This Brochure relates to the Research Services offered by BofA Securities, Inc. (“BofAS,” “we,” or “us”), a wholly-owned subsidiary of Bank of America Corporation (“Bank of America”). BofAS is a global investment banking firm, which has acquired the Global Banking and Global Markets assets of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), an affiliated broker-dealer and registered investment adviser, including Research which provides the Research Services described herein. BofAS offers a broad range of brokerage, investment banking, and other services. Capitalized terms that are not defined in this Brochure have the meanings provided in the Glossary. For purposes of this Brochure, “you” refers to the client. RESEARCH SERVICES BofAS offers research reports, other products, and services (“Research Services”) provided by its Global Research group (“Research”) to a wide variety of BofAS clients. Under certain circumstances, we provide these Research Services for a fee to certain institutions upon their request. We do not offer Research Services for a fee to individual clients. Research Services may include (but are not limited to) any or all of the following types of research products and services, as detailed in a schedule of services under the Terms and Conditions provided to clients and/or any Memorandum of Understanding or other document detailing payment and services (collectively the “Services Documents”):
• Research reports produced by research analysts;
• Other research-related correspondence and communications from research analysts relating to research reports produced by research analysts; and
• Access to research analysts in connection with research conferences, calls with clients and client meetings. Research Services do not include any services or communications provided by institutional sales associates (including any services or communications that may refer to or be based on Research Services). The delivery of Research Services does not include trade execution, trading or brokerage services provided to clients. Our advisory relationship with our clients is strictly limited to the provision of Research Services, and any trades, transactions or orders that may be executed, routed, or otherwise processed through us on behalf of clients will be handled by us (or our affiliates) solely in our capacity

as a broker-dealer. Your relationship with us in connection with Research Services commences only after acceptance of all Services Documents, and Research Services are limited only to the Research Services described above. We are not providing, through Research Services or any related activities or services that we may be engaged in or provide after acceptance of the Services Documents, any investment advice with respect to your investment portfolio or the management of assets. If you were to engage in securities transactions with us, we will not be acting as an investment adviser with respect to such transactions absent a specific written agreement by us to so act. Research Services constitute impersonal investment advice, and we have no liability whatsoever for any investment decision, or results thereof, that you or any permitted user makes under the Services Documents in connection with the use of Research Services or any information or data provided therein or otherwise obtained or derived therefrom. However, the limitation contained in this paragraph will not in any way constitute a waiver or limitation of any rights accorded to you under state or federal securities laws for the advisory services provided under the Services Documents. Research Services will continue in effect until terminated at any time according to the terms of the Services Documents. Research Services are offered only to institutional clients. More information is contained in this BofAS Research Services brochure and is available upon request or through the SEC’s website at http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx. IMPERSONAL INVESTMENT ADVICE Research Services do not include any evaluation or recommendation by BofAS of the investment guidelines or security selection for a client’s investment portfolio or the management of assets. Research Services are solely impersonal investment advice. WRAP FEE PROGRAMS We do not make Research Services available through wrap fee programs. ASSETS UNDER MANAGEMENT As of December 31, 2023, BofAS had total assets under management of $0, of which $0 was managed on a discretionary basis and $0 was managed on a non-discretionary basis. There are no assets under management in connection with the provision of Research Services.