Low Pricing. Plain and Simple

 
Investing with Merrill Edge
No matter how you choose to invest, you can count on affordable pricing and fees that make it easy to do business with us.
 
Online investing & trading
If you want to put your investing ideas into action, online investing and trading is the way to go. You'll have access to a full range of investments, step-by-step guidance, easy-to-use tools and access to award-winning research.Footnote 1 Learn more about online investing & trading

Stocks & ETFs

Everyday low pricingFootnote asterisk *

Pay one flat rate for stocks and ETF trades with an online investing and trading account — regardless of your account balance or how often you trade.

$6.95

$0 trades—up to 100 per monthFootnote asterisk *

Learn how to qualify for up to 100 $0 online stock and ETF trades per month with Preferred Rewards.Footnote 2 Your small business investing accounts may also qualify for $0 trades with Business Advantage Relationship Rewards.Footnote 3

$0

Other ways to trade

$6.95
Automated
phone trades*Footnote asterisk
$29.95
Representative
Assisted*Footnote asterisk
*Footnote asterisk Other fees may apply. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

Options

Online trades
$6.95
 
per tradeFootnote **
+
$0.75
 
per contract
 
Multi-leg options are charged per leg and contract
Representative-assisted trades
$29.95
 
per tradeFootnote **
+
$0.75
 
per contract
 
Multi-leg options are charged per leg and contract
Exercised/Assigned
 
$6.95
 
per tradeFootnote **
Footnote ** Other fees may apply. In addition to your options commissions, sell orders may be subject a transaction fee (of between $0.01 to $0.03 per $1,000 of principal). If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation.

Mutual funds

Load-waived funds
$0
 
per
transaction
See prospectus for details
No load, no transaction fee funds (NTF)
$0
 
per
transaction
$39.95 short-term redemption fee applies if the
fund is held less than 90 days
No load, transaction fee funds (TF)
$19.95
 
per online
transaction
 
$29.95
 
representative-
assisted
transaction
 
Applies to buys, sells and exchanges
Load funds
See the prospectus for the fund's sales charge
No charge for intra-family exchange
Additional fees may apply. There are costs associated with owning a mutual fund, such as annual operating fees and expenses. This and other important information is included in the prospectus, which should be read carefully before investing. Contact us to obtain a fund's prospectus. For more information about investing in mutual funds at Merrill Lynch, please read the Mutual Fund Investing at Merrill Lynch pamphlet or consult our glossary.

Fixed income & bonds

Type(s) Online trades Representative
Assisted Trades
New issuesFootnote 1, including Brokered CDs $0Footnote 2 $0Footnote 2
Treasuries, including AuctionFootnote 3 and Secondary $0 $29.95 per trade service charge
Other Secondary Trades: Corporate Bonds,
Municipal BondsFootnote 4, and Government Agencies
$1 per bond ($10 min,
$250 max)
$1 per bond ($10 min, $250 max)
+ $29.95 per trade service charge
  1. Agency, Corporate, and Municipal new issue trades are not available online at this time.
  2. The selling commission is included in the offering price.
  3. Treasury auction trades are not available online at this time.
  4. Municipal pricing could include additional mark-up or mark-down if Merrill Lynch or its affiliate is acting as the market maker on the trade.

Margin rates

The Merrill Lynch Base Lending Rate (BLR) is 6.750%. Margin interest rates range from 6.000% - 10.125%.
Loan amount
Margin rate
Effective rate
$10,000,000+
Base - 0.750%
6.000%
$5,000,000 - $9,999,999
Base - 0.500%
6.250%
$1,000,000 - $4,999,999
Base
6.750%
$500,000 - $999,999
Base + 0.625%
7.375%
$100,000 - $499,999
Base + 0.875%
7.625%
$25,000 - $99,999
Base + 2.250%
9.000%
Less than $25,000
Base + 3.375%
10.125%
The BLR (base) fluctuates with current market conditions. Effective March 23, 2018.
Questions: Call 888.637.3343 for pricing details.

