The price of a mutual 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 had assets of $100 million, and liabilities of $10 million, its net assets are $90 million. If there are 9 million shares of the stock outstanding, then the net asset value is $10.