The first quarter of 2013 presented a mixed bag for income-seeking investors but did little to ease the difficult task of income-generation in today’s low-yield environment. High-quality bond prices declined over the first quarter, but weakness was modest and yields increased only slightly, limiting opportunity for income-seeking investors. Lower-rated bonds, such as high-yield bonds, bank loans, and preferred securities, witnessed price gains over the first quarter. Higher prices boosted total returns, but the lower yields on these higher yielding segments more than offset the modest increase in high-quality bond yields, making the job of income-seeking investors more difficult…

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