Which Vanguard bond funds are you currently using, and why?

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tc101
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Which Vanguard bond funds are you currently using, and why?

Post by tc101 » Wed May 25, 2011 9:50 am

Which Vanguard bond funds are you currently using? What are your reasons for selecting these particular funds for your bond investments?
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og15F1
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Post by og15F1 » Wed May 25, 2011 10:01 am

BND

Because I'm not at the level of the bond connoisseurs around here who are patching that allocation together

livesoft
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Post by livesoft » Wed May 25, 2011 10:05 am

VCSH - because it is short-term and I can sell shares before the market closes and use the money to buy something else.

VFIJX - It's GNMA admiral shares. Enough said.

VFSUX - I like the ticker symbol. Held this fund for years and years.

VBIRX - This is a new edition to the portfolio. It's only got a $10,000 limit for Admiral shares (unlike VFIJX and VFSUX which are actively-managed) and it is short-term. We use this fund in small IRAs that are not large enough to meet the minimums for VFSUX nor VFIJX.

We have other bond investments in our 401(k) plans, but they are not Vanguard funds.
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steve roy
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Post by steve roy » Wed May 25, 2011 10:12 am

Basically, I have two.

Vanguard Short Term Bond Index
Vanguard TIPS

50/50.

mcblum
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Post by mcblum » Wed May 25, 2011 10:14 am

Total Bond Index+TIPS
Marty

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kenyan
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Post by kenyan » Wed May 25, 2011 10:17 am

VBTIX - Institutional Class TBM. Available in one retirement account.
VBIIX - available in a different retirement account
VIPSX - My TIPS allocation. 40% of bonds.
VCAIX - California Munis in my taxable/non-retirement account. Yes, I realize the risk in not being as diversified here, but I'm considering the extra yield and 8.5% lower tax burden to be worth it.

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Scott S
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Post by Scott S » Wed May 25, 2011 10:22 am

mcblum wrote:Total Bond Index+TIPS
Marty
Same here.
My Plan: (Age-10)% in bonds until I reach age 60, 50/50 thereafter. Equity split: 50/50 US/Int'l, Bond split: 50/50 TBM/TIPS.

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jeffyscott
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Post by jeffyscott » Wed May 25, 2011 10:38 am

Long term investment grade (VWETX) and the bond portion of Wellington. I don't think government bonds (including TIPS) are worth holding at the current yields.

I do also have a significant allocation to a stable value fund to offset the risk of the long term bonds. We have about 60% in fixed income, ~26% stable value, ~8% VWETX, and the other ~26% in mix of mostly intermediate corp, high yield, and emerging markets in other non-vanguard bond funds.
press on, regardless - John C. Bogle

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Taylor Larimore
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Total Bond Market and Inflation-Protection fund combo

Post by Taylor Larimore » Wed May 25, 2011 10:39 am

Pat and I exchanged our mish-mash of bond funds for Vanguard Total Bond Market Index Fund in August of 1996. Four years later we added Inflation-Protected Securities.

We have held this 50/50 combination ever since. This is the Consumer Price Index (CPI-U) and our annual return from each fund:

YEAR--CPI----TIPS---TBM
2001---2.8%---7.7%---8.4%
2002---1.6%--16.6%---8.3%
2003---2.3%---8.0%---4.0%
2004---2.7%---8.3%---4.2%
2005---3.4%---2.6%---2.4%
2006---3.2%---0.4%---4.3%
2007---2.8%--11.6%---6.9%
2008---0.1%--(2.8%)--5.1%
2009---2.7%--10.8%---5.9%
2010---1.5%---6.2%---6.4%

We selected Total Bond Market primarily for its diversification ("free-lunch") and TIPS for its non-overlapping inflation protection:

Distribution by issuer (% of fund) as of 04/30/2011

Asset-Backed 0.3%
Commercial Mortgage-Backed 2.7%
Finance 7.8%
Foreign 5.3%
Government Mortgage-Backed 28.3%
Industrial 11.2%
Other 0.6%
Treasury/Agency 41.5%
Utilities 2.3%
Total 100.0%

Distribution by maturity (% of fund) as of 04/30/2011

Under 1 Year 0.9%
1 - 3 Years 24.8%
3 - 5 Years 20.4%
5 - 10 Years 39.1%
10 - 20 Years 6.4%
20 - 30 Years 8.2%
Over 30 Years 0.2%
Total

Distribution by credit quality* (% of fund) as of 04/30/2011

U.S. Government 69.7%
Aaa 5.2%
Aa 4.9%
A 10.6%
Baa 9.6%
< Baa 0.0%
Total 100.0%

The Benefits of a Diversified Bond Portfolio
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Post by Chuck » Wed May 25, 2011 10:40 am

Short Term Investment Grade (VFSTX) - Fake checking account with better yield.

