"There's a lot more skittishness in the bond market over the direction of interest rates." says bond expert Neil George.

In his The Bond Desk newsletter, the advisor explains, "One way to protect your bond portfolio against rising rates is to consider the floating-rate portion of the market."

Instead of having a fixed-rate, he notes, floating-rate coupons are set or re-set on an ongoing basis, monthly, quarterly, semiannually or annually depending on coupon frequency of the issues.

One of his floating rate favorites is ING Prime Rate Trust (NYSE: PPR), which focuses on the corporate debt of secure borrowers located principally in the US. He notes, "Although it carries the Netherlands-based bank's name, the fund's management is all red, white and blue."

And,he adds, that team has kept the fund consistently in the black with a five-year return running at an annualized 8.2%. Yielding in the mid-7% range and trading at a steady discount to net assets of about 3 percent, he considers ING Prime Rate Trust at the "top of his buy list."