0001104659-12-078446.txt : 20121116 0001104659-12-078446.hdr.sgml : 20121116 20121116114729 ACCESSION NUMBER: 0001104659-12-078446 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121116 DATE AS OF CHANGE: 20121116 EFFECTIVENESS DATE: 20121116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW COVENANT FUNDS CENTRAL INDEX KEY: 0001070222 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-64981 FILM NUMBER: 121210686 BUSINESS ADDRESS: STREET 1: 200 EAST 12TH ST CITY: JEFFERSONVILLE STATE: IN ZIP: 47130 BUSINESS PHONE: 5025695984 MAIL ADDRESS: STREET 1: 200 EAST 12TH ST CITY: JEFFERSONVILLE STATE: IN ZIP: 47130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW COVENANT FUNDS CENTRAL INDEX KEY: 0001070222 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09025 FILM NUMBER: 121210687 BUSINESS ADDRESS: STREET 1: 200 EAST 12TH ST CITY: JEFFERSONVILLE STATE: IN ZIP: 47130 BUSINESS PHONE: 5025695984 MAIL ADDRESS: STREET 1: 200 EAST 12TH ST CITY: JEFFERSONVILLE STATE: IN ZIP: 47130 0001070222 S000005023 New Covenant Balanced Growth Fund C000013702 New Covenant Balanced Growth Fund NCBGX 0001070222 S000024940 New Covenant Balanced Income Fund C000074153 New Covenant Balanced Income Fund NCBIX 0001070222 S000024941 New Covenant Growth Fund C000074154 New Covenant Growth Fund NCGFX 0001070222 S000024942 New Covenant Income Fund C000074155 New Covenant Income Fund NCICX 485BPOS 1 a12-19659_5485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on November 16, 2012

 

File No. 333-64981
File No. 811-09025

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933

 

POST-EFFECTIVE AMENDMENT NO. 20x

 

and

 

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940

 

AMENDMENT NO. 22x

 

NEW COVENANT FUNDS

(Exact Name of Registrant as Specified in Charter)

 

SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456
(Address of Principal Executive Offices)
(610) 989-1000

 

Timothy D. Barto
SEI Investments Company
One Freedom Valley Drive
Oaks, Pennsylvania 19456
(Name and Address of Agent for Service)

 

Copy to:

 

Timothy W. Levin, Esq.
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, Pennsylvania 19103

 

Title of Securities Being Registered. . .Units of Beneficial Interest

 

It is proposed that this filing will become effective (check appropriate box)

 

x

immediately upon filing pursuant to paragraph (b)

o

on [date] pursuant to paragraph (b)

o

60 days after filing pursuant to paragraph (a)(1)

o

on [date] pursuant to paragraph (a)(1)

o

75 days after filing pursuant to paragraph (a)(2)

o

on [date] pursuant to paragraph (a)(2) of rule 485.

 

If appropriate, check the following box:

 

o  this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 20 to Registration Statement No. 333-64981 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 16th day of November, 2012.

 

 

NEW COVENANT FUNDS

 

 

 

By:

/s/ Robert A. Nesher

 

Robert A. Nesher

 

Trustee, President & Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

 

*

 

Trustee

 

November 16th, 2012

Rosemarie B. Greco

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

William M. Doran

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

George J. Sullivan, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

Nina Lesavoy

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

James M. Williams

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

Mitchell A. Johnson

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

Hubert L. Harris, Jr.

 

 

 

 

 

 

 

 

 

*

 

Trustee

 

November 16th, 2012

Timothy P. Clark

 

 

 

 

 

 

 

 

 

/s/ Robert A. Nesher

 

Trustee, President & Chief Executive Officer

 

November 16th, 2012

Robert A. Nesher

 

 

 

 

 

 

 

 

 

/s/ Peter A. Rodriguez

 

Controller & Chief Financial Officer

 

November 16th, 2012

Peter A. Rodriguez

 

 

 

 

 

 

 

 

 

*By:

/s/ Robert A. Nesher

 

 

 

 

 

Robert A. Nesher

 

 

 

 

 

Attorney-in-Fact

 

 

 

 

 


 

INDEX TO EXHIBITS

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

 

 

 

 

 

 

 

Risk/return summary of each Fund’s prospectus as an Interactive Data File using eXtensible Business Reporting Language (“XBRL”)

 

 

 

