Another thing I want to point out, because I just noticed it. The recent years' yields on bond funds has been slightly higher than equity (stock) mutual funds, but with only a very small fraction of the volatility: http://news.morningstar.com/fundReturns/FundReturns.html?category=$FOCA$HY I'm not sure what the current thinking among fiduciaries is on diversified high grade bond funds is, but the statistical distribution of those long-term returns looks as if a variety of them for a portion of the reserves would have a far better risk-to-return ratio than sticking with certificates of deposit and treasury securities (which currently pay negative real interest rates, i.e., less than inflation) as we have been. _______________________________________________ Wikimedia-l mailing list Wikimedia-l(a)lists.wikimedia.org Unsubscribe: https://lists.wikimedia.org/mailman/listinfo/wikimedia-l