |
September
|
30.93 | ||||||||||||||||||||
October
|
48.94 |
October
|
39.07 |
October
|
23.23 |
October
|
27.67 |
October
|
33.05 | ||||||||||||||||||||
November
|
48.70 |
November
|
38.55 |
November
|
24.18 |
November
|
30.66 |
November
|
31.89 | ||||||||||||||||||||
December
|
50.60 |
December
|
36.45 |
December
|
25.47 |
December
|
32.11 |
December
|
31.98 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
44.75 |
January
|
36.78 |
January
|
41.01 |
January
|
24.90 |
January
|
50.64 |
January
|
55.23 | ||||||||||||||||||
February
|
39.70 |
February
|
38.31 |
February
|
42.56 |
February
|
23.20 |
February
|
52.33 |
February
|
52.85 | ||||||||||||||||||
March
|
39.46 |
March
|
40.90 |
March
|
42.77 |
March
|
30.86 |
March
|
56.65 | ||||||||||||||||||||
April
|
38.55 |
April
|
40.55 |
April
|
41.15 |
April
|
32.87 |
April
|
53.79 | ||||||||||||||||||||
May
|
44.81 |
May
|
39.84 |
May
|
41.94 |
May
|
34.50 |
May
|
52.06 | ||||||||||||||||||||
June
|
42.94 |
June
|
39.04 |
June
|
40.11 |
June
|
38.52 |
June
|
57.45 | ||||||||||||||||||||
July
|
43.69 |
July
|
38.67 |
July
|
38.16 |
July
|
38.43 |
July
|
52.10 | ||||||||||||||||||||
August
|
36.63 |
August
|
38.65 |
August
|
40.36 |
August
|
39.09 |
August
|
51.36 | ||||||||||||||||||||
September
|
38.27 |
September
|
41.45 |
September
|
38.20 |
September
|
44.60 |
September
|
57.01 | ||||||||||||||||||||
October
|
36.35 |
October
|
41.33 |
October
|
27.82 |
October
|
44.64 |
October
|
59.48 | ||||||||||||||||||||
November
|
32.80 |
November
|
43.30 |
November
|
30.03 |
November
|
46.95 |
November
|
56.26 | ||||||||||||||||||||
December
|
33.58 |
December
|
42.64 |
December
|
26.82 |
December
|
51.00 |
December
|
55.69 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
57.54 |
January
|
66.80 |
January
|
63.14 |
January
|
57.69 |
January
|
62.86 |
January
|
59.77 | ||||||||||||||||||
February
|
57.65 |
February
|
62.93 |
February
|
61.96 |
February
|
50.00 |
February
|
63.00 |
February
|
61.44 | ||||||||||||||||||
March
|
59.22 |
March
|
60.26 |
March
|
64.87 |
March
|
52.60 |
March
|
65.20 | ||||||||||||||||||||
April
|
58.61 |
April
|
64.22 |
April
|
67.09 |
April
|
52.36 |
April
|
64.30 | ||||||||||||||||||||
May
|
60.22 |
May
|
63.27 |
May
|
66.74 |
May
|
55.16 |
May
|
58.30 | ||||||||||||||||||||
June
|
59.92 |
June
|
61.62 |
June
|
64.34 |
June
|
56.80 |
June
|
59.06 | ||||||||||||||||||||
July
|
62.55 |
July
|
60.50 |
July
|
68.47 |
July
|
60.89 |
July
|
58.09 | ||||||||||||||||||||
August
|
64.66 |
August
|
61.79 |
August
|
70.43 |
August
|
60.44 |
August
|
57.02 | ||||||||||||||||||||
September
|
64.94 |
September
|
65.70 |
September
|
69.28 |
September
|
60.89 |
September
|
61.96 | ||||||||||||||||||||
October
|
67.40 |
October
|
65.17 |
October
|
61.34 |
October
|
59.05 |
October
|
63.74 | ||||||||||||||||||||
November
|
65.91 |
November
|
67.74 |
November
|
58.58 |
November
|
62.84 |
November
|
61.55 | ||||||||||||||||||||
December
|
66.02 |
December
|
66.70 |
December
|
59.83 |
December
|
64.41 |
December
|
61.85 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
27.05 |
January
|
29.61 |
January
|
49.98 |
January
|
44.93 |
January
|
61.48 |
January
|
61.02 | ||||||||||||||||||
February
|
27.86 |
February
|
33.81 |
February
|
44.31 |
February
|
40.58 |
February
|
63.24 |
February
|
61.64 | ||||||||||||||||||
March
|
28.61 |
March
|
36.27 |
March
|
43.79 |
March
|
41.34 |
March
|
64.56 | ||||||||||||||||||||
April
