Morningstar already raised eyebrows when it told investors to think twice about keeping their money with Putnam, Janus, Alliance and Strong. And now the leading fund research firm has gone even further out on a limb.

FleetBoston's Columbia Asset Management, Charles Schwab's Excelsior Funds, Massachusetts Financial Services, J.&W. Seligman and Scudder all also warrant close scrutiny of investors and their advisers, for they also market timed, Morningstar says.

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