11.2

A year ago, the Very Large Growth Fund was being quoted at an NAV of $20.86 and an offer price of $21.73. Today, it's being quoted at $22.53 (NAV) and $23.47 (offer). What is the holding period return on this load fund, given that it was purchased a year ago and that its dividends and capital gains distributions over the year have totaled $0.96 per share? Assume that none of the dividends and capital gains distributions are reinvested into the fund. (Hint: You, as an investor, buy fund shares at the offer price and sell at the NAV.)