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

	Fund W		Fund X		Fund Y		Fund Z
Assets under Management,	$286.6		$651.1		$1,278.7		$5,550.3
Avg. for Past 12 months (mil)
Security Sales,	$44.6		$565.0		$1,453.2		$424.5
Past 12 months (mil)
Expense Ratio	0.30%		0.68%		1.12%		0.26%
Pretax Return, 3-year avg.	9.82%		10.85%		10.18%		9.96%
Tax-adjusted Return, 3-year avg.	9.32%		8.76%		9.39%		9.28%

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 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.