CALCULATION OF REGISTRATION FEE
| Title of Each Class of Securities to be Registered |
Amount to be Registered |
Proposed Offering Price Per Unit |
Proposed Maximum Aggregate |
Amount of Registration Fee(1) | ||||
| Commodity-Linked Notes Linked to the Dow Jones- UBS Commodity IndexSM Total Return, due December 22, 2011 |
33.30 | $100,000 | $3,330,000 | $237.43 |
(1)Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
| Pricing Supplement No. 503 | Filed Pursuant to Rule 424(b)(2) | |
| (To Prospectus dated April 20, 2009, Series L Prospectus | Registration No. 333-158663 | |
| Supplement dated April 21, 2009, and Product Supplement | ||
| CLN-2 dated December 29, 2009) November 24, 2010 |
| Commodity-Linked Notes Linked to the Dow Jones-UBS Commodity IndexSM Total Return, due December 22, 2011 | ||
| Issuer: | Bank of America Corporation | |
| Pricing Date: | November 23, 2010 | |
| Issue Date: | December 1, 2010 | |
| Stated Maturity Date: | December 22, 2011 | |
| Aggregate Principal Amount: | $3,330,000 | |
| Underlying Index: | The Dow Jones-UBS Commodity IndexSM Total Return (Bloomberg symbol: “DJUBSTR”) | |
| Starting Value: | 291.9123. On the pricing date, a Market Disruption Event occurred with respect to the Underlying Index, because the exchange published settlement price for the cotton contract included in the Underlying Index was a “limit price.” As a result, the calculation agent determined the Starting Value as described in product supplement CLN-2 under “Description of the Notes—Market Disruption Events.” The calculation agent determined the Starting Value on November 24, 2010 based on the Initial Underlying Index Value of 291.5624 on the pricing date, which was adjusted to 291.9123 on the basis of the exchange published settlement price of the cotton contract on November 24, 2010 | |
| Ending Value: | The closing level of the Underlying Index on the Valuation Date. If it is determined that the scheduled Valuation Date is not a business day, or if a Market Disruption Event occurs on the scheduled Valuation Date, the Ending Value will be determined as more fully described in product supplement CLN-2. | |
| Leverage Factor: | 3 | |
| Investor Fee: | The greater of (a) the fixed percentage of 0.00% and (b) a percentage equal to 0.30% per annum, as described in product supplement CLN-2 under “Description of the Notes—Payment at Maturity.” | |
| Treasury Rate Charge: | Applicable | |
| Interest Rate Basis: | LIBOR | |
| Designated Maturity: |
One Month | |
| Interest Reset Dates: |
The 22nd of each calendar month, commencing on December 22, 2010. | |
| Interest Payment Dates: |
Unless the Notes are redeemed on an earlier date, interest will be payable only at maturity. | |
| Spread: | Minus 25 basis points | |
| Initial Optional Redemption Date: | December 1, 2010 | |
| Upper Mandatory Redemption Trigger Level: | Not Applicable | |
| Lower Mandatory Redemption Trigger Level: | 85% of the Starting Value | |
| NPV Factor: | Not Applicable | |
| Bear Note: | No | |
| Calculation Agent: | Merrill Lynch Commodities, Inc. | |
| Listing: | No listing on any securities exchange. | |
| CUSIP: | 06048WEU0 | |
| Per Note | Total | |||||||||||
| Public Offering Price(1) |
$ | 100,000 | $ | 3,330,000 | ||||||||
| Underwriting Discount |
$ | 0 | $ | 0 | ||||||||
| Proceeds, before expenses, to Bank of America Corporation |
$ | 100,000 | $ | 3,330,000 | ||||||||
| (1) | Plus accrued interest from December 1, 2010, if settlement occurs after that date. |
Our Notes are unsecured and are not savings accounts, deposits, or other obligations of a bank. Our Notes are not guaranteed by Bank of America, N.A. or any other bank, are not insured by the Federal Deposit Insurance Corporation (the “FDIC”) or any other governmental agency and involve investment risks. The Notes are not guaranteed under the FDIC’s Temporary Liquidity Guarantee Program. Potential purchasers of the Notes should consider the information in “Risk Factors” beginning on page S-8 of the product supplement.
None of the Securities and Exchange Commission (the “SEC”), any state securities commission, or any other regulatory body has approved or disapproved of these Notes or passed upon the adequacy or accuracy of this tem sheet, the product supplement, the prospectus supplement, or the prospectus. Any representation to the contrary is a criminal offense.
In connection with this offering, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) is acting in its capacity as principal for your account. We will deliver the Notes in book-entry form only through The Depository Trust Company on or about December 1, 2010 against payment in immediately available funds.
Merrill Lynch & Co.
Selling Agent
THE UNDERLYING INDEX
The Dow Jones-UBS Commodity IndexSM Total Return reflects the return on a fully collateralized investment in the Dow Jones-UBS Commodity IndexSM. See “The Underlying Indices—Dow Jones-UBS Commodity IndexSM” beginning on page S-31 of product supplement CLN-2 for information about the Underlying Index. Dow Jones & Company, Inc. (“Dow Jones”) and UBS AG (“UBS”) have no obligation to continue to publish, and may discontinue publication of, the Underlying Index. The consequences of Dow Jones and UBS discontinuing publication of the Underlying Index are discussed in the section of product supplement CLN-2 entitled “Description of the Notes—Discontinuance of an Underlying Index.” None of us, the calculation agent, or MLPF&S accepts any responsibility for the calculation, maintenance, or publication of the Underlying Index or any successor index.
HISTORICAL INFORMATION
The following graph sets forth the monthly historical performance of the Underlying Index in the period from January 2005 through October 2010. This historical data on the Underlying Index is not necessarily indicative of the future performance of the Underlying Index or what the value of the Notes may be. Any historical upward or downward trend in the level of the Underlying Index during any period set forth below is not an indication that the level of the Underlying Index is more or less likely to increase or decrease at any time over the term of the Notes. On the pricing date, the closing level of the Underlying Index, adjusted as described above, was 291.9123.
PS-2