There are plenty of attractive investment opportunities out there, so it's no wonder that many of us have portfolios stuffed with more securities than we have time to track.

So how can we unclutter our accounts? "Start by tagging each of your holdings with your goal (or goals) for them," Christine Benz, Morningstar's director of personal finance, writes in a commentary.

She sees investments serving three main goals: growth, income, and stability. So how do you measure your holdings in each of these areas?

"If you're holding an investment for its long-term growth potential, it's reasonable to use the long-term performance of a total-market equity index fund" to gauge its success, Benz says.

If you're holding stocks at least partly for income, you can seek a dividend yield higher than the S&P 500's current level of just under 2 percent, Benz says.

To test an investment for stability, "you can go straight to a simple gut check," she suggests. "How did it do in 2008?" That, of course, was the year when the S&P 500 returned negative 37 percent amid the worst financial crisis in more than 70 years.

Benz' advice certainly makes sense, but pruning your portfolio is a tricky business. So if you have solid evidence that one of your underperforming assets is headed for better times, you may want to hold on for a little longer before giving up.

Elsewhere on the investment front, with the S&P 500 index tripling since March 2009, many investors have become overweighted in stocks, and that could turn into a problem for those nearing retirement, experts say.

A recent study by Fidelity Investments of its 401(k) accounts showed that 27 percent of investors in their mid- to late-50s have an equity weighting 10 percent higher than recommended.

If stocks fall, that could mean major losses for people just about to enter retirement, writes USA Today's Charisse Jones. She recommends rebalancing your 401(k) plan at least once a year if your stock weighting is at least 10 percent higher than your goal..
 
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