He recommends that 10 to 20 percent of the domestic bond portion of a portfolio be in junk.

Taxes are an important consideration for the bond portion of a portfolio.

After three years of strong returns, the bond portion of many portfolios may be too heavy.

But today, more than 50 percent of the bond portion is made up of Tennessee Valley Authority bonds.

Mr. Marthaler, 41, has run the bond portion since January 1998.

Over all, the bond portion of the fund yields 7.25 percent, compared with 6.4 percent for the index.

The bond portion will constitute at least half the fund, and its maturity is about 21 years.

The bond portion pays interest, and the stock portion pays dividends.

This way, he keeps the bond portion of his portfolio constant, but positions himself to benefit from Calvert's team approach to management.

Kevin Baum, the Oppenheimer manager, said he tends to be conservative with the bond portion of the portfolio.