THE TRUSTEES FOR THE DIOCESE OF WESTERN MASSACHUSETTS

 

FACT SHEET

 

Ø     The Trustees were incorporated March 12, 1902, shortly after the establishment of our Diocese.

 

Ø     The Trustees is a separate corporation, acting in a fiduciary role in the oversight of funds entrusted to their stewardship by the Diocese and the Parishes of the Diocese.

 

Ø     The Trustees manage approximately $52 million as of 3/31/11.

 

Ø     Trustees are nominated by Deaneries and elected at Diocesan Convention, nominated by the Bishop and nominated by the Trustees.

 

Ø     The Annual Meeting of the Trustees is held in February, with the Board of Managers meeting quarterly, and functioning as an executive committee.

 

Ø     Trustees employ an executive director, custodian, shareholder accountant, financial consultant and investment managers.

 

Ø     An Investment Policy Statement defines investment objectives and targets.

 

Ø     Fund Asset Allocation as of 3/31/11:

Large Cap Equity        Pzena Investment Management         9 %

                                                            Wells Capital Management                 12 %

                                                            Vanguard Group                                 20 %

            Small Cap Equity        Integrity Asset Management               11 %

                                    International Equity    Capital R&M (American Funds)           16 %

                        Fixed Income              P.I.M.C.O.                                            12 %

                                                            I.R. & M.                                               12 %

                        Alternative                  Grosvenor Capital Management         6 %

                        Community Investment                                                          2 %

                       

Ø     The Fund is revalued on a quarterly basis; and distributions are made to fund holders using a spending policy of 5% annually, based upon a twelve quarter moving average of the Fund’s ending market value.

 

Ø     Through 3/31/11, the Fund’s quarterly return was 4.1% and its one year return was 12.9%.

 

Ø     Expenses for consultant fees, money management fees, transaction costs, legal and accounting fees, and executive director salary and expenses were 0.85% in 2010, well below many mutual fund expense ratios.

 

Ø     Community based lending in the form of low interest loans to:

Worcester Community Housing Resources, Inc.

Western Massachusetts Enterprise Fund, Inc.

HAP, Inc.

Martin Luther King, Jr. Business Empowerment Center

Community Development Corporation of South Berkshire

 

Ø     Other Socially Responsible Investing initiatives

Divestment of stocks of companies who manufacture & sell tobacco products

Voting our proxies using ProxyEdge

 

Ø     For further information contact Mick Kalber, Executive Director, at (800) 332-8513, ext. 14 or mkalber@diocesewma.org, or access the Trustees link on the Diocesan website, www.diocesewma.org.