New Covenant Growth Fd (NCGFX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-09025

New Covenant Funds

(Exact name of registrant as specified in charter)

________

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2024

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Annual Shareholder Report - June 30, 2024

New Covenant Growth Fund 

New Covenant Funds

Ticker: NCGFX

This annual shareholder report contains important information about New Covenant Growth Fund (the "Fund") for the period from July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.  

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Covenant Growth Fund	$80	0.72%

How did the fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	New Covenant Growth Fund - $28396	Russell 3000 ™ Index (USD) - $31475
Jun/14	$10000	$10000
Jun/15	$10641	$10729
Jun/16	$10249	$10959
Jun/17	$12106	$12987
Jun/18	$13890	$14907
Jun/19	$14892	$16246
Jun/20	$15961	$17306
Jun/21	$22758	$24950
Jun/22	$19590	$21490
Jun/23	$23279	$25563
Jun/24	$28396	$31475

How did the Fund perform in the last year?

The Fund recorded a positive return for the 12-month reporting period, but underperformed its benchmark, the Russell 3000 Index—which tracks the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market.

U.S. stocks rose significantly during the reporting period as a result of strong corporate earnings as investors became less concerned about inflation. Growth stocks outperformed relative to value stocks, and shares of larger-capitalization companies outperformed relative to smaller-capitalization stocks. Lower-beta stocks generally lagged relative to higher-beta stocks.

Positions in the information technology and communication services sectors were the most notable positive contributors to Fund performance as they included several of the mega-cap growth stocks that led the market over the reporting period. Conversely, the utilities and consumer staples sectors were the primary detractors from Fund performance as those low-beta sectors underperformed the overall market during the period.

Total Return Based on $10,000 Investment

Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Growth Fund	21.98%	13.78%	11.00%
Russell 3000 ™ Index (USD)	23.13%	14.14%	12.15%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. 

Key Fund Statistics as of June 30, 2024

Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
$549,620	1,506	$1,206	3%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Rights	0.0%
Derivative Contracts (Net)	0.0%
Cash Equivalent	0.7%
Utilities	1.7%
Real Estate	2.5%
Materials	2.5%
Energy	3.6%
Consumer Staples	5.2%
Communication Services	8.3%
Industrials	8.8%
Consumer Discretionary	10.6%
Health Care	12.2%
Financials	12.8%
Information Technology	30.7%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Percentage of Total Net Assets
Microsoft Corp	6.5%
NVIDIA Corp	5.8%
Apple Inc	5.8%
Amazon.com Inc	3.3%
Meta Platforms Inc, Class A	2.0%
Alphabet Inc, Class A	2.0%
Eli Lilly & Co	1.7%
Alphabet Inc, Class C	1.6%
Broadcom Inc	1.5%
Berkshire Hathaway Inc, Class B	1.3%

Material Fund Changes

There were no material changes during the reporting period. 

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting, visit or call:

• 877-835-4531 

• https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

• https://www.seic.com/mutual-fund-documentation/proxy-voting 

New Covenant Funds

New Covenant Growth Fund: NCGFX

Annual Shareholder Report - June 30, 2024

NCGFX-AR-24

Annual Shareholder Report - June 30, 2024

New Covenant Income Fund 

New Covenant Funds

Ticker: NCICX

This annual shareholder report contains important information about New Covenant Income Fund (the "Fund") for the period from July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.  

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Covenant Income Fund	$78	0.77%

How did the fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	New Covenant Income Fund - $11153	Bloomberg U.S. Aggregate Bond Index (USD)* - $11430	Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11418
Jun/14	$10000	$10000	$10000
Jun/15	$10146	$10186	$10189
Jun/16	$10552	$10797	$10633
Jun/17	$10581	$10763	$10616
Jun/18	$10524	$10720	$10582
Jun/19	$11205	$11564	$11294
Jun/20	$11867	$12575	$12040
Jun/21	$12000	$12533	$12046
Jun/22	$10879	$11243	$11094
Jun/23	$10794	$11137	$11027
Jun/24	$11153	$11430	$11418

How did the Fund perform in the last year?

The Fund underperformed its benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index—which tracks the performance of fixed-rate, publicly issued, non-investment-grade bonds—for the 12-month period ending June 30, 2024.

The Fund’s slightly longer duration posture detracted from performance as yields rose during the first half of 2024. All spread sectors outperformed the overall U.S. bond market, as represented by the Bloomberg U.S. Aggregate Bond Index, and Fund performance benefited from overweight positions in agency mortgage-backed securities (MBS) and the financial sector. Security selection in agency MBS enhanced performance for the reporting period.

Among the Fund’s sub-advisers, Western Asset Management Company benefited from an overweight to corporate bonds, which outperformed over the period, while an overweight to 30-year U.S. Treasury bonds detracted from performance as yields moved higher. Income Research & Management’s performance was bolstered by overweight allocations and security selection within both the asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) sectors.

Strong labor markets and increasing wages resulted in a resilient consumer enabling ABS to outperform the overall market for the reporting period. Credit spreads narrowed as the U.S. economy continued to expand, while the anticipated recession never materialized. Consequently, the Fund’s overweight to MBS contributed positively to performance. The Fed continued to taper asset purchases for most of the reporting period, and agency MBS spreads widened, enabling the Fund’s managers to add high-quality liquid assets with a yield advantage to U.S. Treasurys.

The Fund’s use of derivatives had no material impact on performance during the reporting period.

.

Total Return Based on $10,000 Investment

Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Income Fund	3.33%	- 0.09%	1.10%
Bloomberg U.S. Aggregate Bond Index (USD)*	2.63%	- 0.23%	1.35%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.55%	0.22%	1.33%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. 

^{Footnote Reference*}As of June 2024, pursuant to the new regulatory requirements, this index has been added to represent the broad-based securities market index. 

Key Fund Statistics as of June 30, 2024

Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
$345,299	1,349	$933	83%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Derivative Contracts (Net)	- 0.1%
Consumer Staples	0.5%
Materials	0.6%
Real Estate	0.6%
Sovereign Debt	0.9%
Information Technology	1.1%
Municipal Bonds	1.1%
Cash Equivalent	1.2%
Communication Services	1.6%
Industrials	1.7%
Consumer Discretionary	1.8%
Health Care	2.0%
Utilities	2.2%
Energy	2.5%
Asset-Backed Securities	8.1%
Financials	9.9%
U.S. Treasury Obligations	22.0%
Mortgage-Backed Securities	41.6%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net AssetsFootnote Reference(A)
U.S. Treasury Notes	4.000%	01/31/29	3.4%
U.S. Treasury Notes	0.750%	05/31/26	2.0%
U.S. Treasury Notes	4.000%	02/15/34	1.7%
U.S. Treasury Notes	4.375%	08/31/28	1.4%
U.S. Treasury Notes	3.500%	01/31/28	1.3%
U.S. Treasury Notes	4.375%	11/30/28	0.9%
U.S. Treasury Notes	3.625%	05/31/28	0.9%
U.S. Treasury Bills	5.332%	08/20/24	0.8%
U.S. Treasury Notes	4.000%	01/31/31	0.7%
U.S. Treasury Notes	4.625%	04/30/29	0.7%

Footnote	Description
Footnote(A)	Excludes short-term investments used for cash management purposes.

Material Fund Changes

There were no material changes during the reporting period. 

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting, visit or call:

• 877-835-4531 

• https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

• https://www.seic.com/mutual-fund-documentation/proxy-voting 

New Covenant Funds

New Covenant Income Fund: NCICX

Annual Shareholder Report - June 30, 2024

NCICX-AR-24

Annual Shareholder Report - June 30, 2024

New Covenant Balanced Growth Fund 

New Covenant Funds

Ticker: NCBGX

This annual shareholder report contains important information about New Covenant Balanced Growth Fund (the "Fund") for the period from July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.  

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Covenant Balanced Growth Fund	$14	0.13%

How did the fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	New Covenant Balanced Growth Fund - $19978	Russell 3000 ™ Index (USD) - $31475	Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11418	60/40 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $21566
Jun/14	$10000	$10000	$10000	$10000
Jun/15	$10454	$10729	$10189	$10520
Jun/16	$10402	$10959	$10633	$10866
Jun/17	$11504	$12987	$10616	$12034
Jun/18	$12475	$14907	$10582	$13068
Jun/19	$13363	$16246	$11294	$14188
Jun/20	$14375	$17306	$12040	$15212
Jun/21	$17897	$24950	$12046	$19015
Jun/22	$15776	$21490	$11094	$16874
Jun/23	$17484	$25563	$11027	$18742
Jun/24	$19978	$31475	$11418	$21566

How did the Fund perform in the last year?

The Fund underperformed the New Covenant Balanced Growth Benchmark (a 60%/40% blend of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index) for the 12-month period ending June 30, 2024.

U.S. stocks rose significantly during the reporting period as a result of strong corporate earnings as investors became less concerned about inflation. Growth stocks outperformed relative to value stocks, and shares of larger-capitalization companies outperformed relative to smaller-capitalization stocks. Lower-beta stocks generally lagged relative to higher-beta stocks.

Positions in the information technology and communication services sectors were the most notable positive contributors to the performance of the Fund’s equity portfolio as they included several of the mega-cap growth stocks that led the market over the reporting period. Conversely, the utilities and consumer staples sectors were the primary detractors from Fund performance as those low-beta sectors underperformed the overall market during the period.

The slightly longer duration posture of the Fund’s fixed income portfolio detracted from performance as yields rose during the first half of 2024. All spread sectors outperformed the overall U.S. bond market, as represented by the Bloomberg U.S. Aggregate Bond Index, and Fund performance benefited from overweight positions in agency mortgage backed securities (MBS) and the financial sector, with a concentration in money center banks. Selection in agency MBS added to performance as the Fund’s managers preferred specified pools over to be announced (TBA) securities (contracts for the purchase or sale of an MBS to be delivered at an agreed-upon future date).

Total Return Based on $10,000 Investment

Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Balanced Growth Fund	14.26%	8.37%	7.16%
Russell 3000 ™ Index (USD)	23.13%	14.14%	12.15%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.55%	0.22%	1.33%
60/40 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	15.07%	8.74%	7.99%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. 

Key Fund Statistics as of June 30, 2024

Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
$354,322	3	$-	6%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Cash Equivalent	0.4%
Affiliated Investment Funds	98.9%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name	Percentage of Total Net AssetsFootnote Reference(A)
New Covenant Growth Fund	61.3%
New Covenant Income Fund	37.6%

Footnote	Description
Footnote(A)	Excludes short-term investments used for cash management purposes.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting, visit or call:

• 877-835-4531 

• https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

• https://www.seic.com/mutual-fund-documentation/proxy-voting 

New Covenant Funds

New Covenant Balanced Growth Fund: NCBGX

Annual Shareholder Report - June 30, 2024

NCBGX-AR-24

Annual Shareholder Report - June 30, 2024

New Covenant Balanced Income Fund 

New Covenant Funds

Ticker: NCBIX

This annual shareholder report contains important information about New Covenant Balanced Income Fund (the "Fund") for the period from July 1, 2023 to June 30, 2024. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.  

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Covenant Balanced Income Fund	$17	0.16%

How did the fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	New Covenant Balanced Income Fund - $15699	Russell 3000 ™ Index (USD) - $31475	Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11418	35/65 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $16713
Jun/14	$10000	$10000	$10000	$10000
Jun/15	$10322	$10729	$10189	$10385
Jun/16	$10468	$10959	$10633	$10782
Jun/17	$11107	$12987	$10616	$11440
Jun/18	$11614	$14907	$10582	$11992
Jun/19	$12400	$16246	$11294	$12948
Jun/20	$13285	$17306	$12040	$13880
Jun/21	$15177	$24950	$12046	$15834
Jun/22	$13547	$21490	$11094	$14286
Jun/23	$14338	$25563	$11027	$15168
Jun/24	$15699	$31475	$11418	$16713

How did the Fund perform in the last year?

The Fund underperformed the New Covenant Balanced Income Benchmark (a 35%/65% blend of the Russell 3000 Index and the Bloomberg Intermediate U.S. Aggregate Bond Index) for the 12-month period ending June 30, 2024.

The reporting period began with the Federal Reserve (Fed) hiking its benchmark interest rate for the eleventh time since March 2022, before pausing for the remainder of the period. Consequently, yields moved higher across the U.S. Treasury curve, with long-term yields rising at a greater pace than short-term yields. The slightly longer duration posture of the Fund’s fixed income portfolio detracted from performance as yields rose during the first half of 2024. All spread sectors outperformed the overall U.S. bond market, as represented by the Bloomberg U.S. Aggregate Bond Index, and Fund performance benefited from overweight positions in agency mortgage backed securities (MBS) and the financial sector, with a concentration in money center banks. Selection in agency MBS added to performance as the Fund’s managers preferred specified pools over to be announced (TBA) securities (contracts for the purchase or sale of an MBS to be delivered at an agreed-upon future date).

U.S. stocks rose significantly during the reporting period as a result of strong corporate earnings as investors became less concerned about inflation. Growth stocks outperformed relative to value stocks, and shares of larger-capitalization companies outperformed relative to smaller-capitalization stocks. Lower-beta stocks generally lagged relative to higher-beta stocks. The equity portfolio’s positions in the information technology and communication services sectors contributed positively to Fund performance as they included several of the mega-cap growth stocks that led the market over the reporting period. Conversely, the utilities and consumer staples sectors were the primary detractors from Fund performance as those low-beta sectors underperformed the overall market during the period.

Total Return Based on $10,000 Investment

Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Balanced Income Fund	9.49%	4.83%	4.61%
Russell 3000 ™ Index (USD)	23.13%	14.14%	12.15%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.55%	0.22%	1.33%
35/65 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	10.18%	5.24%	5.27%

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance. 

Key Fund Statistics as of June 30, 2024

Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
$75,461	3	$-	3%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Cash Equivalent	0.4%
Affiliated Investment Funds	98.8%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Holdings

Holding Name	Percentage of Total Net AssetsFootnote Reference(A)
New Covenant Income Fund	62.7%
New Covenant Growth Fund	36.1%

Footnote	Description
Footnote(A)	Excludes short-term investments used for cash management purposes.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund; including its prospectus, financial information, holdings, and proxy voting, visit or call:

• 877-835-4531 

• https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

• https://www.seic.com/mutual-fund-documentation/proxy-voting 

New Covenant Funds

New Covenant Balanced Income Fund: NCBIX

Annual Shareholder Report - June 30, 2024

NCBIX-AR-24

(b) Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2024 and 2023 as follows:

		Fiscal Year 2024			Fiscal Year 2023
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$77,330	N/A	$0	$77,330	N/A	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$309,370	$0	$0	$301,000	$0

Notes:

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2) See Item 4(g) for a description of the services comprising the fees disclosed in this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal Year 2024	Fiscal Year 2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f)       Not Applicable.

(g)       The aggregate non-audit fees and services billed by KPMG for the fiscal years 2024 and 2023 were $309,370 and $301,000, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

(h)       During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i)       Not Applicable.

(j)       Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial statements and financial highlights filed herein.

  NEW COVENANT FUNDS®    

June 30, 2024

ANNUAL FINANCIALS AND OTHER INFORMATION

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

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	41
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	60
Notice to Shareholders	61
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements (Form N-CSR Item 11)	62

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 Trust’s website at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports.

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 Trust’s website at https://www.seic.com/mutual-fund-documentation/proxy-voting.

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† — 98.9%
Communication Services — 8.3%
Alphabet Inc, Cl A		58,874	$	10,724
Alphabet Inc, Cl C		48,238		8,848
AT&T Inc		46,385		886
Atlanta Braves Holdings Inc, Cl A *		1,732		72
Atlanta Braves Holdings Inc, Cl C *		1,938		76
Bandwidth Inc, Cl A *		74		1
Cable One Inc		79		28
Cardlytics Inc *		761		6
Cars.com Inc *		4,178		82
Charter Communications Inc, Cl A *		277		83
Cinemark Holdings Inc *		4,289		93
Cogent Communications Holdings Inc		148		8
Comcast Corp, Cl A		43,273		1,695
EchoStar Corp, Cl A *		1,124		20
Electronic Arts Inc		6,385		890
EverQuote Inc, Cl A *		1,468		31
EW Scripps Co/The, Cl A *		3,299		10
Fox Corp, Cl A		1,372		47
Fox Corp, Cl B		1,428		46
IAC Inc *		376		18
IMAX Corp *		2,244		38
Interpublic Group of Cos Inc/The		8,487		247
Iridium Communications Inc		366		10
John Wiley & Sons Inc, Cl A		236		10
Liberty Broadband Corp, Cl A *		81		4
Liberty Broadband Corp, Cl C *		343		19
Liberty Media Corp-Liberty Live, Cl C *		59		2
Liberty Media Corp-Liberty SiriusXM *		234		5
Madison Square Garden Entertainment Corp, Cl A *		697		24
Madison Square Garden Sports Corp *		39		7
Magnite Inc *		2,551		34
Match Group Inc *		1,841		56
MediaAlpha Inc, Cl A *		8,359		110
Meta Platforms Inc, Cl A		21,660		10,921
Netflix Inc *		3,698		2,496
New York Times Co/The, Cl A		439		22
News Corp, Cl A		829		23
Nexstar Media Group Inc, Cl A		94		16
Omnicom Group Inc		8,191		735
Paramount Global, Cl B		7,304		76
Pinterest Inc, Cl A *		3,339		147
ROBLOX Corp, Cl A *		3,654		136
Shutterstock Inc		205		8
Sirius XM Holdings Inc		7,153		20
Sphere Entertainment Co *		697		24
Spotify Technology SA *		1,265		397
Take-Two Interactive Software Inc *		897		139
TechTarget Inc *		1,986		62
TEGNA Inc		3,052		43
TKO Group Holdings Inc, Cl A		780		84
T-Mobile US Inc		2,215		390

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Trade Desk Inc/The, Cl A *		8,290	$	810
TripAdvisor Inc *		1,712		31
Verizon Communications Inc		57,853		2,386
Vimeo Inc *		610		2
Walt Disney Co/The		21,958		2,180
Warner Bros Discovery Inc *		4,164		31
Yelp Inc, Cl A *		1,355		50
Ziff Davis Inc *		2,547		140
ZoomInfo Technologies Inc, Cl A *		2,021		26
				45,625
Consumer Discretionary — 10.6%
1-800-Flowers.com Inc, Cl A *		3,668		35
Abercrombie & Fitch Co, Cl A *		788		140
Academy Sports & Outdoors Inc		2,047		109
Acushnet Holdings Corp		987		63
Adient PLC *		732		18
ADT Inc		4,942		38
Adtalem Global Education Inc *		5,431		370
Advance Auto Parts Inc		317		20
Airbnb Inc, Cl A *		2,716		412
Amazon.com Inc *		93,527		18,074
American Eagle Outfitters Inc		3,416		68
Aptiv PLC *		3,490		246
Aramark		260		9
Asbury Automotive Group Inc *		70		16
AutoNation Inc *		649		103
AutoZone Inc *		235		697
Bath & Body Works Inc		638		25
Best Buy Co Inc		1,309		110
Bloomin' Brands Inc		2,259		43
Booking Holdings Inc		563		2,230
Boot Barn Holdings Inc *		199		26
BorgWarner Inc		321		10
Bright Horizons Family Solutions Inc *		76		8
Brinker International Inc *		1,180		85
Brunswick Corp/DE		839		61
Buckle Inc/The		1,885		70
Burlington Stores Inc *		482		116
Capri Holdings Ltd *		1,319		44
CarMax Inc *		1,086		80
Carnival Corp *		15,800		296
Carter's Inc		471		29
Carvana Co, Cl A *		879		113
Cavco Industries Inc *		60		21
Cheesecake Factory Inc/The		1,236		49
Chegg Inc *		176		1
Chipotle Mexican Grill Inc, Cl A *		11,600		727
Choice Hotels International Inc		113		13
Columbia Sportswear Co		891		70
Coursera Inc *		15,856		113
Cracker Barrel Old Country Store Inc		323		14
Crocs Inc *		1,116		163
Dana Inc		2,660		32

