# EDGAR Filing Document

**Accession Number:** 0001070222
**File Stem:** 0002048251-26-004542
**Filing Date:** 2026-5
**Character Count:** 191675
**Document Hash:** bd7039c77cbfca72f6c4160a86a904c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004542.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002048251-26-004542

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW COVENANT FUNDS
- **CENTRAL INDEX KEY:** 0001070222

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09025
- **FILM NUMBER:** 261041939

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EAST 12TH ST
- **CITY:** JEFFERSONVILLE
- **STATE:** IN
- **ZIP:** 47130
- **BUSINESS PHONE:** 5025695984

**MAIL ADDRESS:**
- **STREET 1:** 200 EAST 12TH ST
- **CITY:** JEFFERSONVILLE
- **STATE:** IN
- **ZIP:** 47130

## Series and Classes Contracts Data

### New Covenant Balanced Growth Fund (Series ID: S000005023)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013702 | New Covenant Balanced Growth Fund | NCBGX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> — 98.8%** | **COMMON STOCK<sup>††</sup> — 98.8%** | **COMMON STOCK<sup>††</sup> — 98.8%** |
| **Communication Services — 9.4%** | **Communication Services — 9.4%** | **Communication Services — 9.4%** |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl A | 46967 | $13506 |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl C | 37928 | 10880 |
| &nbsp;&nbsp;&nbsp;Angi Inc, Cl A \* | 197 | 1 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile Inc, Cl A \* | 1938 | 161 |
| &nbsp;&nbsp;&nbsp;AT&T Inc | 56766 | 1646 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc, Cl C \* | 1938 | 83 |
| &nbsp;&nbsp;&nbsp;Bandwidth Inc, Cl A \* | 74 | 1 |
| &nbsp;&nbsp;&nbsp;Cable One Inc | 79 | 7 |
| &nbsp;&nbsp;&nbsp;Cars.com Inc \* | 4178 | 34 |
| &nbsp;&nbsp;&nbsp;Charter Communications Inc, Cl A \* | 277 | 60 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc | 148 | 3 |
| &nbsp;&nbsp;&nbsp;Comcast Corp, Cl A | 13642 | 392 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings Inc \* | 6933 | 66 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp, Cl A \* | 1124 | 132 |
| &nbsp;&nbsp;&nbsp;Electronic Arts Inc | 4883 | 995 |
| &nbsp;&nbsp;&nbsp;EverQuote Inc, Cl A \* | 1468 | 23 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co/The, Cl A \* | 3299 | 12 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl A | 1372 | 80 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl B | 1983 | 105 |
| &nbsp;&nbsp;&nbsp;GCI LIBERTY INC, Cl A \* | 16 | 1 |
| &nbsp;&nbsp;&nbsp;GCI LIBERTY INC, Cl C \* | 68 | 2 |
| &nbsp;&nbsp;&nbsp;IAC Inc \* | 376 | 15 |
| &nbsp;&nbsp;&nbsp;IMAX Corp \* | 2244 | 85 |
| &nbsp;&nbsp;&nbsp;Iridium Communications Inc | 366 | 10 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc, Cl A | 236 | 9 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl A \* | 81 | 4 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl C \* | 343 | 17 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc \* | 745 | 114 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies Inc \* | 12934 | 90 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp, Cl A \* | 697 | 41 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp \* | 39 | 12 |
| &nbsp;&nbsp;&nbsp;Magnite Inc \* | 2551 | 30 |
| &nbsp;&nbsp;&nbsp;Match Group Inc | 1841 | 57 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc, Cl A | 16982 | 9716 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 2334 | 175 |
| &nbsp;&nbsp;&nbsp;Netflix Inc \* | 33820 | 3252 |
| &nbsp;&nbsp;&nbsp;New York Times Co/The, Cl A | 439 | 37 |
| &nbsp;&nbsp;&nbsp;News Corp, Cl A | 829 | 21 |
| &nbsp;&nbsp;&nbsp;News Corp, Cl B | 3824 | 109 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc, Cl A | 94 | 17 |
| &nbsp;&nbsp;&nbsp;Omnicom Group Inc | 15111 | 1138 |
| &nbsp;&nbsp;&nbsp;Pinterest Inc, Cl A \* | 3339 | 61 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp, Cl A \* | 861 | 49 |
| &nbsp;&nbsp;&nbsp;Shutterstock Inc | 205 | 3 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc | 910 | 21 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co \* | 697 | 82 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA \* | 714 | 346 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc \* | 604 | 119 |
| &nbsp;&nbsp;&nbsp;TechTarget Inc \* | 1986 | 8 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc, Cl A | 512 | 103 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Inc | 2550 | 536 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Trade Desk Inc/The, Cl A \* | 862 | $| 20 |
| &nbsp;&nbsp;&nbsp;TripAdvisor Inc \* | 1712 |  | 18 |
| &nbsp;&nbsp;&nbsp;Uniti Group Inc \* | 752 |  | 7 |
| &nbsp;&nbsp;&nbsp;Verizon Communications Inc | 32959 |  | 1655 |
| &nbsp;&nbsp;&nbsp;Versant Media Group Inc \* | 445 |  | 16 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co/The | 21958 |  | 2116 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc \* | 6879 |  | 189 |
| &nbsp;&nbsp;&nbsp;Yelp Inc, Cl A \* | 1355 |  | 33 |
| &nbsp;&nbsp;&nbsp;Ziff Davis Inc \* | 2547 |  | 107 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc, Cl A \* | 2021 |  | 12 |
|  |  |  | 48640 |
| **Consumer Discretionary — 10.4%** | **Consumer Discretionary — 10.4%** | **Consumer Discretionary — 10.4%** | **Consumer Discretionary — 10.4%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com Inc, Cl A \* | 3668 |  | 11 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co, Cl A \* | 788 |  | 72 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc | 2047 |  | 116 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp | 987 |  | 92 |
| &nbsp;&nbsp;&nbsp;Adient PLC \* | 732 |  | 15 |
| &nbsp;&nbsp;&nbsp;ADT Inc | 4942 |  | 32 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc | 317 |  | 17 |
| &nbsp;&nbsp;&nbsp;Airbnb Inc, Cl A \* | 805 |  | 102 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc \* | 80654 |  | 16798 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc | 3416 |  | 57 |
| &nbsp;&nbsp;&nbsp;APTIV PLC \* | 1850 |  | 128 |
| &nbsp;&nbsp;&nbsp;Aramark | 260 |  | 11 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc \* | 70 |  | 14 |
| &nbsp;&nbsp;&nbsp;AutoNation Inc \* | 649 |  | 127 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc \* | 235 |  | 794 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works Inc | 638 |  | 12 |
| &nbsp;&nbsp;&nbsp;Best Buy Co Inc | 1309 |  | 84 |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding Plc \* | 1800 |  | 64 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc | 2259 |  | 12 |
| &nbsp;&nbsp;&nbsp;Booking Holdings Inc | 276 |  | 1162 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc \* | 199 |  | 29 |
| &nbsp;&nbsp;&nbsp;BorgWarner Inc | 321 |  | 17 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc \* | 76 |  | 6 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | 6681 |  | 85 |
| &nbsp;&nbsp;&nbsp;Brinker International Inc \* | 810 |  | 116 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp/DE | 839 |  | 61 |
| &nbsp;&nbsp;&nbsp;Buckle Inc/The | 1885 |  | 95 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop Inc, Cl A | 1467 |  | 55 |
| &nbsp;&nbsp;&nbsp;Burlington Stores Inc \* | 317 |  | 103 |
| &nbsp;&nbsp;&nbsp;Callaway Golf Co \* | 2383 |  | 33 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd \* | 1319 |  | 23 |
| &nbsp;&nbsp;&nbsp;CarMax Inc \* | 1086 |  | 45 |
| &nbsp;&nbsp;&nbsp;Carnival Corp | 10223 |  | 265 |
| &nbsp;&nbsp;&nbsp;Carter's Inc | 471 |  | 17 |
| &nbsp;&nbsp;&nbsp;Carvana Co, Cl A \* | 366 |  | 115 |
| &nbsp;&nbsp;&nbsp;Cavco Industries Inc \* | 60 |  | 29 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc, Cl A \* | 11600 |  | 371 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International Inc | 113 |  | 12 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co | 891 |  | 49 |
| &nbsp;&nbsp;&nbsp;Coupang Inc, Cl A \* | 3320 |  | 63 |
| &nbsp;&nbsp;&nbsp;Coursera Inc \* | 15856 |  | 92 |

---

New Covenant Funds 1

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Covista Inc \* | 1089 | $126 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc | 323 | 9 |
| &nbsp;&nbsp;&nbsp;Crocs Inc \* | 1116 | 93 |
| &nbsp;&nbsp;&nbsp;Dana Inc | 2660 | 90 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants Inc | 705 | 138 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc \* | 1283 | 14 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp \* | 2634 | 264 |
| &nbsp;&nbsp;&nbsp;Designer Brands Inc, Cl A | 3316 | 19 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc | 582 | 115 |
| &nbsp;&nbsp;&nbsp;Dillard's Inc, Cl A | 45 | 26 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc | 33 | 12 |
| &nbsp;&nbsp;&nbsp;DoorDash Inc, Cl A \* | 853 | 128 |
| &nbsp;&nbsp;&nbsp;Dorman Products Inc \* | 128 | 13 |
| &nbsp;&nbsp;&nbsp;DR Horton Inc | 589 | 81 |
| &nbsp;&nbsp;&nbsp;eBay Inc | 9295 | 846 |
| &nbsp;&nbsp;&nbsp;Etsy Inc \* | 1162 | 58 |
| &nbsp;&nbsp;&nbsp;Expedia Group Inc | 389 | 90 |
| &nbsp;&nbsp;&nbsp;Five Below Inc \* | 410 | 94 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc, Cl A \* | 232 | 12 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co | 10620 | 123 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp \* | 749 | 12 |
| &nbsp;&nbsp;&nbsp;Frontdoor Inc \* | 251 | 13 |
| &nbsp;&nbsp;&nbsp;GameStop Corp, Cl A \* | 2040 | 47 |
| &nbsp;&nbsp;&nbsp;Gap Inc/The | 4661 | 113 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd | 418 | 97 |
| &nbsp;&nbsp;&nbsp;Garrett Motion Inc | 5651 | 103 |
| &nbsp;&nbsp;&nbsp;General Motors Co | 1886 | 141 |
| &nbsp;&nbsp;&nbsp;Gentex Corp | 440 | 10 |
| &nbsp;&nbsp;&nbsp;Gentherm Inc \* | 184 | 5 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co | 67 | 7 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I \* | 11930 | 67 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co/The \* | 989 | 7 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co, Cl B | 78 | 82 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc \* | 121 | 21 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc | 86 | 28 |
| &nbsp;&nbsp;&nbsp;H&R Block Inc | 2109 | 67 |
| &nbsp;&nbsp;&nbsp;Hasbro Inc | 2632 | 246 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd \* | 57 | 1 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc \* | 3016 | 118 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 5774 | 1756 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc/The | 8249 | 2713 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp, Cl A | 135 | 19 |
| &nbsp;&nbsp;&nbsp;Installed Building Products Inc | 125 | 33 |
| &nbsp;&nbsp;&nbsp;Jack in the Box Inc | 658 | 6 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors Inc, Cl A | 659 | 31 |
| &nbsp;&nbsp;&nbsp;KB Home | 1621 | 84 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp | 1859 | 24 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands Inc | 1282 | 90 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp | 1876 | 101 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy Inc, Cl Z | 1597 | 51 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 483 | 59 |
| &nbsp;&nbsp;&nbsp;Lear Corp | 1322 | 160 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt Inc | 222 | 2 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Lennar Corp, Cl B | 122 | $10 |
| &nbsp;&nbsp;&nbsp;LGI Homes Inc \* | 127 | 5 |
| &nbsp;&nbsp;&nbsp;Liberty Live Holdings Inc, Cl C \* | 59 | 6 |
| &nbsp;&nbsp;&nbsp;Lithia Motors Inc, Cl A | 296 | 74 |
| &nbsp;&nbsp;&nbsp;LKQ Corp | 317 | 9 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 7273 | 1718 |
| &nbsp;&nbsp;&nbsp;Lucid Group Inc, Cl A \* | 3324 | 32 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc \* | 245 | 38 |
| &nbsp;&nbsp;&nbsp;M/I Homes Inc \* | 198 | 24 |
| &nbsp;&nbsp;&nbsp;Macy's Inc | 4042 | 73 |
| &nbsp;&nbsp;&nbsp;Malibu Boats Inc, Cl A \* | 202 | 5 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc/MD, Cl A | 3599 | 1177 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp | 394 | 26 |
| &nbsp;&nbsp;&nbsp;Mattel Inc \* | 711 | 10 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp | 9415 | 2926 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp | 1588 | 98 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries Inc \* | 127 | 13 |
| &nbsp;&nbsp;&nbsp;Monro Inc | 626 | 10 |
| &nbsp;&nbsp;&nbsp;Murphy USA Inc | 263 | 130 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings Inc \* | 447 | 12 |
| &nbsp;&nbsp;&nbsp;Newell Brands Inc | 605 | 2 |
| &nbsp;&nbsp;&nbsp;NIKE Inc, Cl B | 3900 | 206 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd \* | 5839 | 109 |
| &nbsp;&nbsp;&nbsp;NVR Inc \* | 13 | 86 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc \* | 212 | 20 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc \* | 1174 | 108 |
| &nbsp;&nbsp;&nbsp;Oxford Industries Inc | 665 | 26 |
| &nbsp;&nbsp;&nbsp;Papa John's International Inc | 151 | 5 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive Inc, Cl A \* | 2845 | 12 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc | 624 | 93 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co Inc, Cl A \* | 27348 | 76 |
| &nbsp;&nbsp;&nbsp;Phinia Inc | 64 | 4 |
| &nbsp;&nbsp;&nbsp;Planet Fitness Inc, Cl A \* | 173 | 13 |
| &nbsp;&nbsp;&nbsp;Polaris Inc | 966 | 53 |
| &nbsp;&nbsp;&nbsp;PulteGroup Inc | 871 | 102 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality Inc \* | 2883 | 106 |
| &nbsp;&nbsp;&nbsp;PVH Corp | 108 | 8 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp, Cl A | 436 | 150 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc | 1594 | 118 |
| &nbsp;&nbsp;&nbsp;Revolve Group Inc, Cl A \* | 2223 | 50 |
| &nbsp;&nbsp;&nbsp;RH \* | 45 | 6 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive Inc, Cl A \* | 1274 | 19 |
| &nbsp;&nbsp;&nbsp;Ross Stores Inc | 582 | 126 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd | 2969 | 817 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc \* | 2794 | 39 |
| &nbsp;&nbsp;&nbsp;Service Corp International/US | 250 | 21 |
| &nbsp;&nbsp;&nbsp;Shake Shack Inc, Cl A \* | 157 | 14 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd | 1372 | 116 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp \* | 144 | 3 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp \* | 1033 | 2 |
| &nbsp;&nbsp;&nbsp;Somnigroup International Inc | 1393 | 103 |
| &nbsp;&nbsp;&nbsp;Sonos Inc \* | 7451 | 100 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products Inc | 943 | 33 |

