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This is your starting point for building fundamental investing skills, finding the right approach for you and learning to invest for your unique goals.
Defining your goals
Think about what you're investing for (like buying a home or saving for retirement). Your investing approach should consider your goals, when you'll need the money, your risk tolerance and your liquidity or cash needs.
- Write your goals down
Start by describing what's most important to you and when you want to achieve these goals (e.g., 1 year, 5 years, 10+ years). - Define your priorities
Determining which goals are most critical and identifying them as short- or long-term can help you create a plan for whether to save or invest and how to allocate your resources. Most people will have to pursue multiple goals at the same time. - Determine how much you'll need to save
Budget for essential goals first, then move on to other goals on your priority list. - Consider the timeframe of your goals
Decide how soon you'll need the money you are saving or investing. - Review your plan periodically
Modify your goals as your life circ*mstances or timelines change.
The importance of time in the market
Graph assumes an average 7% return and is used for illustration purposes only.
This is hypothetical example for illustration purposes only. Had a different growth rate been used in this example the results would vary. No rate can be guaranteed.
Graph assumes an average 7% return and is used for illustration purposes only.
This is hypothetical example for illustration purposes only. Had a different growth rate been used in this example the results would vary. No rate can be guaranteed.
See the impact of investing earlier
Even if you're only investing a small amount to begin, investing earlier could help your money grow more than investing larger amounts later in life.
This exhibit shows a bar graph illustrating the power of compounding. The bar graph is as follows: ,Bar 1: $50 per month is invested each month from ages 20 to 60,White box with blue text Total Return - $120K,Blue box with white text Total Monthly Contributions - $24K,Bar 2: $100 per month is invested each month from ages 30 to 60,$100 per month from ages 30-60,White box with blue text Total Return - $113K,Blue box with white text Total Monthly Contributions - $36K,Bar 3: $200 per month is invested each month from ages 40-60,White box with blue text Total Return - $98K,Blue box with white text Total Monthly Contributions - $48KGraph assumes an average 7% return and is used for illustration purposes only.This is hypothetical example for illustration purposes only. Had a different growth rate been used in this example the results would vary. No rate can be guaranteed.
Watch the video to learn more about time in the market
Time has the potential to benefit the growth of your investing accounts. Hear from a Merrill expert on how starting early could impact your financial future.
PlayVideo 3:06[+] View transcript
The Effect of Time on Your Investments
[Music in background throughout]
[On Screen: Lauren Sanfilippo]
Please read important Information at the end of this video. Recorded 11.02.2022
Hi. Oh, am I going? Sorry .
Hi, I'm Lauren Sanfilippo, Senior Investment Strategist with Bank of America's Chief Investment Office.
[Text on Screen: LOWER 3rd]
Lauren Sanfilippo
Senior Investment Strategist, Chief Investment Office
Merrill and Bank of America Private Bank
A lot of people ask me, when's the best time to start investing? In my opinion, as soon as possible!
[Text on Screen]
When Should I start investing?
ASAP!
Early in your career, when every paycheck feels stretched, it's easy to tell yourself: I'll invest in a few years when I'm earning more.
[Text on Screen]"I'll Invest in a few years ..."
But when you begin investing to help meet your goals for all the things you want to do later on—like buying a house, starting a family, educating your kids, or retiring to your dream location
[Text on Screen]
Buying a house
[Icon on Screen]
House
[Text on Screen]
Starting a family
[Icon on Screen]
Baby carriage
[Text on Screen]
Educating your kids
[Icon on Screen]
Graduation cap
[Text on Screen]
Retiring to your dream location
[Icon on Screen]
Location pointer
[Text on Screen]
Start Early
[Icon on Screen]
Clock winding
—the most important thing you can do is to start early, even if you've only got a little to put away at first.
It's all about the power of compounding.
[Text on Screen]
It's all about the power of compounding.
Compounding happens when your investments produce returns such as stock dividends or interest on bonds or money market funds, which you can then reinvest.
[Text on Screen]
Investments
Contribute
Reinvest
[Icon on Screen]
Big White bubble with word investments
Red bubbles with word contribute flying into the white bubble
Red bubbles with word Reinvest flying into the white bubble
As you keep contributing and reinvesting—just like the snowball effect—momentum can really build.
