O Summerfield Fund of Funds invests in two hedge funds, DXS and REF funds. Summerfield initially invested $50.0 million in DXS and $100.0 million in REF. After one year, DXS and REF were valued at $55.5 million and $104.5 million, respectively, net of both hedge fund management fees and incentive fees. Summerfield Fund of Funds charges 1.0% management fee based on assets under management at the beginning of the year and a 10.0% incentive fee independent of management fees. The annual net return for Summerfield Fund of Funds is closest to: 5.5%. A) B) 6.0%. 5.0% C)