|
26.62 |
April
|
39.01 |
April
|
49.54 |
April
|
43.55 |
April
|
58.92 | ||||||||||||||||||||
May
|
26.95 |
May
|
38.88 |
May
|
48.45 |
May
|
45.89 |
May
|
57.65 | ||||||||||||||||||||
June
|
28.64 |
June
|
39.00 |
June
|
47.20 |
June
|
45.61 |
June
|
55.08 | ||||||||||||||||||||
July
|
29.67 |
July
|
40.64 |
July
|
49.58 |
July
|
52.86 |
July
|
48.00 | ||||||||||||||||||||
August
|
31.69 |
August
|
42.73 |
August
|
46.85 |
August
|
55.22 |
August
|
43.48 | ||||||||||||||||||||
September
|
30.06 |
September
|
45.20 |
September
|
45.00 |
September
|
55.31 |
September
|
52.06 | ||||||||||||||||||||
October
|
26.75 |
October
|
47.19 |
October
|
37.95 |
October
|
56.12 |
October
|
52.53 | ||||||||||||||||||||
November
|
25.11 |
November
|
50.00 |
November
|
42.00 |
November
|
63.16 |
November
|
61.32 | ||||||||||||||||||||
December
|
26.72 |
December
|
50.70 |
December
|
41.91 |
December
|
63.91 |
December
|
61.27 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
34.50 |
January
|
44.75 |
January
|
46.10 |
January
|
28.55 |
January
|
38.18 |
January
|
33.17 | ||||||||||||||||||
February
|
34.86 |
February
|
44.15 |
February
|
44.30 |
February
|
24.20 |
February
|
36.88 |
February
|
32.57 | ||||||||||||||||||
March
|
35.23 |
March
|
44.17 |
March
|
37.95 |
March
|
26.75 |
March
|
37.35 | ||||||||||||||||||||
April
|
34.42 |
April
|
51.44 |
April
|
38.04 |
April
|
24.24 |
April
|
35.04 | ||||||||||||||||||||
May
|
33.29 |
May
|
52.45 |
May
|
38.96 |
May
|
27.58 |
May
|
33.69 | ||||||||||||||||||||
June
|
36.43 |
June
|
49.80 |
June
|
37.69 |
June
|
27.96 |
June
|
34.97 | ||||||||||||||||||||
July
|
40.27 |
July
|
49.65 |
July
|
32.90 |
July
|
30.01 |
July
|
34.46 | ||||||||||||||||||||
August
|
40.55 |
August
|
50.17 |
August
|
35.67 |
August
|
32.43 |
August
|
35.16 | ||||||||||||||||||||
September
|
41.90 |
September
|
51.69 |
September
|
31.56 |
September
|
31.63 |
September
|
36.81 | ||||||||||||||||||||
October
|
45.42 |
October
|
58.26 |
October
|
30.95 |
October
|
30.93 |
October
|
36.31 | ||||||||||||||||||||
November
|
44.51 |
November
|
59.36 |
November
|
26.72 |
November
|
36.21 |
November
|
34.47 | ||||||||||||||||||||
December
|
43.60 |
December
|
58.11 |
December
|
30.40 |
December
|
36.54 |
December
|
36.04 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
19.70 |
January
|
22.14 |
January
|
14.84 |
January
|
11.33 |
January
|
18.23 |
January
|
23.16 | ||||||||||||||||||
February
|
23.00 |
February
|
21.17 |
February
|
11.84 |
February
|
12.43 |
February
|
21.34 |
February
|
22.87 | ||||||||||||||||||
March
|
23.40 |
March
|
21.14 |
March
|
11.60 |
March
|
13.41 |
March
|
22.71 | ||||||||||||||||||||
April
|
21.84 |
April
|
21.93 |
April
|
13.17 |
April
|
13.25 |
April
|
22.01 | ||||||||||||||||||||
May
|
20.91 |
May
|
19.77 |
May
|
13.35 |
May
|
13.21 |
May
|
19.44 | ||||||||||||||||||||
June
|
20.00 |
June
|
18.19 |
June
|
12.07 |
June
|
13.05 |
June
|
17.04 | ||||||||||||||||||||
July
|
21.96 |
July
|
16.03 |
July
|
12.97 |
July
|
13.19 |
July
|
17.40 | ||||||||||||||||||||
August
|
20.32 |
August
|
15.10 |
August
|
12.89 |
August
|
14.67 |
August
|
17.16 | ||||||||||||||||||||
September
|
20.13 |
September
|
15.96 |
September
|
11.42 |
September
|
16.01 |
September
|
18.81 | ||||||||||||||||||||
October
|
20.50 |
October
|
15.04 |
October
|
8.57 |
October
|
16.24 |
October
|
20.32 | ||||||||||||||||||||
November
|
20.29 |
November
|
14.38 |
November
|
9.41 |
