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Calculating NAV per share

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PROBLEM 2: NAV

We (the Topaz Fund LP) are invested in several different fund managers. Let's assume that the list
below includes the managers that we are currently invested in.

FUND "Value as of
Sept 30th" "October
Performance"

Fund A 4,654,193.21 0.01%
Fund B 24,872,161.70 1.43%
Fund C 8,538,897.42 2.00%
Fund D 12,272,564.96 1.30%
Fund E 20,461,560.97 0.66%
Fund F 17,349,801.98 1.20%
Fund G 3,813,011.87 0.90%
Fund H 10,717,277.62 1.30%
CASH 3,800,000.00 0.00%

As of September 30th, the total number of outstanding investor shares was:

Total # Topaz Shares 424,192.99882

During the month of October Topaz had the following cash inflows (subscriptions)
and outflows (redemptions). Please note that October subscriptions receive value as of
November 1st. October redemptions are valued as of October 1st (i.e. these accounts do not earn in
October).

Subscriptions 14,000,000.00
Redemptions (3,500,000.00)

At the end of each month, Topaz charges fees of 1% (annualized) on end of month value. Please
note that September 30th value of holdings (above) are already net of all fees.

QUESTION: What is the new NAV per share at the end of October?

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The solution calculates the NAV per share.

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