New Covenant Funds

1

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Darden Restaurants Inc		705	$	107
Dave & Buster's Entertainment Inc *		1,283		51
Deckers Outdoor Corp *		1,186		1,148
Denny's Corp *		2,500		18
Designer Brands Inc, Cl A		3,316		23
Dick's Sporting Goods Inc		700		150
Dillard's Inc, Cl A		45		20
Domino's Pizza Inc		33		17
DoorDash Inc, Cl A *		523		57
Dorman Products Inc *		128		12
DR Horton Inc		890		125
eBay Inc		19,465		1,046
Etsy Inc *		1,162		68
Expedia Group Inc *		389		49
Five Below Inc *		410		45
Floor & Decor Holdings Inc, Cl A *		232		23
Foot Locker Inc		1,308		33
Ford Motor Co		16,002		201
Fox Factory Holding Corp *		749		36
Frontdoor Inc *		251		8
GameStop Corp, Cl A *		2,040		50
Gap Inc/The		4,661		111
Garmin Ltd		418		68
General Motors Co		2,770		129
Gentex Corp		440		15
Gentherm Inc *		184		9
Genuine Parts Co		67		9
Goodyear Tire & Rubber Co/The *		989		11
Graham Holdings Co, Cl B		78		55
Grand Canyon Education Inc *		121		17
Group 1 Automotive Inc		86		26
GrowGeneration Corp *		2,599		6
H&R Block Inc		2,109		114
Hanesbrands Inc *		13,319		66
Hasbro Inc		2,632		154
Helen of Troy Ltd *		57		5
Hilton Grand Vacations Inc *		3,016		122
Hilton Worldwide Holdings Inc		8,404		1,834
Home Depot Inc/The		11,555		3,978
Hyatt Hotels Corp, Cl A		135		20
Installed Building Products Inc		125		26
iRobot Corp *		1,013		9
Jack in the Box Inc		658		33
Johnson Outdoors Inc, Cl A		659		23
KB Home		4,733		332
Kohl's Corp		1,859		43
Kontoor Brands Inc		1,282		85
La-Z-Boy Inc, Cl Z		1,597		59
LCI Industries		483		50
Lear Corp		5,902		674
Leggett & Platt Inc		222		3
Lennar Corp, Cl B		122		17
LGI Homes Inc *		127		11

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
LKQ Corp		317	$	13
Lowe's Cos Inc		8,938		1,970
Lucid Group Inc *		33,236		87
Lululemon Athletica Inc *		245		73
M/I Homes Inc *		198		24
Macy's Inc		4,042		78
Malibu Boats Inc, Cl A *		202		7
Marriott International Inc/MD, Cl A		3,599		870
Marriott Vacations Worldwide Corp		394		34
Mattel Inc *		711		12
McDonald's Corp		9,415		2,399
Meritage Homes Corp		794		128
Mohawk Industries Inc *		127		14
Monro Inc		626		15
Murphy USA Inc		263		123
National Vision Holdings Inc *		447		6
Newell Brands Inc		605		4
NIKE Inc, Cl B		6,941		523
Nordstrom Inc		3,866		82
Norwegian Cruise Line Holdings Ltd *		5,839		110
NVR Inc *		13		99
ODP Corp/The *		283		11
Ollie's Bargain Outlet Holdings Inc *		212		21
O'Reilly Automotive Inc *		196		207
Oxford Industries Inc		665		67
Papa John's International Inc		151		7
Peloton Interactive Inc, Cl A *		2,845		10
Penske Automotive Group Inc		957		143
Phinia Inc		64		2
Planet Fitness Inc, Cl A *		173		13
Polaris Inc		966		76
PulteGroup Inc		871		96
PVH Corp		108		11
Ralph Lauren Corp, Cl A		690		121
Revolve Group Inc, Cl A *		2,223		35
RH *		45		11
Rivian Automotive Inc, Cl A *		1,274		17
Ross Stores Inc		857		125
Royal Caribbean Cruises Ltd *		7,156		1,141
Sabre Corp *		506		1
Sally Beauty Holdings Inc *		2,794		30
Service Corp International/US		250		18
Shake Shack Inc, Cl A *		157		14
Signet Jewelers Ltd		2,402		215
Six Flags Entertainment Corp		248		8
Sleep Number Corp *		1,033		10
Standard Motor Products Inc		943		26
Starbucks Corp		15,798		1,230
Steven Madden Ltd		1,178		50
Stitch Fix Inc, Cl A *		1,021		4
Strategic Education Inc		331		37
Stride Inc *		348		24
Tapestry Inc		2,803		120

2

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Taylor Morrison Home Corp, Cl A *		12,743	$	706
Tempur Sealy International Inc		2,272		108
Tesla Inc *		26,233		5,191
Texas Roadhouse Inc, Cl A		889		153
Thor Industries Inc		106		10
TJX Cos Inc/The		13,629		1,501
Toll Brothers Inc		269		31
TopBuild Corp *		315		121
Topgolf Callaway Brands Corp *		2,383		36
Tractor Supply Co		2,377		642
Travel + Leisure Co		307		14
Tri Pointe Homes Inc *		3,236		121
Udemy Inc *		3,378		29
Ulta Beauty Inc *		279		108
Under Armour Inc, Cl C *		556		4
United Parks & Resorts Inc *		251		14
Upbound Group Inc, Cl A		1,764		54
Urban Outfitters Inc *		417		17
Vail Resorts Inc		46		8
Valvoline Inc *		11,216		484
VF Corp		4,023		54
Victoria's Secret & Co *		212		4
Visteon Corp *		85		9
Wayfair Inc, Cl A *		320		17
Wendy's Co/The		11,419		194
Whirlpool Corp		638		65
Williams-Sonoma Inc		160		45
Wingstop Inc		363		153
Winnebago Industries Inc		191		10
Wolverine World Wide Inc		1,511		20
Worthington Enterprises Inc		223		11
Wyndham Hotels & Resorts Inc		189		14
Yum! Brands Inc		8,356		1,107
				57,995
Consumer Staples — 5.2%
Andersons Inc/The		338		17
Archer-Daniels-Midland Co		5,103		308
B&G Foods Inc		862		7
BellRing Brands Inc *		136		8
Beyond Meat Inc *		166		1
Bunge Global SA		929		99
Calavo Growers Inc		571		13
Campbell Soup Co		10,354		468
Casey's General Stores Inc		65		25
Chefs' Warehouse Inc/The *		1,366		53
Church & Dwight Co Inc		1,025		106
Clorox Co/The		2,716		371
Coca-Cola Co/The		48,833		3,108
Colgate-Palmolive Co		3,197		310
Conagra Brands Inc		3,435		98
Costco Wholesale Corp		3,989		3,391
Coty Inc, Cl A *		1,026		10
Darling Ingredients Inc *		716		26

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Dollar General Corp		752	$	99
Dollar Tree Inc *		1,320		141
Edgewell Personal Care Co		310		12
elf Beauty Inc *		1,902		401
Energizer Holdings Inc		231		7
Estee Lauder Cos Inc/The, Cl A		2,390		254
Flowers Foods Inc		555		12
Fresh Del Monte Produce Inc		1,442		31
General Mills Inc		13,887		878
Hain Celestial Group Inc/The *		461		3
Herbalife Ltd *		1,088		11
Hershey Co/The		2,295		422
HF Foods Group Inc *		2,213		7
Hormel Foods Corp		4,797		146
Ingredion Inc		1,110		127
J M Smucker Co/The		6,494		708
Kellanova		6,713		387
Keurig Dr Pepper Inc		32,477		1,085
Kimberly-Clark Corp		6,484		896
Kraft Heinz Co/The		3,923		126
Kroger Co/The		15,936		796
Lamb Weston Holdings Inc		594		50
McCormick & Co Inc/MD		5,832		414
Medifast Inc		71		2
Mondelez International Inc, Cl A		17,402		1,139
Monster Beverage Corp *		889		44
National Beverage Corp		344		18
PepsiCo Inc		21,178		3,493
PriceSmart Inc		179		15
Procter & Gamble Co/The		21,348		3,521
SpartanNash Co		1,252		23
Sprouts Farmers Market Inc *		623		52
Sysco Corp		11,594		828
Target Corp		6,577		974
TreeHouse Foods Inc *		237		9
Tyson Foods Inc, Cl A		1,410		81
US Foods Holding Corp *		2,211		117
Vita Coco Co Inc/The *		1,354		38
Walgreens Boots Alliance Inc		27,118		328
Walmart Inc		37,247		2,522
WK Kellogg Co		1,678		28
				28,664
Energy — 3.6%
Antero Midstream Corp		26,635		393
Antero Resources Corp *		6,426		210
APA Corp		2,988		88
Ardmore Shipping Corp		5,335		120
Baker Hughes Co, Cl A		9,516		335
Borr Drilling Ltd		11,900		77
Cactus Inc, Cl A		298		16
ChampionX Corp		383		13
Cheniere Energy Inc		6,249		1,092
Chesapeake Energy Corp		1,093		90

New Covenant Funds

3

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Civitas Resources Inc		179	$	12
Clean Energy Fuels Corp *		4,579		12
CNX Resources Corp *		1,745		42
ConocoPhillips		21,820		2,496
CONSOL Energy Inc		213		22
Coterra Energy Inc		19,841		529
Delek US Holdings Inc		2,494		62
Devon Energy Corp		10,747		509
DHT Holdings Inc		1,338		15
Diamondback Energy Inc		1,863		373
Dorian LPG Ltd		2,360		99
Dril-Quip Inc *		1,072		20
DT Midstream Inc		405		29
Encore Energy Corp *		31,435		124
Energy Fuels Inc/Canada *		11,707		71
EOG Resources Inc		12,533		1,578
EQT Corp		7,282		269
Equitrans Midstream Corp		2,185		28
Expro Group Holdings NV *		1,529		35
FLEX LNG Ltd		2,301		62
Golar LNG Ltd		3,888		122
Green Plains Inc *		2,069		33
Halliburton Co		5,199		176
Helix Energy Solutions Group Inc *		10,917		130
Helmerich & Payne Inc		4,134		149
Hess Corp		6,554		967
HF Sinclair Corp		1,944		104
International Seaways Inc		329		19
Kinder Morgan Inc		84,043		1,670
Kinetik Holdings Inc, Cl A		2,668		111
Kosmos Energy Ltd *		44,503		247
Magnolia Oil & Gas Corp, Cl A		1,806		46
Marathon Oil Corp		4,448		128
Murphy Oil Corp		449		18
Nabors Industries Ltd *		367		26
New Fortress Energy Inc, Cl A		2,307		51
NextDecade Corp *		10,122		80
Noble Corp PLC		1,325		59
Nordic American Tankers Ltd		3,610		14
NOV Inc		482		9
Occidental Petroleum Corp		1,677		106
ONEOK Inc		10,887		888
Overseas Shipholding Group Inc, Cl A		15,434		131
Ovintiv Inc		2,011		94
Patterson-UTI Energy Inc		4,952		51
PBF Energy Inc, Cl A		316		15
Peabody Energy Corp		612		14
Range Resources Corp		2,839		95
RPC Inc		1,226		8
Schlumberger NV		35,254		1,663
Scorpio Tankers Inc		270		22
SM Energy Co		840		36
Southwestern Energy Co *		14,284		96

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Talos Energy Inc *		10,408	$	126
Targa Resources Corp		1,165		150
Teekay Corp *		15,129		136
Teekay Tankers Ltd, Cl A		1,755		121
Texas Pacific Land Corp		945		694
Transocean Ltd *		20,466		109
Uranium Energy Corp *		15,244		92
Valaris Ltd *		739		55
Vital Energy Inc *		2,462		110
Vitesse Energy Inc		272		6
Weatherford International PLC *		1,190		146
Williams Cos Inc/The		43,224		1,837
World Kinect Corp		4,395		113
				19,894
Financials — 12.8%
Affiliated Managers Group Inc		910		142
Affirm Holdings Inc, Cl A *		2,309		70
Aflac Inc		4,907		438
AGNC Investment Corp ‡		2,838		27
Allstate Corp/The		3,458		552
Ally Financial Inc		1,575		62
Amalgamated Financial Corp		2,110		58
American Express Co		9,360		2,167
American Financial Group Inc/OH		89		11
American International Group Inc		1,586		118
Ameriprise Financial Inc		1,250		534
AMERISAFE Inc		743		33
Annaly Capital Management Inc ‡		655		12
Aon PLC, Cl A		3,101		910
Apollo Commercial Real Estate Finance Inc ‡		2,686		26
Apollo Global Management Inc		1,165		138
Arch Capital Group Ltd *		1,254		127
Ares Management Corp, Cl A		632		84
Arthur J Gallagher & Co		416		108
Artisan Partners Asset Management Inc, Cl A		1,589		66
Associated Banc-Corp		4,274		90
Assurant Inc		87		14
Assured Guaranty Ltd		994		77
Atlantic Union Bankshares Corp		1,302		43
Axis Capital Holdings Ltd		825		58
Axos Financial Inc *		310		18
Banc of California Inc		843		11
Bank of America Corp		56,445		2,245
Bank of Hawaii Corp		1,051		60
Bank of Marin Bancorp		1,079		17
Bank of New York Mellon Corp/The		12,656		758
Bank of NT Butterfield & Son Ltd/The		1,324		46
Bank OZK		366		15
BankUnited Inc		346		10
Banner Corp		851		42
Berkshire Hathaway Inc, Cl B *		17,635		7,174

4

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Berkshire Hills Bancorp Inc		1,501	$	34
BlackRock Inc, Cl A		1,878		1,479
Blackstone Inc		6,935		859
Block Inc, Cl A *		1,553		100
BOK Financial Corp		568		52
Bread Financial Holdings Inc		1,335		59
Brighthouse Financial Inc *		268		12
Brown & Brown Inc		290		26
Cadence Bank		1,525		43
Capital One Financial Corp		3,914		542
Capitol Federal Financial Inc		3,529		19
Carlyle Group Inc/The		923		37
Cass Information Systems Inc		865		35
Cathay General Bancorp		1,291		49
Cboe Global Markets Inc		99		17
Central Pacific Financial Corp		1,651		35
Charles Schwab Corp/The		16,432		1,211
Chimera Investment Corp ‡		800		10
Chubb Ltd		6,169		1,574
Cincinnati Financial Corp		891		105
Citigroup Inc		11,801		749
Citizens Financial Group Inc		3,587		129
City Holding Co		607		64
CME Group Inc, Cl A		3,763		740
CNA Financial Corp		253		12
Cohen & Steers Inc		764		55
Columbia Banking System Inc		1,640		33
Comerica Inc		1,232		63
Commerce Bancshares Inc/MO		1,808		101
Community Financial System Inc		710		34
ConnectOne Bancorp Inc		1,891		36
Corpay Inc *		277		74
Credit Acceptance Corp *		177		91
Cullen/Frost Bankers Inc		121		12
Dime Community Bancshares Inc		1,467		30
Discover Financial Services		9,192		1,202
Eagle Bancorp Inc		1,035		20
East West Bancorp Inc		1,710		125
Ellington Financial Inc ‡		2,748		33
Enterprise Financial Services Corp		1,063		43
Equitable Holdings Inc		432		18
Essent Group Ltd		970		54
Euronet Worldwide Inc *		74		8
Evercore Inc, Cl A		659		137
Everest Group Ltd		179		68
EVERTEC Inc		1,569		52
F&G Annuities & Life Inc		2,571		98
FactSet Research Systems Inc		306		125
FB Financial Corp		1,250		49
Federal Agricultural Mortgage Corp, Cl C		119		22
Fidelity National Financial Inc		1,063		53
Fidelity National Information Services Inc		7,874		593
Fifth Third Bancorp		4,599		168

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
First American Financial Corp		814	$	44
First BanCorp/Puerto Rico		821		15
First Busey Corp		1,790		43
First Citizens BancShares Inc/NC, Cl A		75		126
First Commonwealth Financial Corp		3,365		46
First Financial Bancorp		1,921		43
First Financial Bankshares Inc		1,378		41
First Hawaiian Inc		3,126		65
First Horizon Corp		22,027		347
First Interstate BancSystem Inc, Cl A		1,171		33
First Merchants Corp		1,182		39
FirstCash Holdings Inc		612		64
Fiserv Inc *		2,378		354
FNB Corp/PA		3,907		53
Franklin Resources Inc		6,856		153
Genworth Financial Inc, Cl A *		10,439		63
German American Bancorp Inc		1,414		50
Global Payments Inc		842		81
Globe Life Inc		108		9
Goldman Sachs Group Inc/The		3,960		1,791
Goosehead Insurance Inc, Cl A *		215		12
Hancock Whitney Corp		1,142		55
Hannon Armstrong Sustainable Infrastructure Capital Inc		7,020		208
Hanover Insurance Group Inc/The		124		16
HarborOne Bancorp Inc		861		10
Hartford Financial Services Group Inc/The		1,006		101
Heartland Financial USA Inc		1,003		45
Heritage Financial Corp/WA		1,744		31
Home BancShares Inc/AR		2,523		60
HomeStreet Inc		309		4
Hope Bancorp Inc		3,233		35
Horace Mann Educators Corp		1,125		37
Houlihan Lokey Inc, Cl A		192		26
Huntington Bancshares Inc/OH		9,540		126
Independent Bank Corp		580		29
Independent Bank Group Inc		846		39
Intercontinental Exchange Inc		1,921		263
Invesco Ltd		18,276		273
Invesco Mortgage Capital Inc ‡		323		3
Jack Henry & Associates Inc		636		106
Jackson Financial Inc, Cl A		1,486		110
Janus Henderson Group PLC		1,207		41
Jefferies Financial Group Inc		2,313		115
JPMorgan Chase & Co		26,967		5,454
KeyCorp		12,904		183
Kinsale Capital Group Inc		73		28
KKR & Co Inc		3,222		339
Lazard Inc, Cl A		2,316		88
Lemonade Inc *		1,665		27
LendingTree Inc *		175		7
Lincoln National Corp		3,621		113
Loews Corp		222		17

New Covenant Funds

5

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
LPL Financial Holdings Inc		1,036	$	289
M&T Bank Corp		765		116
MarketAxess Holdings Inc		144		29
Marsh & McLennan Cos Inc		2,823		595
Mastercard Inc, Cl A		9,928		4,380
Mercury General Corp		233		12
MetLife Inc		6,576		462
MFA Financial Inc ‡		1,584		17
MGIC Investment Corp		3,455		74
Moelis & Co, Cl A		461		26
Moody's Corp		4,549		1,915
Morgan Stanley		12,464		1,211
Morningstar Inc		67		20
Mr Cooper Group Inc *		335		27
MSCI Inc, Cl A		635		306
Nasdaq Inc		7,134		430
NBT Bancorp Inc		1,213		47
NCR Atleos Corp *		167		5
Nelnet Inc, Cl A		145		15
New York Community Bancorp Inc		951		3
New York Mortgage Trust Inc ‡		1,944		11
NMI Holdings Inc, Cl A *		1,470		50
Northern Trust Corp		7,549		634
Northfield Bancorp Inc		2,868		27
OFG Bancorp		2,119		79
Old National Bancorp/IN		5,093		88
OneMain Holdings Inc, Cl A		258		13
Orchid Island Capital Inc, Cl A ‡		3,472		29
Pacific Premier Bancorp Inc		3,188		73
Palomar Holdings Inc, Cl A *		145		12
Pathward Financial Inc		266		15
PayPal Holdings Inc *		16,718		970
PennyMac Mortgage Investment Trust ‡		24,099		331
Pinnacle Financial Partners Inc		1,489		119
PNC Financial Services Group Inc/The		1,439		224
Popular Inc		1,507		133
PRA Group Inc *		1,320		26
Primerica Inc		323		76
Principal Financial Group Inc		662		52
ProAssurance Corp *		1,351		17
PROG Holdings Inc		832		29
Progressive Corp/The		7,459		1,549
Prosperity Bancshares Inc		1,192		73
Provident Financial Services Inc		4,392		63
Prudential Financial Inc		974		114
Radian Group Inc		1,924		60
Raymond James Financial Inc		1,949		241
Redwood Trust Inc ‡		2,992		19
Regions Financial Corp		62,324		1,249
Reinsurance Group of America Inc, Cl A		578		119
RenaissanceRe Holdings Ltd		69		15
Renasant Corp		1,366		42
Repay Holdings Corp, Cl A *		7,436		79