Let's take a look at how this can work over a lifetime of investing.
[Graph on Screen]
What might happen if you invest $50 a month from ages 20 to 60, with a 7% annual return?Graph starts at "starting at 20 years old" and grows up past "After 20 years" and up to "after 40 years"Total contributions numbers rise as it moves up the chart; Total return rises as it moves up the chart.
[Disclosure] This is a hypothetical example for illustration purposes only. Had a different growth rate been used in the example, the results would vary. No rate can be guaranteed.
Let's say you're 20 years old and decide to invest $50 per month in a hypothetical investment with a 7% annual return.
[Text and Graph on Screen]
Text: $50 per month from ages 20 to 60
Bar graph:
White box with blue text $120K - Total Return
Blue box with white text $24K - Contributions
[Disclosure] This is a hypothetical example for illustration purposes only. Had a different growth rate been used in the example, the results would vary. No rate can be guaranteed.
At first, there's not a huge difference between what you invest and what your total return looks like, but as the years go by, see how the lines diverge?
By age 60, after 40 years of steady saving and reinvesting, your $24,000 of contributions could return nearly $120,000.
[Graph on Screen]
$50 per month from ages 20-60
White box with blue text $120K
Blue box with white text $24K
[Disclosure] This is a hypothetical example for illustration purposes only. Had a different growth rate been used in the example, the results would vary. No rate can be guaranteed.
Now let's look at the potential cost of waiting.
Say you wait until you're 30, meaning you'll invest for 30 years instead of 40. Your income is higher, so you invest $100 each month instead of $50.
Even though your contributions are higher, coming into a total of $36,000, your money has less time to grow, producing a return of a little over $113,000.
[Graph on Screen]
$100 per month from ages 30-60
White box with blue text $113K
Blue box with white text $36K
Let's say you start at 40. By now, you can put in $200 per month, but your total contribution of $48,000 over 20 years gives you just a little over $98,000.
[Graph on Screen]
$200 per month from ages 40-60
White box with blue text $98K
Blue box with white text $48K
In other words, you're contributing twice as much money as you would have by starting at 20 for a total return that's more than $20,000 lower.
Now, of course, this example is hypothetical. All investing carries risks and fees. Unlike a bank account, an investment account is not FDIC-insured or bank guaranteed and may lose value.
[Text on Screen]
All investing carries risks and fees
Not FDIC-insured or bank guaranteed
May lose value
But if you step back and look at what happens over a lifetime of investing, markets historically have produced steady growth.
That means, even factoring in the risks and uncertainties, starting early and investing steadily over time gives your money the potential to build and grow.
[Text on Screen]
Starting early and investing steadily over time
Gives your money the potential to build and grow
[Icon on Screen]
Seeds into a planters pot, begins to grow into a tree
So starting with that base and increasing your contributions as your pay goes up can give compounding even more momentum.
So why not start now? Set aside a few extra dollars, give it some time, and get your investing off to a great start.
Is that good? Yeah, this is just like my apartment. I don't even have a chair, I have a couch.
[GRAPHIC END CARD]
Bank of America
What Would you like the power to do?
Merrill
A Bank of America company
[On screen disclosure]
Disclosure:
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 Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.") .
Investing involves risk, including potential loss of principal.
Investment products:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
© 2024 Bank of America Corporation. All rights reserved. 5471034-022023
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Choosing an account type
Think about your goals when choosing an account — there are general investing accounts, retirement accounts and accounts for education costs.
General InvestingThese accounts are ideal for helping you pursue general investing goals beyond retirement or education expenses.Individual brokerageJoint brokerageLearn moreRetirementBuilding tax-qualified investment portfolios using IRAs can help clients maximize opportunities for tax deferred growth putting more of their wealth to work for future retirement income needs.Roth IRA Traditional IRASEP IRALearn more Education529 Plans can help clients address goals for education savings and generational wealth transfer and custodial accounts can be used for other non-education expenses. 529 college saving plans Custodial accounts Learn moreCan I have more than one account type?
Yes, you can. Having multiple account types is a great way to support multiple financial goals. For example, you might have a Roth IRA for retirement savings, a 529 plan for your child's college expenses and a brokerage account for more general investing goals.
Decide how much support you want while investing
There are a variety of ways to invest, whether you want to do it on your own or have some level of professional guidance and support.
