As filed with the Securities and Exchange Commission on March 3, 2009
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09025
New Covenant Funds
(Exact name of registrant as specified in charter)
200 East Twelfth Street, Jeffersonville, IN 47130
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
U.S. Bancorp Fund Service, LLC
777 E Wisconsin Avenue
Milwaukee, WI 53202
777 E Wisconsin Avenue
Milwaukee, WI 53202
(Name and address of agent for service)
414-765-5138
Registrant’s telephone number, including area code
Date of fiscal year end: June 30
Date of reporting period: December 31, 2008
Item 1. Reports to Stockholders.
table of contents
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to our shareholders
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
Dear Shareholders:
We are pleased to deliver our semi-annual report, which covers the six-month period between July 1, 2008 and December 31, 2008.
While the word unprecedented is sometimes applied for mere effect, economic news during this period justified its use. Here is an abbreviated summary of the headlines that appeared during the second half of 2008.
• | Some of the largest and most storied banks, brokerages, thrifts, and insurance companies faced failure, distressed sales, and bailouts. |
• | The price of crude oil reached a record high before falling more than $100 per barrel. |
• | The Federal Reserve Bank and Treasury seized government sponsored entities Fannie Mae and Freddie Mac. |
• | The Reserve Primary Fund became the first money market fund to “break the buck” in nearly two decades. |
• | The Federal Reserve Bank issued four-week notes at 0%. |
• | Consumer spending and credit contracted for the first time since the early 1990s. |
• | The Federal Reserve Bank began lending directly to corporations. |
• | Global banks lowered rates in unison. |
• | The Federal-Funds rate was targeted to a range of 0% to 0.25%. |
• | Congress approved spending hundreds of billions of dollars to support the functioning of credit markets. |
Uncertainty caused by global financial stress and government intervention intensified stock market volatility during this six-month period. The Standard & Poor’s 500 Index1 (the “S&P 500”) fell -28.48%.
In the bond market, Treasury securities benefited from investors’ flight to perceived safety. Spreads between yields on Treasury securities and other fixed-income securities widened during the period, due to lack of liquidity and lack of demand for non-Treasury issues. The Barclays Capital Aggregate Index2 returned 4.07% for the six-month period. The Barclays Capital Intermediate Aggregate Index2 returned 3.45% for the six-month period.
Total Returns* as of December 31, 2008 | Aggregate | Average Annual | ||||||||||||||||||||||
Latest Qtr | Six Months | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||
New Covenant Growth Fund | -22.56 | % | -31.85 | % | -38.93 | % | -10.04 | % | -2.86 | % | -1.73 | % | ||||||||||||
New Covenant Income Fund | -5.70 | % | -11.89 | % | -14.61 | % | -2.14 | % | -0.17 | % | 2.78 | % | ||||||||||||
New Covenant Balanced Growth Fund | -15.80 | % | -24.06 | % | -29.86 | % | -6.68 | % | -1.61 | % | 0.42 | % | ||||||||||||
New Covenant Balanced Income Fund | -11.54 | % | -18.95 | % | -23.69 | % | -4.71 | % | -0.92 | % | 1.46 | % | ||||||||||||
Expense Ratios†
Gross Expense Ratio | Net Expense Ratio | |||||||
New Covenant Growth Fund | 1.35 | % | 1.10 | % | ||||
New Covenant Income Fund | 1.11 | % | 0.86 | % | ||||
New Covenant Balanced Growth Fund | 1.38 | % | 1.13 | % | ||||
New Covenant Balanced Income Fund | 1.36 | % | 1.11 | % | ||||
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call (877) 835-4531 or visit our website at www.NewCovenantFunds.com.
* The performance information for all the New Covenant Funds reflects performance prior to the 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 expenses of the Funds.
† The Gross Expense Ratio is based on the most recent prospectus. The Adviser has contractually agreed to limit the fees for the period from July 1, 2008 through June 30, 2009. The Net Expense Ratio is based upon the Gross Expenses less the fees waived by the Adviser. 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 Fund 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 1.10% and Net 0.85%; Balanced Growth Fund: Gross 0.40% and Net 0.15%; and Balanced Income Fund: Gross 0.45% and Net 0.20%.
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to our shareholders
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
The New Covenant Growth Fund
The New Covenant Growth Fund returned -31.85% during the six-month period through December 31, 2008. The Fund’s benchmark, the S&P 500, declined -28.48%.
This Fund uses a core-satellite strategy4: It invests the majority of its assets in a core portfolio and adds satellite portfolios of value, growth and international stocks. The Fund also spreads its assets among small-, mid- and large-cap shares in order to gain exposure to the broad equity market.3
During the period, relative and absolute performance were adversely affected by owning international shares, which detracted from absolute and relative performance.3
The New Covenant Income Fund
The New Covenant Income Fund returned -11.89% during the six-month period ended December 31, 2008. That compared to a 3.45% return for its primary benchmark, the Barclays Capital Intermediate Aggregate Index and a return of 4.07% for the Barclays Capital Aggregate Index.
This Fund seeks to achieve returns commensurate with high quality, intermediate term, fixed income securities, while providing current income and preservation of capital.
The Fund’s underweight position in Treasury securities and overweight position in non-agency mortgage-backed securities detracted from absolute investment results and performance relative to the benchmarks.3
On November 18, 2008 One Compass Advisors, investment adviser to New Covenant Funds, announced the selection of three new sub-advisers to provide asset management services to the New Covenant Income Fund. Baird Advisors; Earnest Partners, LLC; and Sterling Capital Management, LLC will replace Tattersall Advisory Group, Inc., a subsidiary of Wachovia Corporation, as sub-advisers to the New Covenant Income Fund effective January 2, 2009.
The New Covenant Balanced Growth Fund
The New Covenant Balanced Growth Fund declined -24.06% during the six-month period ended December 31, 2008. That compared to a -16.65% return for its primary benchmark, a composite index comprised of a 60% weighting in the S&P 500 Index and a 40% weighting in the Barclays Capital Intermediate Aggregate Index. It also compared to a -16.46% return for a composite index comprised of a 60% weighting in the S&P 500 Index and a 40% weighting in the Barclays Capital Aggregate Index.
The Balanced Growth Fund trailed its composite benchmarks due to underperformance from the Growth Fund and the Income Fund. As of December 31, 2008, the Fund held an asset allocation of approximately 60% of assets in the Growth Fund and 40% in the Income Fund.3
The New Covenant Balanced Income Fund
The New Covenant Balanced Income Fund declined -18.95% during the six-month period ended December 31, 2008. That compared to a -8.63% return for its primary benchmark, a composite index comprised of a 35% weighting in the S&P 500 Index and a 65% weighting in the Barclays Capital Intermediate Aggregate Index. It also compared to a -8.28% return for a composite index comprised of a 35% weighting in the S&P 500 Index and a 65% weighting in the Barclays Capital Aggregate Index.
The underperformance of both the Growth Fund and the Income Fund relative to their benchmarks detracted from the Balanced Income Fund’s performance relative to its composite indices. The Fund held a neutral asset allocation as of the end of the period, with approximately 35% of its assets in the Growth Fund and 65% of assets in the Income Fund.
Thank you for choosing the New Covenant Funds. We look forward to helping you achieve your most important financial objectives. If you have questions, please call us at (877) 835-4531.
Investment Concerns:
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of the Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments. International investing involves increased risk and volatility.
Bond funds will tend to experience smaller fluctuations in value than stock funds; therefore, fluctuations in price, especially for longer-term issues and in environments of rising interest rates, should be anticipated. Asset-backed and mortgage-backed securities are generally subject to higher prepayment risks than other types of debt securities, which can limit the potential for gain in a declining interest rate environment and increase the potential for loss in a rising interest rate environment. Mortgage-backed securities may also be structured so that they are particularly sensitive to interest rates. A high rate of defaults on the mortgages held by a mortgage pool may limit the pool’s ability to make payments to the fund if the fund holds securities that are subordinate to other interests in the same mortgage pool; the risk of such defaults is generally higher in mortgage pools that include subprime mortgages. Other principal risks associated with securities in the Income Fund are the following: Interest Rate Risk, Call Risk, Credit Risk, Put and Call Option Risk, Foreign Securities Risk, Options and Futures Risk, Government Securities Risk and Rebalancing Risk. For a more complete description of these risks, please consult the Prospectus.
![](https://capedge.com/proxy/N-CSRS/0000950152-09-002117/c48428c4842803.gif)
Paul H. Stropkay, CFA
Senior Vice President and Chief Investment Officer
One Compass Advisors5
Senior Vice President and Chief Investment Officer
One Compass Advisors5
Past performance does not guarantee future results.
1 | The Standard & Poor’s 500 Index (“S&P 500”) of stocks is an unmanaged, capitalization weighted index that measures the performance of 500 large-capitalization stocks representing all major industries. It is not possible to invest directly in any index. | |
2 | The Barclays Capital Aggregate Index and the Barclays Capital Intermediate Aggregate Index (formerly known as the Lehman Aggregate Bond Index and the Lehman Intermediate Aggregate Bond Index, respectively) are unmanaged indices of U.S. bonds, which include reinvestment of any earnings. They are widely used to measure the overall performance of the U.S. bond market. It is not possible to invest directly in any index. In the future, the Fund will use the Barclays Capital Intermediate Aggregate Index for comparison purposes because the Adviser believes this benchmark is more highly correlated to the holdings and style of the Fund. | |
3 | Portfolio composition is subject to change. | |
4 | Diversification does not guarantee a profit nor protect against a loss. | |
5 | A subsidiary of the Presbyterian Church U.S.A. Foundation. |
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to our shareholders
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
Portfolio Allocation as of 12/31/08 (unaudited) (subject to change)
GROWTH FUND:
Percentage of | ||||
Security Allocation | Market Value | |||
Health Care | 20.3% | |||
Information Technology | 17.6% | |||
Financials | 13.9% | |||
Industrials | 13.0% | |||
Consumer Discretionary | 12.2% | |||
Energy | 11.1% | |||
Consumer Staples | 7.2% | |||
Utilities | 2.1% | |||
Materials | 1.4% | |||
Telecommunication Services | 1.2% | |||
Total | 100.0% |
INCOME FUND:
Percentage of | ||||
Security Allocation | Market Value | |||
Non-Government Agency/MBS | 34.4% | |||
Corporates | 31.3% | |||
Government Agency/MBS | 24.6% | |||
Cash Equivalents(a) | 5.2% | |||
Other | 2.8% | |||
Asset Backed | 1.7% | |||
Total | 100.0% |
BALANCED GROWTH FUND:
Percentage of | ||||
Security Allocation | Market Value | |||
New Covenant Growth Fund | 61.1% | |||
New Covenant Income Fund | 37.6% | |||
Cash Equivalents(a) | 1.3% | |||
Total | 100.0% |
(a) | Includes other assests in excess of liabilities. |
BALANCED INCOME FUND:
Percentage of | ||||
Security Allocation | Market Value | |||
New Covenant Income Fund | 61.3% | |||
New Covenant Growth Fund | 36.1% | |||
Cash Equivalents(a) | 2.6% | |||
Total | 100.0% |
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portfolio of investments
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.4% | ||||||||
Advertising - 0.2% | ||||||||
8,360 | Interpublic Group of Cos., Inc.(a) | $33,106 | ||||||
45,400 | Omnicom Group, Inc. | 1,222,168 | ||||||
1,255,274 | ||||||||
Aerospace-0.1% | ||||||||
675 | Aerovironment, Inc.(a) | 24,847 | ||||||
7,586 | BE Aerospace, Inc.(a) | 58,336 | ||||||
687 | Curtiss-Wright Corp. | 22,939 | ||||||
3,697 | Esterline Technologies Corp.(a)(L) | 140,079 | ||||||
9,803 | Hexcel Corp.(a) | 72,444 | ||||||
113 | LMI Aerospace, Inc.(a) | 1,285 | ||||||
596 | ManTech International Corp., Class A(a) | 32,297 | ||||||
881 | Orbital Sciences Corp.(a) | 17,206 | ||||||
798 | SRA International, Inc., Class A(a) | 13,766 | ||||||
696 | Stanley, Inc.(a) | 25,209 | ||||||
2,755 | Teledyne Technologies, Inc.(a)(L) | 122,735 | ||||||
758 | TransDigm Group, Inc.(a) | 25,446 | ||||||
556,589 | ||||||||
Automotive - 0.2% | ||||||||
2,000 | Bayerische Motoren Werke AG | 60,078 | ||||||
2,230 | BorgWarner, Inc. | 48,547 | ||||||
10,800 | Bridgestone Corp. | 158,098 | ||||||
4,100 | Compagnie Generale des Etablissements Michelin | 214,119 | ||||||
1,640 | Fuel Systems Solutions, Inc.(a)(L) | 53,726 | ||||||
3,493 | LKQ Corp.(a) | 40,728 | ||||||
7,700 | Suzuki Motor Corp. | 104,309 | ||||||
4,520 | Tenneco Automotive, Inc.(a)(L) | 13,334 | ||||||
3,917 | The Goodyear Tire & Rubber Co.(a) | 23,385 | ||||||
135,000 | TRW Automotive Holdings Corp.(a)(L) | 486,000 | ||||||
1,468 | WABCO Holdings, Inc. | 23,180 | ||||||
1,225,504 | ||||||||
Banks - 2.8% | ||||||||
128,400 | Banco Bilbao Vizcaya Argentaria SA | 1,545,655 | ||||||
23,000 | Bank Muscat SA - GDR(a) | 190,426 | ||||||
124,929 | Bank of America Corp. | 1,759,000 | ||||||
4,645 | Cardinal Financial Corp. | 26,430 | ||||||
5,010 | Center Financial Corp. | 30,912 | ||||||
4,390 | City Holding Co. | 152,684 | ||||||
184,600 | Commerce Asset Holdings | 312,113 | ||||||
1 | Commercial International Bank | 3 | ||||||
9,500 | Dime Community Bancshares, Inc. | 126,350 | ||||||
3,700 | First Bancorp Puerto Rico(L) | 41,218 | ||||||
930 | First Citizens BancShares, Inc. | 142,104 | ||||||
2,310 | First Midwest Bancorp, Inc.(L) | 46,131 | ||||||
236,785 | Grupo Financiero Inbursa SA | 553,128 | ||||||
900 | Home BancShares, Inc. | 24,255 | ||||||
25,300 | Huntington Bancshares, Inc.(L) | 193,798 | ||||||
7,710 | International Bancshares Corp. | 168,309 | ||||||
95,256 | JPMorgan Chase & Co. | 3,003,422 | ||||||
4,200 | Lakeland Bancorp, Inc.(L) | 47,292 | ||||||
3,300 | Oriental Financial Group, Inc. | 19,965 | ||||||
21,500 | PNC Financial Services Group | 1,053,500 | ||||||
65,018 | Royal Bank of Scotland Group PLC | 46,179 | ||||||
4,000 | Santander BanCorp(L) | 49,960 | ||||||
2,090 | SCBT Financial Corp.(L) | 72,105 | ||||||
398 | Standard Chartered(L) | 4,730 | ||||||
17,684 | Standard Chartered PLC | 222,471 | ||||||
17,200 | State Street Corp. | 676,476 | ||||||
8,000 | Sterling Bancshares, Inc.(L) | 48,640 | ||||||
71 | Sumitomo Mitsui Financial Group, Inc. | 294,495 | ||||||
13,880 | UMB Financial Corp.(L) | 682,063 | ||||||
161,900 | Wells Fargo & Co. | 4,772,812 | ||||||
16,306,626 | ||||||||
Chemicals - 1.8% | ||||||||
1,841 | Airgas, Inc. | 71,781 | ||||||
3,048 | Albemarle Corp. | 67,970 | ||||||
94 | Ashland, Inc. | 988 | ||||||
631 | Balchem Corp. | 15,718 | ||||||
2,999 | Calgon Carbon Corp.(a) | 46,065 | ||||||
6,490 | CF Industries Holdings, Inc. | 319,048 | ||||||
391 | Dionex Corp.(a) | 17,536 | ||||||
16,900 | Eastman Chemical Co.(L) | 535,899 | ||||||
27,154 | FMC Corp. | 1,214,598 | ||||||
186 | Givaudan SA | 145,134 | ||||||
4,220 | Innospec, Inc. | 24,856 | ||||||
1,533 | International Flavors & Fragrances, Inc. | 45,561 | ||||||
1,281 | Intrepid Potash, Inc.(a) | 26,606 | ||||||
10,121 | Metabolix, Inc.(a) | 128,739 | ||||||
6,400 | Methanex Corp.(a) | 71,025 | ||||||
555 | Minerals Technologies, Inc. | 22,699 | ||||||
44,900 | Monsanto Co. | 3,158,715 | ||||||
66,800 | Mosaic Co., Inc.(L) | 2,311,280 | ||||||
2,488 | Nalco Holding Co. | 28,712 | ||||||
374 | NewMarket Corp. | 13,056 | ||||||
3,700 | Potash Corp. of Saskatchewan, Inc.(a) | 268,366 | ||||||
27,200 | Praxair, Inc. | 1,614,592 | ||||||
5,900 | Rhodia SA(a) | 36,939 | ||||||
5,682 | Terra Industries, Inc.(L) | 94,719 | ||||||
6,513 | W.R. Grace & Co.(a)(L) | 38,883 | ||||||
10,319,485 | ||||||||
Commercial Services - 3.2% | ||||||||
2,239 | Aaron Rents, Inc.(L) | 59,602 | ||||||
172,800 | Accenture Ltd., Class A(L) | 5,666,112 | ||||||
2,128 | Alliance Data Systems Corp.(a)(L) | 99,016 | ||||||
28,001 | Brambles Ltd. | 144,855 | ||||||
740 | Brinks Home Security Holdings, Inc.(a) | 16,221 | ||||||
3,024 | Broadridge Financial Solutions, Inc. | 37,921 | ||||||
3,962 | Ciena Corp.(a) | 26,545 | ||||||
1,076 | Clean Harbors, Inc.(a) | 68,261 | ||||||
765 | Coinstar, Inc.(a) | 14,925 | ||||||
1,900 | Consolidated Graphics, Inc.(a)(L) | 43,016 | ||||||
2,295 | Copart, Inc.(a) | 62,401 | ||||||
3,292 | Corrections Corp. of America(a) | 53,857 | ||||||
627 | CoStar Group, Inc.(a) | 20,653 | ||||||
9,470 | CSG Systems International Inc.(a)(L) | 165,441 | ||||||
167,700 | Discover Financial Services | 1,598,181 | ||||||
5,100 | Dollar Financial Corp.(a)(L) | 52,530 | ||||||
781 | Dun & Bradstreet Corp. | 60,293 | ||||||
1,373 | Equifax, Inc. | 36,412 | ||||||
2,158 | F5 Networks, Inc.(a) | 49,332 | ||||||
659 | Forrester Research, Inc.(a) | 18,590 | ||||||
1,276 | FTI Consulting, Inc.(a) | 57,012 | ||||||
6,800 | Genpact Ltd.(a) | 55,896 | ||||||
1,445 | Harsco Corp. | 39,998 | ||||||
2,627 | Hewitt Associates, Inc.(a) | 74,554 | ||||||
842 | Hill International, Inc.(a) | 5,928 | ||||||
1,113 | IHS, Inc.(a) | 41,649 | ||||||
4,123 | Iron Mountain, Inc.(a) | 101,962 | ||||||
66,300 | Manpower, Inc.(L) | 2,253,537 | ||||||
3,164 | Monster Worldwide, Inc.(a) | 38,253 | ||||||
3,855 | MSCI, Inc.(a) | 68,465 | ||||||
4,900 | On Assignment, Inc.(a)(L) | 27,783 | ||||||
1,730 | Pre-Paid Legal Services, Inc.(a)(L) | 64,512 | ||||||
1,485 | Priceline.com, Inc.(a) | 109,370 | ||||||
2,436 | Robert Half International, Inc. | 50,718 | ||||||
33,800 | RR Donnelley & Sons Co. | 459,004 | ||||||
965 | SAIC, Inc.(a) | 18,798 | ||||||
117,600 | Sapient Corp.(a)(L) | 522,144 | ||||||
1,166 | Sotheby’s Holdings | 10,366 | ||||||
2,039 | Stericycle, Inc.(a) | 106,191 | ||||||
775 | Strayer Education, Inc.(L) | 166,168 | ||||||
962 | SYKES Enterprises, Inc.(a) | 18,393 |
The accompanying notes are an integral part of these financial statements.