---

2 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Starbucks Corp | 15798 | $| 1415 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd | 1178 |  | 40 |
| &nbsp;&nbsp;&nbsp;Stitch Fix Inc, Cl A \* | 1021 |  | 3 |
| &nbsp;&nbsp;&nbsp;Strategic Education Inc | 331 |  | 27 |
| &nbsp;&nbsp;&nbsp;Stride Inc \* | 348 |  | 31 |
| &nbsp;&nbsp;&nbsp;Tapestry Inc | 716 |  | 101 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp, Cl A \* | 1595 |  | 93 |
| &nbsp;&nbsp;&nbsp;Tesla Inc \* | 24339 |  | 9048 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc, Cl A | 561 |  | 93 |
| &nbsp;&nbsp;&nbsp;Thor Industries Inc | 106 |  | 8 |
| &nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 6282 |  | 1003 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Inc | 269 |  | 37 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp \* | 203 |  | 71 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co | 11885 |  | 538 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co | 307 |  | 21 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc \* | 3236 |  | 151 |
| &nbsp;&nbsp;&nbsp;Udemy Inc \* | 3378 |  | 16 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty Inc \* | 279 |  | 146 |
| &nbsp;&nbsp;&nbsp;Under Armour Inc, Cl C \* | 556 |  | 3 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc \* | 251 |  | 8 |
| &nbsp;&nbsp;&nbsp;Upbound Group Inc, Cl A | 1764 |  | 32 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters Inc \* | 417 |  | 26 |
| &nbsp;&nbsp;&nbsp;Vail Resorts Inc | 46 |  | 6 |
| &nbsp;&nbsp;&nbsp;Valvoline Inc \* | 7878 |  | 265 |
| &nbsp;&nbsp;&nbsp;VF Corp | 4023 |  | 68 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co \* | 212 |  | 10 |
| &nbsp;&nbsp;&nbsp;Visteon Corp | 85 |  | 8 |
| &nbsp;&nbsp;&nbsp;Wayfair Inc, Cl A \* | 320 |  | 24 |
| &nbsp;&nbsp;&nbsp;Wendy's Co/The | 11419 |  | 79 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp | 638 |  | 34 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc | 320 |  | 58 |
| &nbsp;&nbsp;&nbsp;Wingstop Inc | 363 |  | 56 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries Inc | 191 |  | 6 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc | 1511 |  | 25 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc | 189 |  | 15 |
| &nbsp;&nbsp;&nbsp;YETI Holdings Inc \* | 2684 |  | 98 |
| &nbsp;&nbsp;&nbsp;Yum! Brands Inc | 7314 |  | 1137 |
|  |  |  | 54008 |
| **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** |
| &nbsp;&nbsp;&nbsp;Andersons Inc/The | 338 |  | 24 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co | 5103 |  | 371 |
| &nbsp;&nbsp;&nbsp;B&G Foods Inc | 862 |  | 4 |
| &nbsp;&nbsp;&nbsp;BellRing Brands Inc \* | 136 |  | 2 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 929 |  | 118 |
| &nbsp;&nbsp;&nbsp;Calavo Growers Inc | 571 |  | 15 |
| &nbsp;&nbsp;&nbsp;Campbell's Company/The | 10354 |  | 231 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 65 |  | 47 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc/The \* | 1366 |  | 81 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co Inc | 1025 |  | 96 |
| &nbsp;&nbsp;&nbsp;Clorox Co/The | 2716 |  | 281 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co/The | 36380 |  | 2767 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co | 3661 |  | 312 |
| &nbsp;&nbsp;&nbsp;Conagra Brands Inc | 3435 |  | 54 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 3123 | $| 3112 |
| &nbsp;&nbsp;&nbsp;Coty Inc, Cl A \* | 1026 |  | 2 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients Inc \* | 716 |  | 44 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp | 752 |  | 89 |
| &nbsp;&nbsp;&nbsp;Dollar Tree Inc \* | 1320 |  | 145 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co | 310 |  | 7 |
| &nbsp;&nbsp;&nbsp;elf Beauty Inc \* | 1327 |  | 80 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings Inc | 231 |  | 4 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos Inc/The, Cl A | 2390 |  | 172 |
| &nbsp;&nbsp;&nbsp;Flowers Foods Inc | 555 |  | 5 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc | 1442 |  | 58 |
| &nbsp;&nbsp;&nbsp;General Mills Inc | 13887 |  | 517 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd \* | 1088 |  | 16 |
| &nbsp;&nbsp;&nbsp;Hershey Co/The | 2295 |  | 477 |
| &nbsp;&nbsp;&nbsp;HF Foods Group Inc \* | 2213 |  | 4 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp | 4797 |  | 109 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc | 1110 |  | 125 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co/The | 1868 |  | 180 |
| &nbsp;&nbsp;&nbsp;Kenvue Inc | 4950 |  | 85 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc | 25092 |  | 661 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp | 925 |  | 89 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co/The | 3923 |  | 88 |
| &nbsp;&nbsp;&nbsp;Kroger Co/The | 1941 |  | 140 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc | 594 |  | 25 |
| &nbsp;&nbsp;&nbsp;McCormick & Co Inc/MD | 2119 |  | 107 |
| &nbsp;&nbsp;&nbsp;Medifast Inc \* | 71 |  | 1 |
| &nbsp;&nbsp;&nbsp;Mondelez International Inc, Cl A | 17402 |  | 1003 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp \* | 889 |  | 64 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp \* | 344 |  | 12 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc | 18825 |  | 2923 |
| &nbsp;&nbsp;&nbsp;PriceSmart Inc | 179 |  | 27 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co/The | 18385 |  | 2656 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co/The \* | 2805 |  | 40 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods Inc | 5024 |  | 140 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc \* | 623 |  | 48 |
| &nbsp;&nbsp;&nbsp;Sysco Corp | 1432 |  | 102 |
| &nbsp;&nbsp;&nbsp;Target Corp | 6577 |  | 797 |
| &nbsp;&nbsp;&nbsp;Tyson Foods Inc, Cl A | 1410 |  | 90 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp \* | 2211 |  | 204 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co Inc/The \* | 1354 |  | 65 |
| &nbsp;&nbsp;&nbsp;Vital Farms Inc \* | 3246 |  | 46 |
| &nbsp;&nbsp;&nbsp;Walmart Inc | 33703 |  | 4189 |
|  |  |  | 23151 |
| **Energy — 3.8%** | **Energy — 3.8%** | **Energy — 3.8%** | **Energy — 3.8%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp | 26635 |  | 607 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp \* | 6426 |  | 273 |
| &nbsp;&nbsp;&nbsp;APA Corp | 2988 |  | 127 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp | 5335 |  | 81 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co, Cl A | 9516 |  | 581 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd | 11900 |  | 69 |
| &nbsp;&nbsp;&nbsp;Cactus Inc, Cl A | 298 |  | 14 |
| &nbsp;&nbsp;&nbsp;Calumet Inc \* | 3628 |  | 130 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp, Cl A \* | 395 |  | 69 |

---

New Covenant Funds 3

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Inc | 5758 | $1634 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp | 983 | 140 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp \* | 1745 | 67 |
| &nbsp;&nbsp;&nbsp;Comstock Resources Inc \* | 4929 | 104 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 19262 | 2543 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources Inc | 338 | 35 |
| &nbsp;&nbsp;&nbsp;Coterra Energy Inc | 19841 | 697 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co, Cl A | 4693 | 63 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings Inc | 2494 | 112 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp | 10747 | 541 |
| &nbsp;&nbsp;&nbsp;DHT Holdings Inc | 1338 | 24 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy Inc | 981 | 194 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd | 2360 | 81 |
| &nbsp;&nbsp;&nbsp;DT Midstream Inc | 405 | 55 |
| &nbsp;&nbsp;&nbsp;Energy Fuels Inc/Canada \* | 8048 | 147 |
| &nbsp;&nbsp;&nbsp;EOG Resources Inc | 2919 | 422 |
| &nbsp;&nbsp;&nbsp;EQT Corp | 8048 | 512 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp | 1168 | 128 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV \* | 1529 | 27 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd | 2301 | 68 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd | 2645 | 143 |
| &nbsp;&nbsp;&nbsp;Green Plains Inc \* | 2069 | 34 |
| &nbsp;&nbsp;&nbsp;Halliburton Co | 3226 | 126 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc \* | 10917 | 108 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc | 4134 | 149 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp | 1944 | 121 |
| &nbsp;&nbsp;&nbsp;Innovex International Inc \* | 1072 | 26 |
| &nbsp;&nbsp;&nbsp;International Seaways Inc | 329 | 24 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Inc | 50177 | 1682 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc, Cl A | 2668 | 129 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services Inc | 2971 | 173 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp, Cl A | 1806 | 57 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp | 449 | 19 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd \* | 367 | 32 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp \* | 10122 | 78 |
| &nbsp;&nbsp;&nbsp;Noble Corp PLC | 1325 | 65 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd | 3610 | 21 |
| &nbsp;&nbsp;&nbsp;NOV Inc | 482 | 9 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp | 5198 | 338 |
| &nbsp;&nbsp;&nbsp;ONEOK Inc | 10887 | 984 |
| &nbsp;&nbsp;&nbsp;Ovintiv Inc | 2011 | 119 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc | 4952 | 54 |
| &nbsp;&nbsp;&nbsp;PBF Energy Inc, Cl A | 316 | 15 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp | 612 | 20 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp, Cl A | 5216 | 111 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp | 2839 | 128 |
| &nbsp;&nbsp;&nbsp;RPC Inc | 1226 | 9 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp \* | 4472 | 74 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc | 270 | 20 |
| &nbsp;&nbsp;&nbsp;SLB Ltd | 28794 | 1480 |
| &nbsp;&nbsp;&nbsp;SM Energy Co | 1100 | 34 |
| &nbsp;&nbsp;&nbsp;Talos Energy Inc \* | 10408 | 164 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp | 667 | 167 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Teekay Corp Ltd | 10391 | $| 127 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd, Cl A | 1755 |  | 129 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp | 1593 |  | 756 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd \* | 20466 |  | 136 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp \* | 28660 |  | 387 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd \* | 739 |  | 72 |
| &nbsp;&nbsp;&nbsp;VIPER ENERGY INC, Cl A | 2065 |  | 97 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy Inc | 272 |  | 5 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 1190 |  | 113 |
| &nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 25224 |  | 1836 |
|  |  |  | 19916 |
| **Financials — 13.2%** | **Financials — 13.2%** | **Financials — 13.2%** | **Financials — 13.2%** |
| &nbsp;&nbsp;&nbsp;Adamas Trust Inc <sup>‡</sup> | 1944 |  | 14 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc | 362 |  | 100 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings Inc, Cl A \* | 1546 |  | 71 |
| &nbsp;&nbsp;&nbsp;Aflac Inc | 1015 |  | 111 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp <sup>‡</sup> | 2838 |  | 28 |
| &nbsp;&nbsp;&nbsp;Allstate Corp/The | 508 |  | 105 |
| &nbsp;&nbsp;&nbsp;Ally Financial Inc | 1575 |  | 62 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp | 2110 |  | 82 |
| &nbsp;&nbsp;&nbsp;American Express Co | 7332 |  | 2218 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc/OH | 89 |  | 11 |
| &nbsp;&nbsp;&nbsp;American International Group Inc | 1586 |  | 119 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc | 1250 |  | 555 |
| &nbsp;&nbsp;&nbsp;AMERISAFE Inc | 743 |  | 25 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc <sup>‡</sup> | 655 |  | 14 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 3474 |  | 1121 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc <sup>‡</sup> | 2686 |  | 28 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management Inc | 1936 |  | 216 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd \* | 1254 |  | 120 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp, Cl A | 632 |  | 69 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co | 839 |  | 182 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc, Cl A | 1589 |  | 58 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 4274 |  | 111 |
| &nbsp;&nbsp;&nbsp;Assurant Inc | 87 |  | 19 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd | 994 |  | 81 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp | 2517 |  | 90 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 825 |  | 84 |
| &nbsp;&nbsp;&nbsp;Axos Financial Inc \* | 310 |  | 26 |
| &nbsp;&nbsp;&nbsp;Banc of California Inc | 843 |  | 15 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp | 49763 |  | 2426 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp | 1051 |  | 78 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 1079 |  | 28 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp/The | 12656 |  | 1501 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd/The | 1324 |  | 69 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 366 |  | 17 |
| &nbsp;&nbsp;&nbsp;BankUnited Inc | 346 |  | 16 |
| &nbsp;&nbsp;&nbsp;Banner Corp | 851 |  | 52 |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp | 1501 |  | 45 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc, Cl B \* | 14069 |  | 6742 |
| &nbsp;&nbsp;&nbsp;BlackRock Inc | 926 |  | 891 |

---

4 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Blackstone Inc | 2809 | $323 |
| &nbsp;&nbsp;&nbsp;Block Inc, Cl A \* | 1553 | 93 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp | 568 | 73 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc | 1335 | 100 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc \* | 268 | 16 |
| &nbsp;&nbsp;&nbsp;Brown & Brown Inc | 290 | 19 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp | 3393 | 619 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc | 3529 | 25 |
| &nbsp;&nbsp;&nbsp;Carlyle Group Inc/The | 923 | 45 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems Inc | 865 | 38 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 1291 | 64 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc | 99 | 28 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp | 1651 | 53 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp/The | 16432 | 1544 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp <sup>‡</sup> | 800 | 10 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd | 2108 | 687 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp | 891 | 140 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc | 11307 | 1282 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc | 2230 | 134 |
| &nbsp;&nbsp;&nbsp;City Holding Co | 607 | 73 |
| &nbsp;&nbsp;&nbsp;CME Group Inc, Cl A | 1465 | 433 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp | 253 | 12 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group Inc | 2346 | 96 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Inc | 764 | 48 |
| &nbsp;&nbsp;&nbsp;Coinbase Global Inc, Cl A \* | 323 | 56 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System Inc | 4557 | 125 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc/MO | 1993 | 98 |
| &nbsp;&nbsp;&nbsp;Community Financial System Inc | 710 | 42 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc | 1891 | 51 |
| &nbsp;&nbsp;&nbsp;Corpay Inc \* | 277 | 81 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp \* | 177 | 75 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers Inc | 121 | 17 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc | 1467 | 50 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc | 1035 | 26 |
| &nbsp;&nbsp;&nbsp;East West Bancorp Inc | 1036 | 111 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc | 608 | 12 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Inc <sup>‡</sup> | 2748 | 33 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp | 1063 | 57 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings Inc | 432 | 16 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd | 970 | 57 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc \* | 74 | 5 |
| &nbsp;&nbsp;&nbsp;Evercore Inc, Cl A | 352 | 105 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd | 179 | 58 |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc | 1569 | 44 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life Inc | 2635 | 67 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc | 306 | 66 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp | 1250 | 65 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp, Cl C | 119 | 18 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc | 1063 | 49 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc | 1329 | 62 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 6898 | 320 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp | 814 | 49 |
| &nbsp;&nbsp;&nbsp;First BanCorp/Puerto Rico | 821 | 18 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;First Busey Corp | 1790 | $45 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp | 3365 | 59 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 1921 | 54 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc | 1378 | 41 |
| &nbsp;&nbsp;&nbsp;First Hawaiian Inc | 3126 | 77 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp | 5109 | 116 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc, Cl A | 1171 | 39 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp | 1182 | 46 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc | 612 | 115 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc \* | 838 | 47 |
| &nbsp;&nbsp;&nbsp;Flagstar Bank NA | 317 | 4 |
| &nbsp;&nbsp;&nbsp;Flywire Corp \* | 9159 | 107 |
| &nbsp;&nbsp;&nbsp;FNB Corp/PA | 3907 | 65 |
| &nbsp;&nbsp;&nbsp;Franklin Resources Inc | 4744 | 112 |
| &nbsp;&nbsp;&nbsp;Genworth Financial Inc, Cl A \* | 10439 | 85 |
| &nbsp;&nbsp;&nbsp;German American Bancorp Inc | 1414 | 59 |
| &nbsp;&nbsp;&nbsp;Global Payments Inc | 842 | 57 |
| &nbsp;&nbsp;&nbsp;Globe Life Inc | 108 | 15 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The | 3746 | 3169 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc, Cl A \* | 215 | 9 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc | 3153 | 116 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp | 1142 | 73 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc/The | 124 | 21 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc/The | 1006 | 136 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp/WA | 1744 | 45 |
| &nbsp;&nbsp;&nbsp;Home BancShares Inc/AR | 2523 | 68 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp Inc | 3233 | 36 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp | 1125 | 48 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc, Cl A | 192 | 28 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc/OH | 13993 | 219 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp | 580 | 44 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc, Cl A | 1968 | 132 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc | 1426 | 224 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd | 4021 | 98 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital Inc <sup>‡</sup> | 323 | 3 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc | 636 | 100 |
| &nbsp;&nbsp;&nbsp;Jackson Financial Inc, Cl A | 1486 | 157 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 1207 | 62 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc | 1433 | 59 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 22514 | 6623 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 6129 | 123 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc | 73 | 25 |
| &nbsp;&nbsp;&nbsp;KKR & Co Inc | 3222 | 298 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp, Cl A <sup>‡</sup> | 9973 | 97 |
| &nbsp;&nbsp;&nbsp;Lazard Inc, Cl A | 2316 | 98 |
| &nbsp;&nbsp;&nbsp;Lemonade Inc \* | 1665 | 104 |
| &nbsp;&nbsp;&nbsp;LendingTree Inc \* | 175 | 7 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp | 3621 | 129 |
| &nbsp;&nbsp;&nbsp;Loews Corp | 222 | 24 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 869 | 261 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp | 512 | 106 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc | 144 | 24 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos Inc | 2808 | 487 |

---

New Covenant Funds 5

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Mastercard Inc, Cl A | 7491 | $3743 |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp, Cl A | 309 | 5 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp | 233 | 21 |
| &nbsp;&nbsp;&nbsp;MetLife Inc | 6576 | 465 |
| &nbsp;&nbsp;&nbsp;MFA Financial Inc <sup>‡</sup> | 1584 | 15 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp | 3455 | 91 |
| &nbsp;&nbsp;&nbsp;Moelis & Co, Cl A | 461 | 26 |
| &nbsp;&nbsp;&nbsp;Moody's Corp | 2460 | 1073 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 10383 | 1709 |
| &nbsp;&nbsp;&nbsp;Morningstar Inc | 67 | 11 |
| &nbsp;&nbsp;&nbsp;MSCI Inc, Cl A | 635 | 342 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc | 7134 | 606 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp Inc | 1213 | 52 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp \* | 167 | 7 |
| &nbsp;&nbsp;&nbsp;Nelnet Inc, Cl A | 145 | 19 |
| &nbsp;&nbsp;&nbsp;NMI Holdings Inc, Cl A \* | 1470 | 55 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp | 835 | 117 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc | 2868 | 39 |
| &nbsp;&nbsp;&nbsp;NU Holdings Ltd/Cayman Islands, Cl A \* | 6991 | 100 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 2119 | 86 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp/IN | 5093 | 113 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp | 2755 | 110 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings Inc, Cl A | 258 | 14 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc, Cl A <sup>‡</sup> | 3472 | 24 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings Inc, Cl A \* | 145 | 17 |
| &nbsp;&nbsp;&nbsp;Pathward Financial Inc | 266 | 24 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings Inc | 1579 | 71 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc | 833 | 73 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust <sup>‡</sup> | 8462 | 99 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc | 1570 | 135 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 1163 | 242 |
| &nbsp;&nbsp;&nbsp;Popular Inc | 1004 | 135 |
| &nbsp;&nbsp;&nbsp;PRA Group Inc \* | 1320 | 23 |
| &nbsp;&nbsp;&nbsp;Primerica Inc | 323 | 81 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group Inc | 662 | 60 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp \* | 1351 | 33 |
| &nbsp;&nbsp;&nbsp;PROG Holdings Inc | 832 | 24 |
| &nbsp;&nbsp;&nbsp;Progressive Corp/The | 7459 | 1479 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc | 1192 | 80 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services Inc | 4392 | 93 |
| &nbsp;&nbsp;&nbsp;Prudential Financial Inc | 974 | 95 |
| &nbsp;&nbsp;&nbsp;Radian Group Inc | 1924 | 64 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc | 615 | 89 |
| &nbsp;&nbsp;&nbsp;Redwood Trust Inc <sup>‡</sup> | 2992 | 17 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp | 47519 | 1241 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc, Cl A | 578 | 118 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd | 69 | 20 |
| &nbsp;&nbsp;&nbsp;Renasant Corp | 1366 | 49 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp, Cl A \* | 7436 | 19 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp <sup>‡</sup> | 1403 | 13 |
| &nbsp;&nbsp;&nbsp;RLI Corp | 1090 | 62 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets Inc, Cl A \* | 4467 | 310 |
| &nbsp;&nbsp;&nbsp;Rocket Cos Inc, Cl A \* | 4048 | 58 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Root Inc/OH, Cl A \* | 806 | $| 36 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc | 4831 |  | 2055 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 1616 |  | 49 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc | 187 |  | 14 |
| &nbsp;&nbsp;&nbsp;SLM Corp | 3705 |  | 79 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies Inc \* | 4801 |  | 76 |
| &nbsp;&nbsp;&nbsp;SOUTHSTATE BANK CORP | 724 |  | 67 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc <sup>‡</sup> | 2000 |  | 34 |
| &nbsp;&nbsp;&nbsp;State Street Corp | 8941 |  | 1132 |
| &nbsp;&nbsp;&nbsp;StepStone Group Inc, Cl A | 1643 |  | 78 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp | 368 |  | 27 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 4720 |  | 321 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc | 2147 |  | 194 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc \* | 822 |  | 78 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp | 573 |  | 8 |
| &nbsp;&nbsp;&nbsp;Toast Inc, Cl A \* | 2222 |  | 59 |
| &nbsp;&nbsp;&nbsp;TPG Inc, Cl A | 1811 |  | 73 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc <sup>‡</sup> | 2439 |  | 19 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc, Cl A | 805 |  | 95 |
| &nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 4033 |  | 1176 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 1219 |  | 58 |
| &nbsp;&nbsp;&nbsp;Triumph Financial Inc \* | 822 |  | 49 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp | 2395 |  | 110 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp | 1410 |  | 59 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp <sup>‡</sup> | 1597 |  | 18 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp | 826 |  | 93 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp | 1820 |  | 62 |
| &nbsp;&nbsp;&nbsp;Unum Group | 1638 |  | 120 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings Inc \* | 1290 |  | 33 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 3794 |  | 197 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 4269 |  | 52 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc, Cl A | 1631 |  | 107 |
| &nbsp;&nbsp;&nbsp;Virtu Financial Inc, Cl A | 3026 |  | 133 |
| &nbsp;&nbsp;&nbsp;Visa Inc, Cl A | 17359 |  | 5247 |
| &nbsp;&nbsp;&nbsp;Voya Financial Inc | 1543 |  | 105 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp | 370 |  | 24 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc | 749 |  | 33 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc | 924 |  | 31 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp | 2008 |  | 139 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co | 21481 |  | 1710 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 731 |  | 38 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1154 |  | 82 |
| &nbsp;&nbsp;&nbsp;Western Union Co/The | 425 |  | 4 |
| &nbsp;&nbsp;&nbsp;WEX Inc \* | 55 |  | 8 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 907 |  | 264 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 708 |  | 98 |
| &nbsp;&nbsp;&nbsp;XP Inc, Cl A | 3989 |  | 76 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 1771 |  | 102 |
|  |  |  | 68173 |
| **Health Care — 10.4%** | **Health Care — 10.4%** | **Health Care — 10.4%** | **Health Care — 10.4%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 11993 |  | 1231 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc | 18353 |  | 3992 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co Inc \* | 220 |  | 5 |