Compare all three options available at Merrill
Determining your asset mix
How do you decide which investment types should make up your portfolio? Determining an asset allocation can help you make that decision.Footnote3
Your asset allocation is shaped by four main factors
- Your financial goals
- Your time horizon, or how many years until you need access to the money
- Your comfort with risk — or market volatility — and capacity to take on risk
- How much readily available cash you need access to (also called liquidity)
Is diversification the same as asset allocation?
Diversification means more than spreading your investments across different asset classes (which is what asset allocation is). It also involves choosing a broad selection of investments within the various asset classes. With stocks and bonds, you can diversify by company size, particular industries or even geography.
Asset allocations for three different risk levels
Conservative Tab 1 of 3Moderate Tab 2 of 3Aggressive Tab 3 of 3
The chart is titled "Asset allocations for three different risk levels." The chart contains three pie charts with sample allocations. From left to right, the pie labeled Conservative (lower risk/lower potential return) is 71 percent bonds, 5 percent cash/money markets and 24 percent stocks; the chart labeled Moderate is 41 percent bonds, 1 percent cash/money markets and 58 percent stocks; and the chart labeled Aggressive (high risk/higher potential return) is 8 percent bonds, 1 percent cash/money markets and 91% percent stocks.
Conservative Portfolio
For investors who are predominantly risk averse. Primary focus is on portfolio stability and preservation of capital. Investors using this Allocation Profile should be willing to achieve investment returns (adjusted for inflation) that are low or, in some years, negative, in exchange for reduced risk of principal loss and a high level of liquidity. A typical portfolio will be heavily weighted toward cash and fixed income asset classes.
Moderate Portfolio
For investors who are willing to take a moderate level of risk. Primary emphasis is to strike a balance between portfolio stability and portfolio appreciation. Investors using this Allocation Profile should be willing to assume a moderate level of volatility and risk of principal loss. A typical portfolio will primarily include a balance of the fixed income and equity asset classes.
Aggressive Portfolio
For investors who are willing to take substantial risk. Primary emphasis is on achieving above-average portfolio appreciation over time. Investors using this Allocation Profile should be willing to assume a significant level of portfolio volatility and risk of principal loss. A typical portfolio will have exposures to various asset classes but will be heavily weighted toward the equity asset class.
Source: Chief investment Office,Footnote1 July 2023. Strategic Asset Allocations account for impact of taxes on investment income and realized capital gains. Illustrations are for clients with low tax sensitivity.
Previous slide of 3Next slide of 3
Slide 1 of 3Slide 2 of 3Slide 3 of 3
Why risk tolerance and time horizon matter
This chart illustrates how different investing approaches, from the most conservative (100% cash) to the most aggressive (100% equities) and degrees in between, have performed over time.
The approach you choose will depend on your goal, risk tolerance and time horizon. If you don't need the money right away, you have more time to ride out the stock market ups and downs. Therefore, you could withstand higher risks such as a heavier investment in growth stocks or high-yield bonds to pursue potentially higher returns.
A graphic showing the best, worst and average annual returns for five different investment portfolios over time. See link below for a full description.100% cashBest year: 15%Average return: 4%Worst year: 0%25% equity/75% fixed incomeBest year: 29%Average return: 8%Worst year: -14%50% equity/50% fixed incomeBest year: 28%Average return: 10%Worst year: -16%75% equity/25% fixed incomeBest year: 33%Average return: 12%Worst year: -27%100% equityBest year: 37%Average return: 13%Worst year: -37%
Source: Chief Investment Office.Footnote1 As of February 28, 2023. For illustrative purposes only. Note: Historical returns are based on an analysis of actual investment returns from 1977 to 2022. Results shown are based on indexes and are illustrative; they assume reinvestment of income, no transaction costs or taxes, and the allocation remains constant over time. Past performance does not guarantee future results.
Index sources: Stocks: S&P 500; Bonds: ICE BofA U.S. Broad Market Bond Index; Cash ICE BofA 3-Month T-Bill Total Return Index. Direct investment cannot be made in any index. Diversification and asset allocation do not ensure a profit or protect against loss in declining markets.
Finding investments that support your asset allocation
There are a wide variety of investment options to choose from. Start here to learn more.
