New Covenant Balanced Growth Fund 

The fund strives to achieve long-term capital growth with a more conservative risk profile than a portfolio comprised solely of stocks. It primarily invests in units of two affiliated strategies: the New Covenant Growth Fund (designated as the "growth fund") and the New Covenant Income Fund (referred to as the "income fund"). A significant portion of its total assets is typically dedicated to the growth fund. Specifically, the allocation to the growth fund will range from 45% to 75% of its net assets, with an approximate target balance of 60%. The remainder of its net assets will be invested in units of the income fund or held in readily convertible assets such as cash.