Active funds turnover securities in an attempt to beat a market and index funds turnover securities in an attempt to track a market.

FORBES: Passive Investing Doesn't Exist, But So What?

Plus Kaplan is an active trader and turnover (read capital gains) is a high 341%.

FORBES: Rookie all-star

Active funds have high portfolio turnover and distribute more in taxable capital gains than comparable index funds.

FORBES: Possible Isn't Probable in the Lottery or Investing

As we have explained in previous Alerts and have shown in the investigations undertaken on behalf of clients, consultants have the most to gain when they recommend active managers, specifically active equity managers with substantial portfolio turnover.

FORBES: Public Pension Shortfalls and Consultant Conflicts (September 1, 2002 )