Ann: Investor Presentation, page-17

By introducing the concept of 'pre-screening' it is possible to arrive at your figures. Just 'pre-screen' at a 25(fail)/75(pass for screening) split and we are close to the figures you mention. The 61 for randomisation would require approximately 76/77 for screening and that would need 102 for the whole cycle (pre-screening, screening, randomisation).
Does FTT pre-screen? Of course they do - and that's how they arrive at the 20% elimination.
There is no need to quibble about my figures.

Will it be June or July?
Well, it does not matter for the funds because FTT will never be more than a rounding error on a balance sheet.
But it does matter for all the retail holders that now beginning to get fed the same stuff they have got year after year from TIS: "We are successful and almost there - we just need a few dollars more".


My recommendation is: Buy Parexel shares (NASDAQRXL) - they are the ones that profit most from the current situation.
Out of curiosity: What have they got? The key to the treasure? Most likely !!!