SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

<Table>

[ ] Preliminary Proxy Statement
[X] Definitive Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to sec. 240.14a-1 I(c) or sec. 240.14a-12
</Table>

NEW COVENANT FUNDS
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)

- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, If Other Than The Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] Fee not required.

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

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(2) Aggregate number of securities to which transaction applies:

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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):

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(4) Proposed maximum aggregate value of transaction:

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(5) Total fee paid:

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[ ] Fee paid previously with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

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(2) Form, Schedule or Registration Statement No.:

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(3) Filing Party:

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(4) Date Filed:

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NEW COVENANT FUNDS

200 EAST TWELFTH STREET
JEFFERSONVILLE, INDIANA 47130

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

July 15, 2005

Dear Fund Shareholder:

I am happy to have this opportunity to provide you with the enclosed
materials concerning the New Covenant Funds (the "Trust"). The Board of Trustees
of the Trust has called a special meeting of shareholders of the Trust for
Monday, August 15, 2005, at 200 East Twelfth Street, Jeffersonville, Indiana
47130, at 11:00 a.m., Eastern Time (the "Meeting").

The purpose of the Meeting is to ask shareholders to consider the following
proposals:

1. To elect eight Trustees of the Trust; and

2. To transact such other business as may properly come before the
Meeting and any adjournment(s) thereof.

AFTER CAREFUL CONSIDERATION, THE BOARD OF TRUSTEES OF THE TRUST RECOMMENDS
THAT YOU VOTE "FOR" THE ELECTION OF EACH OF THE NOMINEES PRESENTED.

We strongly invite your participation by asking you to review these
materials and complete and return your Proxy Card as soon as possible.

Detailed information about the proposals is contained in the enclosed
materials. Your vote is very important to us regardless of the number of shares
you own. Whether or not you plan to attend the Meeting in person, please read
the Proxy Statement and cast your vote promptly. It is important that your vote
be received by no later than the time of the Meeting on Monday, August 15, 2005.
VOTING IS QUICK AND EASY. EVERYTHING YOU WILL REQUIRE IS ENCLOSED. To cast your
vote, simply complete, sign and return the Proxy Card in the enclosed
postage-paid envelope.

In addition to voting by mail you may also vote by either telephone or via
the Internet, as follows:

<Table>
<Caption>
TO VOTE BY TELEPHONE: TO VOTE BY INTERNET:
- --------------------------------- ---------------------------------

(1) Read the Proxy Statement and (1) Read the Proxy Statement and
have your Proxy Card at hand. have your Proxy Card at hand.
(2) Call the toll-free number (2) Go to the website that
that appears on your Proxy appears on your Proxy Card.
Card.
(3) Enter the control number set (3) Enter the control number set
forth on the Proxy Card and forth on the Proxy Card and
follow the simple follow the simple
instructions. instructions.
</Table>

We encourage you to vote by telephone or via the Internet using the control
number that appears on your enclosed Proxy Card. Use of telephone or Internet
voting will reduce the time and costs associated with this proxy solicitation.

Whichever method you choose, please read the enclosed proxy statement
carefully before you vote.

Please note that you may receive more than one set of proxy materials if
you hold shares in more than one account or in more than one Fund. Please be
sure to vote each account or Fund by utilizing one of the methods described on
the Proxy Cards or by signing and dating each Proxy Card and enclosing it in the
postage-paid envelope provided for each Proxy Card.

If you have any questions after considering the enclosed materials, please
feel free to contact the Funds at (800) 858-6127.

Sincerely,

Robert E. Leech Signature
Robert E. Leech
President
New Covenant Funds

NEW COVENANT FUNDS

200 EAST TWELFTH STREET
JEFFERSONVILLE, INDIANA 47130

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD AUGUST 15, 2005

Notice is hereby given that a Special Meeting of Shareholders (the
"Meeting") of the New Covenant Funds (the "Trust"), will be held on Monday,
August 15, 2005, at 200 East Twelfth Street, Jeffersonville, Indiana 47130, at
11:00 a.m., Eastern Time, for the following purposes:

1. To elect eight Trustees of the Trust; and

2. To transact such other business as may properly come before the
Meeting and any adjournment(s) thereof.

You are entitled to vote at the Meeting and any adjournment(s) thereof if
you owned shares of any Fund listed above as of the close of business on June
30, 2005 (the "Record Date").

