Stocks are a form of equity security where shareholders have made an investment in the business of the issuer.
Bonds are a form of debt security, a contract where the holder lends money to the issuer with a defined term.
Late nights at Sauder and visits to the Trading Lab have exposed me to the Portfolio Management Foundation (PMF). 
Extremely hardworking and dedicated students in this two-year program experience their first year as a “Research Associate” (RA) then advance to become a “Fund Manager” (FM) in their final year.
Their job is to add value to a real portfolio of stocks (70%) and bonds (30%), currently valued at about $4.5 million. With stocks PMF is an owner, while with bonds PMF is a creditor.
A FM acts as an investor who after considerable research decides how to allocate the resources at his/her disposal. The FAs, working together, are trying to maximize their returns (in comparison with a benchmark portfolio return and against other professional fund managers).
For those looking for a future career in the financial markets, the PMF offers a chance to experience the scary world of capital markets on a smaller scale and in a relatively safe and supportive environment while gaining invaluable skills that will start off a success career in this field.