NAV = (Market Value of All Securities Held by Fund + Cash and Equivalent Holdings - Fund Liabilities) / Total Fund Shares Outstanding.

Let's assume at the close of trading yesterday that a particular mutual fund held $10,500,000 worth of securities, $2,000,000 of cash, and $500,000 of liabilities. If the fund had 1,000,000 shares outstanding, then yesterday's NAV would be:

1 take higher from GAV & fair rent
2 compare above answered amount with standard rent & take
lower amount
3 abve answered amount compared with rent received or
receivable take higher amount & that is NAV
EX 1 GAV 10000 fair rent 7000 then higher 10000
2 above higher amount 10000 standard rent 11000 take
lower amount 10000
3 above lower amount 10000 rent received 15000
take higher amount 15000 that is your amount of NAV