BOFA Securities Inc

FEES AND COMPENSATION
Fees and other requirements may vary as a result of prior policies, or your overall relationship with us. Fees for
the provision and delivery of Research Services are separately negotiated with each client. Additional
components or variations of service may be available if you request and we agree, and will require the payment
of additional fees.
Fees will be determined and agreed to by us and you prior to accepting the Services Documents, and will be
reflected in a schedule to the Services Documents or other written communication. The fees will be payable as
described in the Services Documents, but generally are required to be paid quarterly.

CALCULATION AND DEDUCTION OF ADVISORY FEES
Unless we agree otherwise, fees for Research Services are payable in accordance with the Services
Documents, but generally are required to be paid as invoiced.

OTHER FEES AND EXPENSES
Should you decide to use or purchase our products or services or those of an affiliate, we, our affiliates and
certain of our employees will receive fees and compensation for these products and services. Such fees and
compensation may include commissions, spreads, markups, or markdowns and mutual fund advisory and
distribution fees.
In addition to fees for Research Services, if we are required to collect or pay any sales, gross receipts, excise or
use taxes that are levied on us for providing Research Services, then you will be obligated to pay or reimburse
us for such taxes.

PREPAID FEES
We do not charge fees for Research Services in advance.

 BofAS Research Services Brochure

COMPENSATION FOR THE SALE OF SECURITIES
Our personnel involved in Research Services arrangements are not compensated based on the sale of
securities in connection with providing services for Research Services.
We, our affiliates and employees benefit from the compensation paid to us. Research clients may but are not
required to utilize any of our brokerage or other investment advisory services. That said, you may use other
products or services available from or through BofAS and, in such case, pay additional compensation.
Employees in a sales role who offer these services receive incentive compensation from us.
This practice creates a potential conflict of interest that may give BofAS and BofAS’s sales representatives an
incentive to recommend other advisory services based on the compensation received, rather than on your
needs. See section entitled Participation or Interest in Client Transactions for more information about the
receipt of compensation by us for the sale of securities and other investment products.
We address this conflict through disclosure in this Brochure. In addition, Research has extensive policies
regarding potential conflicts of interest affecting Research personnel.

CONDUCTING BUSINESS THROUGH BOFA SECURITIES
You are neither required to act on any of the Research information provided through Research Services, nor
are you required to transact business with us if you choose to utilize any information or implement any
strategies, recommendations or other ideas contained in Research reports or other Research materials
obtained in connection with Research Services.
As noted above, Research Services are completed upon the delivery thereof. Thereafter, if you choose to
implement any of the investment recommendations or strategies made in Research Services through BofAS,
we will be acting solely as a broker-dealer, not as an investment adviser (unless otherwise agreed in writing). In
executing transactions in accordance with your instructions, we, acting as a broker-dealer, may act as agent or
as principal for our own account.

LIMITATIONS ON BOFA SECURITIES’ ROLE AND RESEARCH SERVICES
We are dually registered as a broker-dealer and an investment adviser, and we offer both brokerage and
investment advisory services. To the extent that we may be deemed to be acting as an investment adviser
under the Services Documents in connection with Research Services, your relationship with us pursuant to
Research Services is strictly limited to the provision of Research Services, as described in the Services
Documents, and does not extend to any brokerage, or other investment advisory or other arrangements or
services that you may have, or enter into, with us or any of our affiliates. If you desire to engage us for
additional services, whether brokerage, investment advisory or otherwise, you should carefully consider the
differences among these types of services before using them and must enter into a separate agreement for
such services. Any such arrangement will be separate and apart from any relationship created by the Services
Documents.
We are also a broker-dealer and offer brokerage services to clients, including trade execution. There are
important differences between brokerage and investment advisory services, including the type of advice and
assistance provided, the fees charged, and the rights and obligations of the parties. Brokerage services are
regulated under different laws and rules than advisory services. Among our many obligations as a broker-
dealer, we will execute transactions upon your instruction, deal fairly with you, and make recommendations
that are suitable in light of your stated risk tolerance, financial needs and investment objectives. As an
investment adviser, we must act solely in your best interest, provide certain specific disclosures and generally

 BofAS Research Services Brochure

act in accordance with the standards of a fiduciary as that term is interpreted under applicable law. Of course,
the above is an exceedingly brief summary, and numerous laws and regulations apply to each capacity as well
as to the specific products or services being provided. It is important for you to understand these differences,
particularly when determining which service or services you might select. You should carefully read all the
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TYPES OF CLIENTS
We provide Research Services when requested by institutional clients, such as pension funds, mutual funds,
insurance companies, hedge funds, private equity funds, trusts and banks, and/or their consultants and
investment advisers. Research clients are not required to open or maintain an account with us in order to
receive Research Services.

