I have begun using Vanguard Wellesley Income as a conservative addition to the GWM Portfolios. It is composed of well selected stocks and bonds.
Market risk is elevated currently due to a number of reasons. The primary risk is a volatile Geo-Political environment that is hard to gauge right now. The North Korean Nuclear chatter is in the spot light.
I have both, reduced market exposure, as well as, employed the Vanguard Wellesley Income Fund as a cautious approach for the moment.