---

6 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp, Cl A \* | 2632 | $31 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp \* | 1704 | 24 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp \* | 495 | 46 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies Inc | 765 | 87 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc \* | 1062 | 36 |
| &nbsp;&nbsp;&nbsp;Align Technology Inc \* | 311 | 53 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 2433 | 86 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc \* | 562 | 186 |
| &nbsp;&nbsp;&nbsp;Amgen Inc | 5307 | 1867 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc \* | 5193 | 75 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc \* | 832 | 15 |
| &nbsp;&nbsp;&nbsp;AnaptysBio Inc \* | 1908 | 106 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics Inc \* | 920 | 13 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc \* | 1789 | 72 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc \* | 483 | 4 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc \* | 251 | 16 |
| &nbsp;&nbsp;&nbsp;Arvinas Inc \* | 1298 | 14 |
| &nbsp;&nbsp;&nbsp;Astrana Health Inc \* | 344 | 8 |
| &nbsp;&nbsp;&nbsp;AtriCure Inc \* | 1029 | 29 |
| &nbsp;&nbsp;&nbsp;Atrium Therapeutics Inc \* | 160 | 2 |
| &nbsp;&nbsp;&nbsp;Avanos Medical Inc \* | 301 | 4 |
| &nbsp;&nbsp;&nbsp;Avantor Inc \* | 1656 | 13 |
| &nbsp;&nbsp;&nbsp;Azenta Inc \* | 207 | 4 |
| &nbsp;&nbsp;&nbsp;Baxter International Inc | 4863 | 82 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co | 542 | 85 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc \* | 1030 | 10 |
| &nbsp;&nbsp;&nbsp;Biogen Inc \* | 681 | 125 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd \* | 45 |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions Inc \* | 2163 | 41 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc \* | 1042 | 59 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc, Cl A \* | 32 | 9 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp | 212 | 11 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp \* | 16399 | 1029 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc \* | 241 | 18 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co | 12713 | 771 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living Inc \* | 7397 | 101 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc | 998 | 211 |
| &nbsp;&nbsp;&nbsp;CareDx Inc \* | 4535 | 79 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences Inc \* | 730 | 18 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc \* | 4583 | 113 |
| &nbsp;&nbsp;&nbsp;Cencora Inc, Cl A | 589 | 185 |
| &nbsp;&nbsp;&nbsp;Centene Corp \* | 4805 | 157 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc \* | 77 | 13 |
| &nbsp;&nbsp;&nbsp;Cigna Group/The | 4207 | 1122 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc \* | 2915 | 96 |
| &nbsp;&nbsp;&nbsp;Cooper Cos Inc/The \* | 944 | 68 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc \* | 1695 | 68 |
| &nbsp;&nbsp;&nbsp;CorVel Corp \* | 375 | 21 |
| &nbsp;&nbsp;&nbsp;CryoPort Inc \* | 871 | 7 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp | 4536 | 326 |
| &nbsp;&nbsp;&nbsp;Cytokinetics Inc \* | 1159 | 76 |
| &nbsp;&nbsp;&nbsp;Danaher Corp | 6994 | 1326 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;DaVita Inc \* | 160 | $25 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc \* | 2631 | 51 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc | 3113 | 36 |
| &nbsp;&nbsp;&nbsp;Dexcom Inc \* | 3388 | 213 |
| &nbsp;&nbsp;&nbsp;Doximity Inc, Cl A \* | 1684 | 39 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp \* | 8484 | 679 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc \* | 398 | 10 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc | 4437 | 1299 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co | 7359 | 6769 |
| &nbsp;&nbsp;&nbsp;Embecta Corp | 887 | 8 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc \* | 785 | 10 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp | 164 | 16 |
| &nbsp;&nbsp;&nbsp;Enhabit Inc \* | 82 | 1 |
| &nbsp;&nbsp;&nbsp;Enovis Corp \* | 485 | 11 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp \* | 317 | 8 |
| &nbsp;&nbsp;&nbsp;Exelixis Inc \* | 2898 | 124 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc \* | 515 | 5 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics Inc \* | 853 | 14 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc | 153 | 11 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc | 14228 | 1983 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp \* | 167 | 18 |
| &nbsp;&nbsp;&nbsp;Globus Medical Inc, Cl A \* | 179 | 15 |
| &nbsp;&nbsp;&nbsp;GRAIL Inc \* | 352 | 18 |
| &nbsp;&nbsp;&nbsp;Guardant Health Inc \* | 1065 | 98 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp \* | 195 | 11 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc \* | 1555 | 101 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 566 | 268 |
| &nbsp;&nbsp;&nbsp;HealthEquity Inc \* | 673 | 56 |
| &nbsp;&nbsp;&nbsp;Henry Schein Inc \* | 1546 | 114 |
| &nbsp;&nbsp;&nbsp;Hologic Inc \* | 927 | 70 |
| &nbsp;&nbsp;&nbsp;Humana Inc | 242 | 42 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences Inc \* | 4068 | 136 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc \* | 707 | 397 |
| &nbsp;&nbsp;&nbsp;Illumina Inc \* | 1115 | 137 |
| &nbsp;&nbsp;&nbsp;Incyte Corp \* | 1063 | 100 |
| &nbsp;&nbsp;&nbsp;Innoviva Inc \* | 3557 | 83 |
| &nbsp;&nbsp;&nbsp;Inogen Inc \* | 706 | 4 |
| &nbsp;&nbsp;&nbsp;Insmed Inc \* | 1356 | 222 |
| &nbsp;&nbsp;&nbsp;Insulet Corp \* | 65 | 14 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp \* | 625 | 55 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp \* | 188 | 2 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc \* | 1231 | 16 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc \* | 4209 | 1940 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc \* | 782 | 59 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc \* | 1433 | 5 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc \* | 491 | 84 |
| &nbsp;&nbsp;&nbsp;iRhythm Holdings Inc \* | 210 | 25 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 616 | 116 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 24595 | 6012 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences Inc \* | 1218 | 46 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech Inc \* | 529 | 137 |
| &nbsp;&nbsp;&nbsp;Kura Oncology Inc \* | 3438 | 28 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc | 515 | 137 |

---

New Covenant Funds 7

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc \* | 997 | $76 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc \* | 462 | 92 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 657 | 42 |
| &nbsp;&nbsp;&nbsp;McKesson Corp | 576 | 498 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 15259 | 1322 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc \* | 4240 | 37 |
| &nbsp;&nbsp;&nbsp;Merck & Co Inc | 30481 | 3667 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc \* | 80 | 101 |
| &nbsp;&nbsp;&nbsp;Moderna Inc \* | 3544 | 180 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics Inc \* | 1860 | 8 |
| &nbsp;&nbsp;&nbsp;National Research Corp | 779 | 13 |
| &nbsp;&nbsp;&nbsp;Neogen Corp \* | 300 | 3 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc \* | 717 | 94 |
| &nbsp;&nbsp;&nbsp;Novavax Inc \* | 816 | 7 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd \* | 905 | 10 |
| &nbsp;&nbsp;&nbsp;OmniAb Inc, Cl W \* | 2263 | 4 |
| &nbsp;&nbsp;&nbsp;Omnicell Inc \* | 466 | 16 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp \* | 5670 | 36 |
| &nbsp;&nbsp;&nbsp;Option Care Health Inc \* | 648 | 17 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies Inc \* | 6042 | 18 |
| &nbsp;&nbsp;&nbsp;Organon & Co | 649 | 4 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc \* | 417 | 9 |
| &nbsp;&nbsp;&nbsp;Pennant Group Inc/The \* | 1609 | 49 |
| &nbsp;&nbsp;&nbsp;Penumbra Inc \* | 72 | 24 |
| &nbsp;&nbsp;&nbsp;Perrigo Co PLC | 211 | 2 |
| &nbsp;&nbsp;&nbsp;Pfizer Inc | 67874 | 1906 |
| &nbsp;&nbsp;&nbsp;Phreesia Inc \* | 361 | 3 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines Inc \* | 351 | 113 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc \* | 1083 | 114 |
| &nbsp;&nbsp;&nbsp;Prothena Corp PLC \* | 5314 | 52 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc \* | 1021 | 70 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | 2093 | 84 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc | 556 | 109 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc, Cl A \* | 19169 | 59 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc | 1105 | 854 |
| &nbsp;&nbsp;&nbsp;REGENXBIO Inc \* | 456 | 4 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc \* | 11508 | 115 |
| &nbsp;&nbsp;&nbsp;Repligen Corp \* | 553 | 65 |
| &nbsp;&nbsp;&nbsp;ResMed Inc | 459 | 103 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines Inc \* | 1050 | 102 |
| &nbsp;&nbsp;&nbsp;Revvity Inc | 120 | 11 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals Inc \* | 1158 | 101 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc \* | 932 | 3 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc \* | 87 | 2 |
| &nbsp;&nbsp;&nbsp;Savara Inc \* | 20653 | 113 |
| &nbsp;&nbsp;&nbsp;Simulations Plus Inc \* | 1477 | 17 |
| &nbsp;&nbsp;&nbsp;Solventum Corp \* | 1703 | 111 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co \* | 2233 | 42 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 501 | 111 |
| &nbsp;&nbsp;&nbsp;Stryker Corp | 2003 | 658 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc \* | 4901 | 93 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc \* | 2174 | 112 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc \* | 728 | 19 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc \* | 144 | $| 3 |
| &nbsp;&nbsp;&nbsp;Teleflex Inc | 486 |  | 58 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp \* | 564 |  | 106 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc \* | 2200 |  | 36 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc | 2892 |  | 1422 |
| &nbsp;&nbsp;&nbsp;TransMedics Group Inc \* | 804 |  | 80 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc \* | 3434 |  | 102 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc \* | 11314 |  | 135 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp \* | 606 |  | 29 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc \* | 1143 |  | 24 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp \* | 559 |  | 331 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 6167 |  | 1669 |
| &nbsp;&nbsp;&nbsp;Universal Health Services Inc, Cl B | 80 |  | 14 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy Inc | 428 |  | 32 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products Inc | 515 |  | 32 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp \* | 1631 |  | 17 |
| &nbsp;&nbsp;&nbsp;Vaxcyte Inc \* | 1042 |  | 61 |
| &nbsp;&nbsp;&nbsp;Veeva Systems Inc, Cl A \* | 1157 |  | 203 |
| &nbsp;&nbsp;&nbsp;Vericel Corp \* | 1218 |  | 39 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc \* | 2599 |  | 1161 |
| &nbsp;&nbsp;&nbsp;Viatris Inc, Cl W | 1277 |  | 17 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc \* | 1343 |  | 44 |
| &nbsp;&nbsp;&nbsp;Waters Corp \* | 330 |  | 98 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc | 250 |  | 63 |
| &nbsp;&nbsp;&nbsp;Xencor Inc \* | 1686 |  | 20 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc | 1054 |  | 95 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc, Cl A | 3605 |  | 426 |
|  |  |  | 53916 |
| **Industrials — 9.3%** | **Industrials — 9.3%** | **Industrials — 9.3%** | **Industrials — 9.3%** |
| &nbsp;&nbsp;&nbsp;3M Co | 1290 |  | 187 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp | 1708 |  | 113 |
| &nbsp;&nbsp;&nbsp;AAON Inc | 288 |  | 24 |
| &nbsp;&nbsp;&nbsp;ABM Industries Inc | 3427 |  | 132 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp | 5214 |  | 16 |
| &nbsp;&nbsp;&nbsp;Acuity Inc | 84 |  | 24 |
| &nbsp;&nbsp;&nbsp;AEBI SCHMIDT HOLDING AG | 446 |  | 4 |
| &nbsp;&nbsp;&nbsp;AerSale Corp \* | 15680 |  | 98 |
| &nbsp;&nbsp;&nbsp;AGCO Corp | 149 |  | 17 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp, Cl A | 1053 |  | 68 |
| &nbsp;&nbsp;&nbsp;Alamo Group Inc | 86 |  | 14 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group Inc \* | 2673 |  | 98 |
| &nbsp;&nbsp;&nbsp;Albany International Corp, Cl A | 1310 |  | 68 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 855 |  | 124 |
| &nbsp;&nbsp;&nbsp;Allient Inc | 2036 |  | 120 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc | 1098 |  | 129 |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc \* | 405 |  | 4 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp \* | 461 |  | 18 |
| &nbsp;&nbsp;&nbsp;AMETEK Inc | 794 |  | 170 |
| &nbsp;&nbsp;&nbsp;API Group Corp \* | 2617 |  | 106 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc | 1229 |  | 41 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc | 492 |  | 131 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp | 336 |  | 33 |
| &nbsp;&nbsp;&nbsp;Archer Aviation Inc, Cl A \* | 8254 |  | 43 |

---

8 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Arcosa Inc | 1128 | $120 |
| &nbsp;&nbsp;&nbsp;Argan Inc | 310 | 169 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc | 161 | 27 |
| &nbsp;&nbsp;&nbsp;Array Technologies Inc \* | 7510 | 54 |
| &nbsp;&nbsp;&nbsp;Astec Industries Inc | 204 | 11 |
| &nbsp;&nbsp;&nbsp;Astronics Corp \* | 1471 | 98 |
| &nbsp;&nbsp;&nbsp;ATI Inc \* | 1143 | 166 |
| &nbsp;&nbsp;&nbsp;Atkore Inc | 453 | 27 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies Inc | 1767 | 100 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc | 6965 | 1415 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group Inc \* | 445 | 65 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise Inc \* | 1902 | 808 |
| &nbsp;&nbsp;&nbsp;AZZ Inc | 1071 | 134 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp, Cl A \* | 1624 | 220 |
| &nbsp;&nbsp;&nbsp;Brink's Co/The | 540 | 56 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc | 469 | 76 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies Inc \* | 4312 | 40 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings Inc | 2729 | 84 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos Inc | 311 | 104 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp | 497 | 196 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp | 6184 | 348 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc, Cl A \* | 794 | 63 |
| &nbsp;&nbsp;&nbsp;CBIZ Inc \* | 1206 | 32 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp \* | 1494 | 89 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc | 148 | 25 |
| &nbsp;&nbsp;&nbsp;Chart Industries Inc \* | 576 | 119 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 398 | 29 |
| &nbsp;&nbsp;&nbsp;Cintas Corp | 6448 | 1091 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC \* | 11944 | 30 |
| &nbsp;&nbsp;&nbsp;Clean Harbors Inc \* | 137 | 39 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 7547 | 83 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 116 | 160 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp | 387 | 11 |
| &nbsp;&nbsp;&nbsp;Construction Partners Inc, Cl A \* | 391 | 43 |
| &nbsp;&nbsp;&nbsp;Copart Inc \* | 5136 | 171 |
| &nbsp;&nbsp;&nbsp;Core & Main Inc, Cl A \* | 1715 | 85 |
| &nbsp;&nbsp;&nbsp;Crane Co | 135 | 23 |
| &nbsp;&nbsp;&nbsp;CSG Systems International Inc | 965 | 77 |
| &nbsp;&nbsp;&nbsp;CSW Industrials Inc | 116 | 30 |
| &nbsp;&nbsp;&nbsp;CSX Corp | 29082 | 1194 |
| &nbsp;&nbsp;&nbsp;Cummins Inc | 3179 | 1710 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source Inc \* | 15463 | 102 |
| &nbsp;&nbsp;&nbsp;Deere & Co | 3808 | 2145 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Inc | 2139 | 142 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp | 981 | 27 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group Inc \* | 3044 | 80 |
| &nbsp;&nbsp;&nbsp;DNOW Inc \* | 7772 | 93 |
| &nbsp;&nbsp;&nbsp;Donaldson Co Inc | 202 | 17 |
| &nbsp;&nbsp;&nbsp;Dover Corp | 383 | 80 |
| &nbsp;&nbsp;&nbsp;Dycom Industries Inc \* | 268 | 91 |
| &nbsp;&nbsp;&nbsp;EMCOR Group Inc | 172 | 127 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co | 1464 | 192 |
| &nbsp;&nbsp;&nbsp;Energy Recovery Inc \* | 5869 | 59 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp, Cl A | 2369 | $86 |
| &nbsp;&nbsp;&nbsp;EnerSys | 664 | 115 |
| &nbsp;&nbsp;&nbsp;Enovix Corp \* | 4020 | 21 |
| &nbsp;&nbsp;&nbsp;Enpro Inc | 501 | 126 |
| &nbsp;&nbsp;&nbsp;Enviri Corp \* | 7225 | 142 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises Inc \* | 7025 | 35 |
| &nbsp;&nbsp;&nbsp;Equifax Inc | 64 | 12 |
| &nbsp;&nbsp;&nbsp;Esab Corp | 485 | 47 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies Inc | 382 | 107 |
| &nbsp;&nbsp;&nbsp;Eve Holding Inc \* | 20585 | 51 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group Inc \* | 97 | 11 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings Inc \* | 680 | 21 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc | 746 | 107 |
| &nbsp;&nbsp;&nbsp;Exponent Inc | 135 | 9 |
| &nbsp;&nbsp;&nbsp;Fastenal Co | 484 | 22 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp | 1042 | 113 |
| &nbsp;&nbsp;&nbsp;FedEx Corp | 391 | 139 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 582 | 136 |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace Inc \* | 4772 | 136 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp | 239 | 18 |
| &nbsp;&nbsp;&nbsp;Fluence Energy Inc, Cl A \* | 5301 | 73 |
| &nbsp;&nbsp;&nbsp;Forrester Research Inc \* | 1169 | 7 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc | 174 | 7 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp \* | 144 | 2 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co Inc | 180 | 17 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd | 606 | 148 |
| &nbsp;&nbsp;&nbsp;FTI Consulting Inc \* | 443 | 78 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp PLC \* | 886 | 20 |
| &nbsp;&nbsp;&nbsp;GE Vernova Inc | 2450 | 2138 |
| &nbsp;&nbsp;&nbsp;Generac Holdings Inc \* | 203 | 40 |
| &nbsp;&nbsp;&nbsp;General Electric Co | 9855 | 2797 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd | 5562 | 207 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc \* | 164 | 7 |
| &nbsp;&nbsp;&nbsp;Graco Inc | 223 | 19 |
| &nbsp;&nbsp;&nbsp;Granite Construction Inc | 1175 | 141 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp \* | 4289 |  |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos Inc/The | 1583 | 83 |
| &nbsp;&nbsp;&nbsp;GXO Logistics Inc \* | 1041 | 54 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc \* | 422 | 8 |
| &nbsp;&nbsp;&nbsp;Helios Technologies Inc | 1091 | 71 |
| &nbsp;&nbsp;&nbsp;Herc Holdings Inc | 1012 | 101 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc \* | 15111 | 70 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp | 13176 | 1066 |
| &nbsp;&nbsp;&nbsp;HNI Corp | 1912 | 64 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 8010 | 1846 |
| &nbsp;&nbsp;&nbsp;Hubbell Inc, Cl B | 78 | 38 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc \* | 801 | 102 |
| &nbsp;&nbsp;&nbsp;ICF International Inc | 545 | 36 |
| &nbsp;&nbsp;&nbsp;IDEX Corp | 68 | 13 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc | 700 | 182 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc | 11165 | 895 |
| &nbsp;&nbsp;&nbsp;Insperity Inc | 592 | 16 |
| &nbsp;&nbsp;&nbsp;Interface Inc, Cl A | 3174 | 79 |

