The Turnover Ratio of a Mutual Fund Measures The

The turnover ratio of a mutual fund measures the:

A) length of time a manager has been in charge of the fund.
B) amount of profit the fund earns from one investment period to the next.
C) number of months the average investor holds the fund before selling.
D) percentage of a fund's holdings that have changed during a 12-month period.
E) percentage of institutional investors who own the fund.