Merrill Lynch Pierce Fenner & Smith Incorporated

ITEM 5. FEES AND COMPENSATION
Account Fees
The Account Fee for the Program is comprised of: (1) the fee the client currently pays the Bank for its services, as that fee is set forth
in the Client Agreement or other relevant fee documentation governing that relationship with the Bank (the “IM&T Fee”) and (2) the
fee the client pays for a particular Strategy (“Style Manager Expense”), if applicable. The Account Fee is payable in advance and will be
based on the value of assets, including cash and cash alternatives, in a client’s Account. For the advisory services MAA provides through
the Program, the Bank pays MAA an asset-based fee.
IM&T Fee. The IM&T Fee rates and terms of payment are set forth in the Client Agreement or other relevant account documentation
and are subject to change. Clients should consult their Representatives with any questions about the terms of their existing relationship
with the Bank.

MAA-MerrillSPS-06-2026                                               8

The IM&T Fee clients pay may be negotiable depending on a number of factors. Such factors include, but are not limited to the:
   •   Market value and asset allocation of a client’s assets.
   •   Number and size of a client’s related accounts maintained at the Bank and its Affiliates.
   •   Range and extent of services provided or to be provided to a client.
   •   Representative assisting the client.
Other pricing arrangements, typically involving multiple accounts, products or services, may also be available to clients. While clients
entering into such arrangements may pay higher fees for any particular component being offered, the pricing arrangement as a whole
will generally result either in the same or lower fees in the aggregate for all the accounts, products or services provided or for the
inclusion of additional products and services. From time to time, MAA and the Bank also may enter into specialized agreements to
provide particular or unique services to certain clients, subject to negotiated fees. In addition, the Program may be offered through
other lines of business of BofA Corp. Clients of these lines of business may have a limited or different selection of Style Managers,
Strategies and/or Funds. Certain additional services also may be provided to such clients. The fees for certain of the services described
in this Brochure may be reduced for employees of the Bank and its Affiliates, or such employees and Affiliates may be subject to prior
fee schedules.
Additional information about Account Fees and other fees and expenses that a client may incur when participating in the Program are
discussed in greater detail in the Bank’s Disclosure Statement for the Program.
Style Manager Expense. The Style Manager Expense rate for each Strategy is listed in the Style Manager Expense Rate Supplement
to the Bank’s SPS Disclosure Statement. Any fee paid to a Style Manager will vary depending on, among other factors, the particular
investment style or approach and the type of securities included in the investment strategy. The Style Manager Expense rates generally
range from 0.00% to 0.50% annually. The Style Manager Expense rate applicable to a client’s Program Account does not change based
upon the value of assets in a client’s Program Account. The Style Manager Expense rate is stated on the Strategy Profile. Clients that
invest in a Related Strategy will not be charged a Style Manager Expense that is payable to a Related Entity.
The selection of the Strategy with no Style Manager Expense that is payable to a Related Entity results in the client paying only the
IM&T fee which is paid to the Bank for the Program Services. This presents an opportunity for the Bank to benefit as the client will
not be paying a separate Style Manager Expense from account assets, resulting in more assets and higher fees to the Bank than
if the client accounts had a Style Manager Expense. Additionally, the opportunity to negotiate a higher IM&T Fee rate provides the
Representatives with an incentive to recommend Strategies with no Style Manager Expense rate over those that do. The ability to
negotiate a higher IM&T Fee rate benefits the Bank as well as a Representative since the Bank retains the IM&T Fee.
If a new or different Strategy is selected for a client’s Account, the change in Style Manager Expense rate will be processed for the
next monthly billing cycle. The Style Manager Expense rate applicable to the former Strategy will apply through the remainder of that
calendar month, after which the new Style Manager Expense rate(s) for the new Strategy will automatically be applied.
Note that certain Strategies invest in Funds. For such investments, clients will bear their proportionate share of such Fund’s fees,
expenses and charges, including, but not limited to, management fees and performance-based compensation paid to the Fund’s
investment managers or their Affiliates, fees payable to the Fund’s professional and other service providers, transaction costs and other
operating costs. The Account Fee does not cover or offset any fees and expenses that any Fund incurs for transactions occurring within
the Fund itself, including commissions and other transaction-related charges incurred by the Fund, even if we or any Affiliate effect
these transactions for the Fund or provide services to the Fund. All of these fees, expenses, costs and other charges may be material.

How the Account Fee is Determined
Account assets will be valued in a manner determined by the Bank and MAA in their sole discretion, and in some cases may be based
on prices and/or estimates obtained from various sources, including their Affiliates. Values may vary from prices achieved in actual
transactions, especially for thinly traded securities, and are not firm bids or offers or guarantees of any type about the value of assets
in a client’s Account. For fixed-income securities, the values assume no unusual market conditions and are generally for transactions
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ITEM 7. TYPES OF CLIENTS
Client Eligibility
To participate in the Program, a client must maintain an investment management, trust or similar relationship with Bank of America
Private Bank or Bank of America Workplace Benefits and establish an account with the Bank. Investors eligible to participate in the
Program generally may include individuals, trusts, estates, charitable organizations, corporations, retirement plans, pension and profit
sharing plans. As indicated in the Strategy Profile for each Strategy, not all types of investors are eligible for each Strategy.

Account Minimums
The minimum initial investment in the Program varies depending on the Strategy selected by the Bank for the client’s Program Account.
The minimum initial investment for a particular Strategy is generally included in the applicable Strategy Profile.

Closing an Account and/or Terminating Participation in the Program
Clients have the ability to terminate their participation in the Program which may result in a refund or require the client to pay the Bank
any remaining fees due for the partial billing period. See the Bank’s SPS Disclosure Statement for more information. Upon termination
of the Account enrollment into the Program, MAA will have no responsibility for the investment of assets in the client’s Account.
Notwithstanding a client’s instructions to the contrary, certain Funds and other securities held in the client’s Account pursuant to a
certain Strategy will be automatically liquidated or redeemed, as described in the applicable prospectus or disclosure document upon
termination of an Account’s enrollment in the Program. Liquidation or redemption will generally be effected by the close of the next
business day following termination, although for certain securities, such as those traded on a when-issued basis or as odd lots, the
liquidation or redemption process may take longer.
The termination of a Representative’s employment with the Bank will not automatically terminate the Client Agreement or an
Account. If a client’s Representative is no longer able to service the client’s Account, the Bank may transfer that Account to a different
Representative and the client will be notified of any such changes.