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Which are deducted from portfolio assets at year-end

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A mutual fund with 10 million shares outstanding has $400 million in assets at the start of the year. The fund's equity holdings provide a dividend income of $10 million at year-end. Its stock holdings decrease in price by 10%, but no securities are sold and there are no capital gains distributions. The fund charges 12b-1 fees of 1%, which are deducted from portfolio assets at year-end. What is the NAV at the end of the year?

Reference no: EM133535516

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