---

New Covenant Funds 9

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Intuitive Machines Inc, Cl A \* | 4761 | $88 |
| &nbsp;&nbsp;&nbsp;ITT Inc | 918 | 175 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 437 | 93 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp | 439 | 56 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp \* | 837 | 4 |
| &nbsp;&nbsp;&nbsp;Joby Aviation Inc \* | 6719 | 55 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 8308 | 1088 |
| &nbsp;&nbsp;&nbsp;Kadant Inc | 65 | 19 |
| &nbsp;&nbsp;&nbsp;Karman Holdings Inc \* | 1517 | 121 |
| &nbsp;&nbsp;&nbsp;Kelly Services Inc, Cl A | 2214 | 20 |
| &nbsp;&nbsp;&nbsp;Kennametal Inc | 1343 | 49 |
| &nbsp;&nbsp;&nbsp;Kforce Inc | 444 | 13 |
| &nbsp;&nbsp;&nbsp;Kirby Corp \* | 1032 | 137 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc, Cl A | 1357 | 78 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 1193 | 75 |
| &nbsp;&nbsp;&nbsp;Landstar System Inc | 83 | 13 |
| &nbsp;&nbsp;&nbsp;Lennox International Inc | 44 | 20 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc | 1027 | 256 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp | 91 | 11 |
| &nbsp;&nbsp;&nbsp;Liquidity Services Inc \* | 2249 | 69 |
| &nbsp;&nbsp;&nbsp;Loar Holdings Inc \* | 1413 | 81 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | 3194 | 39 |
| &nbsp;&nbsp;&nbsp;Lyft Inc, Cl A \* | 7511 | 100 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Inc | 3586 | 106 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd | 592 | 8 |
| &nbsp;&nbsp;&nbsp;Masco Corp | 245 | 15 |
| &nbsp;&nbsp;&nbsp;MasTec Inc \* | 420 | 135 |
| &nbsp;&nbsp;&nbsp;Masterbrand Inc \* | 174 | 1 |
| &nbsp;&nbsp;&nbsp;Matson Inc | 1273 | 209 |
| &nbsp;&nbsp;&nbsp;Maximus Inc | 682 | 44 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 666 | 73 |
| &nbsp;&nbsp;&nbsp;Middleby Corp/The \* | 103 | 14 |
| &nbsp;&nbsp;&nbsp;MillerKnoll Inc | 2900 | 42 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc \* | 4353 | 95 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co Inc, Cl A | 1115 | 103 |
| &nbsp;&nbsp;&nbsp;Mueller Industries Inc | 1102 | 122 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy Inc \* | 3038 | 62 |
| &nbsp;&nbsp;&nbsp;Nextpower Inc, Cl A \* | 1774 | 214 |
| &nbsp;&nbsp;&nbsp;Nordson Corp | 600 | 160 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp | 2628 | 754 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp \* | 3629 | 39 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 457 | 54 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc | 84 | 16 |
| &nbsp;&nbsp;&nbsp;Omega Flex Inc | 70 | 2 |
| &nbsp;&nbsp;&nbsp;OPENLANE Inc \* | 2303 | 67 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp | 1729 | 255 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp | 2457 | 189 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 4032 | 436 |
| &nbsp;&nbsp;&nbsp;PACCAR Inc | 1004 | 116 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp | 533 | 477 |
| &nbsp;&nbsp;&nbsp;Paychex Inc | 948 | 87 |
| &nbsp;&nbsp;&nbsp;Paycom Software Inc | 194 | 24 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp \* | 417 | $45 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 245 | 21 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes Inc | 11792 | 130 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC \* | 4815 | 135 |
| &nbsp;&nbsp;&nbsp;Plug Power Inc \* | 41383 | 94 |
| &nbsp;&nbsp;&nbsp;Powell Industries Inc | 368 | 199 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp | 784 | 112 |
| &nbsp;&nbsp;&nbsp;Proto Labs Inc \* | 91 | 5 |
| &nbsp;&nbsp;&nbsp;Quanta Services Inc | 911 | 500 |
| &nbsp;&nbsp;&nbsp;RB Global Inc | 132 | 13 |
| &nbsp;&nbsp;&nbsp;RBC Bearings Inc \* | 64 | 35 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings Inc \* | 6884 | 90 |
| &nbsp;&nbsp;&nbsp;Redwire Corp \* | 4787 | 41 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp | 1068 | 200 |
| &nbsp;&nbsp;&nbsp;Republic Services Inc, Cl A | 969 | 212 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies Inc \* | 3442 | 116 |
| &nbsp;&nbsp;&nbsp;Resources Connection Inc | 7466 | 28 |
| &nbsp;&nbsp;&nbsp;Robert Half Inc | 806 | 20 |
| &nbsp;&nbsp;&nbsp;ROCKET LAB CORP \* | 4937 | 317 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation Inc | 1620 | 581 |
| &nbsp;&nbsp;&nbsp;Rollins Inc | 2503 | 134 |
| &nbsp;&nbsp;&nbsp;RXO Inc \* | 1041 | 15 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc | 637 | 130 |
| &nbsp;&nbsp;&nbsp;Saia Inc \* | 96 | 34 |
| &nbsp;&nbsp;&nbsp;Schneider National Inc, Cl B | 521 | 14 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 4273 | 150 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc, Cl A \* | 12979 | 85 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co Inc | 643 | 110 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc \* | 361 | 48 |
| &nbsp;&nbsp;&nbsp;Snap-on Inc | 318 | 115 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co | 322 | 12 |
| &nbsp;&nbsp;&nbsp;SPX Technologies Inc \* | 999 | 200 |
| &nbsp;&nbsp;&nbsp;Standex International Corp | 421 | 107 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc | 1349 | 96 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc \* | 474 | 193 |
| &nbsp;&nbsp;&nbsp;Sunrun Inc \* | 1979 | 27 |
| &nbsp;&nbsp;&nbsp;Tennant Co | 639 | 42 |
| &nbsp;&nbsp;&nbsp;Terex Corp | 341 | 20 |
| &nbsp;&nbsp;&nbsp;Tetra Tech Inc | 2820 | 85 |
| &nbsp;&nbsp;&nbsp;TIC Solutions Inc \* | 931 | 6 |
| &nbsp;&nbsp;&nbsp;Timken Co/The | 204 | 21 |
| &nbsp;&nbsp;&nbsp;Toro Co/The | 1175 | 110 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 2367 | 986 |
| &nbsp;&nbsp;&nbsp;TransUnion | 135 | 9 |
| &nbsp;&nbsp;&nbsp;Trex Co Inc \* | 1134 | 41 |
| &nbsp;&nbsp;&nbsp;TriNet Group Inc | 877 | 32 |
| &nbsp;&nbsp;&nbsp;Trinity Industries Inc | 511 | 16 |
| &nbsp;&nbsp;&nbsp;TrueBlue Inc \* | 6393 | 25 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings Inc \* | 202 | 1 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp | 1345 | 104 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc \* | 20446 | 1471 |
| &nbsp;&nbsp;&nbsp;UFP Industries Inc | 196 | 18 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co \* | 28 | 1 |

---

10 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co, Cl B | 252 | $11 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp/MA | 235 | 59 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp | 4000 | 970 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc <sup>\*</sup> | 289 | 27 |
| &nbsp;&nbsp;&nbsp;United Parcel Service Inc, Cl B | 1814 | 178 |
| &nbsp;&nbsp;&nbsp;United Rentals Inc | 1306 | 951 |
| &nbsp;&nbsp;&nbsp;Upwork Inc <sup>\*</sup> | 3753 | 41 |
| &nbsp;&nbsp;&nbsp;Valmont Industries Inc | 76 | 30 |
| &nbsp;&nbsp;&nbsp;Veralto Corp | 1397 | 124 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics Inc, Cl A | 1729 | 328 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co, Cl A | 2378 | 596 |
| &nbsp;&nbsp;&nbsp;Vestis Corp | 130 | 1 |
| &nbsp;&nbsp;&nbsp;Vicor Corp <sup>\*</sup> | 1342 | 216 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp | 3217 | 28 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc | 6467 | 1486 |
| &nbsp;&nbsp;&nbsp;Watsco Inc | 52 | 19 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc, Cl A | 507 | 147 |
| &nbsp;&nbsp;&nbsp;WESCO International Inc | 2144 | 587 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp | 465 | 116 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp, Cl A | 590 | 10 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc | 223 | 12 |
| &nbsp;&nbsp;&nbsp;WW Grainger Inc | 1175 | 1282 |
| &nbsp;&nbsp;&nbsp;Xylem Inc/NY | 8239 | 985 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp | 1629 | 73 |
|  |  | 48446 |
| **Information Technology — 30.5%** |  |  |
| &nbsp;&nbsp;&nbsp;8x8 Inc <sup>\*</sup> | 2725 | 5 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 8189 | 1624 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide Inc <sup>\*</sup> | 1373 | 56 |
| &nbsp;&nbsp;&nbsp;Adeia Inc | 2351 | 56 |
| &nbsp;&nbsp;&nbsp;Adobe Inc <sup>\*</sup> | 4882 | 1187 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc <sup>\*</sup> | 979 | 12 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc <sup>\*</sup> | 14789 | 3009 |
| &nbsp;&nbsp;&nbsp;Agilysys Inc <sup>\*</sup> | 323 | 23 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies Inc <sup>\*</sup> | 3151 | 362 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc <sup>\*</sup> | 1192 | 51 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc <sup>\*</sup> | 2638 | 83 |
| &nbsp;&nbsp;&nbsp;Ambarella Inc <sup>\*</sup> | 160 | 8 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd | 1366 | 89 |
| &nbsp;&nbsp;&nbsp;Amkor Technology Inc | 2170 | 98 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp, Cl A | 6663 | 842 |
| &nbsp;&nbsp;&nbsp;Analog Devices Inc | 2426 | 772 |
| &nbsp;&nbsp;&nbsp;Appian Corp, Cl A <sup>\*</sup> | 1246 | 30 |
| &nbsp;&nbsp;&nbsp;Apple Inc | 120550 | 30594 |
| &nbsp;&nbsp;&nbsp;Applied Materials Inc | 8268 | 2826 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc <sup>\*</sup> | 1023 | 87 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp, Cl A <sup>\*</sup> | 1260 | 501 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc <sup>\*</sup> | 5405 | 664 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies Inc <sup>\*</sup> | 7542 | 107 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics Inc <sup>\*</sup> | 1149 | 165 |
| &nbsp;&nbsp;&nbsp;Asana Inc, Cl A <sup>\*</sup> | 3091 | 20 |
| &nbsp;&nbsp;&nbsp;ASGN Inc <sup>\*</sup> | 146 | 6 |
| &nbsp;&nbsp;&nbsp;Astera Labs Inc <sup>\*</sup> | 656 | 72 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Atlassian Corp, Cl A <sup>\*</sup> | 76 | $5 |
| &nbsp;&nbsp;&nbsp;Autodesk Inc <sup>\*</sup> | 2496 | 598 |
| &nbsp;&nbsp;&nbsp;Avnet Inc | 325 | 20 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc <sup>\*</sup> | 951 | 88 |
| &nbsp;&nbsp;&nbsp;Badger Meter Inc | 484 | 74 |
| &nbsp;&nbsp;&nbsp;Belden Inc | 155 | 18 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc | 1447 | 81 |
| &nbsp;&nbsp;&nbsp;Bentley Systems Inc, Cl B | 1422 | 50 |
| &nbsp;&nbsp;&nbsp;BILL Holdings Inc <sup>\*</sup> | 185 | 7 |
| &nbsp;&nbsp;&nbsp;Blackbaud Inc <sup>\*</sup> | 629 | 24 |
| &nbsp;&nbsp;&nbsp;BlackLine Inc <sup>\*</sup> | 185 | 7 |
| &nbsp;&nbsp;&nbsp;Box Inc, Cl A <sup>\*</sup> | 539 | 13 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | 38900 | 12040 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc <sup>\*</sup> | 3414 | 949 |
| &nbsp;&nbsp;&nbsp;Calix Inc <sup>\*</sup> | 1804 | 88 |
| &nbsp;&nbsp;&nbsp;CDW Corp/DE | 806 | 98 |
| &nbsp;&nbsp;&nbsp;Cerence Inc <sup>\*</sup> | 493 | 3 |
| &nbsp;&nbsp;&nbsp;Ciena Corp <sup>\*</sup> | 1223 | 475 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic Inc <sup>\*</sup> | 640 | 93 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc | 46734 | 3626 |
| &nbsp;&nbsp;&nbsp;Cloudflare Inc, Cl A <sup>\*</sup> | 493 | 102 |
| &nbsp;&nbsp;&nbsp;Cognex Corp | 203 | 10 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp, Cl A | 1661 | 102 |
| &nbsp;&nbsp;&nbsp;Coherent Corp <sup>\*</sup> | 265 | 63 |
| &nbsp;&nbsp;&nbsp;Commerce.com Inc <sup>\*</sup> | 3803 | 10 |
| &nbsp;&nbsp;&nbsp;CommVault Systems Inc <sup>\*</sup> | 219 | 17 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc <sup>\*</sup> | 180 | 4 |
| &nbsp;&nbsp;&nbsp;Corning Inc | 6104 | 830 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co | 135 | 5 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc, Cl A <sup>\*</sup> | 1122 | 438 |
| &nbsp;&nbsp;&nbsp;CTS Corp | 301 | 14 |
| &nbsp;&nbsp;&nbsp;Datadog Inc, Cl A <sup>\*</sup> | 1589 | 188 |
| &nbsp;&nbsp;&nbsp;Dell Technologies Inc, Cl C | 968 | 159 |
| &nbsp;&nbsp;&nbsp;DocuSign Inc, Cl A <sup>\*</sup> | 1618 | 77 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc, Cl A | 731 | 44 |
| &nbsp;&nbsp;&nbsp;Domo Inc, Cl B <sup>\*</sup> | 297 | 1 |
| &nbsp;&nbsp;&nbsp;Dropbox Inc, Cl A <sup>\*</sup> | 2914 | 66 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum Inc <sup>\*</sup> | 3215 | 46 |
| &nbsp;&nbsp;&nbsp;Dynatrace Inc <sup>\*</sup> | 465 | 17 |
| &nbsp;&nbsp;&nbsp;Elastic NV <sup>\*</sup> | 183 | 9 |
| &nbsp;&nbsp;&nbsp;Enphase Energy Inc <sup>\*</sup> | 60 | 2 |
| &nbsp;&nbsp;&nbsp;Everpure Inc, Cl A <sup>\*</sup> | 685 | 40 |
| &nbsp;&nbsp;&nbsp;Extreme Networks Inc <sup>\*</sup> | 4187 | 63 |
| &nbsp;&nbsp;&nbsp;F5 Inc <sup>\*</sup> | 389 | 113 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>\*</sup> | 235 | 123 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp <sup>\*</sup> | 16 | 17 |
| &nbsp;&nbsp;&nbsp;Fastly Inc, Cl A <sup>\*</sup> | 905 | 26 |
| &nbsp;&nbsp;&nbsp;First Solar Inc <sup>\*</sup> | 1385 | 273 |
| &nbsp;&nbsp;&nbsp;Five9 Inc <sup>\*</sup> | 93 | 1 |
| &nbsp;&nbsp;&nbsp;Flex Ltd <sup>\*</sup> | 2086 | 137 |
| &nbsp;&nbsp;&nbsp;FormFactor Inc <sup>\*</sup> | 353 | 34 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc <sup>\*</sup> | 5251 | 429 |
| &nbsp;&nbsp;&nbsp;Gartner Inc <sup>\*</sup> | 224 | 35 |

