Zacks Investor Research lists the fixed income plays that are getting it done

The crisis in Europe and the fact that Bill Gross is underperforming (thats underperforming ) 92% of his peers means its a brave new world in the fixed income space. Questions of a bond bubble, which dominated headlines until recently, can definitively be put to rest.

But for investors willing to take on a reasonable amount of risk to offset income shortfalls would do well to look at high-yield bonds, according to Zacks Investor Research .

This category generally represents corporate bonds with low ratings, often below investment grade, Zacks writes. A significant amount of risk is therefore associated with these investments and mutual funds are the best option to invest in these instruments. By investing in a well diversified portfolio of such securities they successfully lower the associated risk for the investor.

Here are the five highest yield bond funds according to the research firm, which earned a Zacks No 1. Rank (strong buy) as [it] expects these mutual funds to outperform their peers in the future.

Federated High-Income Bond A (NASDAQ:FHIIX ) seeks current income.

The fund invests heavily in a wide range of high-yield corporate bonds with lower ratings, Zacks writes. The fund may also utilize synthetic instruments such as derivatives to fulfill its investment objectives. This high-yield mutual fund returned 5.44% over the last one year period.

Mark Durbiano has managed this high-yield mutual fund since 1987.

Rydex High-Yield Strategy A (NASDAQ:RYHDX ) invests in high-yield debt securities.

Zacks says the fund may also invest in securities which as a whole mimic the performance of the U.S and Canadian high-yield bond markets. The high-yield mutual fund has a three-year annualized return of 11.42%.

The fund is managed by Mike Byrum.

Value Line Aggressive Income (NASDAQ:VAGIX ) seeks to maximize current income. The fund invests a large share of its assets in junk bonds, according to Zacks. The fund returned 4.37% over the last one-year period.

Jeffrey Geffen has managed the fund since 2010.

Vanguard High-Yield Corporate (NASDAQ:VWEHX ) invests the majority of its assets in corporate bonds assigned the lowest investment grade rating by a renowned bond rating agency. The high-yield mutual fund has a five year annualized return of 6.5%.