Ann: Becoming a substantial holder from TOP, page-10

Yes the one they do report very close to the deadline each month.

I am surprised by your calculation:

52.9c end May.

DVA flat or down one cent but had a few they got at 44c so should be okay.
SSM I see that is down 2.5c
AMA - up 1c
ARW - That has climbed by about 30c on 13.5 million shares - increase around $4 million.

That took me to around 55c. have I something wrong?

As regards your other comments:

Yes I am on record as saying the fees are too high and the performance fee is also flawed.

Really the issue however is that if you have a fee of 1.5% and a performance fee that is far too rich then you need to cover that somehow - I would not look at these unless it was at least a 10% discount to NAV and around 15% I think its a relative buy - If I like the underlying assets and cannot acquire them on market easily - That is what attracts me you cannot get volume in ARW , DVA or SSM. It may be a good one to buy here rather.

I think the 15% discount provides a great buffer that should be enough for extracting value. Would I hold long term - Probably not.