# EDGAR Filing Document

**Accession Number:** 0001070222
**File Stem:** 0001398344-25-017742
**Filing Date:** 2025-9
**Character Count:** 379595
**Document Hash:** abce024790e9e68bec3a70bf806b6b60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017742.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001398344-25-017742

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09025
- **FILM NUMBER:** 251297312

**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           |

### New Covenant Balanced Income Fund (Series ID: S000024940)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000074153 | New Covenant Balanced Income Fund | NCBIX           |

### New Covenant Growth Fund (Series ID: S000024941)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000074154 | New Covenant Growth Fund | NCGFX           |

### New Covenant Income Fund (Series ID: S000024942)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000074155 | New Covenant Income Fund | NCICX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-09025**

**New Covenant Funds**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: June 30, 2025**

**Date of reporting period: June 30, 2025**

**Item 1. Reports to Stockholders.**

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

**![Image](i86ba52b5c353fc44f93b6ba3.jpg)

# Annual Shareholder Report: June 30, 2025
![Image](i8e61cf8e26067c3f7a51b55b.jpg)

## New Covenant Growth Fund

## New Covenant Funds

## Ticker: NCGFX
This annual shareholder report contains important information about New Covenant Growth Fund (the "Fund") for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New Covenant Growth Fund | $77 | 0.72% |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $10,000 Investment
![Growth Chart](ia60ba370fcd237db0f5dcee7.jpg)

---

| | | |
|:---|:---|:---|
| | New Covenant Growth Fund - $30283 | Russell 3000 Index (USD) - $33822 |
| Jun/15 | $10000 | $10000 |
| Jun/16 | $9632 | $10214 |
| Jun/17 | $11377 | $12104 |
| Jun/18 | $13054 | $13893 |
| Jun/19 | $13995 | $15141 |
| Jun/20 | $15000 | $16130 |
| Jun/21 | $21388 | $23253 |
| Jun/22 | $18411 | $20029 |
| Jun/23 | $21878 | $23825 |
| Jun/24 | $26686 | $29335 |
| Jun/25 | $30283 | $33822 |

---

## How did the Fund perform in the last year?
The Fund underperformed its benchmark, the Russell 3000 Index (USD) — which tracks the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market — for the 12-month reporting period.

Fund performance for the reporting period was hampered by stock selection in the consumer staples, health care, communication services, and information technology sectors. Conversely, the Fund's equity segment benefited from an underweight allocation to energy, a sector that underperformed within the Fund's benchmark index during the period. The Fund's equity holdings within the energy sector outperformed the benchmark's equity positions in the energy sector during the reporting period.

## Total Return Based on $10,000 Investment

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Covenant Growth Fund | 13.48% | 15.09% | 11.72% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |

---

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

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $534560 | 1506 | $1227 | 5% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3c17776505d38175ed247709.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Rights | 0.0% |
| Futures Contracts | 0.0% |
| Cash Equivalent | 1.1% |
| Utilities | 2.0% |
| Real Estate | 2.2% |
| Materials | 2.4% |
| Energy | 3.1% |
| Consumer Staples | 4.7% |
| Communication Services | 8.6% |
| Industrials | 9.3% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.7% |
| Financials | 14.3% |
| Information Technology | 31.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| NVIDIA Corp | 6.3% |
| Microsoft Corp | 6.3% |
| Apple Inc | 4.9% |
| Amazon.com Inc | 3.4% |
| Meta Platforms Inc, Cl A | 2.6% |
| Broadcom Inc | 2.2% |
| Alphabet Inc, Cl A | 1.6% |
| Tesla Inc | 1.4% |
| Berkshire Hathaway Inc, Cl B | 1.4% |
| Alphabet Inc, Cl C | 1.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i69691fe07ca99edddbd1a84b.jpg)

* 877-835-4531 

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

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

## New Covenant Funds

## New Covenant Growth Fund: NCGFX

## Annual Shareholder Report: June 30, 2025

## NCGFX-AR-2025
![Image](i86ba52b5c353fc44f93b6ba3.jpg)

![Image](i8e61cf8e26067c3f7a51b55b.jpg)

![Image](i86ba52b5c353fc44f93b6ba3.jpg)

# Annual Shareholder Report: June 30, 2025
![Image](i8e61cf8e26067c3f7a51b55b.jpg)

## New Covenant Income Fund

## New Covenant Funds

## Ticker: NCICX
This annual shareholder report contains important information about New Covenant Income Fund (the "Fund") for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531. This annual shareholder report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New Covenant Income Fund | $77 | 0.75% |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $10,000 Investment
![Growth Chart](i3c8ec925048e3522ba558be0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | New Covenant Income Fund - $11679 | Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* - $11904 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11956 |
| Jun/15 | $10000 | $10000 | $10000 |
| Jun/16 | $10400 | $10600 | $10436 |
| Jun/17 | $10429 | $10567 | $10420 |
| Jun/18 | $10373 | $10525 | $10386 |
| Jun/19 | $11043 | $11353 | $11085 |
| Jun/20 | $11696 | $12345 | $11817 |
| Jun/21 | $11828 | $12304 | $11823 |
| Jun/22 | $10723 | $11038 | $10888 |
| Jun/23 | $10639 | $10934 | $10822 |
| Jun/24 | $10993 | $11222 | $11206 |
| Jun/25 | $11679 | $11904 | $11956 |

---

## How did the Fund perform in the last year?
The Fund modestly underperformed its benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) — which tracks the performance of fixed-rate, publicly issued, non-investment-grade bonds — for the 12-month period ending June 30, 2025.

The Federal Reserve ("Fed") surprised the markets by reducing the federal-funds rate by 50 basis points (0.50%) at its September 2024 meeting, then followed up with additional 25-basis point cuts at its November and December meetings. Since then, the Fed has been on pause as the central bank continues to evaluate the effects of trade and fiscal policy on the broader U.S. economy and financial markets.

Fund performance for the reporting period was bolstered by security selection in corporate credit. This was partially offset by a slightly underweight allocation to the sector. An overweight allocation to and security selection in agency mortgage-backed securities ("MBS") also contributed to Fund performance. An overweight to asset-backed securities ("ABS") enhanced performance, particularly prime tranches within auto loans and credit cards and an allocation to AAA rated collateralized loan obligations ("CLOs"). Within the commercial mortgage-backed securities ("CMBS") sector, allocations to higher-quality tranches and Class A properties (the highest quality, newest, and most desirable buildings in a market) contributed to Fund performance. A slightly long duration posture had minimal impact on performance, while overweights to both the two- and five-year segments of the U.S. Treasury yield curve were positive contributors to performance. At the manager level, Metropolitan West Asset Management LLC outperformed the Fund's benchmark since the beginning of its tenure as a manager in October 2024, given its overweight position and security selection in agency MBS. Income Research + Management benefited from positioning within the ABS sector, particularly prime credit cards, auto loans, and AAA rated CLOs.

## Total Return Based on $10,000 Investment

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Covenant Income Fund | 6.25% | -0.03% | 1.56% |
| Bloomberg U.S. Aggregate Bond Index (TR) (USD) | 6.08% | -0.73% | 1.76% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.69% | 0.23% | 1.80% |

---

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

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $335263 | 862 | $943 | 356% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](id82195f3f59561b8bd115347.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | 0.0% |
| Consumer Staples | 0.3% |
| Sovereign Debt | 0.3% |
| Materials | 0.4% |
| Real Estate | 0.7% |
| Energy | 0.7% |
| Information Technology | 0.7% |
| Municipal Bonds | 1.1% |
| Communication Services | 1.1% |
| Health Care | 2.0% |
| Consumer Discretionary | 2.1% |
| Industrials | 2.2% |
| Utilities | 2.7% |
| Financials | 7.7% |
| Cash Equivalent | 8.5% |
| Asset-Backed Securities | 9.8% |
| U.S. Treasury Obligations | 23.1% |
| Mortgage-Backed Securities | 45.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| Holding Name | Coupon Rate | Maturity Date | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| U.S. Treasury Notes | 3.875% | 06/30/30 | 8.5% |
| U.S. Treasury Notes | 4.125% | 11/30/29 | 2.6% |
| U.S. Treasury Notes | 4.000% | 07/31/29 | 2.0% |
| FNMA | 2.000% | 07/15/55 | 1.8% |
| U.S. Treasury Notes | 3.875% | 06/15/28 | 1.7% |
| U.S. Treasury Notes | 4.000% | 06/30/32 | 1.6% |
| U.S. Treasury Notes | 4.250% | 11/15/34 | 1.3% |
| FNMA | 3.500% | 07/15/55 | 1.2% |
| FNMA | 4.000% | 07/15/55 | 1.2% |
| U.S. Treasury Notes | 4.000% | 02/28/30 | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
In October 2024, Metropolitan West Asset Management LLC replaced Western Asset Management Company, LLC and Western Asset Management Company Limited as a Fund sub-adviser.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i69691fe07ca99edddbd1a84b.jpg)

* 877-835-4531 

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

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

## New Covenant Funds

## New Covenant Income Fund: NCICX

## Annual Shareholder Report: June 30, 2025

## NCICX-AR-2025
![Image](i86ba52b5c353fc44f93b6ba3.jpg)

![Image](i8e61cf8e26067c3f7a51b55b.jpg)

![Image](i86ba52b5c353fc44f93b6ba3.jpg)

# Annual Shareholder Report: June 30, 2025
![Image](i8e61cf8e26067c3f7a51b55b.jpg)

## New Covenant Balanced Growth Fund

## New Covenant Funds

## Ticker: NCBGX
This annual shareholder report contains important information about New Covenant Balanced Growth Fund (the "Fund") for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

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

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $10,000 Investment
![Growth Chart](icfa3ea436f439c818e8726fc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | New Covenant Balanced Growth Fund - $21164 | Russell 3000 Index (USD) - $33822 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11956 | 60/40 Russell 3000™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $22956 |
| Jun/15 | $10000 | $10000 | $10000 | $10000 |
| Jun/16 | $9950 | $10214 | $10436 | $10328 |
| Jun/17 | $11004 | $12104 | $10420 | $11438 |
| Jun/18 | $11934 | $13893 | $10386 | $12421 |
| Jun/19 | $12783 | $15141 | $11085 | $13486 |
| Jun/20 | $13752 | $16130 | $11817 | $14459 |
| Jun/21 | $17121 | $23253 | $11823 | $18074 |
| Jun/22 | $15091 | $20029 | $10888 | $16039 |
| Jun/23 | $16725 | $23825 | $10822 | $17815 |
| Jun/24 | $19111 | $29335 | $11206 | $20499 |
| Jun/25 | $21164 | $33822 | $11956 | $22956 |

---

## How did the Fund perform in the last year?
The Fund underperformed the benchmark — a 60%/40% blend of the Russell 3000 Index (USD) and the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) — for the 12-month period ending June 30, 2025.

The Fund's equity component performed in line with its benchmark during the reporting period. Stock selection in the consumer staples, health care, communication services, and information technology sectors weighed on Fund performance. Conversely, the Fund's equity segment benefited from an underweight allocation to energy, a sector that underperformed within the Fund's blended benchmark index during the period. The Fund's equity holdings within the energy sector outperformed the benchmark's equity positions in the energy sector during the reporting period.

The performance of the Fund's fixed income component was bolstered by security selection in corporate credit. This was partially offset by a slightly underweight allocation to the sector. An overweight allocation to and security selection in agency mortgage-backed securities ("MBS") also contributed to Fund performance given the manager's general preference for specified pools. An overweight to asset-backed securities ("ABS") added to performance as the manager preferred prime tranches within auto loans and credit cards and an allocation to AAA rated collateralized loan obligations ("CLOs") further benefited performance. Within the commercial mortgage-backed securities ("CMBS") sector, allocations to higher-quality tranches and Class A properties (the highest quality, newest, and most desirable buildings in a market) contributed to Fund performance.

## Total Return Based on $10,000 Investment

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Covenant Balanced Growth Fund | 10.75% | 9.01% | 7.79% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.69% | 0.23% | 1.80% |
| 60/40 Russell 3000™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 11.99% | 9.69% | 8.67% |

---

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

## Key Fund Statistics as of June 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $358129<sub>3</sub> | $- | 8% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i5cdad22e9694615df2219122.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.9% |
| Affiliated Investment Funds | 99.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| New Covenant Growth Fund<sup>Footnote Reference\*\*</sup> | 61.0% |
| New Covenant Income Fund<sup>Footnote Reference\*\*</sup> | 38.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Affiliated Investment |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i69691fe07ca99edddbd1a84b.jpg)

* 877-835-4531 

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

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

## New Covenant Funds

## New Covenant Balanced Growth Fund: NCBGX

## Annual Shareholder Report: June 30, 2025

## NCBGX-AR-2025
![Image](i86ba52b5c353fc44f93b6ba3.jpg)

![Image](i8e61cf8e26067c3f7a51b55b.jpg)

![Image](i86ba52b5c353fc44f93b6ba3.jpg)

# Annual Shareholder Report: June 30, 2025
![Image](i8e61cf8e26067c3f7a51b55b.jpg)

## New Covenant Balanced Income Fund

## New Covenant Funds

## Ticker: NCBIX
This annual shareholder report contains important information about New Covenant Balanced Income Fund (the "Fund") for the period from July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| New Covenant Balanced Income Fund | $16 | 0.15% |

---

## How did the Fund perform during the last 10 years?

### Total Return Based on $10,000 Investment
![Growth Chart](i8fb6bfcb01a99367bc09c273.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | New Covenant Balanced Income Fund - $16560 | Russell 3000 Index (USD) - $33822 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11956 | 35/65 Russell 3000 & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $17675 |
| Jun/15 | $10000 | $10000 | $10000 | $10000 |
| Jun/16 | $10141 | $10214 | $10436 | $10382 |
| Jun/17 | $10761 | $12104 | $10420 | $11016 |
| Jun/18 | $11252 | $13893 | $10386 | $11547 |
| Jun/19 | $12013 | $15141 | $11085 | $12468 |
| Jun/20 | $12871 | $16130 | $11817 | $13366 |
| Jun/21 | $14704 | $23253 | $11823 | $15247 |
| Jun/22 | $13125 | $20029 | $10888 | $13756 |
| Jun/23 | $13891 | $23825 | $10822 | $14606 |
| Jun/24 | $15210 | $29335 | $11206 | $16093 |
| Jun/25 | $16560 | $33822 | $11956 | $17675 |

---

## How did the Fund perform in the last year?
The Fund underperformed the benchmark — a 35%/65% blend of the Russell 3000 Index (USD) and the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) — for the 12-month period ending June 30, 2025.

The performance of the Fund's fixed income component was bolstered by security selection in corporate credit. This was partially offset by a slightly underweight allocation to the sector. An overweight allocation to and security selection in agency mortgage-backed securities ("MBS") also contributed to Fund performance given the manager's general preference for specified pools. An overweight to asset-backed securities ("ABS") added to performance as the manager preferred prime tranches within auto loans and credit cards and an allocation to AAA rated collateralized loan obligations ("CLOs") further benefited performance. Within the commercial mortgage-backed securities ("CMBS") sector, allocations to higher-quality tranches and Class A properties (the highest -quality, newest, and most desirable buildings in a market) contributed to Fund performance.

The performance of the Fund's equity component during the reporting period was hampered by stock selection in the consumer staples, health care, communication services, and information technology sectors. Conversely, the Fund's equity segment benefited from an underweight allocation to energy, a sector that underperformed within the Fund's blended benchmark index during the period. The Fund's equity holdings within the energy sector outperformed the benchmark's equity positions in the energy sector during the reporting period.

## Total Return Based on $10,000 Investment

---

| | | | |
|:---|:---|:---|:---|
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
| New Covenant Balanced Income Fund | 8.88% | 5.17% | 5.17% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.69% | 0.23% | 1.80% |
| 35/65 Russell 3000 & Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 9.83% | 5.75% | 5.86% |

---

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

## Key Fund Statistics as of June 30, 2025

---

| | | |
|:---|:---|:---|
| Total Net Assets (000's) | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $76759<sub>3</sub> | $- | 7% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ifee08f05a927c7c888d825df.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 0.6% |
| Affiliated Investment Funds | 99.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets<sup>Footnote Reference(A)</sup> |
| New Covenant Income Fund<sup>Footnote Reference\*\*</sup> | 63.2% |
| New Covenant Growth Fund<sup>Footnote Reference\*\*</sup> | 36.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Affiliated Investment |
| &nbsp;&nbsp;Footnote(A) | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i69691fe07ca99edddbd1a84b.jpg)

* 877-835-4531 

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

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

## New Covenant Funds

## New Covenant Balanced Income Fund: NCBIX

## Annual Shareholder Report: June 30, 2025

## NCBIX-AR-2025
![Image](i86ba52b5c353fc44f93b6ba3.jpg)

![Image](i8e61cf8e26067c3f7a51b55b.jpg)**

(b) Not applicable.

 **Item 2. Code of Ethics.**

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

 **Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote and Christine Reynolds. Mses. Cote and Reynolds are independent as defined in Form N-CSR Item 3 (a) (2).

**Item 4. Principal Accountant Fees and Services.**

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2025 and 2024 as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2024** | **Fiscal Year 2024** | **Fiscal Year 2024** |
| | | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $70000 | N/A | $0 | $77330 | N/A | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (d) | All Other Fees(2) | $0 | $302248 | $0 | $0 | $309370 | $0 |

---

Notes:

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | **Fiscal Year 2025** | **Fiscal Year 2024** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not Applicable.

(g) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2025 and 2024 were $302,248 and $309,370, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

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

(i) Not Applicable.

(j) Not Applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

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

(b) Not applicable.

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

Financial statements and financial highlights filed herein.

---

| | |
|:---|:---|
| ![](fp0095179_01.jpg) | ![](fp0095179_02.jpg) |

---

June 30, 2025

**ANNUAL FINANCIALS AND OTHER INFORMATION**

New Covenant Funds

> New Covenant Growth Fund

> New Covenant Income Fund

> New Covenant Balanced Growth Fund

> New Covenant Balanced Income Fund

**newcovenantfunds.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 32 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 33 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 34 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 36 |
| Notes to Financial Statements | 40 |
| Report of Independent Registered Public Accounting Firm | 55 |
| Notice to Shareholders (Unaudited) | 56 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 57 |

