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ABOUT DIRECT SHAREHOLDERS

What Are They?

Direct Shareholders are parishes or institutions of the Diocese that have elected to use the DIT as an investment vehicle for their funds, much in the same manner as one might a mutual fund. They are shareholders who have direct control over the funds they place in the DIT. They may choose to have the Funds' quarterly dividends reinvested or remitted to them by check or wire transfer; and it is wholly their decision as to when and how much they may wish from time to time to withdraw from their account(s). A Direct Shareholder also has the option of opening multiple accounts--assuming they have sufficient funds to warrant doing so--should they wish to ensure the complete segregation of certain funds from the rest of their monies, or should they wish to use different allocations in order to provide flexibility in accommodating their investment strategies. The DIT currently manages over 100 direct shareholder accounts for parishes and organizations of the Diocese.

What Fees Apply?

None.
There are...

NO fees going into a Fund
NO fees getting out of a Fund
NO distribution fees
NO fees related to length of time in a Fund

Points To Note

There are no limitations on the number of deposits, withdrawals, or exchanges made within a given time period. But, it is important to note that the net asset values [NAVs] of the Funds are determined as of the last day of each month. It is only at such times, i.e., once a month as of the last day of the month, that the Funds can accept subscriptions and process redemptions. Notice of intent to subscribe or redeem should be given in the form of a letter received at the DIT office no later than the twentieth of the month. Kindly note that several business days are required to establish NAVs and confirm them with our securities custodian and Fund managers, after which redemptions may be processed and proceeds remitted.

How To Participate

To initiate participation in the DIT as a Direct Shareholder, all that is required is a letter from the parish/organization--signed by at least one, preferably two, officers (e.g., Rector, Warden, Clerk, Treasurer)--citing the resolution of the Vestry (or the action of a committee/board to which the Vestry has delegated investment decisions) and including the date of the resolution, the amount of the initial deposit and whether you wish to reinvest quarterly dividends or have them paid directly to you. The letter should be accompanied by a check in the appropriate amount, or arrangements may be made through the DIT office for effecting a wire transfer of the funds.

Subsequent deposits/subscriptions may be handled in the same manner, citing also the account name and/or number.

Withdrawals/redemptions require similar information: the resolution date, the amount, the account name or number and whether proceeds are to be remitted by check or wire transfer. In the latter case, wiring instructions should be obtained from the receiving bank and included with the letter. It is highly desirable, and normally required, that two officers sign redemption requests.

Always feel free to contact the Executive Director should you have any questions concerning your account(s) or if there is any other way we may be of assistance.

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