 EX-101.INS 2 ck0001070222-20120630.xml XBRL INSTANCE DOCUMENT 485BPOS 2012-06-30 0001070222 2012-10-31 NEW COVENANT FUNDS false 2012-10-26 2012-10-31 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual Fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 95%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/ExpenseExample_S000024942Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/BarChartData_S000024942Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is a high level of current income with<br />preservation of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, at least 80% of the Fund's net assets will be<br />invested in a diversified portfolio of bonds and other debt obligations of<br />varying maturities.<br /> <br />The Fund makes investment decisions consistent with social-witness principles<br />approved by the General Assembly of the Presbyterian Church (U.S.A.). The Fund<br />does not invest in those companies involved in the military and tobacco<br />industries that are prohibited for investment in accordance with the policies<br />that are set by the General Assembly of the Presbyterian Church (U.S.A.) as<br />brought forth by the Mission Responsibility Through Investment Committee <br />Guidelines. The Fund also does not invest in certain other companies that <br />have derived 25% or more of the company's revenues from alcohol, gambling <br />and tobacco, and does not invest in certain companies in the weapons industry.<br /> <br />The Fund invests in corporate bonds. The Fund also invests in securities issued<br />or guaranteed by the U.S. Government or one of its agencies or instrumentalities, <br />such as the Government National Mortgage Association, which are supported by the <br />full faith and credit of the U.S. Government, and the Federal National Mortgage <br />Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"), <br />which are supported by the right of the issuer to borrow from the U.S. Treasury. <br />The Fund may also invest in bonds of international corporations or foreign <br />governments. In addition, the Fund invests in mortgage-backed and asset-backed <br />securities.<br /> <br />At least 65% of the Fund's net assets will be invested in bonds that are rated<br />within the four highest credit rating categories assigned by independent rating<br />agencies, and the Fund will attempt to maintain an overall credit quality rating<br />of AA or higher. The Fund may invest in unrated equivalents that may be considered <br />to be investment grade. The Fund may invest up to 20% of its net assets in bonds <br />that are rated below investment grade (junk bonds).<br /> <br />Up to 20% of the Fund's net assets may be invested in commercial paper within<br />the two highest rating categories of independent rating agencies. The Fund may<br />also invest up to 40% of its net assets in the fixed-income securities of<br />foreign issuers in any country including developed or emerging markets. Foreign<br />securities are selected on an individual basis without regard to any defined<br />allocation among countries or geographic regions.<br /> <br />The Adviser seeks to enhance performance and reduce market risk by strategically<br />allocating the Fund's assets among multiple Sub-Advisers. The allocation is made<br />based on the Adviser's desire for balance among differing investment styles and<br />philosophies offered by the Sub-Advisers.<br /> <br />The Fund's average dollar-weighted maturity is expected to be approximately <br />nine years. The Fund may invest in securities of any maturity, but expects its<br />average maturity to range from four years to twelve years and its average duration <br />to be between three and six years. Duration reflects the change in the value of a <br />fixed-income security that will result from a 1% change in interest rates. For <br />example, a five year duration means a bond will decrease in value by 5% if interest <br />rates rise 1% and increase in value by 5% if interest rates fall 1%.<br /> <br />Investments for the Fund, both foreign and domestic, are selected based on the<br />following criteria:<br /> <br />- the use of interest-rate and yield-curve analyses;<br /> <br />- the use of credit analyses, which indicate a security's rating and potential<br />&#xA0;&#xA0;for appreciation; and<br /> <br />- use of the above disciplines to invest in high-yield bonds and fixed-income<br />&#xA0;&#xA0;securities issued by foreign and domestic governments and companies.<br /> <br />The remainder of the Fund's assets may be held in cash or cash equivalents.<br /> <br />A Sub-Adviser may sell a security when it becomes substantially overvalued, is<br />experiencing deteriorating fundamentals, or as a result of changes in portfolio<br />strategy. A security may also be sold and replaced with one that presents a<br />better value.</tt> NEW COVENANT INCOME FUND EXAMPLE 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. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Losing all or a portion of your investment is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.95 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. 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. <tt>Best Quarter: 6.19% (09/30/09)<br /> <br />Worst Quarter: -6.57% (09/30/08)<br /> <br />The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 was<br />3.95%.</tt> 877-835-4531 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Losing all or a portion of your investment is a risk of investing in the Fund.<br />The following principal risks could affect the value of your investment:<br /> <br />Interest Rate Risk - The market value of bonds generally declines when interest<br />rates rise. This risk is greater for bonds with longer maturities.<br /> <br />Call Risk - Call risk exists when an issuer may exercise its rights to pay<br />principal on a bond earlier than scheduled. This typically results when interest<br />rates have declined, and the Fund will suffer from having to reinvest in<br />lower-yielding bonds.<br /> <br />Credit Risk - An issuer of a fixed-income security may default on a security by<br />failing to make interest or principal payments when due.<br /> <br />Prepayment Risk - Prepayment risk relates to mortgages being prepaid at a rate<br />different than projected. The Fund may then be forced to invest the proceeds<br />from prepaid mortgage-backed securities at lower prevailing rates when interest<br />rates are falling, or prevented from investing at higher rates if prepayments<br />are slow when interest rates are rising.<br /> <br />Extension Risk - The Fund's investments in fixed income securities are subject<br />to extension risk. Generally, rising interest rates tend to extend the duration<br />of fixed income securities, making them more sensitive to changes in interest<br />rates. As a result, in a period of rising interest rates, the Fund may exhibit<br />additional volatility.<br /> <br />Social-Witness Principles Risk - The Fund may choose not to purchase, or may<br />sell, otherwise profitable investments in companies which have been identified<br />as being in conflict with its established social-witness principles. This means<br />that the Fund may underperform other similar mutual funds that do not consider<br />social-witness principles in their investing.<br /> <br />Foreign Securities Risk - The performance of the Fund's investments in non-U.S.<br />companies and in companies operating internationally or in foreign countries<br />will depend principally on economic conditions in their product markets, the<br />securities markets where their securities are traded, and on currency exchange<br />rates. There are also risks related to social and economic developments abroad,<br />as well as risks resulting from the differences between the regulations to which<br />U.S. and foreign issuers and markets are subject.