A no-load mutual fund has $300 million in assets, $40 million in debt, and 8 million shares at the start of the year. It has $400 million in assets, $35 million in debt, and 10 million shares at the end of the year. During the year investors have received income distributions of $0.35 per share, and capital gains distributions of $0.45 per share. Assuming that the fund carries no debt, and that the total expense ratio is 0.8%, what is the rate of return on the fund?