Milwaukee-based The Catholic Funds group is undergoing a spiritual conversion of sorts. The complex is changing its investment style, altering its screening for Catholic values, and hoping to attract new institutional investors, including Catholic universities with sizable endowments.

The Catholic Funds, which has only attracted $15 million in its three years of existence, is making the changes in an attempt to attract more assets. The group is consolidating its three actively managed equity funds into one passively managed equity fund, the Catholic Equity Fund, which will loosely track the S&P 500 Index.

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