---

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**New Covenant Growth Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br>($ Thousands) |
| **COMMON STOCK<sup><sup>††</sup></sup> — 98.7%** | **COMMON STOCK<sup><sup>††</sup></sup> — 98.7%** | **COMMON STOCK<sup><sup>††</sup></sup> — 98.7%** |
| **Communication Services — 8.6%** | **Communication Services — 8.6%** | **Communication Services — 8.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl A | 48796 | $8599 |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl C | 38785 | 6880 |
| &nbsp;&nbsp;&nbsp;Angi Inc, Cl A <sup>\*</sup> | 197 | 3 |
| &nbsp;&nbsp;&nbsp;AT&T Inc | 49893 | 1444 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings Inc, Cl C <sup>\*</sup> | 1938 | 91 |
| &nbsp;&nbsp;&nbsp;Bandwidth Inc, Cl A <sup>\*</sup> | 74 | 1 |
| &nbsp;&nbsp;&nbsp;Cable One Inc | 79 | 11 |
| &nbsp;&nbsp;&nbsp;Cars.com Inc <sup>\*</sup> | 4178 | 49 |
| &nbsp;&nbsp;&nbsp;Charter Communications Inc, Cl A <sup>\*</sup> | 277 | 113 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc | 148 | 7 |
| &nbsp;&nbsp;&nbsp;Comcast Corp, Cl A | 21130 | 754 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings Inc <sup>\*</sup> | 6933 | 104 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp, Cl A <sup>\*</sup> | 1124 | 31 |
| &nbsp;&nbsp;&nbsp;Electronic Arts Inc | 4883 | 780 |
| &nbsp;&nbsp;&nbsp;EverQuote Inc, Cl A <sup>\*</sup> | 1468 | 35 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co/The, Cl A <sup>\*</sup> | 3299 | 10 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl A | 1372 | 77 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl B | 1983 | 102 |
| &nbsp;&nbsp;&nbsp;IAC Inc <sup>\*</sup> | 376 | 14 |
| &nbsp;&nbsp;&nbsp;IMAX Corp <sup>\*</sup> | 2244 | 63 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos Inc/The | 31640 | 775 |
| &nbsp;&nbsp;&nbsp;Iridium Communications Inc | 366 | 11 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc, Cl A | 236 | 11 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl A <sup>\*</sup> | 81 | 8 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl C <sup>\*</sup> | 343 | 34 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp-Liberty Live, Cl C <sup>\*</sup> | 59 | 5 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp, Cl A <sup>\*</sup> | 697 | 28 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp <sup>\*</sup> | 39 | 8 |
| &nbsp;&nbsp;&nbsp;Magnite Inc <sup>\*</sup> | 2551 | 62 |
| &nbsp;&nbsp;&nbsp;Match Group Inc <sup>\*</sup> | 1841 | 57 |
| &nbsp;&nbsp;&nbsp;MediaAlpha Inc, Cl A <sup>\*</sup> | 8359 | 92 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc, Cl A | 18554 | 13694 |
| &nbsp;&nbsp;&nbsp;Netflix Inc <sup>\*</sup> | 3382 | 4529 |
| &nbsp;&nbsp;&nbsp;New York Times Co/The, Cl A | 439 | 25 |
| &nbsp;&nbsp;&nbsp;News Corp, Cl A | 829 | 25 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc, Cl A | 94 | 16 |
| &nbsp;&nbsp;&nbsp;Omnicom Group Inc | 4912 | 353 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl B | 7304 | 94 |
| &nbsp;&nbsp;&nbsp;Pinterest Inc, Cl A <sup>\*</sup> | 3339 | 120 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp, Cl A <sup>\*</sup> | 1261 | 133 |
| &nbsp;&nbsp;&nbsp;Shutterstock Inc | 205 | 4 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc | 910 | 21 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co <sup>\*</sup> | 697 | 29 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | 714 | 548 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc <sup>\*</sup> | 604 | 147 |
| &nbsp;&nbsp;&nbsp;TEGNA Inc | 3052 | 51 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings Inc, Cl A <sup>\*</sup> | 780 | 142 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Inc | 2550 | 608 |
| &nbsp;&nbsp;&nbsp;Toro Combineco Inc <sup>\*</sup> | 1986 | 15 |
| &nbsp;&nbsp;&nbsp;Trade Desk Inc/The, Cl A <sup>\*</sup> | 862 | 62 |
| &nbsp;&nbsp;&nbsp;TripAdvisor Inc <sup>\*</sup> | 1712 | 22 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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;Verizon Communications Inc | 56628 | $| 2450 |
| &nbsp;&nbsp;&nbsp;Vimeo Inc <sup>\*</sup> | 610 |  | 2 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co/The | 21958 |  | 2723 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery Inc <sup>\*</sup> | 4164 |  | 48 |
| &nbsp;&nbsp;&nbsp;Yelp Inc, Cl A <sup>\*</sup> | 1355 |  | 46 |
| &nbsp;&nbsp;&nbsp;Ziff Davis Inc <sup>\*</sup> | 2547 |  | 77 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc, Cl A <sup>\*</sup> | 2021 |  | 20 |
|  |  |  | 46263 |
| **Consumer Discretionary — 10.7%** | **Consumer Discretionary — 10.7%** | **Consumer Discretionary — 10.7%** | **Consumer Discretionary — 10.7%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com Inc, Cl A <sup>\*</sup> | 3668 |  | 18 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co, Cl A <sup>\*</sup> | 788 |  | 65 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors Inc | 2047 |  | 92 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp | 987 |  | 72 |
| &nbsp;&nbsp;&nbsp;Adient PLC <sup>\*</sup> | 732 |  | 14 |
| &nbsp;&nbsp;&nbsp;ADT Inc | 4942 |  | 42 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc <sup>\*</sup> | 2101 |  | 267 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc | 317 |  | 15 |
| &nbsp;&nbsp;&nbsp;Airbnb Inc, Cl A <sup>\*</sup> | 805 |  | 107 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc <sup>\*</sup> | 82270 |  | 18049 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc | 3416 |  | 33 |
| &nbsp;&nbsp;&nbsp;APTIV PLC <sup>\*</sup> | 1850 |  | 126 |
| &nbsp;&nbsp;&nbsp;Aramark | 260 |  | 11 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc <sup>\*</sup> | 70 |  | 17 |
| &nbsp;&nbsp;&nbsp;AutoNation Inc <sup>\*</sup> | 649 |  | 129 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc <sup>\*</sup> | 235 |  | 872 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works Inc | 638 |  | 19 |
| &nbsp;&nbsp;&nbsp;Best Buy Co Inc | 1309 |  | 88 |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding Plc <sup>\*</sup> | 1800 |  | 89 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc | 2259 |  | 19 |
| &nbsp;&nbsp;&nbsp;Booking Holdings Inc | 418 |  | 2420 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc <sup>\*</sup> | 199 |  | 30 |
| &nbsp;&nbsp;&nbsp;BorgWarner Inc | 321 |  | 11 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc <sup>\*</sup> | 76 |  | 9 |
| &nbsp;&nbsp;&nbsp;Brinker International Inc <sup>\*</sup> | 810 |  | 146 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp/DE | 839 |  | 46 |
| &nbsp;&nbsp;&nbsp;Buckle Inc/The | 1885 |  | 85 |
| &nbsp;&nbsp;&nbsp;Burlington Stores Inc <sup>\*</sup> | 482 |  | 112 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd <sup>\*</sup> | 1319 |  | 23 |
| &nbsp;&nbsp;&nbsp;CarMax Inc <sup>\*</sup> | 1086 |  | 73 |
| &nbsp;&nbsp;&nbsp;Carnival Corp <sup>\*</sup> | 10223 |  | 287 |
| &nbsp;&nbsp;&nbsp;Carter's Inc | 471 |  | 14 |
| &nbsp;&nbsp;&nbsp;Carvana Co, Cl A <sup>\*</sup> | 366 |  | 123 |
| &nbsp;&nbsp;&nbsp;Cavco Industries Inc <sup>\*</sup> | 60 |  | 26 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc, Cl A <sup>\*</sup> | 11600 |  | 651 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International Inc | 113 |  | 14 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co | 891 |  | 54 |
| &nbsp;&nbsp;&nbsp;Coursera Inc <sup>\*</sup> | 15856 |  | 139 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc | 323 |  | 20 |
| &nbsp;&nbsp;&nbsp;Crocs Inc <sup>\*</sup> | 1116 |  | 113 |
| &nbsp;&nbsp;&nbsp;Dana Inc | 2660 |  | 46 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants Inc | 705 |  | 154 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc <sup>\*</sup> | 1283 |  | 39 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp <sup>\*</sup> | 2634 |  | 271 |

---

New Covenant Funds 1

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;Denny's Corp <sup>\*</sup> | 2500 | $10 |
| &nbsp;&nbsp;&nbsp;Designer Brands Inc, Cl A | 3316 | 8 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc | 430 | 85 |
| &nbsp;&nbsp;&nbsp;Dillard's Inc, Cl A | 45 | 19 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc | 33 | 15 |
| &nbsp;&nbsp;&nbsp;DoorDash Inc, Cl A <sup>\*</sup> | 1092 | 269 |
| &nbsp;&nbsp;&nbsp;Dorman Products Inc <sup>\*</sup> | 128 | 16 |
| &nbsp;&nbsp;&nbsp;DR Horton Inc | 589 | 76 |
| &nbsp;&nbsp;&nbsp;eBay Inc | 10927 | 814 |
| &nbsp;&nbsp;&nbsp;Etsy Inc <sup>\*</sup> | 1162 | 58 |
| &nbsp;&nbsp;&nbsp;Expedia Group Inc <sup>\*</sup> | 389 | 66 |
| &nbsp;&nbsp;&nbsp;Five Below Inc <sup>\*</sup> | 410 | 54 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc, Cl A <sup>\*</sup> | 232 | 18 |
| &nbsp;&nbsp;&nbsp;Foot Locker Inc <sup>\*</sup> | 1308 | 32 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co | 10620 | 115 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp <sup>\*</sup> | 749 | 19 |
| &nbsp;&nbsp;&nbsp;Frontdoor Inc <sup>\*</sup> | 251 | 15 |
| &nbsp;&nbsp;&nbsp;GameStop Corp, Cl A <sup>\*</sup> | 2040 | 50 |
| &nbsp;&nbsp;&nbsp;Gap Inc/The | 4661 | 102 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd | 418 | 87 |
| &nbsp;&nbsp;&nbsp;General Motors Co | 2770 | 136 |
| &nbsp;&nbsp;&nbsp;Gentex Corp | 440 | 10 |
| &nbsp;&nbsp;&nbsp;Gentherm Inc <sup>\*</sup> | 184 | 5 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co | 67 | 8 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I <sup>\*</sup> | 11930 | 75 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co/The <sup>\*</sup> | 989 | 10 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co, Cl B | 78 | 74 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc <sup>\*</sup> | 121 | 23 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc | 86 | 38 |
| &nbsp;&nbsp;&nbsp;H&R Block Inc | 2109 | 116 |
| &nbsp;&nbsp;&nbsp;Hanesbrands Inc <sup>\*</sup> | 13319 | 61 |
| &nbsp;&nbsp;&nbsp;Hasbro Inc | 2632 | 194 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd <sup>\*</sup> | 57 | 2 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc <sup>\*</sup> | 3016 | 125 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 6291 | 1676 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc/The | 10369 | 3802 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp, Cl A | 135 | 19 |
| &nbsp;&nbsp;&nbsp;Installed Building Products Inc | 125 | 23 |
| &nbsp;&nbsp;&nbsp;Jack in the Box Inc | 658 | 11 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors Inc, Cl A | 659 | 20 |
| &nbsp;&nbsp;&nbsp;KB Home | 1621 | 86 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp | 1859 | 16 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands Inc | 1282 | 85 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy Inc, Cl Z | 1597 | 59 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 483 | 44 |
| &nbsp;&nbsp;&nbsp;Lear Corp | 3782 | 359 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt Inc | 222 | 2 |
| &nbsp;&nbsp;&nbsp;Lennar Corp, Cl B | 122 | 13 |
| &nbsp;&nbsp;&nbsp;LGI Homes Inc <sup>\*</sup> | 127 | 7 |
| &nbsp;&nbsp;&nbsp;Lithia Motors Inc, Cl A | 296 | 100 |
| &nbsp;&nbsp;&nbsp;LKQ Corp | 317 | 12 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 7273 | 1614 |
| &nbsp;&nbsp;&nbsp;Lucid Group Inc <sup>\*</sup> | 33236 | 70 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc <sup>\*</sup> | 245 | $58 |
| &nbsp;&nbsp;&nbsp;M/I Homes Inc <sup>\*</sup> | 198 | 22 |
| &nbsp;&nbsp;&nbsp;Macy's Inc | 4042 | 47 |
| &nbsp;&nbsp;&nbsp;Malibu Boats Inc, Cl A <sup>\*</sup> | 202 | 6 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc/MD, Cl A | 3599 | 983 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp | 394 | 29 |
| &nbsp;&nbsp;&nbsp;Mattel Inc <sup>\*</sup> | 711 | 14 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp | 9415 | 2751 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp | 1588 | 106 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries Inc <sup>\*</sup> | 127 | 13 |
| &nbsp;&nbsp;&nbsp;Monro Inc | 626 | 9 |
| &nbsp;&nbsp;&nbsp;Murphy USA Inc | 263 | 107 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings Inc <sup>\*</sup> | 447 | 10 |
| &nbsp;&nbsp;&nbsp;Newell Brands Inc | 605 | 3 |
| &nbsp;&nbsp;&nbsp;NIKE Inc, Cl B | 2943 | 209 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd <sup>\*</sup> | 5839 | 118 |
| &nbsp;&nbsp;&nbsp;NVR Inc <sup>\*</sup> | 13 | 96 |
| &nbsp;&nbsp;&nbsp;ODP Corp/The <sup>\*</sup> | 283 | 5 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc <sup>\*</sup> | 212 | 28 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc <sup>\*</sup> | 3540 | 319 |
| &nbsp;&nbsp;&nbsp;Oxford Industries Inc | 665 | 27 |
| &nbsp;&nbsp;&nbsp;Papa John's International Inc | 151 | 7 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive Inc, Cl A <sup>\*</sup> | 2845 | 20 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc | 624 | 107 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co Inc, Cl A <sup>\*</sup> | 27348 | 77 |
| &nbsp;&nbsp;&nbsp;Phinia Inc | 64 | 3 |
| &nbsp;&nbsp;&nbsp;Planet Fitness Inc, Cl A <sup>\*</sup> | 173 | 19 |
| &nbsp;&nbsp;&nbsp;Polaris Inc | 966 | 39 |
| &nbsp;&nbsp;&nbsp;PulteGroup Inc | 871 | 92 |
| &nbsp;&nbsp;&nbsp;PVH Corp | 108 | 7 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp, Cl A | 436 | 120 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc | 1594 | 106 |
| &nbsp;&nbsp;&nbsp;Revolve Group Inc, Cl A <sup>\*</sup> | 2223 | 45 |
| &nbsp;&nbsp;&nbsp;RH <sup>\*</sup> | 45 | 9 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive Inc, Cl A <sup>\*</sup> | 1274 | 18 |
| &nbsp;&nbsp;&nbsp;Ross Stores Inc | 857 | 109 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd | 2969 | 930 |
| &nbsp;&nbsp;&nbsp;Sabre Corp <sup>\*</sup> | 506 | 2 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc <sup>\*</sup> | 2794 | 26 |
| &nbsp;&nbsp;&nbsp;Service Corp International/US | 250 | 20 |
| &nbsp;&nbsp;&nbsp;Shake Shack Inc, Cl A <sup>\*</sup> | 157 | 22 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd | 2402 | 191 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp <sup>\*</sup> | 144 | 4 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp <sup>\*</sup> | 1033 | 7 |
| &nbsp;&nbsp;&nbsp;Sonos Inc <sup>\*</sup> | 7451 | 81 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products Inc | 943 | 29 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp | 15798 | 1448 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd | 1178 | 28 |
| &nbsp;&nbsp;&nbsp;Stitch Fix Inc, Cl A <sup>\*</sup> | 1021 | 4 |
| &nbsp;&nbsp;&nbsp;Strategic Education Inc | 331 | 28 |
| &nbsp;&nbsp;&nbsp;Stride Inc <sup>\*</sup> | 348 | 51 |
| &nbsp;&nbsp;&nbsp;Tapestry Inc | 2803 | 246 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp, Cl A <sup>\*</sup> | 1595 | 98 |

---

2 New Covenant Funds

---

| | | | |
|:---|:---|:---|:---|
| 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;Tempur Sealy International Inc | 2272 | $| 155 |
| &nbsp;&nbsp;&nbsp;Tesla Inc <sup>\*</sup> | 24339 |  | 7732 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc, Cl A | 561 |  | 105 |
| &nbsp;&nbsp;&nbsp;Thor Industries Inc | 106 |  | 9 |
| &nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 6893 |  | 851 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Inc | 269 |  | 31 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp <sup>\*</sup> | 315 |  | 102 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp <sup>\*</sup> | 2383 |  | 19 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co | 11885 |  | 627 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co | 307 |  | 16 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc <sup>\*</sup> | 3236 |  | 103 |
| &nbsp;&nbsp;&nbsp;Udemy Inc <sup>\*</sup> | 3378 |  | 24 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty Inc <sup>\*</sup> | 279 |  | 131 |
| &nbsp;&nbsp;&nbsp;Under Armour Inc, Cl C <sup>\*</sup> | 556 |  | 4 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts Inc <sup>\*</sup> | 251 |  | 12 |
| &nbsp;&nbsp;&nbsp;Upbound Group Inc, Cl A | 1764 |  | 44 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters Inc <sup>\*</sup> | 417 |  | 30 |
| &nbsp;&nbsp;&nbsp;Vail Resorts Inc | 46 |  | 7 |
| &nbsp;&nbsp;&nbsp;Valvoline Inc <sup>\*</sup> | 11437 |  | 433 |
| &nbsp;&nbsp;&nbsp;VF Corp | 4023 |  | 47 |
| &nbsp;&nbsp;&nbsp;Viad Corp <sup>\*</sup> | 2883 |  | 83 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co <sup>\*</sup> | 212 |  | 4 |
| &nbsp;&nbsp;&nbsp;Visteon Corp <sup>\*</sup> | 85 |  | 8 |
| &nbsp;&nbsp;&nbsp;Wayfair Inc, Cl A <sup>\*</sup> | 320 |  | 16 |
| &nbsp;&nbsp;&nbsp;Wendy's Co/The | 11419 |  | 130 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp | 638 |  | 65 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc | 320 |  | 52 |
| &nbsp;&nbsp;&nbsp;Wingstop Inc | 363 |  | 122 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries Inc | 191 |  | 6 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc | 1511 |  | 27 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc | 189 |  | 15 |
| &nbsp;&nbsp;&nbsp;YETI Holdings Inc <sup>\*</sup> | 2684 |  | 85 |
| &nbsp;&nbsp;&nbsp;Yum! Brands Inc | 8356 |  | 1238 |
|  |  |  | 57159 |
| **Consumer Staples — 4.7%** | **Consumer Staples — 4.7%** | **Consumer Staples — 4.7%** | **Consumer Staples — 4.7%** |
| &nbsp;&nbsp;&nbsp;Andersons Inc/The | 338 |  | 12 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co | 5103 |  | 269 |
| &nbsp;&nbsp;&nbsp;B&G Foods Inc | 862 |  | 4 |
| &nbsp;&nbsp;&nbsp;BellRing Brands Inc <sup>\*</sup> | 136 |  | 8 |
| &nbsp;&nbsp;&nbsp;Beyond Meat Inc <sup>\*</sup> | 166 |  | 1 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 929 |  | 75 |
| &nbsp;&nbsp;&nbsp;Calavo Growers Inc | 571 |  | 15 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co | 10354 |  | 317 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 65 |  | 33 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc/The <sup>\*</sup> | 1366 |  | 87 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co Inc | 1025 |  | 98 |
| &nbsp;&nbsp;&nbsp;Clorox Co/The | 2716 |  | 326 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co/The | 48833 |  | 3455 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co | 3661 |  | 333 |
| &nbsp;&nbsp;&nbsp;Conagra Brands Inc | 3435 |  | 70 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 3387 |  | 3353 |
| &nbsp;&nbsp;&nbsp;Coty Inc, Cl A <sup>\*</sup> | 1026 |  | 5 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients Inc <sup>\*</sup> | 716 |  | 27 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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;Dollar General Corp | 752 | $| 86 |
| &nbsp;&nbsp;&nbsp;Dollar Tree Inc <sup>\*</sup> | 1320 |  | 131 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co | 310 |  | 7 |
| &nbsp;&nbsp;&nbsp;elf Beauty Inc <sup>\*</sup> | 1327 |  | 165 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings Inc | 231 |  | 5 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos Inc/The, Cl A | 2390 |  | 193 |
| &nbsp;&nbsp;&nbsp;Flowers Foods Inc | 555 |  | 9 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc | 1442 |  | 47 |
| &nbsp;&nbsp;&nbsp;General Mills Inc | 13887 |  | 719 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd <sup>\*</sup> | 1088 |  | 9 |
| &nbsp;&nbsp;&nbsp;Hershey Co/The | 2295 |  | 381 |
| &nbsp;&nbsp;&nbsp;HF Foods Group Inc <sup>\*</sup> | 2213 |  | 7 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp | 4797 |  | 145 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc | 1110 |  | 150 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co/The | 4144 |  | 407 |
| &nbsp;&nbsp;&nbsp;Kellanova | 1258 |  | 100 |
| &nbsp;&nbsp;&nbsp;Kenvue Inc | 4950 |  | 104 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc | 25092 |  | 830 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp | 6484 |  | 836 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co/The | 3923 |  | 101 |
| &nbsp;&nbsp;&nbsp;Kroger Co/The | 1941 |  | 139 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc | 594 |  | 31 |
| &nbsp;&nbsp;&nbsp;McCormick & Co Inc/MD | 5832 |  | 442 |
| &nbsp;&nbsp;&nbsp;Medifast Inc <sup>\*</sup> | 71 |  | 1 |
| &nbsp;&nbsp;&nbsp;Mondelez International Inc, Cl A | 17402 |  | 1174 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp <sup>\*</sup> | 889 |  | 56 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp <sup>\*</sup> | 344 |  | 15 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc | 19139 |  | 2527 |
| &nbsp;&nbsp;&nbsp;PriceSmart Inc | 179 |  | 19 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co/The | 18385 |  | 2929 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co/The <sup>\*</sup> | 2805 |  | 89 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co | 1252 |  | 33 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc <sup>\*</sup> | 623 |  | 103 |
| &nbsp;&nbsp;&nbsp;Sysco Corp | 1432 |  | 108 |
| &nbsp;&nbsp;&nbsp;Target Corp | 6577 |  | 649 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods Inc <sup>\*</sup> | 237 |  | 5 |
| &nbsp;&nbsp;&nbsp;Tyson Foods Inc, Cl A | 1410 |  | 79 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp <sup>\*</sup> | 2211 |  | 170 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co Inc/The <sup>\*</sup> | 1354 |  | 49 |
| &nbsp;&nbsp;&nbsp;Vital Farms Inc <sup>\*</sup> | 3246 |  | 125 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance Inc | 14575 |  | 167 |
| &nbsp;&nbsp;&nbsp;Walmart Inc | 33703 |  | 3295 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co | 1678 |  | 27 |
|  |  |  | 25152 |
| **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** | **Energy — 3.1%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp | 26635 |  | 505 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp <sup>\*</sup> | 6426 |  | 259 |
| &nbsp;&nbsp;&nbsp;APA Corp | 2988 |  | 55 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp | 5335 |  | 51 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co, Cl A | 9516 |  | 365 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd | 11900 |  | 22 |
| &nbsp;&nbsp;&nbsp;Cactus Inc, Cl A | 298 |  | 13 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp | 383 |  | 9 |

