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

Fund W Fund X Fund Y Fund Z

Assets under Management, $284\mathrm{.}4656\mathrm{.}61,298\mathrm{.}55,564\mathrm{.}6$

Average for Past $12$ months $($$ Million$)$

Security Sales, $40\mathrm{.}4566\mathrm{.}11,467\mathrm{.}6434\mathrm{.}4$

Past $12$ months $($$ Million$)$

Expense Ratio $(\%)0\mathrm{.}350\mathrm{.}691\mathrm{.}110\mathrm{.}20$

Pretax Return, $3-$year Average $(\%)9\mathrm{.}9710\mathrm{.}6010\mathrm{.}189\mathrm{.}92$

Tax$-$adjusted Return, $3-$year Average $(\%)9\mathrm{.}028\mathrm{.}729\mathrm{.}549\mathrm{.}50$

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$-$

are most likely passively managed portfolios;

$-$Select$-$

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$-$

were the most tax efficient and

$-$Select$-$

were the least tax efficient.