Treat the NAV per share as if it were a stock price to compute returns.

Example:

Alpine Value Stock Portfolio mutual fund specializes in buying undervalued stocks based on low P/E and high Book/P (book value to market price) stocks. The NAV per share at the beginning of the year was $19.02 and $20.16 at the end of the year. The fund paid $2.25 in dividends for the year. What is the total return, and its components dividend yield and capital gains yield, on this fund?