A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a sure rate of 5.5%. The probability distributions of the risky funds are:

• Stock Fund (S): Expected return = 12% and standard deviation = 32%
• Bond Fund (B): Expected return = 8% and standard deviation = 23%
• The correlation between the fund returns is .15.

Which of the following is closest to the standard deviation for the minimum-variance portfolio?