<br /> <br />Emerging Markets Risk - Emerging-market countries may have less developed legal<br />structures and political systems, and the small size of their securities markets<br />and low trading volumes can make investments illiquid and more volatile than<br />investments in developed countries.<br /> <br />Government Securities Risk - Although U.S. Government securities are considered<br />to be among the safest investments, they are not guaranteed against price<br />movements due to changing interest rates. Certain securities issued by agencies<br />and instrumentalities of the U.S. Government in which the Fund may invest are<br />backed by the full faith and credit of the U.S. Government, but others are not<br />insured or guaranteed by the U.S. Government and may be supported only by the<br />issuer's right to borrow from the U.S. Treasury, by the credit of the issuing<br />agency, instrumentality or corporation, or by the U.S. Government in some other<br />way.<br /><br />Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) has the<br />potential to result in the realization and distribution to shareholders of<br />higher capital gains. This may subject a shareholder to a higher tax liability.<br />A high portfolio turnover rate also leads to higher transaction costs, which<br />could negatively affect the Fund's performance.<br /> <br />Below-Investment Grade Securities Risk - Below-investment grade securities<br />(commonly referred to as "junk") are considered speculative with respect to the<br />issuer's capacity to pay interest and repay principal, and, therefore, have a<br />higher risk of default or bankruptcy. The market values of these securities may<br />be more sensitive to individual corporate developments and changes in economic<br />conditions than higher-quality securities. In addition, lower-rated securities<br />tend to be less marketable, and therefore less liquid, than higher-rated<br />securities.<br /> <br />Mortgage and Asset-Backed Securities Risk - The prices and yields of<br />mortgage-related securities typically assume that the securities will be<br />redeemed at a given time before maturity. When interest rates fall<br />substantially, these securities usually are redeemed early because the<br />underlying mortgages are often prepaid. The Fund would then have to reinvest <br />the money at a lower rate. Mortgage-backed securities are also subject to the <br />risk that underlying borrowers will be unable to meet their obligations. The<br />principal risks of asset-backed securities are that on the underlying obligations, <br />payments may be made more slowly, and rates of default may be higher than expected. <br />Asset-backed securities may also not have the benefit of any security interest in <br />the related assets. In addition, because some of these securities are new or complex, <br />unanticipated problems may affect their value or liquidity.<br /> <br />The Fund may be appropriate for investors who prefer a bond fund that invests in<br />both corporate and U.S. Government securities; desire income to complement a<br />portfolio of more aggressive investments; can tolerate performance that may vary<br />from year to year; and prefer a relatively conservative investment for income.</tt> Fees and Expenses Principal Investment Strategies www.NewCovenantFunds.com <tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from year to year for the past ten calendar years and by showing how the Fund's<br />average annual returns for 1, 5 and 10 years compared with those of a broad<br />measure of market performance. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of how the Fund will perform in the<br />future. Updated performance information is available on the Fund's website at<br />www.NewCovenantFunds.com or by calling the Fund toll-free at 877-835-4531.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/OperatingExpensesData_S000024942Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/PerformanceTableData_S000024942Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your actual after-tax returns will depend on your tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts.</tt> Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0597 0.0609 0.0539 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0344 0.0138 0.0210 Fund Return After Taxes on Distributions 0.0419 0.0118 0.0197 NCICX 0.0960 Worst Quarter: Best Quarter: 2012-09-30 Fund Return Before Taxes 95 2009-09-30 296 -0.0657 0.0375 0.0637 1143 515 0.0564 0.0619 0.0532 0.0051 -0.1461 0.0042 2008-09-30 0.1281 0.0265 0.0196 The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0532 0.0362 0.00 0.0359 0.0093 0.0390 0.0395 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual Fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 83%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/ExpenseExample_S000024941Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/BarChartData_S000024941Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is long-term capital appreciation. Dividend<br />income, if any, will be incidental.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>Under normal market conditions, at least 80% of the Fund's net assets will be<br />invested in a diversified portfolio of common stocks of companies that the<br />Fund's portfolio managers believe have long-term growth potential.<br /> <br />The Fund makes investment decisions consistent with social-witness principles<br />approved by the General Assembly of the Presbyterian Church (U.S.A.). The Fund<br />does not invest in those companies involved in the military and tobacco industries <br />that are prohibited for investment in accordance with the policies that are set by <br />the General Assembly of the Presbyterian Church (U.S.A.) as brought forth by the <br />Mission Responsibility Through Investment Committee Guidelines. The Fund also does <br />not invest in certain other companies that have derived 25% or more of the company's<br />revenues from alcohol, gambling and tobacco, and does not invest in certain<br />companies in the weapons industry.<br /> <br />The Fund invests in common stocks and other equity securities of companies of<br />all sizes, domestic and foreign. The Fund generally invests in larger companies,<br />although it may purchase securities of companies of any size, including small<br />companies. Up to 40% of the Fund's net assets may be invested in securities of<br />foreign issuers in any country, including developed or emerging markets. Foreign<br />securities are selected on a stock-by-stock basis without regard to any defined<br />allocation among countries or geographic regions.<br /> <br />SEI Investments Management Corporation ("SIMC," or the "Adviser") seeks to<br />enhance performance and reduce market risk by strategically allocating the<br />Fund's assets among multiple sub-advisers (each, a "Sub-Adviser" and<br />collectively, the "Sub-Advisers"). The allocation is made based on the Adviser's<br />desire for balance among differing investment styles and philosophies offered by<br />the Sub-Advisers.<br /> <br />The Fund adheres to the social-witness principles through the use of<br />Sub-Advisers that invest directly and a designated Sub-Adviser that acts as an<br />overlay manager and implements the portfolio recommendations of certain other<br />Sub-Advisers. Such other Sub-Advisers provide model portfolios to the Fund on <br />an ongoing basis that represent their recommendations as to the securities to <br />be purchased, sold or retained by the Fund. The overlay manager constructs a<br />portfolio for a portion of the Fund that represents the aggregation of the model<br />portfolios it receives from certain other Sub-Advisers, with the weighting of<br />each model in the portfolio determined by the Adviser. The overlay manager<br />implements the portfolio consistent with that represented by the aggregation <br />of the model portfolios, with limited authority to vary from such aggregation,<br />primarily for the purpose of conforming the Fund's securities transactions to<br />the social-witness principles. The overlay manager may also, to a lesser extent,<br />deviate from such aggregation for the purposes of risk management, costs<br />management and efficient tax management.