---

New Covenant Funds 3

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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 | 6249 | $1522 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 1168 | 137 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp | 983 | 95 |
| &nbsp;&nbsp;&nbsp;Civitas Resources Inc | 179 | 5 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp <sup>\*</sup> | 1745 | 59 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 22465 | 2016 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy Inc | 338 | 24 |
| &nbsp;&nbsp;&nbsp;Coterra Energy Inc | 19841 | 504 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings Inc | 2494 | 53 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp | 10747 | 342 |
| &nbsp;&nbsp;&nbsp;DHT Holdings Inc | 1338 | 14 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy Inc | 587 | 81 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd | 2360 | 57 |
| &nbsp;&nbsp;&nbsp;DT Midstream Inc | 405 | 44 |
| &nbsp;&nbsp;&nbsp;Energy Fuels Inc/Canada <sup>\*</sup> | 11707 | 67 |
| &nbsp;&nbsp;&nbsp;EOG Resources Inc | 6913 | 827 |
| &nbsp;&nbsp;&nbsp;EQT Corp | 8048 | 469 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV <sup>\*</sup> | 1529 | 13 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd | 2301 | 51 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd | 2645 | 109 |
| &nbsp;&nbsp;&nbsp;Green Plains Inc <sup>\*</sup> | 2069 | 12 |
| &nbsp;&nbsp;&nbsp;Halliburton Co | 5199 | 106 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group Inc <sup>\*</sup> | 10917 | 68 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc | 4134 | 63 |
| &nbsp;&nbsp;&nbsp;Hess Corp | 6554 | 908 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp | 1944 | 80 |
| &nbsp;&nbsp;&nbsp;Innovex International Inc <sup>\*</sup> | 1072 | 17 |
| &nbsp;&nbsp;&nbsp;International Seaways Inc | 329 | 12 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Inc | 50177 | 1475 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings Inc, Cl A | 2668 | 117 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd <sup>\*</sup> | 27771 | 48 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp, Cl A | 1806 | 41 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp | 449 | 10 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd <sup>\*</sup> | 367 | 10 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy Inc, Cl A | 2307 | 8 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp <sup>\*</sup> | 10122 | 90 |
| &nbsp;&nbsp;&nbsp;Noble Corp PLC | 1325 | 35 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd | 3610 | 9 |
| &nbsp;&nbsp;&nbsp;NOV Inc | 482 | 6 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp | 1677 | 70 |
| &nbsp;&nbsp;&nbsp;ONEOK Inc | 10887 | 889 |
| &nbsp;&nbsp;&nbsp;Ovintiv Inc | 2011 | 76 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc | 4952 | 29 |
| &nbsp;&nbsp;&nbsp;PBF Energy Inc, Cl A | 316 | 7 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp | 612 | 8 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp | 2839 | 115 |
| &nbsp;&nbsp;&nbsp;RPC Inc | 1226 | 6 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp <sup>\*</sup> | 4472 | 98 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 28512 | 964 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers Inc | 270 | 11 |
| &nbsp;&nbsp;&nbsp;SM Energy Co | 840 | 21 |
| &nbsp;&nbsp;&nbsp;Talos Energy Inc <sup>\*</sup> | 10408 | 88 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp | 667 | 116 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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 <sup>\*</sup> | 15129 | $| 125 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd, Cl A | 1755 |  | 73 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp | 531 |  | 561 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd <sup>\*</sup> | 20466 |  | 53 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp <sup>\*</sup> | 15244 |  | 104 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd <sup>\*</sup> | 739 |  | 31 |
| &nbsp;&nbsp;&nbsp;Viper Energy Inc, Cl A | 2065 |  | 79 |
| &nbsp;&nbsp;&nbsp;Vital Energy Inc <sup>\*</sup> | 2462 |  | 40 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy Inc | 272 |  | 6 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 1190 |  | 60 |
| &nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 29747 |  | 1868 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp | 4395 |  | 125 |
|  |  |  | 16506 |
| **Financials — 14.3%** | **Financials — 14.3%** | **Financials — 14.3%** | **Financials — 14.3%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc | 910 |  | 179 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings Inc, Cl A <sup>\*</sup> | 2309 |  | 160 |
| &nbsp;&nbsp;&nbsp;Aflac Inc | 1015 |  | 107 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp <sup>‡</sup> | 2838 |  | 26 |
| &nbsp;&nbsp;&nbsp;Allstate Corp/The | 3458 |  | 696 |
| &nbsp;&nbsp;&nbsp;Ally Financial Inc | 1575 |  | 61 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp | 2110 |  | 66 |
| &nbsp;&nbsp;&nbsp;American Express Co | 7744 |  | 2470 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc/OH | 89 |  | 11 |
| &nbsp;&nbsp;&nbsp;American International Group Inc | 1586 |  | 136 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc | 1250 |  | 667 |
| &nbsp;&nbsp;&nbsp;AMERISAFE Inc | 743 |  | 32 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc <sup>‡</sup> | 655 |  | 12 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A | 3474 |  | 1239 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc <sup>‡</sup> | 2686 |  | 26 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management Inc | 1936 |  | 275 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd <sup>\*</sup> | 1254 |  | 114 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp, Cl A | 632 |  | 109 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co | 839 |  | 269 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc, Cl A | 1589 |  | 70 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 4274 |  | 104 |
| &nbsp;&nbsp;&nbsp;Assurant Inc | 87 |  | 17 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd | 994 |  | 87 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp | 2517 |  | 79 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 825 |  | 86 |
| &nbsp;&nbsp;&nbsp;Axos Financial Inc <sup>\*</sup> | 310 |  | 24 |
| &nbsp;&nbsp;&nbsp;Banc of California Inc | 843 |  | 12 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp | 49763 |  | 2355 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp | 1051 |  | 71 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 1079 |  | 25 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp/The | 12656 |  | 1153 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd/The | 1324 |  | 59 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 366 |  | 17 |
| &nbsp;&nbsp;&nbsp;BankUnited Inc | 346 |  | 12 |
| &nbsp;&nbsp;&nbsp;Banner Corp | 851 |  | 55 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc, Cl B <sup>\*</sup> | 15243 |  | 7405 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp Inc | 1501 |  | 38 |

---

4 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;BlackRock Funding Inc/DE <sup>\*</sup> | 859 | $901 |
| &nbsp;&nbsp;&nbsp;Blackstone Inc | 6935 | 1037 |
| &nbsp;&nbsp;&nbsp;Block Inc, Cl A <sup>\*</sup> | 1553 | 105 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp | 568 | 55 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc | 1335 | 76 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc <sup>\*</sup> | 268 | 14 |
| &nbsp;&nbsp;&nbsp;Brown & Brown Inc | 290 | 32 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 1525 | 49 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp | 3393 | 722 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc | 3529 | 22 |
| &nbsp;&nbsp;&nbsp;Carlyle Group Inc/The | 923 | 47 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems Inc | 865 | 38 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 1291 | 59 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc | 99 | 23 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp | 1651 | 46 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp/The | 16432 | 1499 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp <sup>‡</sup> | 800 | 11 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd | 2108 | 611 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp | 891 | 133 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc | 10501 | 894 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc | 2230 | 100 |
| &nbsp;&nbsp;&nbsp;City Holding Co | 607 | 74 |
| &nbsp;&nbsp;&nbsp;CME Group Inc, Cl A | 3763 | 1037 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp | 253 | 12 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group Inc | 2346 | 90 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Inc | 764 | 58 |
| &nbsp;&nbsp;&nbsp;Coinbase Global Inc, Cl A <sup>\*</sup> | 559 | 196 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System Inc | 1640 | 38 |
| &nbsp;&nbsp;&nbsp;Comerica Inc | 1232 | 73 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc/MO | 1898 | 118 |
| &nbsp;&nbsp;&nbsp;Community Financial System Inc | 710 | 40 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc | 1891 | 44 |
| &nbsp;&nbsp;&nbsp;Corpay Inc <sup>\*</sup> | 277 | 92 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp <sup>\*</sup> | 177 | 90 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers Inc | 121 | 16 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc | 1467 | 40 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc | 1035 | 20 |
| &nbsp;&nbsp;&nbsp;East West Bancorp Inc | 1036 | 105 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Inc <sup>‡</sup> | 2748 | 36 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp | 1063 | 59 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings Inc | 432 | 24 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd | 970 | 59 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc <sup>\*</sup> | 74 | 7 |
| &nbsp;&nbsp;&nbsp;Evercore Inc, Cl A | 352 | 95 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd | 179 | 61 |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc | 1569 | 57 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life Inc | 2571 | 82 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc | 306 | 137 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp | 1250 | 57 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp, Cl C | 119 | 23 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc | 1063 | 60 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc | 1329 | 108 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 4599 | 189 |

---

---

| | | |
|:---|:---|:---|
| 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 American Financial Corp | 814 | $50 |
| &nbsp;&nbsp;&nbsp;First BanCorp/Puerto Rico | 821 | 17 |
| &nbsp;&nbsp;&nbsp;First Busey Corp | 1790 | 41 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp | 3365 | 55 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 1921 | 47 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc | 1378 | 50 |
| &nbsp;&nbsp;&nbsp;First Hawaiian Inc | 3126 | 78 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp | 5109 | 108 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc, Cl A | 1171 | 34 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp | 1182 | 45 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc | 612 | 83 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc <sup>\*</sup> | 3063 | 528 |
| &nbsp;&nbsp;&nbsp;Flywire Corp <sup>\*</sup> | 9159 | 107 |
| &nbsp;&nbsp;&nbsp;FNB Corp/PA | 3907 | 57 |
| &nbsp;&nbsp;&nbsp;Franklin Resources Inc | 6856 | 164 |
| &nbsp;&nbsp;&nbsp;Genworth Financial Inc, Cl A <sup>\*</sup> | 10439 | 81 |
| &nbsp;&nbsp;&nbsp;German American Bancorp Inc | 1414 | 54 |
| &nbsp;&nbsp;&nbsp;Global Payments Inc | 842 | 67 |
| &nbsp;&nbsp;&nbsp;Globe Life Inc | 108 | 13 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The | 3800 | 2689 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc, Cl A <sup>\*</sup> | 215 | 23 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc | 3153 | 85 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp | 1142 | 66 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc/The | 124 | 21 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp Inc | 861 | 10 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group Inc/The | 1006 | 128 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp/WA | 1744 | 42 |
| &nbsp;&nbsp;&nbsp;Home BancShares Inc/AR | 2523 | 72 |
| &nbsp;&nbsp;&nbsp;HomeStreet Inc <sup>\*</sup> | 309 | 4 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp Inc | 3233 | 35 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp | 1125 | 48 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc, Cl A | 192 | 35 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc/OH | 9540 | 160 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp | 580 | 36 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc, Cl A | 1968 | 109 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc | 2416 | 443 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd | 18276 | 288 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital Inc <sup>‡</sup> | 323 | 3 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc | 636 | 115 |
| &nbsp;&nbsp;&nbsp;Jackson Financial Inc, Cl A | 1486 | 132 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 1207 | 47 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc | 1433 | 78 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 23144 | 6710 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 6129 | 107 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc | 73 | 35 |
| &nbsp;&nbsp;&nbsp;KKR & Co Inc | 3222 | 429 |
| &nbsp;&nbsp;&nbsp;Lazard Inc, Cl A | 2316 | 111 |
| &nbsp;&nbsp;&nbsp;Lemonade Inc <sup>\*</sup> | 1665 | 73 |
| &nbsp;&nbsp;&nbsp;LendingTree Inc <sup>\*</sup> | 175 | 6 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp | 3621 | 125 |
| &nbsp;&nbsp;&nbsp;Loews Corp | 222 | 20 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 1036 | 388 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp | 512 | 99 |

---

New Covenant Funds 5

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;MarketAxess Holdings Inc | 144 | $32 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos Inc | 2808 | 614 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc, Cl A | 9119 | 5124 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp | 233 | 16 |
| &nbsp;&nbsp;&nbsp;MetLife Inc | 6576 | 529 |
| &nbsp;&nbsp;&nbsp;MFA Financial Inc <sup>‡</sup> | 1584 | 15 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp | 3455 | 96 |
| &nbsp;&nbsp;&nbsp;Moelis & Co, Cl A | 461 | 29 |
| &nbsp;&nbsp;&nbsp;Moody's Corp | 3008 | 1509 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 10383 | 1463 |
| &nbsp;&nbsp;&nbsp;Morningstar Inc | 67 | 21 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group Inc <sup>\*</sup> | 335 | 50 |
| &nbsp;&nbsp;&nbsp;MSCI Inc, Cl A | 635 | 366 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc | 7134 | 638 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp Inc | 1213 | 50 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp <sup>\*</sup> | 167 | 5 |
| &nbsp;&nbsp;&nbsp;Nelnet Inc, Cl A | 145 | 18 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp Inc | 317 | 3 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust Inc <sup>‡</sup> | 1944 | 13 |
| &nbsp;&nbsp;&nbsp;NMI Holdings Inc, Cl A <sup>\*</sup> | 1470 | 62 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp | 3231 | 410 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc | 2868 | 33 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 2119 | 91 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp/IN | 5093 | 109 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings Inc, Cl A | 258 | 15 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc, Cl A <sup>‡</sup> | 3472 | 24 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp Inc | 3188 | 67 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings Inc, Cl A <sup>\*</sup> | 145 | 22 |
| &nbsp;&nbsp;&nbsp;Pathward Financial Inc | 266 | 21 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings Inc <sup>\*</sup> | 14346 | 1066 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc | 833 | 83 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust <sup>‡</sup> | 8462 | 109 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc | 906 | 100 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 1163 | 217 |
| &nbsp;&nbsp;&nbsp;Popular Inc | 1004 | 111 |
| &nbsp;&nbsp;&nbsp;PRA Group Inc <sup>\*</sup> | 1320 | 19 |
| &nbsp;&nbsp;&nbsp;Primerica Inc | 323 | 88 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group Inc | 662 | 53 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp <sup>\*</sup> | 1351 | 31 |
| &nbsp;&nbsp;&nbsp;PROG Holdings Inc | 832 | 24 |
| &nbsp;&nbsp;&nbsp;Progressive Corp/The | 7459 | 1990 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc | 1192 | 84 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services Inc | 4392 | 77 |
| &nbsp;&nbsp;&nbsp;Prudential Financial Inc | 974 | 105 |
| &nbsp;&nbsp;&nbsp;Radian Group Inc | 1924 | 69 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc | 615 | 94 |
| &nbsp;&nbsp;&nbsp;Redwood Trust Inc <sup>‡</sup> | 2992 | 18 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp | 3090 | 90 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp | 49142 | 1156 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc, Cl A | 578 | 115 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd | 69 | 17 |
| &nbsp;&nbsp;&nbsp;Renasant Corp | 1366 | 49 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp, Cl A <sup>\*</sup> | 7436 | 36 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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;Rithm Capital Corp <sup>‡</sup> | 1403 | $| 16 |
| &nbsp;&nbsp;&nbsp;RLI Corp | 1090 |  | 79 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets Inc, Cl A <sup>\*</sup> | 4901 |  | 459 |
| &nbsp;&nbsp;&nbsp;Root Inc/OH, Cl A <sup>\*</sup> | 806 |  | 103 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc | 4831 |  | 2547 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida | 1616 |  | 45 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc | 187 |  | 14 |
| &nbsp;&nbsp;&nbsp;SLM Corp | 3705 |  | 121 |
| &nbsp;&nbsp;&nbsp;SouthState Corp | 724 |  | 67 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc <sup>‡</sup> | 2000 |  | 40 |
| &nbsp;&nbsp;&nbsp;State Street Corp | 9337 |  | 993 |
| &nbsp;&nbsp;&nbsp;StepStone Group Inc, Cl A | 1643 |  | 91 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp | 245 |  | 25 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 4720 |  | 315 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp | 1267 |  | 66 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc | 2711 |  | 262 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc <sup>\*</sup> | 822 |  | 65 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp | 573 |  | 7 |
| &nbsp;&nbsp;&nbsp;Toast Inc, Cl A <sup>\*</sup> | 2222 |  | 98 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc <sup>‡</sup> | 2439 |  | 19 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc, Cl A | 805 |  | 118 |
| &nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 4033 |  | 1079 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 1219 |  | 49 |
| &nbsp;&nbsp;&nbsp;Triumph Financial Inc <sup>\*</sup> | 822 |  | 45 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp | 2395 |  | 103 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp | 1410 |  | 51 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp <sup>‡</sup> | 1597 |  | 17 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp | 1267 |  | 133 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp | 1820 |  | 55 |
| &nbsp;&nbsp;&nbsp;Unum Group | 1638 |  | 132 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings Inc <sup>\*</sup> | 1290 |  | 83 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 3576 |  | 162 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 4269 |  | 38 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings Inc | 348 |  | 9 |
| &nbsp;&nbsp;&nbsp;Virtu Financial Inc, Cl A | 3026 |  | 136 |
| &nbsp;&nbsp;&nbsp;Visa Inc, Cl A | 17359 |  | 6163 |
| &nbsp;&nbsp;&nbsp;Voya Financial Inc | 1543 |  | 110 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp | 370 |  | 27 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc | 749 |  | 53 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc | 924 |  | 26 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp | 2008 |  | 110 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co | 22232 |  | 1781 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 731 |  | 35 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1154 |  | 90 |
| &nbsp;&nbsp;&nbsp;Western Union Co/The | 425 |  | 4 |
| &nbsp;&nbsp;&nbsp;WEX Inc <sup>\*</sup> | 55 |  | 8 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 907 |  | 278 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 708 |  | 88 |
| &nbsp;&nbsp;&nbsp;XP Inc, Cl A <sup>\*</sup> | 3989 |  | 81 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 1771 |  | 92 |
|  |  |  | 76280 |
| **Health Care — 10.0%** | **Health Care — 10.0%** | **Health Care — 10.0%** | **Health Care — 10.0%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 11993 |  | 1631 |

---

6 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;AbbVie Inc | 19289 | $3580 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co Inc <sup>\*</sup> | 220 | 5 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp, Cl A <sup>\*</sup> | 2632 | 25 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp <sup>\*</sup> | 1704 | 20 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp <sup>\*</sup> | 495 | 57 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies Inc | 765 | 90 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc <sup>\*</sup> | 1062 | 35 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics Inc <sup>\*</sup> | 913 | 49 |
| &nbsp;&nbsp;&nbsp;Align Technology Inc <sup>\*</sup> | 311 | 59 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC <sup>\*</sup> | 2433 | 70 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc <sup>\*</sup> | 562 | 183 |
| &nbsp;&nbsp;&nbsp;Amedisys Inc <sup>\*</sup> | 56 | 6 |
| &nbsp;&nbsp;&nbsp;Amgen Inc | 5307 | 1482 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc <sup>\*</sup> | 5193 | 30 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc <sup>\*</sup> | 832 | 17 |
| &nbsp;&nbsp;&nbsp;AnaptysBio Inc <sup>\*</sup> | 1908 | 42 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics Inc <sup>\*</sup> | 920 | 10 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc <sup>\*</sup> | 1789 | 31 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc <sup>\*</sup> | 483 | 6 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc <sup>\*</sup> | 251 | 4 |
| &nbsp;&nbsp;&nbsp;Arvinas Inc <sup>\*</sup> | 1298 | 10 |
| &nbsp;&nbsp;&nbsp;Astrana Health Inc <sup>\*</sup> | 344 | 9 |
| &nbsp;&nbsp;&nbsp;AtriCure Inc <sup>\*</sup> | 1029 | 34 |
| &nbsp;&nbsp;&nbsp;Avanos Medical Inc <sup>\*</sup> | 301 | 4 |
| &nbsp;&nbsp;&nbsp;Avantor Inc <sup>\*</sup> | 1656 | 22 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences Inc <sup>\*</sup> | 2388 | 68 |
| &nbsp;&nbsp;&nbsp;Azenta Inc <sup>\*</sup> | 207 | 6 |
| &nbsp;&nbsp;&nbsp;Baxter International Inc | 10902 | 330 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co | 542 | 93 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc <sup>\*</sup> | 1030 | 9 |
| &nbsp;&nbsp;&nbsp;Biogen Inc <sup>\*</sup> | 681 | 86 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd <sup>\*</sup> | 45 | 1 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions Inc <sup>\*</sup> | 2163 | 47 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc <sup>\*</sup> | 1042 | 57 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc, Cl A <sup>\*</sup> | 32 | 8 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp | 212 | 11 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp <sup>\*</sup> | 16399 | 1761 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc <sup>\*</sup> | 241 | 10 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co | 12713 | 588 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living Inc <sup>\*</sup> | 7397 | 51 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc | 998 | 168 |
| &nbsp;&nbsp;&nbsp;CareDx Inc <sup>\*</sup> | 4535 | 89 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences Inc <sup>\*</sup> | 730 | 15 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc <sup>\*</sup> | 4583 | 99 |
| &nbsp;&nbsp;&nbsp;Cencora Inc, Cl A | 589 | 177 |
| &nbsp;&nbsp;&nbsp;Centene Corp <sup>\*</sup> | 4805 | 261 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc <sup>\*</sup> | 77 | 12 |
| &nbsp;&nbsp;&nbsp;Cigna Group/The | 4207 | 1391 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical Inc <sup>\*</sup> | 2915 | 86 |
| &nbsp;&nbsp;&nbsp;Cooper Cos Inc/The | 944 | 67 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc <sup>\*</sup> | 1695 | 124 |
| &nbsp;&nbsp;&nbsp;CorVel Corp <sup>\*</sup> | 375 | 39 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;CryoPort Inc <sup>\*</sup> | 871 | $7 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp | 5389 | 372 |
| &nbsp;&nbsp;&nbsp;Cytokinetics Inc <sup>\*</sup> | 1159 | 38 |
| &nbsp;&nbsp;&nbsp;Danaher Corp | 9805 | 1937 |
| &nbsp;&nbsp;&nbsp;DaVita Inc <sup>\*</sup> | 160 | 23 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc <sup>\*</sup> | 2631 | 37 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc | 3113 | 49 |
| &nbsp;&nbsp;&nbsp;Dexcom Inc <sup>\*</sup> | 3388 | 296 |
| &nbsp;&nbsp;&nbsp;Doximity Inc, Cl A <sup>\*</sup> | 1684 | 103 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp <sup>\*</sup> | 8484 | 664 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc <sup>\*</sup> | 398 | 6 |
| &nbsp;&nbsp;&nbsp;Elevance Health Inc | 4437 | 1726 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8396 | 6545 |
| &nbsp;&nbsp;&nbsp;Embecta Corp | 887 | 9 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc <sup>\*</sup> | 785 | 6 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp | 164 | 20 |
| &nbsp;&nbsp;&nbsp;Enhabit Inc <sup>\*</sup> | 82 | 1 |
| &nbsp;&nbsp;&nbsp;Enovis Corp <sup>\*</sup> | 485 | 15 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp <sup>\*</sup> | 317 | 6 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp <sup>\*</sup> | 930 | 49 |
| &nbsp;&nbsp;&nbsp;Exelixis Inc <sup>\*</sup> | 2898 | 128 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc <sup>\*</sup> | 515 | 3 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics Inc <sup>\*</sup> | 853 | 17 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc | 153 | 11 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc | 14228 | 1577 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp <sup>\*</sup> | 167 | 17 |
| &nbsp;&nbsp;&nbsp;Globus Medical Inc, Cl A <sup>\*</sup> | 179 | 11 |
| &nbsp;&nbsp;&nbsp;GRAIL Inc <sup>\*</sup> | 352 | 18 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp <sup>\*</sup> | 195 | 15 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc <sup>\*</sup> | 2641 | 137 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 566 | 217 |
| &nbsp;&nbsp;&nbsp;Health Catalyst Inc <sup>\*</sup> | 1594 | 6 |
| &nbsp;&nbsp;&nbsp;HealthEquity Inc <sup>\*</sup> | 673 | 71 |
| &nbsp;&nbsp;&nbsp;Henry Schein Inc <sup>\*</sup> | 1546 | 113 |
| &nbsp;&nbsp;&nbsp;Hologic Inc <sup>\*</sup> | 927 | 60 |
| &nbsp;&nbsp;&nbsp;Humana Inc | 242 | 59 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences Inc <sup>\*</sup> | 4068 | 86 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc <sup>\*</sup> | 707 | 379 |
| &nbsp;&nbsp;&nbsp;Illumina Inc <sup>\*</sup> | 2114 | 202 |
| &nbsp;&nbsp;&nbsp;Incyte Corp <sup>\*</sup> | 1063 | 72 |
| &nbsp;&nbsp;&nbsp;Innoviva Inc <sup>\*</sup> | 3557 | 71 |
| &nbsp;&nbsp;&nbsp;Inogen Inc <sup>\*</sup> | 706 | 5 |
| &nbsp;&nbsp;&nbsp;Insmed Inc <sup>\*</sup> | 1356 | 136 |
| &nbsp;&nbsp;&nbsp;Insulet Corp <sup>\*</sup> | 65 | 20 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp <sup>\*</sup> | 625 | 77 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp <sup>\*</sup> | 188 | 2 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc <sup>\*</sup> | 1231 | 12 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc <sup>\*</sup> | 4209 | 2287 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc <sup>\*</sup> | 782 | 31 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc <sup>\*</sup> | 1433 | 2 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc <sup>\*</sup> | 491 | 77 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies Inc <sup>\*</sup> | 210 | 32 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics Inc <sup>\*</sup> | 5921 | 59 |