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Rithm Capital Corp ‡		1,403	$	15
RLI Corp		545		77
S&P Global Inc		5,805		2,589
Sandy Spring Bancorp Inc		1,350		33
Seacoast Banking Corp of Florida		1,616		38
ServisFirst Bancshares Inc		187		12
SLM Corp		8,316		173
SouthState Corp		216		17
Starwood Property Trust Inc ‡		2,000		38
State Street Corp		9,970		738
Stifel Financial Corp		245		21
Synchrony Financial		4,720		223
Synovus Financial Corp		1,267		51
T Rowe Price Group Inc		2,711		313
Texas Capital Bancshares Inc *		822		50
TFS Financial Corp		573		7
TPG RE Finance Trust Inc ‡		2,439		21
Travelers Cos Inc/The		4,033		820
TriCo Bancshares		1,219		48
Triumph Financial Inc *		822		67
Truist Financial Corp		14,236		553
Trustmark Corp		1,410		42
Two Harbors Investment Corp ‡		1,597		21
UMB Financial Corp		715		60
Univest Financial Corp		1,820		42
Unum Group		1,638		84
Upstart Holdings Inc *		1,290		30
US Bancorp		2,749		109
Valley National Bancorp		4,269		30
Veritex Holdings Inc		348		7
Virtu Financial Inc, Cl A		3,026		68
Visa Inc, Cl A		21,036		5,521
W R Berkley Corp		247		19
Walker & Dunlop Inc		749		74
Washington Trust Bancorp Inc		924		25
Webster Financial Corp		2,008		88
Wells Fargo & Co		26,817		1,593
Westamerica BanCorp		731		35
Western Alliance Bancorp		1,801		113
Western Union Co/The		425		5
WEX Inc *		55		10
Willis Towers Watson PLC		907		238
Wintrust Financial Corp		708		70
XP Inc, Cl A		3,989		70
Zions Bancorp NA		1,771		77
				70,156
Health Care — 12.2%
Abbott Laboratories		25,893		2,691
AbbVie Inc		21,359		3,663
Acadia Healthcare Co Inc *		220		15
Accolade Inc *		956		3
AdaptHealth Corp, Cl A *		2,632		26
Adaptive Biotechnologies Corp *		1,704		6

6

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Addus HomeCare Corp *		495	$	57
Agilent Technologies Inc		765		99
Agios Pharmaceuticals Inc *		1,062		46
Akero Therapeutics Inc *		913		21
Alector Inc *		2,628		12
Align Technology Inc *		311		75
Alkermes PLC *		2,433		59
Allogene Therapeutics Inc *		1,838		4
Alnylam Pharmaceuticals Inc *		562		137
Amedisys Inc *		56		5
Amgen Inc		7,026		2,195
Amicus Therapeutics Inc *		5,193		51
AMN Healthcare Services Inc *		832		43
AnaptysBio Inc *		1,908		48
Anika Therapeutics Inc *		920		23
Apellis Pharmaceuticals Inc *		1,789		69
Arcturus Therapeutics Holdings Inc *		483		12
Arrowhead Pharmaceuticals Inc *		251		7
Arvinas Inc *		1,298		35
Astrana Health Inc *		344		14
AtriCure Inc *		1,029		23
Atrion Corp		71		32
Avanos Medical Inc *		301		6
Avantor Inc *		1,656		35
Avidity Biosciences Inc *		2,388		98
Axonics Inc *		351		24
Azenta Inc *		207		11
Baxter International Inc		12,373		414
Becton Dickinson & Co		769		180
BioCryst Pharmaceuticals Inc *		1,030		6
Biogen Inc *		1,991		462
Biohaven Ltd *		45		2
BioLife Solutions Inc *		2,163		46
BioMarin Pharmaceutical Inc *		1,042		86
Bio-Rad Laboratories Inc, Cl A *		32		9
Bio-Techne Corp		212		15
Boston Scientific Corp *		16,399		1,263
Bridgebio Pharma Inc *		241		6
Bristol-Myers Squibb Co		12,713		528
Brookdale Senior Living Inc *		7,397		50
Cardinal Health Inc		1,413		139
CareDx Inc *		6,310		98
Cassava Sciences Inc *		614		8
Castle Biosciences Inc *		730		16
Catalent Inc *		949		53
Catalyst Pharmaceuticals Inc *		6,810		105
Cencora Inc, Cl A		589		133
Centene Corp *		4,805		319
Charles River Laboratories International Inc *		77		16
Cigna Group/The		6,030		1,993
Collegium Pharmaceutical Inc *		2,915		94
Cooper Cos Inc/The		944		82

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Corcept Therapeutics Inc *		3,878	$	126
CorVel Corp *		125		32
Crinetics Pharmaceuticals Inc *		2,310		103
CryoPort Inc *		871		6
CVS Health Corp		3,727		220
Cytokinetics Inc *		1,159		63
Danaher Corp		7,586		1,895
DaVita Inc *		160		22
Denali Therapeutics Inc *		2,631		61
DENTSPLY SIRONA Inc		3,113		78
Dexcom Inc *		3,388		384
Editas Medicine Inc, Cl A *		1,596		7
Edwards Lifesciences Corp *		8,484		784
Elanco Animal Health Inc *		398		6
Elevance Health Inc		4,663		2,527
Eli Lilly & Co		10,234		9,266
Embecta Corp		887		11
Enanta Pharmaceuticals Inc *		785		10
Encompass Health Corp		164		14
Enhabit Inc *		82		1
Enovis Corp *		485		22
Envista Holdings Corp *		317		5
Exact Sciences Corp *		930		39
Exelixis Inc *		4,344		98
Fate Therapeutics Inc *		3,277		11
Fortrea Holdings Inc *		515		12
Fulgent Genetics Inc *		853		17
GE HealthCare Technologies Inc		153		12
Gilead Sciences Inc		14,228		976
Glaukos Corp *		167		20
Globus Medical Inc, Cl A *		179		12
GRAIL Inc *		352		5
Haemonetics Corp *		195		16
Halozyme Therapeutics Inc *		2,641		138
HCA Healthcare Inc		1,358		436
Health Catalyst Inc *		1,594		10
HealthEquity Inc *		673		58
Henry Schein Inc *		2,612		167
Hologic Inc *		927		69
Humana Inc		242		90
Ideaya Biosciences Inc *		4,068		143
IDEXX Laboratories Inc *		707		344
IGM Biosciences Inc *		1,084		7
Illumina Inc *		2,114		221
Inari Medical Inc *		419		20
Incyte Corp *		1,063		64
Innoviva Inc *		3,557		58
Inogen Inc *		706		6
Insmed Inc *		2,129		143
Insulet Corp *		65		13
Integer Holdings Corp *		625		72
Integra LifeSciences Holdings Corp *		188		5
Intellia Therapeutics Inc *		1,231		28

New Covenant Funds

7

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Intuitive Surgical Inc *		4,209	$	1,872
Ionis Pharmaceuticals Inc *		782		37
Iovance Biotherapeutics Inc *		1,433		11
IQVIA Holdings Inc *		491		104
iRhythm Technologies Inc *		210		23
Ironwood Pharmaceuticals Inc, Cl A *		3,844		25
iTeos Therapeutics Inc *		5,921		88
Jazz Pharmaceuticals PLC *		616		66
Johnson & Johnson		32,711		4,781
Kiniksa Pharmaceuticals International PLC, Cl A *		801		15
Kodiak Sciences Inc *		1,218		3
Krystal Biotech Inc *		823		151
Kura Oncology Inc *		3,438		71
Labcorp Holdings Inc		515		105
Lantheus Holdings Inc *		2,408		193
Ligand Pharmaceuticals Inc *		462		39
LivaNova PLC *		657		36
MacroGenics Inc *		1,782		8
Madrigal Pharmaceuticals Inc *		531		149
McKesson Corp		527		308
Medtronic PLC		19,976		1,572
MeiraGTx Holdings plc *		4,240		18
Merck & Co Inc		35,830		4,436
Mettler-Toledo International Inc *		404		565
Moderna Inc *		4,368		519
Myriad Genetics Inc *		1,860		45
National Research Corp		779		18
Neogen Corp *		300		5
Neurocrine Biosciences Inc *		717		99
Nevro Corp *		83		1
Novavax Inc *		816		10
Novocure Ltd *		905		15
OmniAb Inc, Cl W *		2,263		8
Omnicell Inc *		466		13
Option Care Health Inc *		648		18
OraSure Technologies Inc *		6,042		26
Organon & Co		649		13
Pediatrix Medical Group Inc *		417		3
Pennant Group Inc/The *		1,609		37
Penumbra Inc *		72		13
Perrigo Co PLC		211		5
Pfizer Inc		69,593		1,947
Phreesia Inc *		361		8
Premier Inc, Cl A		2,266		42
Protagonist Therapeutics Inc *		1,083		38
Prothena Corp PLC *		5,314		110
PTC Therapeutics Inc *		1,021		31
QIAGEN NV		2,267		93
Quest Diagnostics Inc		865		118
Recursion Pharmaceuticals Inc, Cl A *		11,559		87
Regeneron Pharmaceuticals Inc *		1,105		1,161
REGENXBIO Inc *		456		5

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Relay Therapeutics Inc *		11,508	$	75
Repligen Corp *		553		70
ResMed Inc		1,013		194
Revance Therapeutics Inc *		3,056		8
Revvity Inc		120		13
Rocket Pharmaceuticals Inc *		932		20
Sage Therapeutics Inc *		516		6
Sarepta Therapeutics Inc *		87		14
Simulations Plus Inc		1,477		72
Solventum Corp *		1,703		90
STAAR Surgical Co *		2,233		106
STERIS PLC		501		110
Stryker Corp		2,212		753
Supernus Pharmaceuticals Inc *		2,174		58
Surmodics Inc *		1,169		49
Tactile Systems Technology Inc *		728		9
Tandem Diabetes Care Inc *		144		6
Teleflex Inc		486		102
Theravance Biopharma Inc *		2,200		19
Thermo Fisher Scientific Inc		4,827		2,669
Travere Therapeutics Inc *		3,434		28
Twist Bioscience Corp *		606		30
Ultragenyx Pharmaceutical Inc *		1,143		47
United Therapeutics Corp *		559		178
UnitedHealth Group Inc		9,687		4,933
Universal Health Services Inc, Cl B		80		15
US Physical Therapy Inc		428		40
Utah Medical Products Inc		515		34
Varex Imaging Corp *		1,631		24
Vaxcyte Inc *		1,042		79
Veeva Systems Inc, Cl A *		1,157		212
Vericel Corp *		1,218		56
Vertex Pharmaceuticals Inc *		3,305		1,549
Viatris Inc, Cl W		1,277		14
Viking Therapeutics Inc *		1,343		71
Waters Corp *		395		115
West Pharmaceutical Services Inc		250		82
Xencor Inc *		1,686		32
Y-mAbs Therapeutics Inc *		3,117		38
Zentalis Pharmaceuticals Inc *		497		2
Zimmer Biomet Holdings Inc		3,501		380
Zimvie Inc *		350		6
Zoetis Inc, Cl A		6,022		1,044
				67,337
Industrials — 8.8%
3M Co		10,841		1,108
A O Smith Corp		1,708		140
AAON Inc		288		25
ABM Industries Inc		3,427		173
ACCO Brands Corp		5,214		25
Acuity Brands Inc		84		20
AerSale Corp *		13,792		95
AGCO Corp		149		15

8

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Air Lease Corp, Cl A		1,053	$	50
Alamo Group Inc		86		15
Alaska Air Group Inc *		4,763		192
Albany International Corp, Cl A		8,103		684
Allegion PLC		855		101
Allison Transmission Holdings Inc		1,870		142
American Airlines Group Inc *		405		5
American Woodmark Corp *		461		36
AMETEK Inc		794		132
Apogee Enterprises Inc		1,229		77
Applied Industrial Technologies Inc		745		145
ArcBest Corp		336		36
Archer Aviation Inc, Cl A *		64,962		229
Arcosa Inc		1,128		94
Argan Inc		1,315		96
Armstrong World Industries Inc		161		18
Array Technologies Inc *		7,510		77
Astec Industries Inc		204		6
Astronics Corp *		3,653		73
Atkore Inc		453		61
Automatic Data Processing Inc		8,872		2,118
Avis Budget Group Inc		445		47
Axon Enterprise Inc *		362		107
AZZ Inc		1,071		83
Barnes Group Inc		807		33
Blink Charging Co *		1,491		4
Bloom Energy Corp, Cl A *		4,597		56
Brink's Co/The		540		55
Broadridge Financial Solutions Inc		720		142
Cadre Holdings Inc		1,351		45
Carlisle Cos Inc		311		126
Carrier Global Corp		6,184		390
CBIZ Inc *		1,805		134
CH Robinson Worldwide Inc		148		13
Chart Industries Inc *		576		83
Cimpress PLC *		398		35
Cintas Corp		1,907		1,335
Clarivate PLC *		11,944		68
Clean Harbors Inc *		137		31
CNH Industrial NV		7,547		76
Comfort Systems USA Inc		988		300
Concentrix Corp		387		25
Construction Partners Inc, Cl A *		391		22
Copart Inc *		5,136		278
Core & Main Inc, Cl A *		1,715		84
Crane Co		135		20
CSG Systems International Inc		965		40
CSW Industrials Inc		116		31
CSX Corp		29,082		973
Cummins Inc		3,179		880
Custom Truck One Source Inc *		15,463		67
Dayforce Inc *		792		39
Deere & Co		4,735		1,769

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Delta Air Lines Inc		12,403	$	588
Deluxe Corp		981		22
Distribution Solutions Group Inc *		3,044		91
DNOW Inc *		4,359		60
Donaldson Co Inc		202		14
Dover Corp		383		69
Dycom Industries Inc *		704		119
Eaton Corp PLC		7,838		2,458
EMCOR Group Inc		565		206
Emerson Electric Co		1,464		161
Enerpac Tool Group Corp, Cl A		2,369		90
EnerSys		664		69
Enovix Corp *		4,020		62
Enpro Inc		738		107
Enviri Corp *		7,225		62
Equifax Inc		64		16
Esab Corp		485		46
ESCO Technologies Inc		568		60
Eve Holding Inc *		97,727		396
ExlService Holdings Inc *		680		21
Expeditors International of Washington Inc		1,163		145
Exponent Inc		135		13
Fastenal Co		242		15
Federal Signal Corp		1,560		131
FedEx Corp		603		181
Ferguson PLC		582		113
Flowserve Corp		239		12
Forrester Research Inc *		1,169		20
Fortune Brands Innovations Inc		174		11
Forward Air Corp		144		3
Franklin Electric Co Inc		180		17
FTAI Aviation Ltd		1,072		111
FTI Consulting Inc *		443		96
Gates Industrial Corp PLC *		886		14
GE Vernova Inc *		635		109
Generac Holdings Inc *		203		27
General Electric Co		8,110		1,289
Genpact Ltd		5,562		179
Gibraltar Industries Inc *		164		11
Graco Inc		223		18
Granite Construction Inc		1,780		110
Great Lakes Dredge & Dock Corp *		4,289		38
Greenbrier Cos Inc/The		1,583		78
GXO Logistics Inc *		1,041		53
Healthcare Services Group Inc *		422		4
Helios Technologies Inc		1,091		52
Herc Holdings Inc		1,012		135
Hexcel Corp		15,837		989
Hillenbrand Inc		300		12
HNI Corp		1,910		86
Howmet Aerospace Inc		8,758		680
Hubbell Inc, Cl B		78		29
Huron Consulting Group Inc *		1,227		121

New Covenant Funds

9

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
ICF International Inc		545	$	81
IDEX Corp		68		14
Illinois Tool Works Inc		7,609		1,803
Ingersoll Rand Inc		7,584		689
Insperity Inc		592		54
Interface Inc, Cl A		18,735		275
ITT Inc		918		119
JB Hunt Transport Services Inc		437		70
JetBlue Airways Corp *		837		5
Joby Aviation Inc *		15,834		81
John Bean Technologies Corp		439		42
Johnson Controls International PLC		8,308		552
Kadant Inc		65		19
Kelly Services Inc, Cl A		2,214		47
Kennametal Inc		1,343		32
Kforce Inc		444		28
Kirby Corp *		1,032		124
Knight-Swift Transportation Holdings Inc, Cl A		1,357		68
Korn Ferry		1,193		80
Landstar System Inc		83		15
LanzaTech Global Inc *		30,948		57
Lennox International Inc		44		24
Lincoln Electric Holdings Inc		1,027		194
Lindsay Corp		91		11
Liquidity Services Inc *		2,249		45
Luxfer Holdings PLC		3,194		37
Lyft Inc, Cl A *		7,511		106
ManpowerGroup Inc		3,586		250
Marten Transport Ltd		592		11
Masco Corp		245		16
Masterbrand Inc *		174		3
Matson Inc		1,273		167
Maximus Inc		682		58
McGrath RentCorp		666		71
MDU Resources Group Inc		386		10
Middleby Corp/The *		103		13
MillerKnoll Inc		2,900		77
MRC Global Inc *		3,597		46
MSC Industrial Direct Co Inc, Cl A		1,115		88
Mueller Industries Inc		1,799		102
Nordson Corp		600		139
Norfolk Southern Corp		2,628		564
NuScale Power Corp *		20,382		238
NV5 Global Inc *		202		19
nVent Electric PLC		457		35
Old Dominion Freight Line Inc		84		15
Omega Flex Inc		70		4
OPENLANE Inc *		2,303		38
Oshkosh Corp		2,762		299
Otis Worldwide Corp		2,457		237
Owens Corning		4,958		861
PACCAR Inc		2,950		304

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Parker-Hannifin Corp		477	$	241
Paychex Inc		2,612		310
Paycom Software Inc		194		28
Paycor HCM Inc *		8,733		111
Paylocity Holding Corp *		417		55
Pentair PLC		245		19
Pitney Bowes Inc		11,792		60
Planet Labs PBC *		11,494		21
Plug Power Inc *		4,368		10
Primoris Services Corp		1,960		98
Proto Labs Inc *		91		3
Quanta Services Inc		545		138
RB Global Inc		132		10
RBC Bearings Inc *		64		17
Redwire Corp *		21,353		153
Regal Rexnord Corp		1,068		144
Republic Services Inc, Cl A		969		188
Resideo Technologies Inc *		448		9
Resources Connection Inc		7,466		82
Robert Half Inc		806		52
Rocket Lab USA Inc *		24,502		118
Rockwell Automation Inc		1,620		446
Rollins Inc		3,532		172
RXO Inc *		1,041		27
Ryder System Inc		1,425		177
Saia Inc *		96		46
Schneider National Inc, Cl B		521		13
Sensata Technologies Holding PLC		4,273		160
Shyft Group Inc/The		429		5
Simpson Manufacturing Co Inc		643		108
SiteOne Landscape Supply Inc *		361		44
Snap-on Inc		318		83
Southwest Airlines Co		322		9
Spirit AeroSystems Holdings Inc, Cl A *		36,300		1,193
Spirit Airlines Inc		1,221		4
SPX Technologies Inc *		999		142
Standex International Corp		622		100
Stanley Black & Decker Inc		1,349		108
Steelcase Inc, Cl A		2,620		34
Stericycle Inc *		179		10
Sterling Infrastructure Inc *		972		115
Sunrun Inc *		1,979		23
Tennant Co		639		63
Terex Corp		341		19
Tetra Tech Inc		564		115
Timken Co/The		204		16
Toro Co/The		1,175		110
TPI Composites Inc *		472		2
Trane Technologies PLC		1,779		585
TransUnion		135		10
Trex Co Inc *		1,134		84
TriNet Group Inc		877		88
Trinity Industries Inc		511		15

