For a fixed income allocation intended to beat inflation, you might also consider a (variable rate) loan participation open or closed end fund.  I use closed ends like PHD.  Since Fed will generally maintain a 2+% REAL-rate fed funds regime if inflation is a threat and LIBOR spreads +25 to +50 over Fed Funds and BB / B loans spread +200-450 over LIBOR, it's pretty much guaranteed that the distributibution rate will exceed inflation.  The worry, of course, is credit on B/BB corporate bank loans --- but mitigating that risk are the facts that most of the loans in these funds are secured and that bank loans are very high in the capital structure - if I recall correctly, ahead of bonds.

Regards, Dick