Yep...wellesley has consistently paid 3.5-4%+ yield (close to the historic swr), and also increased principal value by an amount that exceeds normalized annual inflation. Never had a huge drop in total returns, never had two bad years in a row. Of course, a lot of that has to do with the fact that large cap value has performed reasonably well, and the types of bonds they hold have also done very well. Neither of those may do well at some point in the future.
If I was going to bet my buttinsky on one thing though, I'd pick the one that went through the vagaries of the last 35 years and returned that track record.
Still my largest holding, although I may shift some of the money in there into the Equity Income Fund, which is essentially just the equity component of wellesley, managed by the same people.
Its also tough to find a managed fund with a big yield and a great track record that charges you less than .20%. DODBX is good too and I've owned it, but from memory it charged .54%