Any thoughts on this allocation would be greatly appreciated.

1) Why don't you make all the investment decisions and just make sure your parents get all the income they need? I do this for my mother. She signs the papers, I do the investing, and she gets the money.
2) You didn't say how much income your parents need. A portfolio of stocks (e.g. FF) yielding 3% would provide $6k/year, with growth built in. The Fidelity High Income Fund's latest yield is 10.33%, yielding an income of 3k/year. Aside from yield, have you looked at it's total return? Here it is:

Average Annual Total Returns as of 7/31/1999 
             No Load 
 1 Year       3.44% 
 3 Year      11.79%
 5 Year      12.57%
   Life      15.38%

I assume you were going to leave the other portfolios alone.

Look at my post #13041 for an alternative way to provide income. Also, read "How to Retire Rich" by James P. O'Shaughnessy, and "The Dividend Investor" by Harvey Knowles & Damon Petty for using stocks to produce income.

Zev