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Telecom Holdrs Trust • November 28th, 2000 • Security brokers, dealers & flotation companies

This prospectus supplement amends and supplements information contained in the prospectus dated January 31, 2000 relating to the sale of up to 1,000,000,000 depositary receipts by Telecom HOLDRS Trust.

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ARTICLE I DEFINITIONS
Telecom Holdrs Trust • November 28th, 2000 • Security brokers, dealers & flotation companies • New York
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