Long Term Tax Exempt Adm (VWLUX) - I put my "extra mortgage payments" here instead of the actual mortgage, because I can get it out again if I want. Currently yielding more than my mortgage costs. (Yes, my mortgage is fully deductible due to state income tax.)

Total Bond Market Adm (VBTLX) - When I say "bonds" this is what I mean. It all goes here.

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Post by KyleAAA » Wed May 25, 2011 10:42 am

Short term bond index and TIPS

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camper
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Post by camper » Wed May 25, 2011 10:45 am

TBM and TIPS.

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Post by chaz » Wed May 25, 2011 10:45 am

Total Bond Index and TIPS funds.
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Post by carolc » Wed May 25, 2011 10:49 am

I have the Total Bond fund (about 25%) and the TIPS fund (about 75%) in my IRA.
(I also have a stable value fund in my 457.)

carolc

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Post by downwithfidel » Wed May 25, 2011 10:57 am

I've been reading the blog for a while. I just joined; this is my first post and I'm looking forward to having my own avatar & signature!

In 2007 I didn't own any bonds with the exception of EE Savings bonds. Ultimately, I want a 50% allocation to bonds. I'm up to about 39%

Taxable Account
PRFSX (TRowePrice Tax Free Short Term) 2.17% — Need some bonds in taxable.
EE and I bonds 16.09% — Safety. My dad believed in government bonds. Said that if the government couldn't pay back, then everything else had already gone to heck!

Inherited IRA
SCHO (Schwab Short Term Treasury) 1.25% — Trying for a slightly better yield than cash.

IRA
VBIAX (Vanguad Balanced Index Admiral) 2.96% — I started out with this fund and I am slowly working my way out of it. I don't think that Morningstar X-Ray overview breaks out the bond component of this fund. does anyone know for sure?
VIPSX (Vanguard Inflation Protected Securities) 3.75% (A start towards TIPS allocation)
VFSTX (Vanguard Short Term Investor Grade) 4.02% — A little more risk to boost returns.
VBTLX (Vanguard Total Bond Market Index Admiral) 8.52%

ROTH
VBISX (Vanguard Short Term Bond Index) 0.49% — Trying for a slightly better yield than cash. Afraid of interest rate hikes. I am DCAing into this fund.

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Random Musings
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Post by Random Musings » Wed May 25, 2011 11:08 am

TIPS (but mostly in individual TIPs since cost is lower), ST Corporate, ST, IT and some TBM (forced choice).

Right now, I'm more overweight in nominals.

RM

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LarryG
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Post by LarryG » Wed May 25, 2011 11:24 am

Total Bond Market
Short Term Investment Grade
TIPS fund

I am more concerned about future inflation than about maximizing yield. That is the reason that I hold Short Term Investment Grade in addition to TIPs.

I also have the remnants of a 5 year Treasury ladder. I have not continued to maintain the ladder because of very low interest rates.
When these (2) bonds mature, I will add to the 3 funds above.

LarryG

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kenyan
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Post by kenyan » Wed May 25, 2011 11:27 am

downwithfidel wrote: I don't think that Morningstar X-Ray overview breaks out the bond component of this fund. does anyone know for sure?
Well, it depends on what you mean. Morningstar will correctly state what percentage of your fund is in bonds vs. other asset types, but in my experience it will not break down your bonds within a fund properly. For example, Total Bond Market will be presented as 100% High-Quality Medium-Term. Any balanced fund will have its bond portion as 100% of whatever the bond fund is classified as, regardless of its internal diversification.

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Post by nisiprius » Wed May 25, 2011 11:27 am

A large holding in Total Bond Market, VBMFX

A large holding in individual TIPS

A small holding in Inflation Protected Securities, with the idea of using it as a "buffer" to allow steady withdrawals from a TIPS ladder with broken rungs--draw steadily from VIPSX and replenish with maturing TIPS as they (irregularly) mature.

A small holding in iShares TIP, which I regard as being interchangeable with VIPSX.

