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"Investors should not forget that we tend to have the worst news at or near market bottoms; that means that a rising tide of bad news is an important part of the bottoming process," explains Keith Fitz-Gerald.

Emphasizing the need for patience, the editor of The Money Map Report is maintaining a diversified portfolio including several quality income-oriented positions from Nuveen, PIMCO ad Vanguard. Here's a trio funds for safety and income.

"Nuveen Quality Income Municipal Fund (NYSE: NQU) seeks current income exempt from regular federal income tax. A lot of folks are fleeing munis right now because they’re fearful of the credit crisis and an anticipated wave of municipal defaults.

"What makes NQU appealing is that it concentrates substantially all of its assets in a diversified portfolio of AA federal tax-exempt investments, which gives it an added safety cushion. Right now the taxable equivalent distribution rate is 9%.

"And don’t forget: Right now it’s selling at 7.97% below its net asset value. This gives us a super way to potentially achieve over 16% this year. That’s especially appealing given how the markets are behaving lately.

"In times like now, when young hot-shot fund managers are receiving their walking papers for blowing up their funds, it’s a good idea to align yourself with the smartest guys on the block. And in the world of bond funds, Bill Gross and Pimco are at the top of the heap.

"The portfolio at PIMCO Strategic Global Government Fund (NYSE: RCS) is globally positioned, with the majority of assets generally being held across a range of government securities.

"Its holdings include bonds issued by local and national governments, agency-backed mortgage-backed securities, and supranational and sovereign entities.

"The fund has a very impressive record of meeting its dividend payments, which at current prices are yielding 7.99%.

"When times are good and volatility is low, everyone laughs at safety. But the last 12 months have brought into clear focus the need to always consider risk.

"here are very few funds on the market today that can offer the individual investor with the same degree of asset diversification and safety as the Vanguard Wellington Fund (VWELX).

"Since July 1, 1929, this fund has been a stalwart of safe gains through every economic catastrophe, war, recession, depression, good times and bad.

"And you can bet the management at Vanguard has not lost sight of the key principles that have allowed this mixed stocks and bond fund to be one of the most profitable safe havens for investors...and its 3.76% yield doesn’t sound too bad, either."