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Par Value
The face value of a bond or stock as printed on the certificate or charter. Bonds generally have a par value of $1,000.

Payable Date
The day on which a portfolio pays its distributions to shareholders.

Payment Default Risk (Or Default Risk)
Although bond issuers promise to make regular interest payments on the bond and promise to pay back, or redeem, the face value of the bond at the maturity date, an issuer may sometimes fail to meet its obligations. Payment default risk refers to the risk that a specific issuer may not be able to meet these obligations.

Payout Ratio
Measures the percentage of a company’s earnings paid out to shareholders in the form of dividends.

Portfolio Allocation
The proportion of assets invested in different asset classes such as stocks, bonds and cash equivalents.

Portfolio Diversification
See diversification.

Portfolio Turnover
A measure of the trading activity in a fund's portfolio of investments -- that is, how often securities are bought and sold by the fund.

Positive Carry
Positive carry is a strategy of holding two offsetting positions, one of which creates an incoming cash flow that is greater than the obligations of the other.

PPIP Eligible Assets (See "Public Private Investment Program")
PPIP Eligible Assets include CMBS and RMBS issued prior to 2009 that were originally rated AAA or that received an equivalent rating by two or more nationally recognized statistical rating organizations (“NRSROs”) without ratings enhancement and that are secured directly by actual mortgage loans, leases or other assets and not other securities (other than certain swap positions, as determined by the U.S. Treasury).

A procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, which serve as collateral for existing bonds and the interest from which is used to make payments on those existing, higher-yielding bonds. Because of this collateral, prerefunding generally raises a bond's credit rating and thus its value.

Preferred Stock
Traditionally, a class of non-voting stock with a dividend that is paid at a rate which is fixed for some period. Although preferred stock ranks below most debt in seniority in a company's capital structure, it has preference over a company's common stock in the payment of dividends and the liquidation of assets. Preferred securities are often rated by credit rating agencies such as Fitch, Moody's, and Standard & Poor's. See taxable preferred securities.

The amount by which a bond's market price exceeds its par value. Also, the amount by which a closed-end fund's market price per share exceeds its Net Asset Value per share.

Price/Book Ratio
The price per share of a stock divided by its book value (i.e., net worth) per share. For a fund, the ratio is the weighted average price/book ratio of the stocks in the fund's portfolio.

Price/Earnings Ratio (P/E Ratio)
The ratio of a stock's current price to its per-share earnings over the past year. For a fund, the ratio is the weighted average P/E of the stocks in the fund's portfolio. A forward P/E uses estimated earnings for the next four quarters in the denominator. P/E is often an indicator of market expectations about corporate prospects; usually, the higher the P/E, the greater the expectations for a company's future growth in earnings.

The price per share of a stock divided by the previous 12 months sales per share.

Primary Market
The primary market is the market for new issues of securities, such as closed-end funds. Primary is distinguished from the secondary market where previously issued securities are bought and sold.

Prime Loans/Jumbo Loans
Prime loans are also referred to as traditional jumbo loans given their high loan balances which exceed industry standards for conforming agency loans. Prime loans represent the largest segment of the non-agency RMBS market and are typically characterized by the following: i) full documentation, single family, owner occupied, ii) affluent, financially sophisticated borrowers, iii) generally high credit scores (720 or higher), and iv) geographic concentration.

Private Activity Bond
Under the 1986 amendments to the Internal Revenue Code, PABs are defined as any municipal obligation, irrespective of the purpose for which it is issued or the source of payment, if more than 10% of the proceeds of the issue will finance property that will be used by a nongovernmental person in a trade or business, and the payment of debt service on more than 10% of the proceeds of the issue will be secured by property used in a private trade or business or payments in respect of such property, or derived from payments in respect of property used in a private trade or business. These two tests - the "private business use test" and the "private payment or security test" - must be examined in connection with the issuance of any municipal security.

Private Placement
The sale of equity or debt securities to a limited number of investors, rather than through a public offering, often at the initial stages of a company's operations.

The official legal document that describes an investment offering and offers its units or shares for sale. By law, a prospectus must be given to all investors before they invest, or in connection with their purchase confirmation.

An authorization that allows one person to act for another. For example, shareholders who are unable to attend a company's annual meeting may authorize the company's management to vote the shareholder's shares via a proxy.

Public Offering Price (POP)
The purchase price of one mutual fund share, including any up-front sales charge.

Public-Private Investment Program (PPIP)
The Public-Private Investment Program was created by the U.S. Treasury, in conjunction with the Federal Deposit Insurance Corporation and the Board of Governors of the U.S. Federal Reserve. PPIP calls for the creation of public-private investment funds, such as the Master PPIP Fund, through which privately raised capital and U.S. Treasury capital are pooled together to facilitate the purchase of PPIP Eligible Assets.

Purchasing Managers Index (PMI)
Purchasing Managers' Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

Put Option
The right, but not the obligation, to sell a given security or other financial instrument within a particular time or on a specified date at a specified price.

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