Whether or not you plan to attend the Meeting in person, please vote your
shares. In addition to voting by mail you may also vote by either telephone or
via the Internet, as follows:

<Table>
<Caption>
TO VOTE BY TELEPHONE: TO VOTE BY INTERNET:
- --------------------------------- ---------------------------------

(1) Read the Proxy Statement and (1) Read the Proxy your Proxy
have Statement and have your Card at hand.
Proxy Card at hand.
(2) Call the toll-free number (2) Go to the website that
that appears on your Proxy appears on your Proxy Card.
Card.
(3) Enter the control number set (3) Enter the control number set
forth on the Proxy Card and forth on the Proxy Card and
follow the simple follow the simple
instructions. instructions.
</Table>

Whichever method you choose, please read the enclosed Proxy Statement
carefully before you vote.

PLEASE RESPOND -- WE ASK THAT YOU VOTE PROMPTLY IN ORDER TO AVOID THE ADDITIONAL
EXPENSE OF FURTHER SOLICITATION. YOUR VOTE IS VERY IMPORTANT.

By Order of the Board of Trustees

Robert E. Leech Signature
Robert E. Leech
President
New Covenant Funds
July 15, 2005

NEW COVENANT FUNDS

200 EAST TWELFTH STREET,
JEFFERSONVILLE, INDIANA 47130

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

PROXY STATEMENT

SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 15, 2005

This proxy statement is being furnished to you in connection with the
solicitation of proxies by the Board of Trustees (the "Board") of New Covenant
Funds (the "Trust"), on behalf of each of its series named above (each a "Fund"
and collectively, the "Funds"), to be voted at a Special Meeting of Shareholders
to be held on Monday, August 15, 2005, at 200 East Twelfth Street,
Jeffersonville, Indiana 47130, at 11:00 a.m., Eastern Time, for the purposes set
forth below and as described in greater detail in this Proxy Statement.

You are entitled to vote at the Meeting and at any adjournment(s) if you
owned shares of any Fund at the close of business on June 30, 2005 (the "Record
Date"). The date of the first mailing of the Proxy Cards and this Proxy
Statement to shareholders will be on or about July 15, 2005.

Only shareholders of record at the close of business on the Record Date
will be entitled to notice of, and to vote at, the Meeting. Shares represented
by proxies, unless previously revoked, will be voted at the Meeting in
accordance with the instructions of the shareholders. If Proxy Cards have been
executed, but no instructions are given, such proxies will be voted in favor of
the proposals. To revoke a proxy, the shareholder giving such proxy must either:
(1) submit to the Trust a subsequently dated Proxy Card, (2) deliver to the
Trust a written notice of revocation, or (3) otherwise give notice of revocation
in open meeting, in all cases prior to the exercise of the authority granted in
the proxy.

The presence in person or by proxy of the holders of record of one-third of
the total shares outstanding of the Trust on the Record Date shall constitute a
quorum at the Meeting for purposes of the proposals.

In the event that the necessary quorum to transact business or the vote
required to approve or reject any proposal is not obtained by the date of the
Meeting, a person named as proxy may propose one or more adjournments of the
Meeting for a reasonable period or periods to permit further solicitation of
proxies. In addition, if, in the judgment of the persons named as proxies, it is
advisable to defer action on one or more proposals, the persons named as proxies
may propose one or more

adjournments of the Meeting with respect to such proposal or proposals for a
reasonable period or periods. Any broker non-votes received will be excluded
from calculating the number of votes required to approve any proposal to adjourn
the Meeting.

The most recent annual report of the Funds, including financial statements,
for the fiscal year ended June 30, 2004, and the most recent semi-annual report
of the Funds for the semi-annual period ended December 31, 2004, have been
mailed previously to shareholders. If you would like to receive additional
copies of these shareholder reports free of charge, please contact the Funds by
calling 1-800-858-6127. Requested shareholder reports will be sent by first
class mail within three business days of the receipt of the request.

PROPOSAL 1 -- ALL FUNDS

ELECTION OF TRUSTEES

WHAT ARE SHAREHOLDERS BEING ASKED TO APPROVE IN PROPOSAL 1?

The purpose of this proposal is to elect members of the Board of Trustees.
The Board of Trustees oversees the operations and management of each of the
Funds and meets regularly to review the business and investment activities of
the Funds. The current Board of Trustees has deemed it advisable and in the best
interests of the shareholders of the Funds to expand the size of the Board in
order to include additional individuals on the Board. The Board concluded that
it is beneficial for the Trust to have Board members who bring diverse
experiences and backgrounds to the Funds. The Investment Company Act of 1940
(the "Investment Company Act") requires that a specific percentage of Trustees
of a mutual fund must have been elected by shareholders. In order to add new
Trustees to the Board and comply with the requirements of the Investment Company
Act, the Board is requesting that shareholders of the Funds vote for the full
slate of eight Nominees, which includes all of the current Trustees.

WHO ARE THE NOMINEES TO THE BOARD?

Information about the Nominees, including their addresses, age and
principal occupations during the past five years, and other current
directorships of publicly traded companies or funds, is set forth in the table
below. Each Nominee has agreed to serve on the Board if elected by shareholders.
A Nominee is deemed to be "independent" to the extent the Trustee is not an
"interested person" of the Trust, as that term is defined in Section 2(a)(19) of
the Investment Company Act (an "Independent Trustee"). All Nominees whose names
are designated by an asterisk (*) are currently Trustees of the Trust. For
purposes of this Proxy Statement, "Fund Complex" means the four Funds of the
Trust. In the event that all of the

Trustee Nominees are elected, the Independent Trustees would then represent 75%
of the Board.

<Table>
<Caption>
POSITION(S) WITH NUMBER OF
THE TRUST, TERM PORTFOLIOS IN
OF OFFICE AND FUND COMPLEX OTHER
LENGTH OF TIME PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS
NAME, ADDRESS, AND AGE SERVED(1) DURING PAST 5 YEARS TRUSTEE HELD BY TRUSTEE
- ---------------------- ---------------- ----------------------- ------------- ---------------

INDEPENDENT NOMINEES
Gail C. Duree* Trustee, since Financial Investment 4 None.
c/o New Covenant Trust inception. Consultant. Treasurer,
Company, N.A. Montview Boulevard
200 East Twelfth St. Presbyterian Church.
Jeffersonville, IN Director, AGD
47130 Foundation. Investment
Age: 58 Committee, Women's
Foundation of Colorado
(1995 to present).

Rev. Donald B. Trustee, since Retired. From 1988 to 4 None.
Register* inception. May 2005, Pastor,
c/o New Covenant Trust Sixth-Grace
Company, N.A. Presbyterian Church,
200 East Twelfth St. Chicago, IL
Jeffersonville, IN
47130
Age: 68

John D. Stuart* Trustee, since Independent Financial 4 None.
c/o New Covenant Trust February 2002. Consultant.
Company, N.A.
200 East Twelfth St.
Jeffersonville, IN
47130
Age: 73

F. Kenneth Bateman* Trustee, since Attorney, Gerber & 4 None.
c/o New Covenant Trust inception. Bateman, P.A. (1999 to
Company, N.A. present); Trustee,
200 East Twelfth St. Presbyterian Church
Jeffersonville, IN (U.S.A.) Foundation
47130 (1995 to 2001).
Age: 65

Cynthia S. Gooch* Trustee, since Retired; Trustee, 4 None.
c/o New Covenant Trust inception. Presbyterian Church
Company, N.A. (U.S.A.) Foundation
200 East Twelfth St. (1997 to 2003).
Jeffersonville, IN
47130
Age: 72

William C. Lauderbach n/a Executive Vice 4 None.
c/o New Covenant Trust President and Senior
Company, N.A. Investment Officer,
200 East Twelfth St. Chemical Bank and Trust
Jeffersonville, IN Company, Midland,
47130 Michigan (1985 to
Age: 67 present).
</Table>

INTERESTED NOMINEES
Robert E. Leech*(2) Trustee, since President and Chief 4 None.
New Covenant Trust May 2005. Executive Officer of
Company, N.A. the Presbyterian Church
200 East Twelfth St. (U.S.A.) Foundation
Jeffersonville, IN (2000 to present).
47130
Age: 60

Samuel W. McNairy*(3) n/a Retired. From 1964 to 4 None.
New Covenant Trust 2001, Deloitte & Touche
Company, N.A. LLP, (retired as
200 East Twelfth St. Partner, 2001).
Jeffersonville, IN Trustee, Presbyterian
47130 Church (U.S.A.)
Age: 63 Foundation (January
2005 to present).
</Table>

- ---------------

(1) Each Trustee holds office indefinitely until his or her successor is elected
and qualified.

(2) Mr. Leech is deemed to be an "Interested Trustee" due to his status as an
officer of the Trust and an affiliated person of the Funds' investment
adviser.

(3) Mr. McNairy would be deemed to be an "Interested Trustee" due to his status
as an affiliated person of the Funds' investment adviser.

EXECUTIVE OFFICERS

Officers of the Trust are appointed by the Board to oversee the day-to-day
activities of each of the Funds. Information about the executive officers of the
Trust, including their principal occupations during the past five years, is set
forth below. Certain of the these officers are also officers and/or employees of
the NCF Investment Department of New Covenant Trust Company, N.A., the
investment adviser to the Funds, and certain of these officers are also officers
and/or employees of BISYS Fund Services, the administrator to the Funds.

<Table>
<Caption>
PRINCIPAL OCCUPATION(S)
NAME AND AGE POSITION(S) HELD WITH THE TRUST DURING PAST 5 YEARS
- ------------ ------------------------------- ----------------------------------

Dennis J. Murphy Vice President, since November Executive Vice President and Chief
Age: 63 2001 Investment Officer, Presbyterian
Church (U.S.A.) Foundation and New
Covenant Trust Company, N.A.
(2002-present); Senior Vice
President and Chief Financial
Officer, Presbyterian Church
(U.S.A.) Foundation and New
Covenant Trust Company, N.A. (1982
to 2000).

Anita J. Clemons Vice President, since August Vice President and Investment
Age: 51 2003 Officer, New Covenant Trust
Company, N.A. (2000-present)
</Table>

<Table>
<Caption>
PRINCIPAL OCCUPATION(S)
NAME AND AGE POSITION(S) HELD WITH THE TRUST DURING PAST 5 YEARS
- ------------ ------------------------------- ----------------------------------

Harry Harper Chief Compliance Officer, since Chief Compliance Officer, New
Age: 61 August 2004 Covenant Trust Company, N.A.
(2002-present); Chief Compliance
Officer, Allegheny Financial Group
(2000-2002); Chief Compliance
Officer, Keystone Financial
(1997-2000).

Steven D. Pierce Treasurer, since May 2005 Vice President of Financial
Age: 39 Services, BISYS Fund Services
(1999-present).

Charles J. Daly Secretary, since February 2004 Counsel, BISYS Fund Services
Age: 34 (November 2003-present);
Associate, Goodwin Proctor LLP
(2001-2003).

Alaina V. Metz Assistant Secretary, since Vice President, Blue Sky
Age: 37 February 2004 Compliance, BISYS Fund Services
(1995-present).
</Table>

BOARD COMMITTEES

The Board of Trustees has an Audit Committee, a Nominating and Corporate
Governance Committee, and a Valuation Committee, each of which is comprised
solely of Independent Trustees, currently consisting of Ms. Duree, Rev.
Register, Mr. Stuart, Ms. Gooch and Mr. Bateman. The Audit Committee is
responsible for overseeing the Funds' accounting and financial reporting
processes as well as the independent audit of the Funds' financial statements.
The Audit Committee also selects the Funds' independent auditors and reviews
with the independent auditors the plan and results of the audit engagement and
the audit services and any non-audit services provided by the independent
auditors. The Audit Committee held two meetings during the Funds' fiscal year
ended June 30, 2005.

The Nominating and Corporate Governance Committee of the Board is
responsible for the selection and nomination of candidates to serve as Trustees
and the Committee also oversees matters involving corporate governance with
respect to the Funds. The Nominating and Corporate Governance Committee met once
during the fiscal year ended June 30, 2005.

The Valuation Committee is responsible for overseeing the proper valuation
of portfolio securities held by the Funds, including those securities for which
market quotations are not readily available. The Valuation Committee meets on an
as-needed basis when required to review valuation matters. The Valuation
Committee met once during the fiscal year ended June 30, 2005.

SHARE OWNERSHIP

As of the Record Date, each of the Nominees and executive officers of the
Trust owned individually and collectively as a group less than 1% of the
outstanding shares of each Fund.

The following table sets forth the aggregate dollar range of equity
securities owned by each Nominee as of June 30, 2005:

<Table>
<Caption>
AGGREGATE DOLLAR RANGE OF
EQUITY SECURITIES IN ALL
REGISTERED INVESTMENT
COMPANIES OVERSEEN BY
DOLLAR RANGE OF EQUITY TRUSTEE WITHIN THE FAMILY
SECURITIES IN THE FUNDS OF INVESTMENT COMPANIES
----------------------- -------------------------

INDEPENDENT TRUSTEE NOMINEES
Gail C. Duree....................... $10,001 - $50,000 $10,001 - $50,000
Rev. Donald B. Register............. None None
John D. Stuart...................... None None
F. Kenneth Bateman.................. $50,001 - $100,000 $50,001 - $100,000
Cynthia S. Gooch.................... $1 - $10,000 $1 - $10,000
William C. Lauderbach............... $10,001 - $50,000 $10,001 - $50,000
INTERESTED TRUSTEE NOMINEES
Robert E. Leech..................... $10,001 - $50,000 $10,001 - $50,000
Samuel W. McNairy................... $10,001 - $50,000 $10,001 - $50,000
</Table>

COMPENSATION

The Funds do not currently compensate the Trustees for the services that
they provide to the Funds. The Trustees are reimbursed for certain expenses
incurred in providing their services to the Funds.

SHAREHOLDER APPROVAL

Election of the Nominees for Trustee must be approved by a plurality of the
votes cast in person or by proxy at the Meeting at which a quorum exists.
One-third of the shares of the Trust outstanding on the Record Date, present in
person or represented by proxy, constitutes a quorum for the transaction of
business with respect to the proposals. The votes of each Fund will be counted
together with respect to the election of the Nominees.

THE BOARD OF TRUSTEES RECOMMENDS A VOTE "FOR"
THE ELECTION OF EACH OF THE NOMINEES

ADDITIONAL INFORMATION ABOUT THE FUNDS

INVESTMENT ADVISER

The NCF Investment Department of New Covenant Trust Company, N.A. (the
"Adviser") is the investment adviser and makes the day-to-day investment
decisions for the Funds. The Adviser, which is located at 200 East Twelfth
Street, Jeffersonville, Indiana, 47130, is a separate division of New Covenant
Trust Company, N.A. and is registered as an investment adviser with the U.S.
Securities

and Exchange Commission. New Covenant Trust Company, N.A. is a subsidiary of the
Presbyterian Church (U.S.A.) Foundation.

DISTRIBUTOR

New Covenant Funds Distributors, Inc. (the "Distributor"), an affiliate of
BISYS Fund Services, Inc., serves as the distributor of the Funds. The business
address of the Distributor is 3435 Stelzer Road, Columbus, Ohio 43219.

ADMINISTRATOR

BISYS Fund Services, 3435 Stelzer Road, Columbus, Ohio 43219, serves as the
administrator of the Funds and provides certain other services to the Funds,
including fund accounting and transfer agency services. BISYS Fund Services is a
subsidiary of BISYS Group, Inc.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The firm of Ernst & Young LLP ("E&Y") has been selected as independent
auditors of the Funds for the current fiscal year. In accordance with
Independence Standards Board Standard No. 1 (ISB No. 1), E&Y has confirmed to
the Audit Committee that they are independent auditors with respect to the
Funds. Certain information concerning the fees and services provided by E&Y to
the Funds and to certain affiliates of the Funds for the two most recent fiscal
years of the Funds for which E&Y has completed an audit is provided below. For
purposes of the following information, the Presbyterian Church (U.S.A.)
Foundation and any entity controlling, controlled by or under common control
with the Presbyterian Church (U.S.A.) Foundation that provides ongoing services
to the Funds, are referred to as "Service Affiliates."

(1) Audit Fees. The aggregate fees billed for each of the last two fiscal
years for the Funds for which E&Y has completed an audit (the "Reporting
Periods") for professional services rendered by E&Y for the audit of the Funds'
annual financial statements, or services that are normally provided by E&Y in
connection with the statutory and regulatory filings or engagements for the
Reporting Periods, were as follows:

<Table>
<Caption>
FISCAL YEAR ENDED AUDIT FEES
- ----------------- ----------

June 30, 2003............................................ $58,803
June 30, 2004............................................ $62,500
</Table>

(2) Audit-Related Fees. The aggregate fees billed in the Reporting Periods
for assurance and related services by E&Y that were reasonably related to the
performance of the annual audit of the Funds were as follows:

<Table>
<Caption>
FISCAL YEAR ENDED AUDIT-RELATED FEES
- ----------------- ------------------

June 30, 2003...................................... $0
June 30, 2004...................................... $0
</Table>

(3) Tax Fees. The aggregate fees billed to the Funds in the Reporting
Periods for professional services rendered by E&Y for tax compliance, tax advice
and tax planning ("Tax Services") were as follows:

<Table>
<Caption>
FISCAL YEAR ENDED TAX FEES
- ----------------- --------

June 30, 2003.............................................. $ 0
June 30, 2004.............................................. $22,900
</Table>

The Tax Services that were provided by E&Y for the fiscal year ended June
30, 2004 consisted of the preparation and filing of certain tax returns for the
Funds.

(4) All Other Fees. There were no other fees billed in the Reporting
Periods for products and services provided by E&Y to the Funds, or services
provided to Service Affiliates other than the services reported above.

In pre-approving any non-audit services provided to Service Affiliates
after May 6, 2003 (which is the date as of which such pre-approval by the Audit
Committee was first required), the Audit Committee determined that such services
were compatible with maintaining E&Y's independence.

The Audit Committee of the Trust has adopted pre-approval policies and
procedures relating to services provided by E&Y. In addition to pre-approving
any services to be provided by E&Y to the Funds, the Audit Committee considers
and approves any non-audit services to be provided to the Service Affiliates by
E&Y and the fees to be charged for such non-audit services. Pre-approval
considerations include whether the proposed services are compatible with
maintaining E&Y's independence. The Chairman of the Audit Committee has been
given certain limited authority to pre-approve certain permissible non-audit
services subject to the applicable circumstances and applicable amount of fees
and nature of the services involved.

OTHER BUSINESS

The Board does not intend to present any other business at the Meeting. If,
however, any other matters are properly brought before the Meeting, the persons
named in the accompanying form of proxy will vote thereon in accordance with
their judgment.

The Trust does not hold annual shareholder meetings. Any shareholder
proposal intended to be presented at any future meeting of shareholders must be
received by the Trust at its principal office a reasonable time before the
solicitation of proxies for such meeting in order for such proposal to be
considered for inclusion in that Proxy Statement relating to such meeting. The
Board does not presently have a stated policy for considering nominees
recommended by shareholders.

Shareholders who wish to communicate with the Board should send
communications to the attention of the Secretary of the Trust, 200 East Twelfth
Street, Jeffersonville, Indiana 47130 and communications will be directed to the
Trustee or Trustees indicated in the communication or, if no Trustee or Trustees
are indicated, to the Chairman of the Board.

Proxies are being solicited by mail. Additional solicitations may be made
by telephone, e-mail, or other personal contact by officers or employees of the
Trust and the Adviser and its affiliates. The costs of the proxy solicitation
process are being borne by the Funds.

FUND SHARES OWNED BY CERTAIN BENEFICIAL OWNERS

As of the Record Date the following person(s) owned beneficially or of
record 5% or more of the Funds' shares:

<Table>
<Caption>
PERCENTAGE OF FUND
NAME OF FUND NAME AND ADDRESS SHARES OUTSTANDING(%)*
- ------------ ------------------------------- ----------------------

New Covenant Growth Fund....... New Covenant Trust Company, 62.19%
N.A. Custodial Account
200 East Twelfth Street
Jeffersonville, IN 47130-3854

New Covenant Balanced 21.93%
Growth Fund
200 East Twelfth Street
Jeffersonville, IN 47130-3854

New Covenant Balanced 5.58%
Income Fund
200 East Twelfth Street
Jeffersonville, IN 47130-3854
</Table>

<Table>
<Caption>
PERCENTAGE OF FUND
NAME OF FUND NAME AND ADDRESS SHARES OUTSTANDING(%)*
- ------------ ------------------------------- ----------------------

New Covenant Income Fund....... New Covenant Trust Company, 50.15%
N.A.
Custodial Account
200 East Twelfth Street
Jeffersonville, IN 47130-3854

New Covenant Balanced 20.56%
Growth Fund
200 East Twelfth Street
Jeffersonville, IN 47130-3854

New Covenant Balanced 14.04%
Income Fund
200 East Twelfth Street
Jeffersonville, IN 47130-3854
</Table>

- ---------------

* New Covenant Trust Company, N.A., and the Presbyterian Church (U.S.A.)
Foundation, which are affiliated with the investment adviser to the Funds,
expect to vote any of the shares over which they have voting authority in
favor of each of the Nominees. Due to the amount of shares that they are
deemed to control, these entities are expected to be able to control the
outcome of the elections.

PROXY TABULATOR
P.O. BOX 9112
FARMINGDALE, NY 11735

NEW COVENANT FUNDS

SPECIAL MEETING OF SHAREHOLDERS
AS OF 6/30/05 TO BE HELD ON 8/15/05.

THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES

To vote by Mail. Follow these four easy steps:

1) Read the accompanying Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

To vote by telephone. It's fast, convenient, and immediate!
Call toll-free on a touch-tone phone. Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Call the toll-free number 1-800-690-6903 (there is no charge for this
call).

3) Follow the recorded instructions.

To vote over the Internet. It's fast, convenient, and your vote is immediately
confirmed and posted!

Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Go the website; http://www.proxyvote.com

3) Follow the instructions provided.

Your vote is important! Call or visit the website anytime!
Do not return your Proxy Card if you are voting by telephone or Internet.

TO VOTE, MARK BLOCKS BELOW IN
BLUE OR BLACK INK AS FOLLOWS: [X] NEWCV1 KEEP THIS PORTION FOR YOUR RECORDS
- --------------------------------------------------------------------------------
DETACH AND RETURN THIS PORTION ONLY

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

NEW COVENANT FUNDS

PROPOSAL 1:

THE ELECTION OF THE FOLLOWING FOR WITHHOLD FOR ALL TO WITHHOLD AUTHORITY TO
EIGHT NOMINEES AS TRUSTEES ALL ALL EXCEPT VOTE FOR ANY INDIVIDUAL
FOR THE NEW COVENANT FUNDS: NOMINEE(S), MARK "FOR
[ ] [ ] [ ] ALL EXCEPT" AND WRITE THE
01) Gail C. Duree NOMINEE'S NUMBER ON THE
LINE BELOW.
02) Rev. Donald B. Register
-------------------------
03) John D. Stuart

04) F. Kenneth Bateman

05) Cynthia S. Gooch

06) Robert E. Leech

07) William C. Lauderbach

08) Samuel W. McNairy

THIS PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY
WILL BE VOTED FOR EACH NOMINEE.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE.

- ------------------------------------- ----------------------------------------
Signature [PLEASE SIGN WITHIN BOX] Date

- ------------------------------------- ----------------------------------------
Signature (Joint Owners) Date

PROXY CARD

NEW COVENANT FUNDS

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

SPECIAL MEETING OF SHAREHOLDERS

AUGUST 15, 2005

The undersigned hereby appoints Charles J. Daly, Michael Grunewald, and Dennis
J. Murphy, as his or her attorney and proxy with full power of substitution to
vote and act with respect to all shares of each of the separate investment
series listed above (the "Funds") of the New Covenant Funds (the "Trust"), as
applicable, held by the undersigned at the Special Meeting of Shareholders of
the Funds to be held at 11:00 a.m., Eastern Time, on August 15, 2005, at 200
East Twelfth Street, Jeffersonville, Indiana 47130, and at any adjournment(s)
thereof (the "Meeting"), and instructs each of them to vote as indicated on the
matters referred to in the Proxy Statement for the Meeting, receipt of which is
hereby acknowledged, with discretionary power to vote upon such other business
as may properly come before the Meeting.

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF THE TRUST. THE BOARD OF
TRUSTEES RECOMMENDS THAT YOU VOTE FOR EACH NOMINEE.

PLEASE VOTE, DATE AND SIGN ON THE REVERSE AND RETURN PROMPTLY IN
THE ENCLOSED ENVELOPE.

PROXY TABULATOR
P.O. BOX 9112
FARMINGDALE, NY 11735

NEW COVENANT FUNDS

SPECIAL MEETING OF SHAREHOLDERS
AS OF 6/30/05 TO BE HELD ON 8/15/05.

THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES

To vote by Mail. Follow these four easy steps:

1) Read the accompanying Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

To vote by telephone. It's fast, convenient, and immediate!
Call toll-free on a touch-tone phone. Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Call the toll-free number 1-800-690-6903 (there is no charge for this
call).

3) Follow the recorded instructions.

To vote over the Internet. It's fast, convenient, and your vote is immediately
confirmed and posted! Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Go the website; http://www.proxyvote.com

3) Follow the instructions provided.

Your vote is important! Call or visit the website anytime!
Do not return your Proxy Card if you are voting by telephone or Internet.

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

NEW COVENANT FUNDS

PROPOSAL 1:

04) F. Kenneth Bateman

05) Cynthia S. Gooch

06) Robert E. Leech

07) William C. Lauderbach

08) Samuel W. McNairy

THIS PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY
WILL BE VOTED FOR EACH NOMINEE.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE.

- ------------------------------------- ----------------------------------------
Signature [PLEASE SIGN WITHIN BOX] Date

- ------------------------------------- ----------------------------------------
Signature (Joint Owners) Date

PROXY CARD

NEW COVENANT FUNDS

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

SPECIAL MEETING OF SHAREHOLDERS

AUGUST 15, 2005

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF THE TRUST. THE BOARD OF
TRUSTEES RECOMMENDS THAT YOU VOTE FOR EACH NOMINEE.

PLEASE VOTE, DATE AND SIGN ON THE REVERSE AND RETURN PROMPTLY IN
THE ENCLOSED ENVELOPE.

PROXY TABULATOR
P.O. BOX 9112
FARMINGDALE, NY 11735

NEW COVENANT FUNDS

SPECIAL MEETING OF SHAREHOLDERS
AS OF 6/30/05 TO BE HELD ON 8/15/05.

THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES

To vote by Mail. Follow these four easy steps:

1) Read the accompanying Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

To vote by telephone. It's fast, convenient, and immediate!
Call toll-free on a touch-tone phone. Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Call the toll-free number 1 -800-690-6903 (there is no charge for this
call).

3) Follow the recorded instructions.

To vote over the Internet. It's fast, convenient, and your vote is immediately
confirmed and posted!

Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Go the website; http://www.proxyvote.com

3) Follow the instructions provided.

Your vote is important! Call or visit the website anytime!
Do not return your Proxy Card if you are voting by telephone or Internet.

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

NEW COVENANT FUNDS

PROPOSAL 1:

04) F. Kenneth Bateman

05) Cynthia S. Gooch

06) Robert E. Leech

07) William C. Lauderbach

08) Samuel W. McNairy

THIS PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY
WILL BE VOTED FOR EACH NOMINEE.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE.

- ------------------------------------- ----------------------------------------
Signature [PLEASE SIGN WITHIN BOX] Date

- ------------------------------------- ----------------------------------------
Signature (Joint Owners) Date

PROXY CARD

NEW COVENANT FUNDS

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

SPECIAL MEETING OF SHAREHOLDERS

AUGUST 15, 2005

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF THE TRUST. THE BOARD OF
TRUSTEES RECOMMENDS THAT YOU VOTE FOR EACH NOMINEE.

PLEASE VOTE, DATE AND SIGN ON THE REVERSE AND RETURN PROMPTLY IN
THE ENCLOSED ENVELOPE.

PROXY TABULATOR
P.O. BOX 9112
FARMINGDALE, NY 11735

NEW COVENANT FUNDS

SPECIAL MEETING OF SHAREHOLDERS
AS OF 6/30/05 TO BE HELD ON 8/15/05.

THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF TRUSTEES

To vote by Mail. Follow these four easy steps:

1) Read the accompanying Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

To vote by telephone. It's fast, convenient, and immediate!
Call toll-free on a touch-tone phone. Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Call the toll-free number 1-800-690-6903 (there is no charge for this
call).

3) Follow the recorded instructions.

To vote over the Internet. It's fast, convenient, and your vote is immediately
confirmed and posted! Follow these three easy steps:

1) Read the accompanying Proxy Statement.

2) Go the website; http://www.proxyvote.com

3) Follow the instructions provided.

Your vote is important! Call or visit the website anytime!
Do not return your Proxy Card if you are voting by telephone or Internet.

PAGE 2 OF 2

THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.

NEW COVENANT FUNDS

PROPOSAL 1:

04) F. Kenneth Bateman

05) Cynthia S. Gooch

06) Robert E. Leech

07) William C. Lauderbach

08) Samuel W. McNairy

THIS PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY
WILL BE VOTED FOR EACH NOMINEE.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH MATTERS AS MAY
PROPERLY COME BEFORE THE MEETING.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY CARD AND RETURN IT PROMPTLY IN THE
ENCLOSED ENVELOPE.

- ------------------------------------- ----------------------------------------
Signature [PLEASE SIGN WITHIN BOX] Date

- ------------------------------------- ----------------------------------------
Signature (Joint Owners) Date

PROXY CARD

NEW COVENANT FUNDS

NEW COVENANT GROWTH FUND
NEW COVENANT INCOME FUND
NEW COVENANT BALANCED GROWTH FUND
NEW COVENANT BALANCED INCOME FUND

SPECIAL MEETING OF SHAREHOLDERS

AUGUST 15, 2005

THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF THE TRUST. THE BOARD OF
TRUSTEES RECOMMENDS THAT YOU VOTE FOR EACH NOMINEE.

PLEASE VOTE, DATE AND SIGN ON THE REVERSE AND RETURN PROMPTLY IN
THE ENCLOSED ENVELOPE.