IMHO? since I've only been doing this ( retired) for a few yrs..

Guess it all depends on at least what your Tax Bracket is  vs what your CPA says?

>If your in a high Tax bracket and only need Barely Inflation rtns, play the TE fund

And me thinks it's kinda early to go the conservative route yet.. ( maybe in 5 yrs B4 Retirement, not 10 )

Thus at the Least?

OAKBX only ( 12% apy/10 yr Outperformer )

I'd go with 2 least 2 Balanced funds> Adding PRWCX if not adding a 3rd, like FPACX

Why? It's all done for you and has a very high TE rating ( 4/5) and Reinvest Divs/CG's now and when that time comes,  just go cash, take out what you need and reinvest the net balance..vs Reinvesting Divs/CG's..

and why counter point yourself with a VWELX? a 7.3% apy /10 yr underperformer and leave $ on the table?

Then of course: If you have more than enough $? Maybe you should consider "going for the Gold" and try to increase it for a Legacy account..to support your favorite Chariities,  or who's to say, your kids, grandkids may need it . (let alone the wife may want to get another husband after your gone and have some real fun with him...LOL)

Myself? I'd rather pay 28% taxes on a 12% vs a 28% on a 7.3% vs 0% on a 3-4%..

of course, that's just me..

FWIW a cash/bond-only allocation is not a good basis for a long term retirement plan.  I believe in very aggressive equity allocations relative to conventional recommendations. "Safe" fixed allocations are anything but safe because of risks in addition to those of the markets.

You probably need a 25+ yr plan and since you will have a pension and don't (now) seem to need to plan much in the way of withdrawals. An 80% to 90% equity allocation would not be an unreasonable basis for your plan. OAKBX or any other high return investment should be what you might implement.

Longevity risk and medical cost risk, in addition to market risk, are very real and important. They should be considered whenever you risk adjust your portfolio. Half of us live longer than our actuarial life expectancy which increases for every year we survive. You probably will find that an extra 10 yr lifetime or so will have a larger portfolio impact than market fluctuations. Same for cost inflation risk, it can easily be a factor of 2 to 3 expense increase during your retirement years, even after considering "COLA" incomes. Going "conservative", as you put it is probably one of the worst approaches one can choose.*

We have been investing during  retirement for 10 to 15 years and I just wanted to pass on our experience. Withdrawing from a portfolio is quite different than building one. Reverse dollar cost averaging replaces DCA and "buy and hold" is replaced by "select and sell". Most "conventional wisdom" strategies for retirement years consist of modification of asset accumulation strategies and ignore these important differences.

Bud Hebeler (www.analyzenow.com) articulates these differences well. Succinctly, he shows you how to build and track a detailed asset allocation/expense plan every year. One can get asset tracking from many sources but only you can plan and track expenses. That's what we do.

Only my opinions

john

* The "Trinity" study, the SWR (supportable retirement rate) bible, provides  excellent - four tables - analysis that explains why retirement portfolios should be 50% or more stock. Read the paper (AAII Journal Feb 1998 pg 16-21) - conventional translations miss the point.

Part II

I found the following AMBF's TE's

Inorder of Best to Worse by Lipper's ( 1 being worse and 5 being best)

PRPFX = 5/5

OAKBX = 4/5

FPACX = 3/5

WMRIX = 2/5

PRWCX = 1/5

ave 11.6% apy's past 10 yrs

VWELX = 1/5

VWNIX = 1/5

Ave =  7% apy's past 10 yrs

Dif = 4.6% apy

All the AMBF's APY's far exceeding/outfperforming a Index Port like a VWELX/VWINX by ave. of 4.6% ,to more than justify to me to own the AMBF's instead.

They key I like of these AMBF's has been their ability not to outperform in a Bull market , but as to  Outperform in a BEAR market ( ie: 00-02') vs a comparable Index Port. and being a Contraian, that makes their Bottom line far more appealing to me..

and for the past several yrs now,so far , so good..

and it really aggravates my Asset Managment Firm ( The Mutual Fund Store) ,  making their Port they have of mine look bad...LOL

Who knows!