Texas Christian

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Texas Christian's

Educational Investment Fund

claims the title as the oldest and largest 100% student-run fund in the nation. Established in 1973 with a $600,000 donation from William C. Conner, co-founder of

Alcon Laboratories

, the fund sports a unique charter requiring it to pay out 6% of its assets every year to two scholarship funds, regardless of its performance. To date, the Ft. Worth fund has distributed $1.4 million, including $90,000 this year alone.

The fund is a balanced fund with targets set for equities, fixed income and cash, along with industry allocations based on 12

S&P 500

sectors, which are adjusted semiannually by consensus of the student managers. Student analysts prepare detailed reports on current holdings and propose new additions to the fund.

"Decisions are based on a majority vote of student analysts after a presentation and a Q&A," says

Al Prentice, the administrator and portfolio manager for the fund.