The merger arbitrage issue once more extended all-time highs, with unfold levels supporting our outlook despite a downshift in M&A activity. And affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation (“BofA Corp.”). And affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Asset allocation, diversification, and rebalancing do not guarantee a revenue or shield in opposition to loss in declining markets.