No, they always use High Yield. I mean given your choise you would always choose high yield, but not the work risk. Almost all the high yield bond funds that I know of use increased risk through leverage (like FAX), longer bond terms, and/or lower quality debt (something FAX is also going to). Over all, things seem to be going in FAX's way again. The AUD has just risen to 1.5650 to the USD, it was above 1.70 not too long ago. This along with today's fed cut which should help bonds and I would expect that FAX would rise back above six soon after the justified uproar over the rights is over.