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Pooled investment portfolios are similar to mutual funds. Participating clients combine their investment dollars and purchase (sell) pooled portfolio units, rather than individual securities. Pooled portfolios reduce costs through the purchase of larger blocks of securities, lower administrative expenses, and the netting of cash flows. In addition, pooled investment portfolios provide bcIMC's clients with increased diversification benefits and liquidity. They also ensure that the clients are treated fairly and share in the best deals. bcIMC holds all assets in trust; clients do not own the individual assets within bcIMC's investment portfolios.

Other than Private Markets, bcIMC's pooled portfolios open on a regular basis (daily, weekly, monthly, and/or quarterly). The unit price is determined by dividing the market value of the pooled portfolio by the number of outstanding units. However, bcIMC also provides closed end pools for certain illiquid investments for which it is difficult and/or prohibitively expensive to obtain regular market valuations (e.g., private markets). In the case of closed end pools, participating clients contribute a designated portion of the investment capital and receive an equivalent portion of the return distributions.

Expenses incurred by a pooled portfolio are recovered from clients through a reduction in the market value of the units. This ensures that costs are shared on a pro-rated basis. For example, if a client owns five percent of a pooled portfolio, they will pay five percent of the costs and expenses incurred by that portfolio.

bcIMC's Board of Directors are responsible for establishing the policies of the pooled investment portfolios.

While pooled investment portfolios are bcIMC's primary investment vehicle, the Corporation will provide segregated asset management when this service better suits the client's needs.

Pooled Fund Financial Statements



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