Consider a no-load mutual fund with $390 Million in assets and 15 million shares at the start of the year and with $440M in assets and 16 million shares at the end of the year. During the year investors have received income distribution of $2 per share and capital gain distributions of $0.30 per share. Assuming that the fund carries no debt and that the total expense ratio is 1%, what is the rate of return on the fund?

		11.49%
		10.43%
		13.56%
		12.50%