<br /> <br />On occasion, up to 20% of the Fund's net assets may be invested in bonds that<br />are rated within the four highest credit rating categories assigned by independent <br />rating agencies, or in unrated equivalents that may be considered by a Sub-Adviser <br />to be investment grade, or in commercial paper within the two highest rating <br />categories of independent rating agencies. There are no restrictions on the Fund's <br />average portfolio maturity or on the maturity of any specific security.<br /> <br />The remainder of the Fund's assets may be held in cash or cash equivalents.<br /> <br />A Sub-Adviser may sell a security when it becomes substantially overvalued, is<br />experiencing deteriorating fundamentals, or as a result of changes in portfolio<br />strategy. A security may also be sold and replaced with one that presents a<br />better value.</tt> NEW COVENANT GROWTH FUND The Fund has changed its primary benchmark from the S&P 500® Index to the Russell 1000® Index because the Adviser and Sub-Advisers believe that the Russell 1000® Index is more representative of the type of securities in which the Fund invests. EXAMPLE 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. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Losing all or a portion of your investment is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.83 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. 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. <tt>Best Quarter: 16.23% (06/30/09)<br /> <br />Worst Quarter: -22.56% (12/31/08)<br /> <br />The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 was<br />15.11%.</tt> 877-835-4531 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Losing all or a portion of your investment is a risk of investing in the Fund.<br />The following principal risks could affect the value of your investment:<br /> <br />Stock Market Risk - Prices of securities held by the Fund may fall due to<br />various conditions or circumstances that may be unpredictable. The stock market<br />may, from time to time, become subject to significant volatility which can<br />increase the risks associated with an investment in the Fund.<br /> <br />Social-Witness Principles Risk - The Fund may choose not to purchase, or may<br />sell, otherwise profitable investments in companies which have been identified<br />as being in conflict with its established social-witness principles. This means<br />that the Fund may underperform other similar mutual funds that do not consider<br />social-witness principles in their investing.<br /> <br />Small Company Risk - Smaller companies in which the Fund invests may be more<br />vulnerable to adverse business or economic events than larger, more established<br />companies. In particular, small companies may have limited product lines, markets <br />and financial resources and may depend upon a relatively small management group. <br />Their securities may trade less frequently and in more limited volume than <br />securities of larger, more established companies. The prices of small company <br />stocks tend to rise and fall in value more than other stocks.<br /> <br />Foreign Securities Risk - The performance of the Fund's investments in non-U.S.<br />companies and in companies operating internationally or in foreign countries<br />will depend principally on economic conditions in their product markets, the<br />securities markets where their securities are traded, and on currency exchange<br />rates. There are also risks related to social and economic developments abroad,<br />as well as risks resulting from the differences between the regulations to which<br />U.S. and foreign issuers and markets are subject.<br /> <br />Emerging Markets Risk - Emerging-market countries may have less developed legal<br />structures and political systems, and the small size of their securities markets<br />and low trading volumes can make investments illiquid and more volatile than<br />investments in developed countries.<br /> <br />Portfolio Turnover Risk - A high portfolio turnover rate (100% or more) has the<br />potential to result in the realization and distribution to shareholders of<br />higher capital gains. This may subject a shareholder to a higher tax liability.<br />A high portfolio turnover rate also leads to higher transaction costs, which<br />could negatively affect the Fund's performance.<br /> <br />Interest Rate Risk - The market value of bonds generally declines when interest<br />rates rise. This risk is greater for bonds with longer maturities.<br /> <br />Credit Risk - An issuer of a fixed-income security may default on a security by<br />failing to make interest or principal payments when due.<br /> <br />The Fund may be appropriate for investors who are looking for capital appreciation <br />as compared to current income; can accept the risks of investing in a portfolio of <br />common stocks; can tolerate performance that can vary substantially from year to <br />year; and have a long-term investment horizon.</tt> Fees and Expenses Principal Investment Strategies www.NewCovenantFunds.com <tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from year to year for the past ten calendar years and by showing how the Fund's<br />average annual returns for 1, 5 and 10 years compared with those of broad<br />measures of market performance. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of how the Fund will perform in the<br />future. Updated performance information is available on the Fund's website at<br />www.NewCovenantFunds.com or by calling the Fund toll-free at 877-835-4531.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/OperatingExpensesData_S000024941Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/PerformanceTableData_S000024941Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your actual after-tax returns will depend on your tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts.</tt> Blended 80% S&P 500® Index/20% MSCI ACWI ex-U.S. Index (reflects no deduction for fees, expenses or taxes) -0.0113 -0.0062 0.0374 Blended 80% Russell 1000® Index/20% MSCI ACWI ex-U.S. Index (reflects no deduction for fees, expenses or taxes) -0.0169 -0.0053 0.0399 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.0150 -0.0002 0.0334 Fund Return After Taxes on Distributions and Sale of Fund Shares -0.0196 -0.0200 0.0154 Fund Return After Taxes on Distributions -0.0336 -0.0261 0.0164 NCGFX -0.2197 Worst Quarter: Best Quarter: 2012-09-30 Fund Return Before Taxes 115 2009-06-30 359 -0.2256 0.0974 0.1408 1375 622 0.0509 0.1623 -0.0302 0.0051 -0.3893 0.0062 2008-12-31 0.2777 -0.0194 0.0827 The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 -0.0302 0.2884 0.00 0.0208 0.0113 0.1342 0.1511 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual Fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of<br />the average value of its portfolio.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/ExpenseExample_S000024940Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/BarChartData_S000024940Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to produce current income and long-term<br />growth of capital.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>To pursue its objective, the Fund invests primarily in shares of the Growth Fund<br />and the Income Fund, with a majority of its assets generally invested in shares<br />of the Income Fund.<br /> <br />Between 50% and 75% of the Fund's net assets (with a "neutral" position of<br />approximately 65%) are invested in shares of the Income Fund, with the balance<br />of its net assets invested in shares of the Growth Fund.