I have a couple of bond funds, one of which I use for current income and which I will probably keep no matter which way interest rates go. I have the T.Rowe Price Spectrum Income fund which is quite diversified. It includes, junk bonds, emerging market bonds, treasuries, GNMA mortgages, international bonds and even includes a small percentage of their Equity Income stock fund for income. I also have some shares of JNK, an exchange traded junk bond fund. I know this one is risky but it is presently yielding over 12%. I am debating as to whether to keep the JNK fund or bail out. I am up over 20% on the share price. But there are an awful lot of warning out there about junk bond funds and their imminent plunge in share price. I also have the Vanguard High Yield mutual fund which is a junk bond fund. These are just my musings and I am in no way advocating these funds or this fund allocation. Any comments would be appreciated.
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