---

New Covenant Funds 11

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Gen Digital Inc | 4737 | $89 |
| &nbsp;&nbsp;&nbsp;Gitlab Inc, Cl A <sup>\*</sup> | 2458 | 53 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc <sup>\*</sup> | 1732 | 77 |
| &nbsp;&nbsp;&nbsp;Globant SA <sup>\*</sup> | 271 | 12 |
| &nbsp;&nbsp;&nbsp;GoDaddy Inc, Cl A <sup>\*</sup> | 1102 | 91 |
| &nbsp;&nbsp;&nbsp;Guidewire Software Inc <sup>\*</sup> | 894 | 134 |
| &nbsp;&nbsp;&nbsp;Hackett Group Inc/The | 3129 | 41 |
| &nbsp;&nbsp;&nbsp;HubSpot Inc <sup>\*</sup> | 322 | 79 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises Inc <sup>\*</sup> | 132 | 9 |
| &nbsp;&nbsp;&nbsp;Intel Corp <sup>\*</sup> | 43413 | 1916 |
| &nbsp;&nbsp;&nbsp;InterDigital Inc | 626 | 189 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp | 9111 | 2208 |
| &nbsp;&nbsp;&nbsp;Intuit Inc | 3309 | 1431 |
| &nbsp;&nbsp;&nbsp;IonQ Inc <sup>\*</sup> | 1420 | 41 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp <sup>\*</sup> | 558 | 64 |
| &nbsp;&nbsp;&nbsp;Itron Inc <sup>\*</sup> | 588 | 53 |
| &nbsp;&nbsp;&nbsp;Jabil Inc | 665 | 177 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies Inc <sup>\*</sup> | 5247 | 1482 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics Inc <sup>\*</sup> | 2142 | 51 |
| &nbsp;&nbsp;&nbsp;KLA Corp | 1322 | 1947 |
| &nbsp;&nbsp;&nbsp;Knowles Corp <sup>\*</sup> | 2314 | 59 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries Inc | 764 | 50 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc <sup>\*</sup> | 2624 | 34 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp | 14503 | 3099 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp <sup>\*</sup> | 369 | 34 |
| &nbsp;&nbsp;&nbsp;Littelfuse Inc | 60 | 20 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc <sup>\*</sup> | 660 | 464 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates Inc <sup>\*</sup> | 522 | 69 |
| &nbsp;&nbsp;&nbsp;MARA Holdings Inc <sup>\*</sup> | 3468 | 28 |
| &nbsp;&nbsp;&nbsp;Marvell Technology Inc | 7143 | 707 |
| &nbsp;&nbsp;&nbsp;Methode Electronics Inc | 14933 | 82 |
| &nbsp;&nbsp;&nbsp;Microchip Technology Inc | 1268 | 82 |
| &nbsp;&nbsp;&nbsp;Micron Technology Inc | 9194 | 3106 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp | 63773 | 23607 |
| &nbsp;&nbsp;&nbsp;MKS Inc | 103 | 24 |
| &nbsp;&nbsp;&nbsp;MongoDB Inc, Cl A <sup>\*</sup> | 574 | 140 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc | 64 | 70 |
| &nbsp;&nbsp;&nbsp;N-able Inc/US <sup>\*</sup> | 317 | 1 |
| &nbsp;&nbsp;&nbsp;nCino Inc <sup>\*</sup> | 3450 | 52 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp <sup>\*</sup> | 334 | 2 |
| &nbsp;&nbsp;&nbsp;NetApp Inc | 1006 | 103 |
| &nbsp;&nbsp;&nbsp;NETGEAR Inc <sup>\*</sup> | 3441 | 75 |
| &nbsp;&nbsp;&nbsp;NetScout Systems Inc <sup>\*</sup> | 2073 | 66 |
| &nbsp;&nbsp;&nbsp;Novanta Inc <sup>\*</sup> | 98 | 12 |
| &nbsp;&nbsp;&nbsp;Nutanix Inc, Cl A <sup>\*</sup> | 359 | 14 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | 196526 | 34274 |
| &nbsp;&nbsp;&nbsp;Okta Inc, Cl A <sup>\*</sup> | 812 | 64 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp <sup>\*</sup> | 1757 | 109 |
| &nbsp;&nbsp;&nbsp;OneSpan Inc | 6246 | 66 |
| &nbsp;&nbsp;&nbsp;Oracle Corp | 16406 | 2413 |
| &nbsp;&nbsp;&nbsp;OSI Systems Inc <sup>\*</sup> | 497 | 132 |
| &nbsp;&nbsp;&nbsp;PagerDuty Inc <sup>\*</sup> | 1821 | 11 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies Inc, Cl A <sup>\*</sup> | 15379 | 2250 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc <sup>\*</sup> | 7672 | $1230 |
| &nbsp;&nbsp;&nbsp;Pegasystems Inc | 300 | 13 |
| &nbsp;&nbsp;&nbsp;Plexus Corp <sup>\*</sup> | 589 | 119 |
| &nbsp;&nbsp;&nbsp;Power Integrations Inc | 196 | 10 |
| &nbsp;&nbsp;&nbsp;Procore Technologies Inc <sup>\*</sup> | 1013 | 58 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp <sup>\*</sup> | 1206 | 31 |
| &nbsp;&nbsp;&nbsp;PTC Inc <sup>\*</sup> | 677 | 96 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics Inc | 680 | 78 |
| &nbsp;&nbsp;&nbsp;Qorvo Inc <sup>\*</sup> | 100 | 8 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc | 10218 | 1316 |
| &nbsp;&nbsp;&nbsp;Qualys Inc <sup>\*</sup> | 591 | 52 |
| &nbsp;&nbsp;&nbsp;Rambus Inc <sup>\*</sup> | 1298 | 112 |
| &nbsp;&nbsp;&nbsp;Rapid7 Inc <sup>\*</sup> | 393 | 2 |
| &nbsp;&nbsp;&nbsp;RingCentral Inc, Cl A | 699 | 26 |
| &nbsp;&nbsp;&nbsp;Riot Platforms Inc <sup>\*</sup> | 3379 | 42 |
| &nbsp;&nbsp;&nbsp;Rogers Corp <sup>\*</sup> | 392 | 42 |
| &nbsp;&nbsp;&nbsp;Roper Technologies Inc | 193 | 68 |
| &nbsp;&nbsp;&nbsp;Salesforce Inc | 5945 | 1110 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp/DE <sup>\*</sup> | 1062 | 674 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp <sup>\*</sup> | 189 | 24 |
| &nbsp;&nbsp;&nbsp;ScanSource Inc <sup>\*</sup> | 1292 | 47 |
| &nbsp;&nbsp;&nbsp;Semtech Corp <sup>\*</sup> | 1000 | 77 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc <sup>\*</sup> | 11215 | 1173 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc <sup>\*</sup> | 437 | 91 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc | 308 | 16 |
| &nbsp;&nbsp;&nbsp;Snowflake Inc, Cl A <sup>\*</sup> | 2213 | 334 |
| &nbsp;&nbsp;&nbsp;SPS Commerce Inc <sup>\*</sup> | 152 | 8 |
| &nbsp;&nbsp;&nbsp;Strategy Inc, Cl A <sup>\*</sup> | 438 | 55 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc <sup>\*</sup> | 1220 | 28 |
| &nbsp;&nbsp;&nbsp;Synaptics Inc <sup>\*</sup> | 142 | 10 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc <sup>\*</sup> | 1467 | 582 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp | 387 | 65 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc <sup>\*</sup> | 31 | 19 |
| &nbsp;&nbsp;&nbsp;Teradata Corp <sup>\*</sup> | 2108 | 54 |
| &nbsp;&nbsp;&nbsp;Teradyne Inc | 945 | 280 |
| &nbsp;&nbsp;&nbsp;Terawulf Inc <sup>\*</sup> | 9405 | 136 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc | 5122 | 994 |
| &nbsp;&nbsp;&nbsp;Trimble Inc <sup>\*</sup> | 2035 | 133 |
| &nbsp;&nbsp;&nbsp;TTM Technologies Inc <sup>\*</sup> | 1170 | 114 |
| &nbsp;&nbsp;&nbsp;Tucows Inc, Cl A <sup>\*</sup> | 170 | 3 |
| &nbsp;&nbsp;&nbsp;Twilio Inc, Cl A <sup>\*</sup> | 869 | 109 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies Inc <sup>\*</sup> | 177 | 61 |
| &nbsp;&nbsp;&nbsp;Ubiquiti Inc | 48 | 38 |
| &nbsp;&nbsp;&nbsp;UiPath Inc, Cl A <sup>\*</sup> | 4174 | 46 |
| &nbsp;&nbsp;&nbsp;Unisys Corp <sup>\*</sup> | 689 | 1 |
| &nbsp;&nbsp;&nbsp;Unity Software Inc <sup>\*</sup> | 2638 | 58 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp | 847 | 78 |
| &nbsp;&nbsp;&nbsp;Varonis Systems Inc, Cl B <sup>\*</sup> | 327 | 7 |
| &nbsp;&nbsp;&nbsp;VeriSign Inc | 494 | 123 |
| &nbsp;&nbsp;&nbsp;ViaSat Inc <sup>\*</sup> | 693 | 32 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc <sup>\*</sup> | 3355 | 112 |
| &nbsp;&nbsp;&nbsp;Vistance Networks Inc <sup>\*</sup> | 6681 | 122 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp | 2423 | 655 |

---

12 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Workday Inc, Cl A <sup>\*</sup> | 2079 | $270 |
| &nbsp;&nbsp;&nbsp;Workiva Inc, Cl A <sup>\*</sup> | 1224 | 73 |
| &nbsp;&nbsp;&nbsp;Xperi Inc <sup>\*</sup> | 940 | 5 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp, Cl A <sup>\*</sup> | 438 | 92 |
| &nbsp;&nbsp;&nbsp;Zoom Communications Inc, Cl A <sup>\*</sup> | 2001 | 161 |
| &nbsp;&nbsp;&nbsp;Zscaler Inc <sup>\*</sup> | 336 | 47 |
|  |  | 158084 |
| **Materials — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix Inc | 1143 | 28 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc | 505 | 147 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp | 752 | 135 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp | 4188 | 278 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 2261 | 90 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti Plc | 1508 | 147 |
| &nbsp;&nbsp;&nbsp;AptarGroup Inc | 854 | 108 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 35612 | 144 |
| &nbsp;&nbsp;&nbsp;Ashland Inc | 152 | 9 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp | 88 | 15 |
| &nbsp;&nbsp;&nbsp;Avient Corp | 1216 | 44 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd <sup>\*</sup> | 3085 | 86 |
| &nbsp;&nbsp;&nbsp;Balchem Corp | 107 | 18 |
| &nbsp;&nbsp;&nbsp;Ball Corp | 13648 | 807 |
| &nbsp;&nbsp;&nbsp;Cabot Corp | 238 | 18 |
| &nbsp;&nbsp;&nbsp;Celanese Corp, Cl A | 93 | 6 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc | 1865 | 242 |
| &nbsp;&nbsp;&nbsp;Chemours Co/The | 2832 | 62 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc <sup>\*</sup> | 6197 | 52 |
| &nbsp;&nbsp;&nbsp;Coeur Mining Inc <sup>\*</sup> | 6945 | 130 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co | 1211 | 74 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International Inc <sup>\*</sup> | 851 | 20 |
| &nbsp;&nbsp;&nbsp;Constellium SE, Cl A <sup>\*</sup> | 4520 | 111 |
| &nbsp;&nbsp;&nbsp;Corteva Inc | 885 | 74 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 1464 | 154 |
| &nbsp;&nbsp;&nbsp;Crown Holdings Inc | 7063 | 708 |
| &nbsp;&nbsp;&nbsp;Dow Inc | 6392 | 266 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc | 1359 | 62 |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc | 126 | 24 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co | 1175 | 90 |
| &nbsp;&nbsp;&nbsp;Ecolab Inc | 1333 | 355 |
| &nbsp;&nbsp;&nbsp;Element Solutions Inc | 3720 | 127 |
| &nbsp;&nbsp;&nbsp;FMC Corp | 2400 | 41 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc | 20422 | 1200 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co | 681 | 7 |
| &nbsp;&nbsp;&nbsp;Greif Inc, Cl A | 1122 | 75 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co | 158 | 10 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp | 475 | 6 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp <sup>\*</sup> | 563 | 40 |
| &nbsp;&nbsp;&nbsp;Innospec Inc | 499 | 36 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc | 2307 | 167 |
| &nbsp;&nbsp;&nbsp;International Paper Co | 360 | 13 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC <sup>\*</sup> | 2137 | 41 |
| &nbsp;&nbsp;&nbsp;Knife River Corp <sup>\*</sup> | 96 | 8 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 6164 | 3056 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp | 1155 | $84 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Cl A | 2182 | 176 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc | 397 | 234 |
| &nbsp;&nbsp;&nbsp;Metallus Inc <sup>\*</sup> | 5421 | 89 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies Inc | 182 | 13 |
| &nbsp;&nbsp;&nbsp;Mosaic Co/The | 3590 | 92 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp <sup>\*</sup> | 1514 | 73 |
| &nbsp;&nbsp;&nbsp;Newmont Corp | 17630 | 1909 |
| &nbsp;&nbsp;&nbsp;Novagold Resources Inc <sup>\*</sup> | 1266 | 11 |
| &nbsp;&nbsp;&nbsp;Nucor Corp | 864 | 146 |
| &nbsp;&nbsp;&nbsp;O-I Glass Inc, Cl I <sup>\*</sup> | 6696 | 70 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 101 | 21 |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc | 1096 | 117 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp | 55 | 7 |
| &nbsp;&nbsp;&nbsp;Reliance Inc | 412 | 125 |
| &nbsp;&nbsp;&nbsp;Royal Gold Inc | 512 | 130 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co/The | 163 | 10 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp | 293 | 12 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp | 161 | 14 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co/The | 392 | 126 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 336 | 13 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co | 185 | 10 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp | 287 | 49 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics Inc | 545 | 98 |
| &nbsp;&nbsp;&nbsp;Stepan Co | 138 | 7 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp | 32 | 1 |
| &nbsp;&nbsp;&nbsp;TriMas Corp | 1583 | 57 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | 4385 | 43 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc | 490 | 64 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co | 407 | 111 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc | 969 | 90 |
| &nbsp;&nbsp;&nbsp;Westlake Corp | 137 | 16 |
| &nbsp;&nbsp;&nbsp;Worthington Steel Inc | 223 | 7 |
|  |  | 13356 |
| **Real Estate — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust <sup>‡</sup> | 1946 | 37 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp <sup>‡</sup> | 736 | 56 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc <sup>‡</sup> | 846 | 39 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT Inc <sup>‡</sup> | 2298 | 108 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A <sup>‡</sup> | 375 | 10 |
| &nbsp;&nbsp;&nbsp;American Tower Corp, Cl A <sup>‡</sup> | 1330 | 230 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT Inc <sup>‡</sup> | 718 | 8 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc <sup>‡</sup> | 3261 | 533 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust <sup>‡</sup> | 14492 | 39 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc <sup>‡</sup> | 4703 | 135 |
| &nbsp;&nbsp;&nbsp;BXP Inc <sup>‡</sup> | 1468 | 76 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 125 | 12 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT Inc <sup>‡</sup> | 2438 | 89 |
| &nbsp;&nbsp;&nbsp;CBRE Group Inc, Cl A <sup>\*</sup> | 9838 | 1333 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc <sup>‡</sup> | 1136 | 18 |
| &nbsp;&nbsp;&nbsp;Compass Inc, Cl A <sup>\*</sup> | 6636 | 49 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties <sup>‡</sup> | 3986 | 122 |
| &nbsp;&nbsp;&nbsp;CoStar Group Inc <sup>\*</sup> | 1627 | 66 |

---

New Covenant Funds 13

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Cousins Properties Inc <sup>‡</sup> | 289 | $7 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc <sup>‡</sup> | 1133 | 92 |
| &nbsp;&nbsp;&nbsp;CubeSmart <sup>‡</sup> | 377 | 14 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp <sup>‡</sup> | 1866 | 48 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd <sup>\*</sup> | 2593 | 32 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co <sup>‡</sup> | 4575 | 43 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc <sup>‡</sup> | 640 | 115 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett Inc <sup>‡</sup> | 448 | 4 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties Inc <sup>‡</sup> | 306 | 57 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust Inc, Cl A <sup>‡</sup> | 5592 | 29 |
| &nbsp;&nbsp;&nbsp;EPR Properties <sup>‡</sup> | 735 | 37 |
| &nbsp;&nbsp;&nbsp;Equinix Inc <sup>‡</sup> | 343 | 336 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc <sup>‡</sup> | 167 | 10 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 1954 | 116 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc <sup>‡</sup> | 2028 | 62 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust Inc <sup>‡</sup> | 454 | 110 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage Inc <sup>‡</sup> | 634 | 83 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust <sup>‡</sup> | 114 | 12 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc <sup>‡</sup> | 263 | 15 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc <sup>‡</sup> | 1848 | 44 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties Inc <sup>‡</sup> | 283 | 13 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc, Cl A <sup>‡</sup> | 392 | 7 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc <sup>‡</sup> | 5007 | 82 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties Inc <sup>‡</sup> | 247 | 5 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc <sup>‡</sup> | 5040 | 97 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc <sup>\*</sup> | 795 | 50 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc <sup>\*</sup><sup>‡</sup> | 354 | 2 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties Inc, Cl A <sup>‡</sup> | 59 | 3 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Inc <sup>‡</sup> | 1509 | 38 |
| &nbsp;&nbsp;&nbsp;Iron Mountain Inc <sup>‡</sup> | 1014 | 104 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties <sup>‡</sup> | 2065 | 30 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc <sup>\*</sup> | 881 | 268 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp <sup>‡</sup> | 2593 | 73 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp <sup>‡</sup> | 7790 | 175 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust <sup>‡</sup> | 3286 | 81 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co, Cl A <sup>‡</sup> | 1059 | 134 |
| &nbsp;&nbsp;&nbsp;LTC Properties Inc <sup>‡</sup> | 1142 | 42 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust <sup>‡</sup> | 193 | 9 |
| &nbsp;&nbsp;&nbsp;Macerich Co/The <sup>‡</sup> | 5508 | 104 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap Inc | 1380 | 37 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust Inc <sup>‡</sup> | 2513 | 12 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc <sup>‡</sup> | 318 | 39 |
| &nbsp;&nbsp;&nbsp;Millrose Properties Inc <sup>‡</sup> | 61 | 2 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties <sup>‡</sup> | 10 |  |
| &nbsp;&nbsp;&nbsp;Newmark Group Inc, Cl A | 3753 | 56 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc <sup>‡</sup> | 1229 | 54 |
| &nbsp;&nbsp;&nbsp;Outfront Media Inc <sup>‡</sup> | 1942 | 51 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc <sup>‡</sup> | 1996 | 21 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust <sup>‡</sup> | 1899 | 24 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust Inc, Cl A <sup>‡</sup> | 2333 | 15 |
| &nbsp;&nbsp;&nbsp;Prologis Inc <sup>‡</sup> | 13727 | 1814 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 384 | 104 |
| &nbsp;&nbsp;&nbsp;Rayonier Inc <sup>‡</sup> | 2160 | 45 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings Inc, Cl A <sup>\*</sup> | 1292 | $7 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp <sup>‡</sup> | 2112 | 129 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp <sup>‡</sup> | 16124 | 1220 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc <sup>‡</sup> | 241 | 8 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust <sup>‡</sup> | 2849 | 21 |
| &nbsp;&nbsp;&nbsp;RMR Group Inc/The, Cl A | 1095 | 17 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc <sup>‡</sup> | 577 | 53 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc <sup>‡</sup> | 5693 | 109 |
| &nbsp;&nbsp;&nbsp;Safehold Inc <sup>‡</sup> | 968 | 13 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp, Cl A <sup>‡</sup> | 684 | 118 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group Inc <sup>\*</sup> | 88 | 2 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust <sup>‡</sup> | 483 | 1 |
| &nbsp;&nbsp;&nbsp;Simon Property Group Inc <sup>‡</sup> | 698 | 130 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp <sup>‡</sup> | 933 | 5 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp <sup>‡</sup> | 2468 | 91 |
| &nbsp;&nbsp;&nbsp;St Joe Co/The | 460 | 29 |
| &nbsp;&nbsp;&nbsp;STAG Industrial Inc <sup>‡</sup> | 359 | 13 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc <sup>‡</sup> | 4173 | 18 |
| &nbsp;&nbsp;&nbsp;Sun Communities Inc <sup>‡</sup> | 272 | 34 |
| &nbsp;&nbsp;&nbsp;Tanger Inc <sup>‡</sup> | 647 | 22 |
| &nbsp;&nbsp;&nbsp;UDR Inc <sup>‡</sup> | 250 | 8 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties <sup>‡</sup> | 2679 | 54 |
| &nbsp;&nbsp;&nbsp;Ventas Inc <sup>‡</sup> | 2183 | 179 |
| &nbsp;&nbsp;&nbsp;VICI Properties Inc, Cl A <sup>‡</sup> | 3317 | 91 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust <sup>‡</sup> | 2903 | 75 |
| &nbsp;&nbsp;&nbsp;Welltower Inc <sup>‡</sup> | 3308 | 654 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co <sup>‡</sup> | 17005 | 415 |
| &nbsp;&nbsp;&nbsp;WP Carey Inc <sup>‡</sup> | 149 | 10 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc <sup>‡</sup> | 2347 | 35 |
| &nbsp;&nbsp;&nbsp;Zillow Group Inc, Cl A <sup>\*</sup> | 3500 | 145 |
| &nbsp;&nbsp;&nbsp;Zillow Group Inc, Cl C <sup>\*</sup> | 230 | 10 |
|  |  | 11533 |
| **Utilities — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp/The | 5282 | 74 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp | 213 | 15 |
| &nbsp;&nbsp;&nbsp;Ameren Corp | 141 | 16 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co Inc | 8825 | 1157 |
| &nbsp;&nbsp;&nbsp;American States Water Co | 580 | 44 |
| &nbsp;&nbsp;&nbsp;American Water Works Co Inc | 2717 | 370 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp | 461 | 85 |
| &nbsp;&nbsp;&nbsp;Avista Corp | 2860 | 115 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp | 1470 | 102 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp, Cl A | 1827 | 72 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp | 2803 | 112 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 1995 | 90 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc | 434 | 19 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl A | 3206 | 126 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C | 456 | 18 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp | 4980 | 386 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Inc | 7823 | 885 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | 1248 | 349 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc | 2121 | 131 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co | 876 | 128 |

---

14 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp | 11833 | $1549 |
| &nbsp;&nbsp;&nbsp;Edison International | 3288 | 241 |
| &nbsp;&nbsp;&nbsp;Entergy Corp | 4552 | 511 |
| &nbsp;&nbsp;&nbsp;Essential Utilities Inc | 331 | 13 |
| &nbsp;&nbsp;&nbsp;Evergy Inc | 180 | 15 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 10983 | 761 |
| &nbsp;&nbsp;&nbsp;Exelon Corp | 14031 | 688 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp | 1531 | 78 |
| &nbsp;&nbsp;&nbsp;H2O America | 716 | 42 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries Inc <sup>\*</sup> | 249 | 4 |
| &nbsp;&nbsp;&nbsp;IDACORP Inc, Cl Rights | 108 | 15 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group Inc | 386 | 8 |
| &nbsp;&nbsp;&nbsp;MGE Energy Inc | 631 | 49 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co | 223 | 21 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp | 1111 | 61 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc | 26367 | 2449 |
| &nbsp;&nbsp;&nbsp;NiSource Inc | 419 | 20 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co | 699 | 37 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group Inc | 1598 | 105 |
| &nbsp;&nbsp;&nbsp;NRG Energy Inc | 323 | 47 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp | 261 | 13 |
| &nbsp;&nbsp;&nbsp;Oklo Inc, Cl A <sup>\*</sup> | 1163 | 58 |
| &nbsp;&nbsp;&nbsp;ONE Gas Inc | 1415 | 122 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc | 644 | 72 |
| &nbsp;&nbsp;&nbsp;PG&E Corp | 692 | 12 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp | 1420 | 143 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co | 894 | 47 |
| &nbsp;&nbsp;&nbsp;PPL Corp | 2577 | 98 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 210 | 17 |
| &nbsp;&nbsp;&nbsp;Sempra | 1258 | 122 |
| &nbsp;&nbsp;&nbsp;Southern Co/The | 3534 | 341 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings Inc | 1209 | 105 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp <sup>\*</sup> | 324 | 103 |
| &nbsp;&nbsp;&nbsp;TXNM Energy Inc | 975 | 57 |
| &nbsp;&nbsp;&nbsp;UGI Corp | 253 | 9 |
| &nbsp;&nbsp;&nbsp;Vistra Corp | 3895 | 586 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group Inc | 1179 | 137 |
| &nbsp;&nbsp;&nbsp;Xcel Energy Inc | 1637 | 130 |
|  |  | 13180 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $190,803) ($ Thousands) |  | 512403 |
|  | Number of <br> Rights |  |
| **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Abiomed Inc \*<sup><sup>‡‡</sup></sup>(A) | 332 |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk AS \*<sup><sup>‡‡</sup></sup> | 913 | 1 |
| Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) ($ Thousands) |  | 1 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of <br> Warrants | Market Value <br> ($ Thousands) |
| **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp, Expires 02/17/2028<sup>\*</sup> | 1 | $– |
| Total Warrants |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) ($ Thousands) |  | – |
|  | Shares |  |
| **CASH EQUIVALENT — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.540%<sup>\*\*†</sup> | 4224046 | 4224 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,224) ($ Thousands) |  | 4224 |
| Total Investments in Securities — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $195,027) ($ Thousands) |  | $516628 |

---

New Covenant Funds 15

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Growth Fund** (Concluded)

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional Amount<br> (Thousands)** | **Value<br> (Thousands)** | **Unrealized<br> Depreciation(Thousands)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index E-Mini | 6 | Jun-2026 | $763 | $753 | $(10) |
| &nbsp;&nbsp;&nbsp;S&P 500 Index E-Mini | 12 | Jun-2026 | 3992 | 3943 | (49) |
|  |  |  | $4755 | $4696 | $(59) |

---

Percentages are based on Net Assets of $518,443 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of March 31, 2026.

<sup>†</sup> Investment in Affiliated Security.

<sup>††</sup> Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

<sup>‡</sup> Real Estate Investment Trust. <br> <sup>‡‡</sup> Expiration date not available.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Security
is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

The following is a summary of the transactions with affiliates for the period ended March 31, 2026 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 6/30/2025** | **Purchases at Cost** | **Proceeds from<br> Sales** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value<br> 3/31/2026** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $5913 | $32400 | $(34089) | $— | $— | $4224 | $122 | $— |

---

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

See "Glossary" for abbreviations.

16 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES — 44.4%** | **MORTGAGE-BACKED SECURITIES — 44.4%** | **MORTGAGE-BACKED SECURITIES — 44.4%** |
| **Agency Mortgage-Backed Obligations — 36.1%** | **Agency Mortgage-Backed Obligations — 36.1%** | **Agency Mortgage-Backed Obligations — 36.1%** |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2035 | $171 | $177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.276%, US0012M + 1.598%, 06/01/2047(A) | 159 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.214%, US0012M + 1.625%, 10/01/2046(A) | 270 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2035 | 341 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2036 to 09/01/2053 | 1318 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 to 01/01/2055 | 4229 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2038 to 10/01/2053 | 3790 | 3710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 to 02/01/2053 | 3972 | 3781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2042 to 11/01/2052 | 2715 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2043 to 06/01/2052 | 3552 | 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2030 to 01/01/2054 | 6002 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2040 to 04/01/2052 | 3985 | 3280 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.505%, 02/25/2035(A) | 2260 | 212 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.945%, 09/25/2030(A) | 13400 | 472 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.720%, 09/25/2027(A) | 7617 | 63 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.532%, 10/25/2031(A) | 6476 | 154 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.162%, SOFR30A + 1.500%, 10/25/2041(A)(B) | 172 | 173 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.962%, SOFR30A + 1.300%, 02/25/2042(A)(B) | 12 | 12 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-4391, Cl MZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2044 | 141 | 129 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2018-4813, Cl CJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 25 | 22 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-4980, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/25/2050 | 355 | 83 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5224, Cl HL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2052 | 300 | 278 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5293, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2051 | 811 | 102 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5473, Cl BF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.962%, SOFR30A + 1.300%, 11/25/2054(A) | 379 | 381 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2037 to 11/01/2038 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2038 | 17 | 18 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.278%, US0012M + 1.700%, 03/01/2036(A) | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.893%, 01/01/2036(A) | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 to 11/01/2053 | 2131 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2047 to 11/01/2054 | 5802 | 5803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2035 to 08/01/2058 | 6148 | 6013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 to 06/01/2057 | 8402 | 8031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2036 to 03/01/2057 | 6636 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2035 to 03/01/2052 | 5092 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2035 to 09/01/2061 | 10225 | 8921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2031 to 04/01/2052 | 7610 | 6303 |
| &nbsp;&nbsp;&nbsp;FNMA or FHLMC TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/15/2056 | 3275 | 2636 |
| &nbsp;&nbsp;&nbsp;FNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/2056 | 575 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2056 | 3625 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2056 | 4675 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2039 to 04/15/2056 | 3875 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2056 | 7950 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2056 | 800 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/01/2043 | 4125 | 3466 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2003-W2, Cl 2A9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 07/25/2042 | 193 | 194 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-29, Cl ZA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 58 | 60 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-118, Cl VZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2042 | 101 | 92 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2014-6, Cl Z |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2044 | 123 | 109 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2018-74, Cl AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2048 | 52 | 48 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-47, Cl GZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 112 | 68 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl AQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/25/2050 | 196 | 158 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-57, Cl TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2050 | 75 | 66 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-2, Cl CI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/25/2050 | 807 | 101 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2037 to 05/20/2053 | 1572 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/20/2038 to 11/20/2053 | 1720 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2034 | 530 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/20/2040 to 12/20/2050 | 1313 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2041 to 11/20/2049 | 1323 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2044 to 06/20/2052 | 1206 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2052 | 75 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/2051 to 09/20/2051 | 2502 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/20/2052 | 990 | 818 |
| &nbsp;&nbsp;&nbsp;GNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/2056 | 325 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2056 | 600 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2056 | 150 | 145 |

---

New Covenant Funds 17

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2045 | $| 2550 | $| 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2041 |  | 1625 |  | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2056 |  | 400 |  | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2048 |  | 2525 |  | 2172 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 108, Cl IO, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.971%, 06/16/2061(A) |  | 3109 |  | 217 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 113, Cl IO, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.137%, 02/16/2058(A) |  | 3307 |  | 196 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 182, Cl IA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 06/16/2063 |  | 4687 |  | 200 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2012-34, Cl SA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.261%, 03/20/2042(A) |  | 12 |  | 1 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-168, Cl PA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2048 |  | 33 |  | 32 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-188, Cl PA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/20/2051 |  | 166 |  | 138 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-189, Cl PT |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2051 |  | 157 |  | 132 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-9, Cl GA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/20/2052 |  | 134 |  | 111 |
|  |  |  |  | 124738 |
| **Non-Agency Mortgage-Backed Obligations — 8.3%** | **Non-Agency Mortgage-Backed Obligations — 8.3%** | **Non-Agency Mortgage-Backed Obligations — 8.3%** | **Non-Agency Mortgage-Backed Obligations — 8.3%** | **Non-Agency Mortgage-Backed Obligations — 8.3%** |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, US0001M + 0.880%, 09/15/2034(A)(B) |  | 130 |  | 129 |
| &nbsp;&nbsp;&nbsp;ACRA Trust, Ser 2024-NQM1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.608%, 10/25/2064(B)(C) |  | 567 |  | 568 |
| &nbsp;&nbsp;&nbsp;ALA Trust 2025-OANA, Ser OANA, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.416%, TSFR1M + 1.743%, 06/15/2040(A)(B) |  | 425 |  | 426 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust 2026-1, Ser 2026-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.747%, 02/25/2071(A)(B) |  | 423 |  | 419 |
| &nbsp;&nbsp;&nbsp;BANK 2021-BNK36, Ser BN36, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470%, 09/15/2064 |  | 410 |  | 365 |
| &nbsp;&nbsp;&nbsp;BANK 2022-BNK42, Ser BNK42, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493%, 06/15/2055(A) |  | 450 |  | 438 |
| &nbsp;&nbsp;&nbsp;BANK5 2023-5YR3, Ser 5YR3, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.255%, 09/15/2056 |  | 400 |  | 411 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2024-5C29, Ser 5C29, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.208%, 09/15/2057 |  | 854 |  | 869 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 5C25, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.946%, 03/15/2057 |  | 759 |  | 784 |
| &nbsp;&nbsp;&nbsp;Benchmark 2024-V6 Mortgage Trust, Ser V6, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.926%, 03/15/2057 |  | 819 |  | 845 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2021-B26, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.391%, 06/15/2054 |  | 604 |  | 571 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;BMO 2026-C14 Mortgage Trust, Ser C14, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.317%, 02/15/2059 | $510 | $516 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.970%, 03/25/2060(A)(B) | 5 | 4 |
| &nbsp;&nbsp;&nbsp;BSTN Commercial Mortgage Trust 2025-1C, Ser 1C, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.011%, 06/15/2044(A)(B) | 294 | 299 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser XL4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.115%, TSFR1M + 1.442%, 02/15/2039(A)(B) | 663 | 664 |
| &nbsp;&nbsp;&nbsp;BX Trust 2025-VOLT, Ser VOLT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.373%, TSFR1M + 1.700%, 12/15/2044(A)(B) | 567 | 565 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser CLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.760%, 10/13/2027(B) | 463 | 465 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser VLT4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.613%, TSFR1M + 1.941%, 06/15/2041(A)(B) | 250 | 248 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser VLT6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.116%, TSFR1M + 1.443%, 03/15/2042(A)(B) | 518 | 514 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust 2024-9, Ser 2024-9, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2055(A)(B) | 390 | 390 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust 2025-5, Ser 2025-5, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2056(A)(B) | 335 | 335 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust Series 2025-12, Ser 2025-12, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2056(A)(B) | 746 | 747 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-8, Cl A6A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2055(A)(B) | 94 | 93 |
| &nbsp;&nbsp;&nbsp;CHI Commercial Mortgage Trust, Ser SFT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.117%, 04/15/2042(A)(B) | 450 | 456 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.512%, 12/10/2049 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.994%, 02/25/2067(B)(C) | 62 | 59 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.312%, SOFR30A + 1.650%, 12/25/2041(A)(B) | 436 | 436 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H6, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.129%, 09/25/2069(A)(B) | 363 | 363 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632%, 04/25/2066(A)(B) | 103 | 91 |

---

18 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.938%, 05/25/2066(A)(B) | $659 | $544 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM7, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.756%, 10/25/2066(A)(B) | 69 | 61 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.265%, 11/25/2066(A)(B) | 290 | 263 |
| &nbsp;&nbsp;&nbsp;DC Commercial Mortgage Trust, Ser 2023-DC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.314%, 09/12/2040(B) | 410 | 418 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.205%, 01/25/2067(A)(B) | 190 | 176 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.931%, 06/25/2066(A)(B) | 216 | 184 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.206%, 01/25/2067(A)(B) | 72 | 65 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.361%, 02/25/2028(A) | 301 | 295 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser GC45, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.911%, 02/13/2053 | 889 | 839 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 2025-PJ4, Ser 2025-PJ4, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2055(A)(B) | 295 | 295 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 2025-PJ7, Ser 2025-PJ7, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2055(A)(B) | 362 | 362 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/25/2057(B) | 75 | 74 |
| &nbsp;&nbsp;&nbsp;HILT COMMERCIAL MORTGAGE TRUST, Ser ORL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.214%, TSFR1M + 1.541%, 05/15/2037(A)(B) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Homes Trust, Ser 2024-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.717%, 10/25/2069(B)(C) | 352 | 354 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust Series 2025-11, Ser 2025-11, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/25/2056(A)(B) | 785 | 786 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2025-5MPR, Cl A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.592%, 11/25/2055(B)(C) | 121 | 121 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser NINE, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.854%, 09/06/2038(A)(B) | 510 | 506 |
| &nbsp;&nbsp;&nbsp;JPMorgan Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.672%, 11/15/2047 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2024-4, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/25/2054(A)(B) | 155 | 155 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2025-1, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2055(A)(B) | $362 | $362 |
| &nbsp;&nbsp;&nbsp;LBTY Commercial Mortgage Trust 2026-225L, Ser 225L, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.593%, 02/10/2043(A)(B) | 357 | 352 |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/25/2069(A)(B) | 85 | 83 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1, Ser 5C1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.635%, 03/15/2058 | 828 | 854 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.354%, 11/15/2052 | 159 | 158 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser C30, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 09/15/2049 | 77 | 76 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2055(A)(B) | 271 | 272 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust 2026-NQM2, Ser 2026-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.743%, 12/25/2065(A)(B) | 425 | 421 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2057(A)(B) | 240 | 207 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2059(A)(B) | 154 | 149 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/25/2059(A)(B) | 154 | 150 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.492%, 09/25/2059(A)(B) | 47 | 45 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.156%, 11/27/2056(A)(B) | 62 | 57 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.516%, 11/27/2056(A)(B) | 41 | 37 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2062(B)(C) | 257 | 256 |
| &nbsp;&nbsp;&nbsp;NYC Trust, Ser 3ELV, Cl A 5.664%, TSFR1M + 1.991%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2029(A)(B) | 475 | 476 |
| &nbsp;&nbsp;&nbsp;NYO Commercial Mortgage Trust, Ser 1290, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.883%, TSFR1M + 1.209%, 11/15/2038(A)(B) | 345 | 344 |
| &nbsp;&nbsp;&nbsp;OBX 2025-J3 Trust, Ser 2025-J3, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/2055(A)(B) | 448 | 445 |

