1. Consider a no-load mutual fund with $180 million in assets and 8 million shares at the start of the year and with $280 million in assets and 15 million shares at the end of the year. During the year investors have received income distributions of $0 per share and capital gain distributions of - $0.75 per share. Assuming that the fund carries no debt, and that the total expense ratio is 1.75%, what is the rate of return on the fund?