Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

The performance information for all New Covenant Funds reflects performance prior to July 1, 1999 inception date of the Funds. It represents performance records of the private pools previously managed by the Presbyterian Church (U.S.A.) Foundation, the predecessor entity to the Adviser. These private pools had investment objectives and policies in all material respects equivalent to those of the Funds. They were not subject to the requirements of the Investment Company Act of 1940 or the Internal Revenue Code of 1986, which may adversely affect performance results. The performance has been restated to reflect the total estimated expenses of the Funds and assumes reinvestment of dividends and distributions.

The Gross Expense Ratio is based on the most recent prospectus.  The Fund's advisor has contractually agreed to limit the fees for the period from July 1, 2009 through October 31, 2010.  The Net Expense Ratio is based upon the Gross Expenses less the fees waived by the Advisor.  Had this waiver not been in effect, the performance would have been lower.  For the New Covenant Income, Balanced Growth and Balanced Income Funds the ratios also include those expenses incurred indirectly by the Funds as a result of investments in shares of one or more investment companies.  Excluding these acquired fund fees and expenses, the Expense Ratios would be as follows:  Income Fund: Gross 1.11% and Net 0.86%; Balanced Growth Fund: Gross 0.38% and Net 0.21%; and Balanced Income Fund: Gross 0.41% and Net 0.24%.