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS
Research Services are impersonal in nature and cover a broad range of securities and other investments.
Research reports and other Research Services may be based on one or more of the following methods of
analysis: fundamental, quantitative, technical, strategic, macro, or economic. Research Services do not provide
any investment advice relating to your investment portfolio or the management of assets.
Research analysts perform analysis based on publicly available market, industry, and company data. Research
analysts may also meet or speak with our management and third parties to gather information and data for the
provision of Research Services, all as allowable under applicable federal securities regulations.

CLIENT RESPONSIBILITIES
We will only provide Research Services according to the terms of the Services Documents.
Any information relating to the tax status of financial instruments discussed in Research Services reports is not
intended to provide tax advice or to be used by anyone to provide tax advice. You are urged to seek tax advice
based on your particular circumstances from an independent tax professional.

RISK DISCLOSURE
You should understand that in providing Research Services, we may also rely on third party sources for
information that we believe to be reliable in producing Research Services reports, but in no way do we
guarantee the quality, accuracy, and/or completeness of such third party information or Research Services or
any other information or data related thereto or you or any other authorized user or other person or entity
otherwise obtain or derive in connection with the use of Research Services. We make no express or implied
warranties, and disclaim all warranties of merchantability or fitness for a particular purpose or use, with

 BofAS Research Services Brochure

respect to any part of Research Services or any other information or data related thereto. Without limiting any
of the foregoing, in no event will we or any of our partners, affiliates, employees, officers, directors, or agents
have any liability for an indirect, punitive, special, or consequential damages (including lost profits) to you or
any other person or entity, even if we have been notified of the possibility of such damages.
If you choose to implement any of the investment recommendation or strategies made in Research Services,
you will be subject to investment risk and you may lose money. You should further understand that all
investments involve risk (the amount of which may vary significantly), that performance of any kind can never
be predicted or guaranteed and that the value of your portfolios will fluctuate due to market conditions and
other factors.

MATERIAL RISKS FOR SIGNIFICANT INVESTMENT STRATEGIES
The following is a summary of the material risks associated with Research Services:
    •   Information provided in connection with Research Services is for general use only. Neither the
        information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or
        sell any securities or other investment or any options, futures, or other derivatives related to securities
        or investments. Research Services do not provide personalized investment advice and the information
        provided by Research Services does not take into account the specific investment objectives, financial
        situation, or the particular needs of any specific person.

    •   Investments in general and, derivatives, in particular, involve numerous risks, including, among others,
        market risk, counterparty default risk, and liquidity risk. No security, financial instrument or derivative
        is suitable for all investors. In some cases, securities and other financial instruments may be difficult
        to value or sell and reliable information about the value or risks related to the security or financial
        instrument may be difficult to obtain. Investors should note that income from such securities and
        other financial instruments, if any, may fluctuate and that price or value of such securities and
        instruments may rise or fall and, in some cases, investors may lose their entire principal investment.
        Past performance is not necessarily a guide to future performance. Levels and basis for taxation may
        change.
    •   We may change our views and opinions expressed in Research Services and our views and opinions
        are subject to change without notice. We have exclusive authority to determine the Research Service’s
        coverage of companies, markets and other subjects and topics of Research Services and we can
        terminate, limit or suspend coverage of any such company, market, subject or topic for any or no
        reason. We may limit, suspend or terminate the Research Services in connection with regulatory
        restrictions or our policies.
    •   We are aware that the implementation of the ideas expressed in the report may depend upon your
        ability to “short” securities or other financial instruments and that such action may be limited by
        regulations prohibiting or restricting “short selling” in many jurisdictions. You are urged to seek advice
        regarding the applicability of such regulations prior to executing any short idea contained in the report.
    •   Foreign currency rates of exchange may adversely affect the value, price or income of any security or
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