an investment fund that invests in common stocks, preferred stocks and bonds, keeping a balanced holding of each class to stated proportions of the whole fund.
[...] The other £25,000 might be invested in £5000 tranches into five different funds with varying low- to medium-risk profiles starting with a fixed interest fund (perhaps a corporate bond PEP) and moving up in risk to an income fund where dividends are reinvested, an equity fund, and a balanced fund. [...]