Account fees

Annual account fee
$0
Minimum initial investment
$0
Exception: 529 NextGen Direct account
$25
 
 
 
$600
 
Get up to $600 when you invest in a new Merrill Edge account. How to qualify for this offer
 

Additional fees & services

Here's a list of additional fees & services for online investing & trading accounts.
Transfers
Returned ACH debit fee
$30
Full account transfer fee
$49.95
(Not charged in addition to closeout fees)
Partial account transfer fee
No charge
Closeout fee
$49.95
Retirement accounts
 
$0
Non-retirement accounts
Return deposit
$20
Wire transfer fee
$24.95
Domestic or international
Security transfers and fees
Register & ship (non-government security)
$25
Statement of security ownership (DRS eligible)
 
$500
physical certificate of security (Non-DRS eligible)
Government security transfer fee
$125
Fund transfer services returns
$10
Bond coupon deposit fee
$5
Security reorganization
$30
Voluntary
 
$0
Mandatory
Past due exchanges for physical securities
$50
Visa® debit card
Visa debit card
$0
Visa® International transaction fee
2% of the U.S. dollar amount of all transactions occurring outside the U.S. that are submitted to Visa® in a currency other than U.S. dollars
Visa® cash advance fee (non-ATM)
0.25%
of principal
 
$2.50
minimum
Merrill Edge CMA Access® Visa® card
No charge
ATM transaction fee
No charge
Non-Bank of America ATMs may charge a fee for using their ATMs
Check writing & bill payment
Canceled check fee
$3
Returned check fee
$30
Stop payment fee
$25
Unlimited check writing
No charge
Checkbook(s)
No charge
Web bill payment
No charge
Returned ACH debit fee
$30
Statement & documents
Trade confirmation copy requests
$3
Paper statement request
$5
per statement
Overnight mail request
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 

Frequently asked questions

Get answers to questions about our online investing and trading accounts.
How much does it cost to trade?Show answer

Get unlimited online stock and ETF trades for just $6.95 each, with no trade or balance minimums.Footnote asterisk * Learn how to qualify for up to 100 $0 online stock and ETF trades per month with Preferred Rewards.Footnote 2 Your small business investing accounts may also qualify for $0 trades with Business Advantage Relationship Rewards.Footnote 3Hide answer

Footnote asterisk * Other fees may apply. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

What are $0 trades?Show answer

Commissions (normally $6.95) are waived for online stock and ETF trades in qualifying client accounts. Other fees may apply.Footnote asterisk *

$0 trades are available for online stock and ETF trades conducted via self-directed individual, joint, custodial or trust Merrill Edge online brokerage accounts, IRAs or Sole Proprietor SEP IRAs when you enroll in the Bank of America Preferred Rewards program.Footnote 2 Other fees may apply.Footnote asterisk * Learn how to qualify for $0 trades with Preferred Rewards.

You can also qualify for $0 trades if you have a self-directed Working Cash Management Account(s) or self-directed Business Investor Account(s) and enroll in the Business Advantage Relationship Rewards program.Footnote 3 Other fees may apply.Footnote asterisk * Learn how to qualify with Business Advantage Relationship Rewards.

Footnote asterisk *Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

What is options pricing?Show answer

Pay $6.95 per online trade + $0.75 per contract. Multi-leg options are charged per leg and contract.Hide answer

Help when you want it
Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.
Recognized for excellence
J.D. Power Contact Center Certification
Merrill Edge's Contact Centers have been recognized by J.D. Power for providing "An Outstanding Customer Service Experience" for the Live Phone channel for 7 years in a row.Footnote 4
Barron's 2017 Best Online Brokers
One of the best online brokers, receiving 4 out of 5 stars five years in a row (2014, 2015, 2016, 2017, 2018).Footnote 5
Kiplinger's Best Online Brokers 2017
#1 ranked for "Best Online Brokers" 2017, earning 4.5 out of 5 stars overallFootnote 6
Ranked one of the top global research firms by Institutional Investor
One of the top global research firms from 2011-2017Footnote 1
Merrill Edge Guided Investing
Select a goal and get an online investment advisory program that combines the best of online investing with professional portfolio management by Merrill Lynch investment professionals—all at a low cost.Footnote 8 Learn more about Guided Investing
Annual program fee*
0.45%
Minimum initial investment
$5,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the ETFs in your portfolio. Each ETF in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.14% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual ETF expenses could vary; please refer to ETF prospectuses. In addition, the SEC charges a small fee to each sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Guided Investing program brochure (PDF).
 
