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PROFILE
January 14, 1999
The Catholic Money Market Fund
This profile summarizes key information about the Fund that is included in the
Fund's prospectus. The Fund's prospectus includes additional information about
the Fund, including a more detailed description of the risks associated with
investing in the Fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the Fund at no cost by calling
toll-free 1-877-222-2402.
What are the Fund's objectives?
The Catholic Money Market Fund seeks current income, a stable share price
and daily liquidity.
What are the Fund's principal investment strategies?
We manage the Fund to provide attractive yields and a stable share price of
$1.00. The manager focuses on high-quality, short-term debt securities issued by
certain corporations, banks and other financial institutions. We strive to
invest in companies whose primary products and services are consistent with
certain core Catholic values.
What are the Fund's primary risks?
Because the Fund invests according to certain core Catholic values, the return
on securities may be lower than if the Fund only invested according to
traditional financial criteria.
The Fund is subject to credit risk, interest rate risk and adviser risk.
Credit risk involves the chance that an issuer of a security may not pay the
interest or the principal when it is due.
Interest rate risk is the chance that an increase in interest rates will reduce
the fair market value of a security. Generally the value of a bond moves
in the opposite direction of interest rates. Longer-term bond prices tend to
move more in response to interest changes than shorter-term bonds.
Adviser risk is the risk that the adviser's application of investment strategies
will be less successful than other funds and the Fund may underperform other
funds. In addition, because the Fund invests consistent with core Catholic
values, the adviser may have fewer investments to choose from than
other funds and the return on the securities the Fund can purchase may be less
than other similar securities.
Any investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund. The Fund is appropriate for
investors who are comfortable with the risks described here and want liquidity.
It can also be used as a permanent conservative part of your
portfolio.
Because the Fund became effective on November 8, 1999, it has no calendar
return information.. You may call 1-877-222-2402 to obtain the current
yield.
What are the Fund's fees and expenses?
This section describes the fees and expenses that you may pay if you buy and
hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment): The Fund is
no-load, so you pay no sales charges (loads) to buy or sell shares.
Annual Fund Operating Expenses (expenses that are deducted from Fund
assets): The costs of operating the Fund are deducted from Fund assets, which
means you pay them indirectly. These costs are deducted before computing the
daily share price or making distributions. As a result, they don't appear on
your account statement, but instead reduce the total return you receive from
your investment.
Management fee: 0.30%
Distribution and Service (12b-1) fee: 0.05%
Other expenses: 0.59%
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Total Fund Operating Expenses 0.94%
Example This example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of those periods. The example also
assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. Although your actual cost may be higher
or lower, based on these assumptions, your cost would be:
1 year 3 years
--------------------------
$96 $301
Who are the Fund's Managers?
Investment Adviser Catholic Financial Services Corporation, a Wisconsin
corporation organized in 1994, is the investment adviser and distributor for the
Fund. As the adviser, it is responsible for the investment decisions for
the Fund.
Sub-Adviser Strong Capital Management, Inc. serves as the sub-adviser for the
Fund and makes the day-to-day investment decisions for the Fund.
[telephone number 877-222-2402]
How can I buy Fund shares?
To open an account you will need to complete and sign the application; make a
check payable to The Catholic Funds; and mail these documents to The
Catholic Funds, PO Box 05710, Milwaukee, WI 53205-9986. You may also
open an account in person through your Catholic Financial Services
Corporation Registered Representative.
The minimum initial investment is $1,000 for all accounts. There is a $50
minimum for additional purchases.
How can I sell Fund shares?
You can sell shares in several ways:
By mail: Write a letter of instruction which includes your account number, the
dollar amount or number of shares you wish to redeem, the names and
signatures of the owners, and your mailing address. Mail it to The Catholic
Funds, PO Box 701, Milwaukee, WI 53201-0701.
By telephone: If you signed up for telephone redemption privilege when opened
your account or at some time before your request for redemption, you may call 1-
877-222-2402 to sell shares.
By check: If you signed up for free checkwriting when you opened your
account, or at some time before your request for redemption, you may write a
check to sell shares with some restrictions.
Does this Fund pay out dividends? If so, how are they taxed?
Yes, the Fund pays you dividends from net investment income monthly.
Dividends are declared on each day that net asset value is calculated,
except for bank holidays. Unless you elect otherwise, your dividend
distributions will be automatically reinvested in additional shares of
the Fund.
These distributions are taxable regardless of whether you reinvest them or take
them in cash. Income is taxable at ordinary federal income tax rates. To assist
you in tax preparation, we send you a statement of your ordinary dividends (Form
1099) after the end of each calendar year.
What services does the Fund provide?
Automatic investment plans
Automatic exchange plan
Systematic withdrawal plan
Confirmation and monthly statements
Exchange privilege
Automated telephone service
To learn more about each of these services and to obtain more information
about buying and selling Fund shares, contact your Catholic Financial
Services Corporation Registered Representative or call 1-877-222-2402.
NEITHER THE CATHOLIC FUNDS NOR CATHOLIC FINANCIAL
SERVICES CORPORATION IS SPONSORED OR ENDORSED BY THE
CATHOLIC CHURCH, NOR HAS THE CATHOLIC CHURCH APPROVED OR
DISAPPROVED THE FUNDS' SHARES.
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Catholic Financial Services Corporation
1100 West Wells Street
Milwaukee, WI 53233
(414) 278-6550
Member NASD
The Catholic Funds are not available in all states
