Bill, interesting tha you would mention VWEHX since I have offen consider it or possibly Pimco's PHYDX rather than a intermediate bond fund. At the present time I set at about 40% equities and have replaced the fixed portion of the portfolio with MM, three stocks(GE, PFE and GER) that pay consistant dividends rather than bond funds. Question is, do you(others) have an opinion on the role a H/Y fund can play in a portfolio rather than an intermediate bond fund like HABDX? I like the yield that HY's offer,but.....

Added note: I hold OAKBX and VWINX that hold bonds.

Take care

Tim