<br /> <br />The Fund will periodically rebalance its investments in the Growth Fund and the<br />Income Fund, within the limits described above. In implementing this rebalancing<br />strategy, past and anticipated future performance of both the Growth Fund and<br />the Income Fund are taken into account. The allocation of investments made in<br />the Growth Fund and the Income Fund varies in response to market conditions,<br />investment outlooks, and risk/reward characteristics of equity and fixed-income<br />securities. Because the Fund is a fund-of-funds, you will indirectly bear your<br />proportionate share of any fees and expenses charged by the Growth Fund and the<br />Income Fund.<br /> <br />The Income Fund invests in corporate bonds. The Income Fund also invests in<br />securities issued or guaranteed by the U.S. Government or one of its agencies<br />and instrumentalities, such as the Government National Mortgage Association,<br />which are supported by the full faith and credit of the U.S. Government, and <br />the FNMA and the FHLMC, which are supported by the right of the issuer to borrow<br />from the U.S. Treasury. The Income Fund may also invest, to a lesser extent, in<br />bonds of international corporations or foreign governments. In addition, the<br />Income Fund invests in mortgage-backed and asset-backed securities. The Income<br />Fund may also invest up to 20% of its net assets in commercial paper and up to<br />40% of its net assets in fixed-income securities of foreign issuers in any<br />country including developed or emerging markets. The remainder of the Income<br />Fund's assets may be held in cash or cash equivalents.<br /> <br />At least 65% of the Income Fund's net assets will be invested in bonds that are<br />rated within the four highest credit rating categories assigned by independent<br />rating agencies, and the Income Fund will attempt to maintain an overall credit<br />quality rating of AA or higher. The Income Fund may invest in unrated equivalents <br />that may be considered to be investment grade. The Income Fund may invest up to <br />20% of its net assets in bonds that are rated below investment grade (junk bonds).<br /> <br />The Growth Fund invests in common stocks and other equity securities of<br />companies of all sizes, domestic and foreign. The Growth Fund generally invests<br />in larger companies, although it may purchase securities of companies of any<br />size, including small companies. Up to 40% of the Growth Fund's net assets may<br />be invested in securities of foreign issuers in any country, including developed<br />or emerging markets. Foreign securities are selected on a stock-by-stock basis<br />without regard to any defined allocation among countries or geographic regions.<br /> <br />On occasion, up to 20% of the Growth Fund's net assets may be invested in bonds<br />that are rated within the four highest credit rating categories assigned by<br />independent rating agencies, or in unrated equivalents that may be considered <br />by a Sub-Adviser to be investment grade, or in commercial paper within the two<br />highest rating categories of independent rating agencies. The remainder of the<br />Growth Fund's assets may be held in cash or cash equivalents.<br /> <br />The Growth Fund and the Income Fund, in which the Fund invests, make investment<br />decisions consistent with social-witness principles approved by the General<br />Assembly of the Presbyterian Church (U.S.A.). The Growth Fund and the Income <br />Fund do not invest in those companies that are prohibited for investment in <br />accordance with the policies that are set by the General Assembly of the <br />Presbyterian Church (U.S.A.) as brought forth by the Mission Responsibility <br />Through Investment Committee Guidelines. The Growth Fund and the Income <br />Fund&#xA0;&#xA0;also do not invest in certain other companies that have derived 25% or more <br />of the company's revenue from alcohol, gambling and tobacco, and do not invest <br />in certain companies in the weapons industry. The remainder of the Fund's assets <br />may be held in cash or cash equivalents.</tt> NEW COVENANT BALANCED INCOME FUND The Fund has changed one of its primary benchmarks from the S&P 500® Index to the Russell 1000® Index in connection with the corresponding change to the Growth Fund's primary benchmark. EXAMPLE 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. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Losing all or a portion of your investment is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.09 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. 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. <tt>Best Quarter: 9.08% (06/30/09)<br /> <br />Worst Quarter: -11.54% (12/31/08)<br /> <br />The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 was<br />7.95%.</tt> 877-835-4531 The expense information in this table has been restated to reflect the current fees and expenses of the Fund. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Losing all or a portion of your investment is a risk of investing in the Fund.<br />The following principal risks could affect the value of your investment:<br /> <br />Interest Rate Risk - The market value of bonds generally declines when interest<br />rates rise. This risk is greater for bonds with longer maturities.<br /> <br />Call Risk - Call risk exists when an issuer may exercise its rights to pay<br />principal on a bond earlier than scheduled. This typically results when interest<br />rates have declined, and the Income Fund will suffer from having to reinvest in<br />lower-yielding bonds.<br /> <br />Credit Risk - An issuer of a fixed-income security may default on a security by<br />failing to make interest or principal payments when due.<br /> <br />Prepayment Risk - Prepayment risk relates to mortgages being prepaid at a rate<br />different than projected. The Income Fund may then be forced to invest the<br />proceeds from prepaid mortgage-backed securities at lower prevailing rates when<br />interest rates are falling, or prevented from investing at higher rates if<br />prepayments are slow when interest rates are rising.<br /> <br />Extension Risk - The Income Fund's investments in fixed income securities are<br />subject to extension risk. Generally, rising interest rates tend to extend the<br />duration of fixed income securities, making them more sensitive to changes in<br />interest rates. As a result, in a period of rising interest rates, the Income<br />Fund may exhibit additional volatility.<br /> <br />Social-Witness Principles Risk - The Growth Fund and the Income Fund may choose<br />not to purchase, or may sell, otherwise profitable investments in companies<br />which have been identified as being in conflict with its established<br />social-witness principles. This means that the Fund may underperform other<br />similar mutual funds that do not consider social-witness principles in their<br />investing.<br /> <br />Foreign Securities Risk - The performance of the Growth Fund's and the Income<br />Fund's investments in non-U.S. companies and in companies operating<br />internationally or in foreign countries will depend principally on economic<br />conditions in their product markets, the securities markets where their<br />securities are traded, and on currency exchange rates. There are also risks<br />related to social and economic developments abroad, as well as risks resulting<br />from the differences between the regulations to which U.S. and foreign issuers<br />and markets are subject.<br /> <br />Emerging Markets Risk - Emerging-market countries may have less developed legal<br />structures and political systems, and the small size of their securities markets<br />and low trading volumes can make investments illiquid and more volatile than<br />investments in developed countries.<br /><br />Stock Market Risk - Prices of securities held by the Growth Fund and the Income<br />Fund may fall due to various conditions or circumstances that may be unpredictable. <br />The stock market may, from time to time, become subject to significant volatility <br />which can increase the risks associated with an investment in the Fund.