5
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Commercial Services (cont.) | ||||||||
583 | Syntel, Inc. | $13,479 | ||||||
1,169 | Tetra Tech, Inc.(a) | 28,231 | ||||||
898 | The Brink’s Co. | 24,138 | ||||||
1,286 | The Geo Group Inc.(a) | 23,187 | ||||||
1,246 | TNS, Inc.(a) | 11,700 | ||||||
22,200 | Visa, Inc., Class A | 1,164,390 | ||||||
1,252 | VistaPrint Ltd.(a) | 23,300 | ||||||
5,132 | Watson Wyatt Worldwide, Inc.(L) | 245,412 | ||||||
242,300 | Western Union Co. | 3,474,582 | ||||||
141,500 | Xerox Corp. | 1,127,755 | ||||||
18,721,039 | ||||||||
Computer Services & Software - 6.6% | ||||||||
41,700 | 3Com Corp.(a) | 95,076 | ||||||
338 | Actuate Corp.(a) | 1,000 | ||||||
4,002 | Advent Software, Inc.(a) | 79,920 | ||||||
37,900 | Affiliated Computer Services, Inc., Class A(a) | 1,741,505 | ||||||
6,024 | ANSYS, Inc.(a)(L) | 168,009 | ||||||
38,400 | Apple Computer, Inc.(a) | 3,277,440 | ||||||
3,729 | Ariba, Inc.(a) | 26,886 | ||||||
7,983 | Atheros Communications, Inc.(a)(L) | 114,237 | ||||||
6,480 | Avocent Corp.(a) | 116,057 | ||||||
3,290 | Belden CDT, Inc.(L) | 68,695 | ||||||
1,227 | Blackbaud, Inc. | 16,564 | ||||||
793 | Blackboard, Inc.(a) | 20,800 | ||||||
61,100 | BMC Software, Inc.(a) | 1,644,201 | ||||||
136,300 | Cisco Systems, Inc.(a) | 2,221,690 | ||||||
8,364 | Commvault Systems, Inc.(a) | 112,161 | ||||||
4,010 | Compuware Corp.(a) | 27,067 | ||||||
1,011 | Concur Technologies, Inc.(a) | 33,181 | ||||||
4,006 | Cypress Semiconductor Corp.(a) | 17,907 | ||||||
129,400 | Dell, Inc.(a) | 1,325,056 | ||||||
816 | DST Systems, Inc.(a) | 30,992 | ||||||
5,952 | Earthlink, Inc.(a) | 40,236 | ||||||
417 | Ebix, Inc.(a) | 9,966 | ||||||
794 | Equinix, Inc.(a) | 42,233 | ||||||
1,140 | FactSet Research Systems, Inc. | 50,434 | ||||||
1,355 | Gartner, Inc.(a) | 24,160 | ||||||
118,000 | Hewlett Packard Co. | 4,282,220 | ||||||
10,811 | Immersion Corp.(a) | 63,677 | ||||||
2,248 | Informatica Corp.(a) | 30,865 | ||||||
2,600 | Infosys Technologies Ltd. - ADR(L) | 63,882 | ||||||
38,600 | International Business Machines Corp. | 3,248,576 | ||||||
140,200 | Intuit, Inc.(a) | 3,335,358 | ||||||
1,878 | Jack Henry & Associates, Inc. | 36,452 | ||||||
7,100 | Kenexa Corp.(a)(L) | 56,658 | ||||||
2,000 | Lexmark International, Inc.(a) | 53,800 | ||||||
1,023 | Manhattan Associates, Inc.(a) | 16,174 | ||||||
19,474 | McAfee, Inc.(a)(L) | 673,216 | ||||||
7,969 | MedAssets, Inc.(a) | 116,347 | ||||||
748 | Mettler-Toledo International, Inc.(a) | 50,415 | ||||||
2,174 | MICRO Systems, Inc.(a) | 35,480 | ||||||
368,800 | Microsoft Corp. | 7,169,472 | ||||||
4,616 | Nuance Communications, Inc.(a) | 47,822 | ||||||
59,200 | OpenTV Corp.(a)(L) | 72,816 | ||||||
250,000 | Oracle Corp.(a) | 4,432,500 | ||||||
11,600 | Oracle Corp. Japan(L) | 495,223 | ||||||
8,951 | Parametric Technology Corp.(a) | 113,230 | ||||||
992 | Phase Forward, Inc.(a) | 12,420 | ||||||
4,173 | Progress Software Corp.(a)(L) | 80,372 | ||||||
8,130 | QLogic Corp.(a) | 109,267 | ||||||
12,375 | Red Hats, Inc.(a) | 163,598 | ||||||
11,043 | Riverbed Technology, Inc.(a)(L) | 125,780 | ||||||
14,000 | SAP AG | 491,187 | ||||||
5,373 | Solera Holdings, Inc.(a)(L) | 129,489 | ||||||
2,391 | STEC, Inc.(a) | 10,186 | ||||||
6,359 | Sybase, Inc.(a)(L) | 157,512 | ||||||
1,070 | Synaptics, Inc.(a) | 17,719 | ||||||
3,960 | Take-Two Interactive Software, Inc. | 29,938 | ||||||
1,138 | THQ, Inc.(a) | 4,768 | ||||||
24,000 | Trend Micro, Inc.(L) | 818,092 | ||||||
11,400 | United Online, Inc.(L) | 69,198 | ||||||
2,024 | Vocus, Inc.(a)(L) | 36,857 | ||||||
19,598 | Wind River Systems, Inc.(a)(L) | 176,970 | ||||||
38,133,009 | ||||||||
Construction & Building Materials - 1.5% | ||||||||
32,936 | AGCO Corp.(a)(L) | 776,960 | ||||||
102,000 | Anhui Conch Cement Co. Ltd., Class H(a)(L) | 469,188 | ||||||
2,200 | Beacon Roofing Supply, Inc.(a) | 30,536 | ||||||
3,400 | BlueLinx Holdings, Inc.(L) | 6,426 | ||||||
22,230 | Bouygues SA | 933,203 | ||||||
2,750 | Ceradyne, Inc.(a)(L) | 55,852 | ||||||
161,000 | China Railway(a)(L) | 239,728 | ||||||
25,000 | Chiyoda Corp. | 134,859 | ||||||
25,381 | CRH PLC | 634,260 | ||||||
977 | DXP Enterprises Inc.(a) | 14,274 | ||||||
25,047 | Emcor Group, Inc.(a)(L) | 561,804 | ||||||
5,200 | Gibraltar Industries, Inc.(L) | 62,088 | ||||||
20,100 | Gujarat Ambuja Cements Ltd. | 28,743 | ||||||
10,500 | Gujarat Ambuja Cements Ltd. - ADR | 15,097 | ||||||
11,822 | Holcim Ltd. | 669,767 | ||||||
145,500 | Impulosra del Desarrollo y Empleo(a) | 98,551 | ||||||
34,000 | Jacobs Engineering Group, Inc.(a) | 1,635,400 | ||||||
3,403 | KBR, Inc. | 51,726 | ||||||
4,700 | Lafarge SA(L) | 283,215 | ||||||
8,800 | Larsen & Toubro | 140,272 | ||||||
2,530 | Lennox International, Inc.(L) | 81,694 | ||||||
719 | Martin Marietta Materials, Inc. | 69,801 | ||||||
4,400 | OJSC LSR Group(a) | 3,344 | ||||||
1,962 | Orascom Construction Industries - ADR(L) | 99,936 | ||||||
3,250 | Quanta Services, Inc.(a) | 64,350 | ||||||
35,400 | Stanley Works | 1,207,140 | ||||||
722 | Team, Inc.(a) | 19,999 | ||||||
1,850 | The Shaw Group, Inc.(a) | 37,870 | ||||||
1,200 | Trex Co, Inc.(a)(L) | 19,752 | ||||||
457 | URS Corp.(a) | 18,632 | ||||||
925 | USG Corp.(a) | 7,437 | ||||||
8,471,904 | ||||||||
Consumer Products - 3.7% | ||||||||
721 | Alberto-Culver Co. | 17,672 | ||||||
634 | Aptargroup, Inc. | 22,342 | ||||||
56,500 | Avon Products, Inc. | 1,357,695 | ||||||
1,943 | Chattem, Inc.(a) | 138,983 | ||||||
13,818 | Crocs, Inc.(a) | 17,134 | ||||||
268 | Deckers Outdoor Corp.(a) | 21,405 | ||||||
1,417 | Energizer Holdings, Inc.(a) | 76,716 | ||||||
3,349 | Fossil, Inc.(a) | 55,928 | ||||||
3,972 | Guess ?, Inc. | 60,970 | ||||||
1,904 | Hanesbrands, Inc.(a) | 24,276 | ||||||
12,381 | Herbalife Ltd.(L) | 268,420 | ||||||
6,375 | Herman Miller, Inc. | 83,066 | ||||||
9,280 | Hot Topic, Inc.(a)(L) | 86,026 | ||||||
2,900 | Inditex SA(L) | 126,296 | ||||||
2,790 | Jakks Pacific, Inc.(a)(L) | 57,558 | ||||||
59,500 | Kimberly-Clark Corp. | 3,138,030 | ||||||
52,700 | Kimberly-Clark de Mexico SA B de CV | 173,339 | ||||||
110,000 | Li & Fung Ltd.(L) | 188,486 | ||||||
7,600 | Liz Claiborne, Inc.(L) | 19,760 | ||||||
17,000 | L’OREAL SA | 1,472,199 | ||||||
140 | Mannatech, Inc. | 343 | ||||||
17,649 | NBTY, Inc.(a) | 276,207 | ||||||
85,960 | NIKE, Inc. | 4,383,960 | ||||||
5,200 | Nintendo Co. Ltd. | 1,936,018 | ||||||
119,070 | Nu Skin Enterprises, Inc., Class A(L) | 1,241,900 |
The accompanying notes are an integral part of these financial statements.
6
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Consumer Products (cont.) | ||||||||
2,600 | Nutri System, Inc.(L) | $37,934 | ||||||
1,730 | Oxford Industries, Inc.(L) | 15,172 | ||||||
5,183 | Phillips-Van Heusen Corp. | 104,334 | ||||||
7,400 | Prestige Brands Holdings, Inc.(a) | 78,070 | ||||||
89,422 | Procter & Gamble Co. | 5,528,068 | ||||||
3,990 | Skechers U.S.A., Inc., Class A(a)(L) | 51,152 | ||||||
3,457 | Tupperware Corp.(L) | 78,474 | ||||||
13,460 | Unifi, Inc.(a)(L) | 37,957 | ||||||
3,059 | Warnaco Group, Inc.(a) | 60,048 | ||||||
21,235,938 | ||||||||
Diversified Operations - 1.3% | ||||||||
765 | Actuant Corp. | 14,550 | ||||||
4,732 | Acuity Brands, Inc.(L) | 165,194 | ||||||
100,400 | BAE Systems | 543,840 | ||||||
13,600 | Compass Diversified Holdings | 153,000 | ||||||
366 | Echelon Corp.(a) | 2,983 | ||||||
16,200 | Fluor Corp. | 726,894 | ||||||
10,900 | FPL Group, Inc.(L) | 548,597 | ||||||
256,400 | General Electric Co. | 4,153,680 | ||||||
13,064 | Martha Stewart Living Omnimedia, Inc., Class A(a) | 33,966 | ||||||
3,319 | McCormick & Co., Inc. | 105,743 | ||||||
1,872 | Rofin-Sinar Technologies, Inc.(a) | 38,526 | ||||||
42,000 | Sumitomo Corp. | 361,390 | ||||||
62,300 | United Utilities Group PLC | 561,169 | ||||||
24,900 | Wolseley PLC | 137,472 | ||||||
7,547,004 | ||||||||
Electronics - 2.5% | ||||||||
3,134 | Ametek, Inc. | 94,678 | ||||||
4,827 | ATMI, Inc.(a) | 74,481 | ||||||
36,760 | Avnet, Inc.(a)(L) | 669,400 | ||||||
476 | Axsys Technologies, Inc.(a) | 26,113 | ||||||
8,000 | Benchmark Electronics, Inc.(a)(L) | 102,160 | ||||||
1,200 | Coherent, Inc.(a)(L) | 25,752 | ||||||
1,566 | Dolby Laboratories, Inc.(a) | 51,302 | ||||||
7,900 | DSP Group, Inc.(a) | 63,358 | ||||||
781 | DTS, Inc.(a) | 14,331 | ||||||
82,400 | Edison International | 2,646,688 | ||||||
42,900 | Emerson Electric Co. | 1,570,569 | ||||||
11,800 | Emulex Corp.(a) | 82,364 | ||||||
11,300 | Fanuc Ltd. | 784,082 | ||||||
502,900 | Flextronics International Ltd.(a) | 1,287,424 | ||||||
3,500 | FLIR Systems, Inc.(a) | 107,380 | ||||||
1,067 | General Cable Corp.(a) | 18,875 | ||||||
6,153 | Gentex Corp. | 54,331 | ||||||
2,100 | Hirose Electric Co., Ltd.(L) | 208,958 | ||||||
7,237 | Intersil Corp., Class A | 66,508 | ||||||
1,836 | Itron, Inc.(a)(L) | 117,027 | ||||||
2,550 | Jabil Circuit, Inc. | 17,212 | ||||||
1,200 | Keyence Corp.(L) | 240,927 | ||||||
65,200 | Lam Research Corp.(a)(L) | 1,387,456 | ||||||
1,210 | LG Electronics, Inc. | 71,857 | ||||||
7,725 | LSI Corp.(a) | 25,415 | ||||||
3,845 | MKS Instruments, Inc.(a)(L) | 56,868 | ||||||
852 | Monolithic Power Systems, Inc.(a) | 10,744 | ||||||
3,707 | Multi-Fineline Electronix, Inc.(a)(L) | 43,335 | ||||||
5,800 | Murata Manufacturing Co., Ltd. | 223,298 | ||||||
1,159 | National Instruments Corp. | 28,233 | ||||||
820 | Netlogic Microsystems, Inc.(a) | 18,048 | ||||||
844 | Novellus Systems, Inc.(a) | 10,415 | ||||||
2,971 | Plexus Corp.(a)(L) | 50,358 | ||||||
2,767 | Rambus, Inc.(a) | 44,051 | ||||||
390 | Samsung Electronics Co., Ltd. | 139,645 | ||||||
2,634 | Samsung Electronics Co., Ltd. - GDR(a) | 460,950 | ||||||
10,900 | Silicon Image, Inc.(a) | 45,780 | ||||||
1,098 | Sunpower Corp.(a) | 33,423 | ||||||
1,500 | Synopsis, Inc.(a) | 27,780 | ||||||
76,060 | Taiwan Semiconductor - ADR | 600,874 | ||||||
745 | Tech Data Corp.(a) | 13,291 | ||||||
10,744 | Teradyne, Inc.(a) | 45,340 | ||||||
148,800 | Texas Instruments, Inc. | 2,309,376 | ||||||
4,300 | Tokyo Electron Ltd. | 147,049 | ||||||
2,948 | Trimble Navigation Ltd.(a) | 63,706 | ||||||
8,660 | TTM Technologies, Inc.(a)(L) | 45,119 | ||||||
3,737 | Varian Semiconductor Equipment Associates, Inc.(a)(L) | 67,714 | ||||||
6,092 | Volterra Semiconductor Corp.(a)(L) | 43,558 | ||||||
14,337,603 | ||||||||
Energy - 4.4% | ||||||||
12,500 | ABB Ltd. | 182,975 | ||||||
211,700 | AES Corp.(a) | 1,744,408 | ||||||
13,700 | Alliant Energy Corp. | 399,766 | ||||||
1,868 | Alpha Natural Resources, Inc.(a) | 30,243 | ||||||
1,012 | American Superconductor Corp.(a) | 16,506 | ||||||
2,300 | Avista Corp.(L) | 44,574 | ||||||
26,100 | Banpu Public Co., Inc. | 172,599 | ||||||
4,307 | Centerpoint Energy, Inc. | 54,354 | ||||||
294,500 | China Shenhua Energy Co., Ltd.(L) | 623,184 | ||||||
9,971 | Companhia Energetica Minas Gerais(a) | 136,061 | ||||||
3,653 | DPL, Inc. | 83,435 | ||||||
288,600 | Duke Energy Corp. | 4,331,886 | ||||||
243,600 | El Paso Corp. | 1,907,388 | ||||||
11,200 | Electricite De France | 646,094 | ||||||
900 | Empresa Nacional de Electricidad - ADR | 30,141 | ||||||
1,178 | Energy Conversion Devices, Inc.(a) | 29,697 | ||||||
22,300 | Enersis SA - ADR(L) | 284,102 | ||||||
16,700 | Entergy Corp. | 1,388,271 | ||||||
14,466 | Evergreen Solar, Inc.(a) | 46,147 | ||||||
78,274 | Exelon Corp. | 4,352,817 | ||||||
27,300 | FirstEnergy Corp. | 1,326,234 | ||||||
5,400 | Headwaters, Inc.(a)(L) | 36,450 | ||||||
1,593 | ION Geophysical Corp.(a) | 5,464 | ||||||
1,296 | ITC Holdings, Inc. | 56,609 | ||||||
836 | Matrix Service Co.(a) | 6,412 | ||||||
1,568 | NV Energy, Inc.(a) | 15,508 | ||||||
1,773 | Ormat Technologies, Inc. | 56,505 | ||||||
19,200 | Pepco Holdings, Inc. | 340,992 | ||||||
39,000 | PG&E Corp. | 1,509,690 | ||||||
1,800 | Pike Electric Corp.(a)(L) | 22,140 | ||||||
1,700 | Portland General Electric Co. | 33,099 | ||||||
35,200 | Public Service Enterprise Group, Inc. | 1,026,784 | ||||||
1,758 | Roper Industries, Inc. | 76,315 | ||||||
7,900 | Scottish & Southern Energy PLC | 138,230 | ||||||
135,600 | Spectra Energy Corp. | 2,134,344 | ||||||
27,100 | Suncor Energy, Inc.(a) | 520,706 | ||||||
4,400 | Suntech Power Holdings Co., Ltd. - ADR(a)(L) | 51,480 | ||||||
6,776 | Superior Energy Services, Inc.(a) | 107,942 | ||||||
21,200 | The Kansai Electric Power Co. Inc. | 608,053 | ||||||
16,100 | The Tokyo Electric Power Co. Inc. | 532,819 | ||||||
6,110 | Unisource Energy Corp. | 179,390 | ||||||
3,110 | Westar Energy, Inc.(L) | 63,786 | ||||||
921 | Woodward Governor Co. | 21,201 | ||||||
25,374,801 | ||||||||
Entertainment - 1.0% | ||||||||
1,564 | Dreamworks Animation SKG, Inc.(a) | 39,507 | ||||||
42,415 | Hasbro, Inc. | 1,237,246 | ||||||
2,470 | Marvel Entertainment, Inc.(a)(L) | 75,952 | ||||||
4,654 | NetFlix, Inc.(a)(L) | 139,108 | ||||||
35,700 | Royal Caribbean Cruises Ltd.(L) | 490,875 | ||||||
157,900 | The Walt Disney Co. | 3,582,751 | ||||||
942 | World Wrestling Entertainment, Inc. | 10,437 | ||||||
5,575,876 | ||||||||
Financial Services - 4.6% | ||||||||
3,237 | Affiliated Managers Group, Inc.(a) | 135,695 | ||||||
80,100 | Ameriprise Financial, Inc. | 1,871,136 |
The accompanying notes are an integral part of these financial statements.
