Mutual Fund Investing At Merrill Lynch
Merrill Personal Advisor PrograClient AgreementMutual Fund Investing at Merrill LynchA Client Disclosure PamphletJanuary 2021Merrill Lynch, Pierce, Fenner & Smith IncorporatedOne Bryant ParkNew York, N.Y. 100361.800.MERRILL1Code 311619PM-0210
Table of ContentsIntroduction2-3U.S. Registered Mutual Fund Share Classes3–7Front-End Sales Charge and Contingent Deferred Sales Charge (CDSC) Waiversand Discounts at Merrill Lynch7-8Asset-Based Fee Programs8-99Retirement & Benefit Plan Services Programs9-10Merrill Edge Self-Directed InvestingCompensation of Merrill Lynch Financial Advisors and Their Managers10-12Additional Merrill Lynch Services and Compensation12-14Money Market Mutual Funds14-1616Purchases, Sales and Transfers16-17Other Services18AppendixMutual Funds are not FDIC insured; are not deposits or obligations of, or guaranteed by, any financial institution; and are subject toinvestment risks, including possible loss of the principal amount invested. Investment return and principal value will fluctuate so that aninvestor’s shares, when redeemed, may be worth more or less than their original cost.Prospectuses for mutual funds can be obtained through the investor’s sign-in area of merrilledge.com. Clients of Merrill Advisory Centercan also call 1.888.654.6837. If you’re not currently a Merrill Edge client, please call 1.888.637.3343.Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investmentproducts sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”).MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.Investment products:Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose ValueMerrill Lynch is providing this third-party website only as a convenience and the inclusion of the website does not imply anyendorsement, approval, investigation, verification or monitoring by Merrill Lynch or any of its affiliates of any content or informationcontained within or accessible from the website. Merrill Lynch and its affiliates do not control the accuracy, completeness,timeliness or appropriateness of the content or information on the website. If you choose to visit the website you will be subject toits terms of use and privacy policies, over which Merrill Lynch and its affiliates have no control. In no event will Merrill Lynch or anyof its affiliates be responsible for any information or content within the website or your use of the website.The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets;portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bankof America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & SmithIncorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary ofBofA Corp. This information should not be construed as investment advice and is subject to change. It is provided for informationalpurposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or aspecific invitation for a consumer to apply for, any particular retail financial product or service that may be available. 2021 Bank of America Corporation. All rights reserved.MAP3321393 2016 Bank of America Corporation. All rights reserved.1ARXXXXXX351205PM-0417
Mutual Fund Investing at Merrill LynchDisclosure Statement (Continued)Introductionfund company or its distributor, or through otherfinancial intermediaries, without paying a fee orsales charge to Merrill Lynch or for lower fees andexpenses. Further, some mutual funds haveinvestment strategies that can be substantiallysimilar to the strategies of other investmentproducts, such as exchange traded funds andseparately managed accounts. These investmentproducts can have lower costs and expenses buthave different features than those offered bymutual funds (e.g., exchangeability, certaindiscounts and waivers, or daily net asset value). AMerrill Lynch Financial Advisor’s compensationvaries based on the type of investment product,therefore a Merrill Lynch Financial Advisor canreceive more or less compensation if you invest ina mutual fund over another investment product.When selecting a mutual fund that fits your needs,there are several key factors to consider: The fund’s investment strategyThe fund’s risk profileThe fund’s investment performanceThe fund’s relationship to your overallasset allocation strategy, investment timehorizon and liquidity needsThe fund’s managerThe fund’s fees and expenses, which willreduce investment returnsThis pamphlet offers information about fees andexpenses for the U.S. registered mutual fundshare classes available through Merrill Lynch,Pierce, Fenner & Smith Incorporated (“MerrillLynch”) as well as the compensation thatMerrill Lynch earns with respect to those funds.A review by or under the supervision of personnelof the Chief Investment Office (“CIO”), referred toas the “CIO Review Process,” is conducted oneach mutual fund that Merrill Lynch makesavailable to its clients. The CIO Review Processconsists of (1) proprietary evaluation processesconducted by the