<br /> <br />Small Company Risk - Smaller companies in which the Growth Fund invests may <br />be more vulnerable to adverse business or economic events than larger, more<br />established companies. In particular, small companies may have limited product<br />lines, markets and financial resources and may depend upon a relatively small<br />management group. Their securities may trade less frequently and in more limited<br />volume than securities of larger, more established companies. The prices of<br />small company stocks tend to rise and fall in value more than other stocks.<br /> <br />Government Securities Risk - Although U.S. Government securities are considered<br />to be among the safest investments, they are not guaranteed against price<br />movements due to changing interest rates. Certain securities issued by agencies<br />and instrumentalities of the U.S. Government in which the Growth Fund and the<br />Income Fund may invest are backed by the full faith and credit of the U.S.<br />Government, but others are not insured or guaranteed by the U.S. Government and<br />may be supported only by the issuer's right to borrow from the U.S. Treasury, by<br />the credit of the issuing agency, instrumentality or corporation, or by the U.S.<br />Government in some other way.<br /> <br />Rebalancing Risk - Rebalancing activities, while undertaken to maintain the<br />Fund's investment risk-to-reward ratio, may cause the Fund to underperform other<br />funds with similar investment objectives.<br /> <br />Below-Investment Grade Securities Risk - Below-investment grade securities are<br />considered speculative with respect to the issuer's capacity to pay interest and<br />repay principal, and, therefore, have a higher risk of default or bankruptcy.<br />The market values of these securities may be more sensitive to individual<br />corporate developments and changes in economic conditions than higher-quality<br />securities. In addition, lower-rated securities tend to be less marketable, and<br />therefore less liquid, than higher-rated securities.<br /> <br />Mortgage and Asset-Backed Securities Risk - The prices and yields of<br />mortgage-related securities typically assume that the securities will be<br />redeemed at a given time before maturity. When interest rates fall<br />substantially, these securities usually are redeemed early because the<br />underlying mortgages are often prepaid. The Income Fund would then have to<br />reinvest the money at a lower rate. Mortgage-backed securities are also subject<br />to the risk that underlying borrowers will be unable to meet their obligations.<br />The principal risks of asset-backed securities are that on the underlying<br />obligations, payments may be made more slowly, and rates of default may be<br />higher than expected. Asset-backed securities may also not have the benefit of<br />any security interest in the related assets. In addition, because some of these<br />securities are new or complex, unanticipated problems may affect their value or<br />liquidity.<br /> <br />The Fund may be appropriate for investors who prefer a balanced investment<br />program that allocates assets between growth and income portfolios, with an<br />emphasis on income; prefer that half or more of the portfolio be income-producing <br />securities; can tolerate performance that will vary from year to year; and have <br />a longer-term investment horizon.</tt> Fees and Expenses Principal Investment Strategies www.NewCovenantFunds.com <tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance <br />from year to year for the past ten calendar years and by showing how the Fund's<br />average annual returns for 1, 5 and 10 years compared with those of broad<br />measures of market performance. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of how the Fund will perform in the<br />future. Updated performance information is available on the Fund's website at<br />www.NewCovenantFunds.com or by calling the Fund toll-free at 877-835-4531.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/OperatingExpensesData_S000024940Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/PerformanceTableData_S000024940Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your actual after-tax returns will depend on your tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts.</tt> <tt>Because the Fund incurred AFFE during the most recent fiscal year, the operating<br />expenses in this fee table will not correlate to the expense ratio in the Fund's<br />financial statements (or the "Financial Highlights" section in the prospectus)<br />because the financial statements include only the direct operating expenses<br />incurred by the Fund, not the indirect costs of investing in underlying funds.</tt> Blended 35% S&P 500® Index/65% Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0488 0.0425 0.0484 Blended 35% Russell 1000® Index/65% Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0469 0.0435 0.0500 Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0597 0.0609 0.0539 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.0150 -0.0002 0.0334 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0132 0.0036 0.0218 Fund Return After Taxes on Distributions 0.0130 0.0014 0.0223 NCBIX -0.0199 Worst Quarter: Best Quarter: 2012-09-30 Fund Return Before Taxes 124 2009-06-30 387 -0.1154 0.0589 0.0902 1477 670 0.0559 0.0908 0.0204 0.0034 -0.2369 0.0000 2008-12-31 0.1771 0.0108 0.0422 The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0204 0.1233 0.00 0.0324 0.0122 0.0737 0.0795 0.0088 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual Fund operating expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of<br />the average value of its portfolio.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/ExpenseExample_S000005023Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/BarChartData_S000005023Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund's investment objective is to produce capital appreciation with less<br />risk than would be present in a portfolio of only common stocks.</tt> <tt>This Example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The Example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> Average Annual Total Returns (for the periods ended December 31, 2011) reflects no deduction for fees, expenses or taxes <tt>To pursue its objective, the Fund invests primarily in shares of the Growth Fund<br />and the Income Fund, with a majority of its assets generally invested in shares<br />of the Growth Fund.<br /> <br />Between 45% and 75% of the Fund's net assets (with a "neutral" position of<br />approximately 60% of the Fund's net assets) are invested in shares of the Growth<br />Fund, with the balance of its assets invested in shares of the Income Fund.<br /> <br />The Fund will periodically rebalance its investments in the Growth Fund and the<br />Income Fund, within the limits described above. In implementing this rebalancing<br />strategy, past and anticipated future performance of both the Growth Fund and<br />the Income Fund are taken into account. The allocation of investments made in<br />the Growth Fund and the Income Fund varies in response to market conditions,<br />investment outlooks, and risk/reward characteristics of equity and fixed-income<br />securities. Because the Fund is a fund-of-funds, you will indirectly bear your<br />proportionate share of any fees and expenses charged by the Growth Fund and the<br />Income Fund.<br /> <br />The Growth Fund invests in common stocks and other equity securities of<br />companies of all sizes, domestic and foreign. The Growth Fund generally invests<br />in larger companies, although it may purchase securities of companies of any<br />size, including small companies. Up to 40% of the Growth Fund's net assets may<br />be invested in securities of foreign issuers in any country, including developed<br />or emerging markets. Foreign securities are selected on a stock-by-stock basis<br />without regard to any defined allocation among countries or geographic regions.