Review and Retain Revised fee schedule and other ...

[Pages:2]MIAP471761

Review and Retain Revised fee schedule and other enhancements to the Merrill Lynch Investment Advisory Program

We have eliminated the minimum monthly Merrill Lynch Fee of $125 as of December 1, 2016, for accounts enrolled in the Merrill Lynch Investment Advisory Program (Program). In addition, effective February 1, 2017, changes will be made to the Program's Fee Schedule. While these changes may result in your Program Fee being lowered, you will not pay a higher Program Fee than the rates included in the revised Fee Schedule as a result of this change.

We are amending the Program Client Agreement to reflect these changes as shown in Exhibit A. On or about January 9, 2017, we are also updating the Program Brochure to incorporate these changes and other changes as shown in Exhibit A. Please review this notice and Exhibit A carefully and retain a copy for your records. If you would like to receive a free copy of the current Program Brochure, please send a written request with your account number(s) to: Managed Accounts Processing and Services, 4800 Deer Lake Drive West, Building 1, 3rd Floor, Jacksonville, FL 32246. You may also obtain a copy of the Program Brochure by accessing the SEC's Website at adviserinfo.IAPD/Content/Search/iapd_Search.aspx

We are also pleased to announce that we are planning to expand our selection of firm investment solutions offered in the Program; some of these new investment solutions are also, or may in the future be, offered through other investment advisory programs sponsored by Merrill Lynch or affiliate channels including the Merrill Edge Guided Investing program and Merrill Edge Select Portfolios through the Merrill Edge Advisory Account program. These other programs may have different service levels, lower minimum investments and program fee rates than the Program. As discussed in the Program Brochure, when evaluating the different investment solutions available to you and determining which is most appropriate for your investment needs, you should consider various factors, including your preference for access to a dedicated Advisor as is available through the Program.

We thank you for your continued participation in the Program.

Exhibit A

1.The Program Client Agreement and Brochure will be amended to eliminate the minimum monthly Merrill Lynch Fee and to reflect changes to the Program Fee Schedule.

Changes to the Program Client Agreement. The below shows only the existing text within this section of the Client Agreement that is to be replaced with the revised text. All other text in this section of the Client Agreement remains unchanged.

Section 5: Your Fees and Expenses

Existing Wording

The existing text reads:

Your Program Fee consists of: (i) a fee for the services of Merrill Lynch (also referred to as the Merrill Lynch Fee Rate) and, if applicable, (ii) a fee for the Style Manager's services with respect to each Strategy using a Style Manager (also referred to as the Style Manager Expense Rate). Please see additional information about "What Is Not Covered By Your Program Fee" below. There is also additional information included in the Brochure about Merrill Lynch Fee Rates, Style Manager Expense Rates, how your Account assets are valued, and how your fees are calculated and charged to your Account. The fee schedule is subject to change from time to time, upon notice to you.

Your Program Fee is subject to a minimum monthly Merrill Lynch Fee of $125 but will not exceed the Fee Schedule below. In certain instances and in our discretion, we may waive or reduce your Account's minimum Merrill Lynch Fee.

New Wording

The following text replaces the existing text:

Your Program Fee consists of: (i) a fee for the services of Merrill Lynch (also referred to as the Merrill Lynch Fee Rate) and, if applicable, (ii) a fee for the Style Manager's services with respect to each Strategy using a Style Manager (also referred to as the Style Manager Expense Rate). Please see additional information about "What Is Not Covered By Your Program Fee" below. There is also additional information included in the Brochure about Merrill Lynch Fee Rates, Style Manager Expense Rates, how your Account assets are valued, and how your fees are calculated and charged to your Account. The fee schedule is subject to change from time to time, upon notice to you.

Existing Wording (continued) FEE SCHEDULE*

ACCOUNT VALUE Less than $1 million $1 million ? $4.999 million $5 million+

MERRILL LYNCH FEE RATE 2.70% 2.20% 2.00%

* If applicable, you will also be charged a Style Manager Expense Rate. See Style Manager Expenses section below for details.

New Wording (continued)

PROGRAM FEE SCHEDULE* - IN EFFECT THROUGH JANUARY 31, 2017

ACCOUNT VALUE Less than $1 million $1 million ? $4.999 million $5 million+

MERRILL LYNCH FEE RATE 2.70% 2.20% 2.00%

PROGRAM FEE SCHEDULE* - IN EFFECT AS OF FEBRUARY 1, 2017

ACCOUNT VALUE Less than $5 million $5 million+

MERRILL LYNCH FEE RATE 2.20% 2.00%

* If applicable, you will also be charged a Style Manager Expense Rate. See Style Manager Expenses section below for details.

Changes to the Program Brochure On or about January 9, 2017, the Program Brochure is being updated as described below.

MATERIAL CHANGES Section

PROGRAM FEES We are updating this Brochure to eliminate the minimum monthly Merrill Lynch Fee of $125 which, effective December 1, 2016, is no longer applicable. The Brochure is also being updated to reflect changes to the Merrill Lynch Fee Rate portion of the Program Fee which, effective February 1, 2017, will be changed as indicated in the Program Fee Schedule below.

Account Value Less than $5 million $5 million+

Merrill Lynch Fee Rate 2.20% 2.00%

2.The Program Brochure will also be updated on or about January 9, 2017 to include disclosure relating to the offering of the same or similar firm investment solutions available in the Program through other channels.

Changes to the Program Brochure

You may be able to obtain the same or similar investment solution offered in one Strategy in another Strategy in this Program. Additionally, in certain circumstances, the same or similar investment solution offered in the Program may be offered through other investment advisory programs or services sponsored by Merrill Lynch or affiliate channels, at a lower or higher cost than the investment solution offered in a Strategy in this Program. The services that you receive by investing in such solutions through the other Merrill Lynch sponsored investment advisory programs, may or may not be similar to the Services you receive through the Program. These other investment advisory programs, which have lower program fee rates than the Program, are the Merrill Edge Guided Investing program (MEGI) and Merrill Edge Select Portfolios through the Merrill Edge Advisory Account program (MESP). The services that you receive by investing through MEGI or MESP will be different from the Services you receive through the Program. You should discuss with your Advisor the investment solutions, services and Strategies available to determine which may be most appropriate for you.

You may also be able to obtain some or all of these types of services from other firms, and if they are available, the fees associated with them may be lower or higher than the fees we charge.

Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.).

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

MLPF&S is a registered broker-dealer, a registered investment adviser and Member SIPC. MLPF&S make available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of BofA Corp.

? 2016 Bank of America Corporation. All rights reserved. | ARWK7X6C

Code: 471761PM-1216

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