CIO, and (2) processes andreviews provided by third parties that Merrill Lynchhas engaged for this purpose. The third-partyreviewers apply evaluation processes that aregenerally consistent with, but not identical to, themulti-factor processes that the CIO applies. MerrillLynch, through the CIO, reviews such third-partyreviewers’ evaluation processes on an ongoingbasis and believes that such processes arereasonable and appropriate. Please note thatMerrill Lynch and the third-party reviewers candiffer with respect to their approach to analyzingand rating particular funds or share classes offunds. Accordingly, in certain instances, MerrillLynch may continue to make available to clientsfunds or share classes that have been assigned anegative rating by such third-party reviewers; thisis particularly likely to occur where a third-partyreviewer’s negative rating is driven solely byreference to the internal expenses associated witha particular share class, and not the total cost ofownership of such share class to the client. TheCIO Review Process does not impact investmentchoices in a Merrill Edge self-directed investingaccount.Merrill Lynch, a wholly owned subsidiary of Bankof America Corporation (“BofA Corp”), offers awide range of investment products and services,including many different open-end mutual funds.Mutual funds available through Merrill Lynchinclude (i) funds that are registered in the UnitedStates and typically only offered for sale to “U.S.persons” (“domestic” mutual funds) and (ii) fundsthat are domiciled outside of the United Statesand typically only available to people or entitiesthat are not “U.S. persons” under Regulation S ofthe Securities Act of 1933 (“offshore” mutualfunds). This pamphlet only refers to domesticmutual funds. For information about offshoremutual funds at Merrill Lynch, refer to the OffshoreMutual Fund Investing Pamphlet atwww.ml.com/funds.Merrill Lynch offers its products, accounts andservices through different service models; forexample: Full-service- Clients who work with afinancial advisor in some capacity, orSelf-directed- Clients who manage theirown accounts and do not have anadvised relationship.Based on the service model, the same orsimilar products, accounts and services mayvary in their price or fees charged to a client.For more information on any mutual fund, pleaserequest a summary prospectus, and/or a fullprospectus from your Merrill Lynch FinancialAdvisor, Merrill Financial Solutions AdvisorIn addition, you may be able to purchase mutualfunds or share classes directly from the mutual 2016 Bank of America Corporation. All rights reserved.2ARXXXXXX351205PM-0417
Mutual Fund Investing at Merrill LynchDisclosure Statement (Continued)horizon.(“Financial Solutions Advisor”) or Merrill Edge selfdirected investing Investment Centerrepresentative (“Investment Centerrepresentative”) and read it carefully. Beforeinvesting, carefully consider the investmentobjectives, risks, and charges and expenses ofthe fund. This and other information can be foundin the fund’s prospectus.How it works: When buying Class A shares, afront-end sales charge ranging from 0.00% to5.75% is deducted from your initial investment atthe time of purchase. When you purchase Class Ashares through a Merrill Lynch Financial Advisor,Merrill Lynch generally only permits purchases ofan amount of Class A shares where the salescharge is 3.5% or lower. The amount of the salescharge you pay varies based upon factors such asthe fund’s particular sales charge schedule,whether you are eligible for any discounts orwaivers and/or the asset class of the fund. Basedon your investment needs, if you are unable tocomplete the purchase of Class A shares due tothe maximum 3.5% sales charge, you can chooseto invest the same dollar amount in Class Cshares or purchase an amount of Class A sharesthat would bring the sales charge to 3.5% orlower. Most of this front-end sales charge is paid toMerrill Lynch as a “dealer concession” or “dealercommission” and a portion of that amount is paid toyour Merrill Lynch Financial Advisor (seediscussion below).U.S. Registered Mutual Fund Share ClassesIn order to accommodate different investingneeds, many mutual funds offer more than one“class” of shares – generally Class A, Class C,and no-load shares. Each share class representsan interest in the same mutual fund’s investmentportfolio, but with different fees and expenses.An investor who holds a more expensive shareclass of a mutual fund will pay higher fees overtime—and earn lower investment returns—thanan investor who holds a less expensive shareclass of the same fund. At Merrill Lynch, certainshare classes offered by a mutual fund arelimited to specific service models. For example,certain low-load and no-load mutual fund shareclasses are available only through certain MerrillLynch asset-based fee programs and MerrillEdge self-directed investing accounts, asdescribed more fully below. However, theseshare