Update
By Adrienne Carter and Brook Crandell Wilkinson

(MONEY Magazine) – Guess who's buying tech now? Nicholas, one of the more price-conscious blue-chip funds, has been snapping up the likes of Motorola and Oracle this year. "We were able to buy at some pretty decent prices," says co-manager David Nicholas, who adds that he had long been waiting for the right moment to get into tech. To get these new shares, he and his father, Ab Nicholas, dumped financials. The fund's tech stake has spiked from 18% to 28%, and the results aren't bad so far. The fund is up 2% for the year, better than the S&P 500. Tiny problem: These big portfolio changes have led to a capital-gains distribution of $15 a share. A long-term investor with a $10,000 account could owe an extra $360 to the IRS come April.

--Wanger Asset Management, parent of the no-load Acorn and Acorn International funds, has been bought out by Liberty Financial. The $67 billion Liberty complex also includes the Stein Roe brand. The husband-and-wife act of Ralph Wanger and Leah Zell--managers of the Acorn and International portfolios, respectively--has signed on for another five years. Although current Acorn shareholders will be exempt from commissions, shareholders who buy in after the deal (set to close later this year) will have to pay a load.

--ADRIENNE CARTER AND BROOK CRANDELL WILKINSON