I support your proposal to add the 2% management fee.  It works out to only about $2/new EXCH share.  And the only ones affected are arbitrageurs who want to profit from various price discrepancies.  To them, it's just another cost of doing business.  All of us benefit from  the liquidity they provide.  You have committed to daily management of these funds for at least the next 6 months.  I want you to continue to administer for the long haul, and to feel that you are being adequately compensated for your time and trouble.  Your proposal is transparent and easy to understand by all.  Anyone who feels it's not worth it can just take their investment funds to another Havelock offering.  Go for it!