NEW COVENANT FUNDS
Supplement Dated June 28, 2000 to the Prospectus dated June 30, 1999
1. The following information supplements the disclosure
concerning the New Covenant Growth Fund (the "Growth
Fund") in the Prospectus, as follows:
The Board of Trustees of New Covenant Funds (the
"Trust") recently voted with respect to the Growth Fund
to: (1) terminate the Sub-Investment Advisory Agreements
with both Carl Domino Associates, L.P. and William Blair &
Company, L.L.C. (the "Former Sub-Advisers") and (2) to
appoint Wellington Management Company LLP ("Wellington")
to serve as a new sub-investment adviser to the Growth Fund.
As a result of this change, the Prospectus is hereby
amended by deleting all references to the Former Sub-
Advisers under the section of the Prospectus titled "Sub-
Advisers for the Growth Fund" and adding the following
information regarding Wellington under that section of the
Prospectus:
Wellington Management Company LLP is a private
Massachusetts limited liability partnership which is owned
by its partners and has its headquarters at 75 State Street,
Boston, Massachusetts 02109. The firm is one of America's
oldest and largest independent investment firms , tracing
its origins to 1928. Wellington currently has over $200
billion in discretionary assets under management for a
variety of clients consisting of mutual funds, variable
annuities, corporate and public retirement plans, endowments
and investment partnerships.
For its equity investment management, Wellington
conducts extensive research and analysis and utilizes its
own teams of research analysts located in Wellington offices
in the United States and around the world. Investment
decisions are generally made on a bottom-up basis based upon
Wellington's own proprietary research.
Mammen Chally, CFA and James A. Rullo, CFA serve as co-
managers for the Fund. Mr. Chally is a Vice President of
Wellington Management and an equity portfolio manager with 9
years of industry experience. In addition to managing equity
portfolios, Mr. Chally also serves as a member of the firm's
Quantitative Group contributing to portfolio risk
management, development of derivatives strategies and
performance analyses for clients of the firm. Mr. Chally
joined the firm in 1994 after receiving his MBA from
Northeastern University; Mr. Chally also received a Bachelor
of Science from the Indian Institute of Technology in 1989.
Mr. Rullo, a Senior Vice President and Partner of the
firm, brings more than 14 years of investment experience to
the team. He manages equity portfolios in a range of styles
including global, sector-specific, and small-, medium- and
large-cap US equity and is responsible for structured and
quantitative portfolio management at Wellington Management.
Mr. Rullo also has significant experience in the use of
derivatives, and works with other portfolio managers in
applying derivatives and quantitative strategies to the
portfolios they manage. Having joined the firm in 1994, Mr.
Rullo is a magna cum laude graduate of Boston University
where he received his BS in Finance in 1981. He earned an
MBA from Babson College in 1985 with a specialty in
Management Information Systems.
2. The following information replaces the fifth paragraph under
the section of the Prospectus titled "Management of the
Funds -- The Adviser" which is found on page 23 of the
Prospectus, as follows:
The Securities and Exchange Commission has granted the
Trust an exemptive order that permits the Adviser, subject
to approval of the Board of Trustees, to engage and
terminate Sub-Advisers without shareholder approval. In the
event that there is a change in any of the Sub-Advisers to
the Funds, shareholders will receive information about the
change and about any new Sub-Advisers selected. While
shareholders are not permitted to vote on the selection of
new Sub-Advisers, they retain the right to vote on the
continuation of the Adviser.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
