Research and Insights Important Disclosures

Investing involves risk. All opinions are subject to change due to market conditions and fluctuations. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

The information presented is designed to provide general information about ideas and strategies. It is for discussion purposes only, since the availability and effectiveness of any strategy are dependent upon each individual’s facts and circumstances. Neither Bank of America nor any of its affiliates provide legal, tax or accounting advice. Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial strategy.

Any information presented in connection with BofA Merrill Lynch Global Research is general in nature and is not intended to provide personal investment advice. The information does not take into account the specific investment objectives, financial situation and particular needs of any specific person who may receive it. Investors should understand that statements regarding future prospects may not be realized. Due to the time-sensitive nature of the content and because investment opinions may have changed since the time any comments were made by research analysts, the latest BofA Merrill Lynch Global Research investment opinion and investment risk rating for any particular security discussed should be reviewed, including important disclosures, before making an investment decision.

Past performance is no guarantee of future results. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.

Global Wealth & Investment Management is a division of Bank of America Corporation ("BofA Corp."). Merrill Lynch Wealth Management, Merrill Edge™, U.S. Trust, Bank of America Merrill Lynch and BofA™ Global Capital Management are affiliated subdivisions within Global Wealth & Investment Management.


Merrill Lynch:

Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). MLPF&S is a registered broker dealer, member SIPC and subsidiary of BofA Corp. Merrill Edge™ is the marketing name for two businesses: Merrill Edge Advisory Center, which offers team-based advice and guidance brokerage services; and a self-directed online investing platform.

Investment products: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.


Private Banking and Investment Group:

Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation.

The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group’s Private Wealth Advisors through Merrill Lynch, Pierce, Fenner & Smith, a registered broker-dealer and member SIPC, and other subsidiaries of Bank of America Corporation.

The banking, credit and trust services sold by the Group’s Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., member FDIC, and other affiliated banks.

Investment products: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.


Bank of America Merrill Lynch:

Retirement Services are provided through Bank of America Merrill Lynch, which is a marketing name. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. Brokerage services may be performed by wholly owned brokerage affiliates of BofA Corp., including MLPF&S.

 

 


U.S. Trust:

Bank of America, N.A. and U.S. Trust Company of Delaware (collectively the “Bank”) do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC.


Global Commercial Banking:

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2015 Bank of America Corporation. All rights reserved. | AR6YKSXX | 04/14/16

 


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