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

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?

   Funds _________ and _______ are most likely passively managed portfolios; Funds ______ and _____ 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?

   Funds ____ and ____ were the most tax efficient and funds ____ and ____ were the least tax efficient.

Fund W Fund X Fund Y Fund Z Assets under Management, $294.3 $654.4 $1,286.4 $5,552.5 Avg. for Past 12 months (mil) Security Sales, $40.4 $573.8 $1,450.8 $428.9 Past 12 months (mil) Expense Ratio Pretax Return, 3-year avg. Tax-adjusted Return, 3-year avg. 0.34% 9.82% 8.82% 0.66% 10.60% 8.80% 1.11% 10.08% 9.58% 0.24% 9.97% 9.10%