7
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Financial Services (cont.) | ||||||||
8,000 | Anworth Mortgage Asset Corp. | $51,440 | ||||||
31 | Berkshire Hathaway, Inc.(a) | 2,994,600 | ||||||
1,000 | Berkshire Hills Bancorp, Inc.(L) | 30,860 | ||||||
15,000 | BNP Paribas SA | 630,734 | ||||||
45,100 | Capital One Financial Corp.(L) | 1,438,239 | ||||||
6,820 | Capstead Mortgage Corp. | 73,451 | ||||||
140,776 | Citigroup, Inc. | 944,607 | ||||||
5,500 | CME Group, Inc. | 1,144,605 | ||||||
28,300 | Comerica, Inc.(L) | 561,755 | ||||||
72,200 | Credit Suisse Group - ADR | 2,040,372 | ||||||
2,500 | Deutsche Boerse AG | 176,537 | ||||||
7,872 | Douglas Emmett, Inc.(L) | 102,808 | ||||||
1,616 | Eaton Vance Corp. | 33,952 | ||||||
1,301 | Federated Investors, Inc. | 22,065 | ||||||
22,460 | Goldman Sachs Group, Inc. | 1,895,399 | ||||||
2,906 | Greenhill & Co., Inc. | 202,752 | ||||||
13,900 | Hercules Technology Growth Capital, Inc. | 110,088 | ||||||
74,300 | Hudson City Bancorp, Inc. | 1,185,828 | ||||||
77,200 | Invesco Ltd. | 1,114,768 | ||||||
8,700 | Investor AB | 128,719 | ||||||
4,015 | Janus Capital Group, Inc. | 32,240 | ||||||
2,120 | Julius Baer Holding Ltd. | 79,633 | ||||||
39,164 | Knight Capital Group, Inc., Class A(a) | 632,499 | ||||||
4,100 | Kohlberg Capital Corp.(L) | 14,924 | ||||||
1,609 | Lazard Ltd. | 47,852 | ||||||
6,500 | Mastercard, Inc.(L) | 929,045 | ||||||
1,613 | Metavante Technologies, Inc. | 25,985 | ||||||
5,900 | MF Global Ltd.(a)(L) | 12,036 | ||||||
129,800 | Morgan Stanley(L) | 2,081,992 | ||||||
530 | Morningstar, Inc.(a) | 18,815 | ||||||
16,400 | Nasdaq Stock Market, Inc.(a) | 405,244 | ||||||
2,588 | Net 1 UEPS Technologies, Inc.(a)(L) | 35,456 | ||||||
43,600 | Nomura Holdings, Inc. | 350,628 | ||||||
36,200 | Northern Trust Corp. | 1,887,468 | ||||||
5,700 | ONEX Corp. | 83,988 | ||||||
7,050 | PennantPark Investment Corp.(L) | 25,451 | ||||||
5,727 | Provident Financial Services, Inc.(L) | 87,623 | ||||||
1,200 | Resources Connection, Inc.(a)(L) | 19,656 | ||||||
3,386 | SEI Investments Co. | 53,194 | ||||||
860 | Stifel Financial Corp.(a)(L) | 39,431 | ||||||
4,728 | SVB Financial Group(a)(L) | 124,015 | ||||||
2,300 | SWS Group, Inc.(L) | 43,585 | ||||||
3,127 | Total System Services, Inc. | 43,778 | ||||||
102,500 | U.S. Bancorp | 2,563,525 | ||||||
3,600 | United Financial Bancorp, Inc. | 54,504 | ||||||
3,546 | Waddell & Reed Financial, Inc., Class A | 54,821 | ||||||
6,700 | Webster Financial Corp. | 92,326 | ||||||
26,730,124 | ||||||||
Food & Beverages - 5.1% | ||||||||
32,700 | Archer Daniels Midland Co. | 942,741 | ||||||
18,600 | Bunge Ltd.(L) | 962,922 | ||||||
768 | Cal-Maine Foods, Inc. | 22,041 | ||||||
1,001 | Central European Distribution Corp.(a) | 19,720 | ||||||
5,550 | Chiquita Brands International, Inc.(a)(L) | 82,029 | ||||||
60,600 | Coca-Cola Co. | 2,743,362 | ||||||
9,100 | Coca-Cola Hellenic Bottling Company S.A. | 131,554 | ||||||
2,354 | Dean Foods Co.(a) | 42,301 | ||||||
6,566 | Diamond Foods, Inc.(L) | 132,305 | ||||||
400 | Distribucion Y Servicio D&S S.A. - ADR | 9,676 | ||||||
193,600 | Dr Pepper Snapple Group, Inc.(a) | 3,146,000 | ||||||
1,866 | Flowers Foods, Inc. | 45,456 | ||||||
48,900 | General Mills, Inc. | 2,970,675 | ||||||
776 | Hain Celestial Group, Inc.(a) | 14,814 | ||||||
2,022 | Hansen Natural Corp.(a) | 67,798 | ||||||
52,300 | Hormel Foods Corp.(L) | 1,625,484 | ||||||
51,600 | Koninklijke Ahold NV | 630,475 | ||||||
599 | Lancaster Colony Corp. | 20,546 | ||||||
772 | Lance, Inc. | 17,710 | ||||||
230 | Lindt & Spruengli AG | 423,545 | ||||||
43,610 | Nestle SA | 1,704,492 | ||||||
59,700 | Pepsi Bottling Group, Inc. | 1,343,847 | ||||||
97,700 | PepsiCo, Inc. | 5,351,029 | ||||||
25,500 | Perdigao SA | 325,201 | ||||||
2,411 | Ralcorp Holdings, Inc.(a) | 140,802 | ||||||
99,700 | Supervalu, Inc. | 1,455,620 | ||||||
180,100 | Tyson Foods, Inc. | 1,577,676 | ||||||
65,700 | Unilever NV | 1,583,595 | ||||||
63,700 | Unilever NV - ADR | 1,563,835 | ||||||
7,950 | Unilever PLC | 180,482 | ||||||
12,614 | Woolworths Ltd. | 234,548 | ||||||
29,512,281 | ||||||||
Forest Products & Paper - 0.0% | ||||||||
420,000 | Nine Dragons Paper Holdings Ltd.(L) | 119,765 | ||||||
Health Care Services - 3.5% | ||||||||
99,600 | Aetna, Inc. | 2,838,600 | ||||||
676 | Amedisys, Inc.(a) | 27,946 | ||||||
1,158 | AMN Healthcare Services, Inc.(a) | 9,797 | ||||||
159,900 | Bristol-Myers Squibb Co. | 3,717,675 | ||||||
928 | Catalyst Health Solutions, Inc.(a) | 22,597 | ||||||
9,030 | Celera Corp.(a)(L) | 100,504 | ||||||
1,744 | Cerner Corp.(a) | 67,057 | ||||||
575 | Community Health Systems, Inc.(a) | 8,384 | ||||||
3,790 | Corvel Corp.(a)(L) | 83,304 | ||||||
1,619 | Eclipsys Corp.(a) | 22,974 | ||||||
3,394 | Emergency Medical Services Corp.(a) | 124,254 | ||||||
26,400 | Express Scripts, Inc., Class A(a) | 1,451,472 | ||||||
883 | Genomic Health, Inc.(a) | 17,201 | ||||||
2,210 | Hanger Orthopedic Group, Inc.(a)(L) | 32,067 | ||||||
6,830 | HealthSpring, Inc.(a) | 136,395 | ||||||
3,322 | Henry Schein, Inc.(a) | 121,884 | ||||||
767 | HMS Holdings Corp.(a) | 24,176 | ||||||
873 | inVentiv Health, Inc.(a) | 10,074 | ||||||
2,250 | Kindred Healthcare, Inc.(a) | 29,295 | ||||||
7,960 | LifePoint Hospitals, Inc.(a)(L) | 181,806 | ||||||
1,739 | Lincare Holdings, Inc.(a) | 46,831 | ||||||
89,300 | McKesson Corp. | 3,458,589 | ||||||
1,577 | Millipore Corp.(a) | 81,247 | ||||||
1,044 | Myriad Genetics, Inc.(a) | 69,175 | ||||||
676 | Omnicare, Inc. | 18,766 | ||||||
764 | Owens & Minor, Inc. | 28,765 | ||||||
829 | Pediatrix Medical Group, Inc.(a) | 26,279 | ||||||
2,572 | Pharmaceutical Product Development, Inc. | 74,614 | ||||||
2,840 | PharMerica Corp.(a)(L) | 44,503 | ||||||
1,594 | PSS World Medical, Inc.(a) | 29,999 | ||||||
1,456 | Psychiatric Solutions, Inc.(a) | 40,550 | ||||||
48,700 | Quest Diagnostics, Inc. | 2,528,017 | ||||||
31,400 | Stryker Corp. | 1,254,430 | ||||||
1,325 | Sun Healthcare Group, Inc.(a) | 11,726 | ||||||
597 | SurModics, Inc.(a) | 15,086 | ||||||
3,164 | Synthes, Inc. | 396,559 | ||||||
6,033 | Tenet Healthcare Corp.(a) | 6,938 | ||||||
7,191 | TranS1, Inc.(a) | 51,847 | ||||||
51,220 | UnitedHealth Group, Inc. | 1,362,452 | ||||||
17,100 | Universal Health Services, Inc. | 642,447 | ||||||
33,500 | Varian Medical Systems, Inc.(a) | 1,173,840 | ||||||
1,738 | VCA Antech, Inc.(a) | 34,551 | ||||||
20,424,673 | ||||||||
Insurance - 4.9% | ||||||||
26,500 | AFLAC, Inc. | 1,214,760 | ||||||
6,400 | Allianz AG | 667,223 | ||||||
53,810 | Allied World Assurance Co. Holdings Ltd. | 2,184,686 |
The accompanying notes are an integral part of these financial statements.
8
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Insurance (cont.) | ||||||||
10,740 | Amerisafe, Inc.(a) | $220,492 | ||||||
39,800 | Aon Corp. | 1,818,064 | ||||||
23,120 | Arch Capital Group Ltd.(a)(L) | 1,620,712 | ||||||
1,401 | Argo Group International Holdings Ltd.(a) | 47,522 | ||||||
29,214 | AXA | 643,447 | ||||||
43,423 | Axis Capital Holdings Ltd. | 1,264,478 | ||||||
70,600 | CIGNA Corp. | 1,189,610 | ||||||
4,690 | Employers Holdings, Inc. | 77,385 | ||||||
10,200 | Everest Re Group Ltd. | 776,628 | ||||||
49,900 | Humana, Inc.(a) | 1,860,272 | ||||||
6,200 | Manulife Financial Corp.(a) | 104,463 | ||||||
141,900 | Marsh & McLennan Cos., Inc. | 3,443,913 | ||||||
6,380 | Max Re Capital Ltd.(L) | 112,926 | ||||||
32,200 | Millea Holdings, Inc. | 916,448 | ||||||
1,825 | Muenchener Rueckversicherungs AG | 281,589 | ||||||
15,379 | QBE Insurance Group Ltd. | 276,741 | ||||||
11,000 | Reinsurance Group of America, Inc.(a)(L) | 471,020 | ||||||
5,800 | Sun Life Financial Services, Inc.(a)(L) | 133,618 | ||||||
33,500 | The Chubb Corp. | 1,708,500 | ||||||
114,700 | The Progressive Corp. | 1,698,707 | ||||||
47,939 | The Travelers Cos., Inc. | 2,166,843 | ||||||
810 | Transatlantic Holdings, Inc. | 32,448 | ||||||
180,000 | UnumProvident Corp. | 3,348,000 | ||||||
28,280,495 | ||||||||
Internet - 1.5% | ||||||||
4,261 | Akamai Technologies, Inc.(a) | 64,298 | ||||||
5,000 | Alibaba.com Ltd.(a)(L) | 3,600 | ||||||
15,100 | Amazon.com, Inc.(a) | 774,328 | ||||||
2,595 | Blue Nile, Inc.(a) | 63,552 | ||||||
1,637 | Cybersource Corp.(a) | 19,628 | ||||||
973 | Digital River, Inc.(a) | 24,130 | ||||||
9,000 | Giant Interactive Group, Inc. - ADR(a)(L) | 58,410 | ||||||
1,804 | Global Payments, Inc. | 59,153 | ||||||
9,200 | Google, Inc., Class A(a) | 2,830,380 | ||||||
6,843 | GSI Commerce, Inc.(a) | 71,988 | ||||||
5,500 | Infospace, Inc. | 41,525 | ||||||
4,420 | Insight Enterprises, Inc.(a)(L) | 30,498 | ||||||
5,442 | J2 Global Communications, Inc.(a)(L) | 109,058 | ||||||
1,818 | MercadoLibre, Inc.(a) | 29,833 | ||||||
1,100 | NHN Corp.(a) | 113,533 | ||||||
1,542 | Omniture, Inc.(a) | 16,407 | ||||||
3,520 | Overstock.com, Inc.(a)(L) | 37,946 | ||||||
2,700 | PetMed Express, Inc.(a)(L) | 47,601 | ||||||
86,200 | Softbank Corp. | 1,524,309 | ||||||
742 | Sohu.com, Inc.(a) | 35,126 | ||||||
149,400 | Symantec Corp.(a) | 2,019,888 | ||||||
1,763 | ValueClick, Inc.(a) | 12,059 | ||||||
47,600 | VeriSign, Inc.(a)(L) | 908,208 | ||||||
1,226 | Websense, Inc.(a) | 18,353 | ||||||
8,913,811 | ||||||||
Lodging - 0.2% | ||||||||
5,100 | Accor SA | 248,903 | ||||||
108,000 | Shangri-La Asia Ltd.(L) | 124,162 | ||||||
80,100 | Sunstone Hotel Investors Inc.(L) | 495,819 | ||||||
868,884 | ||||||||
Machinery & Equipment - 0.5% | ||||||||
1,585 | Altra Holdings, Inc.(a) | 12,537 | ||||||
504 | Badger Meter, Inc. | 14,626 | ||||||
2,654 | Chart Industries, Inc.(a) | 28,212 | ||||||
1,150 | CIRCOR International, Inc.(L) | 31,625 | ||||||
682 | Clarcor, Inc. | 22,629 | ||||||
1,300 | Gardner Denver, Inc.(a) | 30,342 | ||||||
1,389 | Graco, Inc. | 32,961 | ||||||
2,004 | IDEX Corp. | 48,396 | ||||||
7,200 | Joy Global, Inc.(L) | 164,808 | ||||||
55,676 | Manitowoc Co., Inc. | 482,154 | ||||||
510 | Middleby Corp.(a) | 13,908 | ||||||
858 | MSC Industrial Direct Co., Inc. | 31,600 | ||||||
730 | Nordson Corp. | 23,572 | ||||||
2,739 | Pall Corp. | 77,870 | ||||||
699 | RBC Bearings, Inc.(a) | 14,176 | ||||||
3,354 | Schneider SA | 247,097 | ||||||
5,600 | SMC Corp. | 562,162 | ||||||
688 | TAL International Group, Inc. | 9,701 | ||||||
4,190 | Tecumseh Products Co.(a)(L) | 40,140 | ||||||
2,600 | Titan Machinery, Inc.(a)(L) | 36,556 | ||||||
536 | Valmont Industries, Inc. | 32,889 | ||||||
24,041 | Westinghouse Air Brake Technologies Corp.(L) | 955,630 | ||||||
2,913,591 | ||||||||
Manufacturing - 4.1% | ||||||||
1,820 | A.O. Smith Corp. | 53,726 | ||||||
2,350 | AAON, Inc.(L) | 49,068 | ||||||
13,100 | Assa Abloy AB, Class B(L) | 146,606 | ||||||
618 | Ball Corp. | 25,703 | ||||||
2,824 | Church & Dwight Co., Inc. | 158,483 | ||||||
541 | Columbus McKinnon Corp.(a) | 7,385 | ||||||
4,074 | Crown Holdings, Inc.(a) | 78,221 | ||||||
39,500 | Cummins, Inc. | 1,055,835 | ||||||
51,600 | Danaher Corp. | 2,921,076 | ||||||
923 | Diodes, Inc.(a) | 5,593 | ||||||
1,641 | Donaldson Co, Inc. | 55,220 | ||||||
88,000 | Dover Corp. | 2,896,960 | ||||||
658 | Enersys(a) | 7,238 | ||||||
3,949 | Enpro Industries, Inc.(a)(L) | 85,061 | ||||||
2,020 | Federal Signal Corp. | 16,584 | ||||||
12,300 | Flowserve Corp. | 633,450 | ||||||
3,900 | Force Protection, Inc.(a) | 23,322 | ||||||
52,299 | Graftech International Ltd.(a) | 435,128 | ||||||
1,839 | Greif, Inc., Class A | 61,478 | ||||||
12,130 | Hankook Tire Co., Ltd. | 147,345 | ||||||
100,200 | Honeywell International, Inc. | 3,289,566 | ||||||
1,248 | II-VI, Inc.(a) | 23,824 | ||||||
24,700 | Illinois Tool Works, Inc. | 865,735 | ||||||
29,200 | ITT Industries, Inc. | 1,342,908 | ||||||
4,256 | Kaydon Corp. | 146,194 | ||||||
659 | Lincoln Electric Holdings, Inc. | 33,563 | ||||||
344 | Lindsay Manufacturing Co. | 10,936 | ||||||
555 | Matthews International Corp. | 20,357 | ||||||
1,510 | Microsemi Corp.(a) | 19,086 | ||||||
940 | NACCO Industries, Inc.(L) | 35,165 | ||||||
56,000 | Nippon Sheet Glass Co., Ltd.(L) | 179,768 | ||||||
128,217 | ON Semiconductor Corp.(a) | 435,938 | ||||||
2,490 | Packaging Corp of America(L) | 33,515 | ||||||
105,150 | Parker Hannifin Corp. | 4,473,081 | ||||||
41,000 | Precision Castparts Corp. | 2,438,680 | ||||||
3,044 | Robbins & Myers, Inc. | 49,221 | ||||||
695 | Silgan Holdings, Inc. | 33,228 | ||||||
914 | Silicon Laboratories, Inc.(a) | 22,649 | ||||||
36,635 | Skyworks Solutions, Inc.(a)(L) | 202,958 | ||||||
122,000 | Sumitomo Metal Industries, Ltd. | 292,046 | ||||||
3,070 | Sun Hydraulics Corp.(L) | 57,839 | ||||||
22,600 | Timken Co.(L) | 443,638 | ||||||
954 | Titan International, Inc. | 7,871 | ||||||
11,230 | Trimas Corp.(a) | 15,497 | ||||||
10,900 | United States Steel Corp. | 405,480 | ||||||
2,301 | Waters Corp.(a) | 84,332 | ||||||
1,068 | Zebra Technologies Corp.(a) | 21,638 | ||||||
23,848,195 | ||||||||
Media - 2.0% | ||||||||
4,692 | Arbitron, Inc. | 62,310 | ||||||
872 | Central European Media Enterprises(a) | 18,940 | ||||||
132,400 | Comcast Corp., Class A | 2,234,912 | ||||||
845 | CTC Media, Inc.(a) | 4,056 | ||||||
92,000 | DIRECTV Group, Inc.(a) | 2,107,720 |
The accompanying notes are an integral part of these financial statements.
9
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Media (cont.) | ||||||||
55,700 | Dish Network Corp.(a) | $617,713 | ||||||
7,900 | Focus Media Holdings Ltd. - ADR(a)(L) | 71,811 | ||||||
622 | Interactive Data Corp. | 15,338 | ||||||
767 | John Wiley & Sons, Inc. | 27,290 | ||||||
1,490 | Lamar Advertising Co.(a) | 18,714 | ||||||
5,000 | Scholastic Corp.(L) | 67,900 | ||||||
8,800 | Shaw Communications, Inc.(a) | 154,045 | ||||||
60,545 | Sirius XM Radio, Inc.(a) | 7,265 | ||||||
284,200 | Time Warner, Inc. | 2,859,052 | ||||||
4,610 | Tivo, Inc.(a)(L) | 33,008 | ||||||
47,400 | Viacom Inc., Class B(a) | 903,444 | ||||||
11,500 | Vivendi SA | 371,904 | ||||||
5,036 | Washington Post Co., Class B | 1,965,299 | ||||||
11,540,721 | ||||||||
Medical - 6.1% | ||||||||
997 | Abiomed, Inc.(a) | 16,371 | ||||||
17,225 | Affymetrix, Inc.(a) | 51,503 | ||||||
15,000 | Alcon, Inc. | 1,337,850 | ||||||
174,700 | Alkermes, Inc.(a)(L) | 1,860,555 | ||||||
33,600 | Allergan, Inc. | 1,354,752 | ||||||
1,742 | American Medical Systems Holdings, Inc.(a) | 15,661 | ||||||
15,890 | American Oriental Bioengineering, Inc.(a)(L) | 107,893 | ||||||
64,000 | Amgen, Inc.(a) | 3,696,000 | ||||||
2,270 | AmSurg Corp.(a)(L) | 52,982 | ||||||
2,120 | AngioDynamics, Inc.(a) | 29,023 | ||||||
31,800 | Baxter International, Inc. | 1,704,162 | ||||||
1,304 | Beckman Coulter, Inc. | 57,298 | ||||||
19,400 | Becton, Dickinson & Co. | 1,326,766 | ||||||
828 | Bio-Rad Laboratories, Inc.(a) | 62,357 | ||||||
366,700 | Boston Scientific Corp.(a) | 2,838,258 | ||||||
1,325 | Bruker Corp.(a) | 5,353 | ||||||
25,700 | C.R. Bard, Inc. | 2,165,482 | ||||||
2,300 | Cantel Medical Corp.(a) | 33,741 | ||||||
4,330 | Cardiac Science Corp.(a) | 32,475 | ||||||
42,217 | Cell Genesys, Inc.(a) | 9,288 | ||||||
1,230 | Conceptus, Inc.(a)(L) | 18,721 | ||||||
1,296 | Conmed Corp.(a)(L) | 31,026 | ||||||
47,600 | Covidien Ltd. | 1,725,024 | ||||||
4,054 | Cyberonics, Inc.(a) | 67,175 | ||||||
4,617 | DENTSPLY International, Inc. | 130,384 | ||||||
1,073 | Dyax Corp.(a) | 3,906 | ||||||
1,929 | Edwards Lifesciences Corp.(a) | 105,998 | ||||||
5,280 | ev3, Inc.(a)(L) | 32,208 | ||||||
1,223 | Gen-Probe, Inc.(a) | 52,393 | ||||||
617 | Haemonetics Corp.(a) | 34,860 | ||||||
8,075 | Hologic, Inc.(a) | 105,540 | ||||||
1,127 | IDEXX Laboratories, Inc.(a) | 40,662 | ||||||
2,946 | Illumina, Inc.(a) | 76,743 | ||||||
1,788 | Immucor, Inc.(a) | 47,525 | ||||||
615 | Integra LifeSciences Holdings Corp.(a) | 21,875 | ||||||
2,100 | InterMune, Inc.(a) | 22,218 | ||||||
5,334 | Invacare Corp.(L) | 82,784 | ||||||
69,200 | Johnson & Johnson, Inc. | 4,140,236 | ||||||
1,430 | Kendle International, Inc.(a) | 36,780 | ||||||
2,446 | Kensey Nash Corp.(a) | 47,477 | ||||||
1,079 | Kinetic Concepts, Inc.(a) | 20,695 | ||||||
1,232 | Masimo Corp.(a) | 36,751 | ||||||
91,300 | Medtronic, Inc. | 2,868,646 | ||||||
874 | Meridian Bioscience, Inc. | 22,261 | ||||||
841 | Merit Medical Systems, Inc.(a) | 15,079 | ||||||
887 | Natus Medical, Inc.(a) | 11,487 | ||||||
871 | NuVasive, Inc.(a) | 30,180 | ||||||
55,067 | Patterson Co., Inc.(a) | 1,032,506 | ||||||
3,175 | PerkinElmer, Inc. | 44,164 | ||||||
774 | Quidel Corp.(a) | 10,116 | ||||||
1,755 | Resmed, Inc.(a) | 65,777 | ||||||
5,900 | Sanofi-Synthelabo SA | 372,338 | ||||||
130,600 | Schering-Plough Corp. | 2,224,118 | ||||||
1,489 | Sequenom, Inc.(a) | 29,542 | ||||||
14,400 | Smith & Nephew PLC | 90,785 | ||||||
43,600 | Smiths Group PLC | 554,771 | ||||||
803 | SonoSite, Inc.(a) | 15,321 | ||||||
51,000 | St. Jude Medical, Inc.(a) | 1,680,960 | ||||||
1,147 | STERIS Corp. | 27,402 | ||||||
2,414 | Thoratec Corp.(a)(L) | 78,431 | ||||||
7,400 | Triple-S Management Corp., Class B(a)(L) | 85,100 | ||||||
700 | United Therapeutics Corp.(a) | 43,785 | ||||||
66,987 | Vertex Pharmaceuticals, Inc.(a) | 2,035,065 | ||||||
1,700 | Volcano Corp.(a)(L) | 25,500 | ||||||
779 | West Pharmaceutical Services, Inc. | 29,423 | ||||||
846 | Wright Medical Group, Inc.(a) | 17,284 | ||||||
672 | Zoll Medical Corp.(a) | 12,694 | ||||||
35,061,486 | ||||||||
Metals & Mining - 1.3% | ||||||||
3,700 | AngloGold Ashanti | 100,855 | ||||||
7,500 | AngloGold Ashanti Ltd. - ADR | 207,825 | ||||||
18,000 | Barrick Gold Corp. | 661,860 | ||||||
9,700 | BHP Billiton PLC | 180,464 | ||||||
2,663 | Bucyrus International, Inc. - Class A(L) | 49,319 | ||||||
17,600 | Cameco Corp.(a) | 300,105 | ||||||
506 | Century Aluminum Co.(a) | 5,060 | ||||||
9,900 | Cia de Minas Buenaventura SA - ADR | 197,208 | ||||||
25,800 | Cliffs Natural Resources, Inc. | 660,738 | ||||||
2,720 | Commercial Metals Co.(L) | 32,286 | ||||||
1,231 | Compass Minerals International, Inc.(L) | 72,211 | ||||||
2,735 | Dynamic Materials Corp. | 52,813 | ||||||
1,054 | Foundation Coal Holdings, Inc. | 14,777 | ||||||
100 | Freeport-McMoRan Copper & Gold, Inc., Class B | 2,444 | ||||||
14,100 | Harmony Gold Mining Co., Ltd. - ADR(a)(L) | 154,677 | ||||||
32,103 | Harmony Gold Mining Co., Ltd.(a) | 339,261 | ||||||
12,500 | Indo Tambangraya Mega PT | 12,041 | ||||||
11,900 | Ivanhoe Mines(a) | 31,521 | ||||||
861 | James River Coal Co.(a) | 13,199 | ||||||
8,551 | Massey Energy Co. | 117,918 | ||||||
7,888 | MMC Norilsk Nickel - ADR | 50,483 | ||||||
29,900 | Newmont Mining Corp. | 1,216,930 | ||||||
46,800 | Nucor Corp. | 2,162,160 | ||||||
2,453 | Patriot Coal Corp.(a) | 15,331 | ||||||
5,500 | Rautaruukki Oyj(L) | 92,966 | ||||||
1,550 | Steel Dynamics, Inc. | 17,329 | ||||||
7,766 | Titanium Metals Corp. | 68,418 | ||||||
324 | USEC, Inc.(a) | 1,455 | ||||||
2,990 | Vallourec SA | 336,656 | ||||||
2,586 | Walter Industries, Inc. | 45,281 | ||||||
7,213,591 | ||||||||
Oil & Gas - 10.3% | ||||||||
4,296 | Air Liquide SA(L) | 390,844 | ||||||
3,349 | Arena Resources, Inc.(a) | 94,073 | ||||||
779 | Atlas America, Inc. | 11,568 | ||||||
6,078 | Atwood Oceanics, Inc.(a) | 92,872 | ||||||
17,000 | Baker Hughes, Inc. | 545,190 | ||||||
59,200 | BG Group PLC | 814,550 | ||||||
174,252 | BP PLC | 1,317,794 | ||||||
10,460 | Brigham Exploration Co.(a) | 33,472 | ||||||
895 | Cabot Oil & Gas Corp. | 23,270 | ||||||
6,300 | Cairn Energy PLC(a) | 182,515 | ||||||
8,400 | Canadian Natural Resources Ltd.(a) | 331,713 | ||||||
59,292 | ChevronTexaco Corp. | 4,385,829 | ||||||
6,860 | Complete Production Services(a) | 55,909 | ||||||
1,842 | Comstock Resources, Inc.(a)(L) | 87,035 | ||||||
1,168 | Concho Resources, Inc.(a) | 26,654 | ||||||
42,738 | ConocoPhillips | 2,213,828 |
The accompanying notes are an integral part of these financial statements.
