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pure iso4217:USD 2026-10-28 N-1A NEW COVENANT FUNDS 2026-10-31 NEW COVENANT EQUITY FUND Investment Objective The Fund’s investment objective is long-term capital appreciation. A modest amount of dividend income may be produced by the Fund’s equity securities. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="4" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Management Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.47%</td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Distribution (12b‑1) Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">None</td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Other Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.51%</td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Total Annual Fund Operating Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.98%</td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0047 0 0.0051 0.0098 EXAMPLE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:93.49pt; max-width:93.49pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Equity Fund</td><td style="min-width:214.01pt; max-width:214.01pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$100</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$312</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$542</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,201</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:93.49pt; max-width:93.49pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Equity Fund</td><td style="min-width:214.01pt; max-width:214.01pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$100</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$312</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$542</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,201</td></tr> </table> 100 100 312 312 542 542 1201 1201 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategies Under normal circumstances, the Fund may not invest less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities. The investment policy is non-fundamental and may be changed upon 60 days’ prior written notice to shareholders. Under normal market conditions, the Fund will invest primarily in a diversified portfolio of equity and equity-related securities that are components of an index that represents broad exposure to the U.S. equity market (the “Index”), includes approximately 3,000 securities and is not concentrated in any particular industry. The Fund will seek generally to replicate the performance of the Index, subject to such variation as may arise as a result of implementation of the social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”) discussed below. The Fund seeks to invest consistent with the Presbyterian Principles. In doing so, the Fund will not invest in certain companies, despite that company being a component in the Index. The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel land mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles. The Fund’s investment performance will depend, among other things, on the Fund’s tracking of the Index and the performance of the Index. The Fund’s ability to track the performance of the Index will be affected by differences between the Index and the Fund’s portfolio resulting from adherence to the Presbyterian Principles, as well as by factors such as the size and timing of cash flows into and out of the Fund, and the Fund’s fees and expenses. The Fund generally will attempt to invest in securities comprising the Index in approximately the same proportions as they are represented in the Index, subject to such changes resulting from implementation of the Presbyterian Principles. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Fund’s sub-adviser (the “Sub-Adviser”) may employ a sampling or optimization technique to replicate the Index. In seeking to track the performance of the Index, the Fund may invest in the following equity and equity-related securities, not all of which may be constituents of the Index: common stocks, preferred stocks, depositary receipts, rights, warrants, exchange-traded funds (ETFs), publicly traded equity real estate investment trusts (REITs), and futures contracts based on indexes of particular groups or varieties of securities. The Sub-Adviser selects the Fund’s securities under the general supervision of SIMC. The Sub-Adviser’s investment strategy seeks to closely track the Index return, subject to such variations as arise from implementation of the Presbyterian Principles. The market capitalization and composition of the Index is subject to change. SIMC and the Sub-Adviser may sell securities that are represented in the Index or purchase securities that are not represented in the Index, prior to or after their removal or addition to the Index. The Sub-Adviser also has the authority to vary from the Index: (i) to conform the Fund’s portfolio to the Presbyterian Principles; (ii) to favor, consistent with the Presbyterian Principles, securities of companies that are more highly ranked with respect to environmental, social and governance (ESG) criteria (e.g., company business models, corporate governance policies, relationships with stakeholders, and history of controversies) than other companies in the Fund’s portfolio; and (iii) to a lesser extent, manage risk and seek efficient trading costs. Under normal circumstances, the Fund may not invest less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity and equity-related securities. Under normal market conditions, the Fund will invest primarily in a diversified portfolio of equity and equity-related securities that are components of an index that represents broad exposure to the U.S. equity market (the “Index”), includes approximately 3,000 securities and is not concentrated in any particular industry. The Fund will seek generally to replicate the performance of the Index, subject to such variation as may arise as a result of implementation of the social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”) discussed below.The Fund seeks to invest consistent with the Presbyterian Principles. In doing so, the Fund will not invest in certain companies, despite that company being a component in the Index. The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel land mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles. The Fund’s investment performance will depend, among other things, on the Fund’s tracking of the Index and the performance of the Index. The Fund’s ability to track the performance of the Index will be affected by differences between the Index and the Fund’s portfolio resulting from adherence to the Presbyterian Principles, as well as by factors such as the size and timing of cash flows into and out of the Fund, and the Fund’s fees and expenses.The Fund generally will attempt to invest in securities comprising the Index in approximately the same proportions as they are represented in the Index, subject to such changes resulting from implementation of the Presbyterian Principles. It may not be possible or practicable to purchase all of the securities composing the Index or to hold them in the same weightings as they are represented in the Index. In those cases, the Fund’s sub-adviser (the “Sub-Adviser”) may employ a sampling or optimization technique to replicate the Index. In seeking to track the performance of the Index, the Fund may invest in the following equity and equity-related securities, not all of which may be constituents of the Index: common stocks, preferred stocks, depositary receipts, rights, warrants, exchange-traded funds (ETFs), publicly traded equity real estate investment trusts (REITs), and futures contracts based on indexes of particular groups or varieties of securities. The Sub-Adviser selects the Fund’s securities under the general supervision of SIMC. The Sub-Adviser’s investment strategy seeks to closely track the Index return, subject to such variations as arise from implementation of the Presbyterian Principles. The market capitalization and composition of the Index is subject to change. SIMC and the Sub-Adviser may sell securities that are represented in the Index or purchase securities that are not represented in the Index, prior to or after their removal or addition to the Index. Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. Social-Witness Principles/Socially Responsible Investing Risk — The Fund considers social-witness principles and the Sub-Advisers’ ESG criteria in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with its established social-witness principles and other socially responsible investing principles. This means that the Fund may underperform other similar mutual funds that do not consider social-witness principles and other socially responsible investing principles in their investing. Tracking Error Risk — The risk that the Fund’s performance may vary substantially from the performance of the Index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund’s investments and the Index’s components, implementation of the Presbyterian Principles, and favoring ESG and other factors. Investment Style Risk — The risk that the equity securities in which the Fund invests may underperform other segments of the equity markets or the equity markets as a whole. Large Capitalization Risk — If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — Small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Real Estate Investment Trusts (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Fund’s use of futures contracts is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above and leverage risk is described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear. Leverage Risk — The Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Preferred Stock Risk — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. Depositary Receipts Risk — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Warrants and Rights Risk — Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of equity-like securities. In addition, the values of warrants and rights do not necessarily change with the values of the underlying securities or commodities and these instruments cease to have value if they are not exercised prior to their expiration dates. ETFs Risk — ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.NewCovenantFunds.com or by calling the Fund toll-free at 877‑835‑4531. On May 13, 2019, the Fund transitioned from an actively managed strategy to its current strategy of investing in equity securities that are components of the Index. The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.NewCovenantFunds.com 877‑835‑4531 <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26241962_ba001.jpg" style="-sec-ix-hidden: hidden-fact-0; margin:0pt 1.5pt 1.5pt 0pt; width: 280.6px; height: 182.62px;"/></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt">Best Quarter: 21.99% (06/30/20) Worst Quarter: -20.59% (03/31/20) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 11.68%. </td></tr> </table> Best Quarter 0.2199 2020-06-30 Worst Quarter -0.2059 2020-03-31 total return 2026-09-30 0.1168 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of a broad-based securities market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.27pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Equity Fund</td><td colspan="2" style="min-width:94.98pt; max-width:94.98pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td colspan="2" style="min-width:54.8pt; max-width:54.8pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td colspan="2" style="min-width:54.2pt; max-width:54.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td><td style="min-width:3.5pt; max-width:3.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return Before Taxes</td><td style="min-width:88.48pt; max-width:88.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">15.96</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">12.46</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.27</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions</td><td style="min-width:88.48pt; max-width:88.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.47</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10.75</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">11.76</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions and Sale of Fund Shares</td><td style="min-width:88.48pt; max-width:88.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">11.16</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">9.72</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10.71</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:260.52pt; max-width:260.52pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:88.48pt; max-width:88.48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">17.15</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.15</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">14.29</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> </table> Fund Return Before Taxes 0.1596 0.1246 0.1327 Fund Return After Taxes on Distributions 0.1347 0.1075 0.1176 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.1116 0.0972 0.1071 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 NEW COVENANT INCOME FUND Investment Objective The Fund’s investment objective is a high level of current income with preservation of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="4" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Management Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.42%</td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Distribution (12b‑1) Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">None</td><td style="min-width:9pt; max-width:9pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Other Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.55%</td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Total Annual Fund Operating Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.97%</td><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> 0.0042 0 0.0055 0.0097 EXAMPLE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:97.34pt; max-width:97.34pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Income Fund</td><td style="min-width:210.16pt; max-width:210.16pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$99</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$309</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$536</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,190</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:97.34pt; max-width:97.34pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Income Fund</td><td style="min-width:210.16pt; max-width:210.16pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$99</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$309</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$536</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,190</td></tr> </table> 99 99 309 309 536 536 1190 1190 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 285% of the average value of its portfolio. 