A small holding in Short Term Bond Index because I decided we really could afford to take a little risk in what would otherwise have been part of our "cash" allocation.
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...

Post by jh » Wed May 25, 2011 11:36 am

...
Last edited by jh on Fri May 27, 2011 1:32 pm, edited 1 time in total.

Tuxx
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Post by Tuxx » Wed May 25, 2011 11:40 am

Short Term Invest Grade - Emergency fund backup.

Tax Exempt Money Market - for check writing.

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V572625694
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Post by V572625694 » Wed May 25, 2011 11:43 am

38% VCADX --double tax free in CA
38% VBILX -- for the diversity
24% VAIPX -- for the usual reasons

These are percentages of the bond portion of the portfolio, which is 60% of the whole thing. The TIPS are in a 401(k), and the rest is in a taxable account.

There's no profound reason for these particular percentages but I'm comfortable with them.

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Guest422
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Post by Guest422 » Wed May 25, 2011 11:49 am

I have committed heresy, I must admit that I moved about 1/3 of my holding out of tips and tbm into short term bond index after reading the Bernstein PW argument.

I am a big chicken :|

and I am stocking up on ibonds for the year
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Munir
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Post by Munir » Wed May 25, 2011 11:53 am

Short Term Investment Grade and Intermediate Term Investment Grade.

Large holdings in MM, and less so in CDs, two SPIAs, & I-Bonds.

Don't like TIPS or Treasuries (blasphemy!!)

I believe corprorate investment grade credit risk is minimal (in spite of 2008), and worry about effect of a future interest rate increase on treasuries. I don't want to take risk in my equities, and feel safe in both my 30% equity position and 70% fixed income in my retiree distribution phase.
Last edited by Munir on Wed May 25, 2011 11:59 am, edited 3 times in total.

downwithfidel
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Post by downwithfidel » Wed May 25, 2011 11:55 am

kenyan wrote:
Morningstar will correctly state what percentage of your fund is in bonds vs. other asset types
Thanks kenyan.

I looked a little further and see that Xray details breaks down each fund into its asset classes. Balanced Index Admiral shows up as holding:

%Cash 2.60
%U.S. Stocks 58.43
%Foreign Stocks 0.44
%Bonds 37.09
%Other 1.44
%Not Classified 0.00%
% Weight 7.41 %

Roughly I had taken 40% of the total weight of &.41% to determine the bond allocation in Balanced so I wasn't all that far off!
Last edited by downwithfidel on Wed May 25, 2011 12:11 pm, edited 1 time in total.

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chuck-lyn
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Post by chuck-lyn » Wed May 25, 2011 11:59 am

Intermediate Term Tax Exempt and US Savings Bonds in taxable.

Bond part of Wellington, Templeton Global Income (GIM), PIMCO 15 year TIPS (LTPZ) and several CPI linked corporate bonds in tax sheltered.

Cheers,

charlie

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tc101
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Post by tc101 » Wed May 25, 2011 12:41 pm

Thanks everyone.

I notice that lots of people have total bond mkt, which is 41% treasuries, even though lots of other people talk about how they think treasury yields are too low. You get the safety of a treasury but a high yield with a CD, but I guess for the small gain it can be more trouble than it is worth.

Only one person so far has been in the GNMA fund, but total bnd mkt is 28% GNMA, so plenty of people get exposure to GNMA that way.

Thanks, and please continue with responses and comments.
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Skiandswim
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Post by Skiandswim » Wed May 25, 2011 12:47 pm

Tax advantaged accounts
• Vanguard short term investment (25% of bonds)
• Vanguard intermediate term investment (40%)
• PIMCO international bond hedged (10%) … really should treat as equity, oh well

Taxable accounts
• Vanguard intermediate tax-exempt (20%)
• I Bonds (5% … just building)

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Post by beardsworth » Wed May 25, 2011 12:56 pm

tc101 wrote:Only one person so far has been in the GNMA fund, but total bnd mkt is 28% GNMA, so plenty of people get exposure to GNMA that way.
Unless I myself am mistaken, I don't think that's correct. About 28% of Vanguard Total Bond Market is classified as "government mortgage–backed" securities,

https://personal.vanguard.com/us/funds/ ... st=tab%3A2

but that's not the same thing as saying that 28% of VBMFX is "GNMA." A substantial amount of that 28% is non–GNMA mortgage securities. To the best of my understanding, Fannie Maes, Freddie Macs, and their brethren still have an implicit backing from the government but––notwithstanding all the government efforts in the past several years to calm markets about those securities in order to make "implicit" seem like "explicit"––among government mortgage securities only GNMAs still carry that "full faith and credit" Treasury–quality guarantee of repayment.