10
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Oil & Gas (cont.) | ||||||||
12,400 | Continental Resources, Inc.(a)(L) | $256,804 | ||||||
808 | Crosstex Energy, Inc. | 3,151 | ||||||
49,300 | CVR Energy, Inc.(a)(L) | 197,200 | ||||||
1,302 | Delta Petroleum Corp.(a) | 6,198 | ||||||
28,100 | Devon Energy Corp. | 1,846,451 | ||||||
1,346 | Dresser-Rand Group, Inc.(a) | 23,219 | ||||||
3,100 | Enbridge, Inc.(a)(L) | 99,341 | ||||||
7,200 | EnCana Corp.(a) | 332,209 | ||||||
628 | Energen Corp. | 18,419 | ||||||
21,700 | EOG Resources, Inc. | 1,444,786 | ||||||
6,403 | Exco Resources, Inc.(a) | 58,011 | ||||||
169,700 | Exxon Mobil Corp. | 13,547,151 | ||||||
1,931 | Frontier Oil Corp. | 24,389 | ||||||
1,490 | Frontline Ltd. | 44,119 | ||||||
1,394 | General Maritime Corp.(a) | 15,051 | ||||||
595 | Goodrich Petroleum Corp.(a) | 17,820 | ||||||
116,800 | Halliburton Co. | 2,123,424 | ||||||
6,962 | Helix Energy Solutions Group, Inc.(a) | 50,405 | ||||||
46,300 | Hess Corp. | 2,483,532 | ||||||
7,000 | JGC Corp. | 101,004 | ||||||
33,000 | Keppel Corp Ltd | 99,178 | ||||||
320 | Lufkin Industries, Inc. | 11,040 | ||||||
160,900 | Marathon Oil Corp. | 4,402,224 | ||||||
8,399 | Mariner Energy, Inc.(a) | 85,670 | ||||||
4,722 | McMoRan Exploration Co.(a) | 46,276 | ||||||
49,700 | MDU Resources Group, Inc. | 1,072,526 | ||||||
56,100 | Noble Corp. | 1,239,249 | ||||||
34,500 | Noble Energy, Inc. | 1,698,090 | ||||||
781 | Nordic American Tanker Shipping Ltd. | 26,359 | ||||||
28,052 | OAO Rosneft Oil Co.(a) | 105,195 | ||||||
75,200 | Occidental Petroleum Corp. | 4,511,248 | ||||||
1,052 | Oceaneering International, Inc.(a) | 30,655 | ||||||
3,465 | Oil States International, Inc.(a) | 64,761 | ||||||
2,287 | Patterson-UTI Energy, Inc. | 26,323 | ||||||
810 | Penn Virginia Corp. | 21,044 | ||||||
7,800 | Petro-Canada(a) | 168,826 | ||||||
5,826 | Petrohawk Energy Corp.(a) | 91,060 | ||||||
19,600 | Petroleo Brasileiro SA | 405,748 | ||||||
6,763 | Petroplus Holdings AG(a) | 133,182 | ||||||
7,670 | Pioneer Drilling Co.(a) | 42,722 | ||||||
2,274 | Quicksilver Resources, Inc.(a) | 12,666 | ||||||
4,350 | Reliance Industries Ltd.(b) | 220,134 | ||||||
2,000 | Rosetta Resources, Inc.(a) | 14,160 | ||||||
863 | Rowan Cos, Inc. | 13,722 | ||||||
40,200 | Royal Dutch Shell - ADR | 2,128,188 | ||||||
25,451 | Royal Dutch Shell, Class A | 663,339 | ||||||
6,400 | Sasol Ltd. | 193,848 | ||||||
1,800 | Sasol Ltd. - ADR(L) | 54,594 | ||||||
68,900 | Schlumberger Ltd. | 2,916,537 | ||||||
374 | SEACOR Holdings, Inc.(a) | 24,927 | ||||||
41,800 | SeaDrill Ltd.(a)(L) | 328,927 | ||||||
395 | Smith International, Inc. | 9,037 | ||||||
7,902 | St. Mary Land & Exploration Co.(L) | 160,490 | ||||||
238 | Stone Energy Corp.(a) | 2,623 | ||||||
2,780 | Swift Energy Co.(a)(L) | 46,732 | ||||||
5,172 | Tesoro Petroleum Corp. | 68,115 | ||||||
3,900 | Total SA | 210,938 | ||||||
3,570 | Trico Marine Service, Inc.(a)(L) | 15,958 | ||||||
70,970 | UGI Corp. | 1,733,087 | ||||||
30,300 | Ultra Petroleum Corp.(a) | 1,045,653 | ||||||
3,420 | Union Drilling, Inc.(a) | 17,750 | ||||||
18,500 | Vaalco Energy, Inc.(a)(L) | 137,640 | ||||||
17,695 | W & T Offshore, Inc.(L) | 253,392 | ||||||
2,228 | Whiting Petroleum Corp.(a)(L) | 74,549 | ||||||
817 | Willbros Group, Inc.(a) | 6,920 | ||||||
1,181 | Woodside Petroleum Ltd. | 30,219 | ||||||
45,500 | XTO Energy, Inc. | 1,604,785 | ||||||
59,570,106 | ||||||||
Pharmaceuticals - 6.6% | ||||||||
63,300 | Abbott Laboratories | 3,378,321 | ||||||
962 | Acorda Therapeutics, Inc.(a) | 19,731 | ||||||
1,872 | Alexion Pharmaceuticals, Inc.(a) | 67,748 | ||||||
2,393 | Alnylam Pharmaceuticals, Inc.(a)(L) | 59,179 | ||||||
3,070 | Amylin Pharmaceuticals, Inc.(a) | 33,309 | ||||||
12,740 | Arena Pharmaceuticals, Inc.(a)(L) | 53,126 | ||||||
7,650 | Astrazeneca PLC | 297,724 | ||||||
1,006 | Auxilium Pharmaceuticals, Inc.(a) | 28,611 | ||||||
9,320 | Bare Escentuals, Inc.(a) | 48,744 | ||||||
2,888 | BioMarin Pharmaceuticals, Inc.(a) | 51,406 | ||||||
68,000 | Cardinal Health, Inc. | 2,343,960 | ||||||
19,871 | Cephalon, Inc.(a)(L) | 1,530,862 | ||||||
732 | Charles River Laboratories International, Inc.(a) | 19,178 | ||||||
2,120 | Covance, Inc.(a) | 97,584 | ||||||
10,340 | Cubist Pharmaceuticals, Inc.(a) | 249,814 | ||||||
26,832 | CV Therapeutics, Inc.(a)(L) | 247,123 | ||||||
39,448 | Cytokinetics, Inc.(a) | 112,427 | ||||||
99,400 | Eli Lilly & Co. | 4,002,838 | ||||||
2,888 | Endo Pharmaceuticals Holdings, Inc.(a) | 74,741 | ||||||
529 | Facet Biotech Corp.(a) | 5,075 | ||||||
68,200 | Forest Laboratories, Inc.(a) | 1,737,054 | ||||||
76,400 | Gilead Sciences, Inc.(a) | 3,907,096 | ||||||
20,340 | Human Genome Sciences, Inc.(a)(L) | 43,121 | ||||||
2,441 | Incyte Pharmaceuticals, Inc.(a) | 9,251 | ||||||
2,413 | Isis Pharmaceuticals, Inc.(a) | 34,216 | ||||||
701 | Martek Biosciences Corp. | 21,247 | ||||||
12,334 | Medarex, Inc.(a) | 68,824 | ||||||
7,484 | Medicines Co.(a)(L) | 110,239 | ||||||
6,461 | Medicis Pharmaceutical Corp., Class A | 89,808 | ||||||
98,800 | Merck & Co., Inc. | 3,003,520 | ||||||
1,238 | Mylan(a) | 12,244 | ||||||
5,698 | Novartis AG | 282,130 | ||||||
35,500 | Novartis AG - ADR | 1,766,480 | ||||||
6,200 | Novo Nordisk A/S, Class B(L) | 313,783 | ||||||
7,850 | NPS Pharmaceuticals, Inc.(a) | 48,748 | ||||||
1,192 | Onyx Pharmaceuticals, Inc.(a) | 40,719 | ||||||
2,577 | OSI Pharmaceuticals, Inc.(a) | 100,632 | ||||||
1,479 | PAREXELl International Corp.(a) | 14,361 | ||||||
2,646 | PDL BioPharma, Inc. | 16,352 | ||||||
3,592 | Perrigo Co.(L) | 116,058 | ||||||
264,615 | Pfizer, Inc. | 4,686,332 | ||||||
1,800 | Pharmasset, Inc.(a)(L) | 23,598 | ||||||
4,200 | Progenics Pharmaceuticals, Inc.(a)(L) | 43,302 | ||||||
12,342 | Regeneron Pharmaceuticals, Inc.(a)(L) | 226,599 | ||||||
9,853 | Rigel Pharmaceuticals, Inc.(a)(L) | 78,824 | ||||||
13,542 | Roche Holding AG | 2,067,529 | ||||||
14,600 | Salix Pharmaceuticals Ltd.(a)(L) | 128,918 | ||||||
1,756 | Savient Pharmaceuticals, Inc.(a) | 10,167 | ||||||
1,931 | Sepracor, Inc.(a) | 21,202 | ||||||
1,198 | Techne Corp. | 77,295 | ||||||
41,400 | Teva Pharmaceutical Industries Ltd. - ADR | 1,762,398 | ||||||
874 | Valeant Pharmaceuticals International(a) | 20,015 | ||||||
3,432 | Warner Chilcott Ltd.(a) | 49,764 | ||||||
55,967 | Watson Pharmaceuticals, Inc.(a)(L) | 1,487,043 | ||||||
82,100 | Wyeth | 3,079,571 | ||||||
628 | XenoPort, Inc.(a) | 15,750 | ||||||
38,235,691 | ||||||||
Real Estate - 0.9% | ||||||||
1,696 | Acadia Realty Trust | 24,202 | ||||||
2,080 | American Campus Communities, Inc.(L) | 42,598 | ||||||
1,470 | American Capital Agency Corp. | 31,399 | ||||||
121,400 | Annaly Mortgage Management, Inc. | 1,926,618 | ||||||
973 | Apartment Investment & Management Co. | 11,238 | ||||||
98,000 | China Overseas Land & Investment Ltd.(L) | 136,311 | ||||||
96,000 | China Resources Land Limited | 117,674 |
The accompanying notes are an integral part of these financial statements.
11
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Real Estate (cont.) | ||||||||
1,133 | Digital Realty Trust, Inc. | $37,219 | ||||||
125 | Essex Property Trust, Inc. | 9,594 | ||||||
1,720 | Forest City Enterprises, Inc. | 11,524 | ||||||
1,620 | Hatteras Financial Corp. | 43,092 | ||||||
2,889 | Health Care REIT, Inc. | 121,916 | ||||||
47,230 | Liberty Property Trust | 1,078,261 | ||||||
161,000 | Link REIT | 265,903 | ||||||
669 | Nationwide Health Properties, Inc. | 19,214 | ||||||
911 | Omega Healthcare Investors, Inc. | 14,549 | ||||||
617 | Rayonier, Inc. | 19,343 | ||||||
136,000 | SP Setia Berhad | 121,850 | ||||||
905 | Tanger Factory Outlet Centers, Inc. | 34,046 | ||||||
35,188 | Taubman Centers, Inc.(L) | 895,886 | ||||||
1,567 | The St. Joe Co.(a) | 38,109 | ||||||
787 | Ventas, Inc. | 26,420 | ||||||
5,026,966 | ||||||||
Restaurants - 0.2% | ||||||||
1,639 | Burger King Holdings, Inc. | 39,139 | ||||||
3,555 | Chipotle Mexican Grill, Inc., Class A(a) | 220,339 | ||||||
19,800 | McDonald’s Corp. | 1,231,362 | ||||||
735 | Papa John’s International, Inc.(a) | 13,546 | ||||||
10,910 | The Cheesecake Factory(a) | 110,191 | ||||||
4,411 | Wendy’s Arby’s Group, Inc. | 21,791 | ||||||
1,636,368 | ||||||||
Retail - 3.7% | ||||||||
2,177 | Advance Auto Parts | 73,256 | ||||||
43,300 | Aeon Co Ltd. | 426,074 | ||||||
1,349 | Aeropostale, Inc.(a) | 21,719 | ||||||
1,862 | American Eagle Outfitters | 17,428 | ||||||
174 | Bebe Stores, Inc. | 1,300 | ||||||
34,847 | Big Lots, Inc.(a)(L) | 504,933 | ||||||
76,740 | BJ’s Wholesale Club, Inc.(a) | 2,629,112 | ||||||
3,971 | Carmax, Inc.(a) | 31,292 | ||||||
1,390 | Carter’s, Inc.(a)(L) | 26,771 | ||||||
23,035 | Chico’s FAS, Inc.(a) | 96,286 | ||||||
1,950 | Citi Trends, Inc.(a) | 28,704 | ||||||
2,870 | Collective Brands, Inc.(a) | 33,636 | ||||||
3,054 | Dick’s Sporting Goods, Inc.(a) | 43,092 | ||||||
1,889 | Dollar Tree, Inc.(a) | 78,960 | ||||||
215,200 | Gap, Inc. | 2,881,528 | ||||||
2,100 | Genesco, Inc.(a) | 35,532 | ||||||
427,000 | GOME Electrical Appliances Holdings Ltd.(a) | 46,721 | ||||||
4,041 | J. Crew Group, Inc.(a) | 49,300 | ||||||
8,560 | Jo-Ann Stores, Inc.(a)(L) | 132,594 | ||||||
4,106 | Lululemon Athletica, Inc.(a) | 32,561 | ||||||
80,750 | OfficeMax, Inc.(L) | 616,930 | ||||||
1,077 | O’Reilly Automotive, Inc.(a) | 33,107 | ||||||
2,637 | PetSmart, Inc. | 48,653 | ||||||
1,900 | Regis Corp. | 27,607 | ||||||
4,850 | Rent-A-Center, Inc.(a) | 85,603 | ||||||
3,298 | Ross Stores, Inc. | 98,050 | ||||||
2,200 | Shimamura Co., Ltd. | 167,700 | ||||||
4,400 | Shoppers Drug Mart Corp.(L) | 171,260 | ||||||
81,400 | Staples, Inc. | 1,458,688 | ||||||
79,800 | Tesco PLC | 413,038 | ||||||
23,390 | The Wet Seal, Inc.(a)(L) | 69,468 | ||||||
5,327 | Tiffany & Co. | 125,877 | ||||||
79,700 | TJX Cos., Inc.(L) | 1,639,429 | ||||||
2,530 | True Religion Apparel, Inc.(a)(L) | 31,473 | ||||||
6,279 | Urban Outfitters, Inc.(a) | 94,059 | ||||||
59,300 | Walgreen Co. | 1,462,931 | ||||||
224,300 | Walmart De Mexico SA | 599,278 | ||||||
125,200 | Wal-Mart Stores, Inc. | 7,018,712 | ||||||
7,666 | Whole Foods Market, Inc. | 72,367 | ||||||
10,772 | Williams-Sonoma, Inc. | 84,668 | ||||||
21,509,697 | ||||||||
Schools - 0.7% | ||||||||
1,090 | American Public Education, Inc.(a) | 40,537 | ||||||
28,000 | Apollo Group, Inc., Class A(a) | 2,145,360 | ||||||
2,280 | Corinthian Colleges, Inc.(a) | 37,324 | ||||||
1,650 | Devry, Inc. | 94,726 | ||||||
18,248 | ITT Educational Services, Inc.(a)(L) | 1,733,195 | ||||||
4,051,142 | ||||||||
Technology - 1.4% | ||||||||
935 | ADTRAN, Inc. | 13,913 | ||||||
2,111 | AECOM Technology Corp.(a) | 64,871 | ||||||
6,400 | Canon, Inc. | 195,565 | ||||||
1,674 | CommScope, Inc.(a) | 26,014 | ||||||
1,046 | Data Domain, Inc.(a) | 19,665 | ||||||
1,538 | Diebold, Inc. | 43,202 | ||||||
414 | Digimarc Corp.(a) | 4,148 | ||||||
1,950 | El Paso Electric Co.(a) | 35,276 | ||||||
105,600 | Ingram Micro, Inc.(a) | 1,413,984 | ||||||
114,990 | Intel Corp. | 1,685,753 | ||||||
1,700 | Interdigital, Inc.(a) | 46,750 | ||||||
2,610 | JDA Software Group, Inc.(a) | 34,269 | ||||||
38,200 | Juniper Networks, Inc.(a)(L) | 668,882 | ||||||
757 | Life Technologies Corp.(a) | 17,646 | ||||||
769 | Luminex Corp.(a) | 16,426 | ||||||
88,300 | Maxim Integrated Products, Inc. | 1,008,386 | ||||||
56,400 | National Semiconductor Corp.(L) | 567,948 | ||||||
2,844 | Polypore International, Inc.(a) | 21,501 | ||||||
652 | ScanSource, Inc.(a) | 12,564 | ||||||
41,700 | United Technologies Corp. | 2,235,120 | ||||||
11,858 | Universal Display Corp.(a) | 112,058 | ||||||
8,243,941 | ||||||||
Telecommunications - 4.9% | ||||||||
2,204 | Alaska Communications Systems Group, Inc. | 20,673 | ||||||
38,400 | America Movil SA, Series L - ADR | 1,190,016 | ||||||
311,547 | AT&T, Inc. | 8,879,089 | ||||||
1,800 | Atlantic Tele-Network, Inc. | 47,790 | ||||||
21,600 | BCE, Inc. | 439,699 | ||||||
42,500 | Broadcom Corp.(a) | 721,225 | ||||||
62,000 | CenturyTel, Inc.(L) | 1,694,460 | ||||||
22,000 | China Mobile Ltd. | 220,846 | ||||||
22,501 | Chunghwa Telecom Co Ltd - ADR | 351,016 | ||||||
11,837 | Clearwire Corp.(a) | 58,356 | ||||||
680 | Comtech Telecommunications Corp.(a) | 31,158 | ||||||
2,344 | Frontier Communications Corp. | 20,486 | ||||||
563 | Global Crossing Ltd.(a) | 4,470 | ||||||
786 | Iowa Telecomm Services, Inc. | 11,224 | ||||||
2,627 | JDS Uniphase Corp.(a) | 9,588 | ||||||
23,800 | LG Telecom Ltd. | 187,634 | ||||||
45,100 | Magyar Telekom PLC | 126,620 | ||||||
2,400 | Mobile Tele Systems - ADR(a) | 64,032 | ||||||
7,600 | Mobinil | 202,520 | ||||||
1,294 | Neustar, Inc.(a) | 24,754 | ||||||
1,772 | NTELOS Holding Corp.(L) | 43,697 | ||||||
597 | NTT DoCoMo, Inc. | 1,161,730 | ||||||
11,982 | Polycom, Inc.(a) | 161,877 | ||||||
1,401 | Premiere Global Services, Inc.(a) | 12,063 | ||||||
82,000 | Qualcomm, Inc. | 2,938,060 | ||||||
97,200 | Royal KPN NV | 1,402,469 | ||||||
3,216 | SBA Communications Corp.(a) | 52,485 | ||||||
89,575 | Singapore Telecommunications Ltd. | 158,540 | ||||||
3,500 | Starent Networks Corp.(a)(L) | 41,755 | ||||||
517 | Swisscom AG | 164,910 | ||||||
3,910 | Syniverse Holdings, Inc.(a)(L) | 46,685 | ||||||
3,600 | Tele Norte Leste Participacoes SA | 50,112 | ||||||
3,900 | Telecommunication Systems, Inc.(a)(L) | 33,501 | ||||||
17,600 | Telefonaktiebolaget LM Ericsson - ADR | 137,456 | ||||||
189,200 | Telefonaktiebolaget LM Ericsson, Class B(L) | 1,406,807 |
The accompanying notes are an integral part of these financial statements.
