Some may advocate taking short-term gains; indeed, after all these years, the chance to make limited although important reforms may seem tempting.

The surge this year is attributed to investors' taking gains from big increases in stock prices, and analysts said it was unclear whether it would continue.

Individuals moved into the funds to reduce tax exposure after taking gains in stocks and bonds.

The remainder came from investors who took gains in other markets and want to remain liquid through the end of the year, she said.

Last year's loss was $478.6 million before taking into account such one-time gains as asset sales.

As standards rise, most men and women almost immediately begin taking gains for granted - what were yesterday's luxuries really do become today's necessities.

Only a relatively small number of taxpayers would find significant tax savings by cashing in stocks to take long-term gains this year rather than next year.

Investors who have incurred large investment interest expenses will also benefit from taking gains this year, Mr. Rachleff said.

At present, BES investors can claim relief at their top rate of tax and take gains tax-free after five years.

The rise brought the dollar near the highs it reached two months ago, but profit taking capped gains.