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...

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?