The price of a mutual fund is its net asset value. The individual share price of an open-ended mutual fund is determined by the value of the net assets of the fund minus any liabilities held by the fund, divided by the number of shares outstanding. If a mutual fund has assets of $100 million, and liabilities of $10 million, its net assets are $90 million. If there are nine million shares of the stock outstanding, then the net asset value is $10.