The Combined Fund

TFE is actively engaged in building the long-term viability of the Episcopal Church in the Diocese of Milwaukee by building the endowments of Episcopal entities. The Combined Fund is a common investment fund administered by the Trustees, whose goal is to partner with Episcopal entities in the Diocese to create a firm financial footing for their mission and ministry. As efficient and effective stewards of the funds entrusted to its care, TFE manages the Combined Fund to provide security, long-term growth, inflation protection, and a reliable stream of annual distributions to its investors.

The Combined Fund is made up of three Investment Pools for use of its investors:

The Long-Term Legacy Pool (the traditional Combined Fund)

This Pool is intended for investment of long-term, permanent endowment funds. These are funds in which the principal is protected and grown over time and that provide annual income to the fund beneficiary. Target allocation is 63% in equity funds, 25% in fixed income funds, 10% in alternative investment funds (real estate, hedge funds, commodities, etc.) and 2% in cash. The investment goal is to protect the principal of the Pool, provide acceptable annual income to fund beneficiaries, and provide capital growth of the pool.

The Mid-Term Capital Pool

This Pool was initiated in early 2015 and is intended for intermediate-term funds such as capital campaign funds with an investment horizon of about three to five years. The pool emphasizes capital preservation with acceptable growth of investment. Investment allocation is targeted as 70% in stable fixed income funds and 30% in equity and real-estate funds. The pool could have approximately one-half the volatility of the Long-Term Legacy Investment Pool and more volatility than the Short-Term Income Investment Pool.

The Short-Term Income Pool

This Pool was initiated in early 2015 and is intended for investment of short-term funds with an investment horizon up to about eighteen months. This pool is an alternative to money market investments and short-term CDs. This portfolio is not FDIC insured.  Target investment allocation is in ultra-short-term, short-term, and intermediate term fixed income funds and 5% in an S&P 500 Index Fund. The investment goal is not to have a loss in any single one-year period. There could be a loss in a given calendar quarter.

Additional Information

The Combined Fund Audit Summary 2019

TFE Financial Statements Review 2019

Combined Fund Application_2018