While bond yields may push only slightly higher again this year, that doesn't mean you should abandon the asset class.

The 10-year Treasury yield stood at 2.78 percent Tuesday morning, up from 1.66 percent May 2.

"Remember, the reason you own bonds is to control the overall risk of your portfolio," Wayne Schmidt, chief investment officer at Gradient Investments, tells Money Magazine.

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Just don't expect stellar returns. "The days of earning 7 percent total returns as yields fall are over," Bob Persons, co-manager of the MFS Bond Fund, tells Money. "We're now looking at an environment where you should expect 2 to 4 percent."

Money offers several suggestions in approaching the bond market now.

First, consider buying five- to 10-year corporate bonds, as their yields have risen much more than have the yields of shorter-term paper.

Second, look at municipal bonds. Some high-quality munis now yield more than Treasurys do, even before the tax advantage.

If you opt for junk bonds, go for the higher-rated portion of the sector.

In addition, Money suggests, choose individual bonds over bond funds, so you don't have to worry about your share price going down. Alternatively, there are now even bond exchange-traded funds (ETFs) with maturity dates.

Meanwhile, the 10-year Treasury yield fell to an eight-week low Friday amid evidence of an uneven economic recovery.

"We are back to a flight-to-quality atmosphere, given the worries from emerging markets and China," Kevin Flanagan, a fixed-income strategist for Morgan Stanley Smith Barney, tells Bloomberg.

"A lot of investors have been expecting higher yields this year and the move has caught them by surprise."

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