Would welcome correction if I've misunderstood.

Marc

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ddb
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Re: Which Vanguard bond funds are you currently using, and

Post by ddb » Wed May 25, 2011 12:57 pm

tc101 wrote:Which Vanguard bond funds are you currently using? What are your reasons for selecting these particular funds for your bond investments?
I'm not using any Vanguard bond funds at this time. I choose for my fixed income allocation to be 100% TIPS, and I prefer to control average maturity and minimize expenses, so I stick with individual TIPS bonds.

If I were more traditional, I would likely blend the Long-Term Corporate ETF (VCLT) with a money market holding to achieve my desired average duration. Because of the relatively low average maturity in the TIPS fund, I'd skip that. I'd also personally avoid holding nominal treasuries due to the lower yields and the fact that I am completely unconcerned about broad defaults in the investment-grade corporate market.

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Post by Quasimodo » Wed May 25, 2011 1:04 pm

Ginnie Mae VFIIX (greed) and short term treasury VFISX (fear) half and half.

John

edited to add reasons
Last edited by Quasimodo on Wed May 25, 2011 4:46 pm, edited 1 time in total.
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Post by abuss368 » Wed May 25, 2011 1:17 pm

Tax Advantaged - Total Bond Market Index Fund

Taxable - Intermediate Term Tax Exempt Fund

Keep it simple!

1) A lot of folks are really questioning TIPS anymore. The yield is negative. I realize part of the return is attributed to the adjustment based on the government calculated CPI. What happens if there is no inflation? What about deflation? I am very skeptical of TIPS right now and the foreseeable future.

2) As much as some Bogleheads may not want to hear, as there is a cult following with TIPS, in a recent interview with Mr. Bogle, Steve Forbes asked what bond funds Mr. Bogle is invested in. Mr. Bogle replied that he has the Total Bond Market in his tax advantaged accounts and the Vanguard Short & Intermediate Muni Funds in his Taxable. Mr. Forbes went on to note he and Mr. Bogle do not hold TIPS any longer and that the yield was pitiful. Mr. Bogle agreed. You can search for this interview on Yahoo. At the halfway point, this is discussed.

3) I have many relatives that follow the same simple, yet very effective approach (i.e. Total Bond Market in Tax Advantaged and Intermediate Muni in Taxable) and are very thankful for the simplicity and very happy with the results.

4) I have asked alot, and other Bogleheads has as well: If you go with Total Bond Market and TIPS, from a diversification standpoint, is one not overweighted with US Debt and underweighted with Mortgage, Corporate, Foreign, etc.?

5) Unless your allocation to bonds is high and includes 100% TIPS, how big of a percentage of your overall portfolio is one really "protecting" from unexpected inflation?

6) The experts at Vanguard do not include TIPS in the Target Date funds until very close to retirement.
Last edited by abuss368 on Mon May 30, 2011 12:14 pm, edited 3 times in total.

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Post by beardsworth » Wed May 25, 2011 1:25 pm

abuss368 wrote:A lot of folks are really questioning TIPS anymore. . . . I realize part of the return is attributed to the adjustment based on the government calculated CPI. . . . The government strips out food & energy to get to core inflation when arriving at CPI. . . .
While the Federal Reserve (most prominently) may exclude food and energy in looking at what it considers to be durable "core" inflation, food and energy are not excluded from the CPI–U on which TIPS and I Bond inflation adjustments are based.

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SpringMan
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Post by SpringMan » Wed May 25, 2011 1:52 pm

53% of our total Vanguard net worth is in admiral shares of various Vanguard bond funds. I took notice of the recent thread where Dr. Bill Bernstein recommended that individual treasuries are better than even a skinny Vanguard expense ratio fund. After thought, I am staying put in the Vanguard funds. Not that it is worth much any more but I realized I would lose Flagship status if I sold those funds to buy individual bonds. I like the free TurboTax. I know the math still favors individual bonds, $50 for TurboTax vs about $800 annual expense savings. Sometimes I am illogical. :lol: The funds also seem more manageable IMO.
Best Wishes, SpringMan

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Post by bcboy57 » Wed May 25, 2011 2:00 pm

TIPS, Intermediate term treasuries and Long term treasuries, all in tax deferred.
I realize the LT stands in conflict to what Dr. B and similar wise voices here expound.
My logic, ? illogic, is that though I am retiring less than a year, at 61, I have enough in taxable to cover me for at least 15 years. I reinvest those dividends from LT and buy more. As interest rates go up, my LT is less, but I buy more of them cheaper. In 15 years, when I turn to the tax deferred $ (I am aware of RMD) I'll have more LT's, though at lower rate.

