I work for a very large pension fund at a large NYC insurer. I am also a president of a Co-op Board. Our investing approach is dynamic. From a risk perspective, our Board prefers to have little or no risk to principal. I like the Vanguard long term treasury funds (VUSUX) when interest rates are falling and Vanguard Short Term Treasury Funds (VSGDX) and bank CD's when interest rates are likely to rise. Also, if you have over $100k invested in a fund, you can get their Admiral Shares which have a lower imbedded cost. Switching to the long term vanguard fund last year allowed us to earn $80k or so in interest/dividends/realized & unrealized gains last year on a base of about $600k - which was very good for the type of year that it was. Our earnings are much less this year however we were able to turn the unrealized gains from last year into realized gains this year.