When The Mutual Fund Thrill Is Gone

Privately managed accounts are now more affordable

Bad enough that your mutual funds lost 15% or 20% last year. Over the next few weeks, the real insult could come your way: a 1099-B form detailing your share of the funds' capital gains distributions. That's when you'll learn if you're going to take a big tax hit come April on funds that went south during 2000. That's also when you might consider an increasingly popular tax-wise alternative to funds: privately managed accounts.

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