A fund’s net asset value (NAV) is equal to: A. the sum of the values of all long positions in the fund. B. the sum of the values of all long positions in the fund less the sum of all of the fund’s liabilities divided by the shares outstanding. C. the sum of the values of all long positions in the fund less the sum of all of the fund’s liquid liabilities divided by the shares outstanding. D. the sum of the values of all long positions in the fund less the sum of all of the fund’s liquid liabilities.