<br /> <br />On occasion, up to 20% of the Growth Fund's net assets may be invested in bonds<br />that are rated within the four highest credit rating categories assigned by<br />independent rating agencies, or in unrated equivalents that may be considered <br />by a Sub-Adviser to be investment grade, or in commercial paper within the two<br />highest rating categories of independent rating agencies. The remainder of the<br />Growth Fund's assets may be held in cash or cash equivalents.<br /> <br />The Income Fund invests in corporate bonds. The Income Fund also invests in<br />securities issued or guaranteed by the U.S. Government or one of its agencies <br />or instrumentalities, such as the Government National Mortgage Association, which<br />are supported by the full faith and credit of the U.S. Government, and the FNMA<br />and the FHLMC, which are supported by the right of the issuer to borrow from the<br />U.S. Treasury. The Income Fund may also invest, to a lesser extent, in bonds of<br />international corporations or foreign governments. In addition, the Income Fund<br />invests in mortgage-backed and asset-backed securities. The Income Fund may also<br />invest up to 20% of its net assets in commercial paper and up to 40% of its net<br />assets in fixed-income securities of foreign issuers in any country, including<br />developed or emerging markets. The remainder of the Income Fund's assets may be<br />held in cash or cash equivalents.<br /> <br />At least 65% of the Income Fund's net assets will be invested in bonds that are<br />rated within the four highest credit rating categories assigned by independent<br />rating agencies, and the Income Fund will attempt to maintain an overall credit<br />quality rating of AA or higher. The Income Fund may invest in unrated equivalents <br />that may be considered to be investment grade. The Income Fund may invest up to <br />20% of its net assets in bonds that are rated below investment grade (junk bonds).<br /> <br />The Growth Fund and the Income Fund, in which the Fund invests, make investment<br />decisions consistent with social-witness principles approved by the General<br />Assembly of the Presbyterian Church (U.S.A.). The Growth Fund and the Income <br />Fund do not invest in those companies involved in the military and tobacco <br />industries that are prohibited for investment in accordance with the policies <br />that are set by the General Assembly of the Presbyterian Church (U.S.A.) as <br />brought forth by the Mission Responsibility Through Investment Committee <br />Guidelines. The Growth Fund and the Income Fund also do not invest in certain <br />other companies that have derived 25% or more of the company's revenues from <br />alcohol, gambling and tobacco, and do not invest in certain companies in the <br />weapons industry. The remainder of the Fund's assets may be held in cash or <br />cash equivalents.</tt> NEW COVENANT BALANCED GROWTH FUND The Fund has changed one of its primary benchmarks from the S&P 500® Index to the Russell 1000® Index in connection with the corresponding change to the Growth Fund's primary benchmark. EXAMPLE 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. Investment Objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Losing all or a portion of your investment is a risk of investing in the Fund. Principal Risks Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.09 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. 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. <tt>Best Quarter: 11.83% (06/30/09)<br /> <br />Worst Quarter: -15.80% (12/31/08)<br /> <br />The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 was<br />10.57%.</tt> 877-835-4531 The expense information in this table has been restated to reflect the current fees and expenses of the Fund. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER <tt>Losing all or a portion of your investment is a risk of investing in the Fund.<br />The following principal risks could affect the value of your investment:<br /> <br />Stock Market Risk - Prices of securities held by the Growth Fund in which the<br />Fund invests may fall due to various conditions or circumstances that may be<br />unpredictable. The stock market may, from time to time, become subject to<br />significant volatility which can increase the risks associated with an<br />investment in the Fund.<br /> <br />Social-Witness Principles Risk - The Growth Fund and Income Fund in which the<br />Fund invests may choose not to purchase, or may sell, otherwise profitable<br />investments in companies which have been identified as being in conflict with<br />its established social-witness principles. This means that the Fund may<br />underperform other similar mutual funds that do not consider social-witness<br />principles in their investing.<br /> <br />Small Company Risk - Smaller companies in which the Growth Fund invests may <br />be more vulnerable to adverse business or economic events than larger, more<br />established companies. In particular, small companies may have limited product<br />lines, markets and financial resources and may depend upon a relatively small<br />management group. Their securities may trade less frequently and in more limited<br />volume than securities of larger, more established companies. The prices of<br />small company stocks tend to rise and fall in value more than other stocks.<br /> <br />Foreign Securities Risk - The performance of the Growth Fund's and Income Fund's<br />investments in non-U.S. companies and in companies operating internationally or<br />in foreign countries will depend principally on economic conditions in their<br />product markets, the securities markets where their securities are traded, and<br />on currency exchange rates. There are also risks related to social and economic<br />developments abroad, as well as risks resulting from the differences between the<br />regulations to which U.S. and foreign issuers and markets are subject.<br /> <br />Emerging Markets Risk - Emerging-market countries may have less developed legal<br />structures and political systems, and the small size of their securities markets<br />and low trading volumes can make investments illiquid and more volatile than<br />investments in developed countries.<br /> <br />Interest Rate Risk - The market value of bonds generally declines when interest<br />rates rise. This risk is greater for bonds with longer maturities.<br /> <br />Credit Risk - An issuer of a fixed-income security may default on a security by<br />failing to make interest or principal payments when due.<br /><br />Call Risk - Call risk exists when an issuer may exercise its rights to pay<br />principal on a bond earlier than scheduled. This typically results when interest<br />rates have declined, and the Growth Fund or Income Fund will suffer from having<br />to reinvest in lower-yielding bonds.<br /> <br />Prepayment Risk - Prepayment risk relates to mortgages being prepaid at a rate<br />different than projected. The Growth Fund or Income Fund may then be forced to<br />invest the proceeds from prepaid mortgage-backed securities at lower prevailing<br />rates when interest rates are falling, or prevented from investing at higher<br />rates if prepayments are slow when interest rates are rising.<br /> <br />Extension Risk - The Income Fund's investments in fixed income securities are<br />subject to extension risk. Generally, rising interest rates tend to extend the<br />duration of fixed income securities, making them more sensitive to changes in<br />interest rates. As a result, in a period of rising interest rates, the Income<br />Fund may exhibit additional volatility.