How do funds calculate changes to net asset value -LRB- NAV -RRB- ?
`` To calculate NAV , mutual funds must first calculate the market value of their assets . Obviously , the term '' `` assets '' '' encompasses a fund 's direct investments -LRB- in bonds , stocks , etc. -RRB- , but does it also encompass things such as a fund 's receivables , prepaid expenses , or other balance sheet items ? ''