There is no doubt that the past year was a challenging one for fixed-income investments: Intermediate- and long-term bond funds sold off, while the short-term bond category didn’t return enough to buy a modest lunch. The only clear winners in the category were high-yield bond funds (with a total return of 7.55% for the 12 months ended Feb. 28) and bank loan funds (4.93%), according to preliminary figures compiled by Morningstar.

Between those extremes were multisector bond funds, which Morningstar says posted a return of 3.08% for the same period.

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