(MONEY Magazine) – -- Make a solid offense part of your defensive investment strategy by planning for the markets' eventual upswing. For stocks, seek high-yielding utilities and high-quality blue chips with P/Es below 14, low debt and yields above 4%. For bonds, hold tight with long-term Treasuries and high-rated corporates and munis. Page 78 -- Shop for a five-year rate guarantee if you're considering a bank annuity. You'll get IRA-like tax advantages on investments above the $2,000 annual IRA limit, plus yields up to one point above those on long-term CDs. The plump rates are subject to change, however, and annuities are not federally insured. Page 19 -- Beat higher oil prices with fuel conservation. The right techniques can trim your annual fuel costs by 15% to 30%. A free booklet, Tips for Energy Savers, from the U.S. Department of Energy (800-523-2929) can help you. Page 31 -- Consider vacationing this winter where the dollar is strong -- specifically in Venezuela, where city excitement, small-town charm and pristine beaches are all available at great prices. Page 173 -- Treat your tax-exempt municipal bonds, or muni bond funds and trusts, like savings. Hold them; don't trade for capital gains. Page 126 -- Save on air fares by dealing with a travel agent who has a direct access computer reservation system or, better still, a computer program that automatically queries and requeries to find the lowest available price. Page 118 -- Fatten upon America's sweet tooth by looking at Tootsie Roll Industries (NYSE, $36.50). The consistently profitable confectioner's outlook: 15% annual earnings growth over the next five years. Page 72