SCHEDULE 14A
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ___)
FILED BY THE REGISTRANT [X]
FILED BY A PARTY OTHER THAN THE REGISTRANT [ ]
CHECK THE APPROPRIATE BOX:
[ ] PRELIMINARY PROXY STATEMENT
[ ] CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE
14A-6(E)(2))
[ ] DEFINITIVE PROXY STATEMENT
[ ] DEFINITIVE ADDITIONAL MATERIALS
[X] SOLICITING MATERIAL UNDER RULE 14A-12
CATHOLIC VALUES INVESTMENT TRUST
(CATHOLIC VALUES INVESTMENT TRUST EQUITY FUND)
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
FILED BY REGISTRANT
(NAME OF PERSON(S) FILING PROXY STATEMENT,
IF OTHER THAN REGISTRANT)
PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):
[X] NO FEE REQUIRED.
[ ] FEE COMPUTED ON TABLE BELOW PER EXCHANGE ACT RULES 14A-6(I)(1) AND 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
[CATHOLIC VALUES INVESTMENT TRUST LETTERHEAD]
March 20, 2003
Dear Catholic Values Investment Trust Equity Fund Shareholder:
I am writing to you about a matter of primary importance to all of our
Catholic Values Investment Trust ("CVIT") Equity Fund shareholders. We have
appreciated the confidence you have placed in us and your support of the CVIT
Equity Fund. However, we believe that your interests would be better served if
the CVIT Equity Fund were to combine with and become a part of the Catholic
Equity Fund, a series of The Catholic Funds, Inc., in a transaction structured
as a tax-free reorganization.
Although there are differences between investment objectives and principal
strategies of the Catholic Equity Fund and those of the CVIT Fund, both Funds
generally seek capital appreciation and dividend income by investing primarily
in stocks of well-established companies in a manner consistent with core
Catholic values. The Catholic Equity Fund specifically seeks a total return
from dividends and capital gains which is equal to the S&P 500, less the Fund's
operating expenses, by investing in a portfolio of common stocks that
approximately parallels the composition of the Index. However, the Catholic
Equity Fund does not invest in companies that directly participate in abortion
and engages in advocacy activities to influence the practices of companies so
that they better reflect and promote the dignity and primacy of the human per-
son. The annual operating expenses of the Catholic Equity Fund are lower than
the expenses of the CVIT Fund (after fee waivers and expense reimbursements),
and the proposed transaction would result in a combined Fund of $21 million in
assets, allowing it to take better advantage of economies of scale. The
Catholic Equity Fund also offers classes of shares that are similar to those of
the CVIT Fund. The Catholic Equity Fund is managed and distributed by Catholic
Financial Services Corporation, which is owned by a Catholic fraternal alliance
headed by Catholic Knights. We believe the Catholic Equity Fund offers an ap-
pealing alternative for CVIT Fund shareholders.
Shortly you will receive a Proxy Statement/Prospectus which will describe
and seek your approval of an Agreement and Plan of Reorganization (the
"Agreement") involving the CVIT Equity Fund and the Catholic Equity Fund, and
explain the similarities and differences between the two Funds. As a result of
the transactions proposed in the Agreement (the "Reorganization"), substantially
all of the assets and stated liabilities of the CVIT Equity Fund would be
transferred to the Catholic Equity Fund, and you would receive shares of the
Catholic Equity Fund in exchange for your CVIT Equity Fund shares. Immediately
following the transfer, the dollar value of your account would be the same as it
was immediately before the transfer and you would receive Class C or Class I
shares that correspond with your holdings of Individual Shares or Institutional
Service Shares of the CVIT Fund. You will not recognize any gain or loss for
federal income tax purposes on the exchange. The Board of Trustees of CVIT has
unanimously approved the transaction and unanimously recommends that you vote
"FOR" the Agreement when you receive the proxy. The Trustees believe that the
Agreement and the Reorganization are in your best interests as a shareholder of
the CVIT Equity Fund. Your vote is essential to approve the proposal. It is
anticipated that the Reorganization will occur on May 21, 2003.
Please read the Proxy Statement/Prospectus carefully when you receive it
because it contains important information. When you receive the Proxy
Statement/Prospectus, please cast your vote by completing and returning the
proxy card or voting by telephone as instructed on the proxy card. To help
avoid additional expense, be sure to vote promptly. If you have any questions,
please call us at 1-888-974-4486.
Thank you for your consideration and continued support.
Sincerely,
Peter M. Donovan
President
HOW TO OBTAIN THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
----------------------------------------------------------------
The Fund and the Catholic Equity Fund will provide the Proxy
Statement/Prospectus to you free of charge. You may also obtain the Proxy
Statement/Prospectus, and any other relevant documents, for free at the website
of the Securities and Exchange Commission (www.sec.gov). You may also obtain
the following documents of the Catholic Equity Fund free of charge by writing to
The Catholic Funds, 1100 West Wells Street, Milwaukee, Wisconsin 53233 or by
calling 1-877-222-2402: a Statement of Additional Information relating to the
Proxy Statement/Prospectus, a Prospectus and a Statement of Additional Infor-
mation each dated January 31, 2003, and an Annual Report to Shareholders for the
year ended September 30, 2003. You may also obtain the following documents of
the Fund free of charge by writing to the Fund, c/o Wright Investors' Service
Distributors, Inc., 440 Wheelers Farm Road, Milford, Connecticut 06460 or by
calling 1-888-974-4486: a Prospectus and a Statement of Additional Information
each dated May 1, 2002, and an Annual Report to Shareholders of the Fund for the
year ended December 31, 2002.
CVIT and The Catholic Funds, Inc., and their respective trustees, directors
and executive officers, may be deemed to be participants in the solicitation of
proxies in respect of the proposed Reorganization. Information regarding CVIT's
trustees and executive officers is contained in the Fund's Prospectus and
Statement of Additional Information, each dated May 1, 2002, which are filed
with the SEC. As of March 13, 2003, CVIT's trustees and executive officers
beneficially owned less than 1% of all outstanding shares of the Fund. Infor-
mation regarding The Catholic Funds, Inc.' s directors and executive officers is
contained in the Catholic Equity Fund's Prospectus and Statement of Additional
Information, each dated January 31, 2003, which are filed with the SEC. As of
March 13, 2003, The Catholic Funds, Inc.' s directors and executive officers
beneficially owned less than 1% of all outstanding shares of the Catholic Equity
Fund. A more complete description will be available in the Proxy Statement/
Prospectus. THIS LETTER DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR
SALE.