The price at which the owner of a security offers to sell it.

Related to Mutual Funds Orders: Last reported Net Asset Value (NAV) for the fund, plus any applicable front end sales charge as outlined in the fund prospectus.

Related to Fixed Income: The lowest price Merrill Lynch is willing to sell the security at a given time quoted in terms of a percentage of par value.

Related to IPOs: The price at which the investing public can purchase shares of an offering. This is also referred to as public offering price.