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Payable Date

 The date on which distributions are paid to shareholders who do not want to reinvest them. This date can be anywhere from one week to one month after the record date.

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Portfolio Turnover Rate

 The rate at which the fund's portfolio securities are changed each year. If a fund's assets total 100 crore and the fund bought and sold 100 crore worth of securities that year, its portfolio turnover rate would be 100%. Aggressively managed funds generally have higher portfolio turnover rates than do conservative funds which invest for the long term. High portfolio turnover rates generally add to the expenses of a fund.

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Price/Book Ratio

 The price/book (P/B) ratio of a fund is the weighted average of the price/book ratios of all the stocks in a fund's portfolio. Book value is the total assets of a company, less total liabilities (sometimes referred to as carrying value). A company's book value is calculated by dividing the market price of its outstanding stock by the company's book value, and then adjusting for the number of shares outstanding. (Stocks with negative book values are excluded from this calculation.)

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Portfolio Manager

 A professional hired by the mutual fund advisor to make investment decisions concerning the purchase and sale of securities for the mutual fund portfolio in accordance with the fund's objectives.

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Premium

 The amount by which a bond or stock sells above its par value.

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Prime Rate

 Interest rate that commercial banks charge their credit worthy borrowers such as large corporations.

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Prospectus

 An official document that each investment company must publish, describing the mutual fund and offering its shares for sale. It contains information required by the Securities and Exchange Board of India including fees and expenses of the fund, past performance and how to buy and redeem shares.

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