---

New Covenant Funds 7

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;Jazz Pharmaceuticals PLC <sup>\*</sup> | 616 | $65 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 27875 | 4258 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences Inc <sup>\*</sup> | 1218 | 5 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech Inc <sup>\*</sup> | 529 | 73 |
| &nbsp;&nbsp;&nbsp;Kura Oncology Inc <sup>\*</sup> | 3438 | 20 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc | 515 | 135 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc <sup>\*</sup> | 997 | 82 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc <sup>\*</sup> | 462 | 53 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC <sup>\*</sup> | 657 | 30 |
| &nbsp;&nbsp;&nbsp;McKesson Corp | 576 | 422 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 15259 | 1330 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc <sup>\*</sup> | 4240 | 28 |
| &nbsp;&nbsp;&nbsp;Merck & Co Inc | 31776 | 2515 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc <sup>\*</sup> | 404 | 475 |
| &nbsp;&nbsp;&nbsp;Moderna Inc <sup>\*</sup> | 3544 | 98 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics Inc <sup>\*</sup> | 1860 | 10 |
| &nbsp;&nbsp;&nbsp;National Research Corp | 779 | 13 |
| &nbsp;&nbsp;&nbsp;Neogen Corp <sup>\*</sup> | 300 | 1 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc <sup>\*</sup> | 717 | 90 |
| &nbsp;&nbsp;&nbsp;Novavax Inc <sup>\*</sup> | 816 | 5 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd <sup>\*</sup> | 905 | 16 |
| &nbsp;&nbsp;&nbsp;OmniAb Inc, Cl W <sup>\*</sup> | 2263 | 4 |
| &nbsp;&nbsp;&nbsp;Omnicell Inc <sup>\*</sup> | 466 | 14 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp <sup>\*</sup> | 8262 | 112 |
| &nbsp;&nbsp;&nbsp;Option Care Health Inc <sup>\*</sup> | 648 | 21 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies Inc <sup>\*</sup> | 6042 | 18 |
| &nbsp;&nbsp;&nbsp;Organon & Co | 649 | 6 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc <sup>\*</sup> | 417 | 6 |
| &nbsp;&nbsp;&nbsp;Pennant Group Inc/The <sup>\*</sup> | 1609 | 48 |
| &nbsp;&nbsp;&nbsp;Penumbra Inc <sup>\*</sup> | 72 | 18 |
| &nbsp;&nbsp;&nbsp;Perrigo Co PLC | 211 | 6 |
| &nbsp;&nbsp;&nbsp;Pfizer Inc | 67874 | 1645 |
| &nbsp;&nbsp;&nbsp;Phreesia Inc <sup>\*</sup> | 361 | 10 |
| &nbsp;&nbsp;&nbsp;Premier Inc, Cl A | 2266 | 50 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics Inc <sup>\*</sup> | 1083 | 60 |
| &nbsp;&nbsp;&nbsp;Prothena Corp PLC <sup>\*</sup> | 5314 | 32 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc <sup>\*</sup> | 1021 | 50 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV <sup>\*</sup> | 2204 | 106 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc | 556 | 100 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals Inc, Cl A <sup>\*</sup> | 19169 | 97 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc <sup>\*</sup> | 1105 | 580 |
| &nbsp;&nbsp;&nbsp;REGENXBIO Inc <sup>\*</sup> | 456 | 4 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc <sup>\*</sup> | 11508 | 40 |
| &nbsp;&nbsp;&nbsp;Repligen Corp <sup>\*</sup> | 553 | 69 |
| &nbsp;&nbsp;&nbsp;ResMed Inc | 459 | 118 |
| &nbsp;&nbsp;&nbsp;Revvity Inc | 120 | 12 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc <sup>\*</sup> | 932 | 2 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics Inc <sup>\*</sup> | 516 | 5 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc <sup>\*</sup> | 87 | 1 |
| &nbsp;&nbsp;&nbsp;Simulations Plus Inc | 1477 | 26 |
| &nbsp;&nbsp;&nbsp;Solventum Corp <sup>\*</sup> | 1703 | 129 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co <sup>\*</sup> | 2233 | 37 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 501 | 120 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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;Stryker Corp | 2003 | $| 792 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics Inc <sup>\*</sup> | 4901 |  | 104 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc <sup>\*</sup> | 2174 |  | 69 |
| &nbsp;&nbsp;&nbsp;Surmodics Inc <sup>\*</sup> | 1169 |  | 35 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc <sup>\*</sup> | 728 |  | 7 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc <sup>\*</sup> | 144 |  | 3 |
| &nbsp;&nbsp;&nbsp;Teleflex Inc | 486 |  | 58 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc <sup>\*</sup> | 2200 |  | 24 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc | 4147 |  | 1681 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio Inc <sup>\*</sup> | 5108 |  | 82 |
| &nbsp;&nbsp;&nbsp;TransMedics Group Inc <sup>\*</sup> | 804 |  | 108 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc <sup>\*</sup> | 3434 |  | 51 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics Inc <sup>\*</sup> | 18463 |  | 101 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp <sup>\*</sup> | 606 |  | 22 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc <sup>\*</sup> | 1143 |  | 42 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp <sup>\*</sup> | 559 |  | 161 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 7472 |  | 2331 |
| &nbsp;&nbsp;&nbsp;Universal Health Services Inc, Cl B | 80 |  | 14 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy Inc | 428 |  | 33 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products Inc | 515 |  | 29 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp <sup>\*</sup> | 1631 |  | 14 |
| &nbsp;&nbsp;&nbsp;Vaxcyte Inc <sup>\*</sup> | 1042 |  | 34 |
| &nbsp;&nbsp;&nbsp;Veeva Systems Inc, Cl A <sup>\*</sup> | 1157 |  | 333 |
| &nbsp;&nbsp;&nbsp;Vericel Corp <sup>\*</sup> | 1218 |  | 52 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc <sup>\*</sup> | 3305 |  | 1471 |
| &nbsp;&nbsp;&nbsp;Viatris Inc, Cl W | 1277 |  | 11 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics Inc <sup>\*</sup> | 1343 |  | 36 |
| &nbsp;&nbsp;&nbsp;Waters Corp <sup>\*</sup> | 257 |  | 90 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc | 250 |  | 55 |
| &nbsp;&nbsp;&nbsp;Xencor Inc <sup>\*</sup> | 1686 |  | 13 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics Inc <sup>\*</sup> | 3117 |  | 14 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc | 1054 |  | 96 |
| &nbsp;&nbsp;&nbsp;Zimvie Inc <sup>\*</sup> | 350 |  | 3 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc, Cl A | 6022 |  | 939 |
|  |  |  | 53262 |
| **Industrials — 9.3%** | **Industrials — 9.3%** | **Industrials — 9.3%** | **Industrials — 9.3%** |
| &nbsp;&nbsp;&nbsp;3M Co | 1291 |  | 197 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp | 1708 |  | 112 |
| &nbsp;&nbsp;&nbsp;AAON Inc | 288 |  | 21 |
| &nbsp;&nbsp;&nbsp;ABM Industries Inc | 3427 |  | 162 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp | 5214 |  | 19 |
| &nbsp;&nbsp;&nbsp;Acuity Brands Inc | 84 |  | 25 |
| &nbsp;&nbsp;&nbsp;AerSale Corp <sup>\*</sup> | 15680 |  | 94 |
| &nbsp;&nbsp;&nbsp;AGCO Corp | 149 |  | 15 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp, Cl A | 1053 |  | 62 |
| &nbsp;&nbsp;&nbsp;Alamo Group Inc | 86 |  | 19 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group Inc <sup>\*</sup> | 4763 |  | 236 |
| &nbsp;&nbsp;&nbsp;Albany International Corp, Cl A | 1310 |  | 92 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 855 |  | 123 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc | 1098 |  | 104 |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc <sup>\*</sup> | 405 |  | 5 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp <sup>\*</sup> | 461 |  | 25 |
| &nbsp;&nbsp;&nbsp;AMETEK Inc | 794 |  | 144 |

---

8 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc | 1229 | $50 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc | 492 | 114 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp | 336 | 26 |
| &nbsp;&nbsp;&nbsp;Archer Aviation Inc, Cl A <sup>\*</sup> | 12727 | 138 |
| &nbsp;&nbsp;&nbsp;Arcosa Inc | 1128 | 98 |
| &nbsp;&nbsp;&nbsp;Argan Inc | 704 | 155 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc | 161 | 26 |
| &nbsp;&nbsp;&nbsp;Array Technologies Inc <sup>\*</sup> | 7510 | 44 |
| &nbsp;&nbsp;&nbsp;Astec Industries Inc | 204 | 8 |
| &nbsp;&nbsp;&nbsp;Astronics Corp <sup>\*</sup> | 3388 | 113 |
| &nbsp;&nbsp;&nbsp;ATI Inc <sup>\*</sup> | 2362 | 204 |
| &nbsp;&nbsp;&nbsp;Atkore Inc | 453 | 32 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc | 6965 | 2148 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group Inc <sup>\*</sup> | 445 | 75 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise Inc <sup>\*</sup> | 1902 | 1575 |
| &nbsp;&nbsp;&nbsp;AZEK Co Inc/The, Cl A <sup>\*</sup> | 2067 | 112 |
| &nbsp;&nbsp;&nbsp;AZZ Inc | 1071 | 101 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp, Cl A <sup>\*</sup> | 4597 | 110 |
| &nbsp;&nbsp;&nbsp;Brink's Co/The | 540 | 48 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc | 720 | 175 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies Inc <sup>\*</sup> | 4312 | 133 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings Inc | 2729 | 87 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos Inc | 311 | 116 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp <sup>\*</sup> | 6184 | 453 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems Inc, Cl A <sup>\*</sup> | 794 | 92 |
| &nbsp;&nbsp;&nbsp;CBIZ Inc <sup>\*</sup> | 1206 | 86 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp <sup>\*</sup> | 3469 | 98 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc | 148 | 14 |
| &nbsp;&nbsp;&nbsp;Chart Industries Inc <sup>\*</sup> | 576 | 95 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC <sup>\*</sup> | 398 | 19 |
| &nbsp;&nbsp;&nbsp;Cintas Corp | 6809 | 1517 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC <sup>\*</sup> | 11944 | 51 |
| &nbsp;&nbsp;&nbsp;Clean Harbors Inc <sup>\*</sup> | 137 | 32 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV <sup>\*</sup> | 7547 | 98 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 255 | 137 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp | 387 | 20 |
| &nbsp;&nbsp;&nbsp;Construction Partners Inc, Cl A <sup>\*</sup> | 391 | 42 |
| &nbsp;&nbsp;&nbsp;Copart Inc <sup>\*</sup> | 5136 | 252 |
| &nbsp;&nbsp;&nbsp;Core & Main Inc, Cl A <sup>\*</sup> | 1715 | 103 |
| &nbsp;&nbsp;&nbsp;Crane Co | 135 | 26 |
| &nbsp;&nbsp;&nbsp;CSG Systems International Inc | 965 | 63 |
| &nbsp;&nbsp;&nbsp;CSW Industrials Inc | 116 | 33 |
| &nbsp;&nbsp;&nbsp;CSX Corp | 29082 | 949 |
| &nbsp;&nbsp;&nbsp;Cummins Inc | 3179 | 1041 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source Inc <sup>\*</sup> | 15463 | 76 |
| &nbsp;&nbsp;&nbsp;Dayforce Inc <sup>\*</sup> | 792 | 44 |
| &nbsp;&nbsp;&nbsp;Deere & Co | 4311 | 2192 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Inc | 2139 | 105 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp | 981 | 16 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group Inc <sup>\*</sup> | 3044 | 84 |
| &nbsp;&nbsp;&nbsp;DNOW Inc <sup>\*</sup> | 4359 | 65 |
| &nbsp;&nbsp;&nbsp;Donaldson Co Inc | 202 | 14 |
| &nbsp;&nbsp;&nbsp;Dover Corp | 383 | 70 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings Inc | 11893 | $108 |
| &nbsp;&nbsp;&nbsp;Dycom Industries Inc <sup>\*</sup> | 704 | 172 |
| &nbsp;&nbsp;&nbsp;Eaton Corp PLC | 6490 | 2317 |
| &nbsp;&nbsp;&nbsp;EMCOR Group Inc | 565 | 302 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co | 1464 | 195 |
| &nbsp;&nbsp;&nbsp;Energy Recovery Inc <sup>\*</sup> | 5869 | 75 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp, Cl A | 2369 | 96 |
| &nbsp;&nbsp;&nbsp;EnerSys | 664 | 57 |
| &nbsp;&nbsp;&nbsp;Enovix Corp <sup>\*</sup> | 4020 | 42 |
| &nbsp;&nbsp;&nbsp;Enpro Inc | 738 | 141 |
| &nbsp;&nbsp;&nbsp;Enviri Corp <sup>\*</sup> | 7225 | 63 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises Inc <sup>\*</sup> | 23019 | 118 |
| &nbsp;&nbsp;&nbsp;Equifax Inc | 64 | 17 |
| &nbsp;&nbsp;&nbsp;Esab Corp | 485 | 58 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies Inc | 568 | 109 |
| &nbsp;&nbsp;&nbsp;Eve Holding Inc <sup>\*</sup> | 20585 | 141 |
| &nbsp;&nbsp;&nbsp;EVERUS CONSTRUCTION GROUP <sup>\*</sup> | 97 | 6 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings Inc <sup>\*</sup> | 680 | 30 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc <sup>\*</sup> | 1163 | 133 |
| &nbsp;&nbsp;&nbsp;Exponent Inc | 135 | 10 |
| &nbsp;&nbsp;&nbsp;Fastenal Co | 484 | 20 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp | 1042 | 111 |
| &nbsp;&nbsp;&nbsp;FedEx Corp | 391 | 89 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 582 | 127 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp | 239 | 12 |
| &nbsp;&nbsp;&nbsp;Forrester Research Inc <sup>\*</sup> | 1169 | 12 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations Inc | 174 | 9 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp <sup>\*</sup> | 144 | 4 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co Inc | 180 | 16 |
| &nbsp;&nbsp;&nbsp;FTI Consulting Inc <sup>\*</sup> | 443 | 72 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp PLC <sup>\*</sup> | 886 | 20 |
| &nbsp;&nbsp;&nbsp;GE Vernova Inc <sup>\*</sup> | 1425 | 754 |
| &nbsp;&nbsp;&nbsp;Generac Holdings Inc <sup>\*</sup> | 203 | 29 |
| &nbsp;&nbsp;&nbsp;General Electric Co | 8110 | 2087 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd | 5562 | 245 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc <sup>\*</sup> | 164 | 10 |
| &nbsp;&nbsp;&nbsp;Graco Inc | 223 | 19 |
| &nbsp;&nbsp;&nbsp;Granite Construction Inc | 1175 | 110 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp <sup>\*</sup> | 4289 | 52 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos Inc/The | 1583 | 73 |
| &nbsp;&nbsp;&nbsp;GXO Logistics Inc <sup>\*</sup> | 1041 | 51 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc <sup>\*</sup> | 422 | 6 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International Inc | 2205 | 101 |
| &nbsp;&nbsp;&nbsp;Helios Technologies Inc | 1091 | 36 |
| &nbsp;&nbsp;&nbsp;Herc Holdings Inc | 1012 | 133 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings Inc <sup>\*</sup> | 15111 | 103 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp | 15837 | 895 |
| &nbsp;&nbsp;&nbsp;Hillenbrand Inc | 300 | 6 |
| &nbsp;&nbsp;&nbsp;HNI Corp | 1910 | 94 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 8758 | 1630 |
| &nbsp;&nbsp;&nbsp;Hubbell Inc, Cl B | 78 | 32 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group Inc <sup>\*</sup> | 1227 | 169 |

---

New Covenant Funds 9

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;ICF International Inc | 545 | $46 |
| &nbsp;&nbsp;&nbsp;IDEX Corp | 68 | 12 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc | 773 | 191 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc | 11165 | 929 |
| &nbsp;&nbsp;&nbsp;Insperity Inc | 592 | 36 |
| &nbsp;&nbsp;&nbsp;Interface Inc, Cl A | 12208 | 255 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines Inc <sup>\*</sup> | 4761 | 52 |
| &nbsp;&nbsp;&nbsp;ITT Inc | 918 | 144 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 437 | 63 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp <sup>\*</sup> | 837 | 4 |
| &nbsp;&nbsp;&nbsp;Joby Aviation Inc <sup>\*</sup> | 15834 | 167 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp | 439 | 53 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 8308 | 877 |
| &nbsp;&nbsp;&nbsp;Kadant Inc | 65 | 21 |
| &nbsp;&nbsp;&nbsp;Kelly Services Inc, Cl A | 2214 | 26 |
| &nbsp;&nbsp;&nbsp;Kennametal Inc | 1343 | 31 |
| &nbsp;&nbsp;&nbsp;Kforce Inc | 444 | 18 |
| &nbsp;&nbsp;&nbsp;Kirby Corp <sup>\*</sup> | 1032 | 117 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc, Cl A | 1357 | 60 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 1193 | 87 |
| &nbsp;&nbsp;&nbsp;Landstar System Inc | 83 | 12 |
| &nbsp;&nbsp;&nbsp;Lennox International Inc | 44 | 25 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc | 1027 | 213 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp | 91 | 13 |
| &nbsp;&nbsp;&nbsp;Liquidity Services Inc <sup>\*</sup> | 2249 | 53 |
| &nbsp;&nbsp;&nbsp;Loar Holdings Inc <sup>\*</sup> | 1413 | 122 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | 3194 | 39 |
| &nbsp;&nbsp;&nbsp;Lyft Inc, Cl A <sup>\*</sup> | 7511 | 118 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Inc | 3586 | 145 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd | 592 | 8 |
| &nbsp;&nbsp;&nbsp;Masco Corp | 245 | 16 |
| &nbsp;&nbsp;&nbsp;Masterbrand Inc <sup>\*</sup> | 174 | 2 |
| &nbsp;&nbsp;&nbsp;Matson Inc | 1273 | 142 |
| &nbsp;&nbsp;&nbsp;Maximus Inc | 682 | 48 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 666 | 77 |
| &nbsp;&nbsp;&nbsp;Middleby Corp/The <sup>\*</sup> | 103 | 15 |
| &nbsp;&nbsp;&nbsp;MillerKnoll Inc | 2900 | 56 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc <sup>\*</sup> | 4353 | 95 |
| &nbsp;&nbsp;&nbsp;MRC Global Inc <sup>\*</sup> | 3597 | 49 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co Inc, Cl A | 1115 | 95 |
| &nbsp;&nbsp;&nbsp;Mueller Industries Inc | 1799 | 143 |
| &nbsp;&nbsp;&nbsp;Nordson Corp | 600 | 129 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp | 2628 | 673 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp <sup>\*</sup> | 3629 | 144 |
| &nbsp;&nbsp;&nbsp;NV5 Global Inc <sup>\*</sup> | 808 | 19 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 457 | 33 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc | 84 | 14 |
| &nbsp;&nbsp;&nbsp;Omega Flex Inc | 70 | 2 |
| &nbsp;&nbsp;&nbsp;OPENLANE Inc <sup>\*</sup> | 2303 | 56 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp | 2762 | 314 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp | 2457 | 243 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 4500 | 619 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;PACCAR Inc | 1004 | $95 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp | 460 | 321 |
| &nbsp;&nbsp;&nbsp;Paychex Inc | 2612 | 380 |
| &nbsp;&nbsp;&nbsp;Paycom Software Inc | 194 | 45 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp <sup>\*</sup> | 417 | 76 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 245 | 25 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes Inc | 11792 | 129 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | 11494 | 70 |
| &nbsp;&nbsp;&nbsp;Powell Industries Inc | 603 | 127 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp | 1201 | 94 |
| &nbsp;&nbsp;&nbsp;Proto Labs Inc <sup>\*</sup> | 91 | 4 |
| &nbsp;&nbsp;&nbsp;Quanta Services Inc | 354 | 134 |
| &nbsp;&nbsp;&nbsp;RB Global Inc | 132 | 14 |
| &nbsp;&nbsp;&nbsp;RBC Bearings Inc <sup>\*</sup> | 64 | 25 |
| &nbsp;&nbsp;&nbsp;Redwire Corp <sup>\*</sup> | 4787 | 78 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp | 1068 | 155 |
| &nbsp;&nbsp;&nbsp;Republic Services Inc, Cl A | 969 | 239 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies Inc <sup>\*</sup> | 18071 | 399 |
| &nbsp;&nbsp;&nbsp;Resources Connection Inc | 7466 | 40 |
| &nbsp;&nbsp;&nbsp;Robert Half Inc | 806 | 33 |
| &nbsp;&nbsp;&nbsp;ROCKET LAB CORP <sup>\*</sup> | 4358 | 156 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation Inc | 1620 | 538 |
| &nbsp;&nbsp;&nbsp;Rollins Inc | 2503 | 141 |
| &nbsp;&nbsp;&nbsp;RXO Inc <sup>\*</sup> | 1041 | 16 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc | 637 | 101 |
| &nbsp;&nbsp;&nbsp;Saia Inc <sup>\*</sup> | 96 | 26 |
| &nbsp;&nbsp;&nbsp;Schneider National Inc, Cl B | 521 | 13 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 4273 | 129 |
| &nbsp;&nbsp;&nbsp;Shyft Group Inc/The | 429 | 5 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co Inc | 643 | 100 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc <sup>\*</sup> | 361 | 44 |
| &nbsp;&nbsp;&nbsp;Snap-on Inc | 318 | 99 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co | 322 | 10 |
| &nbsp;&nbsp;&nbsp;Spire Global Inc <sup>\*</sup> | 8837 | 105 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings Inc, Cl A <sup>\*</sup> | 22635 | 864 |
| &nbsp;&nbsp;&nbsp;SPX Technologies Inc <sup>\*</sup> | 999 | 167 |
| &nbsp;&nbsp;&nbsp;Standex International Corp | 622 | 97 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc | 1349 | 91 |
| &nbsp;&nbsp;&nbsp;Steelcase Inc, Cl A | 2620 | 27 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure Inc <sup>\*</sup> | 626 | 144 |
| &nbsp;&nbsp;&nbsp;Sunrun Inc <sup>\*</sup> | 1979 | 16 |
| &nbsp;&nbsp;&nbsp;Tennant Co | 639 | 49 |
| &nbsp;&nbsp;&nbsp;Terex Corp | 341 | 16 |
| &nbsp;&nbsp;&nbsp;Tetra Tech Inc | 2820 | 101 |
| &nbsp;&nbsp;&nbsp;Timken Co/The | 204 | 15 |
| &nbsp;&nbsp;&nbsp;Toro Co/The | 1175 | 83 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1779 | 778 |
| &nbsp;&nbsp;&nbsp;TransUnion | 135 | 12 |
| &nbsp;&nbsp;&nbsp;Trex Co Inc <sup>\*</sup> | 1134 | 62 |
| &nbsp;&nbsp;&nbsp;TriNet Group Inc | 877 | 64 |
| &nbsp;&nbsp;&nbsp;Trinity Industries Inc | 511 | 14 |
| &nbsp;&nbsp;&nbsp;TrueBlue Inc <sup>\*</sup> | 6393 | 41 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings Inc <sup>\*</sup> | 202 | 1 |

