What do you think of Vanguard Wellesley fund?

I thought I'd start a new post here. My last one has gotten rather complex.

To recap: I have about $350 in a 401K from an old employer. It's all in a John Hancock fixed income account. I want to roll it into an IRA account.

I am retired. I am 62. I don't need income from my investments now but I don't know when I will. I also have several other investments. Most are in Vanguard Wellington. Some in S&P and Bond index funds with Vanguard and the rest in I bonds and IRA CDs. I also have some company stock that I will be selling and reinvesting with the $350.

I am a VERY conservative investor and am not looking for big returns. I think 5% a year would be just fine for me to live on. Even 4% would probably by OK. I also am not a person who actively manages her funds. I tend to put it somewhere and leave it there. Not good perhaps, but I might as well be honest.

I was considering the Wellington fund for my $350 but now I see that the Wellesley fund has better overall performance. It also seems to be more conservative with about twice as much in bonds.

Would it be reasonable to put my money into Wellesley or is Wellington a better choice?

Thanks

Until recently, the question was a no-brainer because Wellington was closed to new investors :-)

However, it's been reopened, so the question is legitimate again.

I'm not an expert in this stuff, but it seems to me that Wellesley is aimed at providing income that appreciates over time, and Wellington is more aimed at capital growth. This distinction is unimportant if you're in an IRA, but if it is a taxable investment, you would have to pay taxes immediately on the income, which would be a disadvantage if you were planning to reinvest it rather than spend it.

In an IRA, it seems that Wellington has done somewhat better over the past

1-, 3-, 5-, and 10-year periods. This is not surprising, as Wellesley is about 60% bonds and Wellington is about 65% stocks. In exchange for that, Wellesley has been significantly less volatile, especially during the 2000-2002 bear market.

As they say, ya pays yer money and ya takes yer choice.