A buyer bought shares of an income fund one year ago with $700,000. Since the buyer bought A shares, the buyer paid a 1% front-end load. The Net Asset Value 1 year ago was 12.05 and the NAV return has been 12% since the purchase. The fund has distributed $0.05 of dividends and $0.45 capital gains per share.
a. How many shares of the income fund did the buyer receive with their $700,000 purchase?
b. If the investor sells their income fund position today, what is their holding period return?