---

10 New Covenant Funds

---

| | | | |
|:---|:---|:---|:---|
| 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;Uber Technologies Inc <sup>\*</sup> | 12670 | $| 1182 |
| &nbsp;&nbsp;&nbsp;UFP Industries Inc | 196 |  | 19 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co <sup>\*</sup> | 28 |  | 2 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co, Cl B | 252 |  | 14 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp/MA | 235 |  | 44 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp | 7120 |  | 1638 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc <sup>\*</sup> | 289 |  | 23 |
| &nbsp;&nbsp;&nbsp;United Parcel Service Inc, Cl B | 2422 |  | 244 |
| &nbsp;&nbsp;&nbsp;United Rentals Inc | 1306 |  | 984 |
| &nbsp;&nbsp;&nbsp;Upwork Inc <sup>\*</sup> | 3753 |  | 50 |
| &nbsp;&nbsp;&nbsp;Valmont Industries Inc | 76 |  | 25 |
| &nbsp;&nbsp;&nbsp;Veralto Corp | 1397 |  | 141 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics Inc, Cl A | 1729 |  | 539 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co, Cl A | 1255 |  | 161 |
| &nbsp;&nbsp;&nbsp;Vestis Corp | 130 |  | 1 |
| &nbsp;&nbsp;&nbsp;Vicor Corp <sup>\*</sup> | 1620 |  | 73 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp | 3217 |  | 34 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc | 6467 |  | 1480 |
| &nbsp;&nbsp;&nbsp;Watsco Inc | 52 |  | 23 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc, Cl A | 507 |  | 125 |
| &nbsp;&nbsp;&nbsp;WESCO International Inc | 2518 |  | 466 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp | 465 |  | 97 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp, Cl A <sup>\*</sup> | 590 |  | 16 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd <sup>\*</sup> | 1766 |  | 112 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc | 223 |  | 14 |
| &nbsp;&nbsp;&nbsp;WW Grainger Inc | 1310 |  | 1363 |
| &nbsp;&nbsp;&nbsp;Xylem Inc/NY | 8239 |  | 1066 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp | 1629 |  | 60 |
|  |  |  | 49872 |
| **Information Technology — 31.4%** | **Information Technology — 31.4%** | **Information Technology — 31.4%** | **Information Technology — 31.4%** |
| &nbsp;&nbsp;&nbsp;8x8 Inc <sup>\*</sup> | 2725 |  | 5 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A | 8189 |  | 2448 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide Inc <sup>\*</sup> | 1373 |  | 63 |
| &nbsp;&nbsp;&nbsp;Adeia Inc | 2351 |  | 33 |
| &nbsp;&nbsp;&nbsp;Adobe Inc <sup>\*</sup> | 4882 |  | 1889 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc <sup>\*</sup> | 979 |  | 9 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc | 725 |  | 96 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc <sup>\*</sup> | 17571 |  | 2493 |
| &nbsp;&nbsp;&nbsp;Agilysys Inc <sup>\*</sup> | 323 |  | 37 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies Inc <sup>\*</sup> | 6014 |  | 480 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc <sup>\*</sup> | 1192 |  | 67 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems Inc <sup>\*</sup> | 4049 |  | 138 |
| &nbsp;&nbsp;&nbsp;Ambarella Inc <sup>\*</sup> | 160 |  | 11 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd | 3632 |  | 331 |
| &nbsp;&nbsp;&nbsp;Amkor Technology Inc | 3864 |  | 81 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp, Cl A | 5495 |  | 543 |
| &nbsp;&nbsp;&nbsp;Analog Devices Inc | 2426 |  | 577 |
| &nbsp;&nbsp;&nbsp;ANSYS Inc <sup>\*</sup> | 683 |  | 240 |
| &nbsp;&nbsp;&nbsp;Appian Corp, Cl A <sup>\*</sup> | 1246 |  | 37 |
| &nbsp;&nbsp;&nbsp;Apple Inc | 128577 |  | 26380 |
| &nbsp;&nbsp;&nbsp;Applied Materials Inc | 10943 |  | 2003 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp, Cl A <sup>\*</sup> | 989 |  | 346 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc <sup>\*</sup> | 5405 |  | 553 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Arlo Technologies Inc <sup>\*</sup> | 7542 | $128 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics Inc <sup>\*</sup> | 1149 | 146 |
| &nbsp;&nbsp;&nbsp;Asana Inc, Cl A <sup>\*</sup> | 3091 | 42 |
| &nbsp;&nbsp;&nbsp;ASGN Inc <sup>\*</sup> | 146 | 7 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp, Cl A <sup>\*</sup> | 76 | 15 |
| &nbsp;&nbsp;&nbsp;Autodesk Inc <sup>\*</sup> | 3559 | 1102 |
| &nbsp;&nbsp;&nbsp;Avnet Inc | 325 | 17 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc <sup>\*</sup> | 951 | 66 |
| &nbsp;&nbsp;&nbsp;Badger Meter Inc | 484 | 119 |
| &nbsp;&nbsp;&nbsp;Belden Inc | 155 | 18 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc | 1447 | 56 |
| &nbsp;&nbsp;&nbsp;Bentley Systems Inc, Cl B | 1422 | 77 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings Inc <sup>\*</sup> | 3803 | 19 |
| &nbsp;&nbsp;&nbsp;BILL Holdings Inc <sup>\*</sup> | 185 | 9 |
| &nbsp;&nbsp;&nbsp;Blackbaud Inc <sup>\*</sup> | 629 | 40 |
| &nbsp;&nbsp;&nbsp;BlackLine Inc <sup>\*</sup> | 185 | 11 |
| &nbsp;&nbsp;&nbsp;Box Inc, Cl A <sup>\*</sup> | 539 | 18 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc | 42924 | 11832 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc <sup>\*</sup> | 3902 | 1202 |
| &nbsp;&nbsp;&nbsp;Calix Inc <sup>\*</sup> | 2742 | 146 |
| &nbsp;&nbsp;&nbsp;CDW Corp/DE | 806 | 144 |
| &nbsp;&nbsp;&nbsp;Cerence Inc <sup>\*</sup> | 493 | 5 |
| &nbsp;&nbsp;&nbsp;Ciena Corp <sup>\*</sup> | 1223 | 100 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic Inc <sup>\*</sup> | 640 | 67 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc | 52054 | 3612 |
| &nbsp;&nbsp;&nbsp;Cloudflare Inc, Cl A <sup>\*</sup> | 985 | 193 |
| &nbsp;&nbsp;&nbsp;Cognex Corp | 203 | 6 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp, Cl A | 8315 | 649 |
| &nbsp;&nbsp;&nbsp;Coherent Corp <sup>\*</sup> | 265 | 24 |
| &nbsp;&nbsp;&nbsp;Cohu Inc <sup>\*</sup> | 3416 | 66 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co Inc <sup>\*</sup> | 18091 | 150 |
| &nbsp;&nbsp;&nbsp;CommVault Systems Inc <sup>\*</sup> | 219 | 38 |
| &nbsp;&nbsp;&nbsp;Confluent Inc, Cl A <sup>\*</sup> | 4206 | 105 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions Inc <sup>\*</sup> | 180 | 4 |
| &nbsp;&nbsp;&nbsp;Corning Inc | 6104 | 321 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co | 135 | 7 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc, Cl A <sup>\*</sup> | 1122 | 571 |
| &nbsp;&nbsp;&nbsp;CTS Corp | 301 | 13 |
| &nbsp;&nbsp;&nbsp;Datadog Inc, Cl A <sup>\*</sup> | 1589 | 213 |
| &nbsp;&nbsp;&nbsp;Dell Technologies Inc, Cl C | 968 | 119 |
| &nbsp;&nbsp;&nbsp;DocuSign Inc, Cl A <sup>\*</sup> | 1618 | 126 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc, Cl A | 731 | 54 |
| &nbsp;&nbsp;&nbsp;Domo Inc, Cl B <sup>\*</sup> | 297 | 4 |
| &nbsp;&nbsp;&nbsp;Dropbox Inc, Cl A <sup>\*</sup> | 2914 | 83 |
| &nbsp;&nbsp;&nbsp;Dynatrace Inc <sup>\*</sup> | 465 | 26 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings Inc <sup>\*</sup> | 20021 | 65 |
| &nbsp;&nbsp;&nbsp;Elastic NV <sup>\*</sup> | 183 | 15 |
| &nbsp;&nbsp;&nbsp;Enphase Energy Inc <sup>\*</sup> | 60 | 2 |
| &nbsp;&nbsp;&nbsp;Extreme Networks Inc <sup>\*</sup> | 4187 | 75 |
| &nbsp;&nbsp;&nbsp;F5 Inc <sup>\*</sup> | 578 | 170 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>\*</sup> | 448 | 132 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp <sup>\*</sup> | 16 | 29 |
| &nbsp;&nbsp;&nbsp;Fastly Inc, Cl A <sup>\*</sup> | 905 | 6 |

---

New Covenant Funds 11

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;First Solar Inc <sup>\*</sup> | 1385 | $229 |
| &nbsp;&nbsp;&nbsp;Five9 Inc <sup>\*</sup> | 93 | 3 |
| &nbsp;&nbsp;&nbsp;Flex Ltd <sup>\*</sup> | 2086 | 104 |
| &nbsp;&nbsp;&nbsp;FormFactor Inc <sup>\*</sup> | 353 | 12 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc <sup>\*</sup> | 5251 | 555 |
| &nbsp;&nbsp;&nbsp;Gartner Inc <sup>\*</sup> | 224 | 91 |
| &nbsp;&nbsp;&nbsp;Gen Digital Inc | 4737 | 139 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES Inc <sup>\*</sup> | 1732 | 66 |
| &nbsp;&nbsp;&nbsp;Globant SA <sup>\*</sup> | 271 | 25 |
| &nbsp;&nbsp;&nbsp;GoDaddy Inc, Cl A <sup>\*</sup> | 1102 | 198 |
| &nbsp;&nbsp;&nbsp;Guidewire Software Inc <sup>\*</sup> | 894 | 211 |
| &nbsp;&nbsp;&nbsp;Hackett Group Inc/The | 3129 | 80 |
| &nbsp;&nbsp;&nbsp;HubSpot Inc <sup>\*</sup> | 322 | 179 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd <sup>\*</sup> | 2906 | 57 |
| &nbsp;&nbsp;&nbsp;Informatica Inc, Cl A <sup>\*</sup> | 5178 | 126 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises Inc <sup>\*</sup> | 132 | 18 |
| &nbsp;&nbsp;&nbsp;Intel Corp | 43413 | 972 |
| &nbsp;&nbsp;&nbsp;InterDigital Inc | 626 | 140 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp | 11006 | 3244 |
| &nbsp;&nbsp;&nbsp;Intuit Inc | 3419 | 2693 |
| &nbsp;&nbsp;&nbsp;IonQ Inc <sup>\*</sup> | 2889 | 124 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp <sup>\*</sup> | 558 | 38 |
| &nbsp;&nbsp;&nbsp;Itron Inc <sup>\*</sup> | 588 | 77 |
| &nbsp;&nbsp;&nbsp;Jabil Inc | 665 | 145 |
| &nbsp;&nbsp;&nbsp;Juniper Networks Inc | 7826 | 313 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies Inc <sup>\*</sup> | 5247 | 860 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics Inc <sup>\*</sup> | 2142 | 41 |
| &nbsp;&nbsp;&nbsp;KLA Corp | 1488 | 1333 |
| &nbsp;&nbsp;&nbsp;Knowles Corp <sup>\*</sup> | 2314 | 41 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries Inc | 764 | 26 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc <sup>\*</sup> | 2624 | 110 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp | 21190 | 2063 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp <sup>\*</sup> | 369 | 18 |
| &nbsp;&nbsp;&nbsp;Littelfuse Inc | 60 | 14 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc <sup>\*</sup> | 660 | 63 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates Inc <sup>\*</sup> | 522 | 103 |
| &nbsp;&nbsp;&nbsp;MARA Holdings Inc <sup>\*</sup> | 3468 | 54 |
| &nbsp;&nbsp;&nbsp;Marvell Technology Inc | 7143 | 553 |
| &nbsp;&nbsp;&nbsp;Methode Electronics Inc | 14933 | 142 |
| &nbsp;&nbsp;&nbsp;Microchip Technology Inc | 1268 | 89 |
| &nbsp;&nbsp;&nbsp;Micron Technology Inc | 9194 | 1133 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp | 67883 | 33766 |
| &nbsp;&nbsp;&nbsp;MicroStrategy Inc, Cl A <sup>\*</sup> | 998 | 403 |
| &nbsp;&nbsp;&nbsp;MKS Instruments Inc | 103 | 10 |
| &nbsp;&nbsp;&nbsp;MongoDB Inc, Cl A <sup>\*</sup> | 574 | 121 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc | 64 | 47 |
| &nbsp;&nbsp;&nbsp;N-able Inc/US <sup>\*</sup> | 317 | 3 |
| &nbsp;&nbsp;&nbsp;nCino Inc <sup>\*</sup> | 3450 | 97 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp <sup>\*</sup> | 334 | 4 |
| &nbsp;&nbsp;&nbsp;NetApp Inc | 1006 | 107 |
| &nbsp;&nbsp;&nbsp;NETGEAR Inc <sup>\*</sup> | 3441 | 100 |
| &nbsp;&nbsp;&nbsp;NetScout Systems Inc <sup>\*</sup> | 2073 | 51 |
| &nbsp;&nbsp;&nbsp;Novanta Inc <sup>\*</sup> | 98 | 13 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Nutanix Inc, Cl A <sup>\*</sup> | 359 | $27 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp | 214349 | 33865 |
| &nbsp;&nbsp;&nbsp;Okta Inc, Cl A <sup>\*</sup> | 812 | 81 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp <sup>\*</sup> | 1757 | 92 |
| &nbsp;&nbsp;&nbsp;OneSpan Inc <sup>\*</sup> | 6246 | 104 |
| &nbsp;&nbsp;&nbsp;Oracle Corp | 17480 | 3822 |
| &nbsp;&nbsp;&nbsp;OSI Systems Inc <sup>\*</sup> | 497 | 112 |
| &nbsp;&nbsp;&nbsp;PagerDuty Inc <sup>\*</sup> | 1821 | 28 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies Inc, Cl A <sup>\*</sup> | 15660 | 2135 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc <sup>\*</sup> | 7672 | 1570 |
| &nbsp;&nbsp;&nbsp;Pegasystems Inc | 300 | 16 |
| &nbsp;&nbsp;&nbsp;Plexus Corp <sup>\*</sup> | 589 | 80 |
| &nbsp;&nbsp;&nbsp;Power Integrations Inc | 196 | 11 |
| &nbsp;&nbsp;&nbsp;Procore Technologies Inc <sup>\*</sup> | 1013 | 69 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp | 1206 | 77 |
| &nbsp;&nbsp;&nbsp;PROS Holdings Inc <sup>\*</sup> | 818 | 13 |
| &nbsp;&nbsp;&nbsp;PTC Inc <sup>\*</sup> | 677 | 117 |
| &nbsp;&nbsp;&nbsp;Pure Storage Inc, Cl A <sup>\*</sup> | 685 | 39 |
| &nbsp;&nbsp;&nbsp;Qorvo Inc <sup>\*</sup> | 100 | 9 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc | 13054 | 2079 |
| &nbsp;&nbsp;&nbsp;Qualys Inc <sup>\*</sup> | 591 | 84 |
| &nbsp;&nbsp;&nbsp;Rambus Inc <sup>\*</sup> | 1806 | 116 |
| &nbsp;&nbsp;&nbsp;Rapid7 Inc <sup>\*</sup> | 393 | 9 |
| &nbsp;&nbsp;&nbsp;RingCentral Inc, Cl A <sup>\*</sup> | 699 | 20 |
| &nbsp;&nbsp;&nbsp;Riot Platforms Inc <sup>\*</sup> | 3379 | 38 |
| &nbsp;&nbsp;&nbsp;Rogers Corp <sup>\*</sup> | 392 | 27 |
| &nbsp;&nbsp;&nbsp;Roper Technologies Inc | 193 | 109 |
| &nbsp;&nbsp;&nbsp;Salesforce Inc | 10663 | 2908 |
| &nbsp;&nbsp;&nbsp;SANDISK CORP <sup>\*</sup> | 808 | 37 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp <sup>\*</sup> | 189 | 19 |
| &nbsp;&nbsp;&nbsp;ScanSource Inc <sup>\*</sup> | 1292 | 54 |
| &nbsp;&nbsp;&nbsp;Semtech Corp <sup>\*</sup> | 1000 | 45 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc <sup>\*</sup> | 2243 | 2306 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc <sup>\*</sup> | 437 | 64 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc | 308 | 23 |
| &nbsp;&nbsp;&nbsp;Snowflake Inc, Cl A <sup>\*</sup> | 3330 | 745 |
| &nbsp;&nbsp;&nbsp;SPS Commerce Inc <sup>\*</sup> | 152 | 21 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc <sup>\*</sup> | 1220 | 60 |
| &nbsp;&nbsp;&nbsp;Synaptics Inc <sup>\*</sup> | 142 | 9 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc <sup>\*</sup> | 1235 | 633 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp | 387 | 53 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc <sup>\*</sup> | 31 | 16 |
| &nbsp;&nbsp;&nbsp;Teradata Corp <sup>\*</sup> | 2108 | 47 |
| &nbsp;&nbsp;&nbsp;Teradyne Inc | 945 | 85 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc | 5528 | 1148 |
| &nbsp;&nbsp;&nbsp;Trimble Inc <sup>\*</sup> | 2035 | 155 |
| &nbsp;&nbsp;&nbsp;TTM Technologies Inc <sup>\*</sup> | 3386 | 138 |
| &nbsp;&nbsp;&nbsp;Tucows Inc, Cl A <sup>\*</sup> | 170 | 3 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp <sup>\*</sup> | 6220 | 86 |
| &nbsp;&nbsp;&nbsp;Twilio Inc, Cl A <sup>\*</sup> | 1420 | 177 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies Inc <sup>\*</sup> | 177 | 105 |
| &nbsp;&nbsp;&nbsp;Ubiquiti Inc | 48 | 20 |
| &nbsp;&nbsp;&nbsp;UiPath Inc, Cl A <sup>\*</sup> | 4174 | 53 |

