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is planning to add a floating-rate bond fund to its broker-sold

Advisor Funds


On Thursday the Boston fund giant filed preliminary paperwork for the

Fidelity Advisor Floating Rate High Income

fund, which will primarily invest floating rate loans. These are bank loans made to companies to pay for equipment, acquisitions or refinancings. Unlike most fixed-income investments, these loans don't pay a set rate of interest. Rather, interest payments are typically tied to a short-term benchmark, which keeps the fund and its shareholders from being tied to a set interest rate.

The upshot: If the stock market is giving you heartburn, this kind of fund can be a decent antacid. One risk to keep in mind, however, is that many of the companies seeking these loans have poor credit histories.

Christine McConnell will hold the fund's reins. She worked at Fido from 1987 to 1993, returning to the company in 1994 to work as a research analyst covering companies in the wireless communications and energy sectors. The filing doesn't note any previous retail fund management experience.

The fund isn't necessarily the cheapest on the shelf. Class A and Class T shares will levy a 3.75% and 2.75% front-end load or sales charge, respectively. Class B and Class C shares carry a 3.5% and 1% back-end load, respectively. All share classes carry a 1% redemption fee on shares sold within 60 days of purchase.

The fund's annual expenses range from 1.28% on Class A shares up to 1.9% on Class C shares. The average bond fund's expense ratio is 1.14%, according to



Prudential Opts for Value

Value funds have taken a beating over the past few years, but


is bravely changing broker-sold

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Prudential Equity Income's name to

Prudential Value

on Sept. 14.

Value funds essentially hunt for bargains in the stock market, often focusing on sleepier industry sectors like financial services. Growth funds, on the other hand, typically pay higher prices for faster-growing companies and tend to have bigger bets on more mercurial sectors such as technology. The two styles typically move in cycles, but the growth style has had the wind at its back for a few years now. Large-cap growth funds' 26.2% annualized return over the past five years beats their value peers' by more than eight percentage points, according to



The fund has typically performed in line with its mid-cap value peers. Over the past 10 years the fund's 12.8% annualized return trails that of the S&P 500 by almost five percentage points, but equals its average peers' results. Manager Thomas Kolefas took the reins in May, according to Morningstar.

Conseco Brains Drain to Delaware Investments

A gaggle of some 16 fixed-income traders, analysts and portfolio managers have bolted from



Delaware Investments

, according to a Friday Delaware announcement.

Peter Andersen, manager of broker-sold


Conseco High Yield fund since its inception at the start of 1998. Conseco hasn't named a successor yet. Andersen had done well over the past two years, with the fund trouncing its peers each year. Over the past year the fund is up 1.2%, beating nearly 75% of its peers. (Please see related


See Thursday's

Fund Moves, Manager Changes.


Fund Moves, Manager Changes.

See Tuesday's

Fund Moves, Manager Changes.

See Monday's

Fund Moves, Manager Changes.