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City Street Fund has a portfolio of $440 million and liabilities of $20 million. Required: a. If there are 30 million shares outstanding, what is

City Street Fund has a portfolio of $440 million and liabilities of $20 million.

Required: a. If there are 30 million shares outstanding, what is the net asset value?

b-1. If a large investor redeems 1 million shares, what happens to the portfolio value? (Enter your answer in dollars not in millions.)

b-2. If a large investor redeems 1 million shares, what happens to shares outstanding?

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