Epstein Secrets

nd Norway, though the healthcare gold standard remains tiny Andorra, a postage stamp of a country nestled between Spain (No. 8) and France (No. 15). Iceland (No. 2), Australia (No. 6), Finland (No. 7), the Netherlands (No. 9) and financial and banking center Luxembourg rounded out the first 10 finishers

o biggest companies, Gibson and Fender, are in debt, and a third, PRS Guitars, had to cut staff and expand production of cheaper guitars. In April, Moody's downgraded Guitar Center, the largest chain retailer, as it faces $1.6 billion in debt. And at Sweetwater.com, the online retailer, a brand-new, int

WI S WM,/ 0.4d •••••011M, I'M OM* ea WM". 0•••••••••11 COW 40•001,0 Imm.tLC nano ~A MK SIC EFTA00791761 Portfolio Holdings (continued) Date Iceland Fixed Income 28.00% of Portfolio (In kfaturity Date Sequence) Municipal Bonds GAINESVILLE FLA UTILS SYS REV SER A Security Identifier: 3628480E6

y Bond QuaMr Market Mutt % of Bond Market Value AA 250227.95 32% n A 520,394.00 68% • Total 770,621.95 100% Bond quality ratings reflect Moody's or Standard and Poots ratings. Bonds may be rated by other services. Bonds that are in default are not included. Please refer to your Portfolio Hold

on outlook (trading -2.0%) U.K. budget deficit widens to $16.1B as tax receipts fall (largest budget shortfall for any April since at least 1993) Iceland ash cloud grounds 250 U.K. flights (Ryanair complains to regulators there is no basis for cancellations) The head of Britain's Serious Fraud Office

argo Consumer (Las Vegas) & Citi Consumer (NY) conferences begin*** ***AZO & MDT earnings pre-open / AMAT, FMCN, PSS, TIVO, TTWO l's after close*** Moody's places 14 of the 18 British banks and building societies on review for potential downgrade China rating agency Dagong cuts U.K. rating to A+ from A

ten mature economies rose from 200% of GDP in 1995 to 300% in 2008 (see chart 1 for a breakdown by country). There were even more startling rises in Iceland and Ireland, where debt-to-GDP ratios reached 1,200% and 700% respectively. The burdens proved too much for those two countries, plunging them into

d loan obligations (CLOs), but since the credit crunch the market has dried up. And the debts accumulated in the 2006-07 boom have to be refinanced. Moody's reckons that some €250 billion of LBO debt will need to be rolled over in the next five years. Private-equity loans were just one of many assets (f

otified in writing of such determination). "Moody's Group III Country": Any of the following countries: Austria. Belgium. Denmark. Finland. France. Iceland. Liechtenstein, Luxembourg, Norway. Spain and any country• subsequently determined by Moody's to be a Moody's Group III Country (provided that the T

"Moody's Group I Country": Any of the following countries: Australia, the Netherlands. the United Kingdom and any country subsequently determined by Moody's to be a Moody's Group I Country (provided that the Trustee is notified in writing of such determination); provided that a Collateral Obligation issu

to that Rating Agency will not apply. "Recovery Approved Country": Each of Australia. Austria. Belgium, Canada. Denmark. Finland, France, Germany. Iceland, Ireland, Liechtenstein, Luxembourg, the Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, the United Kingdom, the United States and its

f the Investment Company Act. "Rated Notes Redemption Date": Any Redemption Date on which a Rated Notes Redemption occurs. "Rating Agency": Each of Moody's and S&P, in each case for so long as any of the Notes rated by such entity arc Outstanding. "Rating Agency Confirmation": Confirmation in writing (

otified in writing of such determination). "Moody's Group III Country": Any of the following countries: Austria. Belgium. Denmark. Finland. France. Iceland. Liechtenstein, Luxembourg, Norway. Spain and any country• subsequently determined by Moody's to be a Moody's Group III Country (provided that the T

"Moody's Group I Country": Any of the following countries: Australia, the Netherlands. the United Kingdom and any country subsequently determined by Moody's to be a Moody's Group I Country (provided that the Trustee is notified in writing of such determination); provided that a Collateral Obligation issu

e will be the preceding Business Day. "Recovery Approved Country": Each of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Liechtenstein, Luxembourg, the Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, the United Kingdom, the United States and its

specified in Section 9.1(a). "Rated Notes Redemption Date": Any Redemption Date on which a Rated Notes Redemption occurs. "Rating Agency": Each of Moody's and S&P, in each case for so long as any Notes rated by such entity are Outstanding. "Rating Agency Confirmation": Confirmation in writing (which m

to that Rating Agency will not apply. "Recovery Approved Country": Each of Australia. Austria. Belgium, Canada. Denmark. Finland, France, Germany. Iceland, Ireland, Liechtenstein, Luxembourg, the Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, the United Kingdom, the United States and its

f the Investment Company Act. "Rated Notes Redemption Date": Any Redemption Date on which a Rated Notes Redemption occurs. "Rating Agency": Each of Moody's and S&P, in each case for so long as any of the Notes rated by such entity arc Outstanding. "Rating Agency Confirmation": Confirmation in writing (

ified in writing of such determination). "Moody's Group III Country": Any of the following countries: Austria, Belgium, Denmark, Finland, France, Iceland, Liechtenstein, Luxembourg, Norway, Spain and any country subsequently determined by Moody's to be a Moody's Group III Country (provided that the T

In the case of a Synthetic Security, the Synthetic Security Counterparty or issuer, as the case may be, has a long-term senior unsecured rating by Moody's of at least "Al", and if rated "Al" by Moody's, such rating is not on watch for downgrade, and a long-term senior unsecured rating by. of at least