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ontact their BofA Merrill Lynch representative or Merrill Lynch Financial Global Wealth Management financial advisor for information relating to fix
nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
Merrill Lynch, Pierce, Fenner & Smith Incorporated (‘MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014457 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch" are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014496 →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 →Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch” and "Merrill Lynch” are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_014650 →Quantitative Analysis
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 →Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S’) and its affiliates. Investors should contact their BofA Merrill Lynch representative or Merrill Lynch Global Wealth Management financial advisor if they have questions concerning this report. "BofA Merrill Lynch" and "Merrill Lynch” are each global brands for BofA Merrill Lyn
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both Merrill Lynch Global Wealth Management and Health Care

Bank of America
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch
ORGANIZATIONUtilities
ORGANIZATION
Michael Bloomberg
PERSON
Bank of America Corporation
ORGANIZATION
Frankfurt
LOCATION
United Kingdom
LOCATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONMerchant Bank
ORGANIZATIONThe Financial Service Board
ORGANIZATIONBaFin
ORGANIZATION
Seoul
LOCATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
BofA Merrill Lynch
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATION