New Covenant Growth Fd NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-09025

New Covenant Funds

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Registrant’s telephone number, including area code: 1-610-676-1000

Date of fiscal year end: June 30, 2024

Date of reporting period: December 31, 2023

Item 1. Reports to Stockholders.

NEW

COVENANT

FUNDS®

December 31, 2023

SEMI-ANNUAL REPORT

New Covenant Funds

❯	New Covenant Growth Fund

❯	New Covenant Income Fund

❯	New Covenant Balanced Growth Fund

❯	New Covenant Balanced Income Fund

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-877-835-4531. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

newcovenantfunds.com

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	39
Statements of Operations	40
Statements of Changes in Net Assets	41
Financial Highlights	43
Notes to Financial Statements	47
Disclosure of Fund Expenses	62
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	63

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at https://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-877-835-4531; and (ii) on the Commission’s website at https://www.sec.gov.

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund

^† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 98.1%

Communication Services — 7.8%
Alphabet Inc, Cl A *		62,996	$	8,800
Alphabet Inc, Cl C *		53,409		7,527
AT&T Inc		99,170		1,664
Atlanta Braves Holdings Inc, Cl A *		1,732		74
Atlanta Braves Holdings Inc, Cl C *		1,938		77
Bandwidth Inc, Cl A *		74		1
Cable One Inc		79		44
Cardlytics Inc *		761		7
Cars.com Inc *		4,178		79
Charter Communications Inc, Cl A *		1,268		493
Cinemark Holdings Inc *		4,289		60
Cogent Communications Holdings Inc		148		11
Comcast Corp, Cl A		52,817		2,316
EchoStar Corp, Cl A *		1,124		19
Electronic Arts Inc		6,385		874
EverQuote Inc, Cl A *		1,468		18
EW Scripps Co/The, Cl A *		3,299		26
Fox Corp, Cl A		1,372		41
Fox Corp, Cl B		1,428		39
IAC Inc *		376		20
IMAX Corp *		2,244		34
Interpublic Group of Cos Inc/The		8,487		277
Iridium Communications Inc		366		15
John Wiley & Sons Inc, Cl A		236		7
Liberty Broadband Corp, Cl A *		81		6
Liberty Broadband Corp, Cl C *		343		28
Liberty Media Corp-Liberty Live, Cl C *		59		2
Liberty Media Corp-Liberty SiriusXM *		234		7
Live Nation Entertainment Inc *		181		17
Madison Square Garden Entertainment Corp, Cl A *		697		22
Madison Square Garden Sports Corp *		39		7
Magnite Inc *		2,551		24
Match Group Inc *		1,841		67
Meta Platforms Inc, Cl A *		23,306		8,249
Netflix Inc *		4,148		2,020


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
New York Times Co/The, Cl A		439	$	21
News Corp, Cl A		829		20
Nexstar Media Group Inc, Cl A		94		15
Omnicom Group Inc		8,191		709
Paramount Global, Cl B		7,304		108
Pinterest Inc, Cl A *		3,339		124
ROBLOX Corp, Cl A *		3,654		167
Shenandoah Telecommunications Co		222		5
Shutterstock Inc		205		10
Sirius XM Holdings Inc		7,153		39
Sphere Entertainment Co *		697		24
Spotify Technology SA *		1,265		238
Take-Two Interactive Software Inc *		897		144
TechTarget Inc *		1,986		69
TEGNA Inc		3,052		47
TKO Group Holdings Inc, Cl A		780		64
T-Mobile US Inc		6,126		982
Trade Desk Inc/The, Cl A *		8,290		597
TripAdvisor Inc *		1,712		37
Verizon Communications Inc		57,853		2,181
Vimeo Inc *		610		2
Walt Disney Co/The		21,958		1,983
Warner Bros Discovery Inc *		4,164		47
Yelp Inc, Cl A *		1,355		64
Ziff Davis Inc *		2,547		171
ZoomInfo Technologies Inc, Cl A *		2,021		37

				40,877
Consumer Discretionary — 10.8%
1-800-Flowers.com Inc, Cl A *		3,668		40
Abercrombie & Fitch Co, Cl A *		788		70
Acushnet Holdings Corp		987		62
Adient PLC *		732		27
ADT Inc		4,942		34
Adtalem Global Education Inc *		5,431		320
Advance Auto Parts Inc		317		19
Airbnb Inc, Cl A *		3,103		422
Amazon.com Inc *		98,592		14,980
American Eagle Outfitters Inc		3,416		72
AMMO Inc *		6,414		13
Aptiv PLC *		3,490		313
Aramark		260		7
Asbury Automotive Group Inc *		70		16
AutoNation Inc *		970		146
AutoZone Inc *		235		608
Bath & Body Works Inc		638		28
Best Buy Co Inc		6,266		490
Big Lots Inc		1,758		14
Bloomin' Brands Inc		2,259		64
Booking Holdings Inc *		563		1,997
Boot Barn Holdings Inc *		199		15
BorgWarner Inc		321		11
Bright Horizons Family Solutions Inc *		76		7

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Brinker International Inc *		1,180	$	51
Brunswick Corp/DE		839		81
Buckle Inc/The		1,885		90
Burlington Stores Inc *		482		94
Capri Holdings Ltd *		1,319		66
CarMax Inc *		1,086		83
Carnival Corp *		15,800		293
Carter's Inc		471		35
Carvana Co, Cl A *		1,943		103
Cavco Industries Inc *		60		21
Cheesecake Factory Inc/The		1,236		43
Chegg Inc *		176		2
Chico's FAS Inc *		7,300		55
Children's Place Inc/The *		812		19
Chipotle Mexican Grill Inc, Cl A *		232		531
Choice Hotels International Inc		113		13
Columbia Sportswear Co		891		71
Cracker Barrel Old Country Store Inc		323		25
Crocs Inc *		1,116		104
Dana Inc		2,660		39
Darden Restaurants Inc		705		116
Dave & Buster's Entertainment Inc *		1,283		69
Deckers Outdoor Corp *		1,186		793
Denny's Corp *		2,500		27
Designer Brands Inc, Cl A		3,316		29
Dick's Sporting Goods Inc		1,054		155
Dillard's Inc, Cl A		45		18
Domino's Pizza Inc		33		14
DoorDash Inc, Cl A *		523		52
Dorman Products Inc *		128		11
DR Horton Inc		890		135
eBay Inc		19,465		849
Etsy Inc *		1,162		94
Expedia Group Inc *		389		59
Fisker Inc *		2,626		5
Five Below Inc *		410		87
Floor & Decor Holdings Inc, Cl A *		232		26
Foot Locker Inc		1,308		41
Ford Motor Co		16,002		195
Fox Factory Holding Corp *		749		51
Frontdoor Inc *		251		9
GameStop Corp, Cl A *		2,040		36
Gap Inc/The		11,382		238
Garmin Ltd		418		54
General Motors Co		4,014		144
Gentex Corp		440		14
Gentherm Inc *		184		10
Genuine Parts Co		67		9
Goodyear Tire & Rubber Co/The *		989		14
Graham Holdings Co, Cl B		78		54
Grand Canyon Education Inc *		121		16
Group 1 Automotive Inc		86		26


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
GrowGeneration Corp *		2,599	$	7
H&R Block Inc		3,157		153
Hanesbrands Inc		13,319		59
Harley-Davidson Inc		306		11
Hasbro Inc		2,632		134
Helen of Troy Ltd *		57		7
Hilton Grand Vacations Inc *		3,016		121
Hilton Worldwide Holdings Inc		9,607		1,749
Home Depot Inc/The		11,555		4,004
Hyatt Hotels Corp, Cl A		135		18
Installed Building Products Inc		125		23
iRobot Corp *		1,013		39
Jack in the Box Inc		658		54
Johnson Outdoors Inc, Cl A		659		35
KB Home		4,733		296
Kohl's Corp		1,859		53
Kontoor Brands Inc		1,282		80
La-Z-Boy Inc, Cl Z		1,597		59
LCI Industries		483		61
Lear Corp		5,902		833
Leggett & Platt Inc		222		6
Lennar Corp, Cl B		122		16
LGI Homes Inc *		127		17
LKQ Corp		317		15
Lowe's Cos Inc		8,938		1,989
Lululemon Athletica Inc *		245		125
M/I Homes Inc *		198		27
Macy's Inc		4,042		81
Malibu Boats Inc, Cl A *		202		11
Marriott International Inc/MD, Cl A		3,599		812
Marriott Vacations Worldwide Corp		394		33
Mattel Inc *		711		13
McDonald's Corp		9,415		2,792
Meritage Homes Corp		794		138
Mohawk Industries Inc *		127		13
Monro Inc		626		18
Murphy USA Inc		422		150
National Vision Holdings Inc *		447		9
Newell Brands Inc		605		5
NIKE Inc, Cl B		9,475		1,029
Nordstrom Inc		3,866		71
Norwegian Cruise Line Holdings Ltd *		5,839		117
NVR Inc *		13		91
ODP Corp/The *		283		16
Ollie's Bargain Outlet Holdings Inc *		212		16
O'Reilly Automotive Inc *		196		186
Oxford Industries Inc		665		66
Papa John's International Inc		151		11
Peloton Interactive Inc, Cl A *		2,845		17
Penske Automotive Group Inc		957		154
PetMed Express Inc		366		3
Phinia Inc		64		2

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Planet Fitness Inc, Cl A *		173	$	13
Polaris Inc		966		92
PulteGroup Inc		1,312		135
PVH Corp		108		13
Ralph Lauren Corp, Cl A		690		99
Revolve Group Inc, Cl A *		2,223		37
RH *		45		13
Rivian Automotive Inc, Cl A *		1,274		30
Ross Stores Inc		857		119
Royal Caribbean Cruises Ltd *		7,156		927
Sabre Corp *		506		2
Sally Beauty Holdings Inc *		2,794		37
SeaWorld Entertainment Inc *		251		13
Service Corp International/US		250		17
Shake Shack Inc, Cl A *		157		12
Signet Jewelers Ltd		2,402		258
Six Flags Entertainment Corp *		248		6
Sleep Number Corp *		1,033		15
Standard Motor Products Inc		943		38
Starbucks Corp		15,798		1,517
Steven Madden Ltd		1,178		49
Stitch Fix Inc, Cl A *		1,021		4
Strategic Education Inc		331		31
Stride Inc *		348		21
Tapestry Inc		2,803		103
Taylor Morrison Home Corp, Cl A *		12,743		680
Tempur Sealy International Inc		2,272		116
Tesla Inc *		28,901		7,181
Texas Roadhouse Inc, Cl A		889		109
Thor Industries Inc		106		13
TJX Cos Inc/The		13,629		1,279
Toll Brothers Inc		269		28
TopBuild Corp *		315		118
Topgolf Callaway Brands Corp *		2,383		34
Tractor Supply Co		2,377		511
Travel + Leisure Co		307		12
Tri Pointe Homes Inc *		3,236		115
Udemy Inc *		3,378		50
Ulta Beauty Inc *		279		137
Under Armour Inc, Cl C *		556		5
Upbound Group Inc, Cl A		1,764		60
Urban Outfitters Inc *		417		15
Vail Resorts Inc		46		10
Valvoline Inc		11,216		421
VF Corp		4,023		76
Victoria's Secret & Co *		212		6
Visteon Corp *		85		11
Wayfair Inc, Cl A *		320		20
Wendy's Co/The		11,419		222
Whirlpool Corp		638		78
Williams-Sonoma Inc		160		32
Wingstop Inc		582		149


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Winnebago Industries Inc		191	$	14
Wolverine World Wide Inc		1,511		13
Worthington Enterprises Inc		223		13
Wyndham Hotels & Resorts Inc		189		15
Yum! Brands Inc		8,356		1,092

				57,125
Consumer Staples — 5.6%
Andersons Inc/The		338		19
Archer-Daniels-Midland Co		5,103		369
B&G Foods Inc		862		9
BellRing Brands Inc *		136		8
Beyond Meat Inc *		166		1
Bunge Global SA		929		94
Calavo Growers Inc		571		17
Campbell Soup Co		10,354		448
Casey's General Stores Inc		65		18
Chefs' Warehouse Inc/The *		1,366		40
Church & Dwight Co Inc		1,025		97
Clorox Co/The		2,716		387
Coca-Cola Co/The		48,833		2,878
Colgate-Palmolive Co		7,375		588
Conagra Brands Inc		14,479		415
Costco Wholesale Corp		4,983		3,289
Coty Inc, Cl A *		1,026		13
Darling Ingredients Inc *		716		36
Dollar General Corp		2,608		355
Dollar Tree Inc *		1,320		187
Edgewell Personal Care Co		310		11
elf Beauty Inc *		1,902		274
Energizer Holdings Inc		231		7
Estee Lauder Cos Inc/The, Cl A		2,390		349
Flowers Foods Inc		555		12
Fresh Del Monte Produce Inc		1,442		38
General Mills Inc		13,887		905
Grocery Outlet Holding Corp *		263		7
Hain Celestial Group Inc/The *		461		5
Herbalife Ltd *		1,088		17
Hershey Co/The		2,295		428
HF Foods Group Inc *		2,213		12
Hormel Foods Corp		4,797		154
Ingredion Inc		1,110		120
J M Smucker Co/The		6,494		821
Kellanova		6,713		375
Keurig Dr Pepper Inc		32,477		1,082
Kimberly-Clark Corp		6,484		788
Kraft Heinz Co/The		3,923		145
Kroger Co/The		15,936		728
Lamb Weston Holdings Inc		594		64
McCormick & Co Inc/MD		5,832		399
Medifast Inc		71		5
Mondelez International Inc, Cl A		17,402		1,260
Monster Beverage Corp *		889		51

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
National Beverage Corp *		344	$	17
PepsiCo Inc		22,254		3,780
Performance Food Group Co *		1,023		71
Pilgrim's Pride Corp *		355		10
Post Holdings Inc *		108		9
PriceSmart Inc		179		14
Procter & Gamble Co/The		24,528		3,594
SpartanNash Co		1,252		29
Spectrum Brands Holdings Inc		183		15
Sprouts Farmers Market Inc *		623		30
Sysco Corp		11,594		848
Target Corp		6,577		937
TreeHouse Foods Inc *		237		10
Tyson Foods Inc, Cl A		1,410		76
US Foods Holding Corp *		2,211		100
Vita Coco Co Inc/The *		1,354		35
Walgreens Boots Alliance Inc		27,118		708
Walmart Inc		12,998		2,049
WK Kellogg Co		1,678		22

				29,679
Energy — 3.8%
Antero Midstream Corp		26,635		334
Antero Resources Corp *		6,426		146
APA Corp		332		12
Baker Hughes Co, Cl A		9,516		325
Borr Drilling Ltd		11,900		88
Cactus Inc, Cl A		298		14
Callon Petroleum Co *		2,548		83
ChampionX Corp		383		11
Cheniere Energy Inc		6,249		1,067
Chesapeake Energy Corp		1,093		84
Civitas Resources Inc		179		12
Clean Energy Fuels Corp *		4,579		18
CNX Resources Corp *		1,745		35
ConocoPhillips		23,007		2,670
CONSOL Energy Inc		213		21
Coterra Energy Inc		19,841		506
CVR Energy Inc		1,596		48
Delek US Holdings Inc		2,494		64
Devon Energy Corp		10,747		487
DHT Holdings Inc		1,338		13
Diamondback Energy Inc		3,303		512
Dorian LPG Ltd		3,602		158
Dril-Quip Inc *		1,072		25
DT Midstream Inc		405		22
Encore Energy Corp *		31,435		124
Energy Fuels Inc/Canada *		11,707		84
EOG Resources Inc		12,533		1,516
EQT Corp		7,282		282
Equitrans Midstream Corp		2,185		22
Expro Group Holdings NV *		1,529		24
FLEX LNG Ltd		2,301		67


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Golar LNG Ltd		3,888	$	89
Green Plains Inc *		2,069		52
Halliburton Co		2,905		105
Helix Energy Solutions Group Inc *		10,917		112
Helmerich & Payne Inc		4,134		150
Hess Corp		6,554		945
HF Sinclair Corp		1,944		108
International Seaways Inc		329		15
Kinder Morgan Inc		86,891		1,533
Kinetik Holdings Inc, Cl A		2,668		89
Kosmos Energy Ltd *		44,503		299
Magnolia Oil & Gas Corp, Cl A		1,806		38
Marathon Oil Corp		12,567		304
Murphy Oil Corp		449		19
Nabors Industries Ltd *		367		30
New Fortress Energy Inc, Cl A		2,307		87
NextDecade Corp *		10,122		48
Noble Corp PLC		1,325		64
Nordic American Tankers Ltd		3,610		15
NOV Inc		482		10
Occidental Petroleum Corp		1,754		105
ONEOK Inc		10,887		764
Overseas Shipholding Group Inc, Cl A		23,522		124
Ovintiv Inc		2,011		88
Patterson-UTI Energy Inc		4,952		53
PBF Energy Inc, Cl A		316		14
Peabody Energy Corp		612		15
Pioneer Natural Resources Co		5,512		1,240
Range Resources Corp		2,839		86
RPC Inc		1,226		9
Schlumberger NV		35,254		1,835
Scorpio Tankers Inc		270		16
SM Energy Co		840		33
Southwestern Energy Co *		14,284		94
Targa Resources Corp		1,165		101
Teekay Corp *		15,129		108
Teekay Tankers Ltd, Cl A		1,755		88
Texas Pacific Land Corp		315		495
Uranium Energy Corp *		15,244		98
Valaris Ltd *		739		51
Vitesse Energy Inc		272		6
Weatherford International PLC *		1,190		116
Williams Cos Inc/The		46,253		1,611
World Kinect Corp		4,395		100

				20,236
Financials — 13.7%
Affiliated Managers Group Inc		910		138
Affirm Holdings Inc, Cl A *		2,309		113
Aflac Inc		4,907		405
AGNC Investment Corp ^‡		2,838		28
Allstate Corp/The		3,458		484
Ally Financial Inc		1,575		55

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Amalgamated Financial Corp		2,110	$	57
American Express Co		9,360		1,753
American Financial Group Inc/OH		89		11
American International Group Inc		1,586		107
Ameriprise Financial Inc		1,250		475
Ameris Bancorp		1,129		60
AMERISAFE Inc		743		35
Annaly Capital Management Inc ^‡		655		13
Aon PLC, Cl A		3,101		902
Apollo Commercial Real Estate Finance Inc ^‡		2,686		32
Apollo Global Management Inc		1,165		109
Arch Capital Group Ltd *		2,404		179
Ares Management Corp, Cl A		632		75
Arthur J Gallagher & Co		416		94
Artisan Partners Asset Management Inc, Cl A		1,589		70
Associated Banc-Corp		4,274		91
Assurant Inc		87		15
Assured Guaranty Ltd		994		74
Atlantic Union Bankshares Corp		1,302		48
Axis Capital Holdings Ltd		825		46
Axos Financial Inc *		310		17
Banc of California Inc		843		11
Bank of America Corp		63,195		2,128
Bank of Hawaii Corp		1,051		76
Bank of Marin Bancorp		1,079		24
Bank of New York Mellon Corp/The		12,656		659
Bank of NT Butterfield & Son Ltd/The		1,324		42
Bank OZK		366		18
BankUnited Inc		346		11
Banner Corp		851		46
Berkshire Hathaway Inc, Cl B *		19,166		6,836
Berkshire Hills Bancorp Inc		1,501		37
BlackRock Inc, Cl A		1,878		1,525
Blackstone Inc		6,935		908
Block Inc, Cl A *		4,127		319
BOK Financial Corp		568		49
Bread Financial Holdings Inc		1,335		44
Brighthouse Financial Inc *		268		14
Brown & Brown Inc		290		21
Cadence Bank		1,525		45
Capital One Financial Corp		3,914		513
Capitol Federal Financial Inc		3,529		23
Carlyle Group Inc/The		923		38
Cass Information Systems Inc		865		39
Cathay General Bancorp		1,291		58
Cboe Global Markets Inc		99		18
Central Pacific Financial Corp		1,651		32
Charles Schwab Corp/The		16,432		1,131
Chimera Investment Corp ^‡		2,402		12
Chubb Ltd		6,169		1,394


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Cincinnati Financial Corp		891	$	92
Citigroup Inc		11,643		599
Citizens Financial Group Inc		3,587		119
City Holding Co		607		67
CME Group Inc, Cl A		4,726		995
CNA Financial Corp		253		11
Cohen & Steers Inc		764		58
Columbia Banking System Inc		1,640		44
Comerica Inc		1,232		69
Commerce Bancshares Inc/MO		1,808		97
Community Bank System Inc		710		37
ConnectOne Bancorp Inc		1,891		43
Credit Acceptance Corp *		177		94
Cullen/Frost Bankers Inc		121		13
Dime Community Bancshares Inc		1,467		39
Discover Financial Services		10,158		1,142
Eagle Bancorp Inc		1,035		31
East West Bancorp Inc		1,710		123
eHealth Inc *		512		4
Ellington Financial Inc ^‡		2,748		35
Enterprise Financial Services Corp		1,063		47
Equitable Holdings Inc		432		14
Essent Group Ltd		970		51
Euronet Worldwide Inc *		74		8
Evercore Inc, Cl A		659		113
Everest Group Ltd		179		63
Eversource Energy		10,983		678
EVERTEC Inc		1,569		64
F&G Annuities & Life Inc		2,571		118
FactSet Research Systems Inc		306		146
FB Financial Corp		1,250		50
Federal Agricultural Mortgage Corp, Cl C		119		23
Fidelity National Financial Inc		1,063		54
Fidelity National Information Services Inc		7,874		473
Fifth Third Bancorp		4,599		159
First American Financial Corp		814		52
First BanCorp/Puerto Rico		821		13
First Busey Corp		1,790		44
First Citizens BancShares Inc/NC, Cl A		75		106
First Commonwealth Financial Corp		3,365		52
First Financial Bancorp		1,921		46
First Financial Bankshares Inc		1,378		42
First Hawaiian Inc		3,126		71
First Horizon Corp		22,027		312
First Interstate BancSystem Inc, Cl A		1,171		36
First Merchants Corp		1,182		44
FirstCash Holdings Inc		612		66
Fiserv Inc *		3,118		414
FleetCor Technologies Inc *		277		78
FNB Corp/PA		3,907		54
Franklin Resources Inc		6,856		204
Fulton Financial Corp		2,789		46

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Genworth Financial Inc, Cl A *		10,439	$	70
German American Bancorp Inc		1,414		46
Global Payments Inc		842		107
Globe Life Inc		108		13
Goldman Sachs Group Inc/The		3,960		1,528
Goosehead Insurance Inc, Cl A *		215		16
Hancock Whitney Corp		1,142		55
Hannon Armstrong Sustainable Infrastructure Capital Inc		7,020		194
Hanover Insurance Group Inc/The		124		15
HarborOne Bancorp Inc		861		10
Hartford Financial Services Group Inc/The		1,006		81
Heartland Financial USA Inc		1,003		38
Heritage Financial Corp/WA		1,744		37
Home BancShares Inc/AR		2,523		64
HomeStreet Inc		309		3
Hope Bancorp Inc		3,233		39
Horace Mann Educators Corp		1,125		37
Houlihan Lokey Inc, Cl A		192		23
Huntington Bancshares Inc/OH		9,540		121
Independent Bank Corp		580		38
Independent Bank Group Inc		846		43
Intercontinental Exchange Inc		2,399		308
Invesco Ltd		18,276		326
Invesco Mortgage Capital Inc ^‡		323		3
Jack Henry & Associates Inc		636		104
James River Group Holdings Ltd		1,180		11
Janus Henderson Group PLC		1,207		36
Jefferies Financial Group Inc		2,313		93
JPMorgan Chase & Co		29,266		4,978
KeyCorp		12,904		186
Kinsale Capital Group Inc		73		24
KKR & Co Inc		3,222		267
Lakeland Bancorp Inc		2,890		43
Lazard Inc, Cl A		2,316		81
Lemonade Inc *		1,665		27
LendingTree Inc *		175		5
Lincoln National Corp		3,621		98
Loews Corp		222		15
LPL Financial Holdings Inc		1,036		236
M&T Bank Corp		765		105
MarketAxess Holdings Inc		144		42
Marsh & McLennan Cos Inc		11,120		2,107
Mastercard Inc, Cl A		9,928		4,234
Mercury General Corp		233		9
MetLife Inc		6,576		435
MFA Financial Inc ^‡		1,584		18
MGIC Investment Corp		3,455		67
Moelis & Co, Cl A		461		26
Moody's Corp		4,810		1,879
Morgan Stanley		15,681		1,462
Morningstar Inc		67		19


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Mr Cooper Group Inc *		335	$	22
MSCI Inc, Cl A		635		359
Nasdaq Inc		7,134		415
NBT Bancorp Inc		1,213		51
NCR Atleos Corp *		167		4
Nelnet Inc, Cl A		145		13
New York Community Bancorp Inc		951		10
New York Mortgage Trust Inc ^‡		1,944		17
NMI Holdings Inc, Cl A *		1,470		44
Northern Trust Corp		7,549		637
Northfield Bancorp Inc		2,868		36
OFG Bancorp		2,119		79
Old National Bancorp/IN		5,093		86
OneMain Holdings Inc, Cl A		258		13
Orchid Island Capital Inc, Cl A ^‡		3,472		29
Pacific Premier Bancorp Inc		3,188		93
Palomar Holdings Inc, Cl A *		145		8
Pathward Financial Inc		266		14
PayPal Holdings Inc *		16,718		1,027
PennyMac Mortgage Investment Trust ^‡		24,099		360
Pinnacle Financial Partners Inc		1,489		130
PNC Financial Services Group Inc/The		5,690		881
Popular Inc		1,507		124
PRA Group Inc *		1,320		35
Primerica Inc		323		66
Principal Financial Group Inc		662		52
Priority Technology Holdings Inc *		10,659		38
ProAssurance Corp		1,351		19
PROG Holdings Inc *		832		26
Progressive Corp/The		7,459		1,188
Prosperity Bancshares Inc		1,192		81
Provident Financial Services Inc		1,988		36
Prudential Financial Inc		15,519		1,609
Radian Group Inc		1,924		55
Raymond James Financial Inc		1,949		217
Redwood Trust Inc ^‡		2,992		22
Regions Financial Corp		62,324		1,208
Reinsurance Group of America Inc, Cl A		578		93
RenaissanceRe Holdings Ltd		69		14
Renasant Corp		1,366		46
Repay Holdings Corp, Cl A *		7,436		63
Rithm Capital Corp ^‡		1,403		15
RLI Corp		545		73
S&P Global Inc		5,805		2,557
Sandy Spring Bancorp Inc		1,350		37
Seacoast Banking Corp of Florida		1,616		46
ServisFirst Bancshares Inc		187		12
SLM Corp		8,316		159
SouthState Corp		216		18
Starwood Property Trust Inc ^‡		2,000		42
State Street Corp		9,970		772
Stellar Bancorp Inc		1,869		52

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Stifel Financial Corp		245	$	17
Synchrony Financial		4,720		180
Synovus Financial Corp		1,267		48
T Rowe Price Group Inc		2,711		292
Texas Capital Bancshares Inc *		822		53
TFS Financial Corp		573		8
TPG RE Finance Trust Inc ^‡		2,439		16
Travelers Cos Inc/The		4,033		768
TriCo Bancshares		1,219		52
Triumph Financial Inc *		822		66
Truist Financial Corp		14,236		526
Trustmark Corp		1,410		39
Two Harbors Investment Corp ^‡		1,597		22
UMB Financial Corp		715		60
Univest Financial Corp		1,820		40
Unum Group		1,638		74
Upstart Holdings Inc *		1,290		53
US Bancorp		5,858		254
Valley National Bancorp		4,269		46
Veritex Holdings Inc		348		8
Virtu Financial Inc, Cl A		3,026		61
Visa Inc, Cl A		21,213		5,523
W R Berkley Corp		247		17
Walker & Dunlop Inc		749		83
Washington Trust Bancorp Inc		924		30
Webster Financial Corp		2,008		102
Wells Fargo & Co		30,993		1,525
Westamerica BanCorp		731		41
Western Alliance Bancorp		1,801		118
Western Union Co/The		425		5
WEX Inc *		55		11
Willis Towers Watson PLC		907		219
Wintrust Financial Corp		708		66
Zions Bancorp NA		1,771		78

				72,436
Health Care — 12.7%
10X Genomics Inc, Cl A *		954		53
Abbott Laboratories		25,893		2,850
AbbVie Inc		22,228		3,445
Acadia Healthcare Co Inc *		220		17
Accolade Inc *		956		11
AdaptHealth Corp, Cl A *		2,632		19
Adaptive Biotechnologies Corp *		1,704		8
Addus HomeCare Corp *		495		46
Agilent Technologies Inc		5,441		756
Agiliti Inc *		16,779		133
Agios Pharmaceuticals Inc *		1,062		24
Akero Therapeutics Inc *		913		21
Alector Inc *		2,628		21
Align Technology Inc *		311		85
Allogene Therapeutics Inc *		1,838		6
Alnylam Pharmaceuticals Inc *		562		108


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Amedisys Inc *		56	$	5
Amgen Inc		7,026		2,024
Amicus Therapeutics Inc *		5,193		74
AMN Healthcare Services Inc *		832		62
AnaptysBio Inc *		1,908		41
Anika Therapeutics Inc *		920		21
Apollo Medical Holdings Inc *		344		13
Arcturus Therapeutics Holdings Inc *		483		15
Arcus Biosciences Inc *		2,371		45
Arrowhead Pharmaceuticals Inc *		251		8
Arvinas Inc *		1,298		53
AtriCure Inc *		1,029		37
Atrion Corp		71		27
Avanos Medical Inc *		301		7
Avantor Inc *		1,656		38
Avidity Biosciences Inc *		2,388		22
Avista Public Acquisition Corp II, Cl W *		2,263		14
Axonics Inc *		351		22
Azenta Inc *		207		13
Baxter International Inc		12,373		478
Becton Dickinson & Co		4,437		1,082
BioCryst Pharmaceuticals Inc *		1,030		6
Biogen Inc *		2,874		744
Biohaven Ltd *		45		2
BioLife Solutions Inc *		2,163		35
BioMarin Pharmaceutical Inc *		1,042		100
Bio-Rad Laboratories Inc, Cl A *		32		10
Bio-Techne Corp		212		16
Bluebird Bio Inc *		645		1
Boston Scientific Corp *		16,399		948
Bridgebio Pharma Inc *		241		10
Bristol-Myers Squibb Co		30,047		1,542
Brookdale Senior Living Inc *		7,397		43
Bruker Corp		233		17
Cardinal Health Inc		1,413		142
CareDx Inc *		6,310		76
Cassava Sciences Inc *		614		14
Castle Biosciences Inc *		730		16
Catalent Inc *		949		43
Catalyst Pharmaceuticals Inc *		11,416		192
Cencora Inc, Cl A		589		121
Centene Corp *		4,805		357
Charles River Laboratories International Inc *		77		18
Cigna Group/The		6,030		1,806
Collegium Pharmaceutical Inc *		2,915		90
Cooper Cos Inc/The		236		89
Corcept Therapeutics Inc *		3,878		126
CorVel Corp *		125		31
Crinetics Pharmaceuticals Inc *		2,310		82
CryoPort Inc *		871		13
CVS Health Corp		7,541		595

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Cytokinetics Inc *		4,083	$	341
Danaher Corp		7,586		1,755
DaVita Inc *		160		17
Deciphera Pharmaceuticals Inc *		716		12
Denali Therapeutics Inc *		2,631		56
DENTSPLY SIRONA Inc		3,113		111
Dexcom Inc *		3,388		420
Dynavax Technologies Corp *		4,355		61
Eagle Pharmaceuticals Inc/DE *		1,045		5
Editas Medicine Inc, Cl A *		1,596		16
Edwards Lifesciences Corp *		8,484		647
Elanco Animal Health Inc *		398		6
Elevance Health Inc		5,075		2,393
Eli Lilly & Co		11,139		6,493
Embecta Corp		887		17
Emergent BioSolutions Inc *		950		2
Enanta Pharmaceuticals Inc *		785		7
Encompass Health Corp		164		11
Enhabit Inc *		82		1
Enovis Corp *		485		27
Envista Holdings Corp *		317		8
Exact Sciences Corp *		930		69
Exelixis Inc *		4,344		104
Fate Therapeutics Inc *		3,277		12
Fortrea Holdings Inc *		515		18
Fulgent Genetics Inc *		853		25
GE HealthCare Technologies Inc		153		12
Gilead Sciences Inc		14,228		1,153
Glaukos Corp *		167		13
Globus Medical Inc, Cl A *		179		10
Haemonetics Corp *		195		17
Halozyme Therapeutics Inc *		2,641		98
HCA Healthcare Inc		2,314		626
Health Catalyst Inc *		1,594		15
HealthEquity Inc *		673		45
Henry Schein Inc *		2,612		198
Hologic Inc *		927		66
Humana Inc		422		193
ICON PLC *		572		162
ICU Medical Inc *		62		6
Ideaya Biosciences Inc *		4,068		145
IDEXX Laboratories Inc *		707		392
IGM Biosciences Inc *		1,084		9
Illumina Inc *		3,200		446
Inari Medical Inc *		419		27
Incyte Corp *		1,063		67
Innoviva Inc *		3,557		57
Inogen Inc *		706		4
Insmed Inc *		2,129		66
Insulet Corp *		65		14
Integer Holdings Corp *		625		62
Integra LifeSciences Holdings Corp *		188		8


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Intellia Therapeutics Inc *		1,231	$	38
Intra-Cellular Therapies Inc *		1,787		128
Intuitive Surgical Inc *		4,209		1,420
Ionis Pharmaceuticals Inc *		782		40
Iovance Biotherapeutics Inc *		1,433		12
IQVIA Holdings Inc *		491		114
iRhythm Technologies Inc *		210		22
Ironwood Pharmaceuticals Inc, Cl A *		3,844		44
Johnson & Johnson		32,711		5,127
Kiniksa Pharmaceuticals Ltd, Cl A *		801		14
Kodiak Sciences Inc *		1,218		4
Krystal Biotech Inc *		823		102
Kura Oncology Inc *		3,438		49
Laboratory Corp of America Holdings		515		117
Lantheus Holdings Inc *		2,408		149
Ligand Pharmaceuticals Inc *		462		33
LivaNova PLC *		657		34
MacroGenics Inc *		1,782		17
Madrigal Pharmaceuticals Inc *		531		123
McKesson Corp		1,233		571
MeiraGTx Holdings plc *		4,240		30
Merck & Co Inc		36,210		3,948
Mettler-Toledo International Inc *		404		490
Mirati Therapeutics Inc *		429		25
Moderna Inc *		4,368		434
Mural Oncology PLC *		243		1
Myriad Genetics Inc *		1,860		36
Natera Inc *		229		14
National Research Corp		779		31
Neogen Corp *		300		6
Neurocrine Biosciences Inc *		1,089		143
Nevro Corp *		83		2
Novavax Inc *		816		4
Novocure Ltd *		905		14
Omnicell Inc *		466		18
Option Care Health Inc *		648		22
OraSure Technologies Inc *		6,042		50
Organon & Co		649		9
Pediatrix Medical Group Inc *		417		4
Pennant Group Inc/The *		1,609		22
Penumbra Inc *		72		18
Pfizer Inc		71,397		2,056
Phreesia Inc *		361		8
PMV Pharmaceuticals Inc *		12,323		38
Premier Inc, Cl A		2,266		51
Protagonist Therapeutics Inc *		1,083		25
PTC Therapeutics Inc *		1,021		28
QIAGEN NV *		2,338		102
Quest Diagnostics Inc		865		119
Recursion Pharmaceuticals Inc, Cl A *		11,559		114
Regeneron Pharmaceuticals Inc *		1,105		971
REGENXBIO Inc *		456		8

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Relay Therapeutics Inc *		11,508	$	127
Repligen Corp *		553		99
ResMed Inc		2,930		504
Revance Therapeutics Inc *		3,056		27
Revvity Inc		120		13
Rocket Pharmaceuticals Inc *		932		28
Sage Therapeutics Inc *		516		11
Sarepta Therapeutics Inc *		87		8
Shockwave Medical Inc *		49		9
Simulations Plus Inc		1,477		66
STAAR Surgical Co *		2,233		70
Stryker Corp		2,268		679
Supernus Pharmaceuticals Inc *		2,174		63
Surmodics Inc *		1,169		43
Tactile Systems Technology Inc *		728		10
Tandem Diabetes Care Inc *		144		4
Teleflex Inc		486		121
Theravance Biopharma Inc *		2,200		25
Thermo Fisher Scientific Inc		4,827		2,562
Travere Therapeutics Inc *		3,434		31
Twist Bioscience Corp *		606		22
Ultragenyx Pharmaceutical Inc *		1,143		55
United Therapeutics Corp *		559		123
UnitedHealth Group Inc		11,188		5,890
Universal Health Services Inc, Cl B		80		12
US Physical Therapy Inc		428		40
Utah Medical Products Inc		515		43
Varex Imaging Corp *		1,631		33
Vaxcyte Inc *		1,042		65
Veeva Systems Inc, Cl A *		1,157		223
Veradigm Inc *		3,611		38
Vericel Corp *		1,218		43
Vertex Pharmaceuticals Inc *		3,305		1,345
Viatris Inc, Cl W		1,277		14
Waters Corp *		395		130
West Pharmaceutical Services Inc		250		88
Xencor Inc *		1,686		36
Y-mAbs Therapeutics Inc *		3,117		21
Zentalis Pharmaceuticals Inc *		497		8
Zimmer Biomet Holdings Inc		3,501		426
Zimvie Inc *		350		6
Zoetis Inc, Cl A		6,022		1,189

				66,883
Industrials — 9.0%
3M Co		10,841		1,185
A O Smith Corp		1,708		141
AAON Inc		288		21
ABM Industries Inc		3,427		154
ACCO Brands Corp		5,214		32
Acuity Brands Inc		84		17
AerSale Corp *		12,013		153
AGCO Corp		149		18


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Air Lease Corp, Cl A		1,053	$	44
Alamo Group Inc		86		18
Alaska Air Group Inc *		4,763		186
Albany International Corp, Cl A		652		64
Allegion PLC		855		108
Allison Transmission Holdings Inc		1,870		109
American Airlines Group Inc *		405		6
American Woodmark Corp *		461		43
AMETEK Inc		794		131
Amprius Technologies Inc *		12,555		66
Apogee Enterprises Inc		1,229		66
Applied Industrial Technologies Inc		745		129
ArcBest Corp		336		40
Archer Aviation Inc, Cl A *		42,816		263
Arcosa Inc		1,128		93
Argan Inc		1,315		62
Armstrong World Industries Inc		161		16
ASGN Inc *		146		14
Astec Industries Inc		204		8
Astronics Corp *		3,653		64
Atkore Inc *		453		72
Automatic Data Processing Inc		8,872		2,067
Avis Budget Group Inc		445		79
Axon Enterprise Inc *		1,202		311
AZZ Inc		1,071		62
Barnes Group Inc		807		26
Blink Charging Co *		1,491		5
Bloom Energy Corp, Cl A *		4,597		68
Brink's Co/The		540		47
Broadridge Financial Solutions Inc		720		148
Cadeler A/S ADR *		8,253		152
Cadre Holdings Inc		1,351		44
Carlisle Cos Inc		311		97
Carrier Global Corp		6,184		355
CBIZ Inc *		1,805		113
Ceridian HCM Holding Inc *		792		53
CH Robinson Worldwide Inc		148		13
Chart Industries Inc *		576		79
Cintas Corp		1,907		1,149
Clarivate PLC *		11,944		111
Clean Harbors Inc *		137		24
CNH Industrial NV		7,547		92
Comfort Systems USA Inc		988		203
Concentrix Corp		387		38
Construction Partners Inc, Cl A *		391		17
Copart Inc *		5,136		252
Crane Co		135		16
CSG Systems International Inc		965		51
CSW Industrials Inc		116		24
CSX Corp		29,082		1,008
Cummins Inc		3,179		762
Custom Truck One Source Inc *		15,463		96

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Deere & Co		4,735	$	1,893
Delta Air Lines Inc		29,646		1,193
Deluxe Corp		981		21
Distribution Solutions Group Inc *		3,044		96
Donaldson Co Inc		202		13
Dover Corp		383		59
Dycom Industries Inc *		1,064		122
Eaton Corp PLC		9,633		2,320
EMCOR Group Inc		565		122
Emerson Electric Co		1,464		142
Enerpac Tool Group Corp, Cl A		2,369		74
EnerSys		664		67
Enovix Corp *		4,020		50
Enpro Inc		738		116
Enviri Corp *		7,225		65
Equifax Inc		64		16
Esab Corp		485		42
ESCO Technologies Inc		568		66
Eve Holding Inc *		12,343		90
ExlService Holdings Inc *		680		21
Expeditors International of Washington Inc		1,163		148
Exponent Inc		135		12
Fastenal Co		242		16
Federal Signal Corp		1,560		120
FedEx Corp		2,712		686
Ferguson PLC		582		112
Flowserve Corp		239		10
Forrester Research Inc *		1,169		31
Fortune Brands Innovations Inc		174		13
Forward Air Corp		144		9
Franklin Electric Co Inc		180		17
FTI Consulting Inc *		443		88
Generac Holdings Inc *		203		26
General Electric Co		8,163		1,042
Genpact Ltd		5,562		193
Gibraltar Industries Inc *		164		13
Graco Inc		223		19
GrafTech International Ltd		954		2
Granite Construction Inc		1,780		91
Great Lakes Dredge & Dock Corp *		4,289		33
Greenbrier Cos Inc/The		1,583		70
GXO Logistics Inc *		1,041		64
Healthcare Services Group Inc		422		4
HEICO Corp		4,351		778
HEICO Corp, Cl A		2,682		382
Helios Technologies Inc		1,091		49
Herc Holdings Inc		1,012		151
Hexcel Corp		15,837		1,168
Hillenbrand Inc		300		14
HireRight Holdings Corp *		4,409		59
HNI Corp		1,910		80
Howmet Aerospace Inc		8,758		474


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Hubbell Inc, Cl B		78	$	26
ICF International Inc		545		73
IDEX Corp		68		15
Illinois Tool Works Inc		8,134		2,131
Ingersoll Rand Inc		2,900		224
Insperity Inc		592		69
Interface Inc, Cl A		18,735		236
ITT Inc		918		110
JB Hunt Transport Services Inc		437		87
JetBlue Airways Corp *		837		5
Joby Aviation Inc *		15,834		105
John Bean Technologies Corp		439		44
Kadant Inc		65		18
Kaman Corp		31,859		763
Kelly Services Inc, Cl A		2,214		48
Kennametal Inc		1,343		35
Kforce Inc		444		30
Kirby Corp *		1,032		81
Knight-Swift Transportation Holdings Inc, Cl A		1,357		78
Korn Ferry		1,193		71
Landstar System Inc		83		16
Lennox International Inc		44		20
Leonardo DRS Inc *		6,243		125
Lincoln Electric Holdings Inc		1,027		223
Lindsay Corp		91		12
Liquidity Services Inc *		2,249		39
Luxfer Holdings PLC		3,194		29
Lyft Inc, Cl A *		7,511		113
ManpowerGroup Inc		3,586		285
Marten Transport Ltd		592		12
Masco Corp		245		16
Masterbrand Inc *		174		3
Matson Inc		1,273		140
Maximus Inc		682		57
McGrath RentCorp		666		80
MDU Resources Group Inc		386		8
Middleby Corp/The *		103		15
MillerKnoll Inc		2,900		77
MRC Global Inc *		3,597		40
MSC Industrial Direct Co Inc, Cl A		1,115		113
Nordson Corp		600		159
Norfolk Southern Corp		2,628		621
NOW Inc *		4,359		49
NV5 Global Inc *		202		22
Old Dominion Freight Line Inc		42		17
Omega Flex Inc		70		5
OPENLANE Inc *		2,303		34
Oshkosh Corp		2,762		299
Otis Worldwide Corp		2,457		220
Owens Corning		4,958		735
PACCAR Inc		2,950		288

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Park Aerospace Corp		965	$	14
Parker-Hannifin Corp		686		316
Paychex Inc		2,612		311
Paycom Software Inc		194		40
Paylocity Holding Corp *		417		69
Pentair PLC		245		18
Pitney Bowes Inc		11,792		52
Planet Labs PBC *		11,494		28
Plug Power Inc *		4,368		20
Primoris Services Corp		1,960		65
Proto Labs Inc *		91		4
Quanta Services Inc		545		118
RB Global Inc		132		9
RBC Bearings Inc *		64		18
Redwire Corp *		40,312		115
Regal Rexnord Corp		1,068		158
Republic Services Inc, Cl A		969		160
Resideo Technologies Inc *		448		8
Robert Half Inc		806		71
Rocket Lab USA Inc *		16,898		93
Rockwell Automation Inc		1,620		503
Rollins Inc		3,532		154
RXO Inc *		1,041		24
Ryder System Inc		1,425		164
Saia Inc *		96		42
Schneider National Inc, Cl B		521		13
Shyft Group Inc/The		429		5
Simpson Manufacturing Co Inc		643		127
SiteOne Landscape Supply Inc *		361		59
Snap-on Inc		318		92
Southwest Airlines Co		322		9
SP Plus Corp *		1,169		60
Spirit AeroSystems Holdings Inc, Cl A *		22,727		722
Spirit Airlines Inc		1,221		20
SPX Technologies Inc *		999		101
Stanley Black & Decker Inc		1,349		132
Steelcase Inc, Cl A		2,620		35
Stem Inc *		5,869		23
Stericycle Inc *		179		9
Sunrun Inc *		1,979		39
Tennant Co		639		59
Terex Corp		341		20
Tetra Tech Inc		564		94
Timken Co/The		204		16
Toro Co/The		1,175		113
TPI Composites Inc *		472		2
TransUnion		135		9
Trex Co Inc *		1,134		94
TriNet Group Inc *		877		104
Trinity Industries Inc		511		14
Triumph Group Inc *		1,853		31
TrueBlue Inc *		6,393		98


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
TTEC Holdings Inc		202	$	4
Uber Technologies Inc *		13,706		844
UFP Industries Inc		196		25
U-Haul Holding Co *		28		2
U-Haul Holding Co, Cl B		252		18
UniFirst Corp/MA		235		43
Union Pacific Corp		7,120		1,749
United Airlines Holdings Inc *		289		12
United Parcel Service Inc, Cl B		8,300		1,305
United Rentals Inc		1,692		970
Upwork Inc *		3,753		56
Valmont Industries Inc		76		18
Veralto Corp		1,397		115
Verisk Analytics Inc, Cl A		1,729		413
Vertiv Holdings Co, Cl A		2,945		141
Vestis Corp		130		3
Virgin Galactic Holdings Inc *		91,477		224
Wabash National Corp		3,217		82
Waste Management Inc		6,467		1,158
Watsco Inc		52		22
Watts Water Technologies Inc, Cl A		507		106
WESCO International Inc		3,661		637
Westinghouse Air Brake Technologies Corp		465		59
WillScot Mobile Mini Holdings Corp, Cl A *		590		26
Woodward Inc		139		19
WW Grainger Inc		1,952		1,618
Xylem Inc/NY		12,492		1,429
Zurn Elkay Water Solutions Corp		1,629		48

				47,388
Information Technology — 27.7%
8x8 Inc *		2,725		10
Accenture PLC, Cl A		9,741		3,418
ACI Worldwide Inc *		1,373		42
Adeia Inc		2,351		29
Adobe Inc *		7,035		4,197
ADTRAN Holdings Inc		979		7
Advanced Energy Industries Inc		725		79
Advanced Micro Devices Inc *		18,853		2,779
Agilysys Inc *		323		27
Akamai Technologies Inc *		7,949		941
Alarm.com Holdings Inc *		1,192		77
Altair Engineering Inc, Cl A *		269		23
Alteryx Inc, Cl A *		635		30
Ambarella Inc *		160		10
Amdocs Ltd		3,632		319
Amkor Technology Inc		3,864		129
Amphenol Corp, Cl A		4,648		461
Analog Devices Inc		3,241		644
ANSYS Inc *		683		248
Appian Corp, Cl A *		1,246		47
Apple Inc		172,634		33,237
Applied Materials Inc		12,856		2,084

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Arista Networks Inc *		3,072	$	723
Arlo Technologies Inc *		7,542		72
Arrow Electronics Inc *		1,639		200
Asana Inc, Cl A *		3,091		59
Aspen Technology Inc *		173		38
Atlassian Corp, Cl A *		76		18
Autodesk Inc *		3,559		867
Avnet Inc		325		16
Axcelis Technologies Inc *		1,474		191
Badger Meter Inc		775		120
Belden Inc		155		12
Benchmark Electronics Inc		1,447		40
Bentley Systems Inc, Cl B		1,422		74
BigCommerce Holdings Inc *		3,803		37
BILL Holdings Inc *		185		15
Blackbaud Inc *		629		55
Blackline Inc *		185		12
Box Inc, Cl A *		539		14
Broadcom Inc		5,201		5,806
Cadence Design Systems Inc *		2,312		630
CDW Corp/DE		806		183
Cerence Inc *		493		10
Ciena Corp *		1,223		55
Cirrus Logic Inc *		640		53
Cisco Systems Inc		62,767		3,171
Cloudflare Inc, Cl A *		1,522		127
Cognex Corp		203		8
Cognizant Technology Solutions Corp, Cl A		8,315		628
Coherent Corp *		265		12
CommScope Holding Co Inc *		7,086		20
CommVault Systems Inc *		219		17
Consensus Cloud Solutions Inc *		180		5
Corning Inc		6,104		186
Crane NXT Co		135		8
Crowdstrike Holdings Inc, Cl A *		410		105
CTS Corp		301		13
Datadog Inc, Cl A *		1,589		193
Digital Turbine Inc *		4,674		32
DocuSign Inc, Cl A *		1,618		96
Dolby Laboratories Inc, Cl A		731		63
Domo Inc, Cl B *		297		3
Dropbox Inc, Cl A *		2,914		86
Dynatrace Inc *		465		25
E2open Parent Holdings Inc *		20,021		88
Elastic NV *		183		21
Enphase Energy Inc *		60		8
Envestnet Inc *		717		35
EPAM Systems Inc *		121		36
Extreme Networks Inc *		4,187		74
F5 Inc *		578		103
Fair Isaac Corp *		16		19
Fastly Inc, Cl A *		905		16


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
First Solar Inc *		2,469	$	425
Five9 Inc *		93		7
FormFactor Inc *		353		15
Fortinet Inc *		4,535		265
Gartner Inc *		326		147
Gen Digital Inc		4,737		108
GLOBALFOUNDRIES Inc *		1,732		105
Globant SA *		271		64
GoDaddy Inc, Cl A *		1,102		117
Guidewire Software Inc *		109		12
Hackett Group Inc/The		3,129		71
HubSpot Inc *		322		187
Infinera Corp *		6,579		31
Insight Enterprises Inc *		132		23
Intel Corp		51,878		2,607
InterDigital Inc		917		100
International Business Machines Corp		13,123		2,146
Intuit Inc		3,714		2,321
IPG Photonics Corp *		558		61
Itron Inc *		588		44
Jabil Inc		1,012		129
Juniper Networks Inc		7,826		231
Keysight Technologies Inc *		8,514		1,354
Kimball Electronics Inc *		2,142		58
KLA Corp		1,803		1,048
Knowles Corp *		2,314		41
Kulicke & Soffa Industries Inc		764		42
Kyndryl Holdings Inc *		2,624		55
Lam Research Corp		2,119		1,660
Lattice Semiconductor Corp *		369		25
Littelfuse Inc		60		16
Lumentum Holdings Inc *		660		35
Manhattan Associates Inc *		522		112
Marathon Digital Holdings Inc *		3,468		81
Marvell Technology Inc		7,143		431
Matterport Inc *		11,962		32
Microchip Technology Inc		1,268		114
Micron Technology Inc		11,221		958
Microsoft Corp		86,907		32,680
MicroStrategy Inc, Cl A *		69		44
MicroVision Inc *		2,858		8
MKS Instruments Inc		103		11
MongoDB Inc, Cl A *		574		235
Monolithic Power Systems Inc		64		40
N-able Inc *		317		4
NCR Voyix Corp *		334		6
NetApp Inc		2,936		259
NetScout Systems Inc *		2,073		45
Novanta Inc *		98		16
Nutanix Inc, Cl A *		359		17
NVIDIA Corp		29,259		14,490
Okta Inc, Cl A *		812		73

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
ON Semiconductor Corp *		9,112	$	761
Oracle Corp		24,339		2,566
OSI Systems Inc *		497		64
PagerDuty Inc *		1,821		42
Palantir Technologies Inc, Cl A *		6,527		112
Palo Alto Networks Inc *		2,616		771
Pegasystems Inc		150		7
Perficient Inc *		181		12
Plexus Corp *		589		64
Power Integrations Inc		196		16
Procore Technologies Inc *		1,013		70
Progress Software Corp		1,206		65
PROS Holdings Inc *		818		32
PTC Inc *		677		118
Pure Storage Inc, Cl A *		685		24
Qorvo Inc *		100		11
QUALCOMM Inc		14,569		2,107
Qualys Inc *		591		116
Rambus Inc *		3,633		248
Rapid7 Inc *		393		22
RingCentral Inc, Cl A *		699		24
Riot Platforms Inc *		3,379		52
Rogers Corp *		392		52
Roper Technologies Inc		289		158
Salesforce Inc *		15,277		4,020
Sanmina Corp *		189		10
ScanSource Inc *		1,292		51
Semtech Corp *		1,000		22
ServiceNow Inc *		2,243		1,585
Silicon Laboratories Inc *		437		58
Skyworks Solutions Inc		308		35
Smartsheet Inc, Cl A *		266		13
Snowflake Inc, Cl A *		3,330		663
SolarWinds Corp *		317		4
Splunk Inc *		711		108
SPS Commerce Inc *		152		29
Super Micro Computer Inc *		385		109
Synaptics Inc *		142		16
Synopsys Inc *		1,235		636
TD SYNNEX Corp		387		42
Teledyne Technologies Inc *		31		14
Teradata Corp *		4,437		193
Teradyne Inc		3,500		380
Texas Instruments Inc		9,105		1,552
Trimble Inc *		2,035		108
TTM Technologies Inc *		3,386		54
Tucows Inc, Cl A *		170		5
Turtle Beach Corp *		10,192		112
Twilio Inc, Cl A *		1,420		108
Tyler Technologies Inc *		393		164
Ubiquiti Inc		48		7
UiPath Inc, Cl A *		4,174		104


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Unisys Corp *		689	$	4
Unity Software Inc *		2,638		108
Universal Display Corp		2,553		488
Varonis Systems Inc, Cl B *		327		15
Verint Systems Inc *		947		26
VeriSign Inc *		802		165
ViaSat Inc *		693		19
Viavi Solutions Inc *		3,355		34
Western Digital Corp *		2,423		127
Wolfspeed Inc *		248		11
Workday Inc, Cl A *		2,079		574
Workiva Inc, Cl A *		1,224		124
Xerox Holdings Corp		4,697		86
Xperi Inc *		940		10
Zebra Technologies Corp, Cl A *		438		120
Zoom Video Communications Inc, Cl A *		2,001		144
Zscaler Inc *		491		109

				146,422
Materials — 2.3%
AdvanSix Inc		1,143		34
Air Products and Chemicals Inc		4,688		1,284
Albemarle Corp		752		109
Alcoa Corp		5,657		192
Amcor PLC		4,821		46
AptarGroup Inc		1,944		240
Arch Resources Inc		94		16
Ashland Inc		152		13
ATI Inc *		2,362		107
Avery Dennison Corp		88		18
Avient Corp		1,216		51
Axalta Coating Systems Ltd *		7,963		271
Balchem Corp		107		16
Ball Corp		15,648		900
Berry Global Group Inc		3,314		223
Cabot Corp		238		20
Carpenter Technology Corp		1,006		71
Celanese Corp, Cl A		93		14
CF Industries Holdings Inc		1,865		148
Chemours Co/The		2,832		89
Cleveland-Cliffs Inc *		6,197		127
Coeur Mining Inc *		6,945		23
Commercial Metals Co		1,211		61
Compass Minerals International Inc		851		22
Constellium SE, Cl A *		4,520		90
Corteva Inc		885		42
Crown Holdings Inc		6,925		638
Dow Inc		6,392		351
DuPont de Nemours Inc		3,212		247
Eagle Materials Inc		126		26
Eastman Chemical Co		9,101		817
Ecolab Inc		2,293		455
FMC Corp		2,400		151

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Continued)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Freeport-McMoRan Inc		27,003	$	1,150
Graphic Packaging Holding Co		681		17
Greif Inc, Cl A		1,122		74
HB Fuller Co		158		13
Huntsman Corp		475		12
Ingevity Corp *		563		27
Innospec Inc		499		61
International Flavors & Fragrances Inc		2,307		187
International Paper Co		360		13
Knife River Corp *		96		6
Livent Corp *		5,807		104
Louisiana-Pacific Corp		1,740		123
LyondellBasell Industries NV, Cl A		2,182		207
Martin Marietta Materials Inc		397		198
Minerals Technologies Inc		182		13
Mosaic Co/The		3,590		128
Newmont Corp		21,956		909
Novagold Resources Inc *		1,266		5
Nucor Corp		1,828		318
Packaging Corp of America		101		16
PPG Industries Inc		2,274		340
Quaker Chemical Corp		55		12
Reliance Steel & Aluminum Co		412		115
Royal Gold Inc		512		62
Schnitzer Steel Industries Inc, Cl A		1,418		43
Scotts Miracle-Gro Co/The		163		10
Sealed Air Corp		293		11
Sensient Technologies Corp		161		11
Sherwin-Williams Co/The		940		293
Sonoco Products Co		185		10
Southern Copper Corp		272		23
Steel Dynamics Inc		2,648		313
Stepan Co		138		13
Summit Materials Inc, Cl A *		447		17
Sylvamo Corp		32		2
TriMas Corp		1,583		40
Trinseo PLC		1,345		11
Tronox Holdings PLC		4,385		62
United States Lime & Minerals Inc		98		23
United States Steel Corp		3,709		180
Vulcan Materials Co		665		151
Warrior Met Coal Inc		969		59
Westlake Corp		137		19
Westrock Co		336		14
Worthington Steel Inc		223		6

				12,333
Real Estate — 3.0%
Acadia Realty Trust ^‡		1,946		33
Agree Realty Corp ^‡		736		46
Alexander & Baldwin Inc ^‡		2,342		45
Alexandria Real Estate Equities Inc ^‡		846		107
American Homes 4 Rent, Cl A ^‡		375		13


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
American Tower Corp, Cl A ^‡		5,189	$	1,120
Anywhere Real Estate Inc *		4,621		37
Apartment Income REIT Corp ^‡		304		11
Apartment Investment and Management Co, Cl A *^‡		1,711		13
Apple Hospitality REIT Inc ^‡		718		12
AvalonBay Communities Inc ^‡		3,261		611
Boston Properties Inc ^‡		1,468		103
Brandywine Realty Trust ^‡		14,492		78
Brixmor Property Group Inc ^‡		4,703		109
Camden Property Trust ^‡		125		12
CareTrust REIT Inc ^‡		2,438		55
CBRE Group Inc, Cl A *		13,376		1,245
Community Healthcare Trust Inc ^‡		1,136		30
COPT Defense Properties ^‡		7,752		199
CoStar Group Inc *		1,202		105
Cousins Properties Inc ^‡		289		7
Crown Castle Inc ^‡		4,174		481
CubeSmart ^‡		377		17
DiamondRock Hospitality Co ^‡		4,575		43
Digital Realty Trust Inc ^‡		2,674		360
Douglas Emmett Inc ^‡		448		6
EastGroup Properties Inc ^‡		306		56
Elme Communities ^‡		1,705		25
Empire State Realty Trust Inc, Cl A ^‡		5,592		54
EPR Properties ^‡		735		36
Equinix Inc ^‡		1,035		834
Equity Commonwealth ^‡		846		16
Equity LifeStyle Properties Inc ^‡		167		12
Equity Residential ^‡		3,485		213
Essential Properties Realty Trust Inc ^‡		2,028		52
Essex Property Trust Inc ^‡		454		113
Extra Space Storage Inc ^‡		959		154
Federal Realty Investment Trust ^‡		114		12
First Industrial Realty Trust Inc ^‡		263		14
Four Corners Property Trust Inc ^‡		1,848		47
Gaming and Leisure Properties Inc ^‡		283		14
Global Net Lease Inc ^‡		2,484		25
Healthcare Realty Trust Inc, Cl A ^‡		392		7
Healthpeak Properties Inc ^‡		9,384		186
Highwoods Properties Inc ^‡		247		6
Host Hotels & Resorts Inc ^‡		17,568		342
Howard Hughes Holdings Inc *		795		68
Hudson Pacific Properties Inc ^‡		2,475		23
Innovative Industrial Properties Inc, Cl A ^‡		59		6
Invitation Homes Inc ^‡		1,509		51
Iron Mountain Inc ^‡		1,626		114
JBG SMITH Properties ^‡		2,065		35
Jones Lang LaSalle Inc *		1,270		240
Kilroy Realty Corp ^‡		4,516		180
Kimco Realty Corp ^‡		5,716		122
Kite Realty Group Trust ^‡		3,286		75

New Covenant Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Lamar Advertising Co, Cl A ^‡		1,059	$	113
LTC Properties Inc ^‡		1,142		37
LXP Industrial Trust ^‡		966		10
Macerich Co/The ^‡		5,508		85
Marcus & Millichap Inc		1,380		60
Medical Properties Trust Inc ^‡		2,513		12
Mid-America Apartment Communities Inc ^‡		318		43
National Health Investors Inc ^‡		635		35
NET Lease Office Properties ^‡		10		—
Newmark Group Inc, Cl A		3,753		41
Office Properties Income Trust ^‡		1,618		12
Omega Healthcare Investors Inc ^‡		1,229		38
Orion Office REIT Inc ^‡		124		1
Outfront Media Inc ^‡		1,951		27
Paramount Group Inc ^‡		5,922		31
Park Hotels & Resorts Inc ^‡		1,996		31
Pebblebrook Hotel Trust ^‡		1,899		30
Physicians Realty Trust ^‡		2,753		37
Piedmont Office Realty Trust Inc, Cl A ^‡		2,333		17
PotlatchDeltic Corp ^‡		231		11
Prologis Inc ^‡		19,306		2,573
Public Storage ^‡		1,303		397
Rayonier Inc ^‡		1,593		53
RE/MAX Holdings Inc, Cl A		1,292		17
Realty Income Corp ^‡		1,931		111
Redfin Corp *		458		5
Regency Centers Corp ^‡		18,570		1,244
Rexford Industrial Realty Inc ^‡		241		14
RLJ Lodging Trust ^‡		2,849		33
RMR Group Inc/The, Cl A		1,095		31
RPT Realty ^‡		3,429		44
Ryman Hospitality Properties Inc ^‡		577		63
Safehold Inc ^‡		968		23
SBA Communications Corp, Cl A ^‡		684		174
Service Properties Trust ^‡		483		4
Simon Property Group Inc ^‡		3,706		529
SITE Centers Corp ^‡		3,734		51
SL Green Realty Corp ^‡		2,468		111
Spirit Realty Capital Inc ^‡		237		10
St Joe Co/The		460		28
STAG Industrial Inc ^‡		359		14
Star Holdings *^‡		480		7
Summit Hotel Properties Inc ^‡		4,173		28
Sun Communities Inc ^‡		272		36
Tanger Inc ^‡		647		18
UDR Inc ^‡		250		10
Uniti Group Inc ^‡		1,247		7
Urban Edge Properties ^‡		2,679		49
Ventas Inc ^‡		3,279		163
VICI Properties Inc, Cl A ^‡		3,317		106
Vornado Realty Trust ^‡		2,903		82
Welltower Inc ^‡		4,270		385


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Weyerhaeuser Co ^‡		17,005	$	591
WP Carey Inc ^‡		149		10
Xenia Hotels & Resorts Inc ^‡		2,347		32
Zillow Group Inc, Cl C *		1,112		64

				15,818
Utilities — 1.7%
AES Corp/The		5,282		102
ALLETE Inc		620		38
Alliant Energy Corp		213		11
Ameren Corp		141		10
American Electric Power Co Inc		5,930		482
American States Water Co		580		47
American Water Works Co Inc		2,717		359
Atmos Energy Corp		461		53
Avangrid Inc		1,720		56
Brookfield Infrastructure Corp, Cl A		1,827		64
CenterPoint Energy Inc		434		12
Clearway Energy Inc, Cl A		1,758		45
Clearway Energy Inc, Cl C		456		12
CMS Energy Corp		20,708		1,203
Consolidated Edison Inc		6,234		567
Constellation Energy Corp		631		74
Dominion Energy Inc		2,121		100
DTE Energy Co		876		97
Duke Energy Corp		11,833		1,148
Edison International		3,288		235
Entergy Corp		2,276		230
Essential Utilities Inc		331		12
Evergy Inc		180		9
Exelon Corp		11,090		398
FirstEnergy Corp		1,531		56
Hawaiian Electric Industries Inc		249		4
IDACORP Inc, Cl Rights		108		11
MGE Energy Inc		631		46
National Fuel Gas Co		223		11
New Jersey Resources Corp		1,111		50
NextEra Energy Inc		27,072		1,644
NiSource Inc		419		11
Northwest Natural Holding Co		699		27
NRG Energy Inc		323		17
OGE Energy Corp		261		9
Ormat Technologies Inc		644		49
PG&E Corp		692		12
Pinnacle West Capital Corp		2,640		190
PNM Resources Inc		975		41
Portland General Electric Co		894		39
PPL Corp		2,577		70
Public Service Enterprise Group Inc		210		13
Sempra		6,186		462
SJW Group		716		47
Southern Co/The		5,796		406
Sunnova Energy International Inc *		810		12

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Growth Fund (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
UGI Corp		253	$	6
Vistra Corp		2,088		80
WEC Energy Group Inc		1,179		99
Xcel Energy Inc		1,637		101

				8,877
Total Common Stock
(Cost $247,653) ($ Thousands)				518,074



FOREIGN COMMON STOCK^†^† — 0.9%

Ireland — 0.7%
Ardmore Shipping Corp		5,335		75
Cimpress PLC *		398		32
Jazz Pharmaceuticals PLC *		616		76
Linde PLC		4,275		1,756
Medtronic PLC		19,976		1,645
Perrigo Co PLC		211		7

				3,591

United Kingdom — 0.2%
Alkermes PLC *		2,433		67
Cushman & Wakefield PLC *		2,593		28
Gates Industrial Corp PLC *		886		12
Johnson Controls International PLC		8,308		479
nVent Electric PLC		457		27
Sensata Technologies Holding PLC		4,273		161
STERIS PLC		501		110


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK^†^† (continued)
Trane Technologies PLC		1,779	$	434

				1,318

Total Foreign Common Stock
(Cost $3,829) ($ Thousands)				4,909



		Number of Rights
RIGHTS — 0.0%
Abiomed Inc *^‡^‡		332		–
Total Rights
(Cost $—) ($ Thousands)				–



		Number of Warrants
WARRANTS — 0.0%
Cassava Sciences Inc, Expires 11/15/2024*		246		–
Total Warrants
(Cost $—) ($ Thousands)				–


	Shares
CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Institutional Class
5.220%**^†		3,163,829		3,164

Total Cash Equivalent
(Cost $3,164) ($ Thousands)				3,164


Total Investments in Securities — 99.6%
(Cost $254,646) ($ Thousands)			$	526,147

A list of open futures contracts held by the fund at December 31, 2023 are as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation)(Thousands)
Long Contracts
Russell 2000 Index E-Mini		11		Mar-2024	$	2,596	$	2,651	$	55
S&P 500 Index E-Mini		6		Mar-2024		585		614		29
					$	3,181	$	3,265	$	84

	Percentages are based on Net Assets of $528,411 ($ Thousands).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
*	Non-income producing security.
^‡	Real Estate Investment Trust.
^‡^‡	Expiration date not available.
**	The rate reported is the 7-day effective yield as of December 31, 2023.

^†	Investment in Affiliated Security (see Note 3).

New Covenant Funds

The following is a summary of the level of inputs used as of December 31, 2023, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

518,074

–

518,074

Foreign Common Stock

4,909

–

4,909

Rights

–

Warrants

–

Cash Equivalent

3,164

–

3,164

Total Investments in Securities

526,147

–

526,147

Other Financial Instruments

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Futures Contracts*

Unrealized Appreciation

–

Total Other Financial Instruments

–

This category includes securities with a value of $—.

*	Futures contracts are valued at the unrealized appreciation on the instrument.

The following is a summary of the Fund’s transactions with affiliates for the period ended December 31, 2023 ($ Thousands):

Security Description		Value 6/30/2023				Purchases at Cost				Proceeds from Sales				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)				Value 12/31/2023				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	2,867			$	36,782			$	(36,485	)		$	—			$	—			$	3,164			$	80			$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund

^† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 42.3%
Agency Mortgage-Backed Obligations — 36.3%
FHLMC
6.500%, 12/01/2035 to 05/01/2053	$	590	$	607
6.000%, 03/01/2035 to 09/01/2053		1,006		1,041
5.500%, 12/01/2036 to 09/01/2053		2,058		2,084
5.273%, US0012M + 1.598%, 06/01/2047(A)		296		302
5.265%, US0012M + 1.625%, 10/01/2046(A)		446		453
5.000%, 04/01/2024 to 04/01/2053		1,487		1,488
4.500%, 06/01/2038 to 11/01/2052		2,739		2,717
4.000%, 07/01/2037 to 02/01/2053		3,154		3,038
3.650%, 10/01/2029		100		96
3.500%, 04/01/2033 to 06/01/2052		2,314		2,161
3.098%, US0012M + 1.621%, 02/01/2050(A)		108		103
3.006%, US0012M + 1.628%, 11/01/2048(A)		337		319
3.000%, 09/01/2032 to 04/01/2052		3,846		3,472
2.871%, US0012M + 1.619%, 11/01/2047(A)		109		105
2.500%, 08/01/2030 to 04/01/2052		8,664		7,551
2.000%, 10/01/2040 to 03/01/2052		5,558		4,643
1.500%, 11/01/2040 to 02/01/2051		1,410		1,167
FHLMC CMO, Ser 2011-3947, Cl SG, IO
0.497%, 10/15/2041(A)		67		7
FHLMC CMO, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		24		1


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027	$	52	$	1
FHLMC CMO, Ser 2012-4099, Cl ST, IO
0.547%, 08/15/2042(A)		42		5
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		46		7
FHLMC CMO, Ser 2013-4203, Cl PS, IO
0.797%, 09/15/2042(A)		64		6
FHLMC CMO, Ser 2014-4310, Cl SA, IO
0.497%, 02/15/2044(A)		17		2
FHLMC CMO, Ser 2014-4335, Cl SW, IO
0.547%, 05/15/2044(A)		35		3
FHLMC CMO, Ser 2014-4415, Cl IO, IO
0.000%, 04/15/2041(A)(B)		16		1
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.510%, 02/25/2035(A)		2,283		256
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO
1.510%, 05/25/2035(A)		842		100
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
0.957%, 09/25/2030(A)		12,048		607
FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO
1.323%, 07/25/2035(A)		235		24
FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO
0.743%, 09/25/2027(A)		7,862		184
FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO
0.532%, 10/25/2031(A)		6,493		211
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
6.837%, SOFR30A + 1.500%, 10/25/2041(A)(C)		230		228
FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1B
7.187%, SOFR30A + 1.850%, 01/25/2042(A)(C)		420		420
FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A
6.637%, SOFR30A + 1.300%, 02/25/2042(A)(C)		137		137
FHLMC STACR REMIC Trust, Ser 2022-DNA4, Cl M1A
7.537%, SOFR30A + 2.200%, 05/25/2042(A)(C)		217		220
FHLMC, Ser 2014-334, Cl S7, IO
0.647%, 08/15/2044(A)		19		2
FHLMC, Ser 2014-4391, Cl MZ
3.000%, 09/15/2044		132		117

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC, Ser 2016-353, Cl S1, IO
0.547%, 12/15/2046(A)	$	62	$	7
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		28		24
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		234		37
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		328		49
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		80		13
FHLMC, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		82		11
FHLMC, Ser 2021-5071, Cl IH, IO
2.500%, 02/25/2051		491		64
FHLMC, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		300		274
FNMA
7.000%, 11/01/2037 to 11/01/2038		12		12
6.500%, 01/01/2038 to 02/01/2053		363		376
6.000%, 07/01/2041 to 07/01/2053		949		973
5.500%, 02/01/2035 to 09/01/2053		3,000		3,030
5.170%, 12/01/2033		100		105
5.050%, 10/01/2028		100		103
5.000%, 11/01/2025 to 08/01/2053		4,422		4,446
4.840%, 10/01/2032		99		101
4.680%, 07/01/2033		100		101
4.500%, 02/01/2035 to 08/01/2058		4,615		4,551
4.393%, 01/01/2036(A)		19		19
4.310%, 02/01/2030		100		99
4.290%, 10/01/2032		100		99
4.246%, US0012M + 1.700%, 03/01/2036(A)		17		17
4.186%, US0012M + 1.423%, 05/01/2043(A)		120		122
4.000%, 06/01/2025 to 06/01/2057		7,734		7,462
3.780%, 01/01/2029		194		189
3.560%, 07/01/2032		100		94
3.500%, 04/01/2033 to 03/01/2057		10,005		9,382
3.000%, 07/01/2035 to 06/01/2052		8,964		8,135
2.930%, 06/01/2030		93		86
2.500%, 03/01/2035 to 09/01/2061		15,140		13,205
2.149%, 02/01/2032(A)		298		251
2.000%, 07/01/2031 to 04/01/2052		12,199		10,244
1.500%, 01/01/2051 to 03/01/2051		390		304
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		262		262
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		85		3
FNMA CMO, Ser 2014-47, Cl AI, IO
0.000%, 08/25/2044(A)(B)		94		4
FNMA CMO, Ser 2015-55, Cl IO, IO
0.000%, 08/25/2055(A)(B)		11		–


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2015-56, Cl AS, IO
0.698%, 08/25/2045(A)	$	27	$	4
FNMA Interest, Ser 2012-409, Cl C18, IO
4.000%, 04/25/2042		8		1
FNMA TBA
5.000%, 01/15/2054		700		693
4.500%, 01/15/2054		100		97
4.000%, 01/15/2054		100		95
3.000%, 01/15/2054		100		88
2.000%, 01/15/2054		200		163
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		75		77
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		1		–
FNMA, Ser 2012-118, Cl VZ
3.000%, 11/25/2042		129		117
FNMA, Ser 2013-124, Cl SB, IO
0.498%, 12/25/2043(A)		20		2
FNMA, Ser 2013-26, Cl HI, IO
3.000%, 04/25/2032		1		–
FNMA, Ser 2013-54, Cl BS, IO
0.698%, 06/25/2043(A)		17		2
FNMA, Ser 2013-73, Cl IA, IO
3.000%, 09/25/2032		26		1
FNMA, Ser 2014-6, Cl Z
2.500%, 02/25/2044		128		111
FNMA, Ser 2017-76, Cl SB, IO
0.648%, 10/25/2057(A)		114		15
FNMA, Ser 2017-85, Cl SC, IO
0.748%, 11/25/2047(A)		55		6
FNMA, Ser 2018-74, Cl AB
3.500%, 10/25/2048		65		61
FNMA, Ser 2019-M19, Cl A2
2.560%, 09/25/2029		79		72
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		107		65
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		76		12
FNMA, Ser 2020-56, Cl AQ
2.000%, 08/25/2050		200		158
FNMA, Ser 2020-57, Cl TA
2.000%, 04/25/2050		98		86
FNMA, Ser 2020-96, Cl IN, IO
3.000%, 01/25/2051		700		116
FNMA, Ser 2021-1, Cl IG, IO
2.500%, 02/25/2051		417		68
FNMA, Ser 2021-61, Cl KI, IO
2.500%, 04/25/2049		526		71
FNMA, Ser 2023-2, Cl CI, IO
2.000%, 10/25/2050		943		115

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F
3.355%, 02/25/2028(A)	$	391	$	370
FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F
3.610%, 10/25/2028(A)		534		510
GNMA
6.500%, 09/20/2053 to 11/20/2053		199		206
6.000%, 07/20/2053		298		303
5.500%, 02/20/2037 to 08/20/2053		1,910		1,929
5.000%, 12/20/2038 to 08/20/2053		1,656		1,660
4.600%, 09/15/2034		848		842
4.500%, 05/20/2040 to 09/20/2052		2,185		2,165
4.000%, 01/15/2041 to 06/20/2052		1,852		1,788
3.500%, 06/20/2044 to 06/20/2052		1,873		1,754
3.000%, 09/15/2042 to 04/20/2052		2,597		2,348
2.500%, 02/20/2027 to 12/20/2051		4,069		3,550
2.000%, 12/20/2050 to 03/20/2051		631		525
GNMA CMO, Ser 2012-34, Cl SA, IO
0.578%, 03/20/2042(A)		16		2
GNMA CMO, Ser 2012-H18, Cl NA
5.957%, US0001M + 0.520%, 08/20/2062(A)		39		39
GNMA CMO, Ser 2012-H30, Cl GA
5.787%, US0001M + 0.350%, 12/20/2062(A)		132		131
GNMA CMO, Ser 2013-85, Cl IA, IO
0.522%, 03/16/2047(A)		274		2
GNMA CMO, Ser 2013-95, Cl IO, IO
0.391%, 04/16/2047(A)		665		6
GNMA CMO, Ser 2013-H01, Cl TA
4.691%, US0001M + 0.500%, 01/20/2063(A)		1		1
GNMA CMO, Ser 2013-H08, Cl BF
5.837%, US0001M + 0.400%, 03/20/2063(A)		206		204
GNMA CMO, Ser 2014-105, Cl IO, IO
0.124%, 06/16/2054(A)		49		–
GNMA CMO, Ser 2014-186, Cl IO, IO
0.372%, 08/16/2054(A)		200		2
GNMA CMO, Ser 2015-H20, Cl FA
5.907%, US0001M + 0.470%, 08/20/2065(A)		164		163
GNMA TBA
6.000%, 01/01/2038		400		407
5.500%, 01/01/2038		400		403
5.000%, 01/01/2040		700		695
3.500%, 01/15/2041		400		372
3.000%, 01/15/2054		500		453
2.000%, 01/15/2054		400		338
GNMA, Ser 103, Cl AD
1.450%, 01/16/2063		116		89


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 113, Cl Z
2.000%, 09/16/2061	$	2,267	$	1,178
GNMA, Ser 2013-107, Cl AD
2.836%, 11/16/2047(A)		37		33
GNMA, Ser 2013-H21, Cl FB
6.137%, US0001M + 0.700%, 09/20/2063(A)		80		80
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		42		8
GNMA, Ser 2018-168, Cl PA
4.000%, 08/20/2048		42		40
GNMA, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		74		10
GNMA, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		72		10
GNMA, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		75		10
GNMA, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		153		20
GNMA, Ser 2020-175, Cl GI, IO
2.000%, 11/20/2050		290		31
GNMA, Ser 2020-181, Cl WI, IO
2.000%, 12/20/2050		361		39
GNMA, Ser 2020-H04, Cl FP
5.937%, US0001M + 0.500%, 06/20/2069(A)		110		110
GNMA, Ser 2020-H09, Cl FL
6.587%, US0001M + 1.150%, 05/20/2070(A)		62		61
GNMA, Ser 2020-H13, Cl FA
5.887%, US0001M + 0.450%, 07/20/2070(A)		375		363
GNMA, Ser 2020-H13, Cl FM
5.837%, US0001M + 0.400%, 08/20/2070(A)		156		154
GNMA, Ser 2021-176, Cl IN, IO
2.500%, 10/20/2051		1,182		161
GNMA, Ser 2021-188, Cl PA
2.000%, 10/20/2051		211		171
GNMA, Ser 2021-57, Cl BI, IO
3.000%, 03/20/2051		1,330		210
GNMA, Ser 2021-96, Cl VI, IO
2.500%, 06/20/2051		1,185		160
GNMA, Ser 2022-189, Cl PT
2.500%, 10/20/2051		187		157
GNMA, Ser 220, Cl E
3.000%, 10/16/2064(A)		100		76
GNMA, Ser 3, Cl IO, IO
0.640%, 02/16/2061(A)		965		47

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 82, Cl Z
2.000%, 02/16/2064	$	206	$	116


				124,938
Non-Agency Mortgage-Backed Obligations — 6.0%
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A
6.538%, US0001M + 0.880%, 09/15/2034(A)(C)		130		125
Benchmark Mortgage Trust, Ser 2021-B26, Cl A3
2.391%, 06/15/2054		604		527
BPR Trust, Ser TY, Cl B
6.626%, US0001M + 1.150%, 09/15/2038(A)(C)		370		353
BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1
0.970%, 03/25/2060(A)(C)		23		22
BRAVO Residential Funding Trust, Ser 2022-NQM3, Cl A1
5.108%, 07/25/2062(A)(C)		322		322
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
6.396%, US0001M + 0.920%, 10/15/2036(A)(C)		371		370
BX Commercial Mortgage Trust, Ser AHP, Cl A
6.352%, TSFR1M + 0.990%, 01/17/2039(A)(C)		630		618
BX Commercial Mortgage Trust, Ser LP2, Cl A
6.375%, TSFR1M + 1.013%, 02/15/2039(A)(C)		332		326
BX Commercial Mortgage Trust, Ser VOLT, Cl A
6.176%, US0001M + 0.700%, 09/15/2036(A)(C)		635		619
BX Trust, Ser CLS, Cl A
5.760%, 10/13/2027(C)		534		534
BX Trust, Ser LBA6, Cl A
6.362%, TSFR1M + 1.000%, 01/15/2039(A)(C)		110		108
CAMB Commercial Mortgage Trust, Ser LIFE, Cl A
6.729%, US0001M + 1.070%, 12/15/2037(A)(C)		110		109
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A
3.251%, 05/10/2035(C)		180		170
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS
4.017%, 10/10/2047		100		97


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049	$	498	$	484
COLT Mortgage Loan Trust, Ser 2022-2, Cl A1
2.994%, 02/25/2067(C)(D)		78		71
Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2
6.987%, SOFR30A + 1.650%, 12/25/2041(A)(C)		440		434
Credit Suisse Mortgage Trust, Ser 2019-NQM1, Cl A3
4.064%, 10/25/2059(C)(D)		122		119
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(A)(C)		265		234
CSMC Trust, Ser 2021-NQM3, Cl A3
1.632%, 04/25/2066(A)(C)		149		125
CSMC Trust, Ser 2021-NQM5, Cl A1
0.938%, 05/25/2066(A)(C)		119		94
CSMC Trust, Ser 2021-NQM7, Cl A1
1.756%, 10/25/2066(A)(C)		98		81
CSMC Trust, Ser 2021-RPL3, Cl M3
3.940%, 01/25/2060(A)(C)		120		87
CSMC Trust, Ser 2021-RPL6, Cl A1
2.000%, 10/25/2060(A)(C)		121		108
CSMC Trust, Ser 2022-NQM1, Cl A1
2.265%, 11/25/2066(A)(C)		353		301
DC Commercial Mortgage Trust 2023-DC, Ser DC, Cl A
6.314%, 09/12/2040(C)		410		423
Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1
2.205%, 01/25/2067(A)(C)		264		235
Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1
0.931%, 06/25/2066(A)(C)		277		221
Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1
2.206%, 01/25/2067(A)(C)		91		77
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
7.276%, US0001M + 1.800%, 09/15/2031(A)(C)		552		378
GS Mortgage Securities II, Ser 2018-SRP5, Cl B
8.476%, US0001M + 3.000%, 09/15/2031(A)(C)		383		116
GS Mortgage Securities Trust, Ser 2014-GC24, Cl A5
3.931%, 09/10/2047		419		411
GS Mortgage Securities Trust, Ser 2019-GC39, Cl A2
3.457%, 05/10/2052		273		268

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057(C)	$	122	$	118
HarborView Mortgage Loan Trust, Ser 2005-9, Cl 2A1B
6.212%, US0001M + 0.740%, 06/20/2035(A)		128		116
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5
3.672%, 11/15/2047		578		564
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D
9.193%, US0001M + 3.750%, 05/15/2028(A)(C)		115		102
JPMorgan Chase Commercial Mortgage Securities Trust, Ser ACB, Cl A
6.738%, SOFR30A + 1.400%, 03/15/2039(A)(C)		300		296
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048(A)(C)		82		73
MAD Mortgage Trust, Ser 2017-330M, Cl A
3.188%, 08/15/2034(A)(C)		220		197
Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1
3.250%, 10/25/2069(A)(C)		150		143
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30, Ser C30, Cl A4
2.600%, 09/15/2049		467		436
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33, Ser C33, Cl A5
3.599%, 05/15/2050		170		161
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/2048		473		458
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5
3.635%, 10/15/2048		510		492
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052		453		437
MTN Commercial Mortgage Trust, Ser LPFL, Cl A
6.767%, TSFR1M + 1.397%, 03/15/2039(A)(C)		410		400
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B
3.655%, 08/15/2036(C)		410		317
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057(A)(C)		240		197


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(A)(C)	$	190	$	178
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(A)(C)		190		178
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(C)		81		74
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056(A)(C)		61		50
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1
1.156%, 11/27/2056(A)(C)		93		77
New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1
5.000%, 06/25/2062(C)(D)		324		321
OBX Trust, Ser 2021-NQM2, Cl A3
1.563%, 05/25/2061(A)(C)		194		150
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061(A)(C)		235		180
OBX Trust, Ser 2021-NQM3, Cl A1
1.054%, 07/25/2061(A)(C)		136		104
OBX Trust, Ser 2022-NQM1, Cl A1
2.305%, 11/25/2061(A)(C)		326		280
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl A1
1.957%, 10/25/2061(A)(C)		213		174
PRKCM Trust, Ser 2021-AFC1, Cl A1
1.510%, 08/25/2056(A)(C)		184		146
PRKCM Trust, Ser 2021-AFC2, Cl A1
2.071%, 11/25/2056(A)(C)		131		109
Residential Mortgage Loan Trust, Ser 2019-3, Cl A3
3.044%, 09/25/2059(A)(C)		26		25
Residential Mortgage Loan Trust, Ser 2019-3, Cl A2
2.941%, 09/25/2059(A)(C)		26		25
Residential Mortgage Loan Trust, Ser 2020-2, Cl A1
1.654%, 05/25/2060(A)(C)		28		27
Seasoned Credit Risk Transfer Trust Series, Ser 2017-2, Cl MA
3.000%, 08/25/2056		183		168
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		464		438
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		379		359

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058	$	534	$	503
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		703		643
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		254		223
Seasoned Credit Risk Transfer Trust, Ser 2022-1, Cl MAU
3.250%, 11/25/2061		858		775
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051(A)(C)		–		–
SG Residential Mortgage Trust, Ser 2022-1, Cl A1
3.166%, 03/27/2062(A)(C)		362		326
Shops at Crystals Trust, Ser 2016-CSTL, Cl A
3.126%, 07/05/2036(C)		100		93
SLG Office Trust, Ser 2021-OVA, Cl A
2.585%, 07/15/2041(C)		510		421
Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2
7.370%, US0001M + 1.900%, 05/25/2058(A)(C)		100		101
UBS Commercial Mortgage Trust 2019-C16, Ser C16, Cl ASB
3.460%, 04/15/2052		284		272
Wells Fargo Commercial Mortgage Trust 2017-C38, Ser C38, Cl A5
3.453%, 07/15/2050		180		169
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl ASB
3.371%, 09/15/2057		61		60
Wells Fargo Commercial Mortgage Trust, Ser C29, Cl A4
3.637%, 06/15/2048		606		586
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.388%, 10/15/2057(A)		270		225
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.544%, 10/15/2057(A)		888		1


				20,535
Total Mortgage-Backed Securities
(Cost $156,433) ($ Thousands)				145,473


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 27.2%
Communication Services — 1.9%
Alphabet
1.900%, 08/15/2040	$	40	$	28
1.100%, 08/15/2030		40		33
0.450%, 08/15/2025		20		19
AT&T
4.250%, 03/01/2027		150		148
2.550%, 12/01/2033		472		385
2.300%, 06/01/2027		120		112
Charter Communications Operating
5.050%, 03/30/2029		220		218
4.908%, 07/23/2025		490		485
4.800%, 03/01/2050		40		31
4.400%, 04/01/2033		110		101
3.750%, 02/15/2028		200		189
Comcast
4.250%, 10/15/2030		40		39
4.150%, 10/15/2028		250		247
3.950%, 10/15/2025		210		207
3.750%, 04/01/2040		20		17
3.450%, 02/01/2050		40		31
3.400%, 04/01/2030		140		131
3.300%, 04/01/2027		30		29
3.250%, 11/01/2039		30		24
3.150%, 03/01/2026		30		29
2.937%, 11/01/2056		27		18
2.800%, 01/15/2051		30		20
Fox
4.709%, 01/25/2029		30		30
Prosus MTN
3.061%, 07/13/2031 (C)		410		331
TCI Communications
7.875%, 02/15/2026		240		255
T-Mobile USA
3.875%, 04/15/2030		390		370
3.750%, 04/15/2027		20		19
3.500%, 04/15/2025		150		147
3.375%, 04/15/2029		219		203
2.550%, 02/15/2031		190		164
2.050%, 02/15/2028		20		18
Verizon Communications
4.500%, 08/10/2033		20		20
4.000%, 03/22/2050		30		25
3.875%, 02/08/2029		30		29
3.850%, 11/01/2042		10		8
3.000%, 03/22/2027		120		114
2.650%, 11/20/2040		130		94
2.550%, 03/21/2031		1,199		1,034
2.355%, 03/15/2032		546		454
2.100%, 03/22/2028		90		81
Warnermedia Holdings
6.412%, 03/15/2026		80		80

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.054%, 03/15/2029	$	447	$	424
3.755%, 03/15/2027		190		182

				6,623

Consumer Discretionary — 1.7%
Amazon.com
4.250%, 08/22/2057		10		9
3.450%, 04/13/2029		160		155
3.300%, 04/13/2027		140		136
3.150%, 08/22/2027		470		451
1.200%, 06/03/2027		20		18
Aptiv
3.250%, 03/01/2032		639		564
AutoZone
5.050%, 07/15/2026		100		101
Ferguson Finance
4.500%, 10/24/2028 (C)		459		452
3.250%, 06/02/2030 (C)		851		761
Ford Motor
6.100%, 08/19/2032		90		91
General Motors
5.600%, 10/15/2032		210		215
Home Depot
3.900%, 12/06/2028		10		10
3.900%, 06/15/2047		10		9
3.350%, 04/15/2050		50		39
3.300%, 04/15/2040		40		33
2.875%, 04/15/2027		170		162
2.500%, 04/15/2027		450		424
Honda Motor
2.534%, 03/10/2027		632		596
LKQ
5.750%, 06/15/2028		682		698
Lowe's
4.500%, 04/15/2030		30		30
1.700%, 09/15/2028		80		70
McDonald's MTN
4.200%, 04/01/2050		70		62
3.800%, 04/01/2028		280		273
3.700%, 01/30/2026		10		10
3.625%, 09/01/2049		10		8
3.500%, 03/01/2027		20		19
3.500%, 07/01/2027		10		10
1.450%, 09/01/2025		10		9
NIKE
3.375%, 03/27/2050		10		8
2.750%, 03/27/2027		40		38
2.400%, 03/27/2025		40		39
Toyota Motor
1.339%, 03/25/2026		210		196

				5,696


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 0.5%
Coca-Cola
3.375%, 03/25/2027	$	30	$	29
Costco Wholesale
1.600%, 04/20/2030		90		77
1.375%, 06/20/2027		120		109
Hershey
0.900%, 06/01/2025		20		19
Kenvue
5.350%, 03/22/2026		150		152
5.050%, 03/22/2028		200		205
Kimberly-Clark
3.100%, 03/26/2030		20		19
Kroger
7.700%, 06/01/2029		565		638
Mars
3.200%, 04/01/2030 (C)		30		28
2.700%, 04/01/2025 (C)		60		58
Mondelez International
1.500%, 05/04/2025		180		172
PepsiCo
3.900%, 07/18/2032		90		88
2.625%, 03/19/2027		10		9
2.250%, 03/19/2025		10		10
1.625%, 05/01/2030		70		60
Procter & Gamble
3.000%, 03/25/2030		40		37
Walmart
1.800%, 09/22/2031		160		136

				1,846

Energy — 2.7%
Berkshire Hathaway Energy
3.700%, 07/15/2030		140		132
BP Capital Markets America
3.633%, 04/06/2030		50		48
3.410%, 02/11/2026		90		88
3.119%, 05/04/2026		170		164
Cameron LNG
2.902%, 07/15/2031 (C)		60		53
Columbia Pipelines Operating
6.036%, 11/15/2033 (C)		250		262
Continental Resources
5.750%, 01/15/2031 (C)		10		10
4.375%, 01/15/2028		120		116
3.800%, 06/01/2024		190		189
Coterra Energy
4.375%, 03/15/2029		300		291
3.900%, 05/15/2027		160		155
Devon Energy
5.850%, 12/15/2025		210		212
5.250%, 10/15/2027		64		64

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.000%, 06/15/2045	$	70	$	62
4.500%, 01/15/2030		32		31
Diamondback Energy
3.500%, 12/01/2029		50		46
3.250%, 12/01/2026		30		29
3.125%, 03/24/2031		40		36
Ecopetrol
5.375%, 06/26/2026		140		137
Energy Transfer
4.950%, 06/15/2028		10		10
3.750%, 05/15/2030		220		204
2.900%, 05/15/2025		140		136
Enterprise Products Operating
6.650%, 10/15/2034		40		46
4.800%, 02/01/2049		30		28
4.150%, 10/16/2028		140		138
3.950%, 02/15/2027		150		148
3.950%, 01/31/2060		10		8
3.700%, 01/31/2051		80		64
3.125%, 07/31/2029		210		196
2.800%, 01/31/2030		230		208
EOG Resources
4.375%, 04/15/2030		190		189
4.150%, 01/15/2026		160		159
EQT
6.125%, 02/01/2025		56		56
3.900%, 10/01/2027		140		134
KazMunayGas National JSC
5.375%, 04/24/2030 (C)		400		396
Kinder Morgan
5.550%, 06/01/2045		20		19
4.300%, 06/01/2025		60		59
Occidental Petroleum
5.550%, 03/15/2026		170		171
3.400%, 04/15/2026		80		76
3.200%, 08/15/2026		130		122
3.000%, 02/15/2027		130		121
0.000%, 10/10/2036 (E)		1,346		717
Oncor Electric Delivery
4.150%, 06/01/2032		300		288
ONEOK
5.800%, 11/01/2030		50		52
5.650%, 11/01/2028		170		176
5.550%, 11/01/2026		100		102
Petrobras Global Finance BV
6.850%, 06/05/2115		150		141
Petroleos del Peru
4.750%, 06/19/2032 (C)		400		286
Pioneer Natural Resources
2.150%, 01/15/2031		70		60
1.900%, 08/15/2030		220		187
1.125%, 01/15/2026		50		46


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Reliance Industries
3.625%, 01/12/2052 (C)	$	250	$	183
Schlumberger Holdings
3.900%, 05/17/2028 (C)		456		443
Shell International Finance BV
3.250%, 05/11/2025		150		147
3.250%, 04/06/2050		110		83
2.875%, 05/10/2026		90		87
2.750%, 04/06/2030		40		36
Tennessee Gas Pipeline
2.900%, 03/01/2030 (C)		160		141
Transcontinental Gas Pipe Line
3.250%, 05/15/2030		100		91
Western Midstream Operating
6.350%, 01/15/2029		490		512
4.750%, 08/15/2028		100		97
4.050%, 02/01/2030		20		19
3.100%, 02/01/2025		30		29
Williams
5.100%, 09/15/2045		70		66
4.900%, 01/15/2045		90		82
3.750%, 06/15/2027		390		376
3.500%, 11/15/2030		20		18

				9,278

Financials — 12.1%
American Express
4.050%, 05/03/2029		140		138
3.375%, 05/03/2024		140		139
Aviation Capital Group
4.125%, 08/01/2025 (C)		160		155
1.950%, 01/30/2026 (C)		567		526
Banco Santander
4.175%, H15T1Y + 2.000%, 03/24/2028 (A)		200		192
2.746%, 05/28/2025		200		193
Bank of America
6.204%, SOFRRATE + 1.990%, 11/10/2028 (A)		584		609
3.841%, SOFRRATE + 1.110%, 04/25/2025 (A)		100		99
3.419%, US0003M + 1.040%, 12/20/2028 (A)		234		220
2.592%, SOFRRATE + 2.150%, 04/29/2031 (A)		380		328
2.572%, SOFRRATE + 1.210%, 10/20/2032 (A)		240		199
1.734%, SOFRRATE + 0.960%, 07/22/2027 (A)		971		890
Bank of America MTN
4.376%, SOFRRATE + 1.580%, 04/27/2028 (A)		100		98

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 10/22/2026	$	10	$	10
4.200%, 08/26/2024		210		208
4.125%, 01/22/2024		370		370
4.083%, US0003M + 3.150%, 03/20/2051 (A)		40		34
4.000%, 04/01/2024		440		438
4.000%, 01/22/2025		80		79
3.974%, US0003M + 1.210%, 02/07/2030 (A)		80		76
3.593%, US0003M + 1.370%, 07/21/2028 (A)		210		199
3.500%, 04/19/2026		130		126
2.972%, SOFRRATE + 1.330%, 02/04/2033 (A)		200		170
Bank of Montreal MTN
1.850%, 05/01/2025		130		125
Bank of New York Mellon MTN
4.289%, SOFRRATE + 1.418%, 06/13/2033 (A)		320		304
3.300%, 08/23/2029		790		739
1.600%, 04/24/2025		40		39
Bank of Nova Scotia
1.300%, 06/11/2025		70		66
Blackstone Holdings Finance
1.600%, 03/30/2031 (C)		590		461
BNP Paribas
5.894%, SOFRRATE + 1.866%, 12/05/2034 (A)(C)		200		209
5.198%, US0003M + 2.567%, 01/10/2030 (A)(C)		200		200
5.125%, H15T1Y + 1.450%, 01/13/2029 (A)(C)		270		272
4.705%, US0003M + 2.235%, 01/10/2025 (A)(C)		270		270
2.871%, SOFRRATE + 1.387%, 04/19/2032 (A)(C)		200		169
1.675%, SOFRRATE + 0.912%, 06/30/2027 (A)(C)		290		266
Capital One Financial
7.149%, SOFRRATE + 2.440%, 10/29/2027 (A)		635		659
4.927%, SOFRRATE + 2.057%, 05/10/2028 (A)		30		30
Charles Schwab
6.136%, SOFRRATE + 2.010%, 08/24/2034 (A)		70		74
5.875%, 08/24/2026		110		113
3.850%, 05/21/2025		110		108
Citigroup
8.125%, 07/15/2039		12		15
5.500%, 09/13/2025		330		331
5.300%, 05/06/2044		31		30


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.658%, SOFRRATE + 1.887%, 05/24/2028 (A)	$	140	$	139
4.650%, 07/30/2045		28		25
4.450%, 09/29/2027		90		88
4.412%, SOFRRATE + 3.914%, 03/31/2031 (A)		100		96
4.400%, 06/10/2025		160		158
4.300%, 11/20/2026		40		39
4.125%, 07/25/2028		40		38
4.075%, US0003M + 1.192%, 04/23/2029 (A)		240		231
3.785%, SOFRRATE + 1.939%, 03/17/2033 (A)		250		225
3.668%, US0003M + 1.390%, 07/24/2028 (A)		340		324
3.400%, 05/01/2026		354		341
3.200%, 10/21/2026		287		274
3.106%, SOFRRATE + 2.842%, 04/08/2026 (A)		150		146
2.572%, SOFRRATE + 2.107%, 06/03/2031 (A)		160		137
2.520%, SOFRRATE + 1.177%, 11/03/2032 (A)		110		91
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		245
3.649%, H15T1Y + 1.220%, 04/06/2028 (A)(C)		580		553
Credit Agricole MTN
1.907%, SOFRRATE + 1.676%, 06/16/2026 (A)(C)		250		237
Credit Suisse NY
7.950%, 01/09/2025		250		256
5.000%, 07/09/2027		530		530
4.750%, 08/09/2024		250		248
2.950%, 04/09/2025		250		242
Danske Bank
4.298%, H15T1Y + 1.750%, 04/01/2028 (A)(C)		240		233
Danske Bank MTN
3.773%, H15T1Y + 1.450%, 03/28/2025 (A)(C)		310		308
GA Global Funding Trust
3.850%, 04/11/2025 (C)		1,114		1,091
Goldman Sachs Group
4.387%, SOFRRATE + 1.510%, 06/15/2027 (A)		400		393
4.250%, 10/21/2025		140		137
4.223%, US0003M + 1.301%, 05/01/2029 (A)		650		629
3.691%, US0003M + 1.510%, 06/05/2028 (A)		400		382
3.615%, SOFRRATE + 1.846%, 03/15/2028 (A)		30		29

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.500%, 04/01/2025	$	80	$	78
3.500%, 11/16/2026		90		87
2.650%, SOFRRATE + 1.264%, 10/21/2032 (A)		110		92
Goldman Sachs Group MTN
4.000%, 03/03/2024		420		419
Guardian Life Global Funding
1.100%, 06/23/2025 (C)		30		28
HSBC Holdings PLC
4.583%, US0003M + 1.535%, 06/19/2029 (A)		200		194
ING Groep
6.114%, SOFRRATE + 2.090%, 09/11/2034 (A)		539		565
Intercontinental Exchange
4.600%, 03/15/2033		40		40
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (C)		200		198
JPMorgan Chase
4.565%, SOFRRATE + 1.750%, 06/14/2030 (A)		998		977
4.452%, US0003M + 1.330%, 12/05/2029 (A)		200		196
4.203%, US0003M + 1.260%, 07/23/2029 (A)		773		751
4.005%, US0003M + 1.120%, 04/23/2029 (A)		100		96
3.875%, 09/10/2024		290		287
3.845%, SOFRRATE + 0.980%, 06/14/2025 (A)		1,180		1,170
2.545%, SOFRRATE + 1.180%, 11/08/2032 (A)		110		92
2.522%, SOFRRATE + 2.040%, 04/22/2031 (A)		190		164
2.083%, SOFRRATE + 1.850%, 04/22/2026 (A)		130		125
KKR Group Finance VI
3.750%, 07/01/2029 (C)		1,149		1,078
Lincoln National
3.400%, 01/15/2031		451		404
Macquarie Bank
2.300%, 01/22/2025 (C)		1,188		1,153
Mitsubishi UFJ Financial Group
3.837%, H15T1Y + 1.125%, 04/17/2026 (A)		200		196
3.407%, 03/07/2024		510		508
Moody's
2.000%, 08/19/2031		1,000		830
Morgan Stanley MTN
3.772%, US0003M + 1.140%, 01/24/2029 (A)		150		143
3.622%, SOFRRATE + 3.120%, 04/01/2031 (A)		475		438


