NEW COVENANT BALANCED INCOME FUND NEW COVENANT BALANCED INCOME FUND 

The investment seeks current income and long-term growth of capital. The fund invests primarily in shares of the New Covenant Growth Fund and New Covenant Income Fund, with a majority of its assets generally invested in shares of the New Covenant Income Fund. Between 50% and 75% of its net assets are invested in shares of the income fund, with the balance of its net assets invested in shares of the growth fund or cash or cash equivalents. The income fund may also invest up to 20% of its net assets in commercial paper and up to 40% of its net assets in fixed-income securities of foreign issuers in any country, including developed or emerging markets.