What are they?
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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 how
much to invest, how to allocate the monies between the Equity
and/or Income Funds, whether 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.
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Points to note:
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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. Further information is available in our 2004 Annual
Report's Administrative Structure section (Download
PDF file 59K). The entire
2004 DIT Annual Report is available for download from this
page.
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How to participate:
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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, how the monies are to be allocated between the Equity
and Income Funds (either as a dollar amount or as a percent),
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. If the liquidation of equity and/or fixed income
holdings is involved, this may also be discussed with the
DIT office.
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,
the removal allocation between Funds, 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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