November
|
17.87 |
November
|
19.57 | ||||||||||||||||||||
December
|
19.96 |
December
|
14.06 |
December
|
9.89 |
December
|
18.43 |
December
|
21.13 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
25.68 |
January
|
26.24 |
January
|
23.36 |
January
|
14.58 |
January
|
18.66 |
January
|
18.22 | ||||||||||||||||||
February
|
26.19 |
February
|
24.96 |
February
|
22.28 |
February
|
12.31 |
February
|
17.55 |
February
|
19.24 | ||||||||||||||||||
March
|
24.92 |
March
|
25.26 |
March
|
20.93 |
March
|
13.62 |
March
|
17.15 | ||||||||||||||||||||
April
|
25.33 |
April
|
26.46 |
April
|
20.11 |
April
|
13.36 |
April
|
16.72 | ||||||||||||||||||||
May
|
23.66 |
May
|
27.49 |
May
|
19.36 |
May
|
15.19 |
May
|
15.23 | ||||||||||||||||||||
June
|
23.47 |
June
|
25.57 |
June
|
17.47 |
June
|
15.00 |
June
|
14.26 | ||||||||||||||||||||
July
|
25.99 |
July
|
23.51 |
July
|
18.67 |
July
|
15.93 |
July
|
15.00 | ||||||||||||||||||||
August
|
27.56 |
August
|
24.84 |
August
|
19.11 |
August
|
16.70 |
August
|
15.91 | ||||||||||||||||||||
September
|
28.36 |
September
|
24.43 |
September
|
18.44 |
September
|
16.55 |
September
|
17.17 | ||||||||||||||||||||
October
|
26.65 |
October
|
24.61 |
October
|
17.71 |
October
|
17.03 |
October
|
17.42 | ||||||||||||||||||||
November
|
27.49 |
November
|
23.76 |
November
|
16.43 |
November
|
18.17 |
November
|
16.30 | ||||||||||||||||||||
December
|
25.90 |
December
|
22.73 |
December
|
17.71 |
December
|
18.19 |
December
|
17.51 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
22.65 |
January
|
20.38 |
January
|
13.70 |
January
|
10.93 |
January
|
14.52 |
January
|
36.53 | ||||||||||||||||||
February
|
25.17 |
February
|
20.75 |
February
|
14.17 |
February
|
10.55 |
February
|
14.83 |
February
|
40.08 | ||||||||||||||||||
March
|
24.35 |
March
|
21.86 |
March
|
10.65 |
March
|
10.95 |
March
|
16.77 | ||||||||||||||||||||
April
|
26.06 |
April
|
24.39 |
April
|
11.44 |
April
|
10.99 |
April
|
17.00 | ||||||||||||||||||||
May
|
24.56 |
May
|
24.26 |
May
|
11.73 |
May
|
12.72 |
May
|
15.01 | ||||||||||||||||||||
June
|
23.41 |
June
|
25.42 |
June
|
9.65 |
June
|
13.45 |
June
|
19.24 | ||||||||||||||||||||
July
|
22.19 |
July
|
19.09 |
July
|
10.15 |
July
|
13.39 |
July
|
21.89 | ||||||||||||||||||||
August
|
16.34 |
August
|
17.52 |
August
|
10.70 |
August
|
12.72 |
August
|
22.87 | ||||||||||||||||||||
September
|
15.24 |
September
|
17.37 |
September
|
9.77 |
September
|
15.43 |
September
|
25.05 | ||||||||||||||||||||
October
|
15.47 |
October
|
20.01 |
October
|
8.60 |
October
|
13.46 |
October
|
27.61 | ||||||||||||||||||||
November
|
17.77 |
November
|
15.29 |
November
|
8.55 |
November
|
14.43 |
November
|
25.87 | ||||||||||||||||||||
December
|
21.16 |
December
|
13.46 |
December
|
9.45 |
December
|
13.96 |
December
|
28.29 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
33.09 |
January
|
27.22 |
January
|
26.11 |
January
|
27.28 |
January
|
38.37 |
January
|
54.52 | ||||||||||||||||||
February
|
29.98 |
February
|
26.36 |
February
|
27.81 |
February
|
28.27 |
February
|
39.79 |
February
|
55.99 | ||||||||||||||||||
March
|
28.74 |
March
|
26.43 |
March
|
29.32 |
March
|
31.11 |
March
|
41.77 | ||||||||||||||||||||
April
|
28.44 |
April
|
27.30 |
April
|
31.04 |
April
|
30.94 |
April
|
42.82 | ||||||||||||||||||||
May
|
25.33 |
May
|
30.86 |
May
|
28.56 |
May
|
30.25 |
May
|
44.16 | ||||||||||||||||||||
June
|
23.28 |
June
|
32.53 |
June
