This project focuses on typical transaction costs which are faced by investors when they shift the components of their mutual fund portfolios. In consideration of the flat-rate savings tax (Abgeltungsteuer), which starts in Germany at January 1st 2009, this report aims at comparing fees and taxes for different examples of investment strategies. Furthermore, the report compares an investment in a stock-based mutual fund with an investment in a stock-based fund of funds. Using typical cost features, examples are constructed to reveal the differences between these two investment products.