From: Diocesan Investment Trust of the Diocese of New York [www.ditofny.org]
DIT Income Fund
Objective

The Income Fund seeks to maximize current return while providing for high levels of safety of principal and liquidity.
Fees
NO fees are charged to participants in the fund.
Administration

The Fund has been managed since 1985 by Fiduciary Trust Company International.  The manager is given considerable discretion in determining the allocation among sectors and in the choice of holdings within sectors, but all within parameters established by the Trustees.  The Fund's performance is actively monitored by the Trustees, with occasional adjustments made in the instructions given the manager, especially with respect to risk tolerance parameters.  Due diligence examination visits are made by the Trustees' Investment Committee as appropriate, and the Fund is audited annually by our independent auditor.
Performance Summary (page updated Oct 20, 2008)
 
TOTAL RETURNS *

For quarter ending 09/30/08
Quarter 1 Year 3 Years 5 Years 10 Years
DIT Income Fund -1.67% -0.62% 2.31% 2.45% 4.27%
Lehman Brothers Aggregate Bond Index -0.48% 3.66% 4.15% 3.79% 5.20%
Lehman Brother Intermediate Govt./Credit.Index -1.50% 2.83% 3.85% 3.14% 4.83%
For quarter ending 06/30/08
 
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
-1.51%
3.72%
2.74%
2.73%
4.82%
Lehman Brothers Aggregate Bond Index
-1.02%
7.13%
4.08%
3.86%
5.68%
Lehman Brother Intermediate Govt./Credit.Index
0.01%
7.39%
4.19%
3.45%
5.45%
 
For quarter ending 03/31/08
 
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
0.44%
4.44%
4.29%
3.48%
5.23%
Lehman Brothers Aggregate Bond Index
2.17%
7.67%
5.48%
4.58%
6.04%
Lehman Brother Intermediate Govt./Credit.Index
3.00%
8.65%
5.58%
4.32%
5.81%
           
For quarter ending 12/31/07
 
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
2.16%
5.43%
3.95%
3.64%
5.34%
Lehman Brothers Aggregate Bond Index
3.00%
6.96%
4.56%
4.42%
5.97%
Lehman Brother Intermediate Govt./Credit.Index
2.91%
7.16%
4.24%
4.01%
5.66%
           
For quarter ending 9/30/07
 
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
2.63%
4.45%
3.47%
3.35%
5.43%
Lehman Brothers Aggregate Bond Index
2.85%
5.13%
3.86%
4.13%
5.96%
Lehman Brother Intermediate Govt./Credit.Index
2.88%
5.20%
3.39%
3.77%
5.58%
 
For quarter ending 6/30/07
 
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
-0.84%
5.62%
3.47%
3.83%
5.47%
Lehman Brothers Aggregate Bond Index
-0.52%
6.11%
3.98%
4.48%
6.02%
Lehman Brother Intermediate Govt./Credit.Index
-0.37%
5.52%
3.33%
4.10%
5.57%
For quarter ending 3/31/07          
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
1.21%

3.83%
3.11%
4.39%
5.74%
Lehman Brothers Aggregate Bond Index
1.24%
4.33%
3.70%
5.06%
6.24%
Lehman Brother Intermediate Govt./Credit.Index
1.03%
4.07%
2.92%
4.53%
5.73%
For quarter ending 12/31/06
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
1.40%

6.03%
2.84%
4.78%
5.94%
Lehman Brothers Aggregate Bond Index
1.50%
6.58%
3.31%
5.35%
6.46%
Lehman Brother Intermediate Govt./Credit.Index
1.59%
6.14%
2.63%
4.90%
5.91%
 
For quarter ending 9/30/06
Quarter
1 Year
3 Years
5 Years
10 Years
DIT Income Fund
3.78%

3.18%
2.82%
4.10%
5.90%
Lehman Brothers Aggregate Bond Index
3.81%
3.67%
3.38%
4.81%
6.42%
Lehman Brother Intermediate Govt./Credit.Index
3.19%
3.54%
2.56%
4.20%
5.88%
* Returns shown include reinvested income.  Please note that the Fund returns are net of all expenses, while the index returns have no expense considerations.
EXPENSE RATIOS and INDICATED YIELDS
As of 09/30/08
As of 06/30/08
Total Expense Ratio
0.537%
0.526%
Indicated Current Yield
4.36%
4.31%
Income Fund Sector Allocation
 
% as of 9/30/08
 % as of 6/30/08
Cash and Equivalents
4.70
 7.13
U.S. High Yield
0.28
 0.54
Non-US
5.18
 6.64
Preferred Stock
1.71
 1.85
CMO's & Asset Backed Securities
0.00
 0.00
Corporate Bonds

16.32

 15.49
Mortgage Backed Securities
44.84
 40.92
Emerging Markets
0.67
 0.61
US Treasuries
15.38
17.35
Commercial Funding
9.50
 8.27
Muni
1.42
 1.20
 
% as of 3/31/08
% as of 12/31/07
Cash and Equivalents
5.34
2.01
U.S. High Yield
0.40
4.47
Non-US
10.13
10.34
Preferred Stock
1.47
2.68
CMO's & Asset Backed Securities
0.39
2.60
Corporate Bonds

10.35

12.91
Mortgage Backed Securities
33.59
41.70
Emerging Markets
0.86
2.34
US Treasuries
32.99
7.72
Commercial Funding
3.00
11.67
Muni
1.48
1.56
   
% as of 3/31/07
% as of 12/31/06
 
Cash and Accruals
0.95
0.20
 
Cash Equivalents
13.10
2.40
 
U.S. Gov't & Agencies
25.05
30.60
 
Commercial Funding
9.20
7.40
 
Agency Passthru Mortgages
24.90
35.00
 
CMO's & Asset Backed Securities
3.00
2.80
 
Corporate Bonds
22.00
19.80
 
Preferred Stock
1.80
1.80