My how time flies! A year ago, Will purchased 100 shares of a sector fund for $12.75 per share. Today, its current NAV is $16.75 per share. During the year that Will owned his shares, the fund paid a total of $0.75 in dividends and realized $0.25 in capital gains. What is Wills total return from this investment during his one-year holding period?

A. 31.37%

B. 39.22%