Bofa Merrill Lynch Millennials Portfolio Series 1

Under normal circumstances, the Trust will invest at least 80% of the value of its assets in companies that are included in the BofAML Global Millennials Primer Picks Stocks list (the “Millennials List”) and that the Sponsor believes may benefit from the emergence of “Millennials” as a key demographic segment of the population. “Millennials” are defined as individuals born between 1980 and 1997.

The Trust seeks to provide a portfolio of companies that the Sponsor believes may stand to profit from the increased focus on the key role that Millennials have on the economy. Millennials are increasingly becoming a demographic segment shaping global consumption and spending. The companies that may profit from this segment of the population may be from market segments that include, but are not limited to, technology, consumer goods, drinking, dining, health and wellness, households (e.g., homebuilders, do-it-yourself retailers and home furnishings retailers), financials, women’s products, education and sharing economy (e.g., lending, rentals and consumer-to-consumer commerce services).

For purposes of selecting securities for the Trust, the Sponsor has referenced the Millennials List created by Merrill Lynch Research. Merrill Lynch Research has identified the stocks in the ordinary course of its research operations and without regard to the Trust or its unitholders. The Sponsor is solely responsible for the securities included in the Trust. The Sponsor selects a subset of securities from the Millennials List by applying additional screens, including but not limited to the securities deemed by Merrill Lynch Research to have a high Millennials exposure, liquidity, taxation, daily trading volume and other market considerations. There is no assurance that the selected securities will profit from the growing Millennial global consumption and spending or that the Trust will achieve its investment objective.

The Trust will invest in common stocks. The companies selected by the Sponsor for the Trust may include foreign companies, including companies located in emerging markets. The Trust may invest such foreign securities directly or through U.S.-listed foreign securities, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or CHESS Depositary Interests (“CDIs”). ADRs and GDRs are issued by a bank or Trust company to evidence ownership of underlying securities issued by foreign corporations. CDIs are units of beneficial ownership in foreign securities that are quoted on the Australian Securities Exchange and are held by an Australian depositary entity. In addition, the Trust may invest in companies of any market capitalization. As a result of the strategy, the Trust is concentrated in the information technology and consumer products sectors.

DISCLAIMERS. Merrill Lynch shall have no liability whatsoever for any investment decision made by the sponsor or the trust or any other person in connection with the trust or the use of the Millennial Picks. Merrill Lynch makes no warranty, express or implied, as to results, including any losses, to be obtained by the sponsor, the trust or its unitholders, or any other person or entity, from the use of the Millennial Picks. Merrill Lynch makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fi tness for a particular purpose or use with respect to the Millennial Picks, the trust or the units. Without limiting any of the foregoing, in no event shall Merrill Lynch have any liability for any special, punitive, indirect, or consequential damages (including lost profi ts) resulting from the use of the Millennial Picks, the trust or the units, even if notifi ed of the possibility of such damages.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• Securities selected according to this strategy may not perform as intended. The Trust is exposed to additional risk due to its policy of investing in accordance with an investment strategy. Although the Trust’s investment strategy is designed to achieve the Trust’s investment objective, the strategy may not prove to be successful. The investment decisions may not produce the intended results and there is no guarantee that the investment objective will be achieved. In addition, the Sponsor referenced a list published by Merrill Lynch Research when selecting securities and the securities in that list were selected based on having exposure to a theme that is long-term in nature. Because the Trust has a mandatory termination date, the possible benefits intended by holding the companies identified in that list may not be realized.

• The Trust is concentrated in the consumer products sector. As a result, the factors that impact the consumer products sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. General risks of companies in the consumer products sector include cyclicality of revenues and earnings, economic recession, currency fluctuations, changing consumer tastes, extensive competition, product liability litigation and increased government regulation. A weak economy and its effect on consumer spending would adversely affect companies in the consumer products sector.

• The Trust is concentrated in the information technology sector. As a result, the factors that impact the information technology sector will likely have a greater effect on this Trust than on a more broadly diversified Trust. Adverse developments in the sector may affect the value of your investment. Companies involved in this sector must contend with rapid changes in technology, intense competition, government regulation and the rapid obsolescence of products and services. Furthermore, sector predictions may not materialize and the companies selected for the Trust may not represent the entire sector and may not participate in the overall sector growth.

• The Trust invests in ADRs, GDRs, U.S.-listed foreign securities and foreign securities listed on foreign exchanges. The Trust’s investment in ADRs, GDRs, U.S.-listed foreign securities and foreign securities listed on foreign exchanges presents additional risk. ADRs and GDRs are issued by a bank or Trust company to evidence ownership of underlying securities issued by foreign corporations. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.

• The Trust includes securities whose value may be dependent on currency exchange rates. The U.S. dollar value of these securities may vary with fluctuations in foreign exchange rates. Most foreign currencies have fluctuated widely in value against the U.S. dollar for various economic and political reasons such as the activity level of large international commercial banks, various central banks, speculators, hedge funds and other buyers and sellers of foreign currencies.

• The Trust includes securities issued by companies headquartered in countries considered to be emerging markets. Emerging markets are generally defined as countries with low per capita income in the initial stages of their industrialization cycles. Risks of investing in developing or emerging countries include the possibility of investment and trading limitations, liquidity concerns, delays and disruptions in settlement transactions, political uncertainties and dependence on international trade and development assistance. Companies headquartered in emerging market countries may be exposed to greater volatility and market risk.

• The Trust invests in securities issued by small-capitalization and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small-capitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that share prices of the securities in the Trust will not decline and that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• Inflation may lead to a decrease in the value of assets or income from investments.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.