Howard Marks and Oaktree are not affiliated with Bank of America Corporation.

The views and opinions expressed are those of the presenters as of May 15, 2025, subject to change without notice, and may differ from views expressed by Bank of America Corporation or its affiliates. This is presented for information purposes only and should not be used or construed as a recommendation of any service, security or sector. Past performance is not a guarantee of future results.

Investing has varying degrees of risk, and there is always the potential of losing money when you invest in securities, and future prospects may not be realized. Asset allocation, diversification, rebalancing and risk management do not ensure a profit or protect against loss in declining markets. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa.

Alternative investments are intended for qualified investors only. Alternative Investments such as hedge funds, private credit and private equity funds, and funds of funds can result in higher return potential but also higher loss potential.