I know very well that Havelock is neither a casino nor a mining operation.  You are a financial services company.  It's not possible for your investors to know what the number of funds listed is (who pay a monthly fee!) nor the number of funds in the pipeline unless you disclose this information.  A key part of your Prospectus makes clear that growth in a vital part of your plans, and I want to know how the actual results you have experienced in this first quarter compare with the projections you made in the Prospectus.

The whole reason I bring this up is that I tried to develop a spreadsheet model of your revenues and expenses.  I have a good handle on the expenses assuming that the Prospectus projections are accurate.  But I simply can't generate any monthly (or quarterly) revenue projections because they depend on information that Havelock is yet to publicly disclose.  Come on --this is a whole week after Q1 ended, and if several of your existing funds issue monthly reports--including HMF--then so can HIF.  Havelock can and should be a best practices  model for the funds you manage, especially in the communications department.

I do hope that when the first quarterly report is distributed your investors get this detailed information.  We need it to make informed decisions about our investment in HIF.  And since we trade much more frequently than quarterly, I believe that monthly updates from Havelock  are important.  Thank you!