10

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
TrueBlue Inc *		6,393	$	66
TTEC Holdings Inc		202		1
Uber Technologies Inc *		13,641		991
UFP Industries Inc		196		22
U-Haul Holding Co *		28		2
U-Haul Holding Co, Cl B		252		15
UniFirst Corp/MA		235		40
Union Pacific Corp		7,120		1,611
United Airlines Holdings Inc *		289		14
United Parcel Service Inc, Cl B		8,300		1,136
United Rentals Inc		1,692		1,094
Upwork Inc *		3,753		40
Valmont Industries Inc		76		21
Veralto Corp		1,397		133
Verisk Analytics Inc, Cl A		1,729		466
Vertiv Holdings Co, Cl A		1,255		109
Vestis Corp		130		2
Viad Corp *		2,883		98
Wabash National Corp		3,217		70
Waste Management Inc		6,467		1,380
Watsco Inc		52		24
Watts Water Technologies Inc, Cl A		507		93
WESCO International Inc		3,661		580
Westinghouse Air Brake Technologies Corp		465		74
WillScot Mobile Mini Holdings Corp, Cl A *		590		22
WW Grainger Inc		1,682		1,518
Xylem Inc/NY		11,319		1,535
Zurn Elkay Water Solutions Corp		1,629		48
				48,533
Information Technology — 30.7%
8x8 Inc *		2,725		6
Accenture PLC, Cl A		9,741		2,956
ACI Worldwide Inc *		1,373		54
Adeia Inc		2,351		26
Adobe Inc *		6,594		3,663
ADTRAN Holdings Inc		979		5
Advanced Energy Industries Inc		725		79
Advanced Micro Devices Inc *		18,853		3,058
Agilysys Inc *		323		34
Akamai Technologies Inc *		7,949		716
Alarm.com Holdings Inc *		1,192		76
Altair Engineering Inc, Cl A *		269		26
Ambarella Inc *		160		9
Amdocs Ltd		3,632		287
Amkor Technology Inc		3,864		155
Amphenol Corp, Cl A		9,296		626
Analog Devices Inc		2,948		673
ANSYS Inc *		683		220
Appian Corp, Cl A *		1,246		38
Apple Inc		150,610		31,721
Applied Materials Inc		12,856		3,034
Arista Networks Inc *		3,072		1,077
Arlo Technologies Inc *		7,542		98

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Arrow Electronics Inc *		1,639	$	198
Asana Inc, Cl A *		3,091		43
ASGN Inc *		146		13
Aspen Technology Inc *		173		34
Atlassian Corp, Cl A *		76		13
Autodesk Inc *		3,559		881
Avnet Inc		325		17
Axcelis Technologies Inc *		951		135
Badger Meter Inc		775		144
Belden Inc		155		15
Benchmark Electronics Inc		1,447		57
Bentley Systems Inc, Cl B		1,422		70
BigCommerce Holdings Inc *		3,803		31
BILL Holdings Inc *		185		10
Blackbaud Inc *		629		48
Blackline Inc *		185		9
Box Inc, Cl A *		539		14
Broadcom Inc		5,201		8,350
Cadence Design Systems Inc *		2,312		712
CDW Corp/DE		806		180
Cerence Inc *		493		1
Ciena Corp *		1,223		59
Cirrus Logic Inc *		640		82
Cisco Systems Inc		62,767		2,982
Cloudflare Inc, Cl A *		1,522		126
Cognex Corp		203		9
Cognizant Technology Solutions Corp, Cl A		8,315		565
Coherent Corp *		265		19
Cohu Inc *		3,416		113
CommVault Systems Inc *		219		27
Consensus Cloud Solutions Inc *		180		3
Corning Inc		6,104		237
Crane NXT Co		135		8
Crowdstrike Holdings Inc, Cl A *		939		360
CTS Corp		301		15
Datadog Inc, Cl A *		1,589		206
DocuSign Inc, Cl A *		1,618		87
Dolby Laboratories Inc, Cl A		731		58
Domo Inc, Cl B *		297		2
Dropbox Inc, Cl A *		2,914		65
Dynatrace Inc *		465		21
E2open Parent Holdings Inc *		20,021		90
Elastic NV *		183		21
Enphase Energy Inc *		60		6
Envestnet Inc *		717		45
Extreme Networks Inc *		4,187		56
F5 Inc *		578		100
Fair Isaac Corp *		16		24
Fastly Inc, Cl A *		905		7
First Solar Inc *		2,124		479
Five9 Inc *		93		4
FormFactor Inc *		353		21
Fortinet Inc *		1,490		90

New Covenant Funds

11

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Gartner Inc *		326	$	146
Gen Digital Inc		4,737		118
GLOBALFOUNDRIES Inc *		1,732		88
Globant SA *		271		48
GoDaddy Inc, Cl A *		1,102		154
Guidewire Software Inc *		109		15
Hackett Group Inc/The		3,129		68
HubSpot Inc *		322		190
Ichor Holdings Ltd *		2,906		112
Infinera Corp *		6,579		40
Insight Enterprises Inc *		132		26
Intel Corp		47,431		1,469
InterDigital Inc		917		107
International Business Machines Corp		13,123		2,270
Intuit Inc		3,714		2,441
IPG Photonics Corp *		558		47
Itron Inc *		588		58
Jabil Inc		1,012		110
Juniper Networks Inc		7,826		285
Keysight Technologies Inc *		8,514		1,164
Kimball Electronics Inc *		2,142		47
KLA Corp		1,732		1,428
Knowles Corp *		2,314		40
Kulicke & Soffa Industries Inc		764		38
Kyndryl Holdings Inc *		2,624		69
Lam Research Corp		2,119		2,256
Lattice Semiconductor Corp *		369		21
Littelfuse Inc		60		15
Lumentum Holdings Inc *		660		34
Manhattan Associates Inc *		522		129
Marathon Digital Holdings Inc *		3,468		69
Marvell Technology Inc		7,143		499
Matterport Inc *		11,962		53
Microchip Technology Inc		1,268		116
Micron Technology Inc		11,221		1,476
Microsoft Corp		79,971		35,743
MicroStrategy Inc, Cl A *		69		95
MKS Instruments Inc		103		13
MongoDB Inc, Cl A *		574		143
Monolithic Power Systems Inc		64		53
N-able Inc *		317		5
nCino Inc *		3,450		109
NCR Voyix Corp *		334		4
NetApp Inc		2,936		378
NETGEAR Inc *		7,406		113
NetScout Systems Inc *		2,073		38
Novanta Inc *		98		16
Nutanix Inc, Cl A *		359		20
NVIDIA Corp		257,050		31,756
Okta Inc, Cl A *		812		76
ON Semiconductor Corp *		1,757		120
Oracle Corp		24,339		3,437
OSI Systems Inc *		497		68

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
PagerDuty Inc *		1,821	$	42
Palantir Technologies Inc, Cl A *		4,251		108
Palo Alto Networks Inc *		2,616		887
Pegasystems Inc		150		9
Perficient Inc *		181		14
Plexus Corp *		589		61
Power Integrations Inc		196		14
PowerSchool Holdings Inc, Cl A *		4,855		109
Procore Technologies Inc *		1,013		67
Progress Software Corp		1,206		65
PROS Holdings Inc *		818		23
PTC Inc *		677		123
Pure Storage Inc, Cl A *		685		44
Qorvo Inc *		100		12
QUALCOMM Inc		14,569		2,902
Qualys Inc *		591		84
Rambus Inc *		2,829		166
Rapid7 Inc *		393		17
RingCentral Inc, Cl A *		699		20
Riot Platforms Inc *		3,379		31
Rogers Corp *		392		47
Roper Technologies Inc		193		109
Salesforce Inc		13,875		3,567
Sanmina Corp *		189		13
ScanSource Inc *		1,292		57
Semtech Corp *		1,000		30
ServiceNow Inc *		2,243		1,765
Silicon Laboratories Inc *		437		48
Skyworks Solutions Inc		308		33
Smartsheet Inc, Cl A *		266		12
Snowflake Inc, Cl A *		3,330		450
SolarWinds Corp		317		4
SPS Commerce Inc *		152		29
Super Micro Computer Inc *		122		100
Synaptics Inc *		142		13
Synopsys Inc *		1,235		735
TD SYNNEX Corp		387		45
Teledyne Technologies Inc *		31		12
Teradata Corp *		2,108		73
Teradyne Inc		945		140
Texas Instruments Inc		6,761		1,315
Trimble Inc *		2,035		114
TTM Technologies Inc *		3,386		66
Tucows Inc, Cl A *		170		3
Turtle Beach Corp *		6,220		89
Twilio Inc, Cl A *		1,420		81
Tyler Technologies Inc *		393		198
Ubiquiti Inc		48		7
UiPath Inc, Cl A *		4,174		53
Unisys Corp *		689		3
Unity Software Inc *		2,638		43
Universal Display Corp		1,927		405
Varonis Systems Inc, Cl B *		327		16

12

New Covenant Funds

Description	Shares			Market Value ($ Thousands)
COMMON STOCK†† (continued)
Verint Systems Inc *		947		$	30
VeriSign Inc *		802			143
ViaSat Inc *		693			9
Viavi Solutions Inc *		3,355			23
Western Digital Corp *		2,423			184
Wolfspeed Inc *		248			6
Workday Inc, Cl A *		2,079			465
Workiva Inc, Cl A *		1,224			89
Xerox Holdings Corp		4,697			55
Xperi Inc *		940			8
Zebra Technologies Corp, Cl A *		438			135
Zoom Video Communications Inc, Cl A *		2,001			118
Zscaler Inc *		491			94
			��		168,864
Materials — 2.5%
AdvanSix Inc		1,143			26
Air Products and Chemicals Inc		4,688			1,210
Albemarle Corp		752			72
Alcoa Corp		4,188			167
Amcor PLC		4,821			47
AptarGroup Inc		1,944			274
Arcadium Lithium PLC *		13,971			47
Arch Resources Inc		94			14
Ashland Inc		152			14
ATI Inc *		2,362			131
Avery Dennison Corp		88			19
Avient Corp		1,216			53
Axalta Coating Systems Ltd *		3,085			105
Balchem Corp		107			16
Ball Corp		15,648			939
Berry Global Group Inc		3,314			195
Cabot Corp		238			22
Carpenter Technology Corp		1,006			110
Celanese Corp, Cl A		93			13
CF Industries Holdings Inc		1,865			138
Chemours Co/The		2,832			64
Cleveland-Cliffs Inc *		6,197			95
Coeur Mining Inc *		6,945			39
Commercial Metals Co		1,211			67
Compass Minerals International Inc		851			9
Constellium SE, Cl A *		4,520			85
Corteva Inc		885			48
CRH PLC		1,464			110
Crown Holdings Inc		6,925			515
Dow Inc		6,392			339
DuPont de Nemours Inc		1,359			109
Eagle Materials Inc		126			27
Eastman Chemical Co		9,101			892
Ecolab Inc		2,293			546
FMC Corp		2,400			138
Freeport-McMoRan Inc		27,003			1,312
Graphic Packaging Holding Co		681			18
Greif Inc, Cl A		1,122			65

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Greif Inc, Cl B		1,759	$	110
HB Fuller Co		158		12
Huntsman Corp		475		11
Ingevity Corp *		563		25
Innospec Inc		499		62
International Flavors & Fragrances Inc		2,307		220
International Paper Co		360		16
Knife River Corp *		96		7
Linde PLC		3,740		1,641
Louisiana-Pacific Corp		1,155		95
LyondellBasell Industries NV, Cl A		2,182		209
Martin Marietta Materials Inc		397		215
Metallus Inc *		5,421		110
Minerals Technologies Inc		182		15
Mosaic Co/The		3,590		104
Newmont Corp		21,956		919
Novagold Resources Inc *		1,266		4
Nucor Corp		1,828		289
O-I Glass Inc, Cl I *		9,926		111
Packaging Corp of America		101		18
PPG Industries Inc		2,274		286
Quaker Chemical Corp		55		9
Radius Recycling Inc, Cl A		1,418		22
Reliance Inc		412		118
Royal Gold Inc		512		64
Scotts Miracle-Gro Co/The		163		11
Sealed Air Corp		293		10
Sensient Technologies Corp		161		12
Sherwin-Williams Co/The		593		177
Sonoco Products Co		185		9
Southern Copper Corp		275		30
Steel Dynamics Inc		2,648		343
Stepan Co		138		12
Summit Materials Inc, Cl A *		447		16
Sylvamo Corp		32		2
TriMas Corp		1,583		40
Tronox Holdings PLC		4,385		69
United States Lime & Minerals Inc		98		36
United States Steel Corp		3,709		140
Vulcan Materials Co		665		165
Warrior Met Coal Inc		969		61
Westlake Corp		137		20
Westrock Co		336		17
Worthington Steel Inc		223		7
				13,959
Real Estate — 2.5%
Acadia Realty Trust ‡		1,946		35
Agree Realty Corp ‡		736		46
Alexander & Baldwin Inc ‡		2,342		40
Alexandria Real Estate Equities Inc ‡		846		99
American Homes 4 Rent, Cl A ‡		375		14
American Tower Corp, Cl A ‡		5,189		1,009
Anywhere Real Estate Inc *		4,621		15

New Covenant Funds

13

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Apartment Investment and Management Co, Cl A *‡		1,711	$	14
Apple Hospitality REIT Inc ‡		718		10
AvalonBay Communities Inc ‡		3,261		675
Brandywine Realty Trust ‡		14,492		65
Brixmor Property Group Inc ‡		4,703		109
BXP Inc ‡		1,468		90
Camden Property Trust ‡		125		14
CareTrust REIT Inc ‡		2,438		61
CBRE Group Inc, Cl A *		13,376		1,192
Community Healthcare Trust Inc ‡		1,136		27
COPT Defense Properties ‡		3,986		100
CoStar Group Inc *		1,202		89
Cousins Properties Inc ‡		289		7
Crown Castle Inc ‡		4,174		408
CubeSmart ‡		377		17
Cushman & Wakefield PLC *		2,593		27
DiamondRock Hospitality Co ‡		4,575		39
Digital Realty Trust Inc ‡		2,674		407
Douglas Emmett Inc ‡		448		6
EastGroup Properties Inc ‡		306		52
Elme Communities ‡		1,705		27
Empire State Realty Trust Inc, Cl A ‡		5,592		52
EPR Properties ‡		735		31
Equinix Inc ‡		1,035		783
Equity Commonwealth *‡		846		16
Equity LifeStyle Properties Inc ‡		167		11
Equity Residential ‡		3,485		242
Essential Properties Realty Trust Inc ‡		2,028		56
Essex Property Trust Inc ‡		454		124
Extra Space Storage Inc ‡		959		149
Federal Realty Investment Trust ‡		114		11
First Industrial Realty Trust Inc ‡		263		12
Four Corners Property Trust Inc ‡		1,848		46
Gaming and Leisure Properties Inc ‡		283		13
Healthcare Realty Trust Inc, Cl A ‡		392		6
Healthpeak Properties Inc ‡		11,240		220
Highwoods Properties Inc ‡		247		6
Host Hotels & Resorts Inc ‡		5,040		91
Howard Hughes Holdings Inc *		795		51
Hudson Pacific Properties Inc ‡		2,475		12
Innovative Industrial Properties Inc, Cl A ‡		59		6
Invitation Homes Inc ‡		1,509		54
Iron Mountain Inc ‡		1,626		146
JBG SMITH Properties ‡		2,065		31
Jones Lang LaSalle Inc *		1,270		261
Kilroy Realty Corp ‡		2,593		81
Kimco Realty Corp ‡		7,790		152
Kite Realty Group Trust ‡		3,286		74
Lamar Advertising Co, Cl A ‡		1,059		127
LTC Properties Inc ‡		1,142		39
LXP Industrial Trust ‡		966		9
Macerich Co/The ‡		5,508		85

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Marcus & Millichap Inc		1,380	$	43
Medical Properties Trust Inc ‡		2,513		11
Mid-America Apartment Communities Inc ‡		318		45
NET Lease Office Properties ‡		10		—
Newmark Group Inc, Cl A		3,753		38
Omega Healthcare Investors Inc ‡		1,229		42
Orion Office REIT Inc ‡		124		—
Outfront Media Inc ‡		1,951		28
Paramount Group Inc ‡		5,922		27
Park Hotels & Resorts Inc ‡		1,996		30
Pebblebrook Hotel Trust ‡		1,899		26
Piedmont Office Realty Trust Inc, Cl A ‡		2,333		17
PotlatchDeltic Corp ‡		231		9
Prologis Inc ‡		18,520		2,080
Public Storage ‡		384		110
Rayonier Inc ‡		1,593		46
RE/MAX Holdings Inc, Cl A		1,292		10
Realty Income Corp ‡		2,112		112
Redfin Corp *		458		3
Regency Centers Corp ‡		18,570		1,155
Rexford Industrial Realty Inc ‡		241		11
RLJ Lodging Trust ‡		2,849		27
RMR Group Inc/The, Cl A		1,095		25
Ryman Hospitality Properties Inc ‡		577		58
Safehold Inc ‡		968		19
SBA Communications Corp, Cl A ‡		684		134
Service Properties Trust ‡		483		2
Simon Property Group Inc ‡		698		106
SITE Centers Corp ‡		3,734		54
SL Green Realty Corp ‡		2,468		140
St Joe Co/The		460		25
STAG Industrial Inc ‡		359		13
Star Holdings *‡		480		6
Summit Hotel Properties Inc ‡		4,173		25
Sun Communities Inc ‡		272		33
Tanger Inc ‡		647		18
UDR Inc ‡		250		10
Uniti Group Inc ‡		1,247		4
Urban Edge Properties ‡		2,679		49
Ventas Inc ‡		2,183		112
VICI Properties Inc, Cl A ‡		3,317		95
Vornado Realty Trust ‡		2,903		76
Welltower Inc ‡		4,270		445
Weyerhaeuser Co ‡		17,005		483
WP Carey Inc ‡		149		8
Xenia Hotels & Resorts Inc ‡		2,347		34
Zillow Group Inc, Cl C *		1,112		52
				13,587
Utilities — 1.7%
AES Corp/The		5,282		93
ALLETE Inc		620		39
Alliant Energy Corp		213		11
Ameren Corp		141		10

14

New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
American Electric Power Co Inc		5,930	$	520
American States Water Co		580		42
American Water Works Co Inc		2,717		351
Atmos Energy Corp		461		54
Avangrid Inc		1,720		61
Brookfield Infrastructure Corp, Cl A		1,827		62
CenterPoint Energy Inc		434		13
Clearway Energy Inc, Cl A		1,758		40
Clearway Energy Inc, Cl C		456		11
CMS Energy Corp		20,708		1,233
Consolidated Edison Inc		1,130		101
Constellation Energy Corp		600		120
Dominion Energy Inc		2,121		104
DTE Energy Co		876		97
Duke Energy Corp		11,833		1,186
Edison International		3,288		236
Entergy Corp		2,276		244
Essential Utilities Inc		331		12
Evergy Inc		180		10
Eversource Energy		10,983		623
Exelon Corp		11,090		384
FirstEnergy Corp		1,531		59
Hawaiian Electric Industries Inc		249		2
IDACORP Inc, Cl Rights		108		10
MGE Energy Inc		631		47
National Fuel Gas Co		223		12
New Jersey Resources Corp		1,111		47
NextEra Energy Inc		27,072		1,917
NiSource Inc		419		12
Northwest Natural Holding Co		699		25
NRG Energy Inc		323		25
OGE Energy Corp		261		9
Ormat Technologies Inc		644		46
PG&E Corp		692		12
Pinnacle West Capital Corp		1,420		108
PNM Resources Inc		975		36
Portland General Electric Co		894		39
PPL Corp		2,577		71
Public Service Enterprise Group Inc		210		15
Sempra		6,186		471
SJW Group		716		39
Southern Co/The		4,652		361
Sunnova Energy International Inc *		810		5
UGI Corp		253		6
Vistra Corp		1,097		94
WEC Energy Group Inc		1,179		93
Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Xcel Energy Inc		1,637	$	87
				9,305
Total Common Stock
(Cost $231,224) ($ Thousands)				543,919

		Number of Rights
RIGHTS — 0.0%
Abiomed Inc *‡‡		332		–
Total Rights
(Cost $—) ($ Thousands)				–
	Shares
CASH EQUIVALENT — 0.7%
SEI Daily Income Trust, Government Fund, Institutional Class
5.160%**†		3,631,055		3,631
Total Cash Equivalent
(Cost $3,631) ($ Thousands)				3,631
Total Investments in Securities — 99.6%
(Cost $234,855) ($ Thousands)			$	547,550

New Covenant Funds

15

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Growth Fund (Concluded)

A list of the open futures contracts held by the Fund at June 30, 2024, is 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		6	Sep-2024	$	613	$	620	$	7
S&P 500 Index E-MINI		12	Sep-2024		3,317		3,312		(5	)
				$	3,930	$	3,932	$	2

For the year ended June 30, 2024, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

	Percentages are based on Net Assets of $549,620 ($ Thousands).
‡	Real Estate Investment Trust.
‡‡	Expiration date not available.
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of June 30, 2024.
†	Investment in Affiliated Security (see Note 3).
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

The following is a summary of the level of inputs used as of June 30, 2024, 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		543,919			–		–		543,919
Rights		–	^		–		–		–	^
Cash Equivalent		3,631			–		–		3,631
Total Investments in Securities		547,550			–		–		547,550

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		7			–		–		7
Unrealized Depreciation		(5	)		–		–		(5	)
Total Other Financial Instruments		2			–		–		2

^ This category includes securities with a value of $—.

