NextGen College Investing Plan Client Direct Series

1 * There can be no assurance that the strategy of any portfolio will be allocation or diversification do not ensure a profit or protect against loss in declining remember there s always the potential of losing money when you invest in 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, Member SIPC and a wholly owned subsidiary of BofA products:Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose ValueAge-Based Diversified Portfolios (page 2)When to consider:If you don t want to actively manage your investments These portfolios offer an investment strategy based on your child s age and when you ll need the assets to pay for his or her education.

2 When your child is younger, the funds are invested most aggressively, and as your child gets closer to College age, the strategy automatically shifts to invest in more conservative Portfolios (page 5)When to consider:If you d like to build a strategy aligned to your specific investment needs These portfolios have a specific investment objective, such as growth or income, and their allocation does not automatically change over Fund Portfolios (page 6)When to consider:If you want to customize your asset allocation with the selected investment portfolios These portfolios invest in one underlying investment, allowing you to customize your allocations based on the range of underlying Principal Portfolios (page 6)When to consider:If you have a lower risk tolerance or are nearing the time you need to pay for qualified higher-education expenses These portfolios seek to retain your portfolio options: Principal Plus and NextGen SavingsNextGen 529 : Client Direct Series Investment GuideNextGen 529 is a Section 529 plan that offers you a tax-advantaged way to invest for a child s education expenses.

3 1 The NextGen 529 Client Direct Series gives you the ability to customize your investments among a broad array of portfolio options. This Investment Guide can help you better understand the types of portfolios NextGen 529 Client Direct Series Portfolios are managed by BlackRock and iShares, with the exception of the NextGen Savings and Principal Plus document features live links1 BlackRock Age-Based PortfoliosBlackRock Age-Based 0 1 Year PortfolioBlackRock Age-Based 2 4 Years Portfolio Domestic Equity ..48% International Equity ..33% Investment-Grade Fixed Income .. % Non-Investment-Grade Fixed Income .. Alternative Investment ..9% Domestic Equity .. International Equity .. Investment-Grade Fixed Income .. Non-Investment-Grade Fixed Income.

4 Alternative Investment ..8%BlackRock Age-Based 5 7 Years PortfolioBlackRock Age-Based 8 11 Years Portfolio Domestic Equity .. International Equity .. Investment-Grade-Fixed Income .. Non-Investment-Grade Fixed Income .. Alternative Investment ..7% Domestic Equity ..29% International Equity ..25% Investment-Grade Fixed Income ..31% Non-Investment-Grade Fixed Income ..9% Alternative Investment ..6%BlackRock Age-Based 12 13 Years PortfolioBlackRock Age-Based 14 15 Years Portfolio Domestic Equity .. International Equity .. Investment-Grade Fixed Income ..39% Non-Investment-Grade Fixed Income ..11% Alternative Investment ..5% Domestic Equity .. International Equity .. Investment-Grade Fixed Income .. Non-Investment-Grade Fixed Income.

5 11% Cash Allocation Account .. Alternative Investment ..4%BlackRock Age-Based 16 Years PortfolioBlackRock Age-Based 17 Years Portfolio Domestic Equity .. International Equity .. Investment-Grade Fixed Income .. Non-Investment-Grade Fixed Income ..12. 25% Cash Allocation Account ..7% Alternative Investment ..3% Domestic Equity ..12% International Equity .. Investment-Grade Fixed Income ..50% Non-Investment-Grade Fixed Income .. % Cash Allocation Account .. Alternative Investment .. Age-Based 18 Years PortfolioBlackRock Age-Based 19+ Years Portfolio Domestic Equity ..6% International Equity ..3% Investment-Grade Fixed Income .. Non-Investment-Grade Fixed Income .. Cash Allocation Account .. Alternative Investment ..1% Investment-Grade Fixed Income.

6 47. 2 5 % Cash Allocation Account .. 2 Diversified PortfoliosiShares Age-Based PortfoliosiShares Age-Based 0 1 Year PortfolioiShares Age-Based 2 4 Years Portfolio Domestic Equity ..47. 91% International Equity .. Investment-Grade Fixed Income ..10% Alternative Investment ..9% Domestic Equity .. International Equity .. Investment-Grade Fixed Income ..20% Alternative Investment ..8%iShares Age-Based 5 7 Years PortfolioiShares Age-Based 8 11 Years Portfolio Domestic Equity .. International Equity .. Investment-Grade Fixed Income ..30% Alternative Investment ..7% Domestic Equity ..29% International Equity ..25% Investment-Grade Fixed Income ..40% Alternative Investment ..6%iShares Age-Based 12 13 Years PortfolioiShares Age-Based 14 15 Years Portfolio Domestic Equity.

