Month	Portfolio A Return	Portfolio B Return	Index
January	1.81%	1.13%	1.04%
February	-0.36%	-0.11%	-0.11%
March	-0.41%	-0.16%	-0.13%
April	0.91%	0.55%	0.58%
May	0.99%	0.50%	0.47%
June	2.21%	1.55%	1.60%
July	-1.46%	-1.04%	-1.02%
August	1.34%	0.96%	0.91%
September	-0.77%	-0.48%	-0.44%
October	-0.41%	-0.22%	-0.21%
November	0.37%	0.11%	0.06%
December	0.54%	0.14%	0.13%

a) Calculate the monthly mean, variance, and standard deviation for the returns of each of the portfolios and for the index.

b) Calculate the monthly and annualized tracking errors in basis points for each of the portfolios.

c) Which portfolio is more actively managed? Why?