Ann: Change in substantial holding from AEF, page-114

Throwing MSB and a few others at the top largely drags up the "average" EV - MSB makes up over 40% of the figure ? yet 1/13 is 7.7% - take MSB out $172M goes to $108M - take out OPT it goes $78M, PAR to $60M - TLX to $42M etc but that's about where ANP sits.

4 of the 13 companies puts up 80% of the "average" EV - and if you want to weight it like that all top heavy with those 4 companies also holding $440M bank or likewise 80% of the $524M cash of 13 then that breaks down average cash at bank to $40M ..... which strangely enough is about 10x more cash than ANP hold.... again though MSB's $234M CIB largely skews it of the 13 companies only 3 hold above the $40M avg.

Does it really look like its that off balance ? cash is king ….