First there was the Timothy Plan. Now there's the Catholic Investment Trust.
The Timothy Plan, a mutual fund for evangelical Christians, was opened in April 1994. The $11-million fund won't invest in companies that make money from what its founders call sinning.
This week, Wright Investors' Service, a money management firm in Bridgeport, Conn., with $1.1 billion in assets, filed paperwork with the Securities and Exchange Commission seeking permission to introduce an equity mutual fund called the Catholic Investment Trust.
"We think there's a market for this fund," said Peter Donovan, president of Wright Investors' Service. "There are many Catholic institutions and individuals looking for funds that are expected to generate good returns and at the same time invest in a way that doesn't violate their beliefs."
The Catholic Investment Trust will invest in companies that are consistent with "the core teachings of the Catholic Church," Donovan said. For instance, the fund won't purchase shares of companies that promote abortion, he said.