Summary of programs and services

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Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed, or

provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a

wholly owned subsidiary of BofA Corp. Merrill Lynch Life Agency Inc. (“MLLA”) is a licensed insurance agency and a wholly owned subsidiary of BofA Corp. Banking products are

provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corp.

Investment products offered through MLPF&S, and insurance and annuity products offered through MLLA:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to any Banking Service or Activity

At Merrill, we make available

the tools, the people and the

know-how to help you create a

personalized strategy and

pursue your financial goals.

You choose how you want to

work with us, knowing you

have access to a full range of

investing solutions as your life

and financial needs evolve.

Merrill Edge Merrill Guided Investing Merrill Lynch Wealth Management

Services and solutions

Access to online and mobile investing tools

Access to BofA Global Research and Chief

Investment Office (CIO) guidance

Access to a wide range of stocks, options,

bonds, mutual funds and exchange traded

funds (ETFs)

Access to alternative investments, annuities

and insurance products and customized

investment solutions

Fiduciary advice and services, including

ongoing monitoring

Access to managed investment strategies

that are constructed and managed by us

Access to managed investment

strategies from approved third-party

investment managers

Merrill fee

See the following pages for more information

Self-Directed

Brokerage Account

Merrill Guided

Investing

(MGI)

Merrill Guided

Investing with

Advisor (MGIA)

Brokerage

Account

Merrill Lynch

Investment

Advisory Program

(IAP)

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Per trade charges

that are variable

Annual asset-

based fee rate of

0.45%

Annual asset-

based fee rate of

0.85%

Per trade

charges that

are variable

Annual asset-based

fee rate up to 1.75%,

negotiated by you

Page 1 of 4

Merrill Edge

Self-Directed

Merrill Guided Investing

Merrill Lynch Wealth

Management

Utilize a self-

directed investing

platform to enter

your own trades and

access research and

tools, for a per trade

charge

Work on a self-guided basis

online or with Financial

Solutions Advisors (FSAs) to

invest in select managed

investment strategies for an

annual asset-based fee

Work one-on-one with a

dedicated Advisor or Merrill

Financial Solutions Advisor

(MFSA) you select to build a

comprehensive financial

strategy for an asset-based

fee in IAP and/or a per trade

charge in a brokerage

account

For information about our brokerage

services and investment advisory

programs, see ml.com/CRS.

Each of MGI, MGIA and IAP offers fiduciary services and access to managed investment strategies. Each program has a different program

fee based on the breadth of services and investment solutions offered. You can work with your Advisor or MFSA to enroll in IAP. To access MGIA,

you work with our FSAs. You should consider the type of financial professional you want to work with, what they offer, and which program meets

your investment approach and objectives. The following pages provide more information to help you make an informed choice.

Merrill Edge Self-Directed & Merrill Guided Investing

Merrill Edge Self-Directed (MESD)

Approach to advice & services

• Self-directed brokerage

• No ongoing monitoring under Regulation Best Interest

Key features & services

• Make your own investment decisions; no advice or

recommendations provided

• Place your own trades in an online investment account

• Access to research, tools and resources to help inform

your investing decisions

Fees charged

• Commission-based fees and/or sales charges for trade execution

• $0 commissions are available for certain securities

Investment choices

• Individual stocks

• Exchange traded funds (ETFs)

• Options

• Mutual funds

• Fixed income securities

• Money market funds

• Brokered CDs

• Closed-end funds

• Preferreds

Page 2 of 4

Merrill Guided Investing (MGI)

Approach to advice & services

• Investment advisory program with fiduciary advice and services

• Receive ongoing monitoring as described in the MGI Brochure

Key features & services

• Utilize an online, self-guided website to engage in goals-based

investing

• Invest in a managed strategy constructed by the Chief Investment

Office (CIO Strategy) recommended for your account based on goal

objectives and your online profiling answers

• Access a dashboard to monitor progress to your selected goals

Please see the MGI Brochure

for more information.

Fees charged

• Annual asset-based fee rate of 0.45%; discounting available through

Preferred Rewards

• Additional fees and charges as outlined in the MGI Brochure

Investment choices

• A select offering of CIO Strategies aligned to account profile

(Conservative to Aggressive), account type (taxable or retirement)

and preferred investment approach (Market Tracking, Sustainably

Focused)

• CIO Strategies consist of diversified portfolios of ETFs, mutual

funds and a cash allocation designed to meet a particular target

asset allocation

Merrill Guided Investing with Advisor (MGIA)

Approach to advice & services

• Investment advisory program with fiduciary advice and services

• Receive ongoing monitoring as described in the MGIA Brochure

Key features & services

• Work with Financial Solutions Advisors (FSAs) to engage in goals-based

investing through an online website and receive investment advice and

recommendations

• Invest in a CIO Strategy recommended for your account based on your

investment profile and investment objectives

• Access a dashboard to monitor progress to your stated goals

Please see the MGIA Brochure

for more information.