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.699%, SOFRRATE + 1.143%, 01/22/2031 (A)	$	200	$	175
2.188%, SOFRRATE + 1.990%, 04/28/2026 (A)		400		384
NatWest Group
4.269%, US0003M + 1.762%, 03/22/2025 (A)		200		199
New York Life Global Funding
0.950%, 06/24/2025 (C)		60		57
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (C)		944		928
PNC Financial Services Group
6.875%, SOFRRATE + 2.284%, 10/20/2034 (A)		834		926
5.812%, SOFRRATE + 1.322%, 06/12/2026 (A)		240		241
Principal Life Global Funding II
1.250%, 06/23/2025 (C)		20		19
Royal Bank of Canada MTN
6.000%, 11/01/2027		1,209		1,267
1.150%, 06/10/2025		70		66
SBA Tower Trust
2.593%, 10/15/2031 (C)		996		801
State Street
5.159%, SOFRRATE + 1.890%, 05/18/2034 (A)		1,020		1,027
3.152%, SOFRRATE + 2.650%, 03/30/2031 (A)		50		45
Swedbank
1.538%, 11/16/2026 (C)		400		365
Toronto-Dominion Bank MTN
4.693%, 09/15/2027		1,061		1,061
4.456%, 06/08/2032		140		136
3.200%, 03/10/2032		807		715
1.150%, 06/12/2025		80		75
Truist Financial MTN
6.047%, SOFRRATE + 2.050%, 06/08/2027 (A)		90		92
UBS Group
4.253%, 03/23/2028 (C)		250		241
4.125%, 04/15/2026 (C)		634		619
2.746%, H15T1Y + 1.100%, 02/11/2033 (A)(C)		575		472
UBS Group AG
4.194%, SOFRRATE + 3.730%, 04/01/2031 (A)(C)		250		233
US Bancorp
5.775%, SOFRRATE + 2.020%, 06/12/2029 (A)		100		103
3.375%, 02/05/2024		540		539
1.450%, 05/12/2025		120		114

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
US Bancorp MTN
2.215%, SOFRRATE + 0.730%, 01/27/2028 (A)	$	60	$	55
USAA Capital
2.125%, 05/01/2030 (C)		150		126
Wells Fargo
3.000%, 10/23/2026		190		180
2.188%, SOFRRATE + 2.000%, 04/30/2026 (A)		130		125
Wells Fargo MTN
5.557%, SOFRRATE + 1.990%, 07/25/2034 (A)		20		20
5.013%, SOFRRATE + 4.502%, 04/04/2051 (A)		380		361
4.900%, 11/17/2045		30		27
4.540%, SOFRRATE + 1.560%, 08/15/2026 (A)		300		297
4.478%, SOFRRATE + 4.032%, 04/04/2031 (A)		220		213
4.300%, 07/22/2027		200		196
3.750%, 01/24/2024		540		539
3.350%, SOFRRATE + 1.500%, 03/02/2033 (A)		40		35
2.879%, TSFR3M + 1.432%, 10/30/2030 (A)		100		89
2.393%, SOFRRATE + 2.100%, 06/02/2028 (A)		290		266

				41,579

Health Care — 1.6%
AbbVie
4.250%, 11/21/2049		30		27
3.800%, 03/15/2025		40		39
3.600%, 05/14/2025		10		10
3.200%, 11/21/2029		150		140
2.950%, 11/21/2026		20		19
2.600%, 11/21/2024		140		137
Becton Dickinson
4.685%, 12/15/2044		36		34
3.734%, 12/15/2024		7		7
3.363%, 06/06/2024		186		184
Bristol-Myers Squibb
3.400%, 07/26/2029		16		15
3.200%, 06/15/2026		79		77
2.900%, 07/26/2024		154		152
Cigna Group
4.375%, 10/15/2028		420		417
4.125%, 11/15/2025		200		197
3.500%, 06/15/2024		160		158
1.250%, 03/15/2026		725		672
CVS Health
5.050%, 03/25/2048		60		56


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.300%, 03/25/2028	$	164	$	161
3.875%, 07/20/2025		95		93
3.625%, 04/01/2027		180		175
2.125%, 09/15/2031		150		124
1.875%, 02/28/2031		20		17
1.750%, 08/21/2030		200		165
CVS Pass-Through Trust
7.507%, 01/10/2032 (C)		872		918
5.773%, 01/10/2033 (C)		316		313
Elevance Health
4.100%, 05/15/2032		80		76
Humana
5.750%, 12/01/2028		200		209
4.500%, 04/01/2025		10		10
3.700%, 03/23/2029		160		154
2.150%, 02/03/2032		30		24
Merck
1.900%, 12/10/2028		430		387
1.450%, 06/24/2030		50		42
Pfizer
2.625%, 04/01/2030		100		90
1.700%, 05/28/2030		50		43
UnitedHealth Group
4.450%, 12/15/2048		10		9
4.250%, 06/15/2048		10		9
4.000%, 05/15/2029		200		197
3.875%, 12/15/2028		30		30
2.300%, 05/15/2031		20		17
2.000%, 05/15/2030		30		26
1.250%, 01/15/2026		20		19

				5,649

Industrials — 1.9%
3M
3.700%, 04/15/2050		150		119
2.375%, 08/26/2029		30		26
AerCap Ireland Capital DAC
3.000%, 10/29/2028		1,226		1,119
2.450%, 10/29/2026		190		176
Air Lease
5.300%, 02/01/2028		90		91
3.375%, 07/01/2025		100		97
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		9
Carlisle
2.200%, 03/01/2032		634		517
Carrier Global
2.700%, 02/15/2031		10		9
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		457		446

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Deere
3.750%, 04/15/2050	$	10	$	9
3.100%, 04/15/2030		10		9
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		429		404
Delta Air Lines Pass-Through Trust, Ser 2019-1, Cl AA
3.204%, 04/25/2024		621		616
John Deere Capital MTN
3.350%, 04/18/2029		934		895
Penske Truck Leasing Lp
5.550%, 05/01/2028 (C)		916		930
Republic Services
3.200%, 03/15/2025		180		176
Ryder System MTN
5.250%, 06/01/2028		609		617
3.350%, 09/01/2025		197		191
Union Pacific
3.750%, 07/15/2025		20		20
2.891%, 04/06/2036		20		17

				6,493

Information Technology — 1.1%
Adobe
2.300%, 02/01/2030		210		188
Apple
3.350%, 02/09/2027		210		205
2.900%, 09/12/2027		110		105
2.450%, 08/04/2026		70		67
Broadcom
4.926%, 05/15/2037 (C)		33		32
4.150%, 11/15/2030		26		25
3.137%, 11/15/2035 (C)		70		57
Intel
5.125%, 02/10/2030		70		73
4.750%, 03/25/2050		10		9
3.700%, 07/29/2025		30		30
1.600%, 08/12/2028		50		44
Mastercard
3.850%, 03/26/2050		10		9
3.375%, 04/01/2024		60		59
Micron Technology
2.703%, 04/15/2032		260		218
Microsoft
3.300%, 02/06/2027		70		68
NVIDIA
3.700%, 04/01/2060		60		50
2.850%, 04/01/2030		90		83
NXP BV
5.000%, 01/15/2033		916		917
2.700%, 05/01/2025		40		39


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Oracle
4.650%, 05/06/2030	$	70	$	70
1.650%, 03/25/2026		130		121
PayPal Holdings
4.400%, 06/01/2032		80		80
1.650%, 06/01/2025		60		57
Salesforce
3.700%, 04/11/2028		150		147
1.500%, 07/15/2028		510		454
Texas Instruments
1.750%, 05/04/2030		40		35
TSMC Arizona
2.500%, 10/25/2031		250		215
1.750%, 10/25/2026		230		212
Visa
4.300%, 12/14/2045		10		9
3.150%, 12/14/2025		50		49
1.900%, 04/15/2027		60		56

				3,783

Materials — 0.6%
Anglo American Capital
3.625%, 09/11/2024 (C)		200		197
Glencore Funding
4.125%, 03/12/2024 (C)		60		60
1.625%, 04/27/2026 (C)		90		83
MEGlobal BV MTN
4.250%, 11/03/2026 (C)		200		193
2.625%, 04/28/2028 (C)		230		207
OCP
4.500%, 10/22/2025 (C)		400		390
Orbia Advance
2.875%, 05/11/2031 (C)		200		165
Suzano Austria GmbH
3.125%, 01/15/2032		380		315
Vale Overseas
6.875%, 11/21/2036		148		162
6.250%, 08/10/2026		240		245

				2,017

Real Estate — 0.6%
Alexandria Real Estate Equities
3.950%, 01/15/2028		141		135
3.450%, 04/30/2025		664		649
American Tower Trust #1
5.490%, 03/15/2028 (C)		554		562
Healthpeak OP
2.125%, 12/01/2028		769		676

				2,022

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Utilities — 2.5%
American Transmission Systems
2.650%, 01/15/2032 (C)	$	60	$	51
American Water Capital
4.450%, 06/01/2032		1,311		1,304
Commonwealth Edison
3.700%, 08/15/2028		468		452
Consumers 2023 Securitization Funding
5.210%, 09/01/2030		512		524
Duke Energy Carolinas
2.850%, 03/15/2032		1,057		921
Duke Energy Florida
3.200%, 01/15/2027		440		425
Exelon
5.625%, 06/15/2035		343		349
FirstEnergy
1.600%, 01/15/2026		30		28
Florida Power & Light
2.450%, 02/03/2032		544		467
MidAmerican Energy
3.650%, 04/15/2029		140		134
Northern States Power
7.125%, 07/01/2025		1,190		1,228
NSTAR Electric
1.950%, 08/15/2031		1,000		818
Pacific Gas and Electric
2.100%, 08/01/2027		130		117
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (C)		370		376
PG&E Wildfire Recovery Funding
4.022%, 06/01/2031		703		682
3.594%, 06/01/2030		673		647

				8,523

Total Corporate Obligations
(Cost $98,946) ($ Thousands)				93,509



U.S. TREASURY OBLIGATIONS — 19.0%
U.S. Treasury Bonds
4.750%, 11/15/2043		690		740
4.750%, 11/15/2053		170		191
4.375%, 08/15/2043		750		766
4.125%, 08/15/2053		610		617
4.000%, 11/15/2052		610		602
3.875%, 05/15/2043		790		753
3.625%, 08/15/2043		40		37
3.625%, 02/15/2053		290		268
3.625%, 05/15/2053		810		749
3.375%, 11/15/2048		190		165


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.125%, 08/15/2044	$	50	$	42
3.000%, 02/15/2049		1,010		822
2.875%, 08/15/2045		60		48
2.875%, 05/15/2049		320		254
2.875%, 05/15/2052		80		64
2.375%, 02/15/2042		618		474
2.375%, 05/15/2051		1,920		1,370
2.250%, 08/15/2049		280		195
2.250%, 02/15/2052		966		670
2.000%, 11/15/2041		650		470
2.000%, 08/15/2051		900		588
1.875%, 02/15/2041		30		22
1.875%, 02/15/2051		1,520		964
1.875%, 11/15/2051		780		493
1.750%, 08/15/2041		640		445
1.625%, 11/15/2050		1,080		643
1.375%, 11/15/2040		880		584
1.375%, 08/15/2050		2,130		1,187
1.250%, 05/15/2050		1,020		550
1.125%, 08/15/2040		430		274
U.S. Treasury Inflation-Protected Securities
1.125%, 01/15/2033		1,715		1,622
0.125%, 01/15/2030		1,068		968
U.S. Treasury Notes
4.625%, 09/15/2026		30		30
4.625%, 11/15/2026		30		30
4.625%, 09/30/2030		730		761
4.500%, 11/15/2033		320		336
4.375%, 08/31/2028		5,679		5,801
4.375%, 11/30/2028		2,411		2,467
4.125%, 08/31/2030		1,640		1,661
4.000%, 07/31/2030		770		774
3.875%, 08/15/2033		4,437		4,431
3.625%, 05/15/2026		1,898		1,876
3.625%, 03/31/2028		779		771
3.625%, 05/31/2028		4,468		4,421
3.500%, 01/31/2028		5,864		5,771
3.375%, 05/15/2033		3,600		3,455
3.125%, 08/31/2027		5,691		5,531
2.750%, 08/15/2032		1,912		1,751
1.500%, 01/31/2027		128		119
0.750%, 05/31/2026		8,110		7,486
0.250%, 05/31/2025		210		198
0.250%, 09/30/2025		10		9

Total U.S. Treasury Obligations
(Cost $70,316) ($ Thousands)				65,316

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES — 8.7%
Automotive — 0.5%

Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (C)	$	440	$	410
Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (C)		430		391
Hertz Vehicle Financing III, Ser 2021-2A, Cl B
2.120%, 12/27/2027 (C)		160		145
Hertz Vehicle Financing III, Ser 2021-2A, Cl C
2.520%, 12/27/2027 (C)		300		269
Hertz Vehicle Financing, Ser 2021-1A, Cl B
1.560%, 12/26/2025 (C)		240		231
Hertz Vehicle Financing, Ser 2021-1A, Cl C
2.050%, 12/26/2025 (C)		210		202
				1,648

Mortgage Related Securities — 0.0%

Cascade MH Asset Trust, Ser 2021-MH1, Cl A1
1.753%, 02/25/2046 (C)		68		59
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
5.770%, US0001M + 0.300%, 05/25/2037 (A)(C)		139		117
				176

Other Asset-Backed Securities — 8.2%

AMSR Trust, Ser 2023-SFR1, Cl A
4.000%, 04/17/2040 (C)		960		905
CIFC Funding 2023-III, Ser 2024-3A, Cl A
0.000%, 01/20/2037 (A)(B)(C)		1,043		1,043
CWHEQ Revolving Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
5.616%, US0001M + 0.140%, 07/15/2036 (A)		120		112
DB Master Finance, Ser 2021-1A, Cl A2II
2.493%, 11/20/2051 (C)		1,028		914
FirstKey Homes Trust, Ser 2021-SFR1, Cl A
1.538%, 08/17/2038 (C)		784		710
FirstKey Homes Trust, Ser 2021-SFR3, Cl A
2.135%, 12/17/2038 (C)		437		397
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl B
2.940%, 01/20/2049 (C)		577		432
Hardee's Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/2051 (C)		390		322
Home Partners of America Trust, Ser 2022-1, Cl A
3.930%, 04/17/2039 (C)		950		910


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Ser 2016-3A, Cl A3
6.802%, US0001M + 1.350%, 06/25/2065 (A)(C)	$	259	$	261
Navient Student Loan Trust, Ser 2016-6A, Cl A3
6.752%, US0001M + 1.300%, 03/25/2066 (A)(C)		496		498
Palmer Square CLO, Ser 2021-2A, Cl A1A3
6.664%, US0003M + 1.000%, 10/17/2031 (A)(C)		693		692
Palmer Square CLO, Ser 2022-2A, Cl A1
6.986%, TSFR3M + 1.570%, 07/20/2034 (A)(C)		400		400
Palmer Square Loan Funding, Ser 2022-2A, Cl A1
6.664%, TSFR3M + 1.270%, 10/15/2030 (A)(C)		716		714
PFS Financing, Ser 2023-C, Cl A
5.520%, 10/15/2028 (C)		826		835
Progress Residential Trust, Ser 2021-SFR2, Cl A
1.546%, 04/19/2038 (C)		580		529
Progress Residential Trust, Ser 2022-SFR2, Cl A
2.950%, 04/17/2027 (C)		974		904
Progress Residential Trust, Ser 2022-SFR3, Cl A
3.200%, 04/17/2039 (C)		506		473
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (C)		339		327
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (C)		1,027		921
SBA Small Business Investment, Ser 2023-10A, Cl 1
5.168%, 03/10/2033		901		904
SLC Student Loan Trust, Ser 2010-1, Cl A
6.481%, US0003M + 0.875%, 11/25/2042 (A)		64		64
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
5.936%, US0003M + 0.290%, 06/15/2039 (A)		137		132
SLM Private Education Loan Trust, Ser 2010-C, Cl A5
10.226%, US0001M + 4.750%, 10/15/2041 (A)(C)		270		284
SMB Private Education Loan Trust 2020-A, Ser 2020-A, Cl A2A
2.230%, 09/15/2037 (C)		137		127
SMB Private Education Loan Trust, Ser 2021-A, Cl A2B
1.590%, 01/15/2053 (C)		260		230

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Continued)


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
SMB Private Education Loan Trust, Ser 2021-C, Cl B
2.300%, 01/15/2053 (C)	$	170	$	156
Store Master Funding I-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (C)		362		355
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (C)		314		289
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (C)		583		500
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (C)		269		255
Tricon Residential Trust, Ser 2021-SFR1, Cl A
1.943%, 07/17/2038 (C)		850		776
Triumph Rail Holdings, Ser 2021-2, Cl A
2.150%, 06/19/2051 (C)		258		230
TRP 2021, Ser 2021-1, Cl A
2.070%, 06/19/2051 (C)		470		416
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		105		100
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		97		94
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		67		63
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		291		278
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		428		401
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		363		337
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		213		194
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		267		246
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		350		321
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		701		657
United States Small Business Administration, Ser 2021-25H, Cl 1
1.450%, 08/01/2046		1,437		1,168


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2022-25D, Cl 1
3.500%, 04/01/2047	$	668	$	612
United States Small Business Administration, Ser 2022-25E, Cl 1
3.940%, 05/01/2047		929		866
United States Small Business Administration, Ser 2022-25F, Cl 1
4.010%, 06/01/2047		945		891
United States Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		933		882
United States Small Business Administration, Ser 2022-25H, Cl 1
3.800%, 08/01/2047		455		426
United States Small Business Administration, Ser 2022-25K, Cl 1
5.130%, 11/01/2047		527		535
United States Small Business Administration, Ser 2023-25F, Cl 1
4.930%, 06/01/2048		856		856
United States Small Business Administration, Ser 2023-25J, Cl 1
5.820%, 10/01/2048		537		567
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (C)		306		292
Wendy's Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (C)		602		519
Wendy's Funding, Ser 2021-1A, Cl A2II
2.775%, 06/15/2051 (C)		258		216
Wind River CLO, Ser 2021-3A, Cl A
6.827%, US0003M + 1.150%, 07/20/2033 (A)(C)		614		610
				28,148

Total Asset-Backed Securities
(Cost $31,984) ($ Thousands)				29,972


MUNICIPAL BONDS — 0.9%
California — 0.3%
California Health Facilities Financing Authority, RB
3.378%, 06/01/2028		575		551
San Jose, Financing Authority, RB
1.311%, 06/01/2026		540		499

				1,050

Illinois — 0.2%
Sales Tax Securitization, RB
4.847%, 01/01/2031		930		935

New Covenant Funds


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York — 0.2%
New York State Urban Development, RB
3.350%, 03/15/2026 (F)	$	665	$	646


Wisconsin — 0.2%
State of Wisconsin, Ser A, RB, AGM
5.700%, 05/01/2026		595		601



Total Municipal Bonds
(Cost $3,313) ($ Thousands)				3,232



SOVEREIGN DEBT — 0.9%

Colombia Government International Bond
5.625%, 02/26/2044		280		235
5.200%, 05/15/2049		310		242
3.125%, 04/15/2031		220		179
Indonesia Government International Bond MTN
5.125%, 01/15/2045(C)		200		206
Korea Housing Finance
4.625%, 02/24/2033(C)		360		352
Mexico Government International Bond
3.500%, 02/12/2034		1,040		880
Peruvian Government International Bond
3.550%, 03/10/2051		90		68
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,039

Total Sovereign Debt
(Cost $3,585) ($ Thousands)				3,201


	Shares
CASH EQUIVALENT — 1.8%
SEI Daily Income Trust, Government Fund, Institutional Class
5.220%**^†		6,080,515		6,081

Total Cash Equivalent
(Cost $6,081) ($ Thousands)				6,081



PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $83) ($ Thousands)				42

Total Investments in Securities — 100.8%
(Cost $370,741) ($ Thousands)			$	346,826


WRITTEN OPTIONS — (0.0)%
Total Written Options
(Premiums Received $62) ($ Thousands)			$	(51	)

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Income Fund (Concluded)

A list of open exchange-traded options contracts held by the Fund at December 31, 2023 is as follows:

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
December 2024, SOFR 3 Month MidCurve Future Option *		39		$	9,360		$	96.00		12/21/2024	$	38
February 2024, SOFR 5 Year MidCurve Future Option*		33			3,515			106.50		1/20/2024		2
April 2024, SOFR 3 Month MidCurve Future Option*		33			7,817			94.75		4/20/2024		1
March 2024, SOFR 3 Month MidCurve Future Option*		69			16,301			94.50		3/16/2024		1

					36,993							42


Total Purchased Options				$	36,993						$	42
WRITTEN OPTIONS — 0.0%
Put Options
February 2024, SOFR 5 Year MidCurve Future Option*		(33	)	$	(3,490	)		105.75		01/20/2024	$	(1	)
December 2024, SOFR 3 Month MidCurve Future Option*		(39	)		(9,311	)		95.50		12/21/2024		(19	)

					(12,801	)						(20	)


Call Options
February 2024, SOFR 10 Year MidCurve Future Option*		(14	)		(1,596	)		114.00		01/20/2024		(7	)
December 2024, SOFR 3 Month MidCurve Future Option*		(39	)		(9,470	)		97.13		12/21/2024		(24	)

					(11,066	)						(31	)


Total Written Options				$	(23,867	)					$	(51	)

A list of the open futures contracts held by the Fund at December 31, 2023 are as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation)(Thousands)
Long Contracts
3 Month SOFR		26			Dec-2023	$	6,148		$	6,152		$	4
3 Month SOFR		63			Dec-2024		15,168			15,163			(5	)
3 Month SOFR		116			Dec-2025		27,869			28,111			242
U.S. 5-Year Treasury Note		21			Mar-2024		2,276			2,284			8
U.S. 10-Year Treasury Note		179			Mar-2024		19,749			20,207			458
Ultra 10-Year U.S. Treasury Note		88			Mar-2024		9,889			10,385			496
							81,099			82,302			1,203
Short Contracts
3 Month SOFR		(13	)		Mar-2024	$	(3,073	)	$	(3,088	)	$	(15	)
U.S. 2-Year Treasury Note		(44	)		Mar-2024		(8,966	)		(9,060	)		(94	)
U.S. Long Treasury Bond		(190	)		Mar-2024		(21,911	)		(23,738	)		(1,827	)
U.S. Ultra Long Treasury Bond		(28	)		Mar-2024		(3,379	)		(3,741	)		(362	)
							(37,329	)		(39,627	)		(2,298	)
						$	43,770		$	42,675		$	(1,095	)

For the period ended December 31, 2023, the total amount of all open options and futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

New Covenant Funds

The options contracts and futures contracts are considered to have interest rate risk associated with them.