Did you know?
Merrill can help you find the right investments for your portfolio. Idea Builder transforms available data and organizes stocks, mutual funds and ETFs by theme, making it easy to find investments that align with your interests.
If you'd rather have Merrill investment professionals choose your investments and manage your portfolio for you, you might want to look into Merrill Guided Investing, an investment advisory program.Footnote2
Morningstar logo
Want to learn more about building a portfolio?
Visit the Morningstar Classroom and enhance your investing knowledge with a series of courses that graduate from basic to more advanced concepts for different asset types as well as entire portfolios, with helpful quizzes to test your knowledge along the way.
The courses within the Portfolio series walk you through building a portfolio, determining your asset allocation, defining your risk and more.
Visit the classroom
What is volatility?
Volatility measures how largely and quickly prices move for a security or a market index. In a volatile market, prices can swing drastically in one direction or another
The chart displays the S&P 500 index performance 2000-2022. It is not possible to invest directly in an index.
Weathering periods of volatility
This chart illustrates what would have happened if you had invested $1,500 in the year 2000. Notice that while the investment experienced periods of loss (most notably during the Great Recession of 2008), it still managed to grow close to $4,000 by 2022. While downturns can be scary, this chart shows that keeping your money in the market can pay off.
Maintain your focus during volatile days
The market can have a shaky day, month or even year. At times of extreme market volatility, it's easy to overreact, by either selling at a loss to exit the market entirely or doing nothing while trying to ignore what's happening.
Managing your emotions and avoiding common pitfalls
Having a plan for what you're going to do in times of volatility can help you avoid emotional investing.
See how, historically, excluding the best days of performance for the S&P 500 has drastically cut down the returns over time.
Source: Bloomberg. Chief Investment Office.Footnote1 Data as of June 30, 2023. FOR INFORMATIONAL PURPOSES ONLY. Data reflects S&P 500 Total Return Index performance going back to 1990 incrementally omitting top performing days (chart encompasses data from 1/1/1990-6/30/2023). It is not possible to invest directly in an index. Past performance is no guarantee of future results.
Even the financial pros know they can't "time the market"
"Timing the market' means basing your investing decisions on an educated guess — or hunch — that the market will rise or fall at a particular time. By trying to time the market, and perhaps getting out when markets are down, you risk missing out on substantial potential growth if they rise again, as the chart at left demonstrates. Instead, try to stay invested for the long term. That way you won't risk missing out on the best days of performance and can make your investments work harder for you.
Did you know?
Dollar-cost averaging is the practice of setting up investment purchases of a fixed amount over time. Using this strategy allows you to have a structured investing plan that doesn't depend on what the market is doing at any given point in time, and it can help you stay focused on your investing goals in times of market downturns.Footnote4
Rebalancing your portfolio
Once you're invested, it's important that you monitor your portfolio and rebalance it as needed, even if your financial goals haven't changed.
How your asset allocation could change over time
Chief Investment Office.Footnote1 July 2023. Strategic Asset Allocations account for impact of taxes on investment income and realized capital gains. Illustrations above are for clients with low tax sensitivity.
What is portfolio drift?
Portfolio drift occurs when natural movements in the market change your asset allocation. For example, if your stocks outperform your fixed income investments significantly, your portfolio will have a higher percentage of funds allocated to stocks than you originally started out with.
Consider a somewhat cautious investor who chose a moderate risk level for her portfolio in 2008. By May 2022, her allocations look quite different from what she started out with because the stocks outperformed the other investment types, even with the dramatic decline in the stock market in March 2020. This exposes the investor to more risk than she is comfortable with.
This example shows drift over many years, but drift can happen over a period as short as 6 months.
Reasons to rebalance your portfolio
- Your asset allocation has changed due to portfolio drift
- Your financial goals have changed or you've reached a financial goal
- You've reached a new life stage and have a different risk tolerance
Tax considerations to keep in mind
If you're investing in a taxable account, you may pay taxes on interest earned, dividends distributed and/or profit you make from selling investments (capital gains tax). Certain strategies can help minimize your taxes.
Did you know?
With some investment types, holding them for longer periods of time means paying less in capital gains taxes. Investments sold less than a year after they're bought will have short-term capital gains taxes, which are higher than the rate for investments held over a longer term.
