Consider the following trading and performance data for four different equity mutual funds:

Fund W Fund X Fund Y Fund Z

Assets under Management, $282.2 $662.1 $1,276.5 $5,555.8 Avg. for Past 12 months (mil)

Security Sales, $41.4 $574.9 $1,455.6 $439.9 Past 12 months (mil)

Expense Ratio 0.33% 0.75% 1.20% 0.20% Pretax Return, 3-year avg. 9.74% 10.80% 10.46% 9.82% Tax-adjusted Return, 3-year avg. 9.34% 8.86% 9.45% 9.20%

A). Calculate the portfolio turnover ratio for each fund. Do not round intermediate calculations. Round your answers to two decimal places.

Fund W: %

Fund X: %

Fund Y: %

Fund Z: %

B). Which two funds are most likely to be actively managed and which two are most likely passive funds?

-Select-Funds W and XFunds W and YFunds W and ZFunds X and YFunds X and ZFunds Y and Z are most likely passively managed portfolios; -Select-Funds W and XFunds W and YFunds W and ZFunds X and YFunds X and ZFunds Y and Z are most likely to be actively managed.

C). Calculate the tax cost ratio for each fund. Do not round intermediate calculations. Round your answers to two decimal places.

Fund W: %

Fund X: %

Fund Y: %

Fund Z: %

Which funds were the most and least tax efficient in the operations?

D). -Select-Funds W and ZFunds W and XFunds W and YFunds Z and XFunds Z and YFunds X and Y were the most tax efficient and -Select-Funds W and ZFunds W and XFunds W and YFunds Z and XFunds Z and YFunds X and Y were the least tax efficient.