$600
 
Get up to $600 when you invest in a new Merrill Edge account. How to qualify for this offer
 

Additional fees & services

Here's a list of additional fees & services for Merrill Edge Guided Investing accounts.
Transfers
Full account transfer fee
$49.95
(Not charged in addition to closeout fees)
Partial account transfer fee
No charge
Closeout fee
$49.95
Retirement accounts
 
$0
Non-retirement accounts
Return deposit
$20
Wire transfer fee
$24.95
Domestic or international
Statement & documents
Trade confirmation copy requests
$3
Paper statement request
$5
per statement
Overnight mail request
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 

Frequently asked questions

Get answers to questions about Merrill Edge Guided Investing accounts.
Is there a minimum required to invest in a Guided Investing account? Show answer

Yes. There is a $5,000 minimum for each Guided Investing account. Hide answer

What are the costs for the Guided Investing program?Show answer

You can get started with Guided Investing for as little as $5,000. There is a low 0.45% annual fee, which is charged monthly. For example, if your month-end balance is $10,000, next month's fee would be just $3.75.

There are no trading commissions when our portfolio managers buy or sell ETFs in your account's portfolio. However, there are exchange fees charged by third parties, such as a transaction fee of between $0.01 to $0.03 per $1,000 of the principal for sell orders. In addition, there are fees associated with investing in ETFs, which are listed in each ETF prospectus under "Expenses and Charges." For more details about fees, please review the Merrill Edge Guided Investing program brochure (PDF). Hide answer

Does my Guided Investing account balance count toward my Preferred Rewards tier balance requirement? Show answer

Yes. Preferred Rewards lets you enjoy real benefits and rewards with your Merrill Edge and Bank of America® account balances. Learn more about Preferred Rewards.Hide answer

Help when you want it

Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.

Recognized for excellence

J.D. Power award
Merrill Edge's Contact Centers have been recognized by J.D. Power for providing "An Outstanding Customer Service Experience" for the Live Phone channel for 7 years in a row.Footnote4
Invest with an advisor
Work with a licensed Merrill Edge Financial Solutions Advisor™, who can help you pursue your financial goals and plan for what matters most to you. Learn more about working with an advisor
General investing
Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).
Retirement
Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).
College investing
529 NextGen Select annual account fee
$0
Minimum initial investment
$25
May not be required for certain Maine residents.
Review details about minimum investment
Business accounts
Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).
 
$600
 
Get up to $600 when you invest in a new Merrill Edge account. How to qualify to get up to $600 with a new online investing and trading account
 

Additional fees & services

Here's a list of additional fees & services for accounts invested with an advisor.
Transfer fees
Full account transfer fee (retirement accounts)Footnote 7
$75
Full account transfer fee (non-retirement accounts)Footnote 7
$95
Partial account transfer fee
$0
Closeout fee (retirement accounts only, not charged in addition to transfer fee)
$75
Return deposits
$15
Wire transfer fee
$30 (branch), $15 (online)
Domestic
 
$0
International
Returned ACH debit fee
$10
Check writing & bill payment
Returned check fee
$25
Stop payment fee
$25
Statement & documents
Trade confirmation copy requests
$3
Paper statement request
$5
per statement
Overnight mail request
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 

Help when you want it

Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.

Recognized for excellence

J.D. Power award
Merrill Edge's Contact Centers have been recognized by J.D. Power for providing "An Outstanding Customer Service Experience" for the Live Phone channel for 7 years in a row.Footnote 4
Footnote 
Institutional Investor magazine announced BofA Merrill Lynch Global Research as one of the top global research firms from 2011-2017 based on surveys held throughout the year. The magazine creates rankings of the top research analysts in a wide variety of specializations, drawn from the choices of portfolio managers and other investment professionals at more than 1,000 firms. BofA Merrill Lynch Global Research is equity research produced by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and/or one or more of its non-U.S. affiliates. MLPF&S is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation. For more information about this award, go to https://www.institutionalinvestor.com/article/b15x58zthqmjry/the-worlds-best-research-firm. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
Footnote 2 $0 trades are only available with an individual or joint Merrill Edge self-directed brokerage account. When placing a trade, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) determines whether you meet the balance or relationship requirements to qualify that trade for the $0 waiver. To determine the number of qualifying trades, MLPF&S adds the qualifying trades in your individual accounts and joint accounts. Commission fees apply when qualification requirements are not met, or when you exceed the number of qualifying trades a month. Brokerage fees associated with, but not limited to, margin transactions, option trading, special stock registration/gifting, account transfer and processing, research request and termination apply.