* 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 Fund’s transactions with affiliates for the year ended June 30, 2024 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 6/30/2024		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class	$	2,867	$	61,925	$	(61,161	)	$	—	$	—	$	3,631	$	181		$ —

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

See “Glossary” for abbreviations.

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

16

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 41.6%
Agency Mortgage-Backed Obligations — 34.8%
FHLB DN
5.305%, 07/15/2024(A)	$	300	$	299
FHLMC
6.500%, 12/01/2035 to 04/01/2054		740		757
6.218%, US0012M + 1.598%, 06/01/2047(B)		262		267
6.131%, US0012M + 1.625%, 10/01/2046(B)		414		422
6.000%, 03/01/2035 to 04/01/2054		2,008		2,037
5.500%, 12/01/2036 to 05/01/2054		2,745		2,732
5.000%, 11/01/2035 to 04/01/2053		1,159		1,135
4.500%, 06/01/2038 to 11/01/2052		2,576		2,479
4.000%, 07/01/2037 to 02/01/2053		2,883		2,689
3.500%, 04/01/2033 to 06/01/2052		1,951		1,771
3.103%, US0012M + 1.621%, 02/01/2050(B)		103		99
3.007%, US0012M + 1.628%, 11/01/2048(B)		317		299
3.000%, 09/01/2032 to 06/01/2052		4,280		3,718
2.883%, US0012M + 1.619%, 11/01/2047(B)		101		98
2.500%, 08/01/2030 to 04/01/2052		7,026		5,939
2.000%, 09/01/2040 to 03/01/2052		4,865		3,979
1.500%, 11/01/2040 to 02/01/2051		1,357		1,091
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		44		7
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.635%, 02/25/2035(B)		2,280		247
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO
1.628%, 05/25/2035(B)		841		97
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
1.048%, 09/25/2030(B)		13,601		639
FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO
1.436%, 07/25/2035(B)		234		24
FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO
0.825%, 09/25/2027(B)		7,829		155
FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO
0.626%, 10/25/2031(B)		6,490		197
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
6.835%, SOFR30A + 1.500%, 10/25/2041(B)(C)		230		231
FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1B
7.185%, SOFR30A + 1.850%, 01/25/2042(B)(C)		420		425

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A
6.635%, SOFR30A + 1.300%, 02/25/2042(B)(C)	$	50	$	50
FHLMC STACR REMIC Trust, Ser 2022-DNA4, Cl M1A
7.535%, SOFR30A + 2.200%, 05/25/2042(B)(C)		189		192
FHLMC, Ser 2011-3947, Cl SG, IO
0.502%, 10/15/2041(B)		64		6
FHLMC, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		17		–
FHLMC, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		37		1
FHLMC, Ser 2012-4099, Cl ST, IO
0.552%, 08/15/2042(B)		40		4
FHLMC, Ser 2013-4203, Cl PS, IO
0.802%, 09/15/2042(B)		58		5
FHLMC, Ser 2014-334, Cl S7, IO
0.652%, 08/15/2044(B)		18		2
FHLMC, Ser 2014-4310, Cl SA, IO
0.502%, 02/15/2044(B)		16		1
FHLMC, Ser 2014-4335, Cl SW, IO
0.552%, 05/15/2044(B)		33		3
FHLMC, Ser 2014-4391, Cl MZ
3.000%, 09/15/2044		134		116
FHLMC, Ser 2014-4415, Cl IO, IO
0.302%, 04/15/2041(B)		15		1
FHLMC, Ser 2016-353, Cl S1, IO
0.552%, 12/15/2046(B)		58		6
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		26		23
FHLMC, Ser 2020-4980, Cl KI, IO
4.500%, 06/25/2050		432		101
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		227		36
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		316		46
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		78		13
FHLMC, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		79		11
FHLMC, Ser 2021-5071, Cl IH, IO
2.500%, 02/25/2051		475		63
FHLMC, Ser 2022-5206, Cl IJ, IO
4.000%, 04/15/2048		1,070		213
FHLMC, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		300		266
FHLMC, Ser 2023-5293, Cl IO, IO
2.000%, 03/25/2051		916		115
FHLMC, Ser 2023-5377, Cl IO, IO
2.500%, 12/25/2051		867		113

New Covenant Funds

17

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA
7.000%, 11/01/2037 to 11/01/2038	$	11	$	12
6.500%, 01/01/2038 to 03/01/2054		876		899
6.393%, 01/01/2036(B)		19		19
6.317%, US0012M + 1.423%, 05/01/2043(B)		92		92
6.246%, US0012M + 1.700%, 03/01/2036(B)		16		17
6.000%, 07/01/2041 to 03/01/2054		1,008		1,019
5.500%, 02/01/2035 to 11/01/2053		3,687		3,655
5.000%, 11/01/2025 to 08/01/2053		4,890		4,802
4.500%, 02/01/2035 to 08/01/2058		4,484		4,307
4.000%, 06/01/2025 to 06/01/2057		6,951		6,505
3.500%, 04/01/2033 to 03/01/2057		9,048		8,218
3.000%, 07/01/2035 to 06/01/2052		9,794		8,591
2.500%, 03/01/2035 to 09/01/2061		14,891		12,568
2.000%, 07/01/2031 to 04/01/2052		9,779		8,015
1.500%, 11/01/2041 to 03/01/2051		545		417
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		244		241
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		67		2
FNMA CMO, Ser 2014-47, Cl AI, IO
0.486%, 08/25/2044(B)		84		4
FNMA CMO, Ser 2015-55, Cl IO, IO
0.274%, 08/25/2055(B)		10		–
FNMA CMO, Ser 2015-56, Cl AS, IO
0.700%, 08/25/2045(B)		25		3
FNMA Interest, Ser 2012-409, Cl C18, IO
4.000%, 04/25/2042		7		1
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		72		73
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		–		–
FNMA, Ser 2012-118, Cl VZ
3.000%, 11/25/2042		124		110
FNMA, Ser 2013-124, Cl SB, IO
0.500%, 12/25/2043(B)		19		2
FNMA, Ser 2013-26, Cl HI, IO
3.000%, 04/25/2032		1		–
FNMA, Ser 2013-54, Cl BS, IO
0.700%, 06/25/2043(B)		15		2
FNMA, Ser 2013-73, Cl IA, IO
3.000%, 09/25/2032		22		1
FNMA, Ser 2014-6, Cl Z
2.500%, 02/25/2044		130		109
FNMA, Ser 2017-76, Cl SB, IO
0.650%, 10/25/2057(B)		110		12
FNMA, Ser 2017-85, Cl SC, IO
0.750%, 11/25/2047(B)		51		5
FNMA, Ser 2018-74, Cl AB
3.500%, 10/25/2048		63		57

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050	$	108	$	63
FNMA, Ser 2020-56, Cl AQ
2.000%, 08/25/2050		200		152
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		73		12
FNMA, Ser 2020-57, Cl TA
2.000%, 04/25/2050		94		80
FNMA, Ser 2020-96, Cl IN, IO
3.000%, 01/25/2051		676		115
FNMA, Ser 2021-1, Cl IG, IO
2.500%, 02/25/2051		404		67
FNMA, Ser 2021-61, Cl KI, IO
2.500%, 04/25/2049		507		74
FNMA, Ser 2023-2, Cl CI, IO
2.000%, 10/25/2050		915		112
FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F
3.370%, 02/25/2028(B)		358		338
FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F
3.610%, 10/25/2028(B)		512		482
GNMA
6.500%, 09/20/2053 to 01/20/2054		1,554		1,594
6.000%, 09/20/2053 to 02/20/2054		1,662		1,688
5.500%, 02/20/2037 to 08/20/2053		1,913		1,906
5.000%, 12/20/2038 to 08/20/2053		1,386		1,365
4.600%, 09/15/2034		797		778
4.500%, 05/20/2040 to 09/20/2052		2,068		1,997
4.000%, 01/15/2041 to 06/20/2052		1,763		1,650
3.500%, 06/20/2044 to 06/20/2052		1,719		1,555
3.000%, 09/15/2042 to 04/20/2052		2,783		2,424
2.500%, 02/20/2027 to 12/20/2051		4,011		3,366
2.000%, 10/20/2050 to 04/20/2051		3,523		2,832
GNMA, Ser 103, Cl AD
1.450%, 01/16/2063		115		86
GNMA, Ser 108, Cl IO, IO
0.967%, 06/16/2061(B)		3,265		227
GNMA, Ser 113, Cl Z
2.000%, 09/16/2061		2,290		1,183
GNMA, Ser 113, Cl IO, IO
1.170%, 02/16/2058(B)		4,083		259
GNMA, Ser 2012-34, Cl SA, IO
0.597%, 03/20/2042(B)		15		1
GNMA, Ser 2012-H18, Cl NA
5.957%, US0001M + 0.520%, 08/20/2062(B)		29		29
GNMA, Ser 2012-H30, Cl GA
5.787%, US0001M + 0.350%, 12/20/2062(B)		120		119
GNMA, Ser 2013-107, Cl AD
2.802%, 11/16/2047(B)		33		29

18

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 2013-85, Cl IA, IO
0.525%, 03/16/2047(B)	$	310	$	3
GNMA, Ser 2013-95, Cl IO, IO
0.389%, 04/16/2047(B)		652		6
GNMA, Ser 2013-H01, Cl TA
5.937%, US0001M + 0.500%, 01/20/2063(B)		1		1
GNMA, Ser 2013-H08, Cl BF
5.837%, US0001M + 0.400%, 03/20/2063(B)		177		175
GNMA, Ser 2013-H21, Cl FB
6.137%, US0001M + 0.700%, 09/20/2063(B)		46		46
GNMA, Ser 2014-105, Cl IO, IO
0.128%, 06/16/2054(B)		41		–
GNMA, Ser 2014-186, Cl IO, IO
0.370%, 08/16/2054(B)		196		2
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		39		7
GNMA, Ser 2015-H20, Cl FA
5.907%, US0001M + 0.470%, 08/20/2065(B)		145		144
GNMA, Ser 2018-168, Cl PA
4.000%, 08/20/2048		40		37
GNMA, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		72		10
GNMA, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		69		9
GNMA, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		73		10
GNMA, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		146		19
GNMA, Ser 2020-175, Cl GI, IO
2.000%, 11/20/2050		276		30
GNMA, Ser 2020-181, Cl WI, IO
2.000%, 12/20/2050		345		38
GNMA, Ser 2020-H04, Cl FP
5.937%, US0001M + 0.500%, 06/20/2069(B)		101		100
GNMA, Ser 2020-H09, Cl FL
6.587%, US0001M + 1.150%, 05/20/2070(B)		59		60
GNMA, Ser 2020-H13, Cl FA
5.887%, US0001M + 0.450%, 07/20/2070(B)		432		424
GNMA, Ser 2020-H13, Cl FM
5.837%, US0001M + 0.400%, 08/20/2070(B)		159		158
GNMA, Ser 2021-176, Cl IN, IO
2.500%, 10/20/2051		1,140		163
GNMA, Ser 2021-188, Cl PA
2.000%, 10/20/2051		197		156

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 2021-57, Cl BI, IO
3.000%, 03/20/2051	$	1,275	$	210
GNMA, Ser 2021-96, Cl VI, IO
2.500%, 06/20/2051		1,142		151
GNMA, Ser 2022-189, Cl PT
2.500%, 10/20/2051		181		148
GNMA, Ser 2022-9, Cl GA
2.000%, 01/20/2052		160		130
GNMA, Ser 220, Cl E
3.000%, 10/16/2064(B)		100		74
GNMA, Ser 3, Cl IO, IO
0.640%, 02/16/2061(B)		955		46
GNMA, Ser 82, Cl Z
2.000%, 02/16/2064		209		112
				120,030
Non-Agency Mortgage-Backed Obligations — 6.8%
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A
6.507%, US0001M + 0.880%, 09/15/2034(B)(C)		130		126
BANK 2021-BNK36, Ser BN36, Cl A5
2.470%, 09/15/2064		390		324
BANK 2022-BNK42, Ser BNK42, Cl A5
4.493%, 06/15/2055(B)		340		321
BANK5 2023-5YR3, Ser 5YR3, Cl A2
6.255%, 09/15/2056		400		410
Benchmark Mortgage Trust, Ser 2021-B26, Cl A3
2.391%, 06/15/2054		604		534
BPR Trust, Ser TY, Cl B
6.593%, US0001M + 1.150%, 09/15/2038(B)(C)		370		364
BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1
0.970%, 03/25/2060(B)(C)		20		18
BRAVO Residential Funding Trust, Ser 2022-NQM3, Cl A1
5.108%, 07/25/2062(B)(C)		302		298
BX Commercial Mortgage Trust 2024-XL4, Ser XL4, Cl A
6.771%, TSFR1M + 1.442%, 02/15/2039(B)(C)		605		603
BX Commercial Mortgage Trust, Ser AHP, Cl A
6.319%, TSFR1M + 0.990%, 01/17/2039(B)(C)		630		622
BX Commercial Mortgage Trust, Ser LP2, Cl A
6.342%, TSFR1M + 1.013%, 02/15/2039(B)(C)		324		321

New Covenant Funds

19

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
BX Commercial Mortgage Trust, Ser VOLT, Cl A
6.143%, US0001M + 0.700%, 09/15/2036(B)(C)	$	635	$	627
BX Trust 2024-VLT4, Ser VLT4, Cl B
7.261%, TSFR1M + 1.941%, 07/15/2029(B)(C)		250		249
BX Trust, Ser CLS, Cl A
5.760%, 10/13/2027(C)		534		528
BX Trust, Ser LBA6, Cl A
6.329%, TSFR1M + 1.000%, 01/15/2039(B)(C)		110		109
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A
3.251%, 05/10/2035(C)		178		172
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS
4.017%, 10/10/2047		100		99
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049		418		409
COLT Mortgage Loan Trust, Ser 2022-2, Cl A1
2.994%, 02/25/2067(C)(D)		73		67
Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2
6.985%, SOFR30A + 1.650%, 12/25/2041(B)(C)		440		443
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(B)(C)		256		227
CSMC Trust, Ser 2019-NQM1, Cl A3
4.064%, 10/25/2059(C)(D)		94		92
CSMC Trust, Ser 2021-NQM3, Cl A3
1.632%, 04/25/2066(B)(C)		139		117
CSMC Trust, Ser 2021-NQM5, Cl A1
0.938%, 05/25/2066(B)(C)		112		90
CSMC Trust, Ser 2021-NQM7, Cl A1
1.756%, 10/25/2066(B)(C)		92		78
CSMC Trust, Ser 2022-NQM1, Cl A1
2.265%, 11/25/2066(B)(C)		340		298
DC Commercial Mortgage Trust 2023-DC, Ser DC, Cl A
6.314%, 09/12/2040(C)		410		420
Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1
2.205%, 01/25/2067(B)(C)		249		221
Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1
0.931%, 06/25/2066(B)(C)		263		215
Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1
2.206%, 01/25/2067(B)(C)		87		74

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
7.176%, US0001M + 1.800%, 09/15/2031(B)(C)	$	223	$	160
GS Mortgage Securities Trust, Ser 2014-GC24, Cl A5
3.931%, 09/10/2047		380		379
GS Mortgage Securities Trust, Ser 2019-GC39, Cl A2
3.457%, 05/10/2052		204		204
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057(C)		112		107
HarborView Mortgage Loan Trust, Ser 2005-9, Cl 2A1B
6.193%, US0001M + 0.740%, 06/20/2035(B)		122		110
JP Morgan Mortgage Trust Series 2024-4, Ser 2024-4, Cl A4A
6.000%, 10/25/2054(B)(C)		498		496
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D
9.193%, US0001M + 3.750%, 05/15/2028(B)(C)		115		98
JPMorgan Chase Commercial Mortgage Securities Trust, Ser ACB, Cl A
6.733%, SOFR30A + 1.400%, 03/15/2039(B)(C)		300		296
JPMorgan Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5
3.672%, 11/15/2047		578		571
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048(B)(C)		80		70
MAD Mortgage Trust, Ser 2017-330M, Cl A
3.294%, 08/15/2034(B)(C)		220		203
Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1
3.250%, 10/25/2069(B)(C)		131		125
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/2048		473		462
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5
3.635%, 10/15/2048		510		496
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052		368		356
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C30, Cl A4
2.600%, 09/15/2049		399		379
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C33, Cl A5
3.599%, 05/15/2050		170		161

20

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
MTN Commercial Mortgage Trust, Ser LPFL, Cl A
6.727%, TSFR1M + 1.397%, 03/15/2039(B)(C)	$	410	$	405
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B
3.655%, 08/15/2036(C)		410		323
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057(B)(C)		240		198
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(B)(C)		184		172
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(B)(C)		184		173
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(B)(C)		78		73
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1
1.156%, 11/27/2056(B)(C)		85		71
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056(B)(C)		55		46
New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1
5.000%, 06/25/2062(C)(D)		309		302
OBX Trust, Ser 2021-NQM2, Cl A3
1.563%, 05/25/2061(B)(C)		187		148
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061(B)(C)		227		180
OBX Trust, Ser 2021-NQM3, Cl A1
1.054%, 07/25/2061(B)(C)		128		100
OBX Trust, Ser 2022-NQM1, Cl A1
2.305%, 11/25/2061(B)(C)		312		270
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl A1
1.957%, 10/25/2061(B)(C)		204		167
PRKCM Trust, Ser 2021-AFC1, Cl A1
1.510%, 08/25/2056(B)(C)		177		144
PRKCM Trust, Ser 2021-AFC2, Cl A1
2.071%, 11/25/2056(B)(C)		127		107
RCKT Mortgage Trust 2024-INV1, Ser 2024-INV1, Cl A1
6.500%, 06/25/2054(B)(C)		100		101
Residential Mortgage Loan Trust, Ser 2019-3, Cl A2
2.941%, 09/25/2059(B)(C)		14		14
Residential Mortgage Loan Trust, Ser 2019-3, Cl A3
3.044%, 09/25/2059(B)(C)		14		14

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Residential Mortgage Loan Trust, Ser 2020-2, Cl A1
1.654%, 05/25/2060(B)(C)	$	13	$	13
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045(C)		339		332
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046(C)		1,027		940
Seasoned Credit Risk Transfer Trust, Ser 2017-2, Cl MA
3.000%, 08/25/2056		175		159
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		431		402
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		357		333
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		500		464
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		662		597
Seasoned Credit Risk Transfer Trust, Ser 2022-1, Cl MAU
3.250%, 11/25/2061		824		731
Sequoia Mortgage Trust 2024-4, Ser 2024-4, Cl A4
6.000%, 05/25/2054(B)(C)		483		482
Sequoia Mortgage Trust 2024-6, Ser 2024-6, Cl A5
6.000%, 07/27/2054(B)(C)		530		529
SG Residential Mortgage Trust, Ser 2022-1, Cl A1
3.166%, 03/27/2062(B)(C)		347		316
Shops at Crystals Trust, Ser 2016-CSTL, Cl A
3.126%, 07/05/2036(C)		100		95
SLG Office Trust, Ser 2021-OVA, Cl A
2.585%, 07/15/2041(C)		510		416
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049(C)		313		292
Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2
7.360%, US0001M + 1.900%, 05/25/2058(B)(C)		100		100
UBS Commercial Mortgage Trust 2019-C16, Ser C16, Cl ASB
3.460%, 04/15/2052		268		256
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl ASB
3.371%, 09/15/2057		47		46
Wells Fargo Commercial Mortgage Trust, Ser C29, Cl A4
3.637%, 06/15/2048		606		593

