FACT SHEET
The Trustees were incorporated March 12, 1902, shortly after the establishment of our Diocese.
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.
The Trustees manage approximately $43 million as of 6/30/10.
Trustees are nominated by Deaneries and elected at Diocesan Convention, nominated by the Bishop and nominated by the Trustees.
The Annual Meeting of the Trustees is held in February, with the Board of Managers meeting quarterly, and functioning as an executive committee.
Trustees employ an executive director, custodian, shareholder accountant, financial consultant and investment managers.
An Investment Policy Statement defines investment objectives and targets.
Fund Asset Allocation as of 6/30/10:
Large Cap Equity Pzena Investment Management 8 %
Wells Capital Management 11 %
Vanguard Group 20 %
Small Cap Equity Vanguard ETF 9 %
International Equity Capital R&M (American Funds) 15 %
Fixed Income P.I.M.C.O. 14 %
I.R. & M. 14 %
Alternative Grosvenor Capital Management 6 %
Community Investment 2 %
Cash 1 %
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.
The Fund’s 2009 return was 24.3%.
Expenses for consultant fees, money management fees, transaction costs, legal and accounting fees, and executive director salary and expenses were 0.80% in 2009, well below many mutual fund expense ratios.
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
Other Socially Responsible Investing initiatives
Divestment of stocks of companies who manufacture & sell tobacco products
Voting our proxies using ProxyEdge
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.