---

12 New Covenant Funds

---

| | | | |
|:---|:---|:---|:---|
| 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;Unisys Corp <sup>\*</sup> | 689 | $| 3 |
| &nbsp;&nbsp;&nbsp;Unity Software Inc <sup>\*</sup> | 2638 |  | 64 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp | 1235 |  | 191 |
| &nbsp;&nbsp;&nbsp;Varonis Systems Inc, Cl B <sup>\*</sup> | 327 |  | 17 |
| &nbsp;&nbsp;&nbsp;Verint Systems Inc <sup>\*</sup> | 947 |  | 19 |
| &nbsp;&nbsp;&nbsp;VeriSign Inc <sup>\*</sup> | 494 |  | 143 |
| &nbsp;&nbsp;&nbsp;ViaSat Inc <sup>\*</sup> | 693 |  | 10 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc <sup>\*</sup> | 3355 |  | 34 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp <sup>\*</sup> | 2423 |  | 155 |
| &nbsp;&nbsp;&nbsp;Workday Inc, Cl A <sup>\*</sup> | 2079 |  | 499 |
| &nbsp;&nbsp;&nbsp;Workiva Inc, Cl A <sup>\*</sup> | 1224 |  | 84 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp | 4697 |  | 25 |
| &nbsp;&nbsp;&nbsp;Xperi Inc <sup>\*</sup> | 940 |  | 7 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp, Cl A <sup>\*</sup> | 438 |  | 135 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications Inc, Cl A <sup>\*</sup> | 2001 |  | 156 |
| &nbsp;&nbsp;&nbsp;Zscaler Inc <sup>\*</sup> | 491 |  | 154 |
|  |  |  | 167783 |
| **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** | **Materials — 2.4%** |
| &nbsp;&nbsp;&nbsp;AdvanSix Inc | 1143 |  | 27 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc | 505 |  | 142 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp | 752 |  | 47 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp | 4188 |  | 124 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 16928 |  | 156 |
| &nbsp;&nbsp;&nbsp;AptarGroup Inc | 1944 |  | 304 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | 35612 |  | 152 |
| &nbsp;&nbsp;&nbsp;Ashland Inc | 152 |  | 8 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp | 88 |  | 15 |
| &nbsp;&nbsp;&nbsp;Avient Corp | 1216 |  | 39 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd <sup>\*</sup> | 3085 |  | 92 |
| &nbsp;&nbsp;&nbsp;Balchem Corp <sup>\*</sup> | 107 |  | 17 |
| &nbsp;&nbsp;&nbsp;Ball Corp | 13648 |  | 766 |
| &nbsp;&nbsp;&nbsp;Cabot Corp | 238 |  | 18 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp | 497 |  | 137 |
| &nbsp;&nbsp;&nbsp;Celanese Corp, Cl A | 93 |  | 5 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc | 1865 |  | 172 |
| &nbsp;&nbsp;&nbsp;Chemours Co/The | 2832 |  | 32 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc <sup>\*</sup> | 6197 |  | 47 |
| &nbsp;&nbsp;&nbsp;Coeur Mining Inc <sup>\*</sup> | 6945 |  | 62 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co | 1211 |  | 59 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International Inc <sup>\*</sup> | 851 |  | 17 |
| &nbsp;&nbsp;&nbsp;Constellium SE, Cl A <sup>\*</sup> | 4520 |  | 60 |
| &nbsp;&nbsp;&nbsp;Corteva Inc | 885 |  | 66 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 1464 |  | 134 |
| &nbsp;&nbsp;&nbsp;Crown Holdings Inc | 9429 |  | 971 |
| &nbsp;&nbsp;&nbsp;Dow Inc | 6392 |  | 169 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc | 1359 |  | 93 |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc | 126 |  | 26 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co | 1175 |  | 88 |
| &nbsp;&nbsp;&nbsp;Ecolab Inc | 1333 |  | 359 |
| &nbsp;&nbsp;&nbsp;Element Solutions Inc | 3720 |  | 84 |
| &nbsp;&nbsp;&nbsp;FMC Corp | 2400 |  | 100 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc | 26012 |  | 1128 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co | 681 |  | 14 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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;Greif Inc, Cl A | 1122 | $| 73 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co | 158 |  | 10 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp | 475 |  | 5 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp <sup>\*</sup> | 563 |  | 24 |
| &nbsp;&nbsp;&nbsp;Innospec Inc <sup>\*</sup> | 499 |  | 42 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc | 2307 |  | 170 |
| &nbsp;&nbsp;&nbsp;International Paper Co | 360 |  | 17 |
| &nbsp;&nbsp;&nbsp;Knife River Corp <sup>\*</sup> | 96 |  | 8 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 6564 |  | 3080 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp | 1155 |  | 99 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Cl A | 2182 |  | 126 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc | 397 |  | 218 |
| &nbsp;&nbsp;&nbsp;Metallus Inc <sup>\*</sup> | 5421 |  | 84 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies Inc | 182 |  | 10 |
| &nbsp;&nbsp;&nbsp;Mosaic Co/The | 3590 |  | 131 |
| &nbsp;&nbsp;&nbsp;Newmont Corp | 17630 |  | 1027 |
| &nbsp;&nbsp;&nbsp;Novagold Resources Inc <sup>\*</sup> | 1266 |  | 5 |
| &nbsp;&nbsp;&nbsp;Nucor Corp | 864 |  | 112 |
| &nbsp;&nbsp;&nbsp;O-I Glass Inc, Cl I <sup>\*</sup> | 9926 |  | 146 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 101 |  | 19 |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc | 2274 |  | 259 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp | 55 |  | 6 |
| &nbsp;&nbsp;&nbsp;Radius Recycling Inc, Cl A | 1418 |  | 42 |
| &nbsp;&nbsp;&nbsp;Reliance Inc | 412 |  | 129 |
| &nbsp;&nbsp;&nbsp;Royal Gold Inc | 512 |  | 91 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co/The | 163 |  | 11 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp | 293 |  | 9 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp | 161 |  | 16 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co/The | 850 |  | 292 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 336 |  | 15 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co | 185 |  | 8 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp | 281 |  | 28 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics Inc | 2156 |  | 276 |
| &nbsp;&nbsp;&nbsp;Stepan Co | 138 |  | 8 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp | 32 |  | 2 |
| &nbsp;&nbsp;&nbsp;TriMas Corp | 1583 |  | 45 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | 4385 |  | 22 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc | 490 |  | 49 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co | 407 |  | 106 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc | 969 |  | 44 |
| &nbsp;&nbsp;&nbsp;Westlake Corp | 137 |  | 10 |
| &nbsp;&nbsp;&nbsp;Worthington Steel Inc | 223 |  | 7 |
|  |  |  | 12611 |
| **Real Estate — 2.2%** | **Real Estate — 2.2%** | **Real Estate — 2.2%** | **Real Estate — 2.2%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust <sup>‡</sup> | 1946 |  | 36 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp <sup>‡</sup> | 736 |  | 54 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin Inc <sup>‡</sup> | 2342 |  | 42 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc <sup>‡</sup> | 846 |  | 61 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A <sup>‡</sup> | 375 |  | 13 |
| &nbsp;&nbsp;&nbsp;American Tower Corp, Cl A <sup>‡</sup> | 2377 |  | 525 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate Inc <sup>\*</sup> | 4621 |  | 17 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co, Cl A <sup>\*</sup><sup>‡</sup> | 1711 |  | 15 |

---

New Covenant Funds 13

**SCHEDULE OF INVESTMENTS**

June 30, 2025

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK†† (continued)** | **COMMON STOCK†† (continued)** | **COMMON STOCK†† (continued)** |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT Inc <sup>‡</sup> | 718 | $8 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc <sup>‡</sup> | 3261 | 664 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust <sup>‡</sup> | 14492 | 62 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc <sup>‡</sup> | 4703 | 122 |
| &nbsp;&nbsp;&nbsp;BXP Inc <sup>‡</sup> | 1468 | 99 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 125 | 14 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT Inc <sup>‡</sup> | 2438 | 75 |
| &nbsp;&nbsp;&nbsp;CBRE Group Inc, Cl A <sup>\*</sup> | 11081 | 1553 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc <sup>‡</sup> | 1136 | 19 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties <sup>‡</sup> | 3986 | 110 |
| &nbsp;&nbsp;&nbsp;CoStar Group Inc <sup>\*</sup> | 1627 | 131 |
| &nbsp;&nbsp;&nbsp;Cousins Properties Inc <sup>‡</sup> | 289 | 9 |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc <sup>‡</sup> | 4174 | 429 |
| &nbsp;&nbsp;&nbsp;CubeSmart <sup>‡</sup> | 377 | 16 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp <sup>\*‡</sup> | 1866 | 43 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC <sup>\*</sup> | 2593 | 29 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co <sup>‡</sup> | 4575 | 35 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc <sup>‡</sup> | 640 | 112 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett Inc <sup>‡</sup> | 448 | 7 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties Inc <sup>‡</sup> | 306 | 51 |
| &nbsp;&nbsp;&nbsp;Elme Communities <sup>‡</sup> | 1705 | 27 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust Inc, Cl A <sup>‡</sup> | 5592 | 45 |
| &nbsp;&nbsp;&nbsp;EPR Properties <sup>‡</sup> | 735 | 43 |
| &nbsp;&nbsp;&nbsp;Equinix Inc <sup>‡</sup> | 343 | 273 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc <sup>‡</sup> | 167 | 10 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 3485 | 235 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc <sup>‡</sup> | 2028 | 65 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust Inc <sup>‡</sup> | 454 | 129 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage Inc <sup>‡</sup> | 634 | 93 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust <sup>‡</sup> | 114 | 11 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc <sup>‡</sup> | 263 | 13 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc <sup>‡</sup> | 1848 | 50 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties Inc <sup>‡</sup> | 283 | 13 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust Inc, Cl A <sup>‡</sup> | 392 | 6 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc <sup>‡</sup> | 5007 | 88 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties Inc <sup>‡</sup> | 247 | 8 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc <sup>‡</sup> | 5040 | 77 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc <sup>\*</sup> | 795 | 54 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc <sup>‡</sup> | 2475 | 7 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties Inc, Cl A <sup>‡</sup> | 59 | 3 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Inc <sup>‡</sup> | 1509 | 49 |
| &nbsp;&nbsp;&nbsp;Iron Mountain Inc <sup>‡</sup> | 1014 | 104 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties <sup>‡</sup> | 2065 | 36 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc <sup>\*</sup> | 1270 | 325 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp <sup>‡</sup> | 2593 | 89 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp <sup>‡</sup> | 7790 | 164 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust <sup>‡</sup> | 3286 | 74 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co, Cl A <sup>‡</sup> | 1059 | 128 |
| &nbsp;&nbsp;&nbsp;LTC Properties Inc <sup>‡</sup> | 1142 | 39 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust <sup>‡</sup> | 966 | 8 |
| &nbsp;&nbsp;&nbsp;Macerich Co/The <sup>‡</sup> | 5508 | 89 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap Inc | 1380 | 42 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust Inc <sup>‡</sup> | 2513 | 11 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK†† (continued)** | **COMMON STOCK†† (continued)** | **COMMON STOCK†† (continued)** | **COMMON STOCK†† (continued)** |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc <sup>‡</sup> | 318 | $| 47 |
| &nbsp;&nbsp;&nbsp;Millrose Properties <sup>\*</sup> | 61 |  | 2 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties \*<sup>‡</sup> | 10 |  |  |
| &nbsp;&nbsp;&nbsp;Newmark Group Inc, Cl A | 3753 |  | 46 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc <sup>‡</sup> | 1229 |  | 45 |
| &nbsp;&nbsp;&nbsp;Outfront Media Inc <sup>‡</sup> | 1942 |  | 32 |
| &nbsp;&nbsp;&nbsp;Paramount Group Inc <sup>‡</sup> | 5922 |  | 36 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc <sup>‡</sup> | 1996 |  | 20 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust <sup>‡</sup> | 1899 |  | 19 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Inc, Cl A <sup>‡</sup> | 2333 |  | 17 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp <sup>‡</sup> | 231 |  | 9 |
| &nbsp;&nbsp;&nbsp;Prologis Inc <sup>‡</sup> | 13727 |  | 1443 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 384 |  | 113 |
| &nbsp;&nbsp;&nbsp;Rayonier Inc <sup>‡</sup> | 1664 |  | 37 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings Inc, Cl A <sup>\*</sup> | 1292 |  | 11 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp <sup>‡</sup> | 2112 |  | 122 |
| &nbsp;&nbsp;&nbsp;Redfin Corp <sup>\*</sup> | 458 |  | 5 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp <sup>‡</sup> | 16124 |  | 1148 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc <sup>‡</sup> | 241 |  | 9 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust <sup>‡</sup> | 2849 |  | 21 |
| &nbsp;&nbsp;&nbsp;RMR Group Inc/The, Cl A | 1095 |  | 18 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc <sup>‡</sup> | 577 |  | 57 |
| &nbsp;&nbsp;&nbsp;Safehold Inc <sup>‡</sup> | 968 |  | 15 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp, Cl A <sup>‡</sup> | 684 |  | 161 |
| &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 |  | 112 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp <sup>\*‡</sup> | 933 |  | 10 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp <sup>‡</sup> | 2468 |  | 153 |
| &nbsp;&nbsp;&nbsp;St Joe Co/The | 460 |  | 22 |
| &nbsp;&nbsp;&nbsp;STAG Industrial Inc <sup>‡</sup> | 359 |  | 13 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc <sup>‡</sup> | 4173 |  | 21 |
| &nbsp;&nbsp;&nbsp;Sun Communities Inc <sup>‡</sup> | 272 |  | 34 |
| &nbsp;&nbsp;&nbsp;Tanger Inc <sup>‡</sup> | 647 |  | 20 |
| &nbsp;&nbsp;&nbsp;UDR Inc <sup>‡</sup> | 250 |  | 10 |
| &nbsp;&nbsp;&nbsp;Uniti Group Inc <sup>‡</sup> | 1247 |  | 5 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties <sup>‡</sup> | 2679 |  | 50 |
| &nbsp;&nbsp;&nbsp;Ventas Inc <sup>‡</sup> | 2183 |  | 138 |
| &nbsp;&nbsp;&nbsp;VICI Properties Inc, Cl A <sup>‡</sup> | 3317 |  | 108 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust \*<sup>‡</sup> | 2903 |  | 111 |
| &nbsp;&nbsp;&nbsp;Welltower Inc <sup>‡</sup> | 2514 |  | 386 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co <sup>‡</sup> | 17005 |  | 437 |
| &nbsp;&nbsp;&nbsp;WP Carey Inc <sup>‡</sup> | 149 |  | 9 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc <sup>‡</sup> | 2347 |  | 29 |
| &nbsp;&nbsp;&nbsp;Zillow Group Inc, Cl A <sup>\*</sup> | 1490 |  | 102 |
| &nbsp;&nbsp;&nbsp;Zillow Group Inc, Cl C <sup>\*</sup> | 1112 |  | 78 |
|  |  |  | 12043 |
| **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp;AES Corp/The | 5282 |  | 56 |
| &nbsp;&nbsp;&nbsp;ALLETE Inc | 620 |  | 40 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp | 213 |  | 13 |
| &nbsp;&nbsp;&nbsp;Ameren Corp | 141 |  | 14 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co Inc | 5930 |  | 615 |

---

14 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;American States Water Co | 580 | $44 |
| &nbsp;&nbsp;&nbsp;American Water Works Co Inc | 2717 | 378 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp | 461 | 71 |
| &nbsp;&nbsp;&nbsp;BROOKFIELD INFRASTRUCTURE-A <sup>\*</sup> | 1827 | 76 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 1995 | 91 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc | 434 | 16 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C | 456 | 15 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp | 16721 | 1158 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Inc | 1130 | 113 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp | 1299 | 419 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc | 2121 | 120 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co | 876 | 116 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp | 11833 | 1396 |
| &nbsp;&nbsp;&nbsp;Edison International | 3288 | 170 |
| &nbsp;&nbsp;&nbsp;Entergy Corp | 4552 | 378 |
| &nbsp;&nbsp;&nbsp;Essential Utilities Inc | 331 | 12 |
| &nbsp;&nbsp;&nbsp;Evergy Inc | 180 | 12 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 10983 | 699 |
| &nbsp;&nbsp;&nbsp;Exelon Corp | 11090 | 482 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp | 1531 | 62 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries Inc <sup>\*</sup> | 249 | 3 |
| &nbsp;&nbsp;&nbsp;IDACORP Inc, Cl Rights | 108 | 12 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group Inc | 386 | 6 |
| &nbsp;&nbsp;&nbsp;MGE Energy Inc | 631 | 56 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co | 223 | 19 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp | 1111 | 50 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc | 26367 | 1830 |
| &nbsp;&nbsp;&nbsp;NiSource Inc | 419 | 17 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co | 699 | 28 |
| &nbsp;&nbsp;&nbsp;NRG Energy Inc | 323 | 52 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp | 261 | 12 |
| &nbsp;&nbsp;&nbsp;Oklo Inc, Cl A <sup>\*</sup> | 1871 | 105 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc | 644 | 54 |
| &nbsp;&nbsp;&nbsp;PG&E Corp | 692 | 10 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp | 1420 | 127 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co | 894 | 36 |
| &nbsp;&nbsp;&nbsp;PPL Corp | 2577 | 87 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 210 | 18 |
| &nbsp;&nbsp;&nbsp;Sempra | 1258 | 95 |
| &nbsp;&nbsp;&nbsp;SJW Group | 716 | 37 |
| &nbsp;&nbsp;&nbsp;Southern Co/The | 5384 | 494 |
| &nbsp;&nbsp;&nbsp;TXNM Energy Inc | 975 | 55 |
| &nbsp;&nbsp;&nbsp;UGI Corp | 253 | 9 |
| &nbsp;&nbsp;&nbsp;Vistra Corp | 3895 | 755 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group Inc | 1179 | 123 |
| &nbsp;&nbsp;&nbsp;Xcel Energy Inc | 1637 | 111 |
|  |  | 10767 |
| Total Common Stock | Total Common Stock | Total Common Stock |
| &nbsp;&nbsp;&nbsp;(Cost $206,514) ($ Thousands) |  | 527698 |

---

---

| | | |
|:---|:---|:---|
| Description | Number of Rights | Market Value<br> ($ Thousands) |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Abiomed Inc \*<sup>‡‡</sup> | 332 | $– |
| Total Rights | Total Rights | Total Rights |
| &nbsp;&nbsp;&nbsp;(Cost $—) ($ Thousands) |  | – |
|  | Shares |  |
| **CASH EQUIVALENT — 1.1%** | **CASH EQUIVALENT — 1.1%** | **CASH EQUIVALENT — 1.1%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%<sup>\*\*†</sup> | 5912512 | 5913 |
| Total Cash Equivalent | Total Cash Equivalent | Total Cash Equivalent |
| &nbsp;&nbsp;&nbsp;(Cost $5,913) ($ Thousands) |  | 5913 |
| Total Investments in Securities — 99.8% | Total Investments in Securities — 99.8% | Total Investments in Securities — 99.8% |
| &nbsp;&nbsp;&nbsp;(Cost $212,427) ($ Thousands) |  | $533611 |

---

New Covenant Funds 15

**SCHEDULE OF INVESTMENTS**

June 30, 2025

**New Covenant Growth Fund** (Concluded)

A list of the open futures contracts held by the Fund at June 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional Amount <br> (Thousands)** | **Value <br> (Thousands)** | **Unrealized Appreciation<br> (Thousands)** |
| Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index E-MINI | 9 | Sep-2025 | $964 | $986 | $22 |
| &nbsp;&nbsp;&nbsp;S&P 500 Index E-MINI | 17 | Sep-2025 | 5176 | 5316 | 140 |
|  |  |  | $6140 | $6302 | $162 |

---

Percentages are based on Net Assets of $534,560 ($ Thousands).

---

| | |
|:---|:---|
| <sup>‡</sup> | Real Estate Investment Trust. |
| <sup>‡‡</sup> | Expiration date not available. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of June 30, 2025. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| <sup>††</sup> | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

The following is a summary of the level of inputs used as of June 30, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Common Stock | 527698 |  |  |  | 527698 |
| &nbsp;&nbsp;&nbsp;Rights |  | ^ |  |  | –^ |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 5913 |  |  |  | 5913 |
| Total Investments in Securities | 533611 |  |  |  | 533611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | 162 |  |  | 162 |
| Total Other Financial Instruments | 162 |  |  | 162 |

---

---

| | |
|:---|:---|
| \* | Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| ^ | This category includes securities with a value of $—. |

---

The following is a summary of the Fund's transactions with affiliates for the year ended June 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value<br> 6/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized<br> Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value<br> 6/30/2025** | **Income** | **Capital<br> Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $3631 | $46375 | $(44093) | $— | $— | $5913 | $207 | $— |

---

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

See "Glossary" for abbreviations.

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

16 New Covenant Funds

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**New Covenant Income Fund**

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value <br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES — 45.1%** | **MORTGAGE-BACKED SECURITIES — 45.1%** | **MORTGAGE-BACKED SECURITIES — 45.1%** |
| **Agency Mortgage-Backed Obligations — 37.1%** | **Agency Mortgage-Backed Obligations — 37.1%** | **Agency Mortgage-Backed Obligations — 37.1%** |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.955%, SOFR30A + 1.650%, 12/25/2041(A)(B) | $440 | $443 |
| &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC | &nbsp;&nbsp;&nbsp;FHLMC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.758%, US0012M + 1.625%, 10/01/2046(B) | 316 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.748%, US0012M + 1.598%, 06/01/2047(B) | 204 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2035 | 209 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2035 | 404 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2036 to 09/01/2053 | 1467 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2035 to 05/01/2054 | 1713 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2038 to 01/01/2053 | 3237 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 to 02/01/2053 | 3672 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2042 to 11/01/2052 | 2900 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2043 to 06/01/2052 | 4871 | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2030 to 05/01/2052 | 9863 | 8403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/2040 to 04/01/2052 | 4221 | 3410 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.633%, 02/25/2035(B) | 2270 | 223 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.044%, 09/25/2030(B) | 13527 | 546 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.817%, 09/25/2027(B) | 7759 | 105 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.626%, 10/25/2031(B) | 6484 | 175 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.805%, SOFR30A + 1.500%, 10/25/2041(A)(B) | 211 | 212 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605%, SOFR30A + 1.300%, 02/25/2042(A)(B) | 28 | 28 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-4391, Cl MZ | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-4391, Cl MZ | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-4391, Cl MZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2044 | 138 | 124 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2018-4813, Cl CJ | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2018-4813, Cl CJ | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2018-4813, Cl CJ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 26 | 22 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-4980, Cl KI, IO | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-4980, Cl KI, IO | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-4980, Cl KI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/25/2050 | 386 | 92 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5224, Cl HL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5224, Cl HL | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5224, Cl HL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2052 | 300 | 272 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5293, Cl IO, IO | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5293, Cl IO, IO | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2023-5293, Cl IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2051 | 855 | 108 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5473, Cl BF | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5473, Cl BF | &nbsp;&nbsp;&nbsp;FHLMC, Ser 2024-5473, Cl BF |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605%, SOFR30A + 1.300%, 11/25/2054(B) | 457 | 457 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA | &nbsp;&nbsp;&nbsp;FNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2037 to 11/01/2038 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.634%, US0012M + 1.700%, 03/01/2036(B) | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.518%, 01/01/2036(B) | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2038 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 to 11/01/2053 | 3166 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 to 06/01/2054 | 5210 | 5178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2035 to 08/01/2058 | 6256 | 6068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/01/2038 to 06/01/2057 | 6027 | 5740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/01/2036 to 03/01/2057 | 7279 | 6739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2035 to 05/01/2052 | 7960 | 7045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2035 to 09/01/2061 | 12483 | 10673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2031 to 04/01/2052 | 5538 | 4569 |
| &nbsp;&nbsp;&nbsp;FNMA TBA | &nbsp;&nbsp;&nbsp;FNMA TBA | &nbsp;&nbsp;&nbsp;FNMA TBA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2037 | 575 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2055 | 1950 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/01/2037 | 2075 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/15/2055 | 4150 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/2055 | 4350 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2055 | 2800 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2055 | 1475 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2055 | 7425 | 5875 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2003-W2, Cl 2A9 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2003-W2, Cl 2A9 | &nbsp;&nbsp;&nbsp;FNMA, Ser 2003-W2, Cl 2A9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 07/25/2042 | 215 | 217 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-29, Cl ZA | &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-29, Cl ZA | &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-29, Cl ZA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 64 | 66 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-118, Cl VZ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-118, Cl VZ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-118, Cl VZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2042 | 111 | 101 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2014-6, Cl Z | &nbsp;&nbsp;&nbsp;FNMA, Ser 2014-6, Cl Z | &nbsp;&nbsp;&nbsp;FNMA, Ser 2014-6, Cl Z |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2044 | 133 | 117 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2018-74, Cl AB | &nbsp;&nbsp;&nbsp;FNMA, Ser 2018-74, Cl AB | &nbsp;&nbsp;&nbsp;FNMA, Ser 2018-74, Cl AB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2048 | 56 | 52 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-47, Cl GZ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-47, Cl GZ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-47, Cl GZ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 111 | 66 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl AQ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl AQ | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl AQ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/25/2050 | 200 | 158 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-57, Cl TA | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-57, Cl TA | &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-57, Cl TA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2050 | 83 | 72 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-2, Cl CI, IO | &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-2, Cl CI, IO | &nbsp;&nbsp;&nbsp;FNMA, Ser 2023-2, Cl CI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/25/2050 | 853 | 110 |
| &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA | &nbsp;&nbsp;&nbsp;GNMA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2037 to 05/20/2053 | 965 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/20/2038 to 08/20/2053 | 958 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2034 | 672 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/20/2040 to 11/20/2054 | 2943 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2041 to 11/20/2054 | 2324 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2044 to 06/20/2052 | 2353 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2052 | 82 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/2051 to 09/20/2051 | 2685 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/20/2052 | 1056 | 860 |
| &nbsp;&nbsp;&nbsp;GNMA TBA | &nbsp;&nbsp;&nbsp;GNMA TBA | &nbsp;&nbsp;&nbsp;GNMA TBA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2033 | 325 | 325 |