2.85 Principal Investment Strategies 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. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.The Fund seeks to invest consistent with social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”). The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel land mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles. The Fund invests in corporate bonds. The Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (GNMA), which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), which are supported by the right of the issuer to borrow from the U.S. Treasury. The Fund may also invest in bonds of international corporations or foreign governments. In addition, the Fund invests in mortgage-backed securities (including To Be Announced Securities and Dollar Rolls) and asset-backed securities and may enter into fully-collateralized repurchase agreements. 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 Fund will attempt to maintain an overall credit quality rating of AA or higher based on ratings assigned by nationally recognized statistical rating organizations, calculated on a weighted basis. The Fund may invest in unrated equivalents that may be considered to be investment grade, as determined by the Fund’s Sub-Advisers. The Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (junk bonds). Up to 20% of the Fund’s net assets may be invested in commercial paper within the two highest rating categories of independent rating agencies. The Fund may also invest up to 40% of its net assets in the fixed income securities of foreign issuers in any country, including developed or emerging markets. Foreign securities are selected on an individual basis without regard to any defined allocation among countries or geographic regions. SEI Investments Management Corporation (“SIMC” or the “Adviser”) seeks to enhance performance and reduce market risk by strategically allocating the Fund’s assets among multiple sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”). Sub-Advisers are selected for their experience in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in its area of emphasis. The Fund may invest in securities of any maturity, but expects its average maturity to range from four years to twelve years and its average duration to be between three and six years. Duration reflects the change in the value of a fixed income security that will result from a 1% change in interest rates. For example, a five year duration means a bond will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. The Fund may also invest in futures contracts (including futures on U.S. Treasury obligations and Eurodollar instruments), put and call options (including options on futures contracts), and swaps (including credit default swaps) for speculative or hedging purposes. Futures, options and swaps are used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund’s interest rate duration and yield curve exposure. These derivatives are also used to mitigate the Fund’s overall level of risk and/or the Fund’s risk to particular types of securities, currencies or market segments.Investments for the Fund, both foreign and domestic, are selected based on the following criteria: — the use of interest-rate and yield-curve analyses; — the use of credit analyses, which indicate a security’s rating and potential for appreciation; and — use of the above disciplines to invest in high-yield bonds and fixed income securities issued by foreign and domestic governments and companies. The remainder of the Fund’s assets may be held in cash or cash equivalents. A Sub-Adviser may sell a security when it becomes substantially overvalued, is experiencing deteriorating fundamentals, or as a result of changes in portfolio strategy. A security may also be sold and replaced with one that presents a better value. Subject to the Presbyterian Principles and the investment criteria detailed above, the Fund’s Sub-Advisers will also consider environmental, social, and governance (ESG) criteria in the selection of securities for the Fund’s portfolio, which may include (among other items) consideration of issuers’ business models, corporate governance policies, stakeholder relationships and history of controversies. Each Sub-Adviser has the ability to consider its own ESG criteria based on its own ESG methodologies and assessments or those of third-party providers. The consideration of such ESG criteria as part of the decision-making process may result in the selection of individual securities that are not in the Fund’s benchmark, or the overweighting or underweight of individual securities relative to the benchmark. 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. The Fund seeks to invest consistent with social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”). The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel land mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles.The Fund invests in corporate bonds. The Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (GNMA), which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), which are supported by the right of the issuer to borrow from the U.S. Treasury. The Fund may also invest in bonds of international corporations or foreign governments. In addition, the Fund invests in mortgage-backed securities (including To Be Announced Securities and Dollar Rolls) and asset-backed securities and may enter into fully-collateralized repurchase agreements.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 Fund will attempt to maintain an overall credit quality rating of AA or higher based on ratings assigned by nationally recognized statistical rating organizations, calculated on a weighted basis. The Fund may invest in unrated equivalents that may be considered to be investment grade, as determined by the Fund’s Sub-Advisers. The Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (junk bonds).Up to 20% of the Fund’s net assets may be invested in commercial paper within the two highest rating categories of independent rating agencies. The Fund may also invest up to 40% of its net assets in the fixed income securities of foreign issuers in any country, including developed or emerging markets. Foreign securities are selected on an individual basis without regard to any defined allocation among countries or geographic regions. SEI Investments Management Corporation (“SIMC” or the “Adviser”) seeks to enhance performance and reduce market risk by strategically allocating the Fund’s assets among multiple sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”). Sub-Advisers are selected for their experience in managing various kinds of fixed income securities, and each Sub-Adviser makes investment decisions based on an analysis of yield trends, credit ratings and other factors in its area of emphasis. Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. Social-Witness Principles/Socially Responsible Investing Risk — The Fund considers social-witness principles and the Sub-Advisers’ ESG criteria in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with its established social-witness principles and other socially responsible investing principles. This means that the Fund may underperform other similar mutual funds that do not consider social-witness principles and other socially responsible investing principles in their investing. Investment Style Risk — The risk that the fixed income securities in which the Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole. Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Foreign Sovereign Debt Securities Risk — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund’s recovery of collateral. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Derivatives Risk — The Fund’s use of futures, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and liquidity risk and leverage risk are described below. Many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of options and swaps is also subject to credit risk and valuation risk. Credit risk is described below. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear. Leverage Risk — The Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad. Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — The longer-term securities in which the Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. To-Be-Announced (TBA) Transactions Risk — The Fund may be exposed to TBA transactions risk through the Fund’s investments in derivatives. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty does not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.NewCovenantFunds.com or by calling the Fund toll-free at 877‑835‑4531. The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.NewCovenantFunds.com 877‑835‑4531 <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26241962_ba002.jpg" style="-sec-ix-hidden: hidden-fact-1; margin:0pt 1.5pt 1.5pt 0pt; width: 280.6px; height: 182.62px;"/></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt">Best Quarter: 5.46% (12/31/23) Worst Quarter: ‑5.26% (03/31/22) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was -2.56%. </td></tr> </table> Best Quarter 0.0546 2023-12-31 Worst Quarter -0.0526 2022-03-31 total return 2026-09-30 -0.0256 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of a broad-based securities market index and an additional index with characteristics relevant to the Fund’s investment strategy. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Income Fund</td><td colspan="2" style="min-width:54.08pt; max-width:54.08pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td colspan="2" style="min-width:54.8pt; max-width:54.8pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td colspan="2" style="min-width:54.2pt; max-width:54.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td><td style="min-width:3.5pt; max-width:3.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return Before Taxes</td><td style="min-width:47.58pt; max-width:47.58pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.12</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.18</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1.84</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions</td><td style="min-width:47.58pt; max-width:47.58pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5.70</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">‑0.88</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.81</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions and Sale of Fund Shares</td><td style="min-width:47.58pt; max-width:47.58pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">4.19</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">‑0.32</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.97</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:47.58pt; max-width:47.58pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.30</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">‑0.36</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">2.01</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:301.42pt; max-width:301.42pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:47.58pt; max-width:47.58pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.45</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.68</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">2.06</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> </table> Fund Return Before Taxes 0.0712 0.0018 0.0184 Fund Return After Taxes on Distributions 0.057 -0.0088 0.0081 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0419 -0.0032 0.0097 Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.073 -0.0036 0.0201 Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0745 0.0068 0.0206 NEW COVENANT BALANCED GROWTH FUND Investment Objective The Fund’s investment objective is to produce capital appreciation with less risk than would be present in a portfolio of only common stocks. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Management Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.00%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Distribution (12b‑1) Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">None</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Other Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.21%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Acquired Fund Fees and Expenses (AFFE)</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.72%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Total Annual Fund Operating Expenses</td><td colspan="2" style="min-width:213.24pt; max-width:213.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.93%†</td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> † The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. 0 0 0.0021 0.0072 0.0093 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. EXAMPLE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:131.01pt; max-width:131.01pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Growth Fund</td><td style="min-width:176.49pt; max-width:176.49pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$95</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$296</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$515</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,143</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:131.01pt; max-width:131.01pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Growth Fund</td><td style="min-width:176.49pt; max-width:176.49pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$95</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$296</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$515</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,143</td></tr> </table> 95 95 296 296 515 515 1143 1143 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies To pursue its objective, the Fund invests primarily in shares of the New Covenant Equity Fund (the “Equity