City Street Fund has a portfolio of $480 million and liabilities of $30 million.

a.	If there are 25 million shares outstanding, what is net asset value?

Net asset value

$

b-1.	If a large investor redeems 5 million shares, what happens to the portfolio value? (Enter your answer in millions.)

Portfolio value (Click to select)increasesdecreases to $ million.

b-2.	If a large investor redeems 5 million shares, what happens to shares outstanding? (Enter your answer in millions.)

Shares outstanding (Click to select)increasesdecreases to million.

b-3.	If a large investor redeems 5 million shares, what is net asset value?

Net asset value

$