|
27.17 |
June
|
33.69 |
June
|
40.57 | ||||||||||||||||||||
July
|
22.39 |
July
|
30.42 |
July
|
28.91 |
July
|
34.73 |
July
|
40.50 | ||||||||||||||||||||
August
|
25.64 |
August
|
29.82 |
August
|
30.31 |
August
|
35.29 |
August
|
43.07 | ||||||||||||||||||||
September
|
26.17 |
September
|
32.40 |
September
|
28.50 |
September
|
36.64 |
September
|
42.31 | ||||||||||||||||||||
October
|
26.91 |
October
|
30.56 |
October
|
26.17 |
October
|
34.42 |
October
|
46.65 | ||||||||||||||||||||
November
|
25.67 |
November
|
29.31 |
November
|
23.75 |
November
|
37.09 |
November
|
48.74 | ||||||||||||||||||||
December
|
26.03 |
December
|
27.14 |
December
|
26.57 |
December
|
39.61 |
December
|
51.65 |
2006
|
Closing
Price |
2007
|
Closing
Price |
2008
|
Closing
Price |
2009
|
Closing
Price |
2010
|
Closing
Price |
2011
|
Closing
Price |
||||||||||||||||||
January
|
68.95 |
January
|
84.22 |
January
|
78.14 |
January
|
36.40 |
January
|
56.32 |
January
|
59.16 | ||||||||||||||||||
February
|
69.18 |
February
|
84.27 |
February
|
75.29 |
February
|
35.02 |
February
|
57.33 |
February
|
62.34 | ||||||||||||||||||
March
|
67.60 |
March
|
85.41 |
March
|
77.86 |
March
|
36.50 |
March
|
59.20 | ||||||||||||||||||||
April
|
62.90 |
April
|
90.48 |
April
|
74.16 |
April
|
43.99 |
April
|
60.91 | ||||||||||||||||||||
May
|
60.55 |
May
|
88.06 |
May
|
72.80 |
May
|
44.55 |
May
|
55.93 | ||||||||||||||||||||
June
|
56.72 |
June
|
84.89 |
June
|
68.05 |
June
|
42.60 |
June
|
54.05 | ||||||||||||||||||||
July
|
63.24 |
July
|
77.76 |
July
|
68.91 |
July
|
46.60 |
July
|
52.99 | ||||||||||||||||||||
August
|
68.00 |
August
|
78.33 |
August
|
72.39 |
August
|
47.35 |
August
|
47.17 | ||||||||||||||||||||
September
|
67.50 |
September
|
80.99 |
September
|
64.56 |
September
|
53.45 |
September
|
52.33 | ||||||||||||||||||||
October
|
72.01 |
October
|
69.49 |
October
|
46.43 |
October
|
52.57 |
October
|
47.44 | ||||||||||||||||||||
November
|
72.96 |
November
|
64.73 |
November
|
37.32 |
November
|
59.17 |
November
|
49.26 | ||||||||||||||||||||
December
|
78.38 |
December
|
66.15 |
December
|
40.42 |
December
|
59.11 |
December
|
53.68 |
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, filed on December 21, 1999 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Pharmaceutical HOLDRS.
|
*4.2
|
Form of Amendment No. 2 to the Standard Terms for Depositary Trust Agreements, filed on November 28, 2000 as an exhibit to post-effective Amendment No. 1 to the registration statement filed on Form S-1 for Pharmaceutical HOLDRS.
|
*5.1
|
Opinion of Shearman & Sterling LLP regarding the validity of the Pharmaceutical HOLDRS Receipts, filed on December 21, 1999 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Pharmaceutical HOLDRS.
|
*8.1
|
Opinion of Shearman & Sterling LLP, as special U.S. tax counsel regarding the material federal income tax consequences, filed on December 21, 1999 as an exhibit to Amendment No. 1 to the registration statement filed on Form S-1 for Pharmaceutical HOLDRS.
|
*8.2
|
Opinion of Shearman & Sterling LLP, as special U.S. tax counsel regarding the material federal income tax consequences, filed on July 10, 2003 as an exhibit to Amendment No. 5 to the registration statement filed on Form S-1 for Pharmaceutical HOLDRS.
|
*24.1
|
Power of Attorney of Sallie L. Krawcheck, Thomas K. Montag, Robert Qutub and Bruce R. Thompson.
|
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