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NEW COVENANT PORTFOLIO MUTUAL FUND WILL INVEST ON THE BASIS OF CORPORATE RESPONSIBILITY, ETHICAL BEHAVIOR

 NEW COVENANT PORTFOLIO MUTUAL FUND WILL INVEST ON THE BASIS
 OF CORPORATE RESPONSIBILITY, ETHICAL BEHAVIOR
 NEW YORK, March 4 /PRNewswire/ -- The Covenant Portfolio, a growth and income mutual funds that will invest in companies selected on the basis of corporate responsibility and ethical business behavior, is the newest portfolio of The Infinity Mutual Funds, Inc.
 Announcement of the new Infinity portfolio was made jointly today by Richard E. Stierwalt, chief executive officer of Concord Financial Group, Inc., which designed the Infinity mutual fund structure, and Anthony Carfang, president of Covenant Investment Management, Inc. (Chicago) investment adviser to the Covenant Portfolio.
 "We are pleased that Covenant Investment Management decided to use Concord's Infinity fund to launch such a socially conscious investment opportunity," said Stierwalt, who is also chairman of the board of The Infinity Funds. "The Infinity Funds were established so banks, corporations and other institutions could create their own proprietary mutual funds quickly and economically. While the four initial Infinity portfolios, representing three different clients, were money market funds targeted to both institutional and retail markets, which is the first equity portfolio."
 Carfang said: "We created the Covenant Portfolio to meet the needs of individuals and institutions who want to invest in companies that demonstrate corporate responsibility, but also want competitive performance and diversification. The Infinity Funds structure has given us the opportunity to turn this idea into a reality very quickly and at relatively low start-up cost."
 Laidlaw Holdings Asset Management, Inc. has been retained as sub- adviser for the Covenant Portfolio. Anthony Bune, vice chairman of Laidlaw, said: "We hope to destroy the myth that there is a negative trade-off between corporate responsibility and competitive financial return. Investments can no longer be made based on negative criteria such as no South Africa, no tobacco. Laidlaw is honored to have been selected as sub-adviser to such a fund as Covenant."
 The Covenant Portfolio will consist of the Covenant 200, a group of 200 companies selected from 1,000 of the largest United States corporations (ranked by market capitalization) that meet the highest standards of social responsibility and ethical business behavior.
 The Covenant 200 was selected on the basis of criteria generated by a survey of 9,000 opinion leaders that gave priority to responsible corporate behavior towards customers, employees and shareholders. These leaders include corporate chief executives, members of congress, state and local officials, university presidents, religious leaders, editors, union presidents and foundation directors.
 To evaluate corporate behavior the adviser used publicly available information from computer data bases, watchdog groups, government agencies and the companies themselves to supplement questionnaires sent each of the 1,000 corporations.
 Once a corporation is selected for the Covenant 200 its performance in the areas of special concern will be reviewed regularly to determine continued eligibility. Purchases and sales of securities will be made on the basis of traditional investment considerations.
 The Covenant 200 has an average market capitalization of $4.5 billion. The companies are geographically diversified and represent 23 of the 24 major U.S. economic sectors. All the securities are widely held and publicly traded.
 Concord Holding Corporation is the portfolio's administrator and Concord Financial Group, Inc. is the portfolio's distributor and principal underwriter of The Infinity Mutual Funds, Inc.
 -0- 3/4/92
 /CONTACT: Laura J. Berger or Stan Appenzeler of Arlen Financial Communications, 212-966-5100, for Infinity Mutual Funds/ CO: Infinity Mutual Funds Inc. ST: New York IN: FIN SU: PDT


SM-TS -- NY001 -- 4802 03/04/92 09:01 EST
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Date:Mar 4, 1992
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