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City Street Fund has a portfolio of $450 million and liabilities of $10 million. a. If 44 million shares are outstanding, what is net asset

City Street Fund has a portfolio of $450 million and liabilities of $10 million.

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

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

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