Think of it this way, the fact that it's an obligation is interface; that it was not implemented as a stand-alone fund is the responsibility of the managers. An

Think of it this way, the fact that it's an obligation is interface; that it was not implemented as a stand-alone fund is the responsibility of the managers. And given what has happened in the financial world in recent years... it's quite possible that stand-alone funds would have been completely wiped out through mismanagement or outright theft.