THE COMBINED FUND is a central common investment fund created in 1958 for parishes, cemeteries, and other church related entities within the diocese, by the Episcopal Diocese of Milwaukee. It is administered by the Trustees of Funds and Endowments, Inc. Many parishes and diocesan institutions have funds which are not required for day-to-day operations. The Combined Fund is a longer term investment vehicle which offers the continuity of professional management for those funds. In addition to making predetermined quarterly distributions to participating members, the Fund provides an opportunity for capital appreciation. Unit holders of the Fund also have access to an institutional money-market fund which may be used for shorter term cash reserves.


ORGANIZATION OF THE COMBINED FUND

The oversight of The Combined Fund is one of the primary responsibilities of the Trustees of Funds and Endowments, Inc., a corporation formed to serve the Episcopal Diocese of Milwaukee. The charter of Trustees dates from 1848.

Its Board of Directors consists of nine members. Six are elected by the Diocesan Convention; three are appointed by the existing Board. Directors are either elected or appointed to three-year terms with two Directors being elected and one appointed each year. A Director may serve two terms before rotating off the Board. In addition to the nine elected or appointed members, the Bishop and the Treasurer of the Diocese serve on an ex-officio basis with voice and vote. The Directors do not make decisions on specific investments and are not in possession of the Fund's assets.

Trustees of Funds and Endowments, Inc. engages the services of several professional firms to assist in the management and oversight of The Combined Fund's assets. At the present time, those firms are

• U.S. Bank/Private Client Group acts as custodian and provides quarterly or annual reports as requested to unitholders.
  

• The Bogdahn Group LLC (based in Florida with an office in Milwaukee) monitors and evaluates the performance of the various investment managers on an objective basis. Bogdahn assists in the development and monitoring of investment policy and guidelines. In addition to monitoring the asset allocation and recommending changes therein. In addition, they assist the Trustees' Investment Committee in selecting managers for The Combined Fund. Currently, our asset allocation calls for approximately twenty-five per cent of the invested assets of The Combined Fund to be invested in fixed income investments managed by Vanguard (Total Bond Index and Inflation Protected Securities); 63% to be held in a variety of equity fund investments; 10% in alternative investments; and, 2% in cash . Fifty per cent of the equity investments is held in a combination of active and passive fund shares. The other fifty per cent is held in enhanced index funds. Overall, fifteen per cent of the equity portfolio is held in small and mid-cap equities; thirty-two per cent in large cap equities, and sixteen per cent in international equities. Bogdahn's evaluations of each investment are performed on an ongoing basis with quarterly reports to the Investment Committee of Trustees and with annual reports to the full Board.
  

• Those shares held in “enhanced index funds” are under management by Cedarwinds Investment Management of Milwaukee. All investments under Cedarwinds’ supervision are invested in funds operated or administered by Dimensional Financial Advisors of Santa Monica, California.
  

• Whyte Hirschboeck Dudek S.C. (Milwaukee) is our legal firm.

• Winter, Kloman, Moter and Repp, S.C. (Elm Grove and Oconomowoc) is our auditing firm.

Click here for the latest set of audited financial statements for The Combined Fund.

Click here for "Frequently Asked Questions and Resultant Answers Regarding The Combined Fund"

Click here for details re: Short-term Money Market Fund for Unitholders

Click here for "Suggested Guidelines for Parish Vestries and Investment Committees: A Checklist"

Refer to "Current News" for the latest news relating to The Combined Fund and its operation..

Please Email us (endow@execpc.com) for further information or forms.