---

New Covenant Funds 17

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2039 | 1900 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2039 | 875 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2039 | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2055 | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2055 | 400 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2055 | 2525 | 2148 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 108, Cl IO, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 108, Cl IO, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 108, Cl IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.970%, 06/16/2061(B) | 3161 | 221 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 113, Cl IO, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 113, Cl IO, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 113, Cl IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.164%, 02/16/2058(B) | 3817 | 180 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 182, Cl IA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 182, Cl IA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 182, Cl IA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 06/16/2063 | 4773 | 188 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2012-34, Cl SA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2012-34, Cl SA, IO | &nbsp;&nbsp;&nbsp;GNMA, Ser 2012-34, Cl SA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.618%, 03/20/2042(B) | 13 | 1 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-168, Cl PA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-168, Cl PA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2018-168, Cl PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2048 | 36 | 34 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-188, Cl PA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-188, Cl PA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-188, Cl PA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/20/2051 | 181 | 149 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-189, Cl PT | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-189, Cl PT | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-189, Cl PT |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2051 | 166 | 138 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-9, Cl GA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-9, Cl GA | &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-9, Cl GA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/20/2052 | 144 | 119 |
|  |  | 124350 |
| **Non-Agency Mortgage-Backed Obligations — 8.0%** | **Non-Agency Mortgage-Backed Obligations — 8.0%** | **Non-Agency Mortgage-Backed Obligations — 8.0%** |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mortgage Trust, Ser 2017- 280P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.492%, 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;5.608%, 10/25/2064(A)(C) | 717 | 718 |
| &nbsp;&nbsp;&nbsp;BANK 2021-BNK36, Ser BN36, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470%, 09/15/2064 | 410 | 358 |
| &nbsp;&nbsp;&nbsp;BANK 2022-BNK42, Ser BNK42, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493%, 06/15/2055(B) | 450 | 438 |
| &nbsp;&nbsp;&nbsp;BANK5 2023-5YR3, Ser 5YR3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.255%, 09/15/2056 | 400 | 416 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust 2024-5C29, Ser 5C29, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.208%, 09/15/2057 | 854 | 871 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Ser 5C25, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.946%, 03/15/2057 | 759 | 792 |
| &nbsp;&nbsp;&nbsp;Benchmark 2024-V6 Mortgage Trust, Ser V6, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.926%, 03/15/2057 | 819 | 854 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Ser 2021-B26, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.391%, 06/15/2054 | 604 | 562 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2021- NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.970%, 03/25/2060(A)(B) | 13 | 12 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Ser 2022- NQM3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.108%, 07/25/2062(A)(B) | $255 | $254 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser VOLT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.126%, US0001M + 0.700%, 09/15/2036(A)(B) | 615 | 613 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser XL4, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.754%, TSFR1M + 1.442%, 02/15/2039(A)(B) | 786 | 787 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser CLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.760%, 10/13/2027(A) | 534 | 541 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser VLT4, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.253%, TSFR1M + 1.941%, 07/15/2029(A)(B) | 250 | 250 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser VLT6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.755%, TSFR1M + 1.443%, 03/15/2042(A)(B) | 518 | 518 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust 2025- 5, Ser 2025-5, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2056(A)(B) | 510 | 512 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mortgage Trust, Ser 2024-8, Cl A6A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2055(A)(B) | 360 | 359 |
| &nbsp;&nbsp;&nbsp;CHI Commercial Mortgage Trust, Ser SFT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.665%, 04/15/2042(A)(B) | 450 | 458 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.512%, 12/10/2049 | 247 | 245 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Ser 2022-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.994%, 02/25/2067(A)(C) | 66 | 62 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Ser 2024-H6, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.129%, 09/25/2069(A)(B) | 468 | 467 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632%, 04/25/2066(A)(B) | 121 | 106 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.938%, 05/25/2066(A)(B) | 718 | 607 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM7, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.756%, 10/25/2066(A)(B) | 77 | 68 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.265%, 11/25/2066(A)(B) | 312 | 284 |
| &nbsp;&nbsp;&nbsp;DC Commercial Mortgage Trust, Ser 2023- DC, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.314%, 09/12/2040(A) | 410 | 428 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.205%, 01/25/2067(A)(B) | 215 | 197 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.931%, 06/25/2066(A)(B) | 236 | 197 |

---

18 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.206%, 01/25/2067(A)(B) | $79 | $68 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.370%, 02/25/2028(B) | 327 | 319 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2014- GC24, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.931%, 09/10/2047 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser GC45, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.911%, 02/13/2053 | 889 | 825 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 2025- PJ4, Ser 2025-PJ4, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2055(A)(B) | 481 | 483 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 10/25/2057(A) | 91 | 89 |
| &nbsp;&nbsp;&nbsp;HILT COMMERCIAL MORTGAGE TRUST, Ser ORL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.853%, 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;5.717%, 10/25/2069(A)(C) | 429 | 431 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Ser 2025- 5MPR, Cl A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.592%, 11/25/2055(A)(C) | 479 | 481 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser NINE, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.949%, 09/06/2038(A)(B) | 510 | 493 |
| &nbsp;&nbsp;&nbsp;JPMorgan Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.672%, 11/15/2047 | 71 | 70 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2024-4, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/25/2054(A)(B) | 288 | 290 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2025-1, Cl A4A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2055(A)(B) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/25/2069(A)(B) | 107 | 104 |
| &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;5.635%, 03/15/2058 | 828 | 860 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.732%, 05/15/2048 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.635%, 10/15/2048 | 462 | 461 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.354%, 11/15/2052 | 251 | 248 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser C30, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 09/15/2049 | $399 | $391 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-1, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2055(A)(B) | 447 | 448 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2057(A)(B) | 240 | 205 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2059(A)(B) | 168 | 162 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 09/25/2059(A)(B) | 168 | 162 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.492%, 09/25/2059(A)(B) | 58 | 55 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.156%, 11/27/2056(A)(B) | 74 | 64 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.516%, 11/27/2056(A)(B) | 48 | 42 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2062(A)(C) | 285 | 286 |
| &nbsp;&nbsp;&nbsp;NYC Trust, Ser 3ELV, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.303%, TSFR1M + 1.991%, 08/15/2029(A)(B) | 475 | 478 |
| &nbsp;&nbsp;&nbsp;NYO Commercial Mortgage Trust, Ser 1290, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.521%, TSFR1M + 1.209%, 11/15/2038(A)(B) | 345 | 344 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A3 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A3 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.563%, 05/25/2061(A)(B) | 168 | 141 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101%, 05/25/2061(A)(B) | 203 | 168 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM3, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM3, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM3, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.054%, 07/25/2061(A)(B) | 111 | 91 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM4, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM4, Cl A1 | &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM4, Cl A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.957%, 10/25/2061(A)(B) | 186 | 158 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.305%, 11/25/2061(A)(B) | 279 | 249 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2024-NQM1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 12/25/2064(A)(C) | 551 | 553 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2024-NQM11, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.230%, 06/25/2064(A)(C) | 195 | 196 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.510%, 08/25/2056(A)(B) | 157 | 130 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.071%, 11/25/2056(A)(B) | 113 | 100 |
| &nbsp;&nbsp;&nbsp;PRPM 2023-RCF2, Ser 2023-RCF2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/25/2053(A)(C) | 552 | 542 |

---

New Covenant Funds 19

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;RCKT Mortgage Trust, Ser 2024-INV1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/25/2054(A)(B) | $| 85 | $| 87 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2058 |  | 170 |  | 164 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/25/2058 |  | 312 |  | 301 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-4, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/25/2054(A)(B) |  | 322 |  | 324 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2024-6, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/27/2054(A)(B) |  | 364 |  | 367 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2025-2, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2055(A)(B) |  | 545 |  | 547 |
| &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Ser 2022-1, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.166%, 03/27/2062(A)(B) |  | 321 |  | 297 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A | &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A | &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A | &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A | &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.585%, 07/15/2041(A) |  | 510 |  | 447 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.334%, US0001M + 1.900%, 05/25/2058(A)(B) |  | 100 |  | 101 |
| &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A | &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A | &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A | &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A | &nbsp;&nbsp;&nbsp;TRTX, Ser 2025-FL6, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.851%, TSFR1M + 1.537%, 09/18/2042(A)(B) |  | 513 |  | 513 |
| &nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust, Ser C16, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.460%, 04/15/2052 |  | 216 |  | 212 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser C38, Cl A5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.453%, 07/15/2050 |  | 180 |  | 176 |
|  |  |  |  | 26811 |
| Total Mortgage-Backed Securities | Total Mortgage-Backed Securities | Total Mortgage-Backed Securities | Total Mortgage-Backed Securities | Total Mortgage-Backed Securities |
| &nbsp;&nbsp;&nbsp;(Cost $157,189) ($ Thousands) |  |  |  | 151161 |
| **U.S. TREASURY OBLIGATIONS — 23.1%** | **U.S. TREASURY OBLIGATIONS — 23.1%** | **U.S. TREASURY OBLIGATIONS — 23.1%** | **U.S. TREASURY OBLIGATIONS — 23.1%** | **U.S. TREASURY OBLIGATIONS — 23.1%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/15/2055 |  | 105 |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/15/2044 |  | 307 |  | 301 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities | &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 01/15/2035 |  | 1885 |  | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 01/15/2030 |  | 978 |  | 922 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/30/2028 |  | 1889 |  | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/15/2034 |  | 4246 |  | 4260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 05/15/2035 |  | 3329 |  | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2027 |  | 792 |  | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/30/2029 |  | 8554 |  | 8680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/31/2029 |  | 6495 |  | 6556 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/28/2030 | 3473 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/31/2030 | 809 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/30/2032 | 5430 | 5434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2034 | 682 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/15/2028 | 5710 | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/30/2030 | 28342 | 28446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 08/15/2034 | 2043 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/30/2027 | 2185 | 2186 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp;(Cost $77,092) ($ Thousands) |  | 77603 |
| **CORPORATE OBLIGATIONS — 20.6%** | **CORPORATE OBLIGATIONS — 20.6%** | **CORPORATE OBLIGATIONS — 20.6%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;AT&T | &nbsp;&nbsp;&nbsp;AT&T |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2027 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033 | 472 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 06/01/2027 | 120 | 116 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating | &nbsp;&nbsp;&nbsp;Charter Communications Operating | &nbsp;&nbsp;&nbsp;Charter Communications Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2029 | 220 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/2033 | 510 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028 | 200 | 196 |
| &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications | &nbsp;&nbsp;&nbsp;Discovery Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/15/2029 | 200 | 172 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA | &nbsp;&nbsp;&nbsp;T-Mobile USA | &nbsp;&nbsp;&nbsp;T-Mobile USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/15/2032 | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/2027 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2031 | 180 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/15/2029 | 219 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 02/15/2031 | 204 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 02/15/2028 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | &nbsp;&nbsp;&nbsp;Verizon Communications | &nbsp;&nbsp;&nbsp;Verizon Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/21/2031 | 664 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.355%, 03/15/2032 | 546 | 471 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings | &nbsp;&nbsp;&nbsp;Warnermedia Holdings | &nbsp;&nbsp;&nbsp;Warnermedia Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/2032 | 291 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.054%, 03/15/2029 | 60 | 49 |
|  |  | 3816 |
| **Consumer Discretionary — 2.1%** | **Consumer Discretionary — 2.1%** | **Consumer Discretionary — 2.1%** |
| &nbsp;&nbsp;&nbsp;Amazon.com | &nbsp;&nbsp;&nbsp;Amazon.com | &nbsp;&nbsp;&nbsp;Amazon.com |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/13/2029 | 160 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/13/2027 | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 08/22/2027 | 470 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2027 | 20 | 19 |
| &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2032 | 639 | 572 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital | &nbsp;&nbsp;&nbsp;Ashtead Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 04/15/2034 (A) | 700 | 716 |
| &nbsp;&nbsp;&nbsp;AutoZone | &nbsp;&nbsp;&nbsp;AutoZone | &nbsp;&nbsp;&nbsp;AutoZone |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/15/2030 | 170 | 174 |

---

20 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Ferguson Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 (A) | 459 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/02/2030 (A) | 851 | 802 |
| &nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;Home Depot |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 12/06/2028 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 04/15/2027 | 170 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2027 | 450 | 438 |
| &nbsp;&nbsp;&nbsp;Honda Motor | &nbsp;&nbsp;&nbsp;Honda Motor | &nbsp;&nbsp;&nbsp;Honda Motor |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.534%, 03/10/2027 | 632 | 613 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels | &nbsp;&nbsp;&nbsp;Hyatt Hotels | &nbsp;&nbsp;&nbsp;Hyatt Hotels |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2028 | 255 | 258 |
| &nbsp;&nbsp;&nbsp;LKQ | &nbsp;&nbsp;&nbsp;LKQ | &nbsp;&nbsp;&nbsp;LKQ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/15/2028 | 682 | 703 |
| &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars | &nbsp;&nbsp;&nbsp;Mars |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/01/2030 (A) | 395 | 400 |
| &nbsp;&nbsp;&nbsp;McDonald's | &nbsp;&nbsp;&nbsp;McDonald's | &nbsp;&nbsp;&nbsp;McDonald's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 03/03/2035 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;McDonald's MTN | &nbsp;&nbsp;&nbsp;McDonald's MTN | &nbsp;&nbsp;&nbsp;McDonald's MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/01/2028 | 280 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/30/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2027 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 09/01/2025 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Starbucks | &nbsp;&nbsp;&nbsp;Starbucks | &nbsp;&nbsp;&nbsp;Starbucks |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 05/15/2030 | 420 | 425 |
|  |  | 6935 |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kenvue | &nbsp;&nbsp;&nbsp;Kenvue | &nbsp;&nbsp;&nbsp;Kenvue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350%, 03/22/2026 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;Kroger | &nbsp;&nbsp;&nbsp;Kroger | &nbsp;&nbsp;&nbsp;Kroger |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, 06/01/2029 | 565 | 628 |
| &nbsp;&nbsp;&nbsp;Walmart | &nbsp;&nbsp;&nbsp;Walmart | &nbsp;&nbsp;&nbsp;Walmart |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/22/2031 | 160 | 139 |
|  |  | 918 |
| **Energy — 0.7%** | **Energy — 0.7%** | **Energy — 0.7%** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating | &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.036%, 11/15/2033 (A) | 250 | 262 |
| &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer | &nbsp;&nbsp;&nbsp;Energy Transfer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 06/15/2028 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/15/2030 | 220 | 211 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum | &nbsp;&nbsp;&nbsp;Occidental Petroleum |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.558%, 10/10/2036 (D) | 1346 | 744 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery | &nbsp;&nbsp;&nbsp;Oncor Electric Delivery |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 06/01/2032 | 300 | 290 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings | &nbsp;&nbsp;&nbsp;Schlumberger Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/17/2028 (A) | 456 | 451 |
| &nbsp;&nbsp;&nbsp;Williams | &nbsp;&nbsp;&nbsp;Williams | &nbsp;&nbsp;&nbsp;Williams |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2027 | 390 | 386 |
|  |  | 2354 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| **Financials — 7.7%** | **Financials — 7.7%** | **Financials — 7.7%** |
| &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express | &nbsp;&nbsp;&nbsp;American Express |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.016%, SOFRRATE + 1.440%, 04/25/2031 (B) | $520 | $531 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group | &nbsp;&nbsp;&nbsp;Aviation Capital Group | &nbsp;&nbsp;&nbsp;Aviation Capital Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950%, 01/30/2026 (A) | 567 | 558 |
| &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America | &nbsp;&nbsp;&nbsp;Bank of America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204%, SOFRRATE + 1.990%, 11/10/2028 (B) | 584 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, US0003M + 1.040%, 12/20/2028 (B) | 234 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.687%, SOFRRATE + 1.320%, 04/22/2032 (B) | 190 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.651%, SOFRRATE + 1.220%, 03/11/2032 (B) | 90 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.592%, SOFRRATE + 2.150%, 04/29/2031 (B) | 380 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734%, SOFRRATE + 0.960%, 07/22/2027 (B) | 971 | 944 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN | &nbsp;&nbsp;&nbsp;Bank of America MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/22/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.974%, US0003M + 1.210%, 02/07/2030 (B) | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.593%, US0003M + 1.370%, 07/21/2028 (B) | 210 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/19/2026 | 130 | 129 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;&nbsp;Bank of New York Mellon | &nbsp;&nbsp;&nbsp;Bank of New York Mellon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.729%, SOFRRATE + 1.135%, 04/20/2029 (B) | 235 | 238 |
| &nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;Barclays |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.490%, SOFRRATE + 2.220%, 09/13/2029 (B) | 887 | 938 |
| &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 03/30/2031 (A) | 590 | 504 |
| &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;Capital One Financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.624%, SOFRRATE + 3.070%, 10/30/2031 (B) | 446 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.149%, SOFRRATE + 2.440%, 10/29/2027 (B) | 189 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, SOFRRATE + 1.905%, 02/01/2030 (B) | 322 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, SOFRRATE + 2.057%, 05/10/2028 (B) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;CBRE Services | &nbsp;&nbsp;&nbsp;CBRE Services | &nbsp;&nbsp;&nbsp;CBRE Services |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 06/15/2030 | 182 | 183 |
| &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;Citigroup |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/13/2025 | 330 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658%, SOFRRATE + 1.887%, 05/24/2028 (B) | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.542%, SOFRRATE + 1.338%, 09/19/2030 (B) | 776 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 09/29/2027 | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 11/20/2026 | 40 | 40 |

---

New Covenant Funds 21

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;3.785%, SOFRRATE + 1.939%, 03/17/2033 (B) | $250 | $234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.668%, US0003M + 1.390%, 07/24/2028 (B) | 340 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/21/2026 | 287 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, SOFRRATE + 1.177%, 11/03/2032 (B) | 110 | 96 |
| &nbsp;&nbsp;&nbsp;Global Atlantic Finance | &nbsp;&nbsp;&nbsp;Global Atlantic Finance | &nbsp;&nbsp;&nbsp;Global Atlantic Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 06/15/2031 (A) | 1026 | 911 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group | &nbsp;&nbsp;&nbsp;Goldman Sachs Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.536%, SOFRRATE + 1.380%, 01/28/2036 (B) | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/21/2025 | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.223%, US0003M + 1.301%, 05/01/2029 (B) | 650 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.615%, SOFRRATE + 1.846%, 03/15/2028 (B) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/16/2026 | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, SOFRRATE + 1.264%, 10/21/2032 (B) | 110 | 97 |
| &nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;ING Groep |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.114%, SOFRRATE + 2.090%, 09/11/2034 (B) | 539 | 573 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;JPMorgan Chase |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.766%, SOFRRATE + 1.490%, 04/22/2035 (B) | 55 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.294%, SOFRRATE + 1.460%, 07/22/2035 (B) | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.915%, SOFRRATE + 0.800%, 01/24/2029 (B) | 240 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.565%, SOFRRATE + 1.750%, 06/14/2030 (B) | 998 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.452%, US0003M + 1.330%, 12/05/2029 (B) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.203%, US0003M + 1.260%, 07/23/2029 (B) | 773 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.005%, US0003M + 1.120%, 04/23/2029 (B) | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.545%, SOFRRATE + 1.180%, 11/08/2032 (B) | 110 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.522%, SOFRRATE + 2.040%, 04/22/2031 (B) | 190 | 174 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance VI | &nbsp;&nbsp;&nbsp;KKR Group Finance VI | &nbsp;&nbsp;&nbsp;KKR Group Finance VI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2029 (A) | 1149 | 1116 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group | &nbsp;&nbsp;&nbsp;Lloyds Banking Group | &nbsp;&nbsp;&nbsp;Lloyds Banking Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.721%, H15T1Y + 1.070%, 06/05/2030 (B) | 865 | 898 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 03/27/2028 (A) | 358 | 362 |
| &nbsp;&nbsp;&nbsp;Moody's | &nbsp;&nbsp;&nbsp;Moody's | &nbsp;&nbsp;&nbsp;Moody's |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/19/2031 | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.466%, SOFRRATE + 1.730%, 01/18/2035 (B) | 230 | 235 |

