Under one such proposal, so-called interval funds are likely to be running by early next year.

The state also has nearly $1 billion in its so-called rainy-day fund.

But they poured some $500 billion into so-called new-economy funds alone from 1995 to 2000.

But the so-called funds are not funds in any normal sense.

The algorithms behind so-called quant funds, he said, act with "much greater depth of data than the human mind can.

Some so-called market-neutral funds have had as many years of negative returns as positive ones.

That's why most so-called socially responsible funds have such short lists of investing no-no's.

Another is the so-called all-star fund, in which several high-profile managers each run a slice of a portfolio.

Harvard's proposal calls for a merger and subsequent conversion of the two funds into a so-called interval fund.

There are no laws to stop them, and no one in government is responsible for overseeing these so-called funds.