New Covenant Funds

21

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser C38, Cl A5
3.453%, 07/15/2050	$	180	$	169
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.531%, 10/15/2057(B)		270		239
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.645%, 10/15/2057(B)		681		–
				23,661
Total Mortgage-Backed Securities
(Cost $156,090) ($ Thousands)				143,691
CORPORATE OBLIGATIONS — 24.5%
Communication Services — 1.6%
Alphabet
1.900%, 08/15/2040		40		26
1.100%, 08/15/2030		40		33
0.450%, 08/15/2025		20		19
AT&T
4.250%, 03/01/2027		150		147
2.550%, 12/01/2033		472		375
2.300%, 06/01/2027		120		111
Charter Communications Operating
5.050%, 03/30/2029		220		211
4.908%, 07/23/2025		113		112
4.400%, 04/01/2033		110		97
3.750%, 02/15/2028		200		186
Comcast
4.250%, 10/15/2030		40		38
4.150%, 10/15/2028		250		242
3.950%, 10/15/2025		210		207
3.750%, 04/01/2040		20		16
3.450%, 02/01/2050		40		28
3.400%, 04/01/2030		140		129
3.300%, 04/01/2027		30		29
3.250%, 11/01/2039		30		23
3.150%, 03/01/2026		30		29
2.937%, 11/01/2056		27		16
2.800%, 01/15/2051		30		19
Fox
4.709%, 01/25/2029		30		30
Prosus MTN
3.061%, 07/13/2031 (C)		410		339
T-Mobile USA
5.150%, 04/15/2034		30		30
3.875%, 04/15/2030		390		365
3.750%, 04/15/2027		20		19
3.500%, 04/15/2025		150		147
3.375%, 04/15/2029		219		202

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.550%, 02/15/2031	$	190	$	161
2.050%, 02/15/2028		20		18
Verizon Communications
5.500%, 02/23/2054		70		68
4.500%, 08/10/2033		20		19
4.000%, 03/22/2050		30		23
3.875%, 02/08/2029		30		28
3.850%, 11/01/2042		10		8
3.000%, 03/22/2027		120		114
2.650%, 11/20/2040		130		90
2.550%, 03/21/2031		799		679
2.355%, 03/15/2032		546		446
2.100%, 03/22/2028		90		81
Warnermedia Holdings
6.412%, 03/15/2026		80		80
4.054%, 03/15/2029		447		413
3.755%, 03/15/2027		190		180
				5,633
Consumer Discretionary — 1.8%
Amazon.com
3.450%, 04/13/2029		160		152
3.300%, 04/13/2027		140		134
3.150%, 08/22/2027		470		446
1.200%, 06/03/2027		20		18
Aptiv
3.250%, 03/01/2032		639		554
Ashtead Capital
5.800%, 04/15/2034 (C)		700		695
Ferguson Finance
4.500%, 10/24/2028 (C)		459		448
3.250%, 06/02/2030 (C)		851		768
Ford Motor
6.100%, 08/19/2032		90		90
General Motors
5.600%, 10/15/2032		210		210
Home Depot
3.900%, 12/06/2028		10		10
3.350%, 04/15/2050		50		36
3.300%, 04/15/2040		40		31
2.875%, 04/15/2027		170		161
2.500%, 04/15/2027		450		421
Honda Motor
2.534%, 03/10/2027		632		592
Hyundai Capital America
5.950%, 09/21/2026 (C)		130		131
LKQ
5.750%, 06/15/2028		682		688
Lowe's
4.500%, 04/15/2030		30		29
1.700%, 09/15/2028		80		70
McDonald's MTN
3.800%, 04/01/2028		280		269

22

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.700%, 01/30/2026	$	10	$	10
3.500%, 03/01/2027		20		19
3.500%, 07/01/2027		10		10
1.450%, 09/01/2025		10		9
NIKE
2.750%, 03/27/2027		40		38
2.400%, 03/27/2025		40		39
Toyota Motor
1.339%, 03/25/2026		210		197
				6,275
Consumer Staples — 0.5%
Coca-Cola
3.375%, 03/25/2027		30		29
Costco Wholesale
1.600%, 04/20/2030		90		76
1.375%, 06/20/2027		120		109
Hershey
0.900%, 06/01/2025		20		19
Kenvue
5.350%, 03/22/2026		150		150
5.050%, 03/22/2028		200		201
Kimberly-Clark
3.100%, 03/26/2030		20		18
Kroger
7.700%, 06/01/2029		565		624
Mars
3.200%, 04/01/2030 (C)		30		27
2.700%, 04/01/2025 (C)		60		59
Mondelez International
1.500%, 05/04/2025		180		174
PepsiCo
3.900%, 07/18/2032		90		84
2.625%, 03/19/2027		10		9
2.250%, 03/19/2025		10		10
1.625%, 05/01/2030		70		59
Procter & Gamble
3.000%, 03/25/2030		40		37
Walmart
1.800%, 09/22/2031		160		132
				1,817
Energy — 2.5%
Berkshire Hathaway Energy
3.700%, 07/15/2030		140		130
BP Capital Markets America
3.633%, 04/06/2030		50		47
3.410%, 02/11/2026		90		87
3.119%, 05/04/2026		170		164
Cameron LNG
2.902%, 07/15/2031 (C)		60		52
Columbia Pipelines Operating
6.036%, 11/15/2033 (C)		250		255

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Continental Resources
5.750%, 01/15/2031 (C)	$	10	$	10
4.375%, 01/15/2028		120		115
Coterra Energy
4.375%, 03/15/2029		300		287
3.900%, 05/15/2027		160		154
Devon Energy
5.850%, 12/15/2025		210		210
5.250%, 10/15/2027		64		64
5.000%, 06/15/2045		70		60
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		35
Ecopetrol
5.375%, 06/26/2026		140		137
Energy Transfer
4.950%, 06/15/2028		10		10
3.750%, 05/15/2030		220		202
2.900%, 05/15/2025		140		137
Enterprise Products Operating
6.650%, 10/15/2034		40		44
4.150%, 10/16/2028		140		135
3.950%, 02/15/2027		150		146
3.125%, 07/31/2029		210		192
2.800%, 01/31/2030		230		206
EOG Resources
4.375%, 04/15/2030		190		185
4.150%, 01/15/2026		160		158
EQT
3.900%, 10/01/2027		140		134
KazMunayGas National JSC
5.375%, 04/24/2030 (C)		400		390
Kinder Morgan
4.300%, 06/01/2025		60		59
Occidental Petroleum
5.550%, 03/15/2026		170		170
5.322%, 10/10/2036 (A)		1,346		724
3.400%, 04/15/2026		80		77
3.200%, 08/15/2026		130		123
3.000%, 02/15/2027		130		122
Oncor Electric Delivery
4.150%, 06/01/2032		300		280
ONEOK
5.800%, 11/01/2030		50		51
5.650%, 11/01/2028		170		173
5.550%, 11/01/2026		100		100
Petrobras Global Finance BV
6.850%, 06/05/2115		150		133
Petroleos del Peru
4.750%, 06/19/2032 (C)		400		298

New Covenant Funds

23

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Reliance Industries
3.625%, 01/12/2052 (C)	$	250	$	175
Schlumberger Holdings
3.900%, 05/17/2028 (C)		456		435
Shell International Finance BV
3.250%, 05/11/2025		150		147
3.250%, 04/06/2050		110		76
2.875%, 05/10/2026		90		87
2.750%, 04/06/2030		40		36
Tennessee Gas Pipeline
2.900%, 03/01/2030 (C)		60		52
Transcontinental Gas Pipe Line
3.250%, 05/15/2030		100		90
Western Midstream Operating
6.350%, 01/15/2029		490		505
4.750%, 08/15/2028		100		98
4.050%, 02/01/2030		20		19
3.100%, 02/01/2025		30		29
Williams
5.100%, 09/15/2045		70		63
4.900%, 01/15/2045		90		79
3.750%, 06/15/2027		390		374
3.500%, 11/15/2030		20		18
				8,445
Financials — 9.9%
American Express
4.050%, 05/03/2029		140		135
Aon North America
5.150%, 03/01/2029		210		209
Aviation Capital Group
4.125%, 08/01/2025 (C)		160		157
1.950%, 01/30/2026 (C)		567		534
Banco Santander
4.175%, H15T1Y + 2.000%, 03/24/2028 (B)		200		193
2.746%, 05/28/2025		200		195
Bank of America
6.204%, SOFRRATE + 1.990%, 11/10/2028 (B)		584		601
3.419%, US0003M + 1.040%, 12/20/2028 (B)		234		220
2.592%, SOFRRATE + 2.150%, 04/29/2031 (B)		380		329
2.572%, SOFRRATE + 1.210%, 10/20/2032 (B)		240		199
1.734%, SOFRRATE + 0.960%, 07/22/2027 (B)		971		900
Bank of America MTN
4.376%, SOFRRATE + 1.580%, 04/27/2028 (B)		100		98
4.250%, 10/22/2026		10		10
4.200%, 08/26/2024		210		209

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 01/22/2025	$	80	$	79
3.974%, US0003M + 1.210%, 02/07/2030 (B)		80		76
3.593%, US0003M + 1.370%, 07/21/2028 (B)		210		200
3.500%, 04/19/2026		130		126
2.972%, SOFRRATE + 1.330%, 02/04/2033 (B)		200		169
Bank of Montreal MTN
1.850%, 05/01/2025		130		126
Bank of New York Mellon MTN
4.289%, SOFRRATE + 1.418%, 06/13/2033 (B)		320		298
3.300%, 08/23/2029		790		723
1.600%, 04/24/2025		40		39
Bank of Nova Scotia
1.300%, 06/11/2025		70		67
Barclays
6.490%, SOFRRATE + 2.220%, 09/13/2029 (B)		887		918
Blackstone Holdings Finance
1.600%, 03/30/2031 (C)		590		465
BNP Paribas
5.894%, SOFRRATE + 1.866%, 12/05/2034 (B)(C)		200		205
5.198%, US0003M + 2.567%, 01/10/2030 (B)(C)		200		197
5.125%, H15T1Y + 1.450%, 01/13/2029 (B)(C)		270		268
2.871%, SOFRRATE + 1.387%, 04/19/2032 (B)(C)		200		167
1.675%, SOFRRATE + 0.912%, 06/30/2027 (B)(C)		290		268
Capital One Financial
7.624%, SOFRRATE + 3.070%, 10/30/2031 (B)		446		491
7.149%, SOFRRATE + 2.440%, 10/29/2027 (B)		189		195
5.700%, SOFRRATE + 1.905%, 02/01/2030 (B)		322		323
4.927%, SOFRRATE + 2.057%, 05/10/2028 (B)		30		30
Charles Schwab
6.136%, SOFRRATE + 2.010%, 08/24/2034 (B)		70		73
5.875%, 08/24/2026		110		111
3.850%, 05/21/2025		110		109
Citigroup
5.500%, 09/13/2025		330		330
5.300%, 05/06/2044		31		29
4.658%, SOFRRATE + 1.887%, 05/24/2028 (B)		140		138
4.650%, 07/30/2045		28		24
4.450%, 09/29/2027		90		88

24

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.412%, SOFRRATE + 3.914%, 03/31/2031 (B)	$	100	$	95
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 (B)		240		230
3.785%, SOFRRATE + 1.939%, 03/17/2033 (B)		250		223
3.668%, US0003M + 1.390%, 07/24/2028 (B)		340		324
3.400%, 05/01/2026		354		342
3.200%, 10/21/2026		287		274
3.106%, SOFRRATE + 2.842%, 04/08/2026 (B)		150		147
2.572%, SOFRRATE + 2.107%, 06/03/2031 (B)		160		137
2.520%, SOFRRATE + 1.177%, 11/03/2032 (B)		110		90
Cooperatieve Rabobank UA
4.375%, 08/04/2025		250		246
3.649%, H15T1Y + 1.220%, 04/06/2028 (B)(C)		580		554
Credit Agricole MTN
1.907%, SOFRRATE + 1.676%, 06/16/2026 (B)(C)		250		241
Danske Bank
4.298%, H15T1Y + 1.750%, 04/01/2028 (B)(C)		240		232
GA Global Funding Trust
3.850%, 04/11/2025 (C)		1,114		1,096
Goldman Sachs Group
4.387%, SOFRRATE + 1.510%, 06/15/2027 (B)		400		392
4.250%, 10/21/2025		140		137
4.223%, US0003M + 1.301%, 05/01/2029 (B)		650		626
3.691%, US0003M + 1.510%, 06/05/2028 (B)		400		383
3.615%, SOFRRATE + 1.846%, 03/15/2028 (B)		30		29
3.500%, 04/01/2025		80		79
3.500%, 11/16/2026		90		86
2.650%, SOFRRATE + 1.264%, 10/21/2032 (B)		110		91
Guardian Life Global Funding
1.100%, 06/23/2025 (C)		30		29
HSBC Holdings PLC
4.583%, US0003M + 1.535%, 06/19/2029 (B)		200		193
ING Groep
6.114%, SOFRRATE + 2.090%, 09/11/2034 (B)		539		556

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Intercontinental Exchange
4.600%, 03/15/2033	$	40	$	38
JPMorgan Chase
4.565%, SOFRRATE + 1.750%, 06/14/2030 (B)		998		969
4.452%, US0003M + 1.330%, 12/05/2029 (B)		200		194
4.203%, US0003M + 1.260%, 07/23/2029 (B)		773		744
4.005%, US0003M + 1.120%, 04/23/2029 (B)		100		96
3.875%, 09/10/2024		290		289
2.545%, SOFRRATE + 1.180%, 11/08/2032 (B)		110		91
2.522%, SOFRRATE + 2.040%, 04/22/2031 (B)		190		164
2.083%, SOFRRATE + 1.850%, 04/22/2026 (B)		130		126
KKR Group Finance VI
3.750%, 07/01/2029 (C)		1,149		1,077
Lloyds Banking Group
5.721%, H15T1Y + 1.070%, 06/05/2030 (B)		865		872
Mitsubishi UFJ Financial Group
3.837%, H15T1Y + 1.125%, 04/17/2026 (B)		200		197
Moody's
2.000%, 08/19/2031		1,000		812
Morgan Stanley MTN
3.772%, US0003M + 1.140%, 01/24/2029 (B)		150		143
3.622%, SOFRRATE + 3.120%, 04/01/2031 (B)		475		436
2.699%, SOFRRATE + 1.143%, 01/22/2031 (B)		200		175
2.188%, SOFRRATE + 1.990%, 04/28/2026 (B)		400		389
New York Life Global Funding
0.950%, 06/24/2025 (C)		60		58
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (C)		544		536
PNC Financial Services Group
6.875%, SOFRRATE + 2.284%, 10/20/2034 (B)		834		909
5.812%, SOFRRATE + 1.322%, 06/12/2026 (B)		240		240
Principal Life Global Funding II
1.250%, 06/23/2025 (C)		20		19
Royal Bank of Canada MTN
6.000%, 11/01/2027		709		727
5.150%, 02/01/2034		80		79
1.150%, 06/10/2025		70		67
RWE Finance US
5.875%, 04/16/2034 (C)		160		160

New Covenant Funds

25

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
SBA Tower Trust
2.593%, 10/15/2031 (C)	$	996	$	813
State Street
5.159%, SOFRRATE + 1.890%, 05/18/2034 (B)		520		514
3.152%, SOFRRATE + 2.650%, 03/30/2031 (B)		50		45
Swedbank
1.538%, 11/16/2026 (C)		400		367
Toronto-Dominion Bank MTN
4.456%, 06/08/2032		140		132
1.150%, 06/12/2025		80		77
Truist Financial MTN
6.047%, SOFRRATE + 2.050%, 06/08/2027 (B)		90		91
UBS AG
7.950%, 01/09/2025		250		252
5.000%, 07/09/2027		530		526
4.750%, 08/09/2024		250		250
2.950%, 04/09/2025		250		245
UBS Group
4.253%, 03/23/2028 (C)		250		239
4.194%, SOFRRATE + 3.730%, 04/01/2031 (B)(C)		250		234
4.125%, 04/15/2026 (C)		634		618
2.746%, H15T1Y + 1.100%, 02/11/2033 (B)(C)		575		470
US Bancorp
5.775%, SOFRRATE + 2.020%, 06/12/2029 (B)		100		101
1.450%, 05/12/2025		120		116
US Bancorp MTN
2.215%, SOFRRATE + 0.730%, 01/27/2028 (B)		60		56
USAA Capital
2.125%, 05/01/2030 (C)		150		128
Wells Fargo
3.000%, 10/23/2026		190		181
2.188%, SOFRRATE + 2.000%, 04/30/2026 (B)		130		126
Wells Fargo MTN
5.557%, SOFRRATE + 1.990%, 07/25/2034 (B)		20		20
5.013%, SOFRRATE + 4.502%, 04/04/2051 (B)		380		346
4.900%, 11/17/2045		30		26
4.540%, SOFRRATE + 1.560%, 08/15/2026 (B)		300		296
4.478%, SOFRRATE + 4.032%, 04/04/2031 (B)		220		210
4.300%, 07/22/2027		200		195
3.350%, SOFRRATE + 1.500%, 03/02/2033 (B)		40		35

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.879%, TSFR3M + 1.432%, 10/30/2030 (B)	$	100	$	89
2.393%, SOFRRATE + 2.100%, 06/02/2028 (B)		290		267
				34,060
Health Care — 2.0%
AbbVie
4.800%, 03/15/2027		110		109
4.800%, 03/15/2029		180		179
3.800%, 03/15/2025		40		40
3.600%, 05/14/2025		10		10
3.200%, 11/21/2029		150		138
2.950%, 11/21/2026		20		19
2.600%, 11/21/2024		140		138
Becton Dickinson
4.685%, 12/15/2044		36		31
3.734%, 12/15/2024		7		7
Bristol-Myers Squibb
5.200%, 02/22/2034		150		150
5.100%, 02/22/2031		50		50
4.950%, 02/20/2026		130		129
3.400%, 07/26/2029		16		15
3.200%, 06/15/2026		79		76
2.900%, 07/26/2024		154		154
Cigna Group
4.375%, 10/15/2028		420		408
1.250%, 03/15/2026		302		282
CVS Health
5.050%, 03/25/2048		60		52
4.300%, 03/25/2028		164		158
3.875%, 07/20/2025		95		93
3.625%, 04/01/2027		180		173
2.125%, 09/15/2031		150		120
1.875%, 02/28/2031		20		16
1.750%, 08/21/2030		200		163
CVS Pass-Through Trust
7.507%, 01/10/2032 (C)		915		952
5.773%, 01/10/2033 (C)		302		300
Elevance Health
4.100%, 05/15/2032		80		74
2.550%, 03/15/2031		1,023		872
Eli Lilly
4.700%, 02/09/2034		270		265
4.500%, 02/09/2029		200		198
Humana
5.750%, 12/01/2028		200		204
4.500%, 04/01/2025		10		10
3.700%, 03/23/2029		160		150
2.150%, 02/03/2032		30		24
Merck
1.900%, 12/10/2028		430		382
1.450%, 06/24/2030		50		42

26

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Pfizer
2.625%, 04/01/2030	$	100	$	89
1.700%, 05/28/2030		50		42
Solventum
5.600%, 03/23/2034 (C)		140		137
5.450%, 03/13/2031 (C)		110		109
5.400%, 03/01/2029 (C)		110		110
UnitedHealth Group
4.450%, 12/15/2048		10		9
4.000%, 05/15/2029		200		192
3.875%, 12/15/2028		30		29
2.300%, 05/15/2031		20		17
2.000%, 05/15/2030		30		25
1.250%, 01/15/2026		20		19
				6,961
Industrials — 1.7%
AerCap Ireland Capital DAC
3.000%, 10/29/2028		1,226		1,114
2.450%, 10/29/2026		190		177
Air Lease
5.300%, 02/01/2028		90		90
3.375%, 07/01/2025		100		98
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		9
Carrier Global
2.700%, 02/15/2031		10		9
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		434		434
Cummins
5.150%, 02/20/2034		840		841
Deere
3.100%, 04/15/2030		10		9
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		414		395
Genpact Luxembourg SARL
6.000%, 06/04/2029		469		474
John Deere Capital MTN
3.350%, 04/18/2029		934		875
Republic Services
3.200%, 03/15/2025		180		177
Ryder System MTN
5.250%, 06/01/2028		609		610
3.350%, 09/01/2025		197		192
Union Pacific
3.750%, 07/15/2025		20		20
2.891%, 04/06/2036		20		16
Waste Connections
5.000%, 03/01/2034		260		254
				5,794