classes generally are not available toclients purchasing mutual funds in a full-servicebrokerage account. Additionally, certain shareclasses that impose sales charges (which aredescribed directly below) are available throughmore than one service model, including MerrillEdge self-directed investing accounts. Forinformation about a particular mutual fund’s shareclasses, you should review the fund’sprospectus, including the fee table.A fund may offer discounts on, or waivers of, afront-end sales charge depending on the termsset forth in the fund’s prospectus and/or statementof additional information. For example, currentofficers, directors, or employees of the fundcompany and its affiliates or their family membersmay qualify for a sales charge waiver.Additionally, less expensive share classes may beavailable to you depending on the eligibility termsset forth in the fund’s prospectus and statement ofadditional information. The conditions under whichthese discounts, waivers or shareholder rights areavailable vary among fund families and financialintermediaries (like Merrill Lynch) who offer thefund’s shares to their clients.The Financial Industry Regulatory Authority(FINRA) maintains a Mutual Fund ExpenseAnalyzer tool on its website atwww.finra.org/fundanalyzer that may help youin making a decision about which share classis best for you.If you purchase shares through certain MerrillLynch platforms or accounts you may be eligiblefor the discounts, waivers of front-end salescharges or different share classes as described inthe “Front-End Sales Charge and CDSC Waiversand Discounts at Merrill Lynch” section below andin the Merrill Lynch-specific disclosure in theparticipating funds’ prospectuses. Reinstatement,breakpoints, rights of accumulation and letters ofintent are types of sales charge waivers ordiscounts available at Merrill Lynch. The availabilityof these discounts, waivers of front-end salescharges or different share classes may also varyClass A Shares. Class A shares, often referred toas “front-end load” shares, typically impose a frontend sales charge, also known as a “load”, whichyou pay at the time of purchase. However, thesefunds typically have lower annual operatingexpenses than Class C shares, so they can bemore economical for investors who have anintermediate to longer-term investment time 2016 Bank of America Corporation. All rights reserved.3ARXXXXXX351205PM-0417
Mutual Fund Investing at Merrill LynchDisclosure Statement (Continued)depending on the Merrill Lynch service model youselect. As such, some of the funds’ discounts,waivers or different share classes are notavailable at Merrill Lynch and are available only ifyou purchase the fund directly from the mutualfund company or its distributor, or throughfinancial intermediaries other than Merrill Lynch.fees are not eligible for reinstatement at MerrillLynch.For more information on reinstatement privilegesat Merrill Lynch see “Front-End Sales Charge andCDSC Waivers and Discounts at Merrill Lynch”below or the Merrill Lynch-specific disclosure inthe participating fund’s prospectus. You may beable to obtain other reinstatement privileges if youhad eligible purchases made directly with the fundor through the fund’s distributor that are notavailable if you purchased the fund through MerrillLynch.Some fund families do not participate in certaindiscounts, waivers and/or share class exchangerights available at Merrill Lynch (“Non-ParticipatingFund Families”). Accordingly, it is important to notethat in such cases, Merrill Lynch discounts, waiversof front-end sales charges or share class exchangerights are not available with respect to shares of thefunds of the Non-Participating Fund Families. If youhold shares of funds from Non-Participating FundFamilies in your Merrill Lynch account, you areeligible for the CDSC waivers and Class C shareconversion rights set forth in the fund’s prospectus,if applicable. For a list of participating fund families,see the Appendix at the end of this pamphlet.Consult the fund’s prospectus or statement ofadditional information for information on availablefront-end sales charge discounts, waivers andeligibility for different share classes. Talk with yourMerrill Lynch Financial Advisor, Financial SolutionsAdvisor or Investment Center representative if youbelieve you qualify for a discount, waiver, or adifferent share class and to determine whether andhow they apply at Merrill Lynch.Breakpoints and Rights of Accumulation: Mutualfunds issuing Class A shares generally offerdiscounts, called “breakpoints,” on the front-endsales charge for larger investments or additionalinvestments within the same fund family. Forexample, a mutual fund might impose a front-endsales charge of 3.00% for investments between 50,000 and 99,999, but reduce the charge to2.50% for investments between 100,000 and 249,999, and further reduce or eliminate thefront-end sales charge for even larger investments.Mutual