When a change is made, the funds must buy the stock added, and sell the one deleted.

Recently, however, the British fund has been selling some of its holdings, consultants said.

Of course, if the funds sell many stocks at a loss, any gains going forward under their new manager may be offset.

Because of their juicy yields, these funds sold well when they were started a few years ago.

It can mean regulated funds must now sell these bonds.

But they also remember January 1998, when the fund sold short Amazon.com.

In other words, the funds are selling some of their holdings to be able to pay dividends.

The fund sold a few hundred thousand of its eight million shares that day.

On balance, the fund has sold more than $100 million of those stocks since its first purchase.

A mutual fund can sell short only if its prospectus says so - and not many do.