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Information Technology — 1.1%
Adobe
2.300%, 02/01/2030	$	210	$	184
Apple
3.350%, 02/09/2027		210		202
2.900%, 09/12/2027		110		104
2.450%, 08/04/2026		70		67
Broadcom
4.926%, 05/15/2037 (C)		33		31
4.150%, 11/15/2030		26		25
3.137%, 11/15/2035 (C)		70		56
Foundry JV Holdco
5.900%, 01/25/2030 (C)		200		203
Intel
5.125%, 02/10/2030		70		70
3.700%, 07/29/2025		30		30
1.600%, 08/12/2028		50		44
Micron Technology
5.300%, 01/15/2031		70		70
2.703%, 04/15/2032		260		215
Microsoft
3.300%, 02/06/2027		70		67
NVIDIA
2.850%, 04/01/2030		90		82
NXP BV
5.000%, 01/15/2033		916		893
2.700%, 05/01/2025		40		39
Oracle
4.650%, 05/06/2030		70		68
1.650%, 03/25/2026		130		122
PayPal Holdings
4.400%, 06/01/2032		80		76
1.650%, 06/01/2025		60		58
Salesforce
3.700%, 04/11/2028		150		145
1.500%, 07/15/2028		510		448
Texas Instruments
1.750%, 05/04/2030		40		34
TSMC Arizona
2.500%, 10/25/2031		250		211
1.750%, 10/25/2026		230		213
Visa
4.300%, 12/14/2045		10		9
3.150%, 12/14/2025		50		49
1.900%, 04/15/2027		60		55
				3,870
Materials — 0.6%
Anglo American Capital
3.625%, 09/11/2024 (C)		200		199
Glencore Funding
5.371%, 04/04/2029 (C)		90		90
1.625%, 04/27/2026 (C)		90		84

New Covenant Funds

27

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
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		392
Orbia Advance
2.875%, 05/11/2031 (C)		200		165
Suzano Austria GmbH
3.125%, 01/15/2032		240		196
Vale Overseas
6.875%, 11/21/2036		148		159
6.250%, 08/10/2026		240		244
				1,929
Real Estate — 0.6%
Alexandria Real Estate Equities
3.950%, 01/15/2028		141		135
3.450%, 04/30/2025		664		652
American Tower Trust #1
5.490%, 03/15/2028 (C)		554		556
Healthpeak OP
2.125%, 12/01/2028		769		679
				2,022
Utilities — 2.2%
American Transmission Systems
2.650%, 01/15/2032 (C)		60		50
American Water Capital
2.800%, 05/01/2030		1,203		1,059
Commonwealth Edison
3.700%, 08/15/2028		468		445
Consumers 2023 Securitization Funding
5.210%, 09/01/2030		512		515
Duke Energy Carolinas
2.850%, 03/15/2032		1,057		906
Exelon
5.625%, 06/15/2035		343		342
FirstEnergy
1.600%, 01/15/2026		30		28
Florida Power & Light
2.450%, 02/03/2032		544		453
MidAmerican Energy
3.650%, 04/15/2029		140		132
Northern States Power
7.125%, 07/01/2025		1,052		1,069
NSTAR Electric
1.950%, 08/15/2031		1,000		809
Pacific Gas and Electric
5.550%, 05/15/2029		210		211
2.100%, 08/01/2027		130		117
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (C)		370		370

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
PG&E Wildfire Recovery Funding
4.022%, 06/01/2031	$	662	$	636
3.594%, 06/01/2030		624		597
				7,739
Total Corporate Obligations
(Cost $89,912) ($ Thousands)				84,545
U.S. TREASURY OBLIGATIONS — 22.0%
U.S. Treasury Bills
5.332%, 08/20/2024 (A)		2,840		2,819
5.312%, 09/12/2024 (A)		960		950
U.S. Treasury Bonds
4.750%, 11/15/2043		810		821
4.750%, 11/15/2053		910		941
4.375%, 08/15/2043		1,200		1,158
4.250%, 02/15/2054		430		409
4.125%, 08/15/2053		900		838
4.000%, 11/15/2052		730		665
3.875%, 05/15/2043		980		884
3.625%, 08/15/2043		40		35
3.625%, 02/15/2053		290		247
3.625%, 05/15/2053		450		383
3.375%, 11/15/2048		190		154
3.125%, 08/15/2044		50		40
3.000%, 02/15/2049		840		636
2.875%, 08/15/2045		60		46
2.875%, 05/15/2049		320		236
2.875%, 05/15/2052		80		59
2.375%, 02/15/2042		618		450
2.375%, 05/15/2051		1,920		1,265
2.250%, 08/15/2049		280		181
2.250%, 02/15/2052		716		456
2.000%, 11/15/2041		60		41
2.000%, 02/15/2050		180		109
2.000%, 08/15/2051		900		541
1.875%, 02/15/2041		30		21
1.875%, 02/15/2051		1,190		695
1.875%, 11/15/2051		780		453
1.750%, 08/15/2041		640		423
1.625%, 11/15/2050		1,080		591
1.375%, 11/15/2040		880		555
1.375%, 08/15/2050		2,130		1,090
1.250%, 05/15/2050		620		307
U.S. Treasury Inflation-Protected Securities
1.125%, 01/15/2033		453		419
0.125%, 01/15/2030		955		860
U.S. Treasury Notes
4.875%, 04/30/2026		40		40
4.625%, 09/15/2026		30		30
4.625%, 11/15/2026		30		30

28

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
4.625%, 04/30/2029	$	2,358	$	2,385
4.625%, 09/30/2030		730		740
4.625%, 04/30/2031		2,190		2,225
4.500%, 04/15/2027		1,051		1,049
4.375%, 08/31/2028		4,712		4,706
4.375%, 11/30/2028		3,184		3,184
4.250%, 12/31/2025		110		109
4.250%, 02/28/2031		1,090		1,084
4.125%, 08/31/2030		1,640		1,619
4.000%, 01/31/2029		12,006		11,821
4.000%, 07/31/2030		770		755
4.000%, 01/31/2031		2,470		2,420
4.000%, 02/15/2034		5,883		5,710
3.875%, 08/15/2033		2,119		2,039
3.750%, 12/31/2028		100		97
3.625%, 05/31/2028		3,064		2,977
3.500%, 01/31/2028		4,604		4,459
3.375%, 05/15/2033		1,454		1,348
3.125%, 08/31/2027		30		29
0.750%, 05/31/2026		7,510		6,965
0.250%, 05/31/2025		210		201
0.250%, 09/30/2025		10		9
Total U.S. Treasury Obligations
(Cost $81,727) ($ Thousands)				75,809
ASSET-BACKED SECURITIES — 8.1%
Automotive — 0.1%
Hertz Vehicle Financing III, Ser 2021-2A, Cl B
2.120%, 12/27/2027 (C)		160		146
Hertz Vehicle Financing III, Ser 2021-2A, Cl C
2.520%, 12/27/2027 (C)		300		272
				418
Consumer Discretionary — 0.1%
Planet Fitness Master Issuer, Ser 2022-1A, Cl A2I
3.251%, 12/05/2051 (C)		496		465
Mortgage Related Securities — 0.1%
Cascade MH Asset Trust, Ser 2021-MH1, Cl A1
1.753%, 02/25/2046 (C)		63		54
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
5.760%, US0001M + 0.300%, 05/25/2037 (B)(C)		133		115
				169

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Other Asset-Backed Securities — 7.8%
AMSR Trust, Ser 2023-SFR1, Cl A
4.000%, 04/17/2040 (C)	$	960	$	912
APIDOS CLO XLVIII, Ser 2024-48A, Cl A1
6.755%, TSFR3M + 1.440%, 07/25/2037 (B)(C)		284		284
CIFC Funding 2023-III, Ser 2024-3A, Cl A
6.916%, TSFR3M + 1.600%, 01/20/2037 (B)(C)		1,043		1,050
CWHEQ Revolving Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
5.583%, US0001M + 0.140%, 07/15/2036 (B)		109		103
DB Master Finance, Ser 2021-1A, Cl A2II
2.493%, 11/20/2051 (C)		1,023		898
FirstKey Homes Trust, Ser 2021-SFR1, Cl A
1.538%, 08/17/2038 (C)		764		703
FirstKey Homes Trust, Ser 2021-SFR3, Cl A
2.135%, 12/17/2038 (C)		436		403
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl B
2.940%, 01/20/2049 (C)		567		436
Hardee's Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/2051 (C)		262		225
Home Partners of America Trust, Ser 2022-1, Cl A
3.930%, 04/17/2039 (C)		639		615
Navient Student Loan Trust, Ser 2016-3A, Cl A3
6.800%, US0001M + 1.350%, 06/25/2065 (B)(C)		216		219
Navient Student Loan Trust, Ser 2016-6A, Cl A3
6.750%, US0001M + 1.300%, 03/25/2066 (B)(C)		444		449
Palmer Square CLO, Ser 2021-2A, Cl A1A3
6.579%, US0003M + 1.000%, 10/17/2031 (B)(C)		519		520
Palmer Square CLO, Ser 2022-2A, Cl A1
6.895%, TSFR3M + 1.570%, 07/20/2034 (B)(C)		400		400
Palmer Square Loan Funding, Ser 2022-2A, Cl A1
6.599%, TSFR3M + 1.270%, 10/15/2030 (B)(C)		578		579
PFS Financing, Ser 2023-C, Cl A
5.520%, 10/15/2028 (C)		826		830
Progress Residential Trust, Ser 2021-SFR2, Cl A
1.546%, 04/19/2038 (C)		519		484
Progress Residential Trust, Ser 2022-SFR2, Cl A
2.950%, 04/17/2027 (C)		971		909

New Covenant Funds

29

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust, Ser 2022-SFR3, Cl A
3.200%, 04/17/2039 (C)	$	503	$	474
SBA Small Business Investment, Ser 2023-10A, Cl 1
5.168%, 03/10/2033		872		873
SBA Small Business Investment, Ser 2024-10A, Cl 1
5.035%, 03/10/2034		850		845
SLC Student Loan Trust, Ser 2010-1, Cl A
6.485%, US0003M + 0.875%, 11/25/2042 (B)		28		28
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
5.891%, US0003M + 0.290%, 06/15/2039 (B)		124		121
SLM Private Education Loan Trust, Ser 2010-C, Cl A5
10.193%, US0001M + 4.750%, 10/15/2041 (B)(C)		247		258
SMB Private Education Loan Trust 2020-A, Ser 2020-A, Cl A2A
2.230%, 09/15/2037 (C)		121		113
SMB Private Education Loan Trust, Ser 2021-A, Cl A2B
1.590%, 01/15/2053 (C)		236		210
SMB Private Education Loan Trust, Ser 2021-C, Cl B
2.300%, 01/15/2053 (C)		158		148
Subway Funding, Ser 2024-1A, Cl A2II
6.268%, 07/30/2054 (C)		872		885
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (C)		583		505
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (C)		268		257
Tricon Residential Trust, Ser 2021-SFR1, Cl A
1.943%, 07/17/2038 (C)		849		789
Triumph Rail Holdings, Ser 2021-2, Cl A
2.150%, 06/19/2051 (C)		250		227
TRP 2021, Ser 2021-1, Cl A
2.070%, 06/19/2051 (C)		458		414
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		94		89
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		89		86
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		62		57
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		274		257

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034	$	378	$	350
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		338		308
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		198		179
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		252		228
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		339		307
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		659		608
United States Small Business Administration, Ser 2022-25D, Cl 1
3.500%, 04/01/2047		655		586
United States Small Business Administration, Ser 2022-25E, Cl 1
3.940%, 05/01/2047		910		838
United States Small Business Administration, Ser 2022-25F, Cl 1
4.010%, 06/01/2047		926		871
United States Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		911		844
United States Small Business Administration, Ser 2022-25H, Cl 1
3.800%, 08/01/2047		447		414
United States Small Business Administration, Ser 2023-25F, Cl 1
4.930%, 06/01/2048		845		835
United States Small Business Administration, Ser 2024-25C, Cl 1
4.970%, 03/01/2049		816		811
United States Small Business Administration, Ser 2024-25F, Cl 1
5.040%, 06/01/2049		893		889
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (C)		304		292
Wendy's Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (C)		599		522
Wendy's Funding, Ser 2021-1A, Cl A2II
2.775%, 06/15/2051 (C)		257		214
Wheels Fleet Lease Funding 1, Ser 2024-1A, Cl A1
5.490%, 02/18/2039 (C)		511		511

30

New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Wind River CLO, Ser 2021-3A, Cl A
6.736%, US0003M + 1.150%, 07/20/2033 (B)(C)	$	614	$	614
				26,876
Total Asset-Backed Securities
(Cost $29,373) ($ Thousands)				27,928
MUNICIPAL BONDS — 1.1%
California — 0.5%
California Health Facilities Financing Authority, RB
3.378%, 06/01/2028		575		546
San Jose, Financing Authority, RB
1.311%, 06/01/2026		540		502
University of California, Ser BU, RB
4.932%, 05/15/2034		875		873
				1,921
Illinois — 0.3%
Sales Tax Securitization, RB
4.847%, 01/01/2031		930		922
New York — 0.2%
New York State Urban Development, RB
3.350%, 03/15/2026 (E)		665		646
Wisconsin — 0.1%
State of Wisconsin, Ser A, RB, AGM
5.700%, 05/01/2026		420		422
Total Municipal Bonds
(Cost $4,005) ($ Thousands)				3,911
SOVEREIGN DEBT — 0.9%
Colombia Government International Bond
5.625%, 02/26/2044		280		214
5.200%, 05/15/2049		310		218
3.125%, 04/15/2031		220		173
Indonesia Government International Bond MTN
5.125%, 01/15/2045(C)		200		194
Korea Housing Finance
4.625%, 02/24/2033(C)		360		345
Mexico Government International Bond
3.500%, 02/12/2034		1,040		845
Peruvian Government International Bond
3.550%, 03/10/2051		90		64

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026	$	1,010	$	1,023
Total Sovereign Debt
(Cost $3,570) ($ Thousands)				3,076
	Shares
CASH EQUIVALENT — 1.2%
SEI Daily Income Trust, Government Fund, Institutional Class
5.160%**†		4,165,040		4,165
Total Cash Equivalent
(Cost $4,165) ($ Thousands)				4,165
PURCHASED OPTION — 0.0%
Total Purchased Option
(Cost $19) ($ Thousands)				22
Total Investments in Securities — 99.4%
(Cost $368,861) ($ Thousands)			$	343,147
WRITTEN OPTIONS — (0.0)%
Total Written Options
(Premiums Received $29) ($ Thousands)			$	(7	)

New Covenant Funds

31

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Income Fund (Concluded)

A list of open-exchange traded options contracts for the Fund at June 30, 2024, is as follows:
Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date	Value (Thousands)
PURCHASED OPTION — 0.0%
Put Options				$	–					$	–
3 Month SOFR		20		$	18		$	95.50	12/21/2024	$	22
Total Purchased Option				$	18					$	22
WRITTEN OPTIONS — 0.0%
Put Options
December 2024, 3 Month SOFR		(20	)	$	(8	)		95.00	12/21/2024	$	(5	)
Call Options
December 2024, 3 Month SOFR		(39	)		(21	)		97.13	12/21/2024		(2	)
Total Written Options				$	(29	)				$	(7	)

A list of the open futures contracts held by the Fund at June 30, 2024, is as follows:
Type of Contract	Number of Contracts			Expiration Date	Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation (Depreciation)(Thousands)
Long Contracts
3 Month SOFR		34		Dec-2024	$	8,160		$	8,088		$	(72	)
3 Month SOFR		126		Dec-2025		30,263			30,249			(14	)
U.S. 5-Year Treasury Note		35		Sep-2024		3,728			3,730			2
U.S. 10-Year Treasury Note		185		Sep-2024		20,232			20,347			115
Ultra 10-Year U.S. Treasury Note		90		Sep-2024		10,117			10,218			101
						72,500			72,632			132
Short Contracts
U.S. 2-Year Treasury Note		(20	)	Sep-2024	$	(4,079	)	$	(4,085	)	$	(6	)
U.S. Long Treasury Bond		(190	)	Sep-2024		(22,230	)		(22,479	)		(249	)
U.S. Ultra Long Treasury Bond		(59	)	Sep-2024		(7,346	)		(7,395	)		(49	)
						(33,655	)		(33,959	)		(304	)
					$	38,845		$	38,673		$	(172	)

For the year ended June 30, 2024, 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.

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

	Percentages are based on Net Assets of $345,299 ($ Thousands).
**	The rate reported is the 7-day effective yield as of June 30, 2024.
†	Investment in Affiliated Security (see Note 3).
(A)	Interest rate represents the security's effective yield at the time of purchase.
(B)	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.
(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 June 30, 2024, the value of these securities amounted to $50,765 ($ Thousands), representing 14.7% 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)	Security is escrowed to maturity.

32

New Covenant Funds

The following is a summary of the level of inputs used as of June 30, 2024, 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		–		143,691		–		143,691
Corporate Obligations		–		84,545		–		84,545
U.S. Treasury Obligations		–		75,809		–		75,809
Asset-Backed Securities		–		27,928		–		27,928
Municipal Bonds		–		3,911		–		3,911
Sovereign Debt		–		3,076		–		3,076
Cash Equivalent		4,165		–		–		4,165
Purchased Option		22		–		–		22
Total Investments in Securities		4,187		338,960		–		343,147

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Written Options		(7	)		–		–		(7	)
Futures Contracts*
Unrealized Appreciation		218			–		–		218
Unrealized Depreciation		(390	)		–		–		(390	)
Total Other Financial Instruments		(179	)		–		–		(179	)

*	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 Fund’s transactions with affiliates for the year ended June 30, 2024 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 6/30/2024		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Institutional Class	$	1,278	$	113,395	$	(110,508	)	$	—	$	—	$	4,165	$	193	$	—

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

See “Glossary” for abbreviations.

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

New Covenant Funds

33

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Balanced Growth Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.9%
Equity Fund — 61.3%
New Covenant Growth Fund		3,370,531	$	217,163
Total Equity Fund
(Cost $85,919) ($ Thousands)				217,163
Fixed Income Fund — 37.6%
New Covenant Income Fund		6,470,184		133,351
Total Fixed Income Fund
(Cost $145,554) ($ Thousands)				133,351

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Institutional Class
5.160%**†		1,374,745	$	1,375
Total Cash Equivalent
(Cost $1,375) ($ Thousands)				1,375
Total Investments in Securities — 99.3%
(Cost $232,848) ($ Thousands)			$	351,889

	Percentages are based on Net Assets of $354,322 ($ Thousands).
**	The rate reported is the 7-day effective yield as of June 30, 2024.
†	Investment in Affiliated Security (see Note 3).
	For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

As of June 30, 2024, 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 Fund’s transactions with affiliates for the year ended June 30, 2024 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value 6/30/2024		Income		Capital Gains
New Covenant Income Fund	$	125,381	$	7,759	$	—		$	—	$	211	$	133,351	$	3,937		$ —
New Covenant Growth Fund		207,077		11,539		(29,153	)		7,443		20,257		217,163		1,668		11,539
SEI Daily Income Trust, Government Fund, Institutional Class		3,145		26,315		(28,085	)		—		—		1,375		142		—
Totals	$	335,603	$	45,613	$	(57,238	)	$	7,443	$	20,468	$	351,889	$	5,747	$	11,539

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

See “Glossary” for abbreviations.

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

34

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2024

New Covenant Balanced Income Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.8%
Fixed Income Fund — 62.7%
New Covenant Income Fund		2,295,986	$	47,320
Total Fixed Income Fund
(Cost $52,203) ($ Thousands)				47,320
Equity Fund — 36.1%
New Covenant Growth Fund		423,387		27,279
Total Equity Fund
(Cost $9,069) ($ Thousands)				27,279

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Institutional Class
5.160%**†		273,133	$	273
Total Cash Equivalent
(Cost $273) ($ Thousands)				273
Total Investments in Securities — 99.2%
(Cost $61,545) ($ Thousands)			$	74,872

	Percentages are based on Net Assets of $75,461 ($ Thousands).
**	The rate reported is the 7-day effective yield as of June 30, 2024.
†	Investment in Affiliated Security (see Note 3).
	For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

As of June 30, 2024, 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 Fund’s transactions with affiliates for the year ended June 30, 2024 ($ Thousands):

Security Description	Value 6/30/2023		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/​(Depreciation)		Value 6/30/2024		Income		Capital Gains
New Covenant Income Fund	$	49,397	$	957	$	(3,041	)	$	(545	)	$	552	$	47,320	$	1,451		$ —
New Covenant Growth Fund		27,617		1,469		(5,375	)		2,421			1,147		27,279		214		1,469
SEI Daily Income Trust, Government Fund, Institutional Class		765		10,287		(10,779	)		—			—		273		32		—
Totals	$	77,779	$	12,713	$	(19,195	)	$	1,876		$	1,699	$	74,872	$	1,697	$	1,469

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

See “Glossary” for abbreviations.

