This portfolio includes a variety of investment types, including a closed-end fund, high-yield bonds, preferred stocks, convertible bonds, and emerging market bonds. The portfolio could be modified considerably and still get similar results. High-dividend stocks, for example, could be added or interchanged with one of the funds below. This portfolio has about the same risk characteristics as a traditional 60/40 stock/bond portfolio. Thus, this is not a diversifier for your equity, but rather an equity-like portfolio.
20% BHK: Blackrock Core Bond Fund (Closed-End Fund)
20% HYLB: Xtrackers High-Yield Bond ETF
20% PFF: iShares Preferred Stock ETF
20% ICVT: iShares Convertible Bond ETF
20% EMB: iShares Emerging Markets Bond ETF