From: "Paul V. Morris" 4

From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO Outlook April 2017 - International vs. U.S. Markets — The Tide Could Be Turning Date: Thu, 27 Apr 2017 22:54:18 +0000 (,CIO Outlook International vs. U.S. Markets The Tide Could Be Turning As investors search for growth, and equities in the U.S. have been rising to record levels and extended valuations relative to history, it may now be a good time to look abroad. While we are positive, and recommend overweight allocations across all regions, including the U.S., we believe that plenty of relative value can be found in International Developed and Emerging Markets. The synchronized global expansion currently building could make equities from those regions attractive going forward. Read more in the current Monthly Letter International vs. U.S. Markets - The Tide Could Be Turning_ We also encourage you to visit ml.com/insights for our latest thinking on long-term investment themes. Sincerely, The Morris Group Private Wealth Manager The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York NY 10036 http://www.pwa.ml.cornithemorrisgroup The investments or strategies presented do not take into account the investment objectives or financial needs of particular investors. It is important that you consider this information in the context of your personal risk tolerance and investment goals before making an investment decision. Investments have varying degrees of risk. Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. EFTA00695985 Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group's Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America. N.A.. Member FDIC, and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, registered investment adviser. Member SIPC and a wholly owned subsidiary of BofA Corp. © 2017 Bank of America Corporation. All rights reserved. AR4XXSTS If you prefer not to receive future e-mails related to this topic click here. EFTA00695986