Most are familiar with CPI-linked bonds such as TIPS or floating-rate bonds.

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One area that provides protection against rising rates is floating-rate bonds, notes Ms. Bewick.

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And Apple sold floating-rate bonds that mature in three and five years at rates of 0.05 and 0.25 percentage point over the three-month London interbank offered rate, an industry benchmark.

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Salomon Brothers Emerging Market Floating Rate Fund buys adjustable-rate bonds from emerging-market companies and countries.

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Instead of TIPS, Corso is advising clients to buy floating-rate corporate bonds.

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Other options might be high-yield bonds, floating-rate debt, cash, commodities, or real-estate income producing properties.

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High yield bonds and senior floating rate loans have performed quite well over the past four years.

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Things like that could be something as simple as non-traded real estate investment trusts, or secured floating-rate income, as opposed to fixed income or bonds.

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If interest rates rise, active fixed-income investors could invest in short-term bonds, which tend to remain fairly stable in rising rate environments, or use floating rate funds, which are more insulated from the negative impact of rising rates.

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