7 International Equity .. Investment-Grade Fixed Income ..50% Alternative Investment ..5% Domestic Equity .. International Equity ..15. 57% Investment-Grade Fixed Income .. Alternative Investment ..4%iShares Age-Based 16 Years PortfolioiShares Age-Based 17 Years Portfolio Domestic Equity .. 0 % International Equity .. Investment-Grade Fixed Income ..70% Alternative Investment ..3% Domestic Equity ..11. 9 0 % International Equity .. Investment-Grade Fixed Income .. Alternative Investment .. Age-Based 18 Years PortfolioiShares Age-Based 19+ Years Portfolio Domestic Equity .. International Equity .. Investment-Grade Fixed Income ..90% Alternative Investment .. Investment-Grade Fixed Income ..10 0%Asset allocation or diversification do not ensure a profit or protect against loss in declining 5 9 Diversified PortfoliosClient Direct Series Age-Based Portfolio Fees and ExpensesPortfolios incur the following Annual Asset-Based Fees 2 Additional Investor ExpensesBlackRock and iShares Portfolios**Estimated underlying fund expenses 3 Management fee 4 Total annual asset-based fees 5 Sales chargesBlackRock Age-Based 0 1 Year Age-Based 2 4 Years Age-Based 5 7 Years Age-Based 8 11 Years Age-Based 12 13 Years Age-Based 14 15 Years Age-Based 16 Years Age-Based 17 Years Portfolio0.

8 51% . 51%NoneBlackRock Age-Based 18 Years 19+ Years Age-Based 0 1 Year .12%0 . 21%NoneiShares Age-Based 2 4 Years .12%0 . 21%NoneiShares Age-Based 5 7 Years .12%0 . 21%NoneiShares Age-Based 8 11 Years .12%0 . 21%NoneiShares Age-Based 12 13 Years .12%0 . 21%NoneiShares Age-Based 14 15 Years .12%0 . 21%NoneiShares Age-Based 16 Years .12%0 . 21%NoneiShares Age-Based 17 Years Portfolio0 .11%0 .12% Age-Based 18 Years Portfolio0 .13%0 .12% Age-Based 19+ Years Portfolio0 .15%0 .12% ** The iShares Portfolios are managed by Diversified PortfoliosBlackRock Diversified PortfoliosBlackRock 100% Equity PortfolioBlackRock Fixed Income Portfolio Domestic Equity .. International Equity .. Alternative Investment ..10% Investment-Grade Fixed Income.

9 Non-Investment-Grade Fixed Income ..29% Cash Allocation Account ..19. 25%BlackRock Balanced Portfolio Domestic Equity .. International Equity .. Investment-Grade Fixed Income ..37. 2 5 % Non-Investment-Grade Fixed Income .. Alternative Investment ..5%iShares Diversified PortfoliosiShares Diversified Equity PortfolioiShares Diversified Fixed Income Domestic Equity .. 4% International Equity .. Alternative Investment ..10%8020 Investment-Grade Fixed Income ..80% Non-Investment-Grade Fixed Income ..20%Asset allocation or diversification do not ensure a profit or protect against loss in declining 2 512 . PortfoliosBlackRock and iShares Single-Fund PortfoliosBlackRock Equity Index Portfolio Domestic Equity (100%)iShares Balanced Portfolio Mixed Asset (100%)iShares MSCI USA ESG Select Portfolio Domestic Equity (100%)

10 Stable Principal PortfoliosThe Principal Plus Portfolio is currently invested in only a guaranteed interest account although it may also invest in corporate fixed income investments and/or similar NextGen Savings Portfolio is composed exclusively of deposits in an interest-bearing, FDIC-insured bank Fund Portfolios and Stable Principal PortfoliosClient Direct SeriesPortfolios incur the following Annual Asset-Based Fees 2 Additional Investor ExpensesEstimated underlying fund expenses 3 Management fee 4 Total annual asset-based fees 5 Sales chargesDiversified PortfoliosBlackRock 100% Equity Balanced Portfolio0 . 51% . 51%NoneBlackRock Fixed Income Diversified Equity .12%0 . 21%NoneiShares Diversified Fixed Income Portfolio0 .18 %0 .12% PortfoliosBlackRock Equity Index Portfolio0.