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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;
Page: HOUSE_OVERSIGHT_014457 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;
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 →to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;
Page: HOUSE_OVERSIGHT_014650 →nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to limited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request
Page: HOUSE_OVERSIGHT_016194 →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 →to retail clients (as defined in the rules of the FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of our regulation by the FCA and PRA are available from us on request;
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Central Bank of Ireland and Health Care

Bank of America
ORGANIZATIONUtilities
ORGANIZATION
Donald Trump
PERSON
Merrill Lynch
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Frankfurt
LOCATION
Michael Bloomberg
PERSON
United Kingdom
LOCATIONMerchant Bank
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONMerrill Lynch KSA Company
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONDSP Merrill Lynch Limited
ORGANIZATIONMerrill Lynch Argentina SA
ORGANIZATION
Seoul
LOCATIONBaFin
ORGANIZATION