Problem 11-03 Consider the following trading and performance data for four different equity mutual funds: Fund z Fund w Fund X $296.5 $668.7 Fund Y $1,284.2 $5,550.3 $38.8 $567.2 $1,450.8 $428.9 Assets under Management, Avg. for Past 12 months (mil) Security Sales, Past 12 months (mil) Expense Ratio Pretax Return, 3-year avg. Tax-adjusted Return, 3-year avg. 0.70% 1.18% 0.20% 0.34% 9.77% 10.35% 10.38% 9.99% 8.96% 8.82% 9.45% 9.50% 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: % Fund Y: % Fund Z: % b. 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. 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: % Fund Y: % Fund Z: % d. 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. Problem 11-03 Consider the following trading and performance data for four different equity mutual funds: Fund z Fund w Fund X $296.5 $668.7 Fund Y $1,284.2 $5,550.3 $38.8 $567.2 $1,450.8 $428.9 Assets under Management, Avg. for Past 12 months (mil) Security Sales, Past 12 months (mil) Expense Ratio Pretax Return, 3-year avg. Tax-adjusted Return, 3-year avg. 0.70% 1.18% 0.20% 0.34% 9.77% 10.35% 10.38% 9.99% 8.96% 8.82% 9.45% 9.50% 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: % Fund Y: % Fund Z: % b. 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. 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: % Fund Y: % Fund Z: % d. 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