A mutual fund charges 5% front-end load and 2% operating and 12b-1 expenses. At the beginning of the year, the fund has $300 million assets under management and 5 million shares outstanding. During the year the value of assets held by the fund increases by 12% and the fund receives dividends of $0.5 million. What is the fund's reported return? (The number of mutual fund shares outstanding is still 5 million at the end of the year.)

		9.76%
		7.82%
		9.43%
		9.92%