No. of Recommendations: 0
Some off-the-cuff feedback:

Thank you for the reply of October 30. I think I am satisfied on the “hidden fees” issue. On the positive side, I think the Trust is doing a good job of diversification, particularly with equity allocations.

What did you find out? What are the fees?

I am annoyed that the Trust elects to keep some of the cash or fixed-income in such investments as international, real estate bonds (Mortgages? The statement didn't specify.), or high-yield. It is my opinion that current yield spreads do not adequately compensate for the potential risks of investing in such categories of debt.

What in particular bugs you about the above?

I cringe when I read that the “high yield” fund is paying about 0.6% more than T-Bills currently pay...and that's the highest yielding thing the Trust is invested in. I was a bit amused that you feel “the overall risk has been greatly reduced by further diversifying.” Overall, perhaps, but I daresay that risk is pretty high in the cash and bond slices.

While the yield may be slightly higher, how has the total return been? The high yield funds I use have returned an average of almost 10% for the last five years, and those are munis. They have had as much of an increase in NAV as they have had in yield. See NHMAX for an example - yield 4.7 but total return 9.1 over five years.
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