Fees charged

• Annual asset-based fee rate of 0.85%; discounting available through

Preferred Rewards

• Additional fees and charges as outlined in the MGIA Brochure

Investment choices

• A select offering of CIO Strategies aligned to account profile

(Conservative to Aggressive), account type (taxable or

retirement) and preferred investment approach (Market

Tracking, Sustainably Focused or Alpha Seeking)

• CIO Strategies consist of diversified portfolios of ETFs, mutual

funds and a cash allocation designed to meet a particular target

asset allocation

Merrill Lynch Wealth Management Brokerage

Approach to advice & services

• Brokerage and custody services with a best interest standard of

care when making recommendations

• A

dvice and assistance from a dedicated financial professional

• N

o ongoing monitoring under Regulation Best Interest

Key features & services

• Access investment products and solutions that can be offered by your

dedicated Advisor or MFSA based on their qualifications

• Receive investment advice and recommendations as well as other

account services

• Retain investment authority over all trades prior to execution

• Obtain your Merrill Personal Wealth Analysis

report

Fees charged

• Commission-based fees for trade execution for a per trade charge

Please see the Merrill Best Interest Disclosure Statement for more

information.

Investment choices

Working with your Advisor, you can invest in:

•

ndividual stocks

• A

nnuities

• Options

• D

erivatives

• F

ixed income securities

• Ov

erlay strategies

• Brokered CDs

• E

xchange funds

• Pr

eferreds

• He

dge funds

• M

utual funds

• Pr

ivate equity funds

• M

oney market funds

• M

anaged futures

• E

xchange traded funds

• Non-traded REITS

• U

nit Investment Trusts

• C

ertain private investments

• C

losed-end funds

• Life Insurance

• M

arket-linked investments

Wor

king with your MFSA, you can invest in only:

•

rokered CDs

• 529 pl

ans

• Ability to hold and sell

concentrated stock positions

Merrill Lynch Wealth Management

Merrill Lynch Investment Advisory Program (IAP)

Approach to advice & services

• Investment advisory program with fiduciary advice and services

• Advice and guidance from a dedicated financial professional

• Receive ongoing monitoring as described in the IAP Brochure

Key features & services

•

Access investment strategies and solutions that can be offered by your

dedicated Advisor or MFSA based on their qualifications

• Receive investment advice and guidance as well as other account

services and develop investment portfolios based on the target asset

allocation designated for the account

• Choose to make investment decisions yourself and/or to grant Merrill,

a third-party investment manager or your Advisor the authority to

make investment and trading decisions

• Select among available managed investment strategies of third-party

investment managers and of Merrill, including CIO Strategies

• Establish portfolios of individual securities and/or managed solutions

working with your Advisor, either on a client discretion or Advisor

discretion basis

• Obtain your Merrill Personal Wealth Analysis

report

Fees charged

• If you work with an Advisor: a Merrill fee that is based on a negotiated

fee rate and the assets invested in the account (max rate of 1.75%)

• If you work with an MFSA: a Merrill fee that is based on a fixed fee rate

schedule (max rate of 1.10%) and the assets invested in the account

• If you select a managed strategy: a fee that is charged by the

investment manager for the strategy

• Additional fees and charges apply as outlined in the IAP Brochure

Please see the IAP Brochure

for more information.

Investment choices

Working with your Advisor, you can:

• Access a full range of CIO Strategies and managed investment

strategies of Merrill and third-party investment managers

• Select among available Premium Access Strategies if you meet

eligibility requirements

• Access discretionary and/or client-directed personalized strategies

• Implement a custom portfolio in one account consisting of one or

more managed investment strategies and other investments

• Build portfolios consisting of individually selected securities

including:

Working with your MFSA, you can invest in:

• CIO Strategies

• A

large selection of managed investment strategies of third-party

investment managers

Page 3 of 4

You choose to work one-on-one with your dedicated Advisor to help you build a comprehensive financial strategy and invest in investment solutions in

an investment advisory program for a negotiated asset-based fee and/or in a brokerage account for a per trade charge. Or you can choose to work with

your dedicated MFSA to access certain managed strategies in IAP for a set asset-based fee.