---

New Covenant Funds 19

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101%, 05/25/2061(A)(B) | $192 | $158 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.563%, 05/25/2061(A)(B) | 159 | 132 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.054%, 07/25/2061(A)(B) | 100 | 84 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.957%, 10/25/2061(A)(B) | 172 | 149 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.305%, 11/25/2061(A)(B) | 254 | 230 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2024-NQM1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/25/2064(B)(C) | 456 | 458 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2024-NQM11, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.230%, 06/25/2064(B)(C) | 148 | 150 |
| &nbsp;&nbsp;&nbsp;PCY Trust 2026-FCMT, Ser FCMT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.153%, 04/05/2041(A)(B) | 527 | 527 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust 2026-CNF3, Ser 2026-CNF3, Cl A23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.122%, SOFR30A + 1.450%, 04/25/2057(A)(B) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust 2026-INV3, Ser 2026-INV3, Cl A36 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.021%, SOFR30A + 1.350%, 02/25/2057(A)(B) | 430 | 429 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.510%, 08/25/2056(A)(B) | 140 | 121 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.071%, 11/25/2056(A)(B) | 106 | 94 |
| &nbsp;&nbsp;&nbsp;PRPM 2023-RCF2, Ser 2023-RCF2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/25/2053(B)(C) | 465 | 458 |
| &nbsp;&nbsp;&nbsp;PRPM 2024-RPL1, Ser 2024-RPL1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 12/25/2064(B)(C) | 436 | 430 |
| &nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Ser 2024-INV1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/2054(A)(B) | 70 | 72 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-4, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/25/2054(A)(B) | 172 | 172 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-6, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/27/2054(A)(B) | 199 | 200 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-2, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2055(A)(B) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.166%, 03/27/2062(A)(B) | 298 | 283 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.585%, 07/15/2041(B) | 510 | 454 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.693%, US0001M + 1.900%, 05/25/2058(A)(B) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.216%, TSFR1M + 1.537%, 09/18/2042(A)(B) | 513 | 514 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser C16, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.460%, 04/15/2052 | $| 172 | $| 170 |
|  |  |  |  | 28818 |
| Total Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $158,080) ($ Thousands) |  |  |  | 153556 |
| **U.S. TREASURY OBLIGATIONS — 33.9%** | **U.S. TREASURY OBLIGATIONS — 33.9%** | **U.S. TREASURY OBLIGATIONS — 33.9%** | **U.S. TREASURY OBLIGATIONS — 33.9%** | **U.S. TREASURY OBLIGATIONS — 33.9%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.638%, 04/07/2026 (D) |  | 1375 |  | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.633%, 05/21/2026 (D) |  | 3455 |  | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 05/07/2026 (D) |  | 3455 |  | 3442 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation Indexed Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 07/15/2035 |  | 1328 |  | 1322 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/31/2033 |  | 4910 |  | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2034 |  | 2425 |  | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/2035 |  | 2725 |  | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/15/2036 |  | 943 |  | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/31/2030 |  | 2263 |  | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2035 |  | 1040 |  | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/2028 |  | 32690 |  | 32739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/31/2031 |  | 27380 |  | 27292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/31/2030 |  | 12397 |  | 12245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/15/2028 |  | 2890 |  | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/15/2028 |  | 1058 |  | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2029 |  | 2583 |  | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2029 |  | 7711 |  | 7643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/30/2030 |  | 4364 |  | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/28/2031 |  | 1534 |  | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 02/29/2028 |  | 1225 |  | 1215 |
| Total U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $117,482) ($ Thousands) |  |  |  | 117275 |
| **CORPORATE OBLIGATIONS — 19.0%** | **CORPORATE OBLIGATIONS — 19.0%** | **CORPORATE OBLIGATIONS — 19.0%** | **CORPORATE OBLIGATIONS — 19.0%** | **CORPORATE OBLIGATIONS — 19.0%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;AT&T |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/15/2030 |  | 289 |  | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2027 |  | 150 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033 |  | 472 |  | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 06/01/2027 |  | 120 |  | 117 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/2033 |  | 510 |  | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028 |  | 200 |  | 196 |
| &nbsp;&nbsp;&nbsp;Discovery Global Holdings |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.054%, 03/15/2029 |  | 60 |  | 58 |
| &nbsp;&nbsp;&nbsp;Meta Platforms |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/15/2035 |  | 590 |  | 579 |

---

20 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/2027 | $| 20 | $| 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2031 |  | 180 |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/2029 |  | 219 |  | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 02/15/2031 |  | 204 |  | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 02/15/2028 |  | 20 |  | 19 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/21/2031 |  | 664 |  | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.355%, 03/15/2032 |  | 546 |  | 477 |
|  |  |  |  | 3955 |
| **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** |
| &nbsp;&nbsp;&nbsp;Amazon.com |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/13/2027 |  | 140 |  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 08/22/2027 |  | 470 |  | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2027 |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;AutoNation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/01/2032 |  | 95 |  | 88 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/30/2027 |  | 357 |  | 352 |
| &nbsp;&nbsp;&nbsp;Ferguson Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 (B) |  | 459 |  | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/02/2030 (B) |  | 851 |  | 801 |
| &nbsp;&nbsp;&nbsp;Home Depot |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2027 |  | 450 |  | 443 |
| &nbsp;&nbsp;&nbsp;Honda Motor |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.534%, 03/10/2027 |  | 632 |  | 621 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2028 |  | 255 |  | 257 |
| &nbsp;&nbsp;&nbsp;McDonald's MTN |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/01/2028 |  | 280 |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2027 |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;Starbucks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/15/2030 |  | 420 |  | 425 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 03/25/2032 (B) |  | 230 |  | 234 |
|  |  |  |  | 4589 |
| **Consumer Staples — 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/15/2034 (B) |  | 700 |  | 714 |
| &nbsp;&nbsp;&nbsp;Kroger |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, 06/01/2029 |  | 565 |  | 615 |
| &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/28/2030 (B) |  | 453 |  | 455 |
|  |  |  |  | 1784 |
| **Energy — 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 04/15/2034 |  | 518 |  | 533 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.036%, 11/15/2033 (B) |  | 250 |  | 264 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 06/15/2028 | $10 | $10 |
| &nbsp;&nbsp;&nbsp;Williams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2027 | 390 | 387 |
|  |  | 1194 |
| **Financials — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/2028 | 1226 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026 | 190 | 188 |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016%, SOFR + 1.440%, 04/25/2031 (A) | 520 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.918%, SOFR + 1.220%, 07/20/2033 (A) | 630 | 631 |
| &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/15/2029 (B) | 346 | 335 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 10/24/2030 (B) | 851 | 841 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204%, SOFR + 1.990%, 11/10/2028 (A) | 584 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456%, SOFR + 0.870%, 02/06/2032 (A) | 1224 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, US0003M + 1.040%, 12/20/2028 (A) | 234 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.651%, SOFR + 1.220%, 03/11/2032 (A) | 90 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.592%, SOFR + 2.150%, 04/29/2031 (A) | 110 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734%, SOFR + 0.960%, 07/22/2027 (A) | 175 | 173 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/22/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.974%, US0003M + 1.210%, 02/07/2030 (A) | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.593%, US0003M + 1.370%, 07/21/2028 (A) | 210 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/19/2026 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.490%, SOFR + 2.220%, 09/13/2029 (A) | 887 | 923 |
| &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 03/30/2031 (B) | 590 | 506 |
| &nbsp;&nbsp;&nbsp;Brown & Brown |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 06/23/2030 | 676 | 675 |
| &nbsp;&nbsp;&nbsp;Capital One Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.149%, SOFR + 2.440%, 10/29/2027 (A) | 189 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, SOFR + 2.057%, 05/10/2028 (A) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;CBRE Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 01/15/2033 | 529 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 06/15/2030 | 182 | 182 |

---

New Covenant Funds 21

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658%, SOFR + 1.887%, 05/24/2028 (A) | $140 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.542%, SOFR + 1.338%, 09/19/2030 (A) | 776 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 11/20/2026 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.785%, SOFR + 1.939%, 03/17/2033 (A) | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.668%, US0003M + 1.390%, 07/24/2028 (A) | 340 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, SOFR + 1.177%, 11/03/2032 (A) | 110 | 97 |
| &nbsp;&nbsp;&nbsp;Global Atlantic Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 06/15/2031 (B) | 1026 | 899 |
| &nbsp;&nbsp;&nbsp;Global Payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2028 | 260 | 257 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFR + 1.380%, 01/28/2036 (A) | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.223%, US0003M + 1.301%, 05/01/2029 (A) | 650 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.615%, SOFR + 1.846%, 03/15/2028 (A) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/16/2026 | 90 | 89 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 12/05/2028 | 164 | 168 |
| &nbsp;&nbsp;&nbsp;Hercules Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 01/20/2027 | 544 | 533 |
| &nbsp;&nbsp;&nbsp;ING Groep |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.114%, SOFR + 2.090%, 09/11/2034 (A) | 539 | 569 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.294%, SOFR + 1.460%, 07/22/2035 (A) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.915%, SOFR + 0.800%, 01/24/2029 (A) | 240 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.565%, SOFR + 1.750%, 06/14/2030 (A) | 998 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.452%, US0003M + 1.330%, 12/05/2029 (A) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.203%, US0003M + 1.260%, 07/23/2029 (A) | 773 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.005%, US0003M + 1.120%, 04/23/2029 (A) | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.522%, SOFR + 2.040%, 04/22/2031 (A) | 190 | 176 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance VI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2029 (B) | 897 | 868 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance XII |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 05/17/2032 (B) | 258 | 254 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.721%, H15T1Y + 1.070%, 06/05/2030 (A) | 865 | 893 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2035 | $155 | $154 |
| &nbsp;&nbsp;&nbsp;Moody's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/19/2031 | 1000 | 880 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFR + 1.730%, 01/18/2035 (A) | 230 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.320%, SOFR + 1.555%, 07/19/2035 (A) | 1261 | 1265 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.622%, SOFR + 3.120%, 04/01/2031 (A) | 475 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.699%, SOFR + 1.143%, 01/22/2031 (A) | 200 | 186 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.734%, SOFR + 1.080%, 07/18/2031 (A) | 395 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.204%, SOFR + 0.780%, 11/17/2028 (A) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;NatWest Markets MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.893%, 03/27/2031 (B) | 894 | 896 |
| &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.012%, 05/15/2035 (B) | 682 | 698 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, SOFR + 2.284%, 10/20/2034 (A) | 834 | 921 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029 (B) | 445 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.593%, 10/15/2031 (B) | 996 | 891 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.159%, SOFR + 1.890%, 05/18/2034 (A) | 520 | 526 |
| &nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.746%, H15T1Y + 1.100%, 02/11/2033 (A)(B) | 575 | 509 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.775%, SOFR + 2.020%, 06/12/2029 (A) | 100 | 103 |
| &nbsp;&nbsp;&nbsp;US Bancorp MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.215%, SOFR + 0.730%, 01/27/2028 (A) | 60 | 59 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.499%, SOFR + 1.780%, 01/23/2035 (A) | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/23/2026 | 190 | 189 |
| &nbsp;&nbsp;&nbsp;Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.557%, SOFR + 1.990%, 07/25/2034 (A) | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.478%, SOFR + 4.032%, 04/04/2031 (A) | 220 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/22/2027 | 200 | 200 |

---

22 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.393%, SOFR + 2.100%, 06/02/2028 (A) | $290 | $283 |
|  |  | 28605 |
| **Health Care — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/15/2027 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/21/2026 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;Centene |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2031 | 380 | 319 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 01/15/2036 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2030 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 10/15/2028 | 220 | 220 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/25/2028 | 164 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/2031 | 20 | 18 |
| &nbsp;&nbsp;&nbsp;CVS Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.507%, 01/10/2032 (B) | 741 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.773%, 01/10/2033 (B) | 252 | 256 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.641%, 11/24/2030 (B) | 712 | 702 |
| &nbsp;&nbsp;&nbsp;Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2036 | 265 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 05/15/2032 | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/15/2031 | 1198 | 1081 |
| &nbsp;&nbsp;&nbsp;Humana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2028 | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/23/2029 | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 02/03/2032 | 30 | 26 |
| &nbsp;&nbsp;&nbsp;Medline Borrower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/01/2029 (B) | 875 | 846 |
| &nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/18/2036 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/01/2030 | 100 | 94 |
| &nbsp;&nbsp;&nbsp;Stryker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 02/10/2028 | 420 | 424 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/15/2034 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2029 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2028 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 05/15/2031 | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/15/2030 | 30 | 27 |
|  |  | 6470 |
| **Industrials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor Finance USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 05/26/2033 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 03/17/2030 | 425 | 429 |
| &nbsp;&nbsp;&nbsp;AptarGroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/30/2031 | 435 | 431 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Carrier Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.722%, 02/15/2030 | $625 | $584 |
| &nbsp;&nbsp;&nbsp;CRH America Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/09/2035 | 689 | 704 |
| &nbsp;&nbsp;&nbsp;John Deere Capital MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/18/2029 | 934 | 910 |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 04/01/2030 (B) | 205 | 206 |
|  |  | 3305 |
| **Information Technology — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;Dell International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 170 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/01/2028 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;Fiserv |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/21/2033 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 03/15/2034 | 290 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 02/15/2031 | 85 | 83 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2031 (B) | 335 | 342 |
| &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/04/2029 | 469 | 482 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/12/2031 | 305 | 264 |
| &nbsp;&nbsp;&nbsp;NXP BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033 | 916 | 912 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 05/06/2030 | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 11/15/2037 | 245 | 195 |
| &nbsp;&nbsp;&nbsp;Paychex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 04/15/2030 | 310 | 313 |
| &nbsp;&nbsp;&nbsp;Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 03/15/2036 | 170 | 169 |
|  |  | 3686 |
| **Real Estate — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 11/15/2033 | 160 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/2030 | 175 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 01/15/2030 | 170 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 04/15/2031 | 190 | 172 |
| &nbsp;&nbsp;&nbsp;American Tower Trust #1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.490%, 03/15/2028 (B) | 554 | 560 |
| &nbsp;&nbsp;&nbsp;Crown Castle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 04/01/2031 | 485 | 423 |
| &nbsp;&nbsp;&nbsp;Equinix Asia Financing Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 03/15/2031 | 220 | 215 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 12/01/2028 | 769 | 724 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 06/15/2032 | 290 | 297 |

---

New Covenant Funds 23

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Phillips Edison Grocery Center Operating Partnership I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/15/2033 | $125 | $122 |
| &nbsp;&nbsp;&nbsp;WP Carey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/15/2030 | 380 | 378 |
|  |  | 3395 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, H15T5Y + 2.077%, 04/01/2056 (A) | 135 | 131 |
| &nbsp;&nbsp;&nbsp;American Electric Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, H15T5Y + 2.128%, 03/15/2056 (A) | 250 | 247 |
| &nbsp;&nbsp;&nbsp;American Transmission Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/15/2032 (B) | 60 | 54 |
| &nbsp;&nbsp;&nbsp;American Water Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/01/2030 | 1203 | 1129 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/15/2028 | 468 | 463 |
| &nbsp;&nbsp;&nbsp;Consumers 2023 Securitization Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210%, 09/01/2030 | 512 | 521 |
| &nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 2.262%, 02/15/2056 (A) | 165 | 164 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 03/15/2032 | 1057 | 962 |
| &nbsp;&nbsp;&nbsp;Entergy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, H15T5Y + 2.179%, 06/15/2056 (A) | 205 | 202 |
| &nbsp;&nbsp;&nbsp;Exelon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/15/2035 | 343 | 351 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 02/03/2032 | 544 | 487 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.647%, 10/03/2030 (B) | 180 | 179 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950%, 08/15/2031 | 1000 | 875 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 06/01/2032 | 300 | 291 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.022%, 06/01/2031 | 533 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.594%, 06/01/2030 | 473 | 464 |
| &nbsp;&nbsp;&nbsp;Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 1.993%, 04/01/2058 (A) | 255 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, H15T5Y + 2.915%, 09/15/2051 (A) | 425 | 421 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 (B) | 340 | 345 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, H15T5Y + 1.905%, 05/15/2056 (A) | 260 | 255 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 10/01/2034 | $| 588 | $| 579 |
|  |  |  |  | 8900 |
| Total Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,926) ($Thousands) |  |  |  | 65883 |
| **ASSET-BACKED SECURITIES — 10.4%** | **ASSET-BACKED SECURITIES — 10.4%** | **ASSET-BACKED SECURITIES — 10.4%** | **ASSET-BACKED SECURITIES — 10.4%** | **ASSET-BACKED SECURITIES — 10.4%** |
| **Automobile — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Enterprise Fleet Financing 2025-4, Ser 2025-4, Cl A3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.110%, 12/20/2029 (B) |  | 534 |  | 531 |
| **Mortgage Related Securities — 0.1%** | **Mortgage Related Securities — 0.1%** | **Mortgage Related Securities — 0.1%** | **Mortgage Related Securities — 0.1%** | **Mortgage Related Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp;ABFC 2006-OPT1 Trust, Ser 2006-OPT1, Cl A3D |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.273%, TSFR1M + 0.594%, 09/25/2036 (A) |  | 274 |  | 271 |
| &nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Ser 2021-MH1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.753%, 02/25/2046 (B) |  | 48 |  | 43 |
|  |  |  |  | 314 |
| **Other Asset-Backed Securities — 10.2%** | **Other Asset-Backed Securities — 10.2%** | **Other Asset-Backed Securities — 10.2%** | **Other Asset-Backed Securities — 10.2%** | **Other Asset-Backed Securities — 10.2%** |
| &nbsp;&nbsp;&nbsp;Aimco CLO 11, Ser 2024-11A, Cl A1R2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.008%, TSFR3M + 1.340%, 07/17/2037 (A)(B) |  | 553 |  | 553 |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer, Ser 2021-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.937%, 08/15/2046 (B) |  | 260 |  | 257 |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer, Ser 2022-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, 10/15/2047 (B) |  | 345 |  | 344 |
| &nbsp;&nbsp;&nbsp;ALLO Issuer, Ser 2023-1A, Cl A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%, 06/20/2053 (B) |  | 275 |  | 277 |
| &nbsp;&nbsp;&nbsp;AMMC CLO 24, Ser 2024-24A, Cl AR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.868%, TSFR3M + 1.200%, 01/20/2035 (A)(B) |  | 500 |  | 499 |
| &nbsp;&nbsp;&nbsp;AMSR Trust, Ser 2023-SFR1, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/17/2040 (B) |  | 960 |  | 946 |
| &nbsp;&nbsp;&nbsp;AMSR Trust, Ser 2024-SFR1, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.290%, 07/17/2041 (B)(C) |  | 600 |  | 590 |
| &nbsp;&nbsp;&nbsp;APIDOS CLO XLVIII, Ser 2024-48A, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.108%, TSFR3M + 1.440%, 07/25/2037 (A)(B) |  | 284 |  | 284 |
| &nbsp;&nbsp;&nbsp;ARES LX CLO, Ser 2026-60A, Cl AR2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.628%, TSFR3M + 0.960%, 07/18/2034 (A)(B) |  | 450 |  | 449 |

