The DIT (Diocesan Investment Trust of the Diocese of New York) is just what its name implies: a trust. Specifically, it is a common trust that is unique in that it was set up, in response to the TEP's (Trustees of the Estate and Property of the Diocesan Convention of New York) request, by a special 1943 statute of the New York State Legislature and is to be held for the common benefit of all those participating in it, including the TEP itself. The TEP is the trustee of the DIT.
The DIT was established essentially for two purposes: 1) The TEP wished to have a trust through which it could furnish investments to itself; and 2) The TEP wished to enhance its services to the Diocese by making available to other Diocesan entities a vehicle in which they could themselves invest, much as one might in a mutual fund. This vehicle, the DIT, would give every parish and institution of the Diocese access to professional investment management services of high quality and low cost under the direct supervision of the TEP and the ultimate control of Diocesan Convention; and, by the pooling of assets, it could provide investment opportunities otherwise not available to individual parishes or organizations.
The TEP, the DIT's parent, has been in continuous existence since it was established in 1877 by distinguished Episcopal laymen at the direction of Diocesan Convention. It was set up to receive and hold in trust property for the benefit of the Diocese and its churches and institutions, and it came about in a curious and unique manner. The enabling legislation was an 1876 special act of the New York State Legislature, which made the actual establishment contingent upon subsequent action by Diocesan Convention. This requisite action was taken by Convention the following year [see document from 1877 Convention], which permitted the issuance of a Certificate of Incorporation dated 27 September 1877. These two actions established the name of the corporation, and the latter listed the original Trustees, among them some very notable clergy and laymen, such as J. P. Morgan and Cornelius Vanderbilt.