A Canadian investor is considering a portfolio consisting of 25% invested in the U.S. equity index fund and 75% invested in a global equity index fund. The expected returns for the funds are 12% for the U.S. and 11% for the global fund, standard deviations of 20% for the U.S. and 18% for the global fund, and a correlation coefficient of 0.70 between the U.S. and the global equity funds. What is the expected return of the proposed portfolio?