The Pharmaceutical HOLDRS Trust issues depositary receipts called Pharmaceutical HOLDRS, representing an undivided beneficial ownership in the United States-traded common stock of a group of specified companies that are involved in various segments of the pharmaceutical industry. The Bank of New York is the trustee. The Pharmaceutical HOLDRS Trust was formed under a depositary trust agreement dated January 24, 2000. The 21 issuers of the underlying securities represented by a Pharmaceutical HOLDR, as of August 1, 2005, were Abbott Laboratories, Andrx Corp Del, Allergan, Inc., Bristol-Myers Squibb Company, Biovail Corp, Advanced Medical Optics Inc, Forest Laboratories, Inc., Hospira Inc, IVAX Corporation, Johnson & Johnson, King Pharmaceuticals Inc, Eli Lilly and Company, Medco Health Solutions Inc., Merck & Co., Inc., Milan Laboratories Inc., Pfizer Inc., Schering-Plough Corporation, Valiant Pharmaceuticals Intl, Watson Pharmaceuticals Inc, Wyeth and Zimmer Holdings, Inc.