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, $$292\mathrm{.}1$ $$651\mathrm{.}1$ $$1,290\mathrm{.}8$ $$5,558\mathrm{.}0$

Avg. for Past $12$ months $($mil$)$

Security Sales, $$35\mathrm{.}0$ $$568\mathrm{.}3$ $$1,456\mathrm{.}8$ $$438\mathrm{.}8$

Past $12$ months $($mil$)$

Expense Ratio $0\mathrm{.}35\%0\mathrm{.}74\%1\mathrm{.}10\%0\mathrm{.}26\%$

Pretax Return, $3-$year avg. $9\mathrm{.}72\%10\mathrm{.}60\%10\mathrm{.}42\%9\mathrm{.}92\%$

Tax$-$adjusted Return, $3-$year avg. $9\mathrm{.}32\%8\mathrm{.}76\%9\mathrm{.}26\%8\mathrm{.}96\%$

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.