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Mutual Fund Investing at Merrill Lynch

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Mutual Fund Investing at Merrill Lynch Merrill Lynch Personal Advisor Progra Client Agreement Mutual Fund Investing at Merrill Lynch A Client Disclosure Pamphlet April 2017 Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park New York, N.Y. 10036 1.800.MERRILL 1 Code 311619PM-0210 Mutual Fund Investing at Merrill Lynch Table of Contents Introduction 2 U.S. Registered Mutual Fund Share Classes 2–6 Front-End Sales Charge and CDSC Waivers and Discounts at Merrill Lynch 6-7 Asset-Based Fee Programs 7 Retirement & Benefit Plan Services 7 Merrill Edge® Self-Directed Investing 7-8 Compensation of Merrill Lynch Financial Advisors and Their Managers 8 Additional Merrill Lynch Services and Compensation 8-9 Money Market Mutual Funds 9-10 Purchases, Sales and Transfers 10-11 Other Services 11 Appendix 12 Mutual Funds are not FDIC insured; are not deposits or obligations of, or guaranteed by, any financial institution; and are subject to investment risks, including possible loss of the principal amount invested. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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”). Merrill Edge® is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self- directed online investing. Prospectuses for mutual funds can be obtained through the investor’s sign-in area of merrilledge.com. Clients of Merrill Edge Advisory Center can also call 1.888.654.6837. If you’re not currently a Merrill Edge client, please call 1.888.637.3343. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, a registered investment adviser and Member SIPC. Merrill Lynch is providing this third-party website only as a convenience and the inclusion of the website does not imply any endorsement, approval, investigation, verification or monitoring by Merrill Lynch or any of its affiliates of any content or information contained 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 to its terms of use and privacy policies, over which Merrill Lynch and its affiliates have no control. In no event will Merrill Lynch or any of its affiliates be responsible for any information or content within the website or your use of the website. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of BofA Corp. © 2017 Bank of America Corporation. All rights reserved. AR47X94D © 2016 Bank of America Corporation. All rights reserved. 1 ARXXXXXX 351205PM-0417 Mutual Fund Investing at Merrill Lynch Disclosure Statement (Continued) Introduction representative”) and read it carefully. Before In selecting a mutual fund that best suits your investing, carefully consider the investment needs, there are several key factors to consider: objectives, risks, and charges and expenses of the fund. This and other information can be found ñ The fund’s investment strategy in the fund’s prospectus. ñ The fund’s risk profile ñ The fund’s investment performance U.S. Registered Mutual Fund Share Classes ñ The fund’s relationship to your overall asset allocation strategy and investment In order to accommodate different investing time horizon needs, many mutual funds offer more than one ñ The fund’s fees and expenses, which will “class” of shares – generally Class A, Class B reduce investment returns and Class C shares. This pamphlet offers information about fees and Each share class represents an interest in the expenses for the U.S. registered mutual fund same mutual fund’s investment portfolio, but with share classes available through Merrill Lynch, different fees and expenses. At Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill certain share classes offered by a mutual fund Lynch”) as well as the compensation that may be limited to specific service models. For Merrill Lynch earns with respect to those funds. example, certain low-load and no-load mutual fund share classes may be available only through Merrill Lynch, a wholly owned subsidiary of Bank a Merrill Edge self-directed investing account, of America Corporation (“BofA Corp”), offers a as described more fully below. However, these wide range of investment products and services, share classes generally are not available to including many different open-end mutual funds. clients purchasing mutual funds in a full-service Mutual funds available through Merrill Lynch account. And certain share classes that impose include (i) funds that are registered in the United States and typically only available to “U.S. sales charges (which are described directly persons” and (ii) funds that are domiciled outside below) may be available through more than one of the United States and typically only available to service model, including a Merrill Edge self- people or entities that are not “U.S. persons” directed investing account. For information under Regulation S of the Securities Act of 1933. about a particular mutual fund’s share classes, you The latter are called “offshore” mutual funds. This should review the fund’s prospectus, including pamphlet only refers to U.S. registered mutual the fee table. funds. For information about offshore mutual funds at Merrill Lynch, refer to our Offshore The Financial Industry Regulatory Authority Mutual Fund Investing Brochure at (FINRA) maintains a Mutual Fund Expense www.ml.com/offshorefunds. Analyzer tool on its website at finra.org that may help you in making a decision about Merrill Lynch offers its products, accounts and which share class is best for you. services through different service models; for example: Class A Shares. Class A shares, often referred to ñ Full-service- Clients who work with a as “front-end load” shares, typically impose a front- financial advisor in some capacity, or end sales charge, also known as a “load”, which ñ Self-directed- Clients who manage their you pay at the time of purchase. However, these own accounts and do not have an funds typically have lower annual operating advised relationship. expenses than Class B and Class C shares, so they can be more economical for investors who Based on the service model, the same or have an intermediate to longer-term investment similar products, accounts and services may time horizon and have greater than $100,000 in vary in their price or fees charged to a client. aggregated assets to invest in a fund family’s For more information on any mutual fund, please equity funds or greater than $50,000 in request a summary prospectus, and/or a full aggregated assets to invest in a fund family’s prospectus from your Merrill Lynch Financial fixed income funds. Advisor, Merrill Edge Financial Solutions Advisor (“Financial Solutions Advisor”) or Merrill Edge self- How it works: When buying Class A shares, a directed investing Investment Center front-end sales charge that typically does not representative (“Investment Center exceed 5.75% is deducted from your initial © 2016 Bank of America Corporation. All rights reserved. 2 ARXXXXXX 351205PM-0417 Mutual Fund Investing at Merrill Lynch Disclosure Statement (Continued) investment at the time of purchase. Most of this waivers or discounts available at Merrill Lynch. front-end sales charge is paid to Merrill Lynch as a “dealer concession” or “dealer commission” and a Reinstatement: Reinstatement privileges allow portion of that amount is paid to your Merrill Lynch investors who have recently sold shares to Financial Advisor (see discussion below). purchase new shares of the same share class, fund family, and up to the same quantity with no You may be eligible for discounts on, or waivers of, sales charge. At Merrill Lynch, we will apply a front-end sales charge depending on the terms reinstatement privileges for accounts that had sold set forth in the fund’s prospectus and/or statement Class A shares less than 90 days prior to of additional information. For example, current purchasing new Class A shares of any fund from officers, directors, or employees of the fund the same fund family. Reinstatement privileges at company and its affiliates or their family members Merrill Lynch will only apply when the purchase may qualify for a sales charge waiver. Additionally, and redemption transactions occur in the same less expensive share classes may be available to account. Because Class A shares with no sales you depending on the eligibility terms set forth in charges have lower annual asset-based service the fund’s prospectus and statement of additional fees than Class B or Class C shares, if you qualify information. The conditions under which these for reinstatement privileges for Class A shares, discounts, waivers or shareholder rights are you will not be able to purchase Class B and available vary among fund families and the Class C shares of the same fund family until you financial intermediaries who offer the fund shares use the full reinstatement privileges to which you to their clients. If you purchase shares through a are entitled. Merrill Lynch platform or account you may be eligible for the waivers and discounts as described For more information on reinstatement privileges in the “Front-End Sales Charge and CDSC Waivers at Merrill Lynch see “Front-End Sales Charge and and Discounts at Merrill Lynch” section below. The CDSC Waivers and Discounts at Merrill Lynch” availability of these discounts, waivers of front-end below. You may be able to obtain additional sales charges or beneficial share classes may also reinstatement privileges on eligible purchases vary depending on the Merrill Lynch service model made directly from the fund or though the fund’s you select.
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