Morningstar has an extensive ranking system for mutual funds, including a screening program that allows you to select funds based on a number of factors. Open the Morningstar Web site at www.morningstar.com and click on the Mutual Funds link. Select the Fund Quickrank link in the Performance section. (Free registration is required to access the site.) Use the Quickrank screener to find a list of large growth stock funds with the highest 1-year returns. Repeat the process to find the funds with the highest 3-year returns. What fraction of funds appear on both lists? Select three of the funds that appear on both lists. For each fund, click on the ticker symbol to get its Morningstar report and look in the Ratings & Risk section. 1. What is the fund's standard deviation? 2. What is the fund's Sharpe ratio? 3. What is the fund's Treynor ratio? 4. What is the standard index? What is the best-fit index? 5. What are the beta and alpha coefficients using both the standard index and the best-fit index? How do these compare to the fund's parameters? 6. Look at the Management section of the report. Was the same manager in place for the entire 10-year period? 7. Are any of these funds of interest to you? How might your screening choices differ if you were choosing funds for various clients?