Merrill Lynch Investment Advisory Program Wrap Fee Program ...

1 Merrill Lynch Investment Advisory Program WRAP FEE Program BROCHURE Please retain for your records Merrill Lynch , Pierce, Fenner & Smith Incorporated Managed Account Advisors LLC One Bryant Park 101 Hudson Street New York, NY 10036 Jersey City, NJ 07302 This Brochure provides information about the qualifications and business practices of Merrill Lynch , Pierce, Fenner & Smith Incorporated (MLPF&S) and Managed Account Advisors LLC (MAA) relating to the Merrill Lynch Investment Advisory Program . If you have any questions about the contents of this Brochure, please contact us at ( ).

2 Please note that the information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or by any state securities authority. Investment adviser registration does not imply a certain level of skill or training. Additional information about MLPF&S and MAA also is available on the SEC s website at The Investment Advisory services described in this Brochure are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, are not a deposit or other obligation of or guaranteed by MLPF&S, MAA or Bank of America Corporation (BofA Corp.)

3 Or any of its afliates and are subject to Investment risks, including possible loss of principal. March 21, 2022 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 afliates of Bank of America Corporation ( BofA Corp. ). MLPF&S is a registered broker-dealer, 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.

4 Investment products ofered through MLPF&S and insurance and annuity products ofered through MLLA: Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed Are Not Insured by Any Federal Government Agency Are Not Deposits Are Not a Condition to Any Banking Service or Activity IAPB-032022 Investment Advisory Program Brochure | 2 IAPB-032022 ITEM 2. MATERIAL CHANGES On March 22, 2021, MLPF&S and MAA together filed their last annual update for the Merrill Lynch Investment Advisory Program brochure ( Brochure ). This summary of material changes is designed to make clients aware of information that has changed since the Brochure s last annual update and that may be important to them.

5 The material changes and other enhancements summarized below were also incorporated within this Brochure. MATERIAL CHANGES MADE AS PART OF THIS UPDATE Below are material changes made to this Brochure as part of this annual filing: Reduction of the Maximum Merrill Lynch Fee Rate. The Merrill Lynch Fee Rate that applies to your Account when you are working with an Advisor is the rate that is agreed to between you and your Advisor and is a negotiated rate, subject to a maximum rate that can be charged in the Program . Effective May 1, 2022, the maximum Merrill Lynch Fee Rate that can be charged in the Program is being reduced from to per annum.

6 This change will not affect any Accounts where the current Merrill Lynch Fee Rate is or less. Any Account with a Merrill Lynch Fee Rate greater than will automatically be reduced to See Item 4 at the section The Program Fee and Other Charges. ENHANCEMENTS MADE TO THE BROCHURE AS PART OF THIS UPDATE As part of this annual update, in addition to the material changes listed above, we have made certain enhancements to our disclosures about the Program , its Services and other information throughout the Brochure, including the following: Merrill Financial Solutions Advisors and their Role in the Program .

7 We have enhanced the disclosure throughout the Brochure to further delineate the role and requirements relating to certain of our financial advisors that we have designated as Merrill Financial Solutions Advisors (MFSAs). MFSAs are limited by Merrill policies to offering only certain Style Manager Strategies to their clients. In addition, we have updated Item 4 at the section The Program Fee and Other Charges to specify that under our internal policies, the maximum Merrill Lynch Fee Rate that can be charged by an MFSA under the Program is and the Merrill Lynch Fee Rate applied to an Account will be determined in accordance with a Merrill Lynch Fee Rate schedule as described in the Brochure.

8 Description of Investment Strategies. Item 4 has been updated throughout to clarify and enhance descriptions of Program Strategies offered. See Item 4 at the section Investment Strategy Services Available. Proxy Voting Arrangement Enhancements for Certain Issuers. Item 4 has been updated to clarify and enhance the description of the approach we take to the delivery of proxy materials and transmittal of voting instructions received in connection with voting matters of certain companies. CIO Review Process and Closed End Funds. Item 6 at the section Selection and Review of Style Manager Strategies and CIO-Reviewed Funds Available in the Program , has been updated to reflect that closed end funds are covered under the CIO Review Process.

9 Sub-Accounting Services. The description of the fees paid to us in connection with providing sub-accounting services has been updated to reflect a change in the fees we charge for such services, which were reduced. See Item 9 at the section Compensation, Conflicts of Interest and Material Relationships. Investment Risks. Item 6 has been updated to include enhanced disclosures regarding certain Investment risks, including, but not limited to, COVID-19, ESG Investment strategies, and LIBOR transition to other reference indices. See Item 6 at the section Investment Strategies and Risk of Loss.

10 Investment Advisory Program Brochure | 3 IAPB-032022 ITEM 3. TABLE OF CONTENTS About Us and the Program ..4 ITEM 4. SERVICES, FEES AND COMPENSATION ..6 Portfolio Advice and Guidance 6 Portfolio Profiling and Creating a Target Asset Allocation .. 6 Target Asset Allocation Categories ..6 Monitoring Adherence to Target Asset Allocation and Program 6 Cash Holding 6 Multi-Client Portfolios 7 Investment Strategy Services Available .. 7 7 Program Strategy 7 Ability to Request Reasonable Investment Restrictions .. 7 Managed Strategy as a Program Strategy 8 Custom Managed Strategy as a Program Strategy 10 Defined Strategy as a Program Strategy Option.