The Combined Fund

TFE is actively engaged in building the long-term viability of the Episcopal Church in the Diocese of Wisconsin 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 types of Investment Accounts for use of its investors:

Long-Term Accounts

This type of account 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 account, provide acceptable annual income to fund beneficiaries, and provide capital growth of the account.

Mid-Term Accounts

This type of account 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 account emphasizes capital preservation with acceptable growth of investment. Investment allocation is targeted at 70% in stable fixed income funds and 30% in equity and real-estate funds. The account is expected to have less volatility than a Long-Term Account and more volatility than a Short-Term Account.

Short-Term Account

This type of account was initiated in early 2015 and is intended for investment of short-term funds with an investment horizon up to about eighteen months. This type of account 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.

Open a New Account

Combined Fund Application_2026

Quarterly Reports

JPM Q2 2026 Investment Report TFE

2026-03-31-Trustees-of-Funds-and-Endowments-Quarterly-Review.pdf

2025-12-31 Trustees of Funds and Endowments (Quarterly Review)

2025-09-30 Trustees of Funds and Endowments (Quarterly Review)

Mariner Quarterly Report Q2 2025

Mariner Q1 2025 report

2024-12-31 Trustees of Funds and Endowments (Quarterly Review)

2024-09-30 Trustees of Funds and Endowments (Quarterly Review) Final

2024-03-31 Trustees of Funds and Endowments (Quarterly Review)