	Percentages are based on Net Assets of $344,154 ($ Thousands).
**	The rate reported is the 7-day effective yield as of December 31, 2023.
^†	Investment in Affiliated Security (see Note 3).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	No interest rate available.
(C)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On December 31, 2023, the value of these securities amounted to $51,697 ($ Thousands), representing 15.0% of the Net Assets of the Fund.
(D)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(E)	Zero coupon security.
(F)	Security is escrowed to maturity.

The following is a summary of the level of inputs used as of December 31, 2023, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Mortgage-Backed Securities

–

145,473

–

145,473

Corporate Obligations

–

93,509

–

93,509

U.S. Treasury Obligations

10,903

54,413

–

65,316

Asset-Backed Securities

–

29,972

–

29,972

Municipal Bonds

–

3,232

–

3,232

Sovereign Debt

–

3,201

–

3,201

Cash Equivalent

6,081

–

6,081

Purchased Options

–

Total Investments in Securities

17,026

329,800

–

346,826

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Written Options		(51	)		–		–		(51	)
Futures Contracts*
Unrealized Appreciation		1,208			–		–		1,208
Unrealized Depreciation		(2,303	)		–		–		(2,303	)
Total Other Financial Instruments		(1,146	)		–		–		(1,146	)

*	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the transactions with affiliates for the period ended December 31, 2023 ($ Thousands):

Security Description		Value 6/30/2023				Purchases at Cost				Proceeds from Sales				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)				Value 12/31/2023				Income				Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class		$	1,278			$	52,691			$	(47,888	)		$	—			$	—			$	6,081			$	65			$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Balanced Growth Fund

^†	Percentages are based on total investments.


Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.2%
Equity Fund — 61.2%
New Covenant Growth Fund ^†		3,595,460	$	205,337

Total Equity Fund
(Cost $98,063) ($ Thousands)				205,337
Fixed Income Fund — 38.0%
New Covenant Income Fund ^†		6,095,356		127,576

Total Fixed Income Fund
(Cost $137,796) ($ Thousands)				127,576


Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Institutional Class
5.220%**^†		2,174,261	$	2,174

Total Cash Equivalent
(Cost $2,174) ($ Thousands)				2,174


Total Investments in Securities — 99.8%
(Cost $238,033) ($ Thousands)			$	335,087

	Percentages are based on Net Assets of $335,709 ($ Thousands).
**	The rate reported is the 7-day effective yield as of December 31, 2023.
^†	Investment in Affiliated Security (see Note 3).

As of December 31, 2023, all of the Fund's investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the transactions with affiliates for the year ended December 31, 2023 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/(Depreciation)			Value 12/31/2023		Income		Capital Gains
New Covenant Income Fund	$	125,381	$	—	$	—		$	—	$	2,195		$	127,576	$	1,867	$	—
New Covenant Growth Fund		207,077		11,539		(15,518	)		5,953		(3,714	)		205,337		769		12,186
SEI Daily Income Trust, Government Fund, Institutional Class		3,145		14,251		(15,222	)		—		—			2,174		67		—
Totals	$	335,603	$	25,790	$	(30,740	)	$	5,953	$	(1,519	)	$	335,087	$	2,703	$	12,186

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

New Covenant Balanced Income Fund

^†	Percentages are based on total investments.


Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.1%
Fixed Income Fund — 63.1%
New Covenant Income Fund ^†		2,249,763	$	47,088

Total Fixed Income Fund
(Cost $51,246) ($ Thousands)				47,088
Equity Fund — 35.0%
New Covenant Growth Fund ^†		457,796		26,145

Total Equity Fund
(Cost $10,730) ($ Thousands)				26,145


Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.7%
SEI Daily Income Trust, Government Fund, Institutional Class
5.220%**^†		1,305,468	$	1,305

Total Cash Equivalent
(Cost $1,305) ($ Thousands)				1,305


Total Investments in Securities — 99.8%
(Cost $63,281) ($ Thousands)			$	74,538

	Percentages are based on Net Assets of $74,657 ($ Thousands).
**	The rate reported is the 7-day effective yield as of December 31, 2023.
^†	Investment in Affiliated Security (see Note 3).

As of December 31, 2023, all of the Fund's investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the transactions with affiliates for the year ended December 31, 2023 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)			Value 12/31/2023		Income		Capital Gains
New Covenant Income Fund	$	49,397	$	—	$	(3,041	)	$	(545	)	$	1,277		$	47,088	$	709	$	—
New Covenant Growth Fund		27,617		1,469		(3,390	)		2,097			(1,648	)		26,145		99		1,552
SEI Daily Income Trust, Government Fund, Institutional Class		765		7,004		(6,464	)		—			—			1,305		17		—
Totals	$	77,779	$	8,473	$	(12,895	)	$	1,552		$	(371	)	$	74,538	$	825	$	1,552

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

Glossary (abbeviations which may be used in the preceding Schedules of Investments):

Portfolio Abbreviations

ABS — Asset-Backed Security

AGM — Assured Guaranty Municipal

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

IO — Interest Only - face amount represents notional amount

JSC — Joint Stock Company

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

USD — U.S. Dollar

New Covenant Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ THOUSANDS)

December 31, 2023

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Assets:
Investments, at value^†	$	522,983		$	340,745		$	—		$	—
Affiliated investments, at value^†^†		3,164			6,081			335,087			74,538
Cash and cash equivalents		2,342			43			398			—
Dividends and interest receivable		501			2,199			329			123
Cash pledged as collateral for futures contracts		169			545			—			—
Foreign tax reclaim receivable		83			41			—			—
Receivable for fund shares sold		22			88			381			86
Receivable for investment securities sold		—			13,043			—			—
Receivable for variation margin on futures contracts		—			68			—			—
Prepaid expenses		23			16			15			3
Total Assets		529,287			362,869			336,210			74,750
Liabilities:
Options written, at value ^†^†^†		—			51			—			—
Payable for fund shares redeemed		524			2			456			18
Investment advisory fees payable		102			80			—			—
Administration fees payable		81			33			21			6
Social witness and licensing fees payable		45			29			—			—
Shareholder servicing fees payable		44			29			—			—
Payable for variation margin on futures contracts		16			14			—			—
Trustees' fees payable		4			2			2			1
CCO fees payable		1			1			1			—
Payable for investment securities purchased		—			17,607			—			—
Income distribution payable		—			790			—			—
Due to Broker		—			—			—			62
Accrued expense payable		59			77			21			6
Total Liabilities		876			18,715			501			93
Net Assets	$	528,411		$	344,154		$	335,709		$	74,657
^† Cost of investments	$	251,482		$	364,660		$	—		$	—
^†^† Cost of affiliated investments		3,164			6,081			238,033			63,281
^†^†^† Premiums Received		—			62			—			—
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0.001)	$	254,041		$	391,222		$	235,961		$	64,874
Total distributable earnings/(loss)		274,370			(47,068	)		99,748			9,783
Net Assets	$	528,411		$	344,154		$	335,709		$	74,657
Net Asset Value, Offering and Redemption Price Per Share	$	57.11		$	20.93		$	114.50		$	21.55
		(528,411,325 ÷ 9,252,050 shares	)		(344,153,972 ÷ 16,445,453 shares	)		(335,708,511 ÷ 2,931,986 shares	)		(74,657,329 ÷ 3,464,465 shares	)

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

STATEMENTS OF OPERATIONS (Unaudited) ($ THOUSANDS)

For the period ended December 31, 2023

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	4,088		$	—		$	—		$	—
Dividend income from affiliated registered investment company		80			64			2,703			825
Interest income		49			6,363			—			—
Total Investment Income		4,217			6,427			2,703			825
Expenses:
Investment advisory fees		1,210			711			—			—
Administration fees		515			339			248			56
Social witness and licensing fees		386			254			—			—
Shareholder servicing fees		257			169			—			—
Trustee fees		6			4			4			1
Chief compliance officer fees		1			1			1			—
Transfer agent fees		42			28			26			6
Professional fees		30			21			19			5
Registration fees		20			14			13			3
Printing fees		11			7			7			2
Custodian fees		3			13			13			3
Other expenses		18			90			3			1
Total Expenses		2,499			1,651			334			77
Less:
Waiver of investment advisory fees		(614	)		(243	)		—			—
Waiver of administration fees		(26	)		(76	)		(115	)		(20	)
Net Expenses		1,859			1,332			219			57
Net Investment Income		2,358			5,095			2,484			768
Net Realized and Change in Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		22,103			(5,411	)		—			—
Affiliated investments		—			—			5,953			1,428
Written options		—			79			—			—
Purchased options		—			(175	)		—			—
Capital gain distributions received from affiliated investment		—			—			12,186			1,552
Futures contracts		(70	)		1,363			—			—
Net Realized Gain (Loss)		22,033			(4,144	)		18,139			2,980
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		15,072			10,431			—			—
Affiliated investments		—			—			(1,519	)		(371	)
Written options		—			49			—			—
Purchased options		—			(42	)		—			—
Futures contracts		38			(493	)		—			—
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		2			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		15,112			9,945			(1,519	)		(371	)
Net Realized and Unrealized Gain (Loss)		37,145			5,801			16,620			2,609
Net Increase (Decrease) in Net Assets Resulting from Operations	$	39,503		$	10,896		$	19,104		$	3,377

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) ($ THOUSANDS)

For the period ended December 31, 2023 (Unaudited) and the year ended June 30, 2023

	Growth Fund						Income Fund
	07/01/23 to 12/31/23			07/01/22 to 06/30/23			07/01/23 to 12/31/23			07/01/22 to 06/30/23
Operations:
Net investment income	$	2,358		$	4,806		$	5,095		$	8,750
Net realized gain (loss)		22,033			14,365			(4,144	)		(10,003	)
Net change in unrealized appreciation (depreciation)		15,112			70,422			9,945			(2,438	)
Net increase (decrease) in net assets resulting from operations		39,503			89,593			10,896			(3,691	)
Distributions:
Total distributions		(33,404	)		(9,786	)		(5,069	)		(9,100	)
Capital Share Transactions:
Proceeds from shares issued		5,319			21,164			9,132			30,227
Reinvestment of dividends & distributions		29,476			6,039			411			767
Cost of shares redeemed		(52,518	)		(64,130	)		(19,241	)		(51,440	)
Increase (decrease) in net assets derived from capital share transactions		(17,723	)		(36,927	)		(9,698	)		(20,446	)
Net increase (decrease) in net assets		(11,624	)		42,880			(3,871	)		(33,237	)
Net Assets:
Beginning of Period		540,035			497,155			348,025			381,262
End of Period	$	528,411		$	540,035		$	344,154		$	348,025
Share Transactions:
Shares issued		94			420			447			1,440
Shares issued in lieu of dividends and distributions		520			122			20			37
Shares redeemed		(928	)		(1,237	)		(941	)		(2,487	)
Decrease in net assets derived from share transactions		(314	)		(695	)		(474	)		(1,010	)

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) ($ THOUSANDS) (Concluded)

For the period ended December 31, 2023 (Unaudited) and the year ended June 30, 2023

	Balanced Growth Fund						Balanced Income Fund
	07/01/23 to 12/31/23			07/01/22 to 06/30/23			07/01/23 to 12/31/23			07/01/22 to 06/30/23
Operations:
Net investment income	$	2,484		$	4,555		$	768		$	1,536
Net realized gain (loss)		18,139			398			2,980			(1,862	)
Net change in unrealized appreciation (depreciation)		(1,519	)		28,841			(371	)		4,775
Net increase (decrease) in net assets resulting from operations		19,104			33,794			3,377			4,449
Distributions:
Total distributions		(5,953	)		(14,169	)		(1,174	)		(2,721	)
Capital Share Transactions:
Proceeds from shares issued		3,785			11,638			1,407			3,029
Reinvestment of dividends & distributions		5,315			13,117			828			2,249
Cost of shares redeemed		(22,333	)		(34,954	)		(7,660	)		(22,715	)
Increase (decrease) in net assets derived from capital share transactions		(13,233	)		(10,199	)		(5,425	)		(17,437	)
Net increase (decrease) in net assets		(82	)		9,426			(3,222	)		(15,709	)
Net Assets:
Beginning of Period		335,791			326,365			77,879			93,588
End of Period	$	335,709		$	335,791		$	74,657		$	77,879
Share Transactions:
Shares issued		34			111			67			149
Shares issued in lieu of dividends and distributions		48			128			40			112
Shares redeemed		(205	)		(332	)		(372	)		(1,127	)
Decrease in net assets derived from share transactions		(123	)		(93	)		(265	)		(866	)

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2023 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period


Growth Fund
		2023^@			2023			2022		2021			2020				2019
Net Asset Value, Beginning of Period	$	56.45		$	48.45		$	59.51		$	43.44		$	42.86		$	43.17
Investment Activities:
Net investment income⁽¹⁾		0.26			0.48			0.37			0.36			0.51			0.50
Net realized and unrealized gains (losses) on securities⁽¹⁾		4.19			8.50			(7.95	)		17.75			2.56			2.28
Total from investment activities		4.45			8.98			(7.58	)		18.11			3.07			2.78
Dividends and Distributions from:
Net investment income		(0.39	)		(0.44	)		(0.35	)		(0.40	)		(0.50	)		(0.50	)
Net realized gains		(3.40	)		(0.54	)		(3.13	)		(1.64	)		(1.99	)		(2.59	)
Total dividends and distributions		(3.79	)		(0.98	)		(3.48	)		(2.04	)		(2.49	)		(3.09	)
Net Asset Value, End of Period	$	57.11		$	56.45		$	48.45		$	59.51		$	43.44		$	42.86
Total Return^†		7.99	%		18.83	%		(13.92	)%		42.58	%		7.18	%		7.21	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	528,411		$	540,035		$	497,155		$	582,628		$	461,493		$	448,958
Ratio of net expenses to average net assets		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%		0.85	%
Ratio of expenses to average net assets, excluding waivers		0.97	%		0.97	%		0.97	%		0.97	%		0.99	%		1.12	%
Ratio of net investment income to average net assets		0.92	%		0.94	%		0.64	%		0.69	%		1.19	%		1.19	%
Portfolio turnover rate		1	%		7	%		5	%		4	%		19	%		47	%

^†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.
@	For the six month period ended December 31, 2023. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2023 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period


Income Fund
		2023^@			2023			2022		2021			2020				2019
Net Asset Value, Beginning of Period	$	20.57		$	21.26		$	23.89		$	24.32		$	23.50		$	22.62
Investment Activities:
Net investment income⁽¹⁾		0.31			0.50			0.27			0.30			0.48			0.52
Net realized and unrealized gains (losses) on securities ⁽¹⁾		0.36			(0.67	)		(2.48	)		(0.02	)		0.89			0.92
Total from investment activities		0.67			(0.17	)		(2.21	)		0.28			1.37			1.44
Dividends and Distributions from:
Net investment income		(0.31	)		(0.52	)		(0.37	)		(0.43	)		(0.55	)		(0.56	)
Net realized gains		–			–			(0.05	)		(0.28	)		–			–
Total dividends and distributions		(0.31	)		(0.52	)		(0.42	)		(0.71	)		(0.55	)		(0.56	)
Net Asset Value, End of Period	$	20.93		$	20.57		$	21.26		$	23.89		$	24.32		$	23.50
Total Return^†		3.29	%		(0.78	)%		(9.34	)%		1.13	%		5.91	%		6.46	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	344,154		$	348,025		$	381,262		$	409,969		$	336,213		$	330,498
Ratio of net expenses to average net assets		0.79	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Ratio of expenses to average net assets, excluding waivers		0.98	%		0.97	%		0.96	%		0.96	%		0.96	%		0.95	%
Ratio of net investment income to average net assets		3.02	%		2.41	%		1.18	%		1.22	%		2.01	%		2.29	%
Portfolio turnover rate		40	%		106	%		97	%		112	%		144	%		188	%

^†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.
@	For the six month period ended December 31, 2023. All ratios for the period have been annualized.

Amounts designated as ‘‘—‘‘ are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2023 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period


Balanced Growth Fund
		2023^@			2023			2022		2021			2020				2019
Net Asset Value, Beginning of Period	$	109.90		$	103.68		$	122.54		$	104.95		$	103.45		$	102.94
Investment Activities:
Net investment income⁽¹⁾		0.83			1.46			1.01			1.18			1.53			1.58
Net realized and unrealized gains (losses) on securities ⁽¹⁾		5.78			9.37			(14.80	)		23.76			6.09			5.21
Total from investment activities		6.61			10.83			(13.79	)		24.94			7.62			6.79
Dividends and Distributions from:
Net investment income		(1.04	)		(1.30	)		(1.43	)		(2.03	)		(1.95	)		(1.83	)
Net realized gains		(0.97	)		(3.31	)		(3.64	)		(5.32	)		(4.17	)		(4.45	)
Total dividends and distributions		(2.01	)		(4.61	)		(5.07	)		(7.35	)		(6.12	)		(6.28	)
Net Asset Value, End of Period	$	114.50		$	109.90		$	103.68		$	122.54		$	104.95		$	103.45
Total Return^†		6.08	%		10.83	%		(11.85	)%		24.50	%		7.57	%		7.12	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	335,709		$	335,791		$	326,365		$	373,014		$	295,481		$	293,822
Ratio of net expenses to average net assets		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of expenses to average net assets, excluding waivers		0.20	%		0.20	%		0.20	%		0.21	%		0.21	%		0.21	%
Ratio of net investment income to average net assets		1.51	%		1.39	%		0.85	%		1.02	%		1.49	%		1.56	%
Portfolio turnover rate		4	%		8	%		14	%		11	%		22	%		16	%

^†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.
@	For the six month period ended December 31, 2023. All ratios for the period have been annualized.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2023 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period


Balanced Income Fund
		2023^@			2023			2022		2021			2020				2019
Net Asset Value, Beginning of Period	$	20.88		$	20.37		$	23.84		$	22.01		$	21.41		$	21.23
Investment Activities:
Net investment income⁽¹⁾		0.22			0.36			0.25			0.29			0.38			0.39
Net realized and unrealized gains (losses) on securities ⁽¹⁾		0.78			0.79			(2.67	)		2.76			1.11			0.96
Total from investment activities		1.00			1.15			(2.42	)		3.05			1.49			1.35
Dividends and Distributions from:
Net investment income		(0.33	)		(0.35	)		(0.30	)		(0.49	)		(0.40	)		(0.42	)
Net realized gains		–			(0.29	)		(0.75	)		(0.73	)		(0.49	)		(0.75	)
Total dividends and distributions		(0.33	)		(0.64	)		(1.05	)		(1.22	)		(0.89	)		(1.17	)
Net Asset Value, End of Period	$	21.55		$	20.88		$	20.37		$	23.84		$	22.01		$	21.41
Total Return^†		4.86	%		5.84	%		(10.70	)%		14.24	%		7.14	%		6.76	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	74,657		$	77,879		$	93,588		$	88,497		$	78,790		$	78,448
Ratio of net expenses to average net assets		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of expenses to average net assets, excluding waivers		0.21	%		0.20	%		0.20	%		0.21	%		0.21	%		0.20	%
Ratio of net investment income to average net assets		2.08	%		1.78	%		1.09	%		1.25	%		1.76	%		1.86	%
Portfolio turnover rate		2	%		5	%		11	%		15	%		19	%		11	%

^†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.
@	For the six month period ended December 31, 2023. All ratios for the period have been annualized.

