A year ago, the Really Big Growth Fund was being quoted at an NAV of $20.54 and an offer price of $21.62.Today, it's being quoted at $21.91 (NAV) and $23.06 (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 $1.63 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.)

The holding period return on this load fund is ___%