31.   Despite its name, the fund invests only in U.S. stocks and bonds.

32.   Despite the current unsettled market, the fund has already invested in a a dozen companies.

33.   For example, the Oppenheimer Real Asset fund invests in securities whose value is directly linked to physical commodities, like aluminum and agricultural products.

34.   For its part, Artisan is contributing services to the companies in which the fund will invest.

35.   For other fund managers, the potential conflicts involve business dealings with financiers in whose companies their funds have invested.

36.   For one thing, most of the companies in which the fund invests are small.

37.   Fund managers are ultimately responsible for deciding how funds invest and how they perform much like a chief executive is responsible for how a company runs.

38.   Funds investing in property, European stocks, commodities and energy, and venture capital saw their discounts narrow in July.

39.   Funds investing in convertible bonds, sometimes a substitute for stocks, were high performers for the quarter.

40.   Gilbert, of Northern, said Loudcloud reminded him of Webvan, a struggling online grocer that his fund invested in.