Overview

The Collective Exchange Fund's assets are primarily in the form of unicorn stock but also include cash and partnerships in real estate investment funds. The Fund's stock is diversified across technology industry sectors and individual companies within those sectors. Over time, the Fund will target a maximum allocation to any industry sector of 20% of Fund assets and a maximum allocation to any single company of 5%. The Fund holds real estate assets to enhance its diversification and to preserve the favorable tax treatment for exchangers into the Fund under the U.S. tax code. The holdings of the real estate investment funds are generally mature, stable properties diversified across types (e.g., residential, industrial, etc.) and across U.S. regions.