---

24 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO 2021-4, Ser 2026-4A, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.668%, TSFR3M + 1.000%, 10/20/2034 (A)(B) | $175 | $175 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ser 2024-6A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.760%, TSFR3M + 1.090%, 10/21/2034 (A)(B) | 425 | 425 |
| &nbsp;&nbsp;&nbsp;Ballyrock CLO 20, Ser 2026-20A, Cl A1A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.722%, TSFR3M + 1.050%, 10/15/2036 (A)(B) | 450 | 448 |
| &nbsp;&nbsp;&nbsp;Barings CLO, Ser 2019-III, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.808%, TSFR3M + 1.140%, 01/20/2036 (A)(B) | 450 | 449 |
| &nbsp;&nbsp;&nbsp;CARS-DB4, Ser 2020-1A, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.480%, 02/15/2050 (B) | 415 | 409 |
| &nbsp;&nbsp;&nbsp;CIFC Funding 2014-IV-R, Ser 2025-4RA, Cl A1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658%, TSFR3M + 0.990%, 01/17/2035 (A)(B) | 714 | 713 |
| &nbsp;&nbsp;&nbsp;Cifc Funding 2023-III, Ser 2026-3A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.863%, TSFR3M + 1.200%, 01/20/2039 (A)(B) | 891 | 890 |
| &nbsp;&nbsp;&nbsp;CLI Funding VI, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.080%, 09/18/2045 (B) | 328 | 308 |
| &nbsp;&nbsp;&nbsp;CLI Funding VI, Ser 2020-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.070%, 10/18/2045 (B) | 103 | 96 |
| &nbsp;&nbsp;&nbsp;Cloud Capital Holdco, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.781%, 11/22/2049 (B) | 260 | 260 |
| &nbsp;&nbsp;&nbsp;Clover CLO, Ser 2021-3, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.738%, TSFR3M + 1.070%, 01/25/2035 (A)(B) | 450 | 449 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications, Ser 2025-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/20/2055 (B) | 155 | 157 |
| &nbsp;&nbsp;&nbsp;DB Master Finance, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.493%, 11/20/2051 (B) | 1004 | 946 |
| &nbsp;&nbsp;&nbsp;Dryden 68 CLO, Ser 2024-68A, Cl ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.772%, TSFR3M + 1.100%, 07/15/2035 (A)(B) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 22, Ser 2025-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.868%, TSFR3M + 1.200%, 04/17/2038 (A)(B) | 355 | 354 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 08/17/2038 (B) | 668 | 660 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.135%, 12/17/2038 (B) | 412 | 406 |
| &nbsp;&nbsp;&nbsp;Flatiron CLO 26, Ser 2024-4A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.002%, TSFR3M + 1.330%, 01/15/2038 (A)(B) | 525 | 525 |
| &nbsp;&nbsp;&nbsp;Flatiron RR CLO 22, Ser 2025-2A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.582%, TSFR3M + 0.910%, 10/15/2034 (A)(B) | 693 | 690 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo 11, Ser 2024-11A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.748%, TSFR3M + 1.080%, 10/20/2034 (A)(B) | $415 | $415 |
| &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 53B, Ser 2025-53A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.648%, TSFR3M + 0.980%, 07/20/2034 (A)(B) | 430 | 429 |
| &nbsp;&nbsp;&nbsp;Home Partners of America Trust, Ser 2022-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.930%, 04/17/2039 (B) | 223 | 222 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.311%, 11/20/2051 (B) | 335 | 330 |
| &nbsp;&nbsp;&nbsp;HPS Loan Management 2021-16, Ser 2025-16A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.781%, TSFR3M + 1.110%, 01/23/2035 (A)(B) | 400 | 399 |
| &nbsp;&nbsp;&nbsp;LCM 29, Ser 2021-29A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.004%, TSFR3M + 1.332%, 04/15/2031 (A)(B) | 109 | 109 |
| &nbsp;&nbsp;&nbsp;LCM 37, Ser 2024-37A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.732%, TSFR3M + 1.060%, 04/15/2034 (A)(B) | 377 | 377 |
| &nbsp;&nbsp;&nbsp;Lightpath Fiber Issuer, Ser 2026-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.597%, 03/25/2056 (B) | 310 | 309 |
| &nbsp;&nbsp;&nbsp;Magnetite XXIII, Ser 2026-23A, Cl AR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.637%, TSFR3M + 0.990%, 01/25/2035 (A)(B) | 450 | 449 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2015-10, Ser 2024-10A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.978%, TSFR3M + 1.310%, 01/26/2038 (A)(B) | 880 | 880 |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 40, Ser 2025-1A, Cl BRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218%, TSFR3M + 1.550%, 01/20/2035 (A)(B) | 470 | 469 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO 2022-2, Ser 2024-2A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.038%, TSFR3M + 1.370%, 07/20/2037 (A)(B) | 523 | 523 |
| &nbsp;&nbsp;&nbsp;PFS Financing, Ser 2025-D, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.470%, 05/15/2030 (B) | 536 | 537 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/17/2027 (B) | 929 | 913 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/17/2039 (B) | 486 | 479 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1, Ser 2025-1A, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.758%, TSFR3M + 1.090%, 01/20/2036 (A)(B) | 475 | 475 |
| &nbsp;&nbsp;&nbsp;Sabey Data Center Issuer, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.881%, 06/20/2046 (B) | 1518 | 1508 |

---

New Covenant Funds 25

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2023-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.168%, 03/10/2033 | $686 | $699 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2024-10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.035%, 03/10/2034 | 792 | 794 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO VIII, Ser 2024-8A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.818%, TSFR3M + 1.150%, 10/20/2034 (A)(B) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Subway Funding, Ser 2024-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.268%, 07/30/2054 (B) | 702 | 708 |
| &nbsp;&nbsp;&nbsp;Taco Bell Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.294%, 08/25/2051 (B) | 583 | 539 |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII, Ser 2020-2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 09/20/2045 (B) | 230 | 217 |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII, Ser 2020-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.110%, 09/20/2045 (B) | 250 | 239 |
| &nbsp;&nbsp;&nbsp;Tricon Residential 2025-SFR2 Trust, Ser 2025-SFR2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 08/17/2044 (B) | 484 | 482 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.943%, 07/17/2038 (B) | 847 | 840 |
| &nbsp;&nbsp;&nbsp;Trinitas CLO XIV, Ser 2025-14A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.768%, TSFR3M + 1.100%, 01/25/2034 (A)(B) | 435 | 435 |
| &nbsp;&nbsp;&nbsp;Trinity Rail Leasing 2019-1, Ser 2019-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.820%, 04/17/2049 (B) | 366 | 366 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2010-20H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.520%, 08/01/2030 | 52 | 51 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2011-20B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.220%, 02/01/2031 | 56 | 55 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2011-20J, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.760%, 10/01/2031 | 39 | 37 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2013-20K, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380%, 11/01/2033 | 198 | 191 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2014-20F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.990%, 06/01/2034 | 289 | 275 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.720%, 03/01/2035 | 245 | 231 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.770%, 05/01/2035 | 147 | 138 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20K, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2035 | 194 | 183 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.940%, 05/01/2047 | $780 | $750 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.010%, 06/01/2047 | 543 | 525 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25G, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.930%, 07/01/2047 | 801 | 773 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 08/01/2047 | 397 | 380 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2023-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.930%, 06/01/2048 | 755 | 763 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2024-25C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.970%, 03/01/2049 | 753 | 762 |
| &nbsp;&nbsp;&nbsp;Valley Stream Park CLO, Ser 2024-1A, Cl ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.858%, TSFR3M + 1.190%, 01/20/2037 (A)(B) | 450 | 450 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust, Ser 2025-10, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.280%, 10/20/2033 (B) | 892 | 885 |
| &nbsp;&nbsp;&nbsp;Voya CLO 2017-3, Ser 2025-3A, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.728%, TSFR3M + 1.060%, 04/20/2034 (A)(B) | 500 | 499 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 06/15/2051 (B) | 588 | 544 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.775%, 06/15/2051 (B) | 252 | 223 |
|  |  | 35216 |
| Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,290) ($Thousands) |  | 36061 |
| **MUNICIPAL BONDS — 1.0%** |  |  |
| **California — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.378%, 06/01/2028 | 575 | 566 |
| **Georgia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State, Higher Education Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.863%, 01/01/2034 | 315 | 320 |
| **Iowa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.343%, 12/01/2034 | 166 | 168 |

---

26 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Income Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **Massachusetts — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.520%, 07/01/2035 | $845 | $856 |
| **New Hampshire — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire State, Health and Education Facilities Authority Act, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.040%, 11/01/2034 | 1090 | 1090 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| **South Carolina — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;South Carolina State, Student Loan, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.129%, 12/01/2036 | $530 | $527 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,521) ($Thousands) |  | 3527 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **CASH EQUIVALENT — 1.8%** | **CASH EQUIVALENT — 1.8%** | **CASH EQUIVALENT — 1.8%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.540%\*\*† | 6148115 | 6148 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,148) ($Thousands) |  | 6148 |
| Total Investments in Securities — 110.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $388,447) ($Thousands) |  | $382450 |

---

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional Amount<br> (Thousands)** | **Value<br> (Thousands)** | **Unrealized Appreciation<br> (Depreciation)(Thousands)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Notes | 120 | Jun-2026 | $25071 | $24893 | $(178) |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Long Treasury Bonds | (24) | Jun-2026 | $(2884) | $(2797) | $87 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Notes | (43) | Jun-2026 | (4968) | (4881) | 87 |
|  |  |  | (7852) | (7678) | 174 |
|  |  |  | $17219 | $17215 | $(4) |

---

Percentages are based on Net Assets of $345,994 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;† Investment
in Affiliated Security.

&nbsp;&nbsp;&nbsp;&nbsp;(A) Variable
or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are
not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions;
by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Security,
or a portion thereof, 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 March 31, 2026, the value of these securities amounted
to $65,225 ($ Thousands), representing 18.9% of the Net Assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(C) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Interest
rate represents the security's effective yield at the time of purchase.

The following is a summary of the Fund's transactions with affiliates for the period ended March 31, 2026 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value 6/30/2025** | **Purchases at Cost** | **Proceeds from<br> Sales** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value<br> 3/31/2026** | **Income** | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $28663 | $559891 | $(582406) | $— | $— | $6148 | $659 | $— |

---

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

See "Glossary" for abbreviations.

New Covenant Funds 27

**SCHEDULE OF INVESTMENTS (Unaudited)**

March 31, 2026

**New Covenant Balanced Growth Fund**

---

| | | |
|:---|:---|:---|
|  |  | Market Value |
| Description | Shares | ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 98.9%** |  |  |
| **Equity Fund — 59.1%** |  |  |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund<sup>†</sup> | 3211066 | $205669 |
| Total Equity Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $88,287) ($ Thousands) |  | 205669 |
| **Fixed Income Fund — 39.8%** |  |  |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund<sup>†</sup> | 6497467 | 138461 |
| Total Fixed Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $144,308) ($ Thousands) |  | 138461 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **CASH EQUIVALENT — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund,<br> Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.540%\*\*<sup>†</sup> | 1297334 | $1297 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,297) ($ Thousands) |  | 1297 |
| Total Investments in Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $233,892) ($ Thousands) |  | $345427 |

---

Percentages are based on Net Assets of $347,878 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of March 31, 2026.

<sup>†</sup> Investment in Affiliated Security.

The following is a summary of the transactions with affiliates for the period ended March 31, 2026 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Security Description** |<br><br>**Value 6/30/2025** |<br><br>**Purchases at Cost** |<br>**Proceeds from**<br>**Sales** |<br>**Realized Gain/**<br>**(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value**<br>**3/31/2026** |<br><br>**Income** |<br><br>**Capital Gains** |
| New Covenant Growth Fund | $218600 | $18639 | $(43037) | $24429 | $(12962) | $205669 | $1600 | $— |
| New Covenant Income Fund | 135920 | 5592 | (3800) | (354) | 1103 | 138461 | 3392 |  |
| SEI Daily Income Trust, Government Fund, Institutional Class | 3391 | 24982 | (27076) |  |  | 1297 | 83 |  |
| Totals | $357911 | $49213 | $(73913) | $24075 | $(11859) | $345427 | $5075 | $— |

---

See "Glossary" for abbreviations.

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

28 New Covenant Funds

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**New Covenant Balanced Income Fund**

---

| | | |
|:---|:---|:---|
|  |  | Market Value |
| Description | Shares | ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 98.8%** |  |  |
| **Fixed Income Fund — 64.7%** |  |  |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund† | 2269945 | $48372 |
| Total Fixed Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,201) ($ Thousands) |  | 48372 |
| **Equity Fund — 34.1%** |  |  |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund† | 397175 | 25439 |
| Total Equity Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,047) ($ Thousands) |  | 25439 |

---

---

| | | |
|:---|:---|:---|
|  |  | Market Value |
| Description | Shares | ($ Thousands) |
| **CASH EQUIVALENT — 1.0%** |  |  |
| SEI Daily Income Trust, Government Fund, |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.540%\*\*† | 775751 | $776 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $776) ($ Thousands) |  | 776 |
| Total Investments in Securities — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,024) ($ Thousands) |  | $74587 |

---

Percentages are based on Net Assets of $74,708 ($ Thousands).

\*\* The rate reported is the 7-day effective yield as of March 31, 2026.

<sup>†</sup> Investment in Affiliated Security.

The following is a summary of the Fund's transactions with affiliates for the period ended March 31, 2026 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Security Description** |<br><br>**Value 6/30/2025** |<br><br>**Purchases at Cost** |<br>**Proceeds from**<br>**Sales** |<br>**Realized Gain/**<br>**(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value**<br>**3/31/2026** |<br><br>**Income** |<br><br>**Capital Gains** |
| New Covenant Income Fund | $48492 | $2204 | $(2610) | $(217) | $503 | $48372 | $1199 | $— |
| New Covenant Growth Fund | 27704 | 2884 | (6669) | 3406 | (1886) | 25439 | 201 |  |
| SEI Daily Income Trust, Government Fund, Institutional Class | 456 | 7713 | (7393) |  |  | 776 | 21 |  |
| Totals | $76652 | $12801 | $(16672) | $3189 | $(1383) | $74587 | $1422 | $— |

---

See "Glossary" for abbreviations.

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

New Covenant Funds 29

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

**Portfolio Abbreviations** 

ABS — Asset-Backed Security

AGM — Assured Guaranty Municipal

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

DAC — Designated Activity Company

FHLB — Federal Home Loan Bank

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

L.P. — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

USD — U.S. Dollar

30 New Covenant Funds

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NEW COVENANT FUNDS

- **b. Investment Company Act file number:** 811-09025

- **c. CIK number of Registrant:** 0001070222

- **d. LEI of Registrant:** RVB8BBBTG6J5RT8BQ908

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 EAST 12TH ST

  - **City:** JEFFERSONVILLE

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 47130

  - **Telephone number:** 5025695984

**Item A.2. Information about the Series.**

- **a. Name of Series:** New Covenant Balanced Growth Fund

- **b. EDGAR series identifier (if any):** S000005023

- **c. LEI of Series:** 549300XHCSLGGDXZ1F50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $347940982.53

**Total Liabilities:** $63242.65

**Net Assets:** $347877739.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013702 | -3.63%               | -0.01%               | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-13520742.30                              |
| Month 2  | $-20201.91               | $-326046.97                                |
| Month 3  | $65790.36                | $3191602.90                                |

### Schedule of Portfolio Investments

| Name                     | Title                                        | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SEI DAILY INCOME TRUST   | SEI DAILY INCOME TRUST GOVERNMENT FUND (#36) | CUSIP: 783965593<br>LEI: N/A | Long             | STIV             | RF                | US        |   1297334 | NS      | $1297333.93   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW COVENANT GROWTH FUND | NEW COVENANT GROWTH FUND                     | CUSIP: 643642101<br>LEI: N/A | Long             | EC               |  | US        |   3211066 | NS      | $205668786.70 | 59.12%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW COVENANT INCOME FUND | NEW COVENANT INCOME FUND                     | CUSIP: 643642200<br>LEI: N/A | Long             | EC               |  | US        |   6596804 | NS      | $140577886.70 | 40.41%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** NEW COVENANT FUNDS

**Signature:** Glenn Kurdziel

**Name of Signer:** Glenn Kurdziel

**Title:** Controller and Chief Financial Officer