  1. Commissions are waived for 30 online stock or ETF trades each month on behalf of MLPF&S, for customers who are Preferred Rewards Platinum clients
  2. Commissions are waived for 100 online stock and ETF trades each month on behalf of MLPF&S, for customers who meet either one of the following criteria:
  1. Client of Preferred Rewards Platinum Honors
  2. Client of U.S. Trust
This offer does not apply to Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and certain fiduciary accounts held at MLPF&S. Other fees and restrictions may apply. Relationship requirements and pricing are subject to change and/or termination without advance notice. To learn more about the ways to qualify for $0 trades, call 888.MER.EDGE (888.637.3343).

You are eligible to enroll in the Preferred Rewards program if you have an active, eligible Bank of America personal checking account and maintain a three month average combined balance in your qualifying Bank of America deposit accounts and/or your qualifying Merrill Edge and Merrill Lynch investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. SafeBalance Banking accounts do not count towards the account or balance requirements, and do not receive the fee waivers and other benefits of the program. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Employee qualification requirements, please visit the Employee Financial Services website. The Preferred Rewards Gold tier does not include the $0 online stock and ETF trades via Merrill Edge®, a benefit that is currently available at the Platinum and Platinum Honors tiers of Preferred Rewards.

Merrill Lynch Wealth Management clients with greater than $250,000 in assets with Bank of America and Merrill Lynch are not eligible for Preferred Rewards but have access to other benefits through Banking Rewards. Please speak with your Merrill Lynch financial advisor for details.

Footnote 
Eligibility: Commissions are only waived for online stock and ETF trades conducted via an online investing and trading Merrill Edge Self-Directed Working Cash Management Account® or Merrill Edge Self-Directed Business Investor Account.

Merrill Edge waives its commission fee for:
  • 30 monthly online stock & ETF trades for Platinum tier clients
  • 100 monthly online stock & ETF trades for Platinum Honors tier clients
For details about commissions, transaction fees and any other fees that may apply, visit merrilledge.com/pricing. Certain account types are not eligible. Other restrictions may apply. Relationship requirements and pricing are subject to change and/or termination without advance notice. For full details about ways to qualify for $0 trades, call 888.MER.EDGE (888.637.3343).

Business Advantage Relationship Rewards (the program) is only available to Small Business, Merrill Lynch® Small Business, and U.S. Trust® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program if you have an active, eligible Bank of America business checking account, and maintain a combined balance in your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill Edge® and/or Merrill Lynch® business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on your average daily balance for a three calendar month period. U.S. Trust® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your U.S. Trust relationship. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Program launch date and benefits subject to change.
Footnote 
J.D. Power 2017 Certified Contact Center ProgramSM recognition is based on successful completion of an audit and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. For more information, visit www.jdpower.com/ccc. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
Footnote 
Merrill Edge was one of 19 brokers evaluated in the Barron's 2018 Best Online Broker Survey, March 26, 2018. Barron's evaluated firms in—Trading Experience & Technology, Usability, Mobile, Range of Offerings, Research Amenities, Portfolio Analysis & Reports, Customer Service, Education, Security and Costs-to rate the firms. Merrill Edge earned the top overall score of 32.7 out of a possible 40. Learn more at http://webreprints.djreprints.com/54692.html. Barron's is a trademark of Dow Jones & Co., L.P. All rights reserved. Reprinted with permission of Barron's. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
Footnote 
Merrill Edge was ranked #1 overall (tied with Fidelity) out of 7 online brokers by Kiplinger's Personal Finance's "Best Online Brokers," survey October 2017. To be included, firms had to offer online trading of stocks, ETFs, funds and individual bonds. Results based on ratings in the following categories: Total Commissions Score, Breadth of Investment Choices, Tools, Research, Ease of Use, Mobile Access, and Advisory Services. Learn more at http://www.kiplinger.com/slideshow/investing/T023-S002-best-online-brokers-2017/index.html from Kiplinger's Personal Finance, October 2017 © 2017 The Kiplinger Washington Editors. Used under License. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
Footnote 7 The fee is not charged when transferring to another internal account.

