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Exhibit 23(l)
June 28, 1999
New Covenant Funds
000 Xxxx Xxxxxxx Xxxxxx, Xxxxx X
Xxxxxxxxxxxxxx, XX 00000
RE: Initial Capital Letter of Understanding
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Ladies and Gentlemen:
The Presbyterian Church (USA) Foundation (the "Foundation") hereby agrees to
acquire 2,500 shares of beneficial interest (the "Shares") in each of the New
Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth
Fund and New Covenant Balanced Income Fund for a total of 10,000 shares at
$10.00 per share.
Shares will be issued in a private offering prior to the effectiveness of the
Registration Statement filed by New Covenant Funds (the "Trust") under the
Securities Act of 1933. The Shares are being purchased pursuant to Section 14 of
the Investment Company Act of 1940 to serve as the seed money for the Trust
prior to the commencement of the public offering of its shares.
In connection with such purchase, the Foundation represents that the purchase is
being made for investment purposes and not with the present intention of
redeeming or reselling the Shares.
The Foundation, as evidenced by the signature of its officer, xxxxxx agrees to
the above and consents to the filing of this Investment Letter as an exhibit to
the Form N-1A Registration Statement of the Trust.
Sincerely,
Presbyterian Church (USA) Foundation
By: /s/ Xxxxx X. Xxxxx
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Name: Xxxxx X. Xxxxx
Title: Vice President