---

---

| | | |
|:---|:---|:---|
| 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;5.320%, SOFRRATE + 1.555%, 07/19/2035 (B) | $1261 | $1276 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN | &nbsp;&nbsp;&nbsp;Morgan Stanley MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.772%, US0003M + 1.140%, 01/24/2029 (B) | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.622%, SOFRRATE + 3.120%, 04/01/2031 (B) | 475 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.699%, SOFRRATE + 1.143%, 01/22/2031 (B) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.794%, SOFRRATE + 1.034%, 02/13/2032 (B) | 45 | 38 |
| &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II | &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.012%, 05/15/2035 (A) | 682 | 699 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;PNC Financial Services Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, SOFRRATE + 2.284%, 10/20/2034 (B) | 834 | 932 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust | &nbsp;&nbsp;&nbsp;SBA Tower Trust | &nbsp;&nbsp;&nbsp;SBA Tower Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831%, 10/15/2029 (A) | 445 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.593%, 10/15/2031 (A) | 996 | 869 |
| &nbsp;&nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;State Street | &nbsp;&nbsp;&nbsp;State Street |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.159%, SOFRRATE + 1.890%, 05/18/2034 (B) | 520 | 531 |
| &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group | &nbsp;&nbsp;&nbsp;UBS Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.746%, H15T1Y + 1.100%, 02/11/2033 (A)(B) | 575 | 502 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.775%, SOFRRATE + 2.020%, 06/12/2029 (B) | 100 | 104 |
| &nbsp;&nbsp;&nbsp;US Bancorp MTN | &nbsp;&nbsp;&nbsp;US Bancorp MTN | &nbsp;&nbsp;&nbsp;US Bancorp MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.215%, SOFRRATE + 0.730%, 01/27/2028 (B) | 60 | 58 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance | &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 03/27/2035 (A) | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 03/25/2032 (A) | 230 | 234 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo | &nbsp;&nbsp;&nbsp;Wells Fargo |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.499%, SOFRRATE + 1.780%, 01/23/2035 (B) | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/23/2026 | 190 | 187 |
| &nbsp;&nbsp;&nbsp;Wells Fargo MTN | &nbsp;&nbsp;&nbsp;Wells Fargo MTN | &nbsp;&nbsp;&nbsp;Wells Fargo MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.557%, SOFRRATE + 1.990%, 07/25/2034 (B) | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.540%, SOFRRATE + 1.560%, 08/15/2026 (B) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.478%, SOFRRATE + 4.032%, 04/04/2031 (B) | 220 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/22/2027 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.879%, TSFR3M + 1.432%, 10/30/2030 (B) | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.393%, SOFRRATE + 2.100%, 06/02/2028 (B) | 290 | 279 |
|  |  | 25770 |

---

22 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| **Health Care — 2.0%** | **Health Care — 2.0%** | **Health Care — 2.0%** |
| &nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;AbbVie |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/15/2027 | $110 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/15/2029 | 180 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 11/21/2029 | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/21/2026 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 02/22/2031 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 02/20/2026 | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 07/26/2029 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2026 | 79 | 78 |
| &nbsp;&nbsp;&nbsp;Centene | &nbsp;&nbsp;&nbsp;Centene | &nbsp;&nbsp;&nbsp;Centene |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2031 | 380 | 327 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 10/15/2028 | 420 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/15/2026 | 302 | 296 |
| &nbsp;&nbsp;&nbsp;CVS Health | &nbsp;&nbsp;&nbsp;CVS Health | &nbsp;&nbsp;&nbsp;CVS Health |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 06/01/2034 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/2048 | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/25/2028 | 164 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/2025 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 09/15/2031 | 150 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/2031 | 20 | 17 |
| &nbsp;&nbsp;&nbsp;CVS Pass-Through Trust | &nbsp;&nbsp;&nbsp;CVS Pass-Through Trust | &nbsp;&nbsp;&nbsp;CVS Pass-Through Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.507%, 01/10/2032 (A) | 818 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.773%, 01/10/2033 (A) | 274 | 277 |
| &nbsp;&nbsp;&nbsp;Elevance Health | &nbsp;&nbsp;&nbsp;Elevance Health | &nbsp;&nbsp;&nbsp;Elevance Health |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 05/15/2032 | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/15/2031 | 1023 | 918 |
| &nbsp;&nbsp;&nbsp;Eli Lilly | &nbsp;&nbsp;&nbsp;Eli Lilly | &nbsp;&nbsp;&nbsp;Eli Lilly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/09/2029 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;Humana | &nbsp;&nbsp;&nbsp;Humana | &nbsp;&nbsp;&nbsp;Humana |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 12/01/2028 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/23/2029 | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 02/03/2032 | 30 | 25 |
| &nbsp;&nbsp;&nbsp;Merck | &nbsp;&nbsp;&nbsp;Merck | &nbsp;&nbsp;&nbsp;Merck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 12/10/2028 | 430 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 06/24/2030 | 50 | 44 |
| &nbsp;&nbsp;&nbsp;Pfizer | &nbsp;&nbsp;&nbsp;Pfizer | &nbsp;&nbsp;&nbsp;Pfizer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/01/2030 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700%, 05/28/2030 | 50 | 44 |
| &nbsp;&nbsp;&nbsp;Stryker | &nbsp;&nbsp;&nbsp;Stryker | &nbsp;&nbsp;&nbsp;Stryker |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 02/10/2028 | 420 | 426 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;UnitedHealth Group | &nbsp;&nbsp;&nbsp;UnitedHealth Group |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 07/15/2034 | 210 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2029 | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2028 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 05/15/2031 | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/15/2030 | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/15/2026 | 20 | 20 |
|  |  | 6721 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/2028 | $1226 | $1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026 | 190 | 185 |
| &nbsp;&nbsp;&nbsp;Air Lease | &nbsp;&nbsp;&nbsp;Air Lease | &nbsp;&nbsp;&nbsp;Air Lease |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 02/01/2028 | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 07/01/2025 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;Carrier Global |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.722%, 02/15/2030 | 625 | 581 |
| &nbsp;&nbsp;&nbsp;CRH America Finance | &nbsp;&nbsp;&nbsp;CRH America Finance | &nbsp;&nbsp;&nbsp;CRH America Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/09/2035 | 689 | 706 |
| &nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;Cummins | &nbsp;&nbsp;&nbsp;Cummins |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 02/20/2034 | 840 | 857 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/30/2027 | 385 | 378 |
| &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL | &nbsp;&nbsp;&nbsp;Genpact Luxembourg SARL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/04/2029 | 469 | 486 |
| &nbsp;&nbsp;&nbsp;John Deere Capital MTN | &nbsp;&nbsp;&nbsp;John Deere Capital MTN | &nbsp;&nbsp;&nbsp;John Deere Capital MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/18/2029 | 934 | 907 |
| &nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;Paychex | &nbsp;&nbsp;&nbsp;Paychex |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 04/15/2030 | 510 | 522 |
| &nbsp;&nbsp;&nbsp;Ryder System MTN | &nbsp;&nbsp;&nbsp;Ryder System MTN | &nbsp;&nbsp;&nbsp;Ryder System MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/01/2028 | 609 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/01/2025 | 197 | 196 |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC | &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC | &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 04/01/2030 (A) | 205 | 208 |
| &nbsp;&nbsp;&nbsp;Waste Connections | &nbsp;&nbsp;&nbsp;Waste Connections | &nbsp;&nbsp;&nbsp;Waste Connections |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/2034 | 260 | 263 |
|  |  | 7274 |
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| &nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;Apple |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International | &nbsp;&nbsp;&nbsp;Dell International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2030 | 170 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 04/01/2028 | 255 | 258 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco | &nbsp;&nbsp;&nbsp;Foundry JV Holdco | &nbsp;&nbsp;&nbsp;Foundry JV Holdco |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2031 (A) | 335 | 343 |
| &nbsp;&nbsp;&nbsp;Intel | &nbsp;&nbsp;&nbsp;Intel | &nbsp;&nbsp;&nbsp;Intel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/12/2031 | 305 | 262 |
| &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV | &nbsp;&nbsp;&nbsp;NXP BV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033 | 916 | 913 |
| &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle | &nbsp;&nbsp;&nbsp;Oracle |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 08/03/2028 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 05/06/2030 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 03/25/2026 | 130 | 127 |
|  |  | 2445 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America | &nbsp;&nbsp;&nbsp;Amcor Flexibles North America |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/17/2035 (A) | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 03/17/2030 (A) | 425 | 432 |

---

New Covenant Funds 23

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA | &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 03/14/2030 | 1055 | 1075 |
|  |  | 1538 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities | &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 01/15/2028 | 141 | 139 |
| &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower | &nbsp;&nbsp;&nbsp;American Tower |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 03/15/2030 | 175 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 01/15/2030 | 170 | 159 |
| &nbsp;&nbsp;&nbsp;American Tower Trust #1 | &nbsp;&nbsp;&nbsp;American Tower Trust #1 | &nbsp;&nbsp;&nbsp;American Tower Trust #1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.490%, 03/15/2028 (A) | 554 | 563 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP | &nbsp;&nbsp;&nbsp;Healthpeak OP | &nbsp;&nbsp;&nbsp;Healthpeak OP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 12/01/2028 | 769 | 714 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 06/15/2032 | 420 | 426 |
| &nbsp;&nbsp;&nbsp;Lineage OP | &nbsp;&nbsp;&nbsp;Lineage OP | &nbsp;&nbsp;&nbsp;Lineage OP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/15/2030 (A) | 155 | 156 |
|  |  | 2334 |
| **Utilities — 2.7%** | **Utilities — 2.7%** | **Utilities — 2.7%** |
| &nbsp;&nbsp;&nbsp;American Transmission Systems | &nbsp;&nbsp;&nbsp;American Transmission Systems | &nbsp;&nbsp;&nbsp;American Transmission Systems |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/15/2032 (A) | 60 | 53 |
| &nbsp;&nbsp;&nbsp;American Water Capital | &nbsp;&nbsp;&nbsp;American Water Capital | &nbsp;&nbsp;&nbsp;American Water Capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/01/2030 | 1203 | 1118 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas | &nbsp;&nbsp;&nbsp;Brooklyn Union Gas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.407%, 03/10/2026 (A) | 400 | 396 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison | &nbsp;&nbsp;&nbsp;Commonwealth Edison | &nbsp;&nbsp;&nbsp;Commonwealth Edison |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/15/2028 | 468 | 462 |
| &nbsp;&nbsp;&nbsp;Consumers 2023 Securitization Funding | &nbsp;&nbsp;&nbsp;Consumers 2023 Securitization Funding | &nbsp;&nbsp;&nbsp;Consumers 2023 Securitization Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.210%, 09/01/2030 | 512 | 525 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas | &nbsp;&nbsp;&nbsp;Duke Energy Carolinas |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 03/15/2032 | 1057 | 948 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress | &nbsp;&nbsp;&nbsp;Duke Energy Progress | &nbsp;&nbsp;&nbsp;Duke Energy Progress |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/15/2035 | 340 | 342 |
| &nbsp;&nbsp;&nbsp;Exelon | &nbsp;&nbsp;&nbsp;Exelon | &nbsp;&nbsp;&nbsp;Exelon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/15/2035 | 343 | 353 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | &nbsp;&nbsp;&nbsp;FirstEnergy | &nbsp;&nbsp;&nbsp;FirstEnergy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 01/15/2026 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light | &nbsp;&nbsp;&nbsp;Florida Power & Light | &nbsp;&nbsp;&nbsp;Florida Power & Light |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 02/03/2032 | 544 | 480 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy | &nbsp;&nbsp;&nbsp;MidAmerican Energy | &nbsp;&nbsp;&nbsp;MidAmerican Energy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 04/15/2029 | 140 | 137 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power | &nbsp;&nbsp;&nbsp;Niagara Mohawk Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.647%, 10/03/2030 (A) | 180 | 180 |
| &nbsp;&nbsp;&nbsp;Northern States Power | &nbsp;&nbsp;&nbsp;Northern States Power | &nbsp;&nbsp;&nbsp;Northern States Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/01/2025 | 1052 | 1052 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric | &nbsp;&nbsp;&nbsp;NSTAR Electric | &nbsp;&nbsp;&nbsp;NSTAR Electric |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950%, 08/15/2031 | 1000 | 864 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding | &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding | &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.022%, 06/01/2031 | 577 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.594%, 06/01/2030 | 525 | 516 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line | &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2031 (A) | 340 | 346 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power | &nbsp;&nbsp;&nbsp;Wisconsin Electric Power |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 10/01/2034 | 588 | 581 |
|  |  | 8953 |
| Total Corporate Obligations | Total Corporate Obligations | Total Corporate Obligations |
| &nbsp;&nbsp;&nbsp;(Cost $70,259) ($ Thousands) |  | 69058 |
| **ASSET-BACKED SECURITIES — 9.8%** | **ASSET-BACKED SECURITIES — 9.8%** | **ASSET-BACKED SECURITIES — 9.8%** |
| **Automobile — 0.1%** | **Automobile — 0.1%** | **Automobile — 0.1%** |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust 2025-1, Ser 2025-1A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.710%, 07/16/2035 (A) | 335 | 342 |
| **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;4.914%, TSFR1M + 0.594%, 09/25/2036 (B) | 355 | 350 |
| &nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Ser 2021-MH1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.753%, 02/25/2046 (A) | 54 | 50 |
|  |  | 400 |
| **Other Asset-Backed Securities — 9.6%** | **Other Asset-Backed Securities — 9.6%** | **Other Asset-Backed Securities — 9.6%** |
| &nbsp;&nbsp;&nbsp;Aimco CLO 11, Ser 2024-11A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.620%, TSFR3M + 1.340%, 07/17/2037 (A)(B) | 553 | 555 |
| &nbsp;&nbsp;&nbsp;AMMC CLO 24, Ser 2024-24A, Cl AR | &nbsp;&nbsp;&nbsp;AMMC CLO 24, Ser 2024-24A, Cl AR | &nbsp;&nbsp;&nbsp;AMMC CLO 24, Ser 2024-24A, Cl AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.469%, TSFR3M + 1.200%, 01/20/2035 (A)(B) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;AMSR Trust, Ser 2023-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/17/2040 (A) | 960 | 944 |
| &nbsp;&nbsp;&nbsp;AMSR Trust, Ser 2024-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.290%, 07/17/2041 (A)(C) | 600 | 592 |
| &nbsp;&nbsp;&nbsp;APIDOS CLO XLVIII, Ser 2024-48A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.722%, TSFR3M + 1.440%, 07/25/2037 (A)(B) | 284 | 285 |
| &nbsp;&nbsp;&nbsp;Bain Capital Credit CLO, Ser 2024-6A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.359%, TSFR3M + 1.090%, 10/21/2034 (A)(B) | 425 | 425 |
| &nbsp;&nbsp;&nbsp;Barings CLO, Ser 2019-III, Cl A1RR | &nbsp;&nbsp;&nbsp;Barings CLO, Ser 2019-III, Cl A1RR | &nbsp;&nbsp;&nbsp;Barings CLO, Ser 2019-III, Cl A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.409%, TSFR3M + 1.140%, 01/20/2036 (A)(B) | 450 | 450 |
| &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2016-1, Cl AR3 | &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2016-1, Cl AR3 | &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2016-1, Cl AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.269%, TSFR3M + 1.000%, 10/21/2031 (A)(B) | 412 | 412 |

---

24 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2024-3A, Cl A | &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2024-3A, Cl A | &nbsp;&nbsp;&nbsp;CIFC Funding, Ser 2024-3A, Cl A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.869%, TSFR3M + 1.600%, 01/20/2037 (A)(B) | $1043 | $1045 |
| &nbsp;&nbsp;&nbsp;CLI Funding VI, Ser 2020-1A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.080%, 09/18/2045 (A) | 382 | 355 |
| &nbsp;&nbsp;&nbsp;CLI Funding VI, Ser 2020-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.070%, 10/18/2045 (A) | 121 | 112 |
| &nbsp;&nbsp;&nbsp;Cloud Capital Holdco, Ser 2024-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.781%, 11/22/2049 (A) | 260 | 263 |
| &nbsp;&nbsp;&nbsp;Clover CLO, Ser 2021-3, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.352%, 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;6.000%, 05/20/2055 (A) | 155 | 160 |
| &nbsp;&nbsp;&nbsp;DB Master Finance, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.493%, 11/20/2051 (A) | 1012 | 937 |
| &nbsp;&nbsp;&nbsp;Dryden 68 CLO, Ser 2024-68A, Cl ARR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.356%, 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;5.484%, TSFR3M + 1.200%, 04/17/2038 (A)(B) | 355 | 355 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 08/17/2038 (A) | 734 | 709 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.135%, 12/17/2038 (A) | 424 | 410 |
| &nbsp;&nbsp;&nbsp;Flatiron CLO 26, Ser 2024-4A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.586%, TSFR3M + 1.330%, 01/15/2038 (A)(B) | 525 | 526 |
| &nbsp;&nbsp;&nbsp;Flatiron RR CLO 22, Ser 2025-2A, Cl AR | &nbsp;&nbsp;&nbsp;Flatiron RR CLO 22, Ser 2025-2A, Cl AR | &nbsp;&nbsp;&nbsp;Flatiron RR CLO 22, Ser 2025-2A, Cl AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.166%, TSFR3M + 0.910%, 10/15/2034 (A)(B) | 693 | 689 |
| &nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo 11, Ser 2024-11A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.349%, TSFR3M + 1.080%, 10/20/2034 (A)(B) | 415 | 415 |
| &nbsp;&nbsp;&nbsp;Home Partners of America Trust, Ser 2022- 1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.930%, 04/17/2039 (A) | 301 | 297 |
| &nbsp;&nbsp;&nbsp;Hotwire Funding, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.311%, 11/20/2051 (A) | 335 | 322 |
| &nbsp;&nbsp;&nbsp;LCM 29, Ser 2021-29A, Cl AR | &nbsp;&nbsp;&nbsp;LCM 29, Ser 2021-29A, Cl AR | &nbsp;&nbsp;&nbsp;LCM 29, Ser 2021-29A, Cl AR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.588%, TSFR3M + 1.332%, 04/15/2031 (A)(B) | 276 | 276 |
| &nbsp;&nbsp;&nbsp;LCM 37, Ser 2024-37A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.316%, TSFR3M + 1.060%, 04/15/2034 (A)(B) | 500 | 499 |
| &nbsp;&nbsp;&nbsp;LCM 39, Ser 2024-39A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.856%, TSFR3M + 1.600%, 10/15/2034 (A)(B) | 488 | 488 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2015-10, Ser 2024-10A, Cl AR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.593%, TSFR3M + 1.310%, 01/26/2038 (A)(B) | 880 | 882 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Octagon Investment Partners 40, Ser 2025- 1A, Cl BRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.819%, 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;5.639%, TSFR3M + 1.370%, 07/20/2037 (A)(B) | 523 | 525 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding, Ser 2022-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.526%, TSFR3M + 1.270%, 10/15/2030 (A)(B) | 175 | 175 |
| &nbsp;&nbsp;&nbsp;PFS Financing, Ser 2025-D, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.470%, 05/15/2030 (A) | 536 | 538 |
| &nbsp;&nbsp;&nbsp;Planet Fitness Master Issuer, Ser 2022-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.251%, 12/05/2051 (A) | 491 | 478 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/17/2027 (A) | 963 | 937 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/17/2039 (A) | 490 | 478 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO 2020-1, Ser 2025-1A, Cl A1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.359%, TSFR3M + 1.090%, 01/20/2036 (A)(B) | 475 | 474 |
| &nbsp;&nbsp;&nbsp;Sabey Data Center Issuer, Ser 2021-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.881%, 06/20/2046 (A) | 1518 | 1472 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2023- 10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.168%, 03/10/2033 | 823 | 837 |
| &nbsp;&nbsp;&nbsp;SBA Small Business Investment, Ser 2024- 10A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.035%, 03/10/2034 | 842 | 859 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO VIII, Ser 2024-8A, Cl A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.419%, TSFR3M + 1.150%, 10/20/2034 (A)(B) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;Subway Funding, Ser 2024-1A, Cl A2II | &nbsp;&nbsp;&nbsp;Subway Funding, Ser 2024-1A, Cl A2II | &nbsp;&nbsp;&nbsp;Subway Funding, Ser 2024-1A, Cl A2II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.268%, 07/30/2054 (A) | 868 | 889 |
| &nbsp;&nbsp;&nbsp;Taco Bell Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.294%, 08/25/2051 (A) | 583 | 530 |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII, Ser 2020- 2A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 09/20/2045 (A) | 270 | 252 |
| &nbsp;&nbsp;&nbsp;Textainer Marine Containers VII, Ser 2020- 3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.110%, 09/20/2045 (A) | 284 | 266 |
| &nbsp;&nbsp;&nbsp;Tricon American Homes Trust, Ser 2019- SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/17/2038 (A) | 267 | 264 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.943%, 07/17/2038 (A) | 848 | 824 |

---

New Covenant Funds 25

**SCHEDULE OF INVESTMENTS** 

June 30, 2025

**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;United States Small Business Administration, Ser 2010-20H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.520%, 08/01/2030 | $73 | $71 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2011-20B, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.220%, 02/01/2031 | 69 | 69 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2011-20J, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.760%, 10/01/2031 | 44 | 42 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2013-20K, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380%, 11/01/2033 | 215 | 208 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2014-20F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.990%, 06/01/2034 | 318 | 302 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.720%, 03/01/2035 | 291 | 271 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.770%, 05/01/2035 | 160 | 149 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2015-20K, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 11/01/2035 | 212 | 197 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2017-20J, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 10/01/2037 | 307 | 285 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2018-20E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2038 | 588 | 567 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25E, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.940%, 05/01/2047 | 802 | 759 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.010%, 06/01/2047 | 566 | 537 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25G, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.930%, 07/01/2047 | 852 | 808 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 08/01/2047 | 423 | 397 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2023-25F, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.930%, 06/01/2048 | 779 | 785 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2024-25C, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.970%, 03/01/2049 | 794 | 799 |
| &nbsp;&nbsp;&nbsp;Voya CLO 2020-1, Ser 2021-1A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.672%, TSFR3M + 1.412%, 07/16/2034 (A)(B) | 250 | 251 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2019-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.783%, 06/15/2049 (A) | 301 | 297 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value <br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 06/15/2051 (A) | $593 | $545 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.775%, 06/15/2051 (A) | 254 | 225 |
|  |  | 31984 |
| Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,118) ($ Thousands) |  | 32726 |
| **MUNICIPAL BONDS — 1.1%** |  |  |
| **California — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;California State, Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.378%, 06/01/2028 | 575 | 562 