Consider the following trading and performance data for four different equity mutual funds: Fund WFund XFund YFund ZAssets under Management,$297.6$653.3$1,277.6$5,559.1 Avg. for Past 12 months (mil)Security Sales,$44.6$567.2$1,462.8$423.4 Past 12 months (mil)Expense Ratio0.31%0.73%1.11%0.25%Pretax Return, 3-year avg.9.93%10.80%10.44%9.98%Tax-adjusted Return, 3-year avg.9.36%8.84%9.30%9.24%

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: %

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 ZItem 5 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 ZItem 6 are most likely to be actively managed.

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? -Select-Funds W and ZFunds W and XFunds W and YFunds Z and XFunds Z and YFunds X and YItem 11 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 YItem 12 were the least tax efficient.