12
portfolio of investments (continued)
NEW COVENANT GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (cont.) | ||||||||
Telecommunications (cont.) | ||||||||
9,203 | Telefonica de Espana | $202,763 | ||||||
56,400 | Telefonos de Mexico SA - ADR | 1,181,016 | ||||||
16,950 | Telekomunikacja | 107,632 | ||||||
103,000 | Telekomunikasi Indonesia(a) | 65,202 | ||||||
46,000 | Telenor ASA | 304,166 | ||||||
79,500 | Telmex Internacional S.A.B. DE CV - ADR(L) | 903,120 | ||||||
104,800 | Telstra Corp., Ltd. | 279,845 | ||||||
3,178 | TW Telecom, Inc.(a) | 26,918 | ||||||
4,700 | USA Mobility, Inc. | 54,379 | ||||||
78,400 | Verizon Communications, Inc. | 2,657,760 | ||||||
110,784 | Vodafone Group PLC | 221,399 | ||||||
28,122,003 | ||||||||
Transportation - 2.2% | ||||||||
1,750 | Alaska Air Group, Inc.(a)(L) | 51,187 | ||||||
3,697 | AMR Corp.(a) | 39,447 | ||||||
26,000 | Burlington Northern Santa Fe Corp. | 1,968,460 | ||||||
7,700 | Celadon Group, Inc.(a)(L) | 65,681 | ||||||
1,174 | Eagle Bulk Shipping, Inc. | 8,007 | ||||||
54 | East Japan Railway Co. | 410,436 | ||||||
19,100 | Expeditors International of Washington, Inc. | 635,457 | ||||||
708 | Forward Air Corp. | 17,183 | ||||||
756 | Genco Shipping & Trading Ltd. | 11,189 | ||||||
577 | Genesee & Wyoming, Inc.(a) | 17,598 | ||||||
42,000 | Hankyu Holdings, Inc. | 239,537 | ||||||
5,000 | Hawaiian Holdings, Inc.(a)(L) | 31,900 | ||||||
4,623 | HUB Group, Inc., Class A(a) | 122,648 | ||||||
83,792 | J.B. Hunt Transport Services, Inc.(L) | 2,201,216 | ||||||
1,827 | Kansas City Southern(a) | 34,804 | ||||||
870 | Kirby Corp.(a) | 23,803 | ||||||
973 | Knight Transportation, Inc. | 15,685 | ||||||
2,099 | Landstar System, Inc. | 80,665 | ||||||
12,600 | Norfolk Southern Corp. | 592,830 | ||||||
700 | Overseas Shipholding Group, Inc. | 29,477 | ||||||
598 | Ryder System, Inc. | 23,190 | ||||||
866 | Ship Finance International Ltd. | 9,569 | ||||||
302,100 | Southwest Airlines Co. | 2,604,102 | ||||||
1,464 | UTI Worldwide, Inc. | 20,994 | ||||||
29,126 | Veolia Environnement | 898,801 | ||||||
121,200 | Werner Enterprises, Inc. | 2,101,608 | ||||||
23,000 | Yamato Holdings Co., Ltd. | 294,319 | ||||||
12,549,793 | ||||||||
Waste Management - 0.4% | ||||||||
775 | American Ecology Corp. | 15,679 | ||||||
3,544 | Covanta Holding Corp.(a) | 77,826 | ||||||
9,506 | Darling International, Inc.(a) | 52,188 | ||||||
1,330 | Waste Connections, Inc.(a) | 41,988 | ||||||
70,400 | Waste Management, Inc. | 2,333,056 | ||||||
2,520,737 | ||||||||
Total Common Stocks (Cost $666,201,043) | 545,954,713 | |||||||
INVESTMENT COMPANIES - 2.7% | ||||||||
7,300 | BioMed Realty Trust, Inc. | 85,556 | ||||||
597 | Federal Realty Investment Trust | 37,062 | ||||||
40,600 | iShares Russell 1000 Index Fund | 1,988,588 | ||||||
16,220 | iShares Russell 2000 Index Fund | 799,159 | ||||||
139,800 | SPDR Trust Series 1 | 12,615,552 | ||||||
Total Investment Companies (Cost $15,703,661) | 15,525,917 | |||||||
PREFERRED STOCK - 0.0% | ||||||||
17,300 | Vale Rio Doce | 184,245 | ||||||
Total Preferred Stock (Cost $259,351) | 184,245 | |||||||
Principal Amount | Value | |||||||
CORPORATE BOND - 0.1% | ||||||||
$707,000 | Suzlon Energy Ltd. (0.00%), 06/12/2012 | $263,058 | ||||||
Total Corporate Bond (Cost $745,228) | 263,058 | |||||||
CASH EQUIVALENT - 3.0% | ||||||||
17,442,058 | JP Morgan Cash Trade Execution | 17,442,058 | ||||||
Total Cash Equivalent (Cost $17,442,058) | 17,442,058 | |||||||
INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES - 9.1% | ||||||||
2,500,000 | Bayerische Landesbank, 2.25%, 01/12/09(c) | 2,502,112 | ||||||
522,180 | BSABS 06-HE5 A1 ABS, 0.52%, 01/26/09(c) | 504,353 | ||||||
6,000,000 | Citigroup Funding Inc. MTN, 0.41%, 06/01/09(c) | 5,891,352 | ||||||
6,000,000 | Goldman Sachs Group, Inc. MTN, 0.17%, 02/13/09(c) | 5,980,056 | ||||||
2,008,501 | GSAA ABS, 0.56%, 01/26/09(c) | 1,276,537 | ||||||
22,065,834 | JP Morgan Prime Money Market Fund, | 22,065,834 | ||||||
281,912 | Long Beach Mortgage Loan Trust ABS, 0.51%, 01/16/09(c) | 270,696 | ||||||
7,000,000 | Monumental Global Funding II MTN, 0.20%, 05/26/10(c) | 6,022,117 | ||||||
2,500,000 | Raiffeisen Centrobank AG, 1.75%, 01/20/09 | 2,502,508 | ||||||
3,000,000 | Santander U.S. Debt SA MTN, 2.87%, 11/20/09(c) | 2,961,714 | ||||||
2,500,000 | Wachovia Bank N.A. Bank MTN, 7.14%, 08/10/09(c) | 2,456,233 | ||||||
Total Investments Held As Collateral For Loaned Securities (Cost $54,378,427) | 52,433,512 | |||||||
TOTAL INVESTMENTS — 109.3% (Cost $754,729,768) | $631,803,504 | |||||||
Liabilities in excess of other assets — (9.3)% | (53,549,599 | ) | ||||||
TOTAL NET ASSETS — 100.00% | $578,253,905 | |||||||
(a) | Non-income producing security. | |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933 or otherwise restricted as to resale. | |
These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
The Adviser, using procedures approved by the Board of Trustees, has deemed these securities to be liquid. | ||
(c) | Variable or Floating Rate Security. Rate disclosed is as of December 31, 2008. | |
(L) | A portion or all of the security is on loan. | |
ABS | Asset Backed Security | |
ADR | American Depository Receipt | |
GDR | Global Depository Receipt | |
MTN | Medium Term Note | |
PLC | Public Liability Company |
The accompanying notes are an integral part of these financial statements.
13
portfolio of investments (continued)
NEW COVENANT INCOME FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Principal Amount | Value | |||||||
ASSET BACKED SECURITIES - 1.7% | ||||||||
$575,000 | Lehman XS Trust 2005-1 3A3A, 5.11%, 07/25/35 | $289,530 | ||||||
565,000 | Lehman XS Trust 2005-6 3A3A, 5.76%, 11/25/35 | 258,992 | ||||||
2,420,000 | Lehman XS Trust 2006-5 2A4A, 5.89%, 04/25/36 | 1,675,565 | ||||||
4,850,819 | Master Asset Backed Securities 2005-AB1, 5.23%, 11/25/35 | 4,219,926 | ||||||
Total Asset Backed Securities (Cost $8,387,796) | 6,444,013 | |||||||
CORPORATE BONDS - 31.3% | ||||||||
1,650,000 | Abbott Laboratories, 5.88%, 05/15/16 | 1,789,745 | ||||||
3,600,000 | American International Group, Inc., 4.70%, 10/01/10 | 3,181,788 | ||||||
2,150,000 | American Water Capital Corp., 6.09%, 10/15/17 | 1,875,787 | ||||||
3,700,000 | Amgen, Inc., 5.85%, 06/01/17 | 3,827,472 | ||||||
3,100,000 | Arcelormittal Sa Luxembourg, 5.38%, 06/01/13 | 2,339,995 | ||||||
2,500,000 | AstraZeneca Plc, 5.40%, 09/15/12 | 2,642,425 | ||||||
3,600,000 | AT&T Wireless Services, Inc., 8.13%, 05/01/12 | 3,863,336 | ||||||
2,800,000 | Bank of America Commercial Mortgage, 5.30%, 03/15/17 | 2,663,004 | ||||||
3,200,000 | BP Capital Markets, LLC, 5.25%, 11/07/13 | 3,344,153 | ||||||
2,800,000 | BRE Properties, Inc., 5.50%, 03/15/17 | 1,428,224 | ||||||
3,800,000 | Burlington Northern Santa Fe Corp., 6.75%, 07/15/11 | 3,864,843 | ||||||
2,800,000 | Carolina Power & Light Co., 6.50%, 07/15/12 | 2,759,243 | ||||||
850,000 | Citigroup, Inc., 5.50%, 08/27/12 | 825,779 | ||||||
2,285,000 | Citigroup, Inc., 6.13%, 11/21/17 | 2,313,005 | ||||||
2,850,000 | Comcast Cable Communications, Inc., 6.75%, 01/30/11 | 2,862,198 | ||||||
2,500,000 | Covidien Ltd., 5.45%, 10/15/12 | 2,447,985 | ||||||
1,150,000 | Credit Suisse, 6.00%, 02/15/18 | 1,057,871 | ||||||
1,125,000 | Eaton Vance Corp., 6.50%, 10/02/17 | 998,452 | ||||||
2,775,000 | ERP Operating LP, 5.75%, 06/15/17 | 1,918,344 | ||||||
1,000,000 | Federated Retail Holdings, Inc., 5.90%, 12/01/16 | 607,949 | ||||||
1,732,748 | FedEx Corp., 6.72%, 07/15/23 | 1,667,389 | ||||||
3,700,000 | Fifth Third Bancorp, 6.25%, 05/01/13(L) | 3,434,925 | ||||||
1,950,000 | Firstar Bank, 7.13%, 12/01/09 | 1,969,947 | ||||||
4,100,000 | General Electric Capital Corp., 6.13%, 02/22/11 | 4,245,599 | ||||||
3,350,000 | General Mills, Inc., 6.00%, 02/15/12 | 3,477,635 | ||||||
875,000 | GlaxoSmithKline Plc, 4.85%, 05/15/13 | 878,529 | ||||||
3,100,000 | Goldman Sachs Group, Inc., 5.30%, 02/14/12 | 2,927,972 | ||||||
3,000,000 | Goldman Sachs Group, Inc., 5.95%, 01/18/18 | 2,849,376 | ||||||
2,500,000 | Home Depot, Inc., 5.40%, 03/01/16 | 2,240,515 | ||||||
1,500,000 | HSBC Finance Corp., 4.13%, 11/16/09 | 1,486,503 | ||||||
750,000 | HSBC Finance Corp., 6.75%, 05/15/11 | 747,151 | ||||||
3,700,000 | International Business Machines Corp., 7.63%, 10/15/18 | 4,444,962 | ||||||
3,300,000 | International Lease Finance Corp., 6.38%, 03/25/13 | 2,243,561 | ||||||
1,750,000 | Kinder Morgan Energy Partners LP, 7.40%, 03/15/31 | 1,504,157 | ||||||
1,000,000 | Kraft Foods, Inc., 6.13%, 08/23/18 | 987,645 | ||||||
2,100,000 | May Department Stores Co., 7.45%, 09/15/11 | 1,650,692 | ||||||
1,600,000 | Merrill Lynch & Co., 4.13%, 09/10/09 | 1,586,389 | ||||||
3,450,000 | Merrill Lynch & Co., 6.50%, 08/15/12 | 3,406,416 | ||||||
3,250,000 | MetLife, Inc., 5.00%, 06/15/15 | 3,048,347 | ||||||
3,400,000 | Morgan Stanley, 5.63%, 01/09/12 | 3,226,423 | ||||||
2,900,000 | Morgan Stanley, 5.95%, 12/28/17 | 2,410,906 | ||||||
1,250,000 | National City Corp., 4.50%, 03/15/10 | 1,203,870 | ||||||
2,375,000 | National City Corp., 6.88%, 05/15/19 | 1,907,650 | ||||||
600,000 | Nationwide Financial Services, Inc., 5.90%, 07/01/12 | 542,981 | ||||||
1,500,000 | PepsiCo, Inc., 7.90%, 11/01/18 | 1,841,756 | ||||||
725,000 | PNC Funding Corp., 5.50%, 09/28/12 | 735,093 | ||||||
2,630,000 | PNC Funding Corp., 6.13%, 02/15/09 | 2,637,322 | ||||||
2,100,000 | Prudential Financial, Inc., 6.10%, 06/15/17 | 1,724,717 | ||||||
2,500,000 | Rio Tinto Ltd, 5.88%, 07/15/13 | 1,993,148 | ||||||
2,000,000 | SunTrust Banks, Inc., 4.25%, 10/15/09 | 1,981,300 | ||||||
600,000 | SunTrust Banks, Inc., 5.25%, 11/05/12 | 588,318 | ||||||
3,175,000 | Time Warner, Inc., 6.88%, 05/01/12 | 3,052,423 | ||||||
1,732,000 | Verizon Communications, Inc., 5.88%, 01/17/12 | 1,706,235 | ||||||
2,725,000 | Vodafone Group PLC, 5.63%, 02/27/17 | 2,571,730 | ||||||
200,000 | WellPoint, Inc., 5.88%, 06/15/17 | 182,321 | ||||||
Total Corporate Bonds (Cost $128,394,101) | 119,715,501 | |||||||
MORTGAGE BACKED SECURITIES - 34.4% | ||||||||
3,490,000 | American Home Mortgage Investment Trust 2005-2 5A4C, 5.41%, 09/25/35 | 2,365,391 | ||||||
2,315,744 | American Home Mortgage Investment Trust 2006-21A1, 5.48%, 09/25/46 | 1,030,506 | ||||||
174,415 | American Home Morgtgage Investment Trust 2007-1 A1, 5.22%, 02/25/47 | 60,173 | ||||||
4,310,000 | Banc of America Commercial Mortgage 2004-3 A5, 5.32%, 06/10/39 | 3,792,776 | ||||||
3,825,000 | Banc of America Commercial Mortgage 2004-4 A6, 4.88%, 07/10/42 | 3,210,574 | ||||||
3,230,000 | Banc of America Commercial Mortgage 2005-6 AM, 5.18%, 09/10/47 | 1,910,805 | ||||||
4,215,000 | Banc of America Commercial Mortgage 2006-3, 5.81%, 07/10/44 | 2,189,457 | ||||||
5,235,000 | Banc of America Commercial Mortgage 2006-4, 0.06%, 08/10/16 | 2,635,168 | ||||||
836,702 | Banc of America Commercial Mortgage 2006-F, 5.18%, 07/20/36 | 565,543 | ||||||
700,000 | Banc of America Commercial Mortgage 2007-1, 5.45%, 01/15/49 | 522,030 | ||||||
2,075,000 | Citigroup Commercial Mortgage Trust 2007-C6, 5.70%, 12/10/49 | 370,913 | ||||||
1,596,000 | Citigroup Commercial Mortgage Trust 2008-C7, 6.10%, 12/10/49 | 429,109 | ||||||
878,096 | Citigroup Mortgage Loan Trust Inc. 2005-7, 5.18%, 11/25/35 | 568,284 | ||||||
2,980,000 | Commercial Mortgage Pass-Through Certificate 2007-C9, 5.82%, 12/10/49 | 2,268,987 | ||||||
4,262,064 | Countrywide Alternative Loan Trust 2005-50CB 1A1, 5.50%, 11/25/35 | 2,116,656 | ||||||
2,696,274 | Countrywide Alternative Loan Trust 2007-26R A1, 7.00%, 01/25/37 | 1,452,752 | ||||||
5,229,014 | Countrywide Alternative Loan Trust 2007-OA2 1A1, 5.36%, 03/25/47 | 1,958,789 | ||||||
1,014,082 | Countrywide Home Loans 2005-HYB6 4A1B, 5.37%, 10/20/35 | 567,311 | ||||||
3,656,821 | Countrywide Home Loans 2007-HY5 1A1, 5.95%, 09/25/47 | 1,918,566 | ||||||
1,365,000 | Credit Suisse First Boston Mortgage Securities Corp. 2003-C3 A5, 3.94%, 05/15/38 | 1,164,227 | ||||||
1,540,000 | Credit Suisse First Boston Mortgage Securities Corp. 2005-C1 A4, 5.01%, 02/15/38 | 1,282,882 | ||||||
1,825,000 | Credit Suisse First Boston Mortgage Securities Corp. 2007-4R IAI, 5.70%, 10/26/36 | 907,937 | ||||||
1,205,000 | Credit Suisse Mortgage Capital Certificate 2006-C1 AM, 5.55%, 02/15/39 | 627,109 | ||||||
6,060,000 | Credit Suisse Mortgage Capital Certificate 2006-C4 A3, 5.47%, 09/15/39 | 4,477,716 |
The accompanying notes are an integral part of these financial statements.
14
portfolio of investments (continued)
NEW COVENANT INCOME FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Principal Amount | Value | |||||||
MORTGAGE BACKED SECURITIES (cont.) | ||||||||
$4,585,000 | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 005-3 5A5, 5.25%, 06/25/35 | $3,383,719 | ||||||
357,740 | Deutsche ALT-A Securities, Inc. Mortgage Loan Trust 2007-OA2, 3.25%, 04/25/47 | 158,908 | ||||||
1,149,876 | First Horizon Mortgage Trust, 2007-AR2, 5.89%, 07/25/37 | 699,408 | ||||||
1,370,000 | General Electric Capital Commercial Mortgage Corp., 4.60%, 11/10/38 | 1,176,583 | ||||||
1,230,000 | GMAC Commercial Mortgage Securities 2004-C2 A4, 5.30%, 08/10/38 | 1,054,865 | ||||||
3,220,000 | Goldman Sachs Mortgage Securities Corp. 2007-GG10 A2, 5.78%, 08/10/45 | 2,457,088 | ||||||
1,235,000 | Goldman Sachs Mortgage Securities Corp. 2007-GG10 A4, 5.99%, 08/10/45 | 900,128 | ||||||
1,243,032 | GSAA Home Equity Trust 2007-5, 2.49%, 05/25/37 | 660,789 | ||||||
1,470,511 | GSAA Home Equity Trust 2007-10 A1A, 6.00%, 11/25/37 | 780,400 | ||||||
1,184,008 | GSAA Home Equity Trust 2007-10 A1A, 6.50%, 11/25/37 | 556,456 | ||||||
3,625,557 | HSI Home Loan Obligation 2007-AR2 2A1, 6.00%, 09/25/37 | 1,880,432 | ||||||
3,638,294 | Indymac Index Mortgage Loan Trust 2006-AR11, 5.83%, 06/25/36 | 1,675,207 | ||||||
3,098,514 | JP Morgan Chase Adjustable Rate Mortgage Trust 2007-5, 5.80%, 08/25/47 | 1,525,762 | ||||||
5,445,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2004-CB9 A4, 5.39%, 06/12/41 | 4,618,537 | ||||||
1,200,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP7 A4, 6.07%, 04/15/45 | 961,108 | ||||||
2,125,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LPD8 B, 5.52%, 05/15/45 | 450,670 | ||||||
4,270,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2006-LDP9 A4, 5.34%, 05/15/47 | 3,216,209 | ||||||
1,305,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2007-CIBC18, 5.44%, 06/12/47 | 945,701 | ||||||
1,565,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2007-LDP11 A4, 6.01%, 06/15/49 | 1,110,273 | ||||||
3,880,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2007-LDP12, 5.83%, 02/15/51 | 3,036,725 | ||||||
4,165,000 | JP Morgan Chase Commercial Mortgage Securities Corp. 2007-LD12 A4, 5.88%, 02/15/51 | 2,975,184 | ||||||
1,470,000 | JP Morgan Chase Commercial Mortgage Securites Corp. 2007-PWR18, 6.21%, 06/11/50 | 398,992 | ||||||
4,364,000 | LB-UBS Commercial Mortgage Trust 2004-C7 A6, 4.79%, 10/15/29 | 3,502,034 | ||||||
3,770,000 | LB-UBS Commercial Morgage Trust 2006-C6 AM, 0.05%, 09/15/36 | 1,840,115 | ||||||
2,440,012 | Master Adjustable Rate Mortgage 2006-OA2 4A1B, 5.72%, 12/25/46 | 782,512 | ||||||
1,395,642 | Master Reperforming Loan Trust 2006-2 1A1, 5.90%, 05/25/36(a) | 1,172,339 | ||||||
565,000 | Merrill Lynch/Countrywide Commercial Mortgage Trust 2006-4 A3, 5.17%, 12/12/49 | 426,635 | ||||||
2,145,000 | Morgan Stanley Capital 1, 2004-1Q7, 5.41%, 06/15/38 | 1,869,036 | ||||||
5,945,000 | Morgan Stanley Capital 1, 2004-1Q15 A-4, 5.88%, 06/11/49 | 4,423,435 | ||||||
3,050,000 | Morgan Stanley Mortgage Loan Trust 2006-7 5A2, 5.96%, 06/25/36 | 1,595,526 | ||||||
560,000 | Nomura Asset Acceptance Corp. 2006-AF2 1A4, 6.41%, 05/25/36 | 190,498 | ||||||
2,071,281 | PHH Alternative Mortgage Trust 2007-1 21A, 6.00%, 02/25/37 | 996,269 | ||||||
790,232 | Residential Funding Mortgage Securities I 2006-SA2 2AI, 5.85%, 08/25/36 | 397,708 | ||||||
3,264,611 | Structured Adjustable Rate Mortgage Loan 2007-3 3A1, 5.72%, 04/25/37 | 1,582,663 | ||||||
2,554,023 | TBW Morgage Backed Pass-Through Certificate 2006-2 7A1, 7.00%, 07/25/36 | 1,267,824 | ||||||
4,995,000 | Wachovia Bank Commercial Mortgage Trust 2004-C11, 5.22%, 01/15/41 | 4,202,947 | ||||||
4,885,000 | Wachovia Bank Commercial Mortgage Trust 2004-C12 A4, 5.41%, 07/15/41 | 4,120,230 | ||||||
3,669,395 | Wachovia Mortgage Loan Trust LLC 2006-A 3A1, 5.24%, 05/20/36 | 2,839,460 | ||||||
4,051,278 | Washington Mutual Mortgage Pass-Through Certificates 2005-AR3 4.64%, 03/25/35 | 2,782,692 | ||||||
4,130,000 | Washington Mutual Mortgage Pass-Through Certificates 2005-AR5, 4.68%, 05/25/35 | 2,594,318 | ||||||
3,349,000 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR2, 5.75%, 10/25/36 | 1,898,338 | ||||||
2,019,784 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR2, 5.27%, 04/25/46 | 900,420 | ||||||
1,135,354 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR3, 5.30%, 05/25/46 | 501,826 | ||||||
451,776 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR8, 5.18%, 10/25/46 | 134,991 | ||||||
546,227 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR9, 5.17%, 11/25/46 | 205,217 | ||||||
3,557,302 | Washington Mutual Mortgage Pass-Through Certificates 2006-AR17, 5.57%, 12/25/2046 | 1,029,839 | ||||||
4,820,727 | Washington Mutual Mortgage Pass-Through Certificates 2007-HY3, 5.35%, 08/25/36 | 2,763,801 | ||||||
2,971,908 | Washington Mutual Mortgage Pass-Through Certificates 2007-HY5, 5.34%, 05/25/37 | 1,745,345 | ||||||
9,102,006 | Washington Mutual Mortgage Pass-Through Certificates 2007-HY6, 5.70%, 06/25/37 | 4,470,453 | ||||||
1,736,399 | Washington Mutual Mortgage Pass-Through Certificates 2007-HY6, 5.71%, 06/25/37 | 902,827 | ||||||
1,059,666 | Washington Mutual Mortgage Pass-Through Certificates 2007-HY7, 5.91%, 07/25/37 | 559,203 | ||||||
852,275 | Washington Mutual Mortgage Pass-Through Certificates 2007-OA3, 5.10%, 04/25/47 | 170,455 | ||||||
1,108,514 | Washington Mutual Mortgage Pass-Through Certificates 2007-OA4, 5.09%, 04/25/47 | 221,703 | ||||||
894,604 | Washington Mutual Mortgage Pass-Through Certificates 2007-OA5, 5.78%, 06/25/47 | 178,921 | ||||||
1,601,602 | Washington Mutual Mortgage Pass-Through Certificates 2007-OA6, 5.14%, 07/25/47 | 677,318 | ||||||
4,053,834 | Wells Fargo Mortgage Backed Securities Trust 2006-AR10 5A1, 5.60%, 07/25/36 | 2,302,781 | ||||||
5,320,000 | Wells Fargo Mortgage Backed Securities Trust 2006-AR7 2A5, 5.61%, 05/25/36 | 3,239,626 | ||||||
Total Mortgage Backed Securities (Cost $208,024,444) | 131,506,110 | |||||||
The accompanying notes are an integral part of these financial statements.