• Individual stocks • Exchange traded funds

• Options • Unit Investment Trusts

• Fixed income

securities

• Closed-end funds

• Market-linked investments

• Brokered CDs

• Variable annuities

• Preferreds

• Hedge funds

• Mutual funds

• Non-traded REITS

• Money market funds

• Certain private investments

BofA Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a registered broker-dealer,

Member SIPC, and wholly owned subsidiary of Bank of America Corporation.

The Chief Investment Office (“CIO”) provides thought leadership on wealth management, investment strategy and global markets; portfolio management

solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of

America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered

investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

This Summary of Programs and Services summarizes the type of advice, relationships, investments and nature of the fees associated

with the various programs and services available to you. This Summary does not constitute a modification of, or amendment to, the

charges, fees and terms set forth in any other account and/or program agreements and disclosures.

Merrill is both a full-service registered broker-dealer and SEC-registered investment adviser. We offer a wide variety of brokerage and

investment advisory products and solutions. We also offer investment advisory programs and services, which include both discretionary

and non-discretionary management of your account. Managed Account Advisors LLC (MAA), our affiliate, is also an SEC-registered

investment adviser. MAA provides discretionary services for the IAP, MGI and MGIA investment advisory programs. It invests assets by

implementing investment strategies of third-party managers and/or of Merrill for investment advisory accounts, processes contributions

and withdrawals, and provides other services, as described in the applicable program Brochures.

You have access to a variety of investment solutions and investment advisory programs based on how you choose to work with us,

either through self-directed approach or with the advice and assistance from:

• A Financial Advisor, Private Wealth Advisor or Wealth Management Advisor (Advisor) that you select and work with on a

dedicated basis to access the most comprehensive set of managed investment strategies and other investment solutions in IAP as

well as a complete set of brokerage solutions.

• A Merrill Financial Solutions Advisor (MFSA) that you select and work with on a dedicated basis to access many of the managed

investment strategies in IAP and purchase certain investment products.

• Financial Solutions Advisors (FSAs) via our call center and certain banking centers to invest in certain CIO Strategies through MGIA.

You can discuss with our financial professionals their individual qualifications and capabilities. In addition, you can review their Form

ADV Part 2B – Brochure Supplement, available from us. Depending on your preferences on how you want to work with us, we may

advise that you consider opening an MESD account or enroll in MGI.

Our Client Relationship Summary available at ml.com/CRS provides more information about our obligations to you. For information

about our brokerage services, fees requirements for product inclusion on our platform and conflicts of interest, see our Best Interest

Disclosure Statement.

Before enrolling in a particular investment advisory program, you should review the applicable program’s ADV Brochure available at

ml.com/relationships and merrilledge.com. For IAP, MGI and MGIA, you pay an annual asset-based fee for the program services and

additional expenses, fees and charges apply as provided in their respective ADV Brochures.

Clients seeking trust services may open Trusteed IRA accounts (TIRAs) with Bank of America, N.A. and then enroll in IAP and/or

BlackRock Sub-advised Strategies to receive certain specialized trust services. Asset-based annual fee rates for Trusteed IRA accounts

(TIRAs) enrolled in IAP differ due to the differences in the programs, offerings and services.

We restrict the opening of new FSA-assisted brokerage accounts based on our policies. Clients utilizing certain account types for

retirement investing, like RCMA IO, are able to access IAP for investment advisory services or MESD brokerage accounts.

Merrill Personal Wealth Analysis

is a reporting tool that Advisors can use to analyze the accounts and assets you have at Merrill, along

with other assets, and to deliver a personalized brokerage report. Additional tools with a range of reporting and analytical capabilities

are also available for clients at Merrill.

To learn more about Merrill fees, see the documents in “Important resources” below. For fees and charges for MESD accounts, see

merrilledge.com/pricing

Important information – Provided for informational purposes only

Page 4 of 4

Client Relationship Summary Explanation of Fees

Best Interest Disclosure Statement Merrill Advisory Center Explanation of Fees

Investment Advisory Program Brochures (ADVs) Merrill Schedule of Miscellaneous Account and Service Fees

Mutual Fund Investing Merrill Edge Self-Directed Schedule of Miscellaneous Account and Service Fees

Access ml.com/relationships and merrilledge.com for the following and other information: