Diocesan Investment Trust

Purpose of the Diocesan Investment Trust (DIT)

The Diocesan Investment Trust serves various purposes.

• First, the DIT provides parishes with the opportunity to invest their funds in institutional vehicles that have been carefully screened for performance, cost, and purpose, and which are not available to individuals.
• Second, parishes know that their investments are overseen by the trustees.
• Finally, the DIT is committed to offering investments that meet socially responsible screens, achieving acceptable market rate of returns (net of fees) or meeting benchmarks.

Structure of the DIT

The Board of Trustees for the DIT is comprised of five voting members (representing various parishes within the Diocese) and two ex-officio members (the Bishop and the Treasurer of the Diocese). The funds of the DIT are professionally managed with oversight by the trustees. The trustees, who serve without compensation, typically have business, finance, or legal experience and more often than not serve on a number of outside boards.

Current trustees are:

• Kathleen Sherby, Chair
  The Episcopal Church of St. Michael & St. George, Clayton

• Bill Young, Vice-Chair
  The Episcopal Church of All Saints & Ascension, Northwoods

• Ron Webb, Secretary-Treasurer
  Calvary Episcopal Church, Columbia

• Kris Reppert
  Christ Church Cathedral, St. Louis

• Al Ludwig
  Diocesan Treasurer

• The Rt. Rev. Deon K. Johnson
  Bishop of Missouri

Investment Choices within the DIT

There are currently five investment choices within which parishes may allocate their funds:

• The first is a domestic equity investment. TIAA-CREF’s Social Choice Fund (TISCX) invests in stocks that pass two main social screens: the fund excludes companies whose major source of revenue comes from alcohol, tobacco, gambling, weapons production or nuclear power; and remaining companies are evaluated on a number of issues including environmental stewardship, human rights, community relations, employee relations, workforce diversity, product safety and quality, and corporate governance. These guidelines are closely aligned with those established by The Episcopal Church.

• A second domestic equity investment is also available. TIAA CREF’s Social Choice Low Carbon Fund (TNWCX) also gives special consideration to environmental, social and governance criteria, and includes additional criteria relating to carbon emissions and fossil fuel reserves.

• The third choice parishes have is a bond investment. Here is the vehicle: Vanguard Total Bond Market Index Fund (VBTLX)

• The fourth choice parishes have is an international equity fund option, which is the Dimensional International Sustainability Core 1 Portfolio (DFSPX.)

• The fifth choice is a basic money market option.

Read the 2022 DIT Audit.

Procedures

Participants may allocate their assets to the bond, equity, international equity, or money market funds as they see fit and may change their allocation from time to time as circumstances dictate. TIAA-CREF limits us to one trade date per month. Investment and redemption requests are processed by TIAA-CREF on the 15th of each month. All requests go through the Diocesan Office and need to be received prior to the 15th in order to be processed that month.