From Wellesley's Strategy and Policy page:
The fund invests approximately 60% to 65% of its assets in investment-grade corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The remaining 35% to 40% of fund assets are invested in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends.
And Wellington's:
The fund invests 60% to 70% of its assets in dividend-paying, and, to a lesser extent, non-dividend-paying common stocks of established medium-size and large companies. In choosing these companies, the advisor seeks those that appear to be undervalued but to have prospects for improvement. These stocks are commonly referred to as value stocks. The remaining 30% to 40% of fund assets are invested mainly in investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, as well as mortgage-backed securities.
Generally speaking, Wellington has historically been a balanced fund, and Wellesley has a portfolio and risk profile that's pretty typical of a conservative allocation fund. But they're both absolutely kick ass. And to my knowledge, they've always had those same basic allocations--Wellington is 60-something percent stocks, Wellesley is 60-something percent bonds.
