11.   Other fund-related topics that Evensky hopes to address include tax efficiency and interfund lending.

12.   Tax efficiency is not a strong point.

13.   Tax efficiency is all the rage when picking mutual funds.

14.   Tax efficiency can be a determining factor for an investor faced with two otherwise very similar funds.

15.   Tax efficiency is not the most important element in picking a mutual fund.

16.   That is the fact that new funds experiencing big cash inflows can offer superior tax efficiency to investors who got in early.

17.   The April issue rates the tax efficiency of Fidelity funds.

18.   They also boast greater tax efficiency because they use a buy-and-hold strategy that minimizes capital gains payments to investors.

19.   They conducted their own study and concluded that the issue of tax efficiency has been overblown.

20.   To avoid duplication in their portfolios, investors should understand how a particular fund achieves its tax efficiency.