<br /> <br />Government Securities Risk - Although U.S. Government securities are considered<br />to be among the safest investments, they are not guaranteed against price<br />movements due to changing interest rates. Certain securities issued by agencies<br />and instrumentalities of the U.S. Government in which the Growth Fund and Income<br />Fund may invest are backed by the full faith and credit of the U.S. Government,<br />but others are not insured or guaranteed by the U.S. Government and may be<br />supported only by the issuer's right to borrow from the U.S. Treasury, by the<br />credit of the issuing agency, instrumentality or corporation, or by the U.S.<br />Government in some other way.<br /> <br />Rebalancing Risk - Rebalancing activities, while undertaken to maintain the<br />Fund's investment risk-to-reward ratio, may cause the Fund to underperform other<br />funds with similar investment objectives.<br /> <br />Below-Investment Grade Securities Risk - Below investment grade securities are<br />considered speculative with respect to the issuer's capacity to pay interest <br />and repay principal, and, therefore, have a higher risk of default or bankruptcy.<br />The market values of these securities may be more sensitive to individual<br />corporate developments and changes in economic conditions than higher-quality<br />securities. In addition, lower-rated securities tend to be less marketable, and<br />therefore less liquid, than higher-rated securities.<br /> <br />Mortgage and Asset-Backed Securities Risk - The prices and yields of mortgage-related <br />securities typically assume that the securities will be redeemed at a given time <br />before maturity. When interest rates fall substantially, these securities usually <br />are redeemed early because the underlying mortgages are often prepaid. The Income <br />Fund would then have to reinvest the money at a lower rate. Mortgage-backed <br />securities are also subject to the risk that underlying borrowers will be unable <br />to meet their obligations. The principal risks of asset-backed securities are <br />that on the underlying obligations, payments may be made more slowly, and rates <br />of default may be higher than expected. Asset-backed securities may also not have <br />the benefit of any security interest in the related assets. In addition, because <br />some of these securities are new or complex, unanticipated problems may affect <br />their value or liquidity.<br /> <br />The Fund may be appropriate for investors who prefer a balanced investment<br />program that allocates assets between growth and income portfolios, with an<br />emphasis on growth; can tolerate the level of risk represented by the common<br />stock portion of the portfolio allocation; can tolerate performance that will<br />vary from year to year; and have a longer-term investment horizon.</tt> Fees and Expenses Principal Investment Strategies www.NewCovenantFunds.com <tt>The bar chart and the performance table below provide some indication of the<br />risks of investing in the Fund by showing changes in the Fund's performance from<br />year to year for the past ten calendar years and by showing how the Fund's<br />average annual returns for 1, 5 and 10 years compared with those of broad<br />measures of market performance. The Fund's past performance (before and after<br />taxes) is not necessarily an indication of how the Fund will perform in the<br />future. Updated performance information is available on the Fund's website at<br />www.NewCovenantFunds.com or by calling the Fund toll-free at 877-835-4531.</tt> <tt>This table describes the fees and expenses that you may pay if you buy and hold<br />Fund shares.</tt> <div style="display:none">~ http://www.NewCovenantFunds.com/role/OperatingExpensesData_S000005023Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.NewCovenantFunds.com/role/PerformanceTableData_S000005023Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Your actual after-tax returns will depend on your tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their Fund shares through tax-deferred arrangements, such as 401(k)<br />plans or individual retirement accounts.</tt> <tt>Because the Fund incurred AFFE during the most recent fiscal year, the operating<br />expenses in this fee table will not correlate to the expense ratio in the Fund's<br />financial statements (or the "Financial Highlights" section in the prospectus)<br />because the financial statements include only the direct operating expenses<br />incurred by the Fund, not the indirect costs of investing in underlying funds.</tt> Blended 60% S&P 500® Index/40% Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0393 0.0268 0.0424 Blended 60% Russell 1000® Index/40% Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0358 0.0284 0.0451 Barclays Capital U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) 0.0597 0.0609 0.0539 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0292 Russell 1000® Index (reflects no deduction for fees, expenses or taxes) 0.0150 -0.0002 0.0334 Fund Return After Taxes on Distributions and Sale of Fund Shares 0.0018 -0.0038 0.0208 Fund Return After Taxes on Distributions -0.0028 -0.0067 0.0220 NCBGX -0.0987 Worst Quarter: Best Quarter: 2012-09-30 Fund Return Before Taxes 127 2009-06-30 397 -0.1580 0.0731 0.1119 1511 686 0.0558 0.1183 0.0028 0.0032 -0.2986 0.0000 2008-12-31 0.2166 0.0009 0.0576 The Fund's total return (pre-tax) from January 1, 2012 to September 30, 2012 0.0028 0.1862 0.00 0.0295 0.0125 0.0973 0.1057 0.0093 0001070222 ck0001070222:SummaryS000005023Memberck0001070222:S000005023Memberck0001070222:C000013702Member 2012-10-31 2012-10-31 0001070222 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ck0001070222:SummaryS000024940Memberck0001070222:S000024940Memberck0001070222:RRINDEX00006Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024940Memberck0001070222:S000024940Memberck0001070222:RRINDEX00007Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024940Memberck0001070222:S000024940Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberck0001070222:C000074154Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberrr:AfterTaxesOnDistributionsMemberck0001070222:C000074154Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001070222:C000074154Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberck0001070222:RRINDEX00001Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberck0001070222:RRINDEX00002Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberck0001070222:RRINDEX00008Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Memberck0001070222:RRINDEX00009Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024941Memberck0001070222:S000024941Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024942Memberck0001070222:S000024942Memberck0001070222:C000074155Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024942Memberck0001070222:S000024942Memberrr:AfterTaxesOnDistributionsMemberck0001070222:C000074155Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024942Memberck0001070222:S000024942Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0001070222:C000074155Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024942Memberck0001070222:S000024942Memberck0001070222:RRINDEX00003Member 2012-10-31 2012-10-31 0001070222 ck0001070222:SummaryS000024942Memberck0001070222:S000024942Member 2012-10-31 2012-10-31 0001070222 2012-10-31 2012-10-31 pure iso4217:USD The expense information in this table has been restated to reflect the current fees and expenses of the Fund. The Fund has changed one of its primary benchmarks from the S&P 500® Index to the Russell 1000® Index in connection with the corresponding change to the Growth Fund's primary benchmark. The Fund has changed its primary benchmark from the S&P 500® Index to the Russell 1000® Index because the Adviser and Sub-Advisers believe that the Russell 1000® Index is more representative of the type of securities in which the Fund invests. 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