Fund”) and the New Covenant Income Fund (the “Income Fund”), with a majority of its assets generally invested in shares of the Equity 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 Equity Fund, with the balance of its net assets invested in shares of the Income Fund or cash or cash equivalents. The Fund will periodically rebalance its investments in the Equity Fund and the Income Fund, within the limits described above. In implementing this rebalancing strategy, past and anticipated future performance of both the Equity Fund and the Income Fund are taken into account. The allocation of investments made in the Equity Fund and the Income Fund varies in response to market conditions, investment outlooks, and risk/reward characteristics of equity and fixed income securities. Because the Fund is a fund-of-funds, you will indirectly bear your proportionate share of any fees and expenses charged by the Equity Fund and the Income Fund. The Equity Fund invests in common stocks and other equity securities. The Equity Fund invests primarily in a diversified portfolio of equity securities of U.S. companies that are components of an index that represents broad exposure to the U.S. large cap equity market. The Equity Fund seeks generally to replicate the performance of the index, subject to such variation as may arise as a result of implementation of the social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”) discussed below. The Income Fund invests in corporate bonds. The Income Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (GNMA), which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), which are supported by the right of the issuer to borrow from the U.S. Treasury. The Income Fund may also invest, to a lesser extent, in bonds of international corporations or foreign governments. In addition, the Income Fund invests in mortgage-backed and asset-backed securities and may enter into fully-collateralized repurchase agreements. 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. The remainder of the Income Fund’s assets may be held in cash or cash equivalents. At least 65% of the Income 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 Income Fund will attempt to maintain an overall credit quality rating of AA or higher based on ratings assigned by nationally recognized statistical rating organizations, calculated on a weighted basis. The Income Fund may invest in unrated equivalents that may be considered to be investment grade, as determined by the Fund’s Sub-Advisers. The Income Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (junk bonds). The Equity Fund and the Income Fund, in which the Fund invests, seeks to invest consistent with the Presbyterian Principles. The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel land mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles. In addition, the methodology by which SIMC allocates the Fund’s assets among the Equity Fund and the Income Fund may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Fixed Income Market Risk — The prices of the Income Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Income Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Social-Witness Principles/Socially Responsible Investing Risk — The Equity Fund and the Income Fund consider social-witness principles and the Sub-Advisers’ ESG criteria in their investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with their established social-witness principles and other socially responsible investing principles. This means that the Equity Fund and Income Fund may underperform other similar mutual funds that do not consider social-witness principles and other socially responsible investing principles in their investing. Asset Allocation Risk — The risk that SIMC’s decisions regarding the allocation of Fund assets to the Equity Fund and Income Fund will not anticipate market trends successfully. Investment Style Risk — The risk that the equity securities in which the Equity Fund invests may underperform other segments of the equity markets or the equity markets as a whole and the risk that the fixed income securities in which the Income Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole. Tracking Error Risk — The risk that the Equity Fund’s performance may vary substantially from the performance of the underlying index it tracks as a result of cash flows, fund expenses, imperfect correlation between the Equity Fund’s investments and the underlying index’s components, implementation of the Presbyterian Principles, and favoring ESG and other factors. Investment Company Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Large Capitalization Risk — If valuations of large capitalization companies in which the Equity Fund may invest appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — Small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Real Estate Investment Trusts (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Equity Fund’s and Income Fund’s use of futures, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above. Leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear. Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Income Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Foreign Sovereign Debt Securities Risk — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Income Fund whereby a defaulting counterparty could delay or prevent the Income Fund’s recovery of collateral. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Equity Fund or the Income Fund would like. The Equity Fund or the Income Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad. Opportunity Risk — The Equity Fund and the Income Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments. Leverage Risk — The Equity Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — The longer-term securities in which the Income Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Income Fund to invest the proceeds at generally lower interest rates. Cash and Cash Equivalents Risk — At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. To-Be-Announced (TBA) Transactions Risk — The Fund may be exposed to TBA transactions risk through the Fund’s investments in derivatives. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty does not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns. Preferred Stock Risk — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. Depositary Receipts Risk — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Warrants and Rights Risk — Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of equity-like securities. In addition, the values of warrants and rights do not necessarily change with the values of the underlying securities or commodities and these instruments cease to have value if they are not exercised prior to their expiration dates. Exchange-Traded Funds (ETFs) Risk — ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of broad measures of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.NewCovenantFunds.com or by calling the Fund toll-free at 877‑835‑4531. The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of broad measures of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.NewCovenantFunds.com 877‑835‑4531 <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26241962_ba003.jpg" style="-sec-ix-hidden: hidden-fact-2; margin:0pt 1.5pt 1.5pt 0pt; width: 280.6px; height: 182.62px;"/></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt">Best Quarter: 14.51% (06/30/20) Worst Quarter: ‑12.25% (03/31/20) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 5.87%. </td></tr> </table> Best Quarter 0.1451 2020-06-30 Worst Quarter -0.1225 2020-03-31 total return 2026-09-30 0.0587 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of the Russell 3000 Index Return (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund’s investment strategy. The Fund’s additional indexes are the Bloomberg Intermediate U.S. Aggregate Bond Index and the Fund’s blended benchmark that is composed of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index weighted 60%/40%.