Last month, bond yields made a comeback and the 10-year Treasury note hit roughly 5%, the highest since 2007. On the other end, bond risk comes from the borrower's ability to pay back their obligation. For investors who want higher income, Bory recommends considering a mutual fund or a commingled fund that provides that diversification. Popular examples of corporate bond funds include the MainStay MacKay High Yield Corporate Bond Fund (MHCAX), Goldman Sachs High Yield Fund (GSHIX), and High Yield Spectrum Fund (PHSIX). Below is a list of Morningstar analysts' favorite high-yield bond funds that have the highest "Gold Medalist" rating.

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Persons: George Bory, Bory, MacKay, Goldman Sachs, Allspring, It's, Acct, Rowe Price Organizations: Business, Allspring, Investments, Fed, AAA, BBB, Bond Fund, Fund, Morningstar, PIA Locations: Allspring, US