Shown below are the investment weights for the securities held in four different portfolios: three mutual funds and the benchmark index that each of those funds uses.

		% Security Investment Weight:
Security		Benchmark Index		Fund X		Fund Y		Fund Z
1		10	%	14	%	38	%	9	%
2		10		11		0		9
3		10		7		5		11
4		10		9		0		9
5		10		6		0		11
6		10		5		0		9
7		10		5		26		9
8		10		7		25		11
9		10		11		0		11
10		10		15		25		9

1. Calculate the active share (AS) measure for Fund X, Fund Y, and Fund Z relative to the benchmark index. Do not round intermediate calculations. Round your answers to one decimal place.

   Fund X: %

   Fund Y: %

   Fund Z: %

2. Using active share calculations above, indicate which fund is the most likely to be considered: (i) a passive index fund, (ii) a closet (or enhanced) index fund, and (iii) an actively managed concentrated stock-picking fund. Explain the reason for your classification.

   Fund X is considered -Select- because, it -Select-differs does not differ in the investment weights of holdings relative to the benchmark index.

   Fund Y is considered -Select- because, it is -Select- concentrated than the benchmark and has -Select- holdings and -Select- investment positions.

   Fund Z is considered -Select- because its security holdings come closer to matching the benchmark, -Select- .