fund investors are typically permitted toaggregate holdings in related accounts (such asyour own or those of certain family members) tocalculate the appropriate breakpoint (called “rightsof accumulation”). A Merrill Lynch FinancialAdvisor, Financial Solutions Advisor or InvestmentCenter representative can help you determinewhether you are eligible for any breakpointdiscounts.Reinstatement of Class A Shares: Reinstatementprivileges allow investors who have recently soldshares to purchase new shares of the same shareclass, within the same fund family, up to the dollaramount of the sale proceeds with no sales charge.Merrill Lynch will apply reinstatement privileges foraccounts that had sold Class A shares less than90 days prior to purchasing new Class A shares ofany fund from the same fund family.Check the fund’s prospectus and statement ofadditional information to obtain fund-specificinformation on breakpoint discounts. It is yourresponsibility to notify your Merrill Lynch FinancialAdvisor, Financial Solutions Advisor or InvestmentCenter representative of any holdings of a specificfund family held by your related accounts, whetherat Merrill Lynch, another firm, or directly at the fundin order to ensure that the most advantageousbreakpoint is applied.Reinstatement privileges at Merrill Lynch will onlyapply when the purchase and redemptiontransactions occur in the same account. BecauseClass A shares with no sales charges have lowerannual 12b-1 and/or service fee than Class Cshares, if you qualify for reinstatement privilegesfor Class A shares, you will not be able topurchase Class C shares of the same fund familyuntil you use the full reinstatement privileges towhich you are entitled. Automated transactions(i.e. systematic purchases and withdrawals) andpurchases made after shares are automaticallysold to pay Merrill Lynch’s account maintenance 2016 Bank of America Corporation. All rights reserved.Letter of Intent: A Letter of Intent (“LOI”) is awritten statement that you sign to express yourintent to invest a specific dollar amount of shareswithin a fund family within a specified time period(usually 13 months) that if bought all at once,would entitle you to an applicable breakpointdiscount. Keep in mind that if you do not purchasethe amount committed to within the specified timeperiod, a sufficient amount of your fund shares4ARXXXXXX351205PM-0417
Mutual Fund Investing at Merrill LynchDisclosure Statement (Continued)can be sold to collect the difference between thefull sales charge stated in the fund’s prospectusapplicable to your actual purchase amount andthe reduced sales charge that was originallycharged to you. Any share class for which nofront-end sales charge is paid cannot counttowards the dollar amount of the LOI. MerrillLynch only offers an LOI feature with participatingfund companies; see “Front-End Sales Chargeand CDSC Waivers and Discounts at MerrillLynch” below or the Merrill Lynch-specificdisclosure in the participating fund’s prospectus.For more information, notify your Merrill LynchFinancial Advisor, Financial Solutions Advisor orInvestment Center representative if you intend tomake additional future purchases within the samefund family in order to benefit from an LOI, toobtain more information on the Merrill Lynch LOI,or to request a copy of the Merrill Lynch LOI form.Purchases made outside of Merrill Lynch do notcount towards any existing LOI established atMerrill Lynch.fee that ranges from between 0.00% and 0.50%of the net assets of the Class A shares. The 12b1 and/or service fee for most funds offered at MerrillLynch typically ranges between 0.20% and 0.30%.This annual 12b-1 and/or service fee is used tocompensate the fund’s distributor and/or firms likeMerrill Lynch for distribution and/or ongoingpersonal shareholder services, maintenance ofshareholder accounts, and/or related services, ifapplicable. A portion of this amount is paid to yourMerrill Lynch Financial Advisor (see discussionbelow).Breakpoints, rights of accumulation, and LOIs canhelp reduce sales charges for investments withinthe same fund family. Investors can choose toinvest across multiple fund families for manyreasons, including potential diversification, as wellas having the ability to invest in fund strategiesthat may not be available within the same fundfamily. It is important to consider that investingacross multiple fund families reduces theopportunity to qualify for breakpoint, rights ofaccumulation, and LOI discounts or benefits.Class B Shares. Class B shares, often referred to as“back-end load” shares, typically do not impose afront-end sales charg
U.S. Registered Mutual Fund Share Classes In order to accommodate different investing needs, many mutual funds offer more than one “class” of shares – generally Class A, Class C, and no-load shares. Each share class represents an interest in the same mutual fund’s in
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