Amounts designated as ‘‘—‘‘ are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

December 31, 2023

1. ORGANIZATION

New Covenant Funds (the “Trust”), an open-end, diversified management investment company, was organized as a Delaware business 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. Effective February 20, 2012, the Funds’ investment adviser is SEI Investments Management Corporation (“SIMC” or the “Adviser”). Prior to February 20, 2012, the Funds’ investment adviser was One Compass Advisors, a wholly owned subsidiary of the Presbyterian Church (U.S.A.) Foundation.

The objectives of the Funds are as follows:

	Growth Fund	Long-term capital appreciation. A modest amount of dividend income may be produced by the Fund’s equity securities.
	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 following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC, in furtherance of the Board’s designation, has appointed a valuation committee of SIMC persons to function as the Valuation Designee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Fund’s' Valuation and Pricing Policy (together with SIMC’s Valuation and Pricing Policy, the “Fair Value Procedures”).

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. The assets of the Balanced Growth Fund and the Balanced Income Fund (the “Balanced Funds”) consist primarily of investments in underlying affiliated

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

investment companies. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV per share. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above or in the case of an equity tranche of a CDO/CLO, a Fund will value the securities using a bid price from at least one independent broker.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Procedures until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument, and the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a fund’s futures or centrally cleared swaps position. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service's prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds' administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds' administrator, in turn, will notify the Committee if it receives such notification from a Sub-Adviser, as applicable, or if the Funds' administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Procedures provide that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board. Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Procedures. The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and

New Covenant Funds

assumptions specific to each asset class or holding. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

The Growth Fund uses a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Growth Fund will value the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares. A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculate NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

For details of the investment classifications reference the Schedules of Investments.

Securities Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security. Amortization of premiums and discounts is included in interest income.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Expenses — Expenses that are directly related to a Fund are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative net assets.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(I) market value of investment securities, assets and liabilities at the current rate of exchange; and

(II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Repurchase Agreements — To the extent consistent with its investment objective and strategies, a Fund 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.

Futures Contracts — To the extent consistent with its investment objective and strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. These Funds’ investments in futures contracts are designed to enable the Funds to more closely approximate the performance of their benchmark indices. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, futures contracts involve the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of December 31, 2023, if applicable.

Options Writing/Purchasing — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option contracts to enhance its returns. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or

New Covenant Funds

paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is a Fund may pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Swap Agreements — To the extent consistent with its investment objective and strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the- counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements. Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty.

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

Forward Treasury Commitments — To the extent consistent with its investment objective and strategies, the Growth Fund and Income Fund may invest in commitments to purchase U.S. Treasury securities on an extended settlement basis. Such transactions involve the commitment to purchase a security with payment and delivery taking place in the future, sometimes a month or more after the transaction date. The Funds account for such transactions as purchases and sales and record an unrealized gain or loss each day equal to the difference between the cost of the purchase commitment and the current market value. Realized gains or losses are recorded upon closure or settlement of such commitments. No interest is earned prior to settlement of the transaction. These instruments are subject to market fluctuation due to changes in interest rates and the market value at the time of settlement could be higher or lower than the purchase price. A Fund may incur losses due to changes in the value of the underlying treasury securities from interest rate fluctuations or as a result of counterparty nonperformance. These transactions may increase the overall investment exposure for a Fund (and so may also create investment leverage) and involve a risk of loss if the value of the securities declines prior to the settlement date.

Master Limited Partnerships — To the extent consistent with its investment objective and strategies, a Fund may invest in entities commonly referred to as “MLPs” that are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, the Growth Fund and Income Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by those Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Funds will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, that Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Those Funds may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When those Funds have sold a security on a delayed delivery basis, that Fund does not participate in future gains and losses with respect to the security.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders quarterly by the Funds. Dividends and distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of

New Covenant Funds

income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Administration Agreement — The Trust entered into an Administration Agreement with SEI Investments Global Funds Services (the “Administrator”). Under the Administration Agreement, the Administrator provides administrative and accounting services to the Funds. The Administrator has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Balanced Growth Fund and the Balanced Income Fund, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser. Accordingly, effective April 1, 2017, the voluntary expense limitations are 0.13% and 0.15% for the Balanced Growth Fund and the Balanced Income Fund, respectively. These voluntary waivers may be terminated by the Adviser at any time. The following is a summary of annual fees payable to the Administrator:

	First $2.5 Billion		Next $500 Million		Over $3 Billion
Growth Fund	0.2000	%	0.1650	%	0.1200	%

	First $1.5 Billion		Next $500 Million		Next $500 Million		Next $500 Million		Over $3 Billion
Income Fund	0.2000	%	0.1775	%	0.1550	%	0.1325	%	0.1100	%
Balanced Growth Fund	0.1500	%	0.1375	%	0.1250	%	0.1125	%	0.1000	%
Balanced Income Fund	0.1500	%	0.1375	%	0.1250	%	0.1125	%	0.1000	%

Transfer Agent Servicing Agreement — In 2008, the Trust entered into a transfer agent servicing agreement (“Agreement”) with U.S. Bancorp Fund Services, LLC (“USBFS”), an indirect, wholly-owned subsidiary of U.S. Bancorp. Under the terms of the 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.

Investment Advisory Agreement — The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (“Agreement”) with the Adviser. Under the Agreement, the Adviser is responsible for the investment management of the Funds and receives an annual advisory fee of 0.47% for the Growth Fund and 0.42% for the Income Fund. The Adviser does not receive an advisory fee for the Balanced Growth Fund and Balanced Income Fund. The Adviser has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Growth and Income Funds, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser. Accordingly, effective April 1, 2017, the voluntary expense limitation is 0.80% for the Income Fund. Effective May 13, 2019, the voluntary expense limitation is 0.72% for the Growth Fund.

The Adviser has entered into sub-advisory agreements to assist in the selection and management of investment securities in the Growth Fund and the Income Fund. 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, in arrears, for their services. The Adviser pays sub-advisory fees directly from its own advisory fee. The sub-advisory fees are based on the assets of the Fund allocated to the sub-adviser for which the sub-adviser is responsible for making investment decisions.

The following is the sub-adviser for the Growth Fund: Parametric Portfolio Associates LLC.

The following are the sub-advisers for the Income Fund: Income Research & Management, Western Asset Management Company and Western Asset Management Company Limited.

Distribution Agreement — The Trust issues shares of the Funds pursuant to a Distribution Agreement with SEI Investments Distribution Co. (the “Distributor”), a wholly-owned subsidiary of SEI Investments Company (“SEI”). The Funds do not compensate the Distributor in its capacity as principal distributor.

Shareholder Service Plan and Agreement—The Trust entered into a Shareholder Service Plan and Agreement (the “Agreement”) with the Distributor. Per the Agreement, a 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 Providers for its clients or other parties with whom they have a servicing relationship. Under the terms of the Agreement, the Growth Fund and the Income Funds are authorized to pay an Authorized Service Provider a shareholder servicing fee at an annual rate of up to 0.10% of the average daily net asset value of the Growth Fund and Income Fund, respectively, which fee will be computed daily and paid monthly,

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

for providing certain administrative services to Fund shareholders with whom the Authorized Service Provider has a servicing relationship.

Social Witness Services and License Agreement — The Trust retained New Covenant Trust Company (“NCTC”) to ensure that each Fund continues to invest consistent with social witness principles adopted by the General Assembly of the Presbyterian Church (U.S.A.). No less than annually, NCTC will provide the Trust with an updated list of issuers in which the Funds will be prohibited from investing.

NCTC will distribute to the Trust proxy voting guidelines and shareholder advocacy services for the Funds that NCTC deems to be consistent with social witness principles adopted by the General Assembly of the Presbyterian Church (U.S.A.). The Trust also engages NCTC to vote Fund proxies consistent with such proxy voting guidelines. NCTC shall monitor and review and, as necessary, amend the Proxy Voting Guidelines periodically to ensure that they remain consistent with the social witness principles.

NCTC also grants to the Trust a non-exclusive right and license to use and refer to the trade name, trademark and/or service mark rights to the name “New Covenant Funds” and the phrase “Funds with a Mission”, in the name of the Trust and each Fund, and in connection with the offering, marketing, promotion, management and operation of the Trust and the Funds.

In consideration of the services provided by NCTC, the Growth Fund and the Income Fund will each pay to NCTC a fee at an annual rate of 0.15% of the average daily net asset value of the shares of such Fund, which fee will be computed daily and paid monthly.

Payment to Affiliates — Certain officers and/or interested trustees of the Trust are also officers of the Distributor, the Adviser, the Administrator or NCTC. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly and interim board meetings. Compensation of officers and affiliated Trustees of the Trust is paid by the Adviser, the Administrator or NCTC.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

Investment in Affiliated Security — The Funds may invest excess cash in the SEI Daily Income Trust (SDIT) Government Fund, an affiliated money market fund. The Balanced Funds invest in the Growth Fund and Income Fund.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (‘‘Repo Rate’’), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (‘‘Bank Loan Rate’’). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the period ended December 31, 2023, the Trust did not participate in interfund lending.

4. DERIVATIVE TRANSACTIONS

The International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to Over The Counter (“OTC”) transactions, the Funds have entered into master netting arrangements, established within the Funds’ ISDA Master Agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net

New Covenant Funds

payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities and therefore disclose these derivative assets and derivative liabilities on a gross basis. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

Cash with a total market value of $169 and $545 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of December 31, 2023.

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Growth Fund
Equity contracts	Unrealized appreciation on futures contracts	$	84	*	Unrealized depreciation on futures contracts	$	—	*
Total derivatives not accounted for as hedging instruments		$	84			$	—

Income Fund
Interest rate contracts	Investments, at value**	$	42	*	Options written, at value	$	51	*
Equity contracts	Unrealized appreciation on futures contracts	$	1,208	*	Unrealized depreciation on futures contracts	$	2,303	*
Total derivatives not accounted for as hedging instruments		$	1,250			$	2,354

Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Includes purchased options and/or swaptions.

The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2023.

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Growth Fund
Equity contracts	$	—		$	—	$	(70	)	$	—	$	—	$	(70	)
Income Fund
Equity contracts	$	(175	)	$	79	$	1,363		$	—	$	—	$	1,267

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Growth Fund
Equity contracts	$	—		$	—	$	38		$	—	$	—	$	38
Income Fund
Equity contracts	$	(42	)	$	49	$	(493	)	$	—	$	—	$	(486	)

The following table discloses the volume of the Funds' futures contracts, option contracts, forward foreign currency

contracts and swap contracts (if applicable) activity during the year ended December 31, 2023 ($ Thousands):

	Growth Fund		Income Fund
Futures Contracts:
Interest Contracts
Average Notional Balance Long	$	3,756	$	69,061
Average Notional Balance Short		—		32,216
Options/Swaptions:
Interest
Average Notional Balance Long		—		75
Average Notional Balance Short		—		56

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, excluding U.S. government and other short-term investments, for the year ended December 31, 2023, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Growth Fund
Purchases	$	—	$	3,821	$	3,821
Sales		—		53,481		53,481
Income Fund
Purchases		127,233		9,436		136,669
Sales		126,057		27,809		153,866
Balanced Growth Fund
Purchases		—		11,539		11,539
Sales		—		15,519		15,519
Balanced Income Fund
Purchases		—		1,469		1,469
Sales		—		6,308		6,308

6. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for federal income tax is required.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings (loss), as appropriate, in the period that the differences arise.

The permanent differences primarily consist of reclassification of capital gain distribution on REITs and RICs, investments in publicly traded partnerships, reclassifications of distributions, sales of passive foreign investment companies, and gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of June 30, 2023.

New Covenant Funds

The tax character of dividends and distributions paid during the last two years ended June 30 were as follows:

		Ordinary Income ($ Thousands)		Long Term Capital Gains ($ Thousands)		Total Distributions Paid ($ Thousands)
Growth Fund	2023	$	4,978	$	4,808	$	9,786
	2022		6,699		26,399		33,098
Income Fund	2023		9,100		—		9,100
	2022		7,072		650		7,722
Balanced Growth Fund	2023		4,071		10,098		14,169
	2022		5,584		9,900		15,484
Balanced Income Fund	2023		1,501		1,220		2,721
	2022		1,378		3,184		4,562

As of June 30, 2023, the components of distributable earnings (accumulated losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post- October Losses ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Growth Fund	$	841	$	12,252	$	—		$	—		$	255,177		$	1		$	268,271
Income Fund		834		—		(12,334	)		(6,121	)		(34,411	)		(863	)		(52,895	)
Balanced Growth Fund		940		—		—			—			85,656			1			86,597
Balanced Income Fund		311		—		(2,053	)		—			9,320			2			7,580

For Federal income tax purposes, the cost of securities owned at June 30, 2023, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales, MLP basis adjustments and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Under the Regulated Investment Company Modernization Act of 2010, Funds are permitted to carry forward capital losses for an unlimited period. Losses carried forward are as follows:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total ($ Thousands)
Income Fund	$	6,454	$	5,880	$	12,334
Balanced Income Fund		1,555		498		2,053

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2023

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at December 31, 2023 was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund	$	254,646	$	290,211	$	(18,710	)	$	271,501
Income Fund		370,741		2,216		(26,131	)		(23,915	)
Balanced Growth Fund		238,033		107,274		(10,220	)		97,054
Balanced Income Fund		63,281		15,416		(4,159	)		11,257

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of December 31, 2023, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATIONS/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

Asset Allocation Risk — The risk that SIMC’s regarding the allocation of a Balance Fund’s assets to the Growth Fund and Income Fund will not anticipate market trends successfully.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Current Market Conditions Risk — Current market conditions risk is the risk that a particular investment, or shares of the Funds in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S. regulators have proposed several changes to market and issuer regulations that could directly impact the Funds, and any regulatory changes could adversely impact the Funds' ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely

New Covenant Funds

impact financial markets and the broader economy. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. If geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Funds' assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. Advancements in technology may also adversely impact markets and the overall performance of the Funds.

Derivatives Risk — The Funds’ use of futures, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described below. Leverage risk is the risk that the Fund's total investment exposure substantially exceeds the value of its portfolio securities. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

Duration Risk — The longer-term securities in which the Fund may invest are more volatile. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Equity Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Fixed Income Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Foreign Sovereign Debt Securities Risk — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

December 31, 2023

Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movement movements due to changing interest rates.

Investment Style Risk — The risk that the equity securities in which the Fund invests may underperform other segments of the equity markets or the equity markets as a whole.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Mortgage-Backed Securities Risk —Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to more favorable capital gains rates, which may affect the Fund’s performance.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund’s recovery of collateral.

Small Capitalization Risk — Smaller capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. Small capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

Social-Witness Principles/Socially Responsible Investing Risk — The Fund considers social-witness principles and Sub-Advisers’ ESG criteria in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with its established social-witness principles and other socially responsible investing principles. This means that the Fund may underperform other similar mutual funds that do not consider social-witness principles and other socially responsible investing principles in their investing.

U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

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

New Covenant Funds

portion of the operating expenses, management fees 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. 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 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.

8. CONCENTRATION OF SHAREHOLDERS

On December 31, 2023, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with the Funds.

	# of Shareholders		% of Outstanding Shares
Growth Fund		2		71%
Income Fund		3		86%
Balanced Growth Fund		0		0%
Balanced Income Fund		0		0%

9. REGULATORY MATTERS

Effective June 30, 2023, the U.K. Financial Conduct Authority stopped compelling or inducing banks to submit LIBOR rates. Investments impacted by the discontinuation of LIBOR may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (composed of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury repo rates, to replace U.S. dollar LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In response to the discontinuation of LIBOR, investors have added fallback provisions to existing contracts for investments whose value is tied to LIBOR, with most fallback provisions requiring the adoption of SOFR as a replacement rate. On March 15, 2022, the Adjustable Interest Rate Act was signed into law (the “LIBOR Act”), which, in conjunction with regulations adopted by the Federal Reserve Board, establishes SOFR as the default fallback rate for any U.S. contract without a fallback provision. As of July 1, 2023 and continuing through September 30, 2024, the U.K. Financial Conduct Authority will publish 1-, 3- and 6-month synthetic U.S. dollar LIBOR settings based on SOFR to serve as a fallback for non-U.S. contracts.

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of December 31, 2023.

New Covenant Funds

DISCLOSURE OF FUND EXPENSES (Unaudited)

December 31, 2023

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund‘s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (July 1, 2023 to December 31, 2023).

The table on this page illustrates your Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in your Fund, to estimate the expenses you paid over that period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return: This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that your Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to your specific investment.

	Beginning Account Value 7/1/2023		Ending Account Value 12/31/2023		Annualized Expense Ratios			Expenses Paid During Period*
Growth Fund
Actual Fund Return	$	1,000.00	$	1,080.10		0.72	%	$	3.76
Hypothetical 5% Return	$	1,000.00	$	1,021.52		0.72	%	$	3.66
Income Fund
Actual Fund Return	$	1,000.00	$	1,032.93		0.79	%	$	4.04
Hypothetical 5% Return	$	1,000.00	$	1,021.17		0.79	%	$	4.01
Balanced Growth Fund
Actual Fund Return	$	1,000.00	$	1,060.82		0.13	%	$	0.67
Hypothetical 5% Return	$	1,000.00	$	1,024.48		0.13	%	$	0.66
Balanced Income Fund
Actual Fund Return	$	1,000.00	$	1,048.56		0.15	%	$	0.77
Hypothetical 5% Return	$	1,000.00	$	1,024.38		0.15	%	$	0.76

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

New Covenant Funds

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited)

New Covenant Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to renew an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to renew the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written materials from SIMC and certain Sub-Advisers regarding: (i) the quality of each Sub-Adviser’s investment management and other services; (ii) each Sub-Adviser’s investment management personnel; (iii) each Sub-Adviser’s operations and financial condition; (iv) each Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the sub-advisory fees that SIMC pays each Sub-Adviser, compared with fees each charge to comparable accounts; (vi) the level of each Sub-Adviser’s profitability from their Fund-related operations; (vii) each Sub-Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (viii) each Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (ix) each Sub-Adviser’s expertise and resources in domestic and/or international financial markets; and (x) the Funds’ performance over various periods of time.

Certain Sub-Advisory Agreements were renewed at meetings of the Board held during the first half of the Trust’s fiscal year on September 11-13, 2023 and December 4-6, 2023. In each case, the Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Sub-Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided

New Covenant Funds

BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)

by the Sub-Advisers to the Funds and the resources of the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by the Sub-Advisers to the Funds and the resources of the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Sub-Advisory Agreements.

Performance. The Trustees were provided with regular reports regarding the Funds’ performance, and the Sub-Advisers’ contribution thereto, over various time periods. The Trustees also considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of Sub-Advisory Agreements, the Board considered the performance of each Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Sub-Adviser was sufficient to support the renewal of each Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Sub-Advisory Agreements, the Trustees considered the rate of compensation called for by the Sub-Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the renewal of the Sub-Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of the Sub-Advisers is reasonable and supported the renewal of the Sub-Advisory Agreements.

Economies of Scale. The Trustees considered whether any economies of scale were being realized by the Sub-Advisers in connection with the Funds as Fund assets grow, and, if so, whether the benefits of such economies of scale were passed along to the Funds or Funds’ shareholders through a graduated investment advisory fee schedule or other means. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the sub-advisory fees were reasonable in light of the information that was provided by the Sub-Advisers with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal of the Sub-Advisory Agreements and concluded that the compensation under the Sub-Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

New Covenant Funds

NEW COVENANT FUNDS ANNUAL REPORT DECEMBER 31, 2023

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Katie Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Donald Duncan

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

New Covenant Fund

877-835-4531

NEW

COVENANT

FUNDS®

NCF-F-004 (12/23)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the New Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth Fund and New Covenant Balanced Income Fund are included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Reserved.

Item 8. Reserved.

Item 9. Reserved.

Item 10. Reserved.

Item 11. Reserved.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on February 22, 2012, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

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.

	New Covenant Funds

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO

Date: March 8, 2024

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	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO

Date: March 8, 2024

By	/s/ Glenn Kurdziel
	Glenn Kurdziel
	Controller & CFO

Date: March 8, 2024

New Covenant Growth Fd (NCGFX) N-CSRSCertified semi-annual shareholder report (management investment company)