Common questions
If you're looking for more information, check out these responses to some of the most common questions about investing.
Expand all
What is the difference between saving and investing?
Saving and investing can both play important roles in your finances. Saving is more appropriate for short-term needs like a home down payment, car purchase or any other expense you'll plan to pay in the next 1-3 years. It's best to keep these funds in an easy-to-access savings account (this also applies to any money you've set aside for emergencies).
Investing in stocks, bonds, mutual funds and ETFs, on the other hand, can be more appropriate for long-term goals of 3 years or more, because it gives your money the opportunity to grow. There is always potential to lose money with investing, but with research and planning, you can find investments that offer you the appropriate amount of balance between risk and reward.
What is compounding?
Compounding happens when your investments produce returns such as stock dividends or interest on bonds or money market funds, which you can then reinvest.
What are the NASDAQ, S&P 500 and the Dow
The NASDAQ, S&P 500 and the Dow are all indexes that are used to measure market performance on a given day.
Securities indexes assume reinvestment of all distribution and interest payments. Indexes are unmanaged and do not take into account fees or expenses. It is not possible to invest directly in an index. Indexes are based in US dollars.
NASDAQ Index
The National Association of Securities Dealers Automated Quotations (NASDAQ) is the second-largest stock exchange in the world for investors looking to buy and sell shares of stock.
S&P 500 Index
Standard & Poor's Composite Index of 500 Stocks (commonly known as S&P 500) includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market.
Dow Jones Industrial Average Index
Dow Jones Industrial Average Index (commonly known as the Dow) is a stock market index of 30 prominent companies listed on stock exchanges in the United States.
Ready to get started?
1 Choose an account type
Merrill has accounts for general investing, retirement, education expenses and more.
2 Decide how to invest
You can invest on your own, have Merrill investing professionals manage your portfolio for you or work directly with an advisor.
Open an account
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Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.
Footnote
BofA Global Research is research produced by BofA Securities, Inc. ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPCpopup, and wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
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 Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp."). This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.
Footnote
Please review the applicable Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF) for information including the program fee, 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. If there are multiple owners on this account, the information you provide should reflect the views and circ*mstances of all owners on the account. If you are the fiduciary of this account for the benefit of the account owner or account holder (e.g., trustee for a trust or custodian for an UTMA), please keep in mind that these assets will be invested for the benefit of the account owner or account holder. Merrill Guided Investing is offered with and without an advisor. Merrill, Merrill Lynch, and/or Merrill Edge investment advisory programs are offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S") and Managed Account Advisors LLC ("MAA") an affiliate of MLPF&S. MLPF&S and MAA are registered investment advisers. Investment adviser registration does not imply a certain level of skill or training.
The Chief Investment Office (CIO) develops the investment strategies for Merrill Guided Investing and Merrill Guided Investing with Advisor, including providing its recommendations of ETFs, mutual funds and related asset allocations. Managed Account Advisors LLC (MAA), Merrill's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Guided Investing strategies for client accounts, including facilitating the purchase & sale of ETFs and mutual funds 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).
You may also be able to obtain the same or similar services or types of investments through other programs and services, both investment advisory and brokerage, offered by Merrill; these may be available at lower or higher fees than charged by the Program. The services that you receive by investing through Merrill Guided Investing or Merrill Guided Investing with Advisor will be different from the services you receive through other programs. You may also be able to obtain some or all of these types of services from other firms, and if they are available, the fees associated with them may be lower or higher than the fees we charge.
Footnote
Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Footnote 4 A periodic investment plan such as dollar-cost averaging does not ensure a profit or protect against a loss in declining markets. Such a plan involves continuous investment in securities regardless of fluctuating price levels; investors should carefully consider their financial ability to continue their purchases through periods of fluctuating price levels.
Certain information contained herein (the "Information") has been provided by MSCI ESG Research LLC, a Registered Investment Adviser under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries ("MSCI")), or third party suppliers (each an "Information Provider"), and it may not be reproduced or redisseminated in whole or in part without prior written permission. The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund's assets under management or other measures. MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided "as is" and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. © 2022 MSCI Inc. All rights reserved.
MAP5964066-10122024
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products 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 Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Federal Government Agency | Are Not a Condition to Any Banking Service or Activity |
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