Make sense ? Or musings of a fool ? ....Doug

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Post by bcboy57 » Wed May 25, 2011 2:00 pm

TIPS, Intermediate term treasuries and Long term treasuries, all in tax deferred.
I realize the LT stands in conflict to what Dr. B and similar wise voices here expound.
My logic, ? illogic, is that though I am retiring less than a year, at 61, I have enough in taxable to cover me for at least 15 years. I reinvest those dividends from LT and buy more. As interest rates go up, my LT is less, but I buy more of them cheaper. In 15 years, when I turn to the tax deferred $ (I am aware of RMD) I'll have more LT's, though at lower rate.

Make sense ? Or musings of a fool ? ....Doug

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Christine_NM
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Post by Christine_NM » Wed May 25, 2011 2:00 pm

In descending order, largest holding first:

Balanced Index (VBIAX) - taxable
Limited Term Tax-Exempt (VMLUX) - taxable
Wellesley Income (VWIAX) - IRA
Short-Term Inv Grade (VFSUX) - IRA

Also significant amount of individual Treasurys, corporates, I bonds, EE bonds.

Taxable:
I chose to make VBIAX my core holding. I like the approach of a fixed 60/40 stock/bond allocation regardless of market conditions. This does it at the right price and with no active-mgt gimmicks. I can pad around it with other smaller investment to make an overall allocation of 40s/60b exclusive of cash for living expenses.

I've always been on the cusp of needing tax-exempt bonds. Starting RMDs in 2014 may push me over the edge so I'm taking distributions out of VBIAX into a money market account for decision then on how to invest. In 2008-2010 I made an exception and reinvested distributions.

At Diehards 2002 in Chicago Mr. Bogle mentioned Limited Term Tax-Exempt as a steady bond fund for taxable accounts. I wasn't ready for it then but after retirement and an inheritance I needed just such an animal, and I've been very pleased with it. I use the monthly distributions for living expenses. (After all those years of saving, saving, saving it is a nice surprise to receive money. Every month a small miracle in my savings account..)

IRA:
I've tried a lot of bond funds in my traditional IRA. I finally settled on Wellesley as a mostly-bond fund suitable for tax-deferral. I am not looking for a lot of growth here but I do want as much steadiness, i.e., no long term loss of purchasing power, as the market can offer. I don't know how it will turn out, but again I like fixed allocations.

VFSUX holds a couple of years' RMDs so I don't have to withdraw directly from Wellesley each year. Individual bonds as they mature will feed VFSUX as needed, with overflow to Wellesley.

My Roth has no bonds in it.

Sorry for all the detail, but you asked why. I have finally got to a point where each fund serves a specific purpose. Everything rebalances/matures without my intervention. Money arrives to pay bills. It does not get simpler than that.
Last edited by Christine_NM on Wed May 25, 2011 2:29 pm, edited 1 time in total.
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Post by gotherelate » Wed May 25, 2011 2:04 pm

Half Total Bond Market and half TIPS fund because I'm lazy and I don't know what will happen in the future.
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Post by Beagler » Wed May 25, 2011 3:25 pm

Very thoughtful response, Christine. Thanks.
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theduke
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Post by theduke » Wed May 25, 2011 3:27 pm

Short Term Investment Grade
Short Term Bond Index
GNMA

also
Stable Value Fund
G Fund

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Post by Beantown85 » Wed May 25, 2011 3:28 pm

og15F1 wrote:BND

Because I'm not at the level of the bond connoisseurs around here who are patching that allocation together
+1

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stevewolfe
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Post by stevewolfe » Wed May 25, 2011 6:29 pm

T. Rowe Price New Income
T. Rowe Price Short Intermediate muni
Vanguard Intermediate tax exempt
Vanguard Total Bond Market Index
Vanguard Retirement Trust (Stable Value)
I-Bonds
CD's

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joe8d
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Post by joe8d » Wed May 25, 2011 7:05 pm

Short Term Investment Grade.
High Yield.
NYLT Tax- Exempt.
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Post by friar1610 » Wed May 25, 2011 7:24 pm

kevintmckay wrote:I have committed heresy, I must admit that I moved about 1/3 of my holding out of tips and tbm into short term bond index after reading the Bernstein PW argument.