Footnote 8 Global Wealth & Investment Management Chief Investment Office ("CIO") develops the investment strategies for Merrill Edge Guided Investing, including providing its recommendations of ETFs and related asset allocations. Managed Account Advisors LLC ("MAA"), Merrill Lynch's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Edge Guided Investing strategies for client accounts, including facilitating the purchase and sale of ETFs in client accounts and updating account asset allocations when the CIO's recommendations change while also implementing any applicable individual client or firm restriction(s).

Please review the Merrill Edge Guided Investing program brochure (PDF) for important information including pricing, rebalancing, and the details of the investment advisory program. Your recommended investment strategy will be based solely on the information you provide to us for this specific investment goal and is separate from any other advisory program offered with us. This program is not offered through an advisor. Merrill Edge investment advisory programs are offered by MLPF&S. MLPF&S and Managed Account Advisors LLC (MAA) are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training.

The NextGen Plan is a Section 529 plan administered by the Finance Authority of Maine. Before you invest in the NextGen plan, request a NextGen College Investing Plan Program Description from us and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in the NextGen plan, which you should carefully consider before investing. You also should consider whether your home state or your designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 plan. Section 529 plans are not guaranteed by any state or federal agency. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the program manager, underwriter and distributor.

Equity securities sold through Merrill Edge self-directed investing are subject to stock market fluctuations that occur in response to economic and business developments.

Options Trades: Options involve risk and are not suitable for all investors. Certain requirements must be met to trade options. Before engaging in the purchase or sale of options, investors should understand the nature of and extent of their rights and obligations and be aware of the risks involved in investing with options. Prior to buying or selling an option, clients must receive the options disclosure document " Characteristics and Risks of Standardized Options." Call the Investment Center at 877.653.4732 for a copy. A separate client agreement is needed. Orders which involve multiple option transactions will be charged a separate commission on each leg of the option order.

Mutual Funds: While no-load funds do not assess sales charges, fund shares are subject to management fees and certain other expenses. Redemption fees may also apply. Merrill Lynch receives remuneration from participating fund companies. In addition to receiving dealer concessions and asset-based sales charges and/or services fees in connection with clients' purchasing and holding mutual fund shares, Merrill Lynch and its affiliates provide other services for which they may receive additional compensation from funds or their affiliates. This compensation is generally disclosed in a fund's prospectus which is available from an Investment Center representative and in the Guide to Mutual Fund Investing, which is available here. For specific mutual fund family compensation information, please contact the Investment Center.

Fund shares may be redeemed directly with the Fund without payment of the Merrill Lynch Short-Term Redemption fee. Additional transfer fees may apply.

Many Load Funds offer various sales charge discounts or waivers depending on the terms of the prospectus and/or statement of additional information. You should consult a fund's prospectus and/or statement of additional information to determine whether you may qualify for a discount or waiver. Notify an Investment Center representative if you believe you qualify for any of these discounts or waivers. Call the Investment Center at 877.653.4732 for assistance.

Mutual fund share prices fluctuate in accordance with market and economic conditions and it's possible to lose money by investing in mutual funds.

Fixed Income: Fixed income orders contain order information on Agency Discounts/Notes/Bonds, Certificates of Deposit, Corporate Bonds, Municipal Bonds and Treasury Bond investment vehicles.

Exchange Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost.

A Brokered Certificate of Deposit is different than a bank Certificate of Deposit. It is sold for a bank by a broker while a Certificate of Deposit can be purchased directly from a bank. Brokered CDs may offer higher rates of return, but their value may fluctuate with changing interest rates. Banking products are provided by Bank of America, N.A. and affiliated banks. Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

DRS Eligible refers to securities held electronically at transfer agent (Direct Registration System). Non-DRS Eligible security fee is equal to amount charged to Merrill Edge by the Depository Trust & Clearing Corporation.

The offering of cash rewards, free trades, waiver of fees (including account fees), and/or any other thing of value may not be used as an inducement to sell any kind of insurance, including life insurance or annuities.

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