15
portfolio of investments (continued)
NEW COVENANT INCOME FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCIES - 24.6% | ||||||||
Fannie Mae | ||||||||
$2,044,437 | 7.56%, 12/01/10 | $2,119,717 | ||||||
7,563,884 | 6.41%, 01/01/11 | 7,862,171 | ||||||
1,877,140 | 6.70%, 01/01/11 | 1,955,523 | ||||||
4,505,824 | 5.90%, 04/01/11 | 4,688,209 | ||||||
1,415,929 | 6.09%, 05/01/11 | 1,474,655 | ||||||
1,262,626 | 6.52%, 05/01/11 | 1,318,954 | ||||||
2,745,000 | 6.28%, 08/01/11 | 2,877,871 | ||||||
2,633,575 | 6.13%, 10/01/11 | 2,756,576 | ||||||
1,417,291 | 6.01%, 11/01/11 | 1,476,805 | ||||||
5,484,912 | 5.71%, 02/01/12 | 5,769,205 | ||||||
1,514,626 | 5.78%, 07/01/12 | 1,583,578 | ||||||
1,928,308 | 5.77%, 06/01/13 | 2,029,814 | ||||||
2,000,000 | 5.52%, 05/01/17 | 2,101,066 | ||||||
774,714 | 6.50%, 08/01/17 | 805,080 | ||||||
2,587,626 | 5.00%, 01/01/21 | 2,671,666 | ||||||
855,000 | 5.00%, 03/25/32 | 874,391 | ||||||
960,000 | 4.50%, 07/25/33 | 968,215 | ||||||
4,935,000 | 5.00%, 04/25/34 | 4,979,199 | ||||||
3,546,673 | 5.50%, 12/25/34 | 3,670,432 | ||||||
995,885 | 5.44%, 01/01/36 | 996,537 | ||||||
758,037 | 5.48%, 03/01/36 | 775,712 | ||||||
2,824,475 | 5.90%, 07/25/42 | 2,891,015 | ||||||
56,646,391 | ||||||||
Freddie Mac | ||||||||
1,943,147 | 4.50%, 07/15/16 | 1,970,179 | ||||||
4,150,000 | 5.00%, 02/15/20 | 4,250,595 | ||||||
3,030,397 | 5.00%, 12/01/20 | 3,119,347 | ||||||
5,270,000 | 5.00%, 08/15/31 | 5,405,277 | ||||||
1,230,000 | 5.00%, 03/15/32 | 1,258,739 | ||||||
4,150,000 | 5.00%, 06/15/33 | 4,152,840 | ||||||
3,395,000 | 5.00%, 03/15/34 | 3,427,298 | ||||||
3,859,999 | 5.00%, 04/01/38 | 3,949,426 | ||||||
2,285,000 | 5.00%, 08/01/38 | 2,337,938 | ||||||
7,264,999 | 5.00%, 12/01/38 | 7,436,507 | ||||||
37,308,146 | ||||||||
Total U.S. Government Agencies (Cost $90,566,315) | 93,954,537 | |||||||
CLOSED-END INVESTMENT COMPANIES - 1.6% | ||||||||
156,000 | BlackRock Income Trust | 917,280 | ||||||
25,300 | First Trust/FIDAC Mortgage Income Fund | 418,968 | ||||||
49,589 | MFS Government Markets Income Trust | 391,753 | ||||||
297,100 | MFS Intermediate Income Trust | 1,856,875 | ||||||
76,216 | Putnam Master Intermediate Income Trust(L) | 308,675 | ||||||
221,136 | Putnam Premier Income Trust(L) | 855,796 | ||||||
73,600 | Western Asset/Claymore US Treasury Fund | 772,064 | ||||||
72,500 | Western Asset/Claymore US Treasury Inflation Protected Securites Fund 2(L) | 783,000 | ||||||
Total Closed-End Investment Companies (Cost $6,897,603) | 6,304,411 | |||||||
CASH EQUIVALENT - 5.6% | ||||||||
21,102,558 | JP Morgan Cash Trade Execution | 21,102,558 | ||||||
Total Cash Equivalent (Cost $21,102,558) | 21,102,558 | |||||||
Principal Amount | ||||||||
or Shares | Value | |||||||
INVESTMENTS HELD AS COLLATERAL FOR LOANED SECURITIES - 1.2% | ||||||||
190,985 | CWL 2006-I4 2AI ABS, 0.52%, 02/02/09(b) | 190,985 | ||||||
2,474,390 | JP Morgan Prime Money Market Fund, | 2,474,390 | ||||||
2,000,000 | Santander U.S. Debt SA MTN, 2.26%, 11/20/09(b) | 2,000,000 | ||||||
4,665,375 | ||||||||
Total Investments Held As Collateral For Loaned Securities (Cost $4,665,375) | 4,665,375 | |||||||
TOTAL INVESTMENTS — 100.4% (Cost $468,038,192) | $383,692,505 | |||||||
Liabilities in excess of other assets — (0.4)% | (1,537,714 | ) | ||||||
TOTAL NET ASSETS — 100.00% | $382,154,791 | |||||||
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933 or otherwise restricted as to resale. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Adviser, using procedures approved by the Board of Trustees, has deemed these securities to be liquid. | |
(b) | Variable or Floating Rate Security. Rate disclosed is as of December 31, 2008. | |
(L) | A portion or all of the security is on loan. | |
ABS | Asset Backed Security | |
LP | Limited Partnership | |
MTN | Medium Term Note | |
PLC | Public Liability Company |
The accompanying notes are an integral part of these financial statements.
16
portfolio of investments (continued)
NEW COVENANT BALANCED GROWTH FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
INVESTMENT COMPANIES - 98.7%: | ||||||||
6,253,105 | New Covenant Growth Fund(a) | $135,379,728 | ||||||
4,098,995 | New Covenant Income Fund(a) | 83,373,563 | ||||||
Total Investment Companies (Cost $267,013,097) | 218,753,291 | |||||||
CASH EQUIVALENTS - 1.4%: | ||||||||
3,045,071 | JP Morgan Cash Trade Execution | 3,045,071 | ||||||
Total Cash Equivalents (Cost $3,045,071) | 3,045,071 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $270,058,168) | 221,798,362 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (179,845 | ) | ||||||
NET ASSETS — 100.00% | $221,618,517 | |||||||
(a) | Investment in affiliate. |
NEW COVENANT BALANCED INCOME FUND
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
SCHEDULE OF INVESTMENTS at December 31, 2008 (Unaudited)
Shares | Value | |||||||
INVESTMENT COMPANIES - 97.4%: | ||||||||
1,298,715 | New Covenant Growth Fund(a) | $28,117,183 | ||||||
2,346,863 | New Covenant Income Fund(a) | 47,735,201 | ||||||
Total Investment Companies (Cost $88,559,134) | 75,852,384 | |||||||
CASH EQUIVALENTS - 2.6%: | ||||||||
2,071,354 | JP Morgan Cash Trade Execution | 2,071,354 | ||||||
Total Cash Equivalents (Cost $2,071,354) | 2,071,354 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $90,630,488) | $77,923,738 | |||||||
Liabilities in Excess of Other Assets — (0.0)% | (27,498 | ) | ||||||
NET ASSETS — 100.00% | $77,896,240 | |||||||
(a) | Investment in affiliate. |
The accompanying notes are an integral part of these financial statements.
17
statements of assets and liabilities
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
Balanced | Balanced | |||||||||||||||
Growth Fund | Income Fund | Growth Fund | Income Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (Cost $754,729,768, $468,038,192, $3,045,071 and $2,071,354, respectively)(a) | $631,803,504 | $383,692,505 | $3,045,071 | $2,071,354 | ||||||||||||
Investments in affiliates, at value (Cost $0, $0, $267,013,097 and $88,559,134, respectively) | — | — | 218,753,291 | 75,852,384 | ||||||||||||
Foreign currency, at value (cost $645,458, $0, $0, $0, respectively) | 642,430 | — | — | — | ||||||||||||
Interest and dividends receivable | 1,263,093 | 3,556,235 | 3,687 | 2,772 | ||||||||||||
Receivable for capital shares issued | — | — | 1,285 | — | ||||||||||||
Receivable for investments sold | 299,971 | 1,302,798 | — | — | ||||||||||||
Receivable from Adviser | — | — | 41,358 | 14,998 | ||||||||||||
Reclaims receivable | 16,033 | — | — | — | ||||||||||||
Other receivables | 34,945 | — | — | — | ||||||||||||
Prepaid expenses | 48,202 | 27,944 | 15,866 | 4,207 | ||||||||||||
Total Assets | 634,108,178 | 388,579,482 | 221,860,558 | 77,945,715 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for investments purchased | 680,908 | 1,293,805 | — | — | ||||||||||||
Payable for capital shares redeemed | 133,784 | 11,296 | 143,932 | — | ||||||||||||
Payable for return of collateral received on securities loaned | 54,378,427 | 4,665,375 | — | — | ||||||||||||
Cash overdraft | 84,486 | 273,250 | — | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory, net | 356,719 | 60,030 | — | — | ||||||||||||
Administration | 10,150 | 7,103 | 3,242 | 4,557 | ||||||||||||
Shareholder service | 85,750 | 50,429 | 42,570 | 15,210 | ||||||||||||
Transfer agent | 17,211 | 12,538 | 17,638 | 8,173 | ||||||||||||
Accounting | 20,342 | 14,819 | 3,331 | 4,531 | ||||||||||||
Chief Compliance Officer | 12,763 | 6,938 | 4,439 | 1,548 | ||||||||||||
Other | 73,733 | 29,108 | 26,889 | 15,456 | ||||||||||||
Total Liabilities | 55,854,273 | 6,424,691 | 242,041 | 49,475 | ||||||||||||
NET ASSETS | $578,253,905 | $382,154,791 | $221,618,517 | $77,896,240 | ||||||||||||
Capital | 812,672,642 | 481,187,470 | 289,943,031 | 94,788,917 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (438,788 | ) | 390,686 | 764,062 | 246 | |||||||||||
Accumulated net realized losses from investment and foreign currency transactions | (111,044,342 | ) | (15,077,678 | ) | (20,828,770 | ) | (4,186,173 | ) | ||||||||
Net unrealized depreciation on investment transactions and translation of assets and liabilities denominated in foreign currency | (122,935,607 | ) | (84,345,687 | ) | (48,259,806 | ) | (12,706,750 | ) | ||||||||
Net assets | $578,253,905 | $382,154,791 | $221,618,517 | $77,896,240 | ||||||||||||
Shares outstanding | 26,713,396 | 18,784,760 | 3,627,609 | 5,148,389 | ||||||||||||
Net asset value, offering price and redemption price per share | $21.65 | $20.34 | $61.09 | $15.13 |
(a) | Includes value of securities on loan of $46,049,840, $4,580,499, $0 and $0, respectively. |
The accompanying notes are an integral part of these financial statements.
18
statements of operations
NEW COVENANT FUNDS
For the six months ended December 31, 2008 (Unaudited)
For the six months ended December 31, 2008 (Unaudited)
Balanced | Balanced | |||||||||||||||
Growth Fund | Income Fund | Growth Fund | Income Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest | $126,330 | $12,848,759 | $22,839 | $15,948 | ||||||||||||
Dividend | 7,211,889 | 285,290 | — | — | ||||||||||||
Dividend income from affiliates | — | — | 3,390,404 | 1,573,406 | ||||||||||||
Foreign tax withholding | (82,437 | ) | — | — | — | |||||||||||
Income from securities lending | 293,475 | 36,258 | — | — | ||||||||||||
Total Investment Income | 7,549,257 | 13,170,307 | 3,413,243 | 1,589,354 | ||||||||||||
EXPENSES (Note 3): | ||||||||||||||||
Investment advisory | 3,457,986 | 1,682,887 | — | — | ||||||||||||
Shareholder servicing | 629,895 | 351,089 | 316,147 | 109,025 | ||||||||||||
Other | 129,197 | 82,048 | 67,530 | 35,027 | ||||||||||||
Custodian | 69,369 | 3,489 | 11,266 | 1,265 | ||||||||||||
Administration | 67,883 | 43,613 | 25,471 | 8,589 | ||||||||||||
Accounting | 46,838 | 30,038 | 15,874 | 11,429 | ||||||||||||
Transfer agent | 29,225 | 19,041 | 40,067 | 16,459 | ||||||||||||
Chief Compliance Officer | 15,500 | 9,400 | 5,603 | 1,914 | ||||||||||||
Total expenses before contractual fee reductions | 4,445,893 | 2,221,605 | 481,958 | 183,708 | ||||||||||||
Expenses contractually reduced by Adviser | (629,895 | ) | (355,588 | ) | (316,147 | ) | (109,025 | ) | ||||||||
Total expenses | 3,815,998 | 1,866,017 | 165,811 | 74,683 | ||||||||||||
NET INVESTMENT INCOME | 3,733,259 | 11,304,290 | 3,247,432 | 1,514,671 | ||||||||||||
REALIZED AND UNREALIZED LOSSES FROM INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS | ||||||||||||||||
Net realized losses on investment transactions | (93,027,689 | ) | (5,348,947 | ) | (5,666,983 | )+ | (1,967,056 | )+ | ||||||||
Net realized losses on foreign currency transactions | (32,881 | ) | — | — | — | |||||||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (177,264,036 | ) | (64,411,706 | ) | (70,435,923 | ) | (18,474,710 | ) | ||||||||
Net realized/unrealized losses from investments and foreign currency transactions | (270,324,606 | ) | (69,760,653 | ) | (76,102,906 | ) | (20,441,766 | ) | ||||||||
Change in net assets resulting from operations | $(266,591,347 | ) | $(58,456,363 | ) | $(72,855,474 | ) | $(18,927,095 | ) | ||||||||
+ Represents realized gains (losses) from investment transactions with affiliates.
The accompanying notes are an integral part of these financial statements.
19
statements of changes in net assets
NEW COVENANT FUNDS
Growth Fund | Income Fund | |||||||||||||||
For the six months | For the year | For the six months | For the year | |||||||||||||
ended | ended | ended | ended | |||||||||||||
December 31, 2008# | June 30, 2008 | December 31, 2008# | June 30, 2008 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $3,733,259 | $6,682,015 | $11,304,290 | $24,875,128 | ||||||||||||
Net realized gains (losses) from investment and foreign currency transactions | (93,060,570 | ) | 13,400,987 | (5,348,947 | ) | (1,484,526 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currency | (177,264,036 | ) | (143,982,348 | ) | (64,411,706 | ) | (14,848,719 | ) | ||||||||
Change in net assets resulting from operations | (266,591,347 | ) | (123,899,346 | ) | (58,456,363 | ) | 8,541,883 | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (3,669,792 | ) | (6,213,533 | ) | (11,365,954 | ) | (24,383,715 | ) | ||||||||
From net realized gains on investments | — | (50,587,280 | ) | — | — | |||||||||||
Tax return of capital | — | (583,333 | ) | — | — | |||||||||||
Change in net assets from distributions to shareholders | (3,669,792 | ) | (57,384,146 | ) | (11,365,954 | ) | (24,383,715 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 46,069,605 | 79,145,233 | 8,236,880 | 57,836,439 | ||||||||||||
Dividends reinvested | 300,904 | 37,621,232 | 859,708 | 4,783,382 | ||||||||||||
Cost of shares redeemed | (33,941,818 | ) | (132,932,426 | ) | (53,444,814 | ) | (87,797,578 | ) | ||||||||
Change in net assets from capital transactions | 12,428,691 | (16,165,961 | ) | (44,348,226 | ) | (25,177,757 | ) | |||||||||
Change in net assets | (257,832,448 | ) | (197,449,453 | ) | (114,170,543 | ) | (41,019,589 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period/year | 836,086,353 | 1,033,535,806 | 496,325,334 | 537,344,923 | ||||||||||||
End of period/year | $578,253,905 | $836,086,353 | $382,154,791 | $496,325,334 | ||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 1,984,401 | 2,172,726 | 366,442 | 2,329,879 | ||||||||||||
Reinvested | 6,293 | 1,063,966 | 41,494 | 194,341 | ||||||||||||
Redeemed | (1,447,983 | ) | (3,635,350 | ) | (2,535,465 | ) | (3,528,009 | ) | ||||||||
Net increase (decrease) | 542,711 | (398,658 | ) | (2,127,529 | ) | (1,003,789 | ) | |||||||||
Undistributed (distributions in excess of) net investment income | $(438,788 | ) | $(502,255 | ) | $390,686 | $452,350 | ||||||||||
# | Unaudited |
The accompanying notes are an integral part of these financial statements.
20
statements of changes in net assets
NEW COVENANT FUNDS
Balanced Growth Fund | Balanced Income Fund | |||||||||||||||
For the six months | For the year | For the six months | For the year | |||||||||||||
ended | ended | ended | ended | |||||||||||||
December 31, 2008# | June 30, 2008 | December 31, 2008# | June 30, 2008 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $3,247,432 | $6,889,718 | $1,514,671 | $3,327,286 | ||||||||||||
Net realized gains (losses) from investment and foreign currency transactions | (5,666,983 | )+ | 12,564,601 | + | (1,967,056 | )+ | 3,060,100 | + | ||||||||
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currency | (70,435,923 | ) | (43,833,206 | ) | (18,474,710 | ) | (10,660,838 | ) | ||||||||
Change in net assets resulting from operations | (72,855,474 | ) | (24,378,887 | ) | (18,927,095 | ) | (4,273,452 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (2,483,370 | ) | (6,897,814 | ) | (1,514,425 | ) | (3,327,286 | ) | ||||||||
From net realized gains on investments | (3,339,267 | ) | — | — | — | |||||||||||
Tax return of capital | — | — | — | (4,188 | ) | |||||||||||
Change in net assets from distributions to shareholders | (5,822,637 | ) | (6,897,814 | ) | (1,514,425 | ) | (3,331,474 | ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | 7,827,188 | 28,451,471 | 1,206,858 | 5,908,103 | ||||||||||||
Dividends reinvested | 5,121,462 | 5,431,198 | 961,249 | 2,087,756 | ||||||||||||
Cost of shares redeemed | (17,946,268 | ) | (50,655,654 | ) | (6,487,279 | ) | (19,589,213 | ) | ||||||||
Change in net assets from capital transactions | (4,997,618 | ) | (16,772,985 | ) | (4,319,172 | ) | (11,593,354 | ) | ||||||||
Change in net assets | (83,675,729 | ) | (48,049,686 | ) | (24,760,692 | ) | (19,198,280 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period/year | 305,294,246 | 353,343,932 | 102,656,932 | 121,855,212 | ||||||||||||
End of period/year | $221,618,517 | $305,294,246 | $77,896,240 | $102,656,932 | ||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 105,431 | 321,476 | 73,218 | 292,233 | ||||||||||||
Reinvested | 80,748 | 62,912 | 59,954 | 105,772 | ||||||||||||
Redeemed | (259,651 | ) | (572,086 | ) | (384,708 | ) | (971,203 | ) | ||||||||
Net decrease | (73,472 | ) | (187,698 | ) | (251,536 | ) | (573,198 | ) | ||||||||
Undistributed net investment income | $764,062 | $— | $246 | $— | ||||||||||||
# | Unaudited | |
+ | Represents realized gains (losses) from investment transactions with affiliates. |
The accompanying notes are an integral part of these financial statements.
