NEW COVENANT BALANCED GROWTH FUND NEW COVENANT BALANCED GROWTH FUND 

The investment seeks to produce capital appreciation with less risk than would be present in a portfolio of only common stocks. The fund invests primarily in shares of the New Covenant Growth Fund (the "growth fund") and the New Covenant Income Fund (the "income fund"), with a majority of its assets generally invested in shares of the growth fund. Between 45% and 75% of the fund's net assets (with a "neutral" position of approximately 60% of the fund's net assets) are invested in shares of the growth fund, with the balance of its net assets invested in shares of the income fund or cash or cash equivalents.