I am a big chicken :|

and I am stocking up on ibonds for the year
I had been mulling over a similar move for some time. Recently I moved about half my mutual fund bond money from Total Bond Market to Short Term Bond Index. The remainder of my bond money is in I-Bonds and I alsia have a 5 year CD ladder.
Friar1610

sommerfeld
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Post by sommerfeld » Wed May 25, 2011 8:16 pm

Our household has a bunch of different share classes of Total Bond Market in 401(k) and IRA accounts. No TIPS; going by the typical target retirement fund asset allocation, we don't need them yet.

before we got access to TBM in our 401(k)'s I held most of my bond allocation through the vanguard balanced index fund which had been available in my 401(k)

we also have a smallish helping of Wellington for mostly sentimental reasons.
(it was one of my first mutual fund investments).

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IlikeJackB
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Post by IlikeJackB » Wed May 25, 2011 8:17 pm

Inflation Protected Securities, Admiral shares ... To provide some protection from unexpected inflation

Intermediate Term Bond Index, Admiral shares ... I just happen to like making my own "total bond market" using ITBI & GNMA, rather than using Total Bond Market Index Fund

GNMA, Admiral shares ... (See above)

Bond portion of Wellington & Wellesley Income ... To gain a little more corporate bond exposure ... plus I just really like (love) these two funds.

Short Term Bond Index, Admiral shares ... Repository for dividends from all the above funds (plus stock funds), and for sales of fund shares. Also take annual distributions from this fund.

(All the above are held in IRA accounts. I'm 61 y/o and retired).
"Do what you will, the capital is at hazard." Justice Samuel Putnam, Harvard College vs Amory, 1830. The "Prudent Man Rule."

hudson
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Joined: Fri Apr 06, 2007 9:15 am

Post by hudson » Wed May 25, 2011 8:41 pm

Tax advantaged:
Vanguard Intermediate Term Treasuries
Vanguard Total Bond Market
Vanguard Inflation Protected Treasuries
Thinking about Penfed's 7 year IRA
IBonds

Taxable
Vanguard Intermediate Term Municipals
Thinking about Baird Intermediate Term Municipals...BMBIX

I've read the excellent discussion with many contributions of wbern and others. I'm still thinking it through.

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norookie
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Joined: Tue Jul 07, 2009 1:55 pm

Post by norookie » Wed May 25, 2011 8:56 pm

PLAIN OLD VIPSX :D Really, what's been going up,up,up? Despite all your formulas and whatnot. I doubt ill be disappointed. Foolishly I sold some due to postings here about 3 years ago. I have since learned not to deviate from MY Plan, 50/50. That and TBM.KISS
" Wealth usually leads to excess " Cicero 55 b.c

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tc101
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Joined: Tue Feb 20, 2007 3:18 pm
Location: Atlanta - Retired in 2004 at age 54

Post by tc101 » Wed May 25, 2011 9:01 pm

Dr. Bill Bernstein recommended that individual treasuries are better than even a skinny Vanguard expense ratio fund.
Why would anyone buy individual treasuries rather than individual CDs? I understand that you only get $250K of govt guarantee for each bank, but even for people with a few million to invest, and even limiting yourself to the CDs available from the Vanguard brokerage, you can still do better with CDs than treasuries;.
. | The most important thing you should know about me is that I am not an expert.

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Opponent Process
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Joined: Tue Sep 18, 2007 9:19 pm

Post by Opponent Process » Wed May 25, 2011 9:08 pm

kevintmckay wrote:I have committed heresy
kevintmckay wrote:I must admit that I moved about 1/3 of my holding out of tips and tbm into short term bond index

I am a big chicken :|
they say that what's important in investing is avoiding the big mistakes. I would not consider this market timing move a "big mistake" (but why make any mistakes at all?). :D
kevintmckay wrote:after reading the Bernstein PW argument.
what is that, the Bernstein Perfect World argument?
Last edited by Opponent Process on Wed May 25, 2011 9:11 pm, edited 1 time in total.
30/30/20/20 | US/International/Bonds/TIPS | Average Age=37

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