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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
en considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer under the
nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
ubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.
u rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and re
is one of the nation's largest managed care organizations, covering roughly 23 million members. The company focuses on three main business segments: Health Care (health insurance, dental, behavioral health and pharmacy benefit Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 3 HOU
Page: HOUSE_OVERSIGHT_014624 →Quantitative Analysis
s is a regular issuer of traded financial instru Lynch, through business units other than Bo th, and rea
tax of overseas earnings of US firms’ subsidiaries at reduced rates. Non-Financials in the S&P hold at least $1.2tn in overseas cash (mostly Tech and Health Care). If half was used for buybacks, this could add 3% ($4) to S&P 500 EPS. A redux of 2004 where companies used 80% of cash for buybacks may be less lik
Page: HOUSE_OVERSIGHT_023069 →Entities connected to both Health Care and ILynch

Bank of America
ORGANIZATION
Donald Trump
PERSONUtilities
ORGANIZATION
Merrill Lynch
ORGANIZATION
Michael Bloomberg
PERSON
United Kingdom
LOCATION
Frankfurt
LOCATIONMerchant Bank
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch (Asia Pacific) Limited
ORGANIZATIONThe Financial Service Board
ORGANIZATIONBaFin
ORGANIZATION
Seoul
LOCATIONthe Dubai Financial Services Authority
ORGANIZATION
Bank of America Corporation
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Bank of America, N.A.
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATION