Capital Guardian Capital Guardian Trust Company 120 South State College Boulevard Brea, California 92821 Phone (714) 671-7000

Exhibit 99.D.III

Capital Guardian

Capital Guardian Trust Company
000 Xxxxx Xxxxx Xxxxxxx Xxxxxxxxx
Xxxx, Xxxxxxxxxx 00000
Phone (000) 000-0000

06-15-2007

VIA OVERNIGHT COURIER
THE NCF INVESTMENT DEPARTMENT OF
NEW COVENANT TRUST COMPANY, N.A.
000 Xxxx Xxxxxxx Xxxxxx, Xxxxx X
Xxxxxxxxxxxxxx, Xxxxxxx 00000
Attention:       Xx. Xxxxxx Xxx, III
                         Chief Investment Officer

Re: Amendment to Amended and Restated Sub-Advisory Agreement dated May 14, 2001, as amended (the “Agreement”) — The NCF Investment Department of New Covenant Trust Company, NA. (the “Adviser”) — Capital Guardian Trust Company’s (the “Sub-Adviser”) account #00000000 (the “Account”)

Dear Xx. Xxx,

We are writing to formally document a change in fee schedule for the Account’s ACWE ex-U.S. mandate, effective July 1, 2007. As such, this letter will serve as an amendment to the Agreement in accordance with Section 10 thereof.

Accordingly, the Account’s current ACWE ex-U.S. fee schedule, Schedule A to the Agreement, shall be replaced in its entirety with the fee schedule attached hereto.

Otherwise, and unless revoked or further amended by the Adviser and the Sub-Adviser in writing, the Sub-Adviser shall continue to provide its services to the Adviser pursuant to the terms of the Agreement.

Please acknowledge your concurrence with the foregoing by executing and returning the duplicate original of this letter enclosed, whereupon this letter and your acceptance shall constitute a binding agreement between the Adviser and the Sub-Adviser, effective July 1, 2007. A self-addressed overnight envelope has been enclosed for your use.

Best regards,

		ACKNOWLEDGED AND ACCEPTED:
CAPITAL GUARDIAN TRUST COMPANY		THE NCF INVESTMENT DEPARTMENT OF NEW COVENANT TRUST COMPANY, N.A.

By:		/s/ Xxxxxxxxx Xxxxxxx		By:		/s/ Xxxxxx X. Xxx
Name:		Xxxxxxxxx Xxxxxxx		Name:		Xxxxxx X. Xxx
Title:		Assistant Vice President		Title:		Senior Vice President
Enclosures

cc:            Xxxx Xxxxxx

The Capital Group Companies

Capital International       Capital Guardian       Capital Research and Management       Capital Bank and Trust       American Funds

SCHEDULE A

To the Sub-Advisory Agreement
Between New Covenant Trust Company N.A. and
Capital Guardian Trust Company

Name of Fund		Compensation		Date
New Covenant Growth Fund		0.750% of the first $25 Million in Assets;		July 1, 2007
		0.600% of the next $25 Million in Assets;
		0.475% of next $200 Million in Assets;
		0.425% over $250 Million in Assets;
		(less 10% eleemosynary discount)