The current value of a share in a mutual fund. It''s just the fund''s assets minus liabilities divided by the number of outstanding shares. Most funds calculate their NAV after the close of trading each day. For conventional mutual funds, your share is worth the day''s NAV, but in closed-end mutual funds, the NAV and the market price aren''t usually the same. That''s because closed-end fund shares trade like stocks, from investor to investor, and sell at a premium or discount to their NAV, depending on a variety of factors (such as transaction costs and investor expectations).