21
financial highlights
NEW COVENANT FUNDS
For a Share outstanding throughout the period/year
Growth Fund | ||||||||||||||||||||||||
For the six months | For the year | For the year | For the year | For the year | For the year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
December 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||
2008(b) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net Asset Value, Beginning of Period/Year | $31.95 | $38.90 | $32.76 | $29.92 | $28.07 | $23.51 | ||||||||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Net investment income(a) | 0.14 | 0.26 | 0.26 | 0.18 | 0.21 | 0.07 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (10.30 | ) | (4.98 | ) | 6.17 | 2.86 | 1.85 | 4.58 | ||||||||||||||||
Total from Investment Activities | (10.16 | ) | (4.72 | ) | 6.43 | 3.04 | 2.06 | 4.65 | ||||||||||||||||
DIVIDENDS: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.24 | ) | (0.29 | ) | (0.20 | ) | (0.21 | ) | (0.09 | ) | ||||||||||||
Net realized gains | — | (1.97 | ) | — | — | — | — | |||||||||||||||||
Tax return of capital | — | (0.02 | ) | — | — | — | — | |||||||||||||||||
Total Dividends | (0.14 | ) | (2.23 | ) | (0.29 | ) | (0.20 | ) | (0.21 | ) | (0.09 | ) | ||||||||||||
Change in net asset value per share | (10.30 | ) | (6.95 | ) | 6.14 | 2.84 | 1.85 | 4.56 | ||||||||||||||||
Net Asset Value, End of Period/Year | $21.65 | $31.95 | $38.90 | $32.76 | $29.92 | $28.07 | ||||||||||||||||||
Total Return | (31.85 | )%(c) | (12.61 | )% | 19.68% | 10.17% | 7.38% | 19.81% | ||||||||||||||||
RATIOS/SUPPLEMENTARY DATA: | ||||||||||||||||||||||||
Net assets at end of period (in 000’s) | $578,254 | $836,086 | $1,033,536 | $906,010 | $878,583 | $834,575 | ||||||||||||||||||
Ratio of expenses to average net assets | 1.09% | (d) | 1.10% | 1.08% | 1.07% | 1.11% | 1.13% | |||||||||||||||||
Ratio of net investment income to average net assets | 1.07% | (d) | 0.73% | 0.73% | 0.58% | 0.75% | 0.32% | |||||||||||||||||
Ratio of expenses to average net assets(a) | 1.28% | (d) | 1.29% | 1.28% | 1.28% | 1.36% | 1.39% | |||||||||||||||||
Ratio of net investment income to average net assets(a) | 0.88% | (d) | 0.54% | 0.53% | 0.37% | 0.50% | 0.06% | |||||||||||||||||
Portfolio turnover rate | 48% | (c) | 65% | 65% | 51% | 76% | 94% |
(a) | Ratios excluding waivers. | |
(b) | Unaudited. | |
(c) | Not annualized. | |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
22
financial highlights
NEW COVENANT FUNDS
For a Share outstanding throughout the period/year
Income Fund | ||||||||||||||||||||||||
For the six months | For the year | For the year | For the year | For the year | For the year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
December 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||
2008(b) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net Asset Value, Beginning of Period/Year | $23.73 | $24.52 | $24.28 | $25.56 | $25.17 | $26.62 | ||||||||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Net investment income | 0.58 | 1.16 | 1.12 | 1.00 | 0.94 | 0.96 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.39 | ) | (0.81 | ) | 0.25 | (1.23 | ) | 0.55 | (0.96 | ) | ||||||||||||||
Total from Investment Activities | (2.81 | ) | 0.35 | 1.37 | (0.23 | ) | 1.49 | 0.00 | ||||||||||||||||
DIVIDENDS: | ||||||||||||||||||||||||
Net investment income | (0.58 | ) | (1.14 | ) | (1.13 | ) | (1.04 | ) | (1.04 | ) | (0.90 | ) | ||||||||||||
Net realized gains | — | — | — | (0.01 | ) | (0.06 | ) | (0.44 | ) | |||||||||||||||
Tax return of capital | — | — | — | * | — | * | — | (0.11 | ) | |||||||||||||||
Total Dividends | (0.58 | ) | (1.14 | ) | (1.13 | ) | (1.05 | ) | (1.10 | ) | (1.45 | ) | ||||||||||||
Change in net asset value per share | (3.39 | ) | (0.79 | ) | 0.24 | (1.28 | ) | 0.39 | (1.45 | ) | ||||||||||||||
Net Asset Value, End of Period/Year | $20.34 | $23.73 | $24.52 | $24.28 | $25.56 | $25.17 | ||||||||||||||||||
Total Return | (11.89 | )%(c) | 1.36% | 5.65% | (0.90 | )% | 6.02% | 0.00% | ||||||||||||||||
RATIOS/SUPPLEMENTARY DATA: | ||||||||||||||||||||||||
Net assets at end of period (in 000’s) | $382,155 | $496,325 | $537,345 | $526,359 | $527,208 | $524,025 | ||||||||||||||||||
Ratio of expenses to average net assets | 0.83% | (d) | 0.85% | 0.84% | 0.84% | 0.86% | 0.86% | |||||||||||||||||
Ratio of net investment income to average net assets | 5.05% | (d) | 4.70% | 4.49% | 4.04% | 3.68% | 3.70% | |||||||||||||||||
Ratio of expenses to average net assets(a) | 0.99% | (d) | 1.01% | 1.01% | 1.01% | 1.08% | 1.11% | |||||||||||||||||
Ratio of net investment income to average net assets(a) | 4.89% | (d) | 4.54% | 4.32% | 3.87% | 3.46% | 3.45% | |||||||||||||||||
Portfolio turnover rate | 176% | (c) | 170% | 258% | 263% | 206% | 242% |
* | Less than $0.005. | |
(a) | Ratios excluding waivers. | |
(b) | Unaudited. | |
(c) | Not annualized. | |
(d) | Annualized. |
The accompanying notes are an integral part of these financial statements.
23
financial highlights
NEW COVENANT FUNDS
For a Share outstanding throughout the period/year
Balanced Growth Fund | ||||||||||||||||||||||||
For the six months | For the year | For the year | For the year | For the year | For the year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
December 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||
2008(c) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net Asset Value, Beginning of Period/Year | $82.49 | $90.86 | $81.30 | $78.20 | $74.65 | $67.88 | ||||||||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Net investment income(a) | 0.89 | 1.83 | 1.83 | 1.52 | 1.41 | 1.34 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments(a) | (20.68 | ) | (8.37 | ) | 9.56 | 3.10 | 3.54 | 6.73 | ||||||||||||||||
Total from Investment Activities | (19.79 | ) | (6.54 | ) | 11.39 | 4.62 | 4.95 | 8.07 | ||||||||||||||||
DIVIDENDS: | ||||||||||||||||||||||||
Net investment income | (0.68 | ) | (1.83 | ) | (1.83 | ) | (1.52 | ) | (1.40 | ) | (1.23 | ) | ||||||||||||
Net realized gains | (0.93 | ) | — | — | — | — | — | |||||||||||||||||
Tax return of capital | — | — | — | — | * | — | (0.07 | ) | ||||||||||||||||
Total Dividends | (1.61 | ) | (1.83 | ) | (1.83 | ) | (1.52 | ) | (1.40 | ) | (1.30 | ) | ||||||||||||
Change in net asset value per share | (21.40 | ) | (8.37 | ) | 9.56 | 3.10 | 3.55 | 6.77 | ||||||||||||||||
Net Asset Value, End of Period/Year | $61.09 | $82.49 | $90.86 | $81.30 | $78.20 | $74.65 | ||||||||||||||||||
Total Return | (24.06 | )%(d) | (7.26 | )% | 14.11% | 5.93% | 6.68% | 11.95% | ||||||||||||||||
RATIOS/SUPPLEMENTARY DATA: | ||||||||||||||||||||||||
Net assets at end of period (in 000’s) | $221,619 | $305,294 | $353,344 | $312,077 | $305,524 | $302,446 | ||||||||||||||||||
Ratio of expenses to average net assets | 0.13% | (e) | 0.15% | 0.12% | 0.12% | 0.14% | 0.15% | |||||||||||||||||
Ratio of net investment income to average net assets | 2.48% | (e) | 2.07% | 2.11% | 1.85% | 1.83% | 1.52% | |||||||||||||||||
Ratio of expenses to average net assets(b) | 0.37% | (e) | 0.39% | 0.37% | 0.38% | 0.22% | 0.15% | |||||||||||||||||
Ratio of net investment income to average net assets(b) | 2.24% | (e) | 1.83% | 1.86% | 1.59% | 1.75% | 1.52% | |||||||||||||||||
Portfolio turnover rate | 6% | (d) | 17% | 7% | 10% | 5% | 12% |
* | Less than $0.005. | |
(a) | Includes income or gains (losses) from affiliates. | |
(b) | Ratios excluding waivers. | |
(c) | Unaudited. | |
(d) | Not Annualized. | |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
24
financial highlights
NEW COVENANT FUNDS
For a Share outstanding throughout the period/year
Balanced Income Fund | ||||||||||||||||||||||||
For the six months | For the year | For the year | For the year | For the year | For the year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
December 31, | June 30, | June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||
2008(c) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Net Asset Value, Beginning of Period/Year | $19.01 | $20.40 | $18.99 | $18.90 | $18.24 | $17.52 | ||||||||||||||||||
INVESTMENT ACTIVITIES: | ||||||||||||||||||||||||
Net investment income(a) | 0.29 | 0.60 | 0.59 | 0.52 | 0.48 | 0.53 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments(a) | (3.88 | ) | (1.39 | ) | 1.41 | 0.09 | 0.66 | 0.70 | ||||||||||||||||
Total from Investment Activities | (3.59 | ) | (0.79 | ) | 2.00 | 0.61 | 1.14 | 1.23 | ||||||||||||||||
DIVIDENDS: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.60 | ) | (0.59 | ) | (0.52 | ) | (0.48 | ) | (0.48 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | — | ||||||||||||||||||
Tax return of capital | — | — | — | * | — | — | (0.03 | ) | ||||||||||||||||
Total Dividends | (0.29 | ) | (0.60 | ) | (0.59 | ) | (0.52 | ) | (0.48 | ) | (0.51 | ) | ||||||||||||
Change in net asset value per share | �� | (3.88 | ) | (1.39 | ) | 1.41 | 0.09 | 0.66 | 0.72 | |||||||||||||||
Net Asset Value, End of Period/Year | $15.13 | $19.01 | $20.40 | $18.99 | $18.90 | $18.24 | ||||||||||||||||||
Total Return | (18.95 | )%(d) | (3.95 | )% | 10.65% | 3.26% | 6.32% | 7.07% | ||||||||||||||||
RATIOS/SUPPLEMENTARY DATA: | ||||||||||||||||||||||||
Net assets at end of period (in 000’s) | $77,896 | $102,657 | $121,855 | $122,512 | $124,809 | $124,915 | ||||||||||||||||||
Ratio of expenses to average net assets | 0.17% | (e) | 0.20% | 0.15% | 0.15% | 0.17% | 0.18% | |||||||||||||||||
Ratio of net investment income to average net assets | 3.40% | (e) | 2.97% | 2.95% | 2.71% | 2.58% | 2.34% | |||||||||||||||||
Ratio of expenses to average net assets(b) | 0.41% | (e) | 0.44% | 0.40% | 0.41% | 0.25% | 0.18% | |||||||||||||||||
Ratio of net investment income to average net assets(b) | 3.16% | (e) | 2.73% | 2.70% | 2.45% | 2.50% | 2.34% | |||||||||||||||||
Portfolio turnover rate | 8% | (d) | 10% | 7% | 13% | 6% | 12% |
* | Less than $0.005. | |
(a) | Includes income or gains (losses) from affiliates. | |
(b) | Ratios excluding waivers. | |
(c) | Unaudited. | |
(d) | Not Annualized. | |
(e) | Annualized. |
The accompanying notes are an integral part of these financial statements.
25
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
1. Organization
New Covenant Funds (the “Trust”), an open-end, diversified management investment company, was organized as a Delaware statutory trust on September 30, 1998. It currently consists of four investment funds: New Covenant Growth Fund (“Growth Fund”), New Covenant Income Fund (“Income Fund”), New Covenant Balanced Growth Fund (“Balanced Growth Fund”), and New Covenant Balanced Income Fund (“Balanced Income Fund”), (individually, a “Fund,” and collectively, the “Funds”). The Funds commenced operations on July 1, 1999. The Trust’s authorized capital consists of an unlimited number of shares of beneficial interest of $0.001 par value. The Funds’ investment adviser is the One Compass Advisors, a wholly owned subsidiary of the Presbyterian Church (U.S.A.) Foundation (the “Adviser”).
The objectives of the Funds are as follows:
Growth Fund | Long-term capital appreciation. Dividend income, if any, will be incidental. | |
Income Fund | High level of current income with preservation of capital. | |
Balanced Growth Fund | Capital appreciation with less risk than would be present in a portfolio of only common stocks. | |
Balanced Income Fund | Current income and long-term growth of capital. |
2. Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with GAAP.
Portfolio Valuation: Fund investments are recorded at market value. Portfolio securities listed on a domestic or foreign exchange are valued at the last sale price on the day of valuation or, if there was no sale that day, at the last reported bid price as of the close of trading. Equity securities traded on NASDAQ use the official closing price. Equity securities which are traded in the over-the-counter market only, but which are not included on NASDAQ, are valued at the mean between the last preceding bid and ask prices. Debt securities acquired with a remaining maturity of sixty days or more are valued using a pricing service when such prices are believed to reflect fair market value. Debt securities acquired with a remaining maturity of less than sixty days are valued at amortized cost, which approximates market value. Investments in open-end mutual funds are valued at net asset value. All other assets and securities with no readily determinable market values are valued using procedures adopted by the Board of Trustees. Factors used in determining fair value include but are not limited to: type of security or asset, fundamental analytical data relating to the investment in the security, evaluation of the forces that influence the market in which the security is purchased and sold, and information as to any transactions or offers with respect to the security. As of December 31, 2008, the Funds did not hold any securities for which market quotations were not readily available.
Foreign securities traded outside the United States are generally valued as of the time their trading is complete, which is usually different from the close of the U.S. markets. Occasionally, events affecting the value of such securities may occur between such times and the close of the New York Stock Exchange that will not be reflected in the security’s market value. If events materially affecting the value of such securities occur during such period, these securities will be valued at their fair value according to procedures adopted by the Board of Trustees. All securities and other assets of a Fund initially expressed in foreign currencies will be converted to U.S. dollar values at the foreign exchange rate every business day, generally at 4:00 PM ET.
The Funds adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“FAS 157”), on July 1, 2008. FAS 157 requires each Fund to classify its securities based on valuation method, using the following three levels:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, with similar interest rates, prepayment speeds, credit risk, etc.). [Generally, the types of securities included in Level 2 of a bond fund are corporate bonds, asset-backed securities, mortgage-backed securities, convertible bonds, U.S. government and agencies securities, U.S. treasury bills and swaps.]
Level 3 - Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments). [Generally, the types of securities included in Level 3 of a fund are securities for which there is limited or no observable fair value inputs available, and as such the fair value is determined through management’s fair value procedures established by the board of directors. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on disposition (trading in similar securities of the same issuer or
26
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
comparable companies); information from broker-dealers; and/or evaluation of the forces that influence the market in which the securities are purchased and sold.]
As of December 31, 2008, each fund’s investments in securities were classified as follows:
Growth Fund
Investments in | ||||
Description | Securities | |||
Level 1 - Quoted prices | $601,172,767 | |||
Level 2 - Other significant observable inputs | 30,630,736 | |||
Level 3 - Significant unobservable inputs | 0 | |||
Total | $631,803,503 | |||
Income Fund
Investments in | ||||
Description | Securities | |||
Level 1 - Quoted prices | $29,881,359 | |||
Level 2 - Other significant observable inputs | 353,811,146 | |||
Level 3 - Significant unobservable inputs | 0 | |||
Total | $383,692,505 | |||
Balanced Growth Fund
Investments in | ||||
Description | Securities | |||
Level 1 - Quoted prices | $221,798,362 | |||
Level 2 - Other significant observable inputs | 0 | |||
Level 3 - Significant unobservable inputs | 0 | |||
Total | $221,798,362 | |||
Balanced Income Fund
Investments in | ||||
Description | Securities | |||
Level 1 - Quoted prices | $77,923,738 | |||
Level 2 - Other significant observable inputs | 0 | |||
Level 3 - Significant unobservable inputs | 0 | |||
Total | $77,923,738 | |||
The valuation levels are not necessarily an indication of the risk associated with investing in these securities. While uniformity of presentation is the objective of the standard, industry implementation has just begun and it is likely that there will be a range of practices utilized. It may be some period of time before industry practices become more uniform. For this reason, care should be exercised in interpreting this information and/or using it for comparison with other mutual funds.
Securities Transactions and Investment Income: During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Securities sold are determined on a specific identification basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization of premium or accretion of discount for both financial reporting and tax purposes. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Options: The Income Fund may purchase or write options which are traded over-the-counter to hedge fluctuation risks in the prices of certain securities. When the Fund writes a call or put option, an amount equal to the premium received is reflected as a liability. The liability is subsequently “marked-to-market” to reflect the current market value of the option written. The premium paid by the Fund for the purchase of a call or put option is recorded as an investment and subsequently “marked-to-market” to reflect the current market value of the option purchased. The Fund is subject to the risk of an imperfect correlation between movement in the
27
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
price of the option and the price of the underlying security. Risks may also arise due to illiquid secondary markets for the options. There were no options outstanding at December 31, 2008.
Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuation and other assets and liabilities initially transacted in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investments and income and expenses are converted into U.S. dollars based upon exchange rates prevailing on the respective dates of such transactions. That portion of unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed.
The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to changes in the market prices of such securities. The Funds report gains and losses on foreign currency related transactions as realized and unrealized gains and losses for financial reporting purposes, whereas such gains and losses are treated as ordinary income or loss for U.S. federal income tax purposes.
Forward Foreign Currency Contracts: The Growth Fund may enter into forward foreign currency contracts as hedges against either specific transactions or portfolio positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time foreign forward contracts are extinguished.
Loans of Portfolio Securities: The Growth Fund and the Income Fund may lend their securities pursuant to a securities lending agreement (“Lending Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). Security loans made pursuant to the Lending Agreement are required at all times to be secured by collateral valued at least 102% of the market value of the securities loaned. Cash collateral received is invested by JPMorgan pursuant to the terms of the Lending Agreement. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. To the extent a loan is secured by non-cash collateral, the borrower is required to pay a loan premium. Non-cash collateral received cannot be sold or repledged. Net income earned on the investment of cash collateral and loan premiums received on non-cash collateral are allocated between JPMorgan and the Funds in accordance with the Lending Agreement. Income allocated to the Funds is included in investment income in the respective Statements of Operations.
At December 31, 2008, the cash collateral received by the Growth Fund and the Income Fund was invested in repurchase agreements and other short-term securities, at the time of purchase; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although this risk is mitigated by the collateral and by contract with the securities lending agent. Information on the investment of cash collateral is shown in the Schedules of Investments. The Growth Fund and the Income Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities lent while simultaneously seeking to earn income on the investment cash collateral. One of the risks is that, from time to time, the cost of borrowing cash could exceed income generated from the securities in the reinvestment portfolio. There is also the risk that, when lending portfolio securities, the securities may not be available to a Fund on a timely basis and a Fund may, therefore, lose the opportunity to sell the securities at a desirable price. In addition, in the event that a borrower of securities would file for bankruptcy or become insolvent, disposition of the securities may be delayed pending court action. However, loans will be made only to borrowers deemed by the Adviser to be creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments.
The value of the loaned securities and related collateral at December 31, 2008, was as follows:
Value of | Value of | |||||||
Fund | Securities Loaned | Collateral | ||||||
Growth Fund | $46,049,840 | $52,433,512 | ||||||
Income Fund | 4,580,499 | 4,665,375 | ||||||
Repurchase Agreements: The Funds may enter into repurchase agreements which are secured by obligations of the U.S. government with a bank, broker-dealer or other financial institution. Each repurchase agreement is at least 102% collateralized and marked-to-market. However, in the event of default or bankruptcy by the counterparty to the repurchase agreement, realization of the collateral may by subject to certain costs, losses or delays.
Forward Commitments, When-Issued Securities and Delayed-Delivery Transactions: The Growth Fund and the Income Fund may purchase or sell securities on a when-issued or delayed-delivery basis and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. Debt securities are often issued on that basis. No income will accrue on securities purchased on a when-issued or delayed-delivery basis until the securities are delivered. Securities purchased or sold on a
28
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
when-issued, delayed-delivery or forward-commitment basis involve a risk of loss if the value of the security to be purchased declines prior to settlement date. Although the Funds would generally purchase securities on a when-issued, delayed-delivery or forward-commitment basis with the intention of acquiring the securities, the Funds may dispose of such securities prior to settlement if the portfolio manager deems it appropriate to do so.
The Funds may dispose of or renegotiate a when-issued or forward-commitment security. The Funds will normally realize a capital gain or loss in connection with these transactions. For purposes of determining the Income Fund’s average dollar-weighted maturity, the maturity of when-issued or forward-commitment securities will be calculated from the commitment date.
When the Funds purchase securities on a when-issued, delayed-delivery or forward-commitment basis, the Funds will maintain cash, U.S. government securities or other liquid portfolio securities having a value (determined daily) at least equal to the amount of the Funds’ purchase commitments. In the case of a forward commitment to sell portfolio securities, the custodian will hold the portfolio securities in a segregated account while the commitment is outstanding. These procedures are designed to ensure that the Funds will maintain sufficient assets at all times to cover their obligations under when-issued purchases, forward commitments and delayed-delivery transactions.
As of December 31, 2008, the Fund had no outstanding when-issued or delayed-delivery purchase commitments with corresponding assets segregated.
Dividends and Distributions to Shareholders: Dividends from net investment income of all Funds are declared and paid at least annually. For all Funds, all net realized long-term or short-term capital gains, if any, will be declared and distributed at least annually. Interest and dividend payments will normally be distributed as income dividends on a quarterly basis for each of the Funds.
Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income, gains and losses on various investment securities held by a Fund, timing differences in the recognition of income, gains and losses and differing characterizations of distributions made by the Fund.
These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassifications. To the extent that distributions exceed net investment income and net realized gains for tax purposes, they are reported as returns of capital.
Federal Income Taxes: It is each Fund’s intention to continue to qualify annually as a regulated investment company by complying with the appropriate provisions of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for federal income tax has been made.
FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”) provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. As of December 31, 2008, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years.
Allocation of Expenses: Expenses directly attributable to a Fund are charged directly to that Fund, while expenses which are attributable to more than one Fund of the Trust are allocated among the respective Funds based upon relative net assets or some other reasonable method.
Expenses Paid Indirectly: The Growth Fund directs certain portfolio trades to brokers who rebate a portion of their commissions in cash to the Fund. The recaptured commissions are used to pay expenses of the Fund, including, but not limited to, administration fees, custody fees, audit fees and printing fees, as directed by the Trust. Under this arrangement, the Growth Fund had expenses reduced by $83,123, or less than 0.01%, as a percentage of the average daily net assets of the Fund on an annualized basis for the period ended December 31, 2008.
New Accounting Pronouncements. In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. Management is currently evaluating the implications of SFAS 161. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.
Guarantees and Indemnifications: Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust
29
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
enters into contracts with its vendors and others that provide general indemnification. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund. However, based on experience, the Funds expect the risk of loss to be remote.
3. Investment Advisory and Other Agreements
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with the One Compass Advisors. Under the Agreement, the Adviser is responsible for managing the Funds’ investments as well as furnishing the Funds with certain administrative services. The Growth Fund pays the Adviser a monthly fee at the annual rate of 0.99% of the Growth Fund’s average daily net assets and the Income Fund pays the Adviser a monthly fee at the annual rate of 0.75% of the Income Fund’s average daily net assets. The Adviser does not receive advisory fees for the Balanced Growth and Balanced Income Funds (the “Balanced Funds”). The Adviser has entered into Sub-Advisory Agreements with six Sub-Advisers to assist in the selection and management of the Growth Fund’s and Income Fund’s investment securities. It is the responsibility of the Sub-Advisers, under the direction of the Adviser, to make day-to-day investment decisions for these Funds. The Adviser, not the Funds, pays each Sub-Adviser a quarterly fee for their services. The Adviser pays the Sub-Adviser’s fee directly from its own advisory fees. The sub-advisory fees are based on the assets of a Fund for which the Sub-Adviser is responsible for making investment decisions.
The following are the Sub-Advisers for the Growth Fund: Capital Guardian Trust Company, Russell Implementation Services Inc., Santa Barbara Asset Management Inc., Sound Shore Management Inc., and Wellington Management Company, LLP.
Tattersall Advisory Group (“Tattersall”) is the Sub-Adviser for the Income Fund. Tattersall is a subsidiary of Wachovia Corporation (“Wachovia”). On October 3, 2008, Wachovia announced it had entered into a merger agreement with Wells Fargo & Company.
The Trust employs a Chief Compliance Officer (“CCO”) who receives a portion of his compensation from the Trust as approved by the Board of Trustees, as well as reimbursement of out-of-pocket expenses. The CCO is also an employee of the Adviser. For the six months ended December 31, 2008, the Growth Fund, the Income Fund, the Balanced Growth Fund and the Balanced Income Fund were allocated $15,500, $9,400, $5,603 and $1,914, respectively, for CCO compensation.
The Trust is a party to Shareholder Services Agreements pursuant to which each Fund is authorized to make payments to certain entities which may include investment advisors, banks, trust companies and other types of organizations (“Authorized Service Providers”) for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized Service Provider for its clients or other parties with which they have a servicing relationship. Under the terms of the Shareholder Services Agreement, each Fund is authorized to pay monthly to an Authorized Service Provider (which may include affiliates of the Funds) a shareholder services fee at the rate of 0.25% on an annual basis of the average daily net assets of the shares of the Fund attributable to or held in the name of the Authorized Service Provider for providing certain administrative services to Fund shareholders with whom the Authorized Service Provider has a servicing relationship. In connection with the Shareholder Services Agreement, the Adviser has agreed to waive the amount of the investment advisory fees payable to it by any Fund to the extent of the amount paid in fees by a Fund to any affiliated Authorized Service Provider under the Shareholder Services Agreement.
The Trust has entered into servicing agreements with U.S. Bancorp Fund Services, LLC (“USBFS”), an indirect, wholly owned subsidiary of U.S. Bancorp. Under the servicing agreements, USBFS provides transfer agency, administrative and fund accounting services to the Funds. Under the terms of the Transfer Agency Agreement, USBFS is entitled to account based fees and annual fund level fees, as well as reimbursement of out-of-pocket expenses incurred in providing transfer agency services. Under the Fund Accounting Agreement, USBFS is entitled to a fee computed at an annual rate of 0.02% of the Trust’s average daily net assets for the first $500,000,000, 0.01% for $500,000,001 to $1,000,000,000, and 0.0075% over $1,000,000,000. Under the Administration Agreement, USBFS is entitled to a fee computed at an annual rate of 0.03% of the Trust’s average daily net assets for the first $500,000,000, 0.02% for $500,000,001 to $1,000,000,000, and 0.01% over $1,000,000,000.
The Trust issues shares of the Funds pursuant to a Distribution Agreement with New Covenant Funds Distributor, Inc. (the “Distributor”), a wholly-owned subsidiary of New Covenant Trust Company, N.A., a subsidiary of the Presbyterian Church (U.S.A.) Foundation, under which the Distributor serves as the principal distributor of the Funds’ shares. The Funds do not pay the Distributor in its capacity as principal distributor.
The Trust has a Custodian Agreement with JPMorgan.
No officer, trustee or employee of the Trust, USBFS, or any affiliate thereof, except the CCO, receives any compensation from the Funds for serving as a Trustee or officer of the Trust. The Funds reimburse expenses incurred by the Trustees and Officers in attending Board and Committee meetings.
30
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
A summary of each Balanced Fund’s investment in the Growth Fund and Income Fund for the six months ended December 31, 2008, is as follows:
Share Activity | ||||||||||||||||||||||||||||
Balance | Balance | Realized | Value | |||||||||||||||||||||||||
Fund | June 30, 2008 | Purchases | Sales | December 31, 2008 | Gain (Loss) | Income | December 31, 2008 | |||||||||||||||||||||
New Covenant Balanced Growth Fund | ||||||||||||||||||||||||||||
New Covenant Growth Fund | 5,798,140 | 662,563 | 207,598 | 6,253,105 | $(2,444,311 | ) | $837,389 | $135,379,728 | ||||||||||||||||||||
New Covenant Income Fund | 4,844,231 | 51,665 | 796,901 | 4,098,995 | (3,222,672 | ) | 2,553,015 | 83,373,563 | ||||||||||||||||||||
New Covenant Balanced Income Fund | ||||||||||||||||||||||||||||
New Covenant Growth Fund | 1,153,258 | 222,151 | 76,694 | 1,298,715 | (623,281 | ) | 169,126 | 28,117,183 | ||||||||||||||||||||
New Covenant Income Fund | 2,637,195 | 79,541 | 369,873 | 2,346,863 | (1,333,774 | ) | 1,404,280 | 47,735,201 | ||||||||||||||||||||
4. | Purchases and Sales of Securities |
The cost of purchases and proceeds from sales of securities, excluding short-term U.S. government and other short-term investments, for the six months ended December 31, 2008, were as follows:
Purchases | Sales | |||||||||||||||
(excluding U.S. | (excluding U.S. | Purchases of | Sales of | |||||||||||||
Fund | Government) | Government) | U.S. Government | U.S. Government | ||||||||||||
Growth Fund | $560,757,185 | $549,045,991 | — | — | ||||||||||||
Income Fund | 183,439,602 | 223,267,462 | $236,111,272 | $409,759,912 | ||||||||||||
Balanced Growth Fund | 32,027,743 | 37,684,527 | — | — | ||||||||||||
Balanced Income Fund | 15,726,344 | 19,368,098 | — | — | ||||||||||||
5. Risk Factors
The performance of a Fund’s investments in non-U.S. companies and in companies operating internationally or in foreign countries will depend principally on economic conditions in their product markets, the securities markets where their securities are traded, and currency exchange rates. These risks are present because of uncertainty in future exchange rates back into U.S. dollars and possible political instability, which could affect foreign financial markets and local economies. There are also risks related to social and economic developments abroad, as well as risks resulting from the differences between the regulations to which U.S. and foreign issuers and markets are subject.
The Funds will not invest more than 15% of the value of their net assets in securities that are illiquid because of restrictions on transferability or other reasons. Repurchase agreements with deemed maturities in excess of seven days are subject to this 15% limit. The Funds may purchase securities which are not registered under the Securities Act of 1933 (the “Securities Act”) but which can be sold to “qualified institutional buyers” in accordance with Rule 144A under the Securities Act. In some cases, such securities are classified as “illiquid securities”; however, any such security will not be considered illiquid so long as it is determined by the Adviser, under guidelines approved by the Board of Trustees, that an adequate trading market exists for that security. This investment practice could have the effect of increasing the level of illiquidity in a Fund during any period that qualified institutional buyers become uninterested in purchasing these restricted securities.
The Income Fund may invest a limited amount of assets in debt securities which are rated below investment grade (hereinafter referred to as “lower-rated securities”) or which are unrated but deemed equivalent to those rated below investment grade by the portfolio managers. The lower the ratings of such debt securities, the greater their risks. These debt instruments generally offer a higher current yield than that available from higher-grade issues, and typically involve greater risks. The yields on lower-rated securities will fluctuate over time. In general, prices of all bonds rise when interest rates fall and fall when interest rates rise. Lower-rated securities are subject to adverse changes in general economic conditions and to changes in the financial condition of their issuers. During periods of economic downturn or rising interest rates, issuers of these instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest, and increase the possibility of default.
The Balanced Growth Fund and Balanced Income Fund invest their assets primarily in the Growth Fund and the Income Fund. By investing primarily in shares of these Funds, shareholders of the Balanced Funds indirectly pay a portion of the operating expenses, management expenses and brokerage costs of the underlying Funds as well as their own operating expenses. Thus, shareholders of the Balanced Funds may indirectly pay slightly higher total operating expenses and other costs than they would pay by directly owning shares of the Growth Fund and Income Fund. Total fees and expenses to be borne by investors in either Balanced Fund will depend on the portion of the Funds’ assets invested in the Growth Fund and in the Income Fund. A change in the asset allocation of either Balanced Fund could increase or reduce the fees and expenses actually borne by investors in that Fund. The Balanced Funds are also
31
notes to financial statements
NEW COVENANT FUNDS
December 31, 2008 (Unaudited)
December 31, 2008 (Unaudited)
subject to rebalancing risk. Rebalancing activities, while undertaken to maintain a Fund’s investment risk-to-reward ratio, may cause the Fund to under-perform other funds with similar investment objectives. For the Balanced Growth Fund, it is possible after rebalancing from equities into a greater percentage of fixed-income securities, that equities will outperform fixed-income investments. For the Balanced Income Fund, it is possible that after rebalancing from fixed-income securities into a greater percentage of equity securities, that fixed-income securities will outperform equity investments. The performance of the Balanced Growth Fund and the Balanced Income Fund depends on the performance of the underlying Funds in which they invest.
6. Federal Income Taxes
As of June 30, 2008, the Funds had available for federal tax purposes unused capital loss carryforwards expiring as follows:
2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||||||
Income Fund | — | — | $ | 1,591,357 | $ | 5,673,243 | $ | 517,116 | $ | 7,781,716 | ||||||||||||||
Balanced Income | $ | 1,227,811 | $ | 792,155 | — | — | — | $ | 2,019,966 | |||||||||||||||
Under tax law, certain capital and foreign currency losses realized after October 31, and within the taxable year, may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended June 30, 2008, the Funds deferred to July 1, 2009, post-October capital losses of:
Post-October Losses | ||||
Growth Fund | $11,487,881 | |||
Income Fund | 1,935,521 | |||
Balanced Growth Fund | 304,193 | |||
Balanced Income Fund | 98,625 |
At December 31, 2008, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Net Unrealized | ||||||||||||||||
Tax Unrealized | Tax Unrealized | Appreciation | ||||||||||||||
Fund Name | Tax Cost | Appreciation | (Depreciation) | (Depreciation) | ||||||||||||
Growth Fund | $761,938,239 | $40,225,946 | $(170,114,032 | ) | $(129,888,086 | ) | ||||||||||
Income Fund | 468,049,686 | 5,589,959 | (89,947,140 | ) | (84,357,181 | ) | ||||||||||
Balanced Growth Fund | 284,798,211 | 1,518,365 | (64,518,214 | ) | (62,999,849 | ) | ||||||||||
Balanced Income Fund | 90,731,014 | 589,259 | (13,396,535 | ) | (12,807,276 | ) | ||||||||||
7. Subsequent Event
Robert W. Baird & Co., Incorporated, EARNEST Partners, LLC and Sterling Capital Management, LLC were each approved by the Board of Trustees of the Trust on November 17, 2008, to serve as sub-advisers for the New Covenant Income Fund, replacing Tattersall Advisory Group, Inc. This change in sub-advisers took effect on January 2, 2009.
32
supplemental data (unaudited)
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
Proxy Voting Policy and Proxy Voting Records
A description of the policies and procedures that the Trust uses to determine how to vote proxies related to portfolio securities is available (i) without charge, upon request, by calling 800-858-6127 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how each Fund voted proxies related to securities held during the most recent 12 month period ended June 30 is (i) available without charge, upon request, by calling 800-858-6127; (ii) on the Trust’s website at http://www.newcovenantfunds.com and (iii) on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Quarterly Holdings
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Qs are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Expense Example For the Six Months Ended December 31, 2008
As a shareholder of the New Covenant Funds, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the New Covenant Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2008 through December 31, 2008.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||
7/1/08 | 12/31/08 | 7/1/08 - 12/31/08 | 7/1/08 - 12/31/08 | |||||||||||||
Growth Fund | $1,000.00 | $681.50 | $4.62 | 1.09% | ||||||||||||
Income Fund | 1,000.00 | 881.10 | 3.94 | 0.83% | ||||||||||||
Balanced Growth Fund | 1,000.00 | 759.40 | 0.58 | 0.13% | ||||||||||||
Balanced Income Fund | 1,000.00 | 810.50 | 0.78 | 0.17% | ||||||||||||
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each of the New Covenant Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||
7/1/08 | 12/31/08 | 7/1/08 - 12/31/08 | 7/1/08 - 12/31/08 | |||||||||||||
Growth Fund | $1,000.00 | $1,019.71 | $5.55 | 1.09% | ||||||||||||
Income Fund | 1,000.00 | 1,021.02 | 4.23 | 0.83% | ||||||||||||
Balanced Growth Fund | 1,000.00 | 1,024.55 | 0.66 | 0.13% | ||||||||||||
Balanced Income Fund | 1,000.00 | 1,024.35 | 0.87 | 0.17% | ||||||||||||
* | Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio (reflecting fee waivers in effect) multiplied by 184/365 (to reflect the one-half year period). | |
** | Annualized. |
33
supplemental data (unaudited)
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
Approval of Sub-Advisory Agreements for the New Covenant Income Fund
During the semi-annual period ended December 31, 2008, the Board of Trustees of the New Covenant Funds (the “Trust”) was called upon to take action with respect to certain Sub-Advisory Agreements relating to the New Covenant Income Fund (the “Fund”) in accordance with applicable provisions of the Investment Company Act of 1940, as amended (the “1940 Act”). As described more fully below, the Board was called upon: (i) to approve an interim 150-day Sub-Advisory Agreement (the “Interim Agreement”) with Tattersall Advisory Group, Inc. (“Tattersall”) as a result of the presumed change in control of Tattersall’s corporate parent, Wachovia Corporation (“Wachovia”) in October 2008; (ii) to approve a new Sub-Advisory Agreement with Tattersall to be effective upon the acquisition of Wachovia by Wells Fargo & Company (“Wells Fargo”) in December 2008; and (iii) to approve new Sub-Advisory Agreements (the “New Sub-Advisory Agreements”) with three newly selected sub-advisers for the Fund, Robert W. Baird & Co. Incorporated, EARNEST Partners, LLC and Sterling Capital Management, LLC (collectively, the “New Sub-Advisers”) to be effective upon the termination of Tattersall as sub-adviser to the Fund.
The relevant provisions of the 1940 Act specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is reasonably necessary to allow the Board to properly consider the adoption of any new sub-advisory agreements with respect to the Fund, and it is the duty of the Adviser and any sub-advisers to furnish the Trustees with such information as is responsive to their request. Accordingly, in determining whether to approve the Interim Agreement and the New Sub-Advisory Agreements, the Board of Trustees requested, and the Adviser and the New Sub-Advisers provided, information and data relevant to the Board’s consideration. This included materials regarding the investment performance of the Fund and information regarding the fees and expenses of the Fund, as compared to other similar mutual funds, including other mutual funds having socially responsible investment (“SRI”) mandates. As part of their deliberations, the Trustees also considered and relied upon the information about the Fund that had been provided to them throughout the past year in connection with their regular Board meetings at which they engage in the ongoing oversight of the Fund and its operations. During this process the Independent Trustees were counseled by their own independent legal counsel (as such term is defined in the rules under the 1940 Act).
With respect to the Interim Agreement, the Board was informed of the presumed change in control of Wachovia which was deemed to have occurred on October 20, 2008, when Wachovia issued a series of Wachovia’s Class A Preferred Stock to Wells Fargo which entitled Wells Fargo to a number of votes equal to 39.9% of the aggregate voting power of the outstanding capital stock of Wachovia. The Board was informed that this may have resulted in a change of control of Wachovia for purposes of the 1940 Act and therefore an assignment of the Fund’s Sub-Advisory Agreement with Tattersall, resulting in the automatic termination of that agreement. The Board was further informed that it would be advisable for the Board to take certain action intended to comply with the relevant provisions of Rule 15a-4 under the 1940 Act which provides for the use of an interim investment advisory agreement under certain conditions. The Board determined that it was advisable to continue to retain the services of Tattersall on an interim basis following the presumed change in control event and the Board therefore took action to approve the Interim Agreement. In connection with its decision, the Board considered the fact that Tattersall had represented to the Board that the level of services provided to the Fund by Tattersall would not be reduced under the Interim Agreement. In accordance with the provisions of Rule 15a-4, the Interim Agreement had a term of 150 days from the date of the presumed change in control event involving Wachovia. The Board convened a special meeting on October 28, 2008 for purposes of approving the adoption of the Interim Agreement. At that time, the Board was also informed by the Adviser that the Adviser was considering the termination of Tattersall as a sub-adviser to the Fund and was reviewing the proposed selection of replacement sub-advisers to manage the Fund, and the Board determined to retain the services of Tattersall on only this interim basis while the Adviser completed the process to retain the services of the New Sub-Advisers.
With respect to the Board’s consideration and approval of the New Sub-Advisory Agreements, the Board met on November 17, 2008, to consider the approval of the selection of the New Sub-Advisers. At this meeting, upon the recommendation of the Adviser, the Board took action to terminate Tattersall as the sub-adviser to the Fund. In connection with its review of the investment performance of Tattersall, the Board took into consideration the below-benchmark performance of Tattersall in connection with its management of the Fund’s portfolio and the Board considered the Adviser’s recommendation with respect to the proposed replacement of Tattersall. At the conclusion of their consideration of the performance results achieved by Tattersall, and in accordance with the recommendation of the Adviser, the Board determined to replace Tattersall with the New Sub-Advisers. The Board reviewed information and materials regarding each of the New Sub-Advisers, including their prior investment performance, their proposed portfolio management process and their proposed level of fees. The Board also considered the nature, quality and extent of the services to be provided by each of the New Sub-Advisers. Following their consideration of each of these factors, the Board determined to select each of the New Sub-Advisers to manage a portion of the Fund. Due to the fact that the New Sub-Advisers were not expected to begin managing Fund assets prior to January 1, 2009, the Board also approved, on a temporary basis, the adoption of a new sub-advisory agreement with Tattersall to take effect upon the expected completion of the acquisition of Wachovia by Wells Fargo in December 2008.
In connection with their review of each of the New Sub-Advisory Agreements, the Trustees considered, in addition to the performance and other information discussed above, the favorable compliance report submitted by the Trust’s Chief Compliance Officer on each New Sub-Adviser. In addition, the Trustees took into consideration the fees charged by the New Sub-Advisers to other clients as compared to the fees to be received from the Adviser with respect to the Fund. The Board noted the fact that the fees payable to the New Sub-Advisers had been negotiated at arm’s length and were to be paid by the Adviser from the investment
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supplemental data (unaudited)
NEW COVENANT FUNDS
December 31, 2008
December 31, 2008
advisory fee that it receives from the Fund. The Board also considered the brokerage practices of each of the New Sub-Advisers and found them to be in accordance with relevant industry practices and applicable regulatory requirements.
In reaching their conclusion with respect to the adoption of the New Sub-Advisory Agreements, the Trustees did not identify any one single factor as being controlling; rather, the Trustees took note of a combination of factors that influenced their decision-making process. The Board did, however, identify the favorable prior performance results of the New Sub-Advisers and the level of expenses of the Fund as being important elements of their consideration.
Based upon their review and consideration of these factors and other matters deemed relevant by the Board in reaching an informed business judgment, the Board of Trustees, including a majority of the Independent Trustees, concluded that the terms of the New Sub-Advisory Agreements were fair and reasonable in light of the services to be provided and the Board therefore voted to approve the New Sub-Advisory Agreements.
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Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Not Applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 |
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(the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. | ||
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. |
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | New Covenant Funds | |||||||||
By (Signature and Title)* | /s/ Patrick J. Rudnick | |||||||||
Patrick J. Rudnick, Treasurer | ||||||||||
Date February 26, 2009 | ||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Robert E. Leech | |||||||||
Robert E. Leech, President | ||||||||||
Date February 26, 2009 | ||||||||||
By (Signature and Title)* | /s/ Patrick J. Rudnick | |||||||||
Patrick J. Rudnick, Treasurer | ||||||||||
Date February 26, 2009 | ||||||||||
* | Print the name and title of each signing officer under his or her signature. |
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