Internet HOLDRS Trust issues depositary receipts called Internet HOLDRS, representing an undivided beneficial ownership in the common stock of a group of specified companies that are involved in various segments of the Internet industry. The Internet HOLDRS Trust was formed under the depositary trust agreement among The Bank of New York, as trustee, Merrill Lynch, Pierce, Fenner & Smith Incorporated, other depositors and the owners of the Internet HOLDRS. The Trust holds shares of common stock issued by a group of specified companies that were, at the time of the initial offering, generally considered to be involved in various segments of the Internet industry. The Internet HOLDRS Trust will terminate, on December 31, 2039, or earlier, if a termination event occurs.