Problem 11-03 Consider the following trading and performance data for four different equity mutual funds: Fund W Fund X Fund Y Fund 2 Assets under Management, $294.3 $658.8 $1,276.5 $5,554.7 Avg. for Past 12 months (mil) Security Sales, $40.6 $573.8 $1,453.2 $430.0 Past 12 months (mil) Expense Ratio 0.30% 0.71% 1.19% 0.26% Pretax Return, 3-year avg. 9.79% 10.80% 10.22% 9.80% Taxadjusted Return, 3year avg. 8.92% 8.76% 9.40% 9.60% a. Calculate the portfolio turnover ratio for each fund. Do not round intermediate calculations. Round your answers to two decimal places. Fund W: % Fund X: "In Fund Y: % Fund 2: % b. Which two funds are most likely to be actively managed and which two are most likely passive funds? are most likely passively managed portfolios; are most likely to be actively managed. c. Calculate the tax cost ratio for each fund. Do not round intermediate calculations. Round your answers to two decimal places. Fund W: % Fund X: "/a Fund Y: % Fund 2: % d. Which funds were the most and least tax efficient in the operations? were the most tax efcient and were the least tax efficient