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

New Covenant Funds

35

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

Portfolio Abbreviations

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

IO — Interest Only - face amount represents notional amount

JSC — Joint Stock Company

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

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

36

New Covenant Funds

STATEMENTS OF ASSETS AND LIABILITIES ($ THOUSANDS)

June 30, 2024

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Assets:
Investments, at value†	$	543,919		$	338,982		$	—		$	—
Affiliated investments, at value††		3,631			4,165			351,889			74,872
Cash and cash equivalents		1,734			7			—			—
Receivable for investment securities in affiliates sold		—			—			2,146			473
Receivable for investment securities sold		2,312			16			—			—
Dividends and interest receivable		316			2,429			370			129
Cash pledged as collateral for futures contracts		308			580			—			—
Foreign tax reclaim receivable		81			44			—			—
Receivable for fund shares sold		12			—			—			1
Receivable for variation margin on futures contracts		2			289			—			—
Prepaid expenses		24			16			16			4
Total Assets		552,339			346,528			354,421			75,479
Liabilities:
Options written, at value †††		—			7			—			—
Payable for investment securities purchased		2,328			—			—			—
Investment advisory fees payable		104			79			—			—
Administration fees payable		73			35			17			6
Social witness and licensing fees payable		46			28			—			—
Shareholder servicing fees payable		45			28			—			—
Payable for variation margin on futures contracts		15			97			—			—
Payable for fund shares redeemed		12			—			34			2
CCO fees payable		1			1			1			—
Income distribution payable		—			856			—			—
Accrued expense payable		95			98			47			10
Total Liabilities		2,719			1,229			99			18
Net Assets	$	549,620		$	345,299		$	354,322		$	75,461
† Cost of investments	$	231,224		$	364,696		$	—		$	—
†† Cost of affiliated investments		3,631			4,165			232,848			61,545
††† Premiums Received		—			29			—			—
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0.001)	$	211,591		$	397,426		$	230,890		$	62,805
Total distributable earnings/(loss)		338,029			(52,127	)		123,432			12,656
Net Assets	$	549,620		$	345,299		$	354,322		$	75,461
Net Asset Value, Offering and Redemption Price Per Share	$	64.43		$	20.61		$	122.64		$	22.39
		($549,619,944 ÷ 8,529,840 shares	)		($345,299,090 ÷ 16,750,271 shares	)		($354,321,747 ÷ 2,889,168 shares	)		($75,460,709 ÷ 3,369,864 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

37

STATEMENTS OF OPERATIONS ($ THOUSANDS)

For the year ended June 30, 2024

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	7,792		$	—		$	—		$	—
Dividend income from affiliated registered investment company		181			193			5,747			1,697
Interest income		108			12,787			—			—
Total Investment Income		8,081			12,980			5,747			1,697
Expenses:
Investment advisory fees		2,450			1,418			—			—
Administration fees		1,043			675			506			111
Social witness and licensing fees		782			506			—			—
Shareholder servicing fees		521			338			—			—
Trustee fees (Form N-CSR Item 10)		8			5			5			1
Chief compliance officer fees		4			2			2			1
Transfer agent fees		110			70			72			15
Professional fees		61			40			40			9
Registration fees		44			30			28			7
Printing fees		24			16			15			3
Custodian fees		8			25			26			5
Proxy Fees		3			3			3			3
Other expenses		49			173			7			2
Total Expenses		5,107			3,301			704			157
Less:
Waiver of investment advisory fees		(1,244	)		(485	)		—			—
Waiver of administration fees		(96	)		(219	)		(257	)		(42	)
Net Expenses		3,767			2,597			447			115
Net Investment Income		4,314			10,383			5,300			1,582
Net Realized Gain (Loss) on:
Investments		42,816			(8,898	)		—			—
Affiliated investments		—			—			7,443			1,876
Written options		—			113			—			—
Purchased options		—			(256	)		—			—
Capital gain distributions received from affiliated investment		—			—			11,539			1,469
Futures contracts		445			683			—			—
Net Realized Gain (Loss)		43,261			(8,358	)		18,982			3,345
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		56,266			8,671			—			—
Affiliated investments		—			—			20,468			1,699
Written options		—			122			—			—
Purchased options		—			(81	)		—			—
Futures contracts		(44	)		430			—			—
Net Change in Unrealized Appreciation (Depreciation)		56,222			9,142			20,468			1,699
Net Realized and Unrealized Gain		99,483			784			39,450			5,044
Net Increase in Net Assets Resulting from Operations	$	103,797		$	11,167		$	44,750		$	6,626
Amounts designated as "—" are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.

38

New Covenant Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ THOUSANDS)

For the years ended June 30,

	Growth Fund						Income Fund
	2024			2023			2024			2023
Operations:
Net investment income	$	4,314		$	4,806		$	10,383		$	8,750
Net realized gain (loss)		43,261			14,365			(8,358	)		(10,003	)
Net change in unrealized appreciation (depreciation)		56,222			70,422			9,142			(2,438	)
Net increase (decrease) in net assets resulting from operations		103,797			89,593			11,167			(3,691	)
Distributions:
Total distributions		(34,039	)		(9,786	)		(10,399	)		(9,100	)
Capital Share Transactions:
Proceeds from shares issued		9,564			21,164			29,679			30,227
Reinvestment of dividends & distributions		29,607			6,039			835			767
Cost of shares redeemed		(99,344	)		(64,130	)		(34,008	)		(51,440	)
Decrease in net assets derived from capital share transactions		(60,173	)		(36,927	)		(3,494	)		(20,446	)
Net increase (decrease) in net assets		9,585			42,880			(2,726	)		(33,237	)
Net Assets:
Beginning of Year		540,035			497,155			348,025			381,262
End of Year	$	549,620		$	540,035		$	345,299		$	348,025
Share Transactions:
Shares issued		162			420			1,445			1,440
Shares issued in lieu of dividends and distributions		522			122			41			37
Shares redeemed		(1,720	)		(1,237	)		(1,655	)		(2,487	)
Decrease in net assets derived from share transactions		(1,036	)		(695	)		(169	)		(1,010	)
The accompanying notes are an integral part of the financial statements.

New Covenant Funds

39

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

For the years ended June 30,

	Balanced Growth Fund						Balanced Income Fund
	2024			2023			2024			2023
Operations:
Net investment income	$	5,300		$	4,555		$	1,582		$	1,536
Net realized gain (loss)		18,982			398			3,345			(1,862	)
Net change in unrealized appreciation		20,468			28,841			1,699			4,775
Net increase in net assets resulting from operations		44,750			33,794			6,626			4,449
Distributions:
Total distributions		(7,915	)		(14,169	)		(1,550	)		(2,721	)
Capital Share Transactions:
Proceeds from shares issued		10,116			11,638			2,139			3,029
Reinvestment of dividends & distributions		6,933			13,117			1,087			2,249
Cost of shares redeemed		(35,353	)		(34,954	)		(10,720	)		(22,715	)
Decrease in net assets derived from capital share transactions		(18,304	)		(10,199	)		(7,494	)		(17,437	)
Net increase (decrease) in net assets		18,531			9,426			(2,418	)		(15,709	)
Net Assets:
Beginning of Year		335,791			326,365			77,879			93,588
End of Year	$	354,322		$	335,791		$	75,461		$	77,879
Share Transactions:
Shares issued		88			111			101			149
Shares issued in lieu of dividends and distributions		61			128			52			112
Shares redeemed		(315	)		(332	)		(512	)		(1,127	)
Decrease in net assets derived from share transactions		(166	)		(93	)		(359	)		(866	)
The accompanying notes are an integral part of the financial statements.

40

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Period

Growth Fund
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	56.45		$	48.45		$	59.51		$	43.44		$	42.86
Investment Activities:
Net investment income(1)		0.48			0.48			0.37			0.36			0.51
Net realized and unrealized gains (losses) on securities (1)		11.36			8.50			(7.95	)		17.75			2.56
Total from investment activities		11.84			8.98			(7.58	)		18.11			3.07
Dividends and Distributions from:
Net investment income		(0.46	)		(0.44	)		(0.35	)		(0.40	)		(0.50	)
Net realized gains		(3.40	)		(0.54	)		(3.13	)		(1.64	)		(1.99	)
Total dividends and distributions		(3.86	)		(0.98	)		(3.48	)		(2.04	)		(2.49	)
Net Asset Value, End of Period	$	64.43		$	56.45		$	48.45		$	59.51		$	43.44
Total Return†		21.98	%		18.83	%		(13.92	)%		42.58	%		7.18	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	549,620		$	540,035		$	497,155		$	582,628		$	461,493
Ratio of net expenses to average net assets		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of expenses to average net assets, excluding waivers		0.98	%		0.97	%		0.97	%		0.97	%		0.99	%
Ratio of net investment income to average net assets		0.83	%		0.94	%		0.64	%		0.69	%		1.19	%
Portfolio turnover rate		3	%		7	%		5	%		4	%		19	%

†	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.

The accompanying notes are an integral part of the financial statements

New Covenant Funds

41

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Period

Income Fund
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	20.57		$	21.26		$	23.89		$	24.32		$	23.50
Investment Activities:
Net investment income(1)		0.63			0.50			0.27			0.30			0.48
Net realized and unrealized gains (losses) on securities (1)		0.04			(0.67	)		(2.48	)		(0.02	)		0.89
Total from investment activities		0.67			(0.17	)		(2.21	)		0.28			1.37
Dividends and Distributions from:
Net investment income		(0.63	)		(0.52	)		(0.37	)		(0.43	)		(0.55	)
Net realized gains		–			–			(0.05	)		(0.28	)		–
Total dividends and distributions		(0.63	)		(0.52	)		(0.42	)		(0.71	)		(0.55	)
Net Asset Value, End of Period	$	20.61		$	20.57		$	21.26		$	23.89		$	24.32
Total Return†		3.33	%		(0.78	)%		(9.34	)%		1.13	%		5.91	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	345,299		$	348,025		$	381,262		$	409,969		$	336,213
Ratio of net expenses to average net assets		0.77	%		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	%
Ratio of net investment income to average net assets		3.08	%		2.41	%		1.18	%		1.22	%		2.01	%
Portfolio turnover rate		83	%		106	%		97	%		112	%		144	%

†	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.

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

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

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FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Period

Balanced Growth Fund
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	109.90		$	103.68		$	122.54		$	104.95		$	103.45
Investment Activities:
Net investment income(1)		1.57			1.46			1.01			1.18			1.53
Net realized and unrealized gains (losses) on securities (1)		13.85			9.37			(14.80	)		23.76			6.09
Total from investment activities		15.42			10.83			(13.79	)		24.94			7.62
Dividends and Distributions from:
Net investment income		(1.71	)		(1.30	)		(1.43	)		(2.03	)		(1.95	)
Net realized gains		(0.97	)		(3.31	)		(3.64	)		(5.32	)		(4.17	)
Total dividends and distributions		(2.68	)		(4.61	)		(5.07	)		(7.35	)		(6.12	)
Net Asset Value, End of Period	$	122.64		$	109.90		$	103.68		$	122.54		$	104.95
Total Return†		14.26	%		10.83	%		(11.85	)%		24.50	%		7.57	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	354,322		$	335,791		$	326,365		$	373,014		$	295,481
Ratio of net expenses to average net assets††		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of expenses to average net assets, excluding waivers††		0.21	%		0.20	%		0.20	%		0.21	%		0.21	%
Ratio of net investment income to average net assets		1.38	%		1.39	%		0.85	%		1.02	%		1.49	%
Portfolio turnover rate		6	%		8	%		14	%		11	%		22	%

†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.

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

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43

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Period

Balanced Income Fund
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period	$	20.88		$	20.37		$	23.84		$	22.01		$	21.41
Investment Activities:
Net investment income(1)		0.43			0.36			0.25			0.29			0.38
Net realized and unrealized gains (losses) on securities (1)		1.52			0.79			(2.67	)		2.76			1.11
Total from investment activities		1.95			1.15			(2.42	)		3.05			1.49
Dividends and Distributions from:
Net investment income		(0.44	)		(0.35	)		(0.30	)		(0.49	)		(0.40	)
Net realized gains		–			(0.29	)		(0.75	)		(0.73	)		(0.49	)
Total dividends and distributions		(0.44	)		(0.64	)		(1.05	)		(1.22	)		(0.89	)
Net Asset Value, End of Period	$	22.39		$	20.88		$	20.37		$	23.84		$	22.01
Total Return†		9.49	%		5.84	%		(10.70	)%		14.24	%		7.14	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	75,461		$	77,879		$	93,588		$	88,497		$	78,790
Ratio of net expenses to average net assets††		0.16	%		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	%
Ratio of net investment income to average net assets		2.02	%		1.78	%		1.09	%		1.25	%		1.76	%
Portfolio turnover rate		3	%		5	%		11	%		15	%		19	%

†	Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.
(1)	Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares.

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

44

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NOTES TO FINANCIAL STATEMENTS

June 30, 2024

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

45

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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

46

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 year ended June 30, 2024 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

47

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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 June 30, 2024, 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

48

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

49

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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

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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 November 1, 2023, the voluntary expense limitation is 0.75% 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 (Continued)

June 30, 2024

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 year ended June 30, 2024, 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

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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 $308 and $580 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of June 30, 2024.

The following tables show the derivatives categorized by underlying risk exposure. The fair value of derivative instruments located on the Statements of Assets and Liabilities as of June 30, 2024 was as follows ($ Thousands):

	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	$	7	*	Unrealized depreciation on futures contracts	$	5	*
Total derivatives not accounted for as hedging instruments		$	7			$	5
Income Fund
Interest rate contracts	Investments, at value**	$	22		Options written, at value	$	7
	Unrealized appreciation on futures contracts		218	*	Unrealized depreciation on futures contracts		390	*
Total derivatives not accounted for as hedging instruments		$	240			$	397

* 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 year ended June 30, 2024.

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	$	—		$	—	$	445	$	—	$	—	$	445
Income Fund
Interest Rate Contracts	$	(256	)	$	113	$	683	$	—	$	—	$	540

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

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	$	—		$	—	$	(44	)	$	—	$	—	$	(44	)
Income Fund
Interest Rate Contracts	$	(81	)	$	122	$	430		$	—	$	—	$	471

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 June 30, 2024 ($ Thousands):

	Growth Fund		Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	3,784	$	—
Interest Contracts
Average Notional Balance Long		—		73,051
Average Notional Balance Short		—		36,684
Options/Swaptions:
Interest Contracts
Average Notional Balance Long		—		54
Average Notional Balance Short		—		44

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 June 30, 2024, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Growth Fund
Purchases	$	—	$	15,618	$	15,618
Sales		—		106,121		106,121
Income Fund
Purchases		250,372		28,741		279,113
Sales		243,233		52,724		295,957
Balanced Growth Fund
Purchases		—		19,298		19,298
Sales		—		29,151		29,151
Balanced Income Fund
Purchases		—		2,427		2,427
Sales		—		8,416		8,416

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.

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The permanent differences primarily consist of reclassification of capital gain distribution on REITs investments in publicly traded partnerships, 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, 2024.

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	2024	$	4,259	$	29,780	$	34,039
	2023		4,978		4,808		9,786
Income Fund	2024		10,399		—		10,399
	2023		9,100		—		9,100
Balanced Growth Fund	2024		5,294		2,621		7,915
	2023		4,071		10,098		14,169
Balanced Income Fund	2024		1,550		—		1,550
	2023		1,501		1,220		2,721

As of June 30, 2024, 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	$	1,152	$	25,461	$	—		$	—	$	311,413		$	3		$	338,029
Income Fund		944		—		(26,224	)		—		(25,747	)		(1,100	)		(52,127	)
Balanced Growth Fund		1,662		15,160		—			—		106,609			1			123,432
Balanced Income Fund		343		1,267		—			—		11,044			2			12,656

For Federal income tax purposes, the cost of securities owned at June 30, 2024, 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, investments in passive foreign investment companies, 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	$	7,986	$	18,238	$	26,224

During the year ended June 30, 2024, the Balanced Income Fund utilized capital loss carryforward to offset capital gains of $2,053 ($ Thousands).

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55

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2024

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at June 30, 2024 was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund	$	236,125	$	331,247	$	(19,834	)	$	311,413
Income Fund		368,895		1,119		(26,866	)		(25,747	)
Balanced Growth Fund		245,278		131,244		(24,635	)		106,609
Balanced Income Fund		63,828		18,211		(7,167	)		11,044

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of June 30, 2024, 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 decisions 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 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,

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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 Funds' 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 Funds 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 Funds management or performance. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument. The Funds' 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.

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57

NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2024

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 Funds whereby a defaulting counterparty could delay or prevent the Funds’ 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

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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 June 30, 2024, 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	80%
Income Fund	3	87%
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 June 30, 2024.

New Covenant Funds

59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees New Covenant Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of New Covenant Funds, comprised of New Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth Fund, and New Covenant Balanced Income Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2024, by correspondence with the custodians, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania

August 22, 2024

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New Covenant Funds

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a June 30, 2024 taxable year end, this notice is for information purposes only. For shareholders with a June 30, 2024 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended June 30, 2024, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Long Term Capital Gains Distributions (Tax Basis)		(B) Return of Capital (Tax Basis)		(C) Ordinary Income Distributions (Tax Basis)		Total Distributions (Tax Basis)		(D) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)
Growth Fund		87.49%		0.00%		12.51%		100.00%		100.00%
Income Fund		0.00%		0.00%		100.00%		100.00%		0.00%
Balanced Growth Fund		33.11%		0.00%		66.89%		100.00%		28.88%
Balanced Income Fund		0.00%		0.00%		100.00%		100.00%		13.55%

	(E) Qualifying Dividend Income (15% Tax Rate for QDI) (2)		(F) U.S. Government Interest (3)		Foreign Investors Interest Related Dividends (4)		Short-Term Capital Gain Dividends (5)		Qualifying Business Income (6)
Growth Fund		100.00%		0.00%		1.64%		0.00%		0.00%
Income Fund		0.00%		17.94%		22.71%		0.00%		0.00%
Balanced Growth Fund		28.88%		0.00%		6.25%		100.00%		0.00%
Balanced Income Fund		13.54%		0.00%		8.73%		0.00%		0.00%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

(2) The percentage in this column represents the amount of ‘‘Qualifying Dividend Income’’ and is reflected as a percentage of ‘‘Ordinary Income Distributions.’’ It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

(3) ‘‘U.S. Government Interest’’ represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short-term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(5) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(6) The percentage in this column represents the amount of ordinary dividend income that qualified for 20% Business Income Deduction.

Items (A), (B) and (C) are based on the percentage of each Fund’s total distribution.

Items (D) and (E) are based on the percentage of ordinary income distributions of each Fund.

Item (F) is based on the percentage of gross income of each Fund.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

New Covenant Funds

61

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 course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

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New Covenant Funds

At the December 4-6, 2023 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of certain Investment Advisory Agreements already in effect (unless operating under an initial two-year term) to accommodate a revised Spring meeting schedule. Typically, the Trustees renew certain Investment Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Investment Advisory Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2024 was held on April 2-4, certain Investment Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 4-6, 2023 meeting to extend certain Investment Advisory Agreements until the April 2-4, 2024 meeting. In evaluating whether to approve the extension, the Board considered the information made available to it throughout the course of the year. At the April 2-4, 2024 meeting, the Board evaluated certain Investment Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. Also, certain Sub-Advisory Agreements were renewed at meetings of the Board held during the course of the Trust’s fiscal year on December 4–6, 2023. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and 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 SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, 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 the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses (including underlying fund expenses) for the Funds and a universe of comparable funds. 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. The Trustees also considered the effects of SIMC’s and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory

New Covenant Funds

63

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

services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. 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 Investment 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 SIMC and 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 SIMC and the Sub-Advisers is reasonable and supported the renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. 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 fees were reasonable in light of the information that was provided by SIMC 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 Investment Advisory Agreements and concluded that the compensation under the Investment 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.

64

New Covenant Funds

NEW COVENANT FUNDS FINANCIALS AND OTHER INFORMATION JUNE 30, 2024

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

Bridget Sudall

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®

NF-ANNUAL (6/24)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by the report.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The statement regarding the basis for approval of Investment Advisory Contract is disclosed as part of the financial statements included above in Item 7.

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 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 June 18, 2004, 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) Code of Ethics attached hereto.

(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 Act (17 CFR § 270.30a-2(a)), 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: September 6, 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: September 6, 2024

By	/s/ Glenn Kurdziel
	Glenn Kurdziel
	Controller & CFO

Date: September 6, 2024