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s additional indexes are the Bloomberg Intermediate U.S. Aggregate Bond Index and the Fund’s blended benchmark that is composed of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index weighted 60%/40% After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Growth Fund</td><td colspan="2" style="min-width:45.45pt; max-width:45.45pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td colspan="2" style="min-width:54.8pt; max-width:54.8pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td colspan="2" style="min-width:54.2pt; max-width:54.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td><td style="min-width:3.5pt; max-width:3.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return Before Taxes</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">12.54</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.57</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">8.79</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">9.98</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">6.04</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.33</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions and Sale of Fund Shares</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">8.72</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5.61</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">6.72</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">17.15</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.15</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">14.29</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.45</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.68</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">2.06</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:310.05pt; max-width:310.05pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Blended 60% Russell 3000 Index/ 40% Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:38.95pt; max-width:38.95pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.35</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">8.22</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">9.53</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> </table> Fund Return Before Taxes 0.1254 0.0757 0.0879 Fund Return After Taxes on Distributions 0.0998 0.0604 0.0733 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0872 0.0561 0.0672 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0745 0.0068 0.0206 Blended 60% Russell 3000 Index/ 40% Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.1335 0.0822 0.0953 NEW COVENANT BALANCED INCOME FUND Investment Objective The Fund’s investment objective is to produce current income and long-term growth of capital. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table and examples below. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:7pt 0pt 0pt"><td colspan="5" style="min-width:468pt; max-width:468pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="display:block; margin:2.72pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Management Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.00%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Distribution (12b‑1) Fees</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">None</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 1.27pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Other Expenses</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 1.27pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.21%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:0.75pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:1.98pt 0pt 0pt"><td colspan="2" style="min-width:248.26pt; max-width:248.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Acquired Fund Fees and Expenses (AFFE)</td><td style="min-width:210.74pt; max-width:210.74pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.73%</td><td style="min-width:2.5pt; max-width:2.5pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:2.23pt 0pt 0pt"><td style="min-width:9pt; max-width:9pt; border-bottom:1.5pt solid #231f20"></td><td style="min-width:239.26pt; max-width:239.26pt; padding:0pt 0pt 2.27pt; vertical-align:bottom; border-bottom:1.5pt solid #231f20">Total Annual Fund Operating Expenses</td><td colspan="2" style="min-width:213.24pt; max-width:213.24pt; padding:0pt 0pt 2.27pt; text-align:right; vertical-align:bottom; border-bottom:1.5pt solid #231f20">0.94%†</td><td style="min-width:6.5pt; max-width:6.5pt; border-bottom:1.5pt solid #231f20"></td><td></td></tr> </table> † The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. 0 0 0.0021 0.0073 0.0094 The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. EXAMPLE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:130.28pt; max-width:130.28pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Income Fund</td><td style="min-width:177.22pt; max-width:177.22pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$96</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$300</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$520</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,155</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td colspan="2" style="min-width:307.5pt; max-width:307.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3 Years</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:130.28pt; max-width:130.28pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Income Fund</td><td style="min-width:177.22pt; max-width:177.22pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$96</td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$300</td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$520</td><td style="min-width:56pt; max-width:56pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">$1,155</td></tr> </table> 96 96 300 300 520 520 1155 1155 PORTFOLIO TURNOVER The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies To pursue its objective, the Fund invests primarily in shares of the New Covenant Equity Fund (the “Equity Fund”) and the New Covenant Income Fund (the “Income Fund”), with a majority of its assets generally invested in shares of the Income Fund. Between 50% and 75% of the Fund’s net assets (with a “neutral” position of approximately 65% of the Fund’s net assets) are invested in shares of the Income Fund, with the balance of its net assets invested in shares of the Equity Fund or cash or cash equivalents. The Fund will periodically rebalance its investments in the Equity Fund and the Income Fund, within the limits described above. In implementing this rebalancing strategy, past and anticipated future performance of both the Equity Fund and the Income Fund are taken into account. The allocation of investments made in the Equity Fund and the Income Fund varies in response to market conditions, investment outlooks, and risk/reward characteristics of equity and fixed income securities. Because the Fund is a fund-of-funds, you will indirectly bear your proportionate share of any fees and expenses charged by the Equity Fund and the Income Fund. The Income Fund invests in corporate bonds. The Income Fund also invests in securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (GNMA), which are supported by the full faith and credit of the U.S. Government, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), which are supported by the right of the issuer to borrow from the U.S. Treasury. The Income Fund may also invest, to a lesser extent, in bonds of international corporations or foreign governments. In addition, the Income Fund invests in mortgage-backed and asset-backed securities and may enter into fully-collateralized repurchase agreements. 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. The remainder of the Income Fund’s assets may be held in cash or cash equivalents. At least 65% of the Income 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 Income Fund will attempt to maintain an overall credit quality rating of AA or higher based on ratings assigned by nationally recognized statistical rating organizations, calculated on a weighted basis. The Income Fund may invest in unrated equivalents that may be considered to be investment grade, as determined by the Fund’s Sub-Advisers. The Income Fund may invest up to 20% of its net assets in bonds that are rated below investment grade (junk bonds). The Equity Fund invests in common stocks and other equity securities. The Equity Fund invests primarily in a diversified portfolio of equity securities of U.S. companies that are components of an index that represents broad exposure to the U.S. large cap equity market. The Equity Fund seeks generally to replicate the performance of the index, subject to such variation as may arise as a result of implementation of the social-witness principles established by the General Assembly of the Presbyterian Church (U.S.A.), as reflected in Guidelines put forth by the Committee on Mission Responsibility Through Investment (the “Presbyterian Principles”) discussed below. The Equity Fund and the Income Fund, in which the Fund invests, seeks to invest consistent with the Presbyterian Principles. The Fund seeks to avoid investing in companies involved in tobacco, for-profit prisons, and some companies related to weapons production, antipersonnel and mines, handguns and assault weapons, or for environmental reasons. In addition, at times a company involved in serious human rights violations may also be screened out of the Fund. The Fund may also screen out other issuers when deemed appropriate to implement the Presbyterian Principles. In addition, the methodology by which SIMC allocates the Fund’s assets among the Equity Fund and the Income Fund may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds. Fixed Income Market Risk — The prices of the Income Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Income Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Social-Witness Principles/Socially Responsible Investing Risk — The Equity Fund and the Income Fund consider social-witness principles and the Sub-Advisers’ ESG criteria in their investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with their established social-witness principles and other socially responsible investing principles. This means that the Equity Fund and Income Fund may underperform other similar mutual funds that do not consider social-witness principles and other socially responsible investing principles in their investing. Asset Allocation Risk — The risk that SIMC’s decisions regarding the allocation of Fund assets to the Equity Fund and Income Fund will not anticipate market trends successfully. Investment Style Risk — The risk that the equity securities in which the Equity Fund invests may underperform other segments of the equity markets or the equity markets as a whole and the risk that the fixed income securities in which the Income Fund invests may underperform other segments of the fixed income markets or the fixed income markets as a whole. Investment Company Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Income Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so. Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. Foreign Sovereign Debt Securities Risk — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire. Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Income Fund whereby a defaulting counterparty could delay or prevent the Income Fund’s recovery of collateral. Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (commonly referred to as junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Tracking Error Risk — The risk that the Equity Fund’s performance may vary substantially from the performance of the underlying index it tracks as a result of cash flows, fund expenses, imperfect correlation between the Equity Fund’s investments and the underlying index’s components, implementation of the Presbyterian Principles, and favoring ESG and other factors. Large Capitalization Risk — If valuations of large capitalization companies in which the Equity Fund may invest appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium sized companies. Additionally, larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. Small and Medium Capitalization Risk — Small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange-listed stocks and may have more price volatility than that of exchange-listed stocks. Real Estate Investment Trusts (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Derivatives Risk — The Equity Fund’s and Income Fund’s use of futures, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above. Leverage risk and liquidity risk are described below. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear. Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Equity Fund or the Income Fund would like. The Equity Fund or the Income Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad. Opportunity Risk — The Equity Fund and the Income Fund may miss out on an investment opportunity because the assets necessary to take advantage of that opportunity are tied up in other investments. Leverage Risk — The Equity Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss. Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Duration Risk — The longer-term securities in which the Income Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value. Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Income Fund to invest the proceeds at generally lower interest rates. Cash and Cash Equivalents Risk — At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. To-Be-Announced (TBA) Transactions Risk — The Fund may be exposed to TBA transactions risk through the Fund’s investments in derivatives. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date or if the counterparty does not deliver the securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be sold goes up prior to settlement date. TBA transactions involve counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns. Preferred Stock Risk — Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. Depositary Receipts Risk — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. Warrants and Rights Risk — Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of equity-like securities. In addition, the values of warrants and rights do not necessarily change with the values of the underlying securities or commodities and these instruments cease to have value if they are not exercised prior to their expiration dates. ETFs Risk — ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund’s investment will fluctuate in response to the performance of the ETF’s holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating expenses, in addition to paying Fund expenses. Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect the Fund’s performance. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of broad measures of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.NewCovenantFunds.com or by calling the Fund toll-free at 877‑835‑4531. The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the past ten calendar years and by showing how the Fund’s average annual returns for 1, 5 and 10 years compared with those of broad measures of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.NewCovenantFunds.com 877‑835‑4531 <table cellpadding="0" style="border-collapse:collapse; margin:16.9pt 0pt 0pt; width:458pt; border-spacing: 0px;"><tr><td style="min-width:212pt; max-width:212pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26241962_ba004.jpg" style="-sec-ix-hidden: hidden-fact-3; margin:0pt 1.5pt 1.5pt 0pt; width: 280.6px; height: 182.62px;"/></td><td style="min-width:246pt; max-width:246pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.31pt 0pt 0pt 22pt">Best Quarter: 10.02% (06/30/20) Worst Quarter: ‑8.13% (06/30/22) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 2.27%. </td></tr> </table> Best Quarter 0.1002 2020-06-30 Worst Quarter -0.0813 2022-06-30 total return 2026-09-30 0.0227 Average Annual Total Returns (for the periods ended December 31, 2025) This table compares the Fund’s average annual total returns to those of the Russell 3000 Index Return (a broad-based securities market index), and two additional indexes with characteristics relevant to the Fund’s investment strategy. The Fund’s additional indexes are the Bloomberg Intermediate U.S. Aggregate Bond Index and the Fund’s blended benchmark that is composed of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index weighted 35%/65%. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s additional indexes are the Bloomberg Intermediate U.S. Aggregate Bond Index and the Fund’s blended benchmark that is composed of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index weighted 35%/65%. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:6pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 1.28pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">New Covenant Balanced Income Fund</td><td colspan="2" style="min-width:49.18pt; max-width:49.18pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">1 Year</td><td colspan="2" style="min-width:54.8pt; max-width:54.8pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5 Years</td><td colspan="2" style="min-width:54.2pt; max-width:54.2pt; padding:0pt 0pt 1.28pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10 Years</td><td style="min-width:3.5pt; max-width:3.5pt; border-bottom:0.75pt solid #231f20"></td><td></td></tr> <tr style="display:block; margin:3.22pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return Before Taxes</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10.37</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">4.46</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5.87</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">8.38</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3.16</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">4.57</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Fund Return After Taxes on Distributions and Sale of Fund Shares</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">6.81</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">3.09</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">4.25</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">17.15</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">13.15</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">14.29</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">7.45</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">0.68</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">2.06</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> <tr style="display:block; margin:2.48pt 0pt 0pt"><td style="min-width:306.32pt; max-width:306.32pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">Blended 35% Russell 3000 Index/ 65% Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td><td style="min-width:42.68pt; max-width:42.68pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">10.92</td><td style="min-width:6.5pt; max-width:6.5pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">5.09</td><td style="min-width:6.8pt; max-width:6.8pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td><td style="min-width:47.7pt; max-width:47.7pt; padding:0pt 0pt 0.77pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #231f20">6.46</td><td colspan="2" style="min-width:10pt; max-width:10pt; padding:0pt 0pt 0.77pt; vertical-align:bottom; border-bottom:0.75pt solid #231f20">%</td></tr> </table> Fund Return Before Taxes 0.1037 0.0446 0.0587 Fund Return After Taxes on Distributions 0.0838 0.0316 0.0457 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0681 0.0309 0.0425 Russell 3000 Index Return (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.1715 0.1315 0.1429 Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0745 0.0068 0.0206 Blended 35% Russell 3000 Index/ 65% Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.1092 0.0509 0.0646 0.0812 0.2160 -0.0607 0.3018 0.2021 0.2574 -0.1935 0.2518 0.2222 0.1596 0.0236 0.0251 0.0007 0.0695 0.0592 -0.0166 -0.1078 0.0514 0.0213 0.0712 0.0587 0.1347 -0.0337 0.2038 0.1542 0.1392 -0.1556 0.1677 0.1394 0.1254 0.0432 0.0869 -0.0199 0.1460 0.1165 0.0713 -0.1349 0.1171 0.0882 0.1037 Best Quarter: 21.99% (06/30/20) Worst Quarter: -20.59% (03/31/20) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 11.68%. Best Quarter: 5.46% (12/31/23) Worst Quarter: ‑5.26% (03/31/22) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was -2.56%. Best Quarter: 14.51% (06/30/20) Worst Quarter: ‑12.25% (03/31/20) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 5.87%. Best Quarter: 10.02% (06/30/20) Worst Quarter: ‑8.13% (06/30/22) The Fund’s total return (pre-tax) from January 1, 2026 to September 30, 2026 was 2.27%. 485BPOS 0001070222 false The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements (or the “Financial Highlights” section in the Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds.