CHICAGO -- Many advisers struggle when building out the fixed-income portion of portfolios, plagued by embarrassingly low yields and the need to contain costs.

That probably lured at least some attendees at the Morningstar Investment Conference to crowd a conference room to take in a panel titled, "Fixed Income: The Achilles Heel of Indexing." It was advertised as probing whether fixed-income was the "last bastion of active management."

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