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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
TRANS WORLD ENTERTAINMENT CORP.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of Class of Securities)
89336Q100
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(CUSIP Number)
DECEMBER 31, 2003
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
CUSIP No. 89336Q100 13G
_____________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MERRILL LYNCH & CO., INC. (MERRILL LYNCH)
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [ ]
_____________________________________________________________________________
3. SEC USE ONLY
_____________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES Disclaimed (See #9 below)
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY Disclaimed (See #9 below)
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING Disclaimed (See #9 below)
______________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH Disclaimed (See #9 below)
_____________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Merrill Lynch & Co. disclaims beneficial ownership in all shares of
Trans World Entertainment Corp. held by MLPF&S Inc.
_____________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
_____________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Disclaimed (See #9 above)
_____________________________________________________________________________
12. TYPE OF REPORTING PERSON*
HC, CO
_____________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 89336Q100 13G
_____________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MERRILL LYNCH PEIRCE FENNER & SMITH, INC. (MLPF&S)
_____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [_]
_____________________________________________________________________________
3. SEC USE ONLY
_____________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 2,729,700
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 2,729,700
______________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 0
_____________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,729,700
_____________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
_____________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.54%
_____________________________________________________________________________
12. TYPE OF REPORTING PERSON*
BD, CO
_____________________________________________________________________________
CUSIP No. 89336Q100 13G
_____________________________________________________________________________
Item 1(a). Name of Issuer:
TRANS WORLD ENTERTAINMENT CORP.
_____________________________________________________________________________
Item 1(b). Address of Issuer's Principal Executive Offices:
38 CORPORATE CIRCLE
ALBANY, NY 12203
_____________________________________________________________________________
Item 2(a). Name of Person Filing:
MERRILL LYNCH & CO. INC.
MERRILL LYNCH PIERCE FENNER & SMITH INC.
___________________________________________________________________________
Item 2(b). Address of Principal Business Office, or if None, Residence:
MERRILL LYNCH & CO., INC.
4 WORLD FINANCIAL CENTER
NEW YORK, NEW YORK 10080
MERRILL LYNCH PIERCE FENNER & SMITH INC.
4 WORLD FINANCIAL CENTER
NEW YORK, NEW YORK 10080
__________________________________________________________________________
Item 2(c). Citizenship:
SEE ITEM 4 OF COVER PAGES
_____________________________________________________________________________
Item 2(d). Title of Class of Securities:
COMMON STOCK
_____________________________________________________________________________
Item 2(e). CUSIP Number:
89336Q100
_____________________________________________________________________________
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [X] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)19) of the Exchange Act.
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act.
(e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E)
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F)
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G)
(h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act
(i) [_] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No. 89336Q100 13G
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
2,729,700 Shares Common Stock
(b) Percent of class:
7.54%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
SEE ITEM 5 OF COVER PAGES
(ii) Shared power to vote or to direct the vote:
SEE ITEM 6 OF COVER PAGES
(iii) Sole power to dispose or to direct the disposition of:
SEE ITEM 7 OF COVER PAGES
(iv) Shared power to dispose or to direct the disposition of
SEE ITEM 8 OF COVER PAGE
_____________________________________________________________________________
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the beneficial owner
of more than 5 percent of the class of securities, check the following [ ]
_______________________________________________________________________________
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
NOT APPLICABLE
_______________________________________________________________________________
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
NOT APPLICABLE
_______________________________________________________________________________
Item 8. Identification and Classification of Members of the Group.
Although Merrill Lynch & Co. and MLPF&S are affiliates and have
determined to file jointly, the reporting persons are of the view that their
affiliation does not cause them to be acting as a group within the meaning of
Rule 13d-5 under the Securities Exchange Act of 1934 (the "1934 Act").
_______________________________________________________________________________
Item 9. Notice of Dissolution of Group.
NOT APPLICABLE
_______________________________________________________________________________
CUSIP No. 89336Q100 13G
Item 10. Certifications.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that
purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
February 9, 2004
MERRILL LYNCH PIERCE FENNER & SMITH INC.
By: /s/ Lawrence M. Egan, Jr.
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Name: Lawrence M. Egan, Jr.
Title: Assistant Secretary
MERRILL LYNCH & CO., INC.
By: /s/ Lawrence M. Egan, Jr.
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Name: Lawrence M. Egan, Jr.
Title: Assistant Secretary