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19. City Street Fund has a portfolio of $450 million and liabilities of $10 million. (LO 4-3) a) If there are 44 million shares outstanding,

19. City Street Fund has a portfolio of $450 million and liabilities of $10 million. (LO 4-3)

a) If there are 44 million shares outstanding, what is net asset value?

b) If a large investor redeems 1 million shares, what happens to the portfolio value, to shares outstanding, and to NAV?

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