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.

Nasdaq

NCBGX

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.

NCBIX

The investment seeks long-term capital appreciation. Under normal market conditions, the fund will invest primarily in a diversified portfolio of equity securities that are components of an index that represents broad exposure to the U.S. equity market. The Advisor seeks to avoid investing in companies involved in tobacco, alcohol and gambling, along with for-profit prisons, and some companies related to weapons production, antipersonnel and mines, handguns and assault weapons. In addition, at times a company involved in serious human rights violations may also be screened.

NCGFX

The investment seeks a high level of current income with preservation of capital. Under normal market conditions, at least 80% of the fund's net assets will be invested in a diversified portfolio of bonds and other debt obligations of varying maturities. At least 65% of the fund's net assets will be invested in bonds that are rated within the four highest credit rating categories assigned by independent rating agencies, and the advisor will attempt to maintain an overall credit quality rating of AA or higher.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
NCBGX	New Covenant Balanced Growth Fund	Diversified Portfolio	Jun 30, 1999	0.13%	-4.42%	7.89%	9.43%	49
NCBIX	New Covenant Balanced Income Fund	Diversified Portfolio	Jun 30, 1999	0.15%	-2.68%	5.22%	6.32%	69
NCGFX	New Covenant Growth Fund	Large Cap Blend Equities	Jul 1, 1999	0.97%	-7.20%	11.96%	10.42%	36
NCICX	New Covenant Income Fund	Short-Term Bond	Jul 1, 1999	0.96%	-0.46%	1.47%	2.99%	66

New Covenant Mutual Funds List

Risk vs. Return Scatterplot