EXHIBIT 11

                        [QUARLES & BRADY LLP LETTERHEAD]

                                                  March 20, 2003

The Catholic Funds, Inc.
1100 West Wells Street
Milwaukee, Wisconsin 53233

Ladies and Gentlemen:

     In connection with the registration of an indefinite number of shares of
common stock, par value $.001 per share ("Common Stock"), of the Catholic Equity
Fund, a series of The Catholic Funds, Inc., a Maryland corporation (the "Regis-
trant"), under the Securities Act of 1933, you have requested that we furnish
you with the following opinion, which we understand will be used in connection
with and filed with the Securities and Exchange Commission as an exhibit to the
Registration Statement on Form N-14 (as may be amended, the "Registration
Statement").

     For purposes of rendering this opinion we have examined originals or copies
of such documents as we consider necessary, including those listed below.  In
conducting such examination we have assumed the genuineness of all signatures
and the authenticity of all documents submitted to us as originals and the con-
formity to original documents of all documents submitted to us as copies.

     The documents we have examined include:

          1.   The Registration Statement;

          2.   The Registrant's Articles of Incorporation, including all
               amendments and supplements thereto, filed to date with Maryland
               Department of Assessments and Taxation;

          3.   A certificate of good standing recently issued by the Maryland
               Department of Assessments and Taxation; and

          4.   Such other documents and certificates as to matters of fact and
               such matters of law as we have deemed relevant to the opinions
               expressed herein.

     Based upon and subject to the foregoing, after having given due regard to
such issues of law as we have deemed relevant, and assuming that:

          1.   The Registration Statement becomes and remains effective, and the
               Proxy Statement/Prospectus which is a part thereof and your
               delivery procedures with respect thereto fulfill all the
               requirements of the Securities Act of 1933 and the Investment
               Company Act of 1940 throughout all periods relevant to this
               opinion;

          2.   All offers and sales of Class C and Class I shares of the
               Catholic Equity Fund registered by means of the Registration
               Statement are conducted in a manner complying with the terms of
               the Registration Statement; and

          3.   All offers and sales of Class C and Class I shares of the
               Catholic Equity Fund are made in compliance with the securities
               laws of the states having jurisdiction thereof;

we are of the opinion that the Class C and Class I shares of the Catholic Equity
Fund being registered in the Registration Statement, when issued, will be
legally and validly issued, fully paid and non-assessable.

     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement, and to the references to our firm in the Proxy
Statement/Prospectus and Statement of Additional Information constituting parts
of the Registration Statement.

                                   Very truly yours,

                                   QUARLES & BRADY LLP

                                   /s/  Quarles & Brady LLP
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