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Problem $11-03$

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

Fund W Fund X Fund Y Fund Z

Assets under Management, $288\mathrm{.}8653\mathrm{.}31,298\mathrm{.}55,561\mathrm{.}3$

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

Security Sales, $37\mathrm{.}2570\mathrm{.}51,458\mathrm{.}0436\mathrm{.}6$

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

Expense Ratio $(\%)0\mathrm{.}300\mathrm{.}671\mathrm{.}140\mathrm{.}24$

Pretax Return, $3-$year Average $(\%)9\mathrm{.}7310\mathrm{.}4010\mathrm{.}469\mathrm{.}82$

Tax$-$adjusted Return, $3-$year Average $(\%)9\mathrm{.}368\mathrm{.}889\mathrm{.}669\mathrm{.}56$

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.