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

	Fund W		Fund X		Fund Y		Fund Z
Assets under Management,	$284.4		$665.4		$1,290.8		$5,551.4
Avg. for Past 12 months (mil)
Security Sales,	$42.0		$570.5		$1,458.0		$434.4
Past 12 months (mil)
Expense Ratio	0.35%		0.70%		1.10%		0.21%
Pretax Return, 3-year avg.	9.75%		10.35%		10.00%		9.74%
Tax-adjusted Return, 3-year avg.	9.40%		8.80%		9.55%		9.50%

1. 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: %

2. 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.

3. 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: %

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

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