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

	Fund W		Fund X		Fund Y		Fund Z
Assets under Management,	$296.5		$668.7		$1,295.2		$5,551.4
Avg. for Past 12 months (mil)
Security Sales,	$40.2		$572.7		$1,464.0		$424.5
Past 12 months (mil)
Expense Ratio	0.31%		0.68%		1.11%		0.24%
Pretax Return, 3-year avg.	9.81%		10.20%		10.16%		9.91%
Tax-adjusted Return, 3-year avg.	8.94%		8.88%		9.51%		8.94%

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 Y and WFunds Y and XFunds Y and ZFunds W and XFunds W and ZFunds X and ZItem 11 were the most tax efficient and -Select-Funds Y and WFunds Y and XFunds Y and ZFunds W and XFunds W and ZFunds X and ZItem 12 were the least tax efficient.