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, $286.6 5665.4 $1,277.6 55.553.6 Avg. for Past 12 months (mil) Security Sales, $39.2 $567.2 $1,659.2 $425.6 Past 12 months (m) Expense Ratio 0.32% 0.7394 1.1396 0.2196 Pretax Return, 3-year avg. 9.95% 10.80% 10.0206 9.959 Tax-adjusted Return, 3-year avg. 9.429 8.80% 9.59% 8.82% a. Calculate the portfolio turnover ratio for each fund. Do not found intermediate calculations. Round your answers to two decimal places. Fund W: Fund X: Fund Y: Fund Z: b. Which two funds are most likely to be actively managed and which two are most likely passive funds? Select vare most likely passively managed portfolio: Select are most likely to be actively managed C. Calculate the tax cost ratio for each tund. Do not round Intermediate calculations. Round your answers to two decimal places. Fund W: Fund X: Fund Y: Fund Z: d. Which funds were the most and least tax efficient in the operations? were the most tax efficient and -Select- were the least tax efficient