NEW YORK (MONEY) - Every investor can benefit from a healthy dose of fixed-income to reduce risk in a portfolio. Even aggressive investors can take on as much as a 15 percent helping; conservative investors could go as high as 65 percent or more.

There are several ways to get your bond exposure. Government bonds are solid, safe investments. Buy them directly at www.publicdebt.treas.gov. For other types, consider these funds.

Fremont Bond (800-548-4539) and Harbor Bond (800-422-1050). These two nearly identical funds are a perfect combination of decent fees and bond-picking genius -- namely, that of famed portfolio manager Bill Gross. Gross, who is especially adept at making sweeping economic calls, is best known for heading up the highly regarded Pimco Total Return, but that fund levies a 4.5 percent sales charge.

The Money 100 The 100 Funds How we picked the 100 How to use the 100 How the 2001 list fared Who's off from last year See the best bond funds

Dodge and Cox Income (800-621-3979). Though the San Francisco boutique is best known for the dependable Dodge & Cox Stock fund, this offering is equally worthy of recognition. Virtually the same team runs both funds. Here the managers stick to corporate issues and bonds backed by mortgages.

Columbia Fixed-Income Securities (800-547-1707). Good bond picking and low costs go a long way in making this a favorite. Rather than making big bets on the direction of interest rates, managers Leonard Aplet and Jeffrey Rippey determine the most attractive sectors and look for the best buys within each.

Investors who live in high-tax states such as New York or California may benefit from a muni bond fund. The yields on munis tend to be lower than those on taxable bonds, so low costs are especially important in choosing a muni bond fund.

Vanguard Intermediate Tax Free (800-851-4999). This low-expense fund sticks to the highest-quality issues and has produced solid gains over the years.

USAA Tax-Exempt Intermediate (800-382-8722). Another strong contender in the low-fee derby, USAA has generated consistent returns by holding bonds with mid-range credit ratings.

No one should use junk bond funds as the core of a fixed-income holding, but a small allocation can boost returns. Thanks to blowups in the telecom sector over the past few years, junk bonds have been trading at extreme lows and are poised to rally.

Northeast Investors (800-225-6704). Father-and-son team Ernest and Bruce Monrad buy a wide range of low-rated debt, sometimes including emerging market funds.

Janus High-Yield (800-525-8983). Though the Janus name is synonymous with formerly high-flying growth stocks, this junk bond offering has done a fine job of steering clear of the worst disasters of the past few years.