For individuals: * Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX Quote - Cramer on VWITX - Stock Picks). This is a diversified $19.5 billion tax-exempt fund that holds almost 1,700 tax-exempt bonds, with an average maturity of 7.3 years. Over 80% of the holdings are rated AA or AAA. The portfolio yields approximately 3.5% (untaxed); that's nearly a 6.0% pretax-equivalent yield for a New York state resident paying the highest marginal tax rate of 42.93%. The minimum investment is $3,000. For individuals' non-taxable accounts (IRA, 401k, etc.) and institutions: * Vanguard Intermediate-Term Investment-Grade Fund Investor Shares (VFICX Quote - Cramer on VFICX - Stock Picks). This is a diversified $7 billion high-quality investment-grade bond with an average maturity of 6.3 years. The portfolio yields about 6.15%, and the minimum investment is $3,000. * Vanguard Convertible Securities Fund (VCVSX Quote - Cramer on VCVSX - Stock Picks). This is a diversified convertible bond portfolio totaling $900 million, managed under the auspices of the capable Oaktree Capital Management. The portfolio consists of 13 stocks and 155 bonds, its average duration is 3.7 years, and the current yield is 4.95%. The minimum investment is $10,000. * Vanguard High-Yield Corporate Fund Investor Shares (VWEHX Quote - Cramer on VWEHX - Stock Picks). This is a diversified $7 billion fund consisting of about 250 bonds. The current yield on the fund, outsourced to Boston-based Wellington Management Company -- I have recently met with one of its principal portfolio managers -- is 11.39%. Its average maturity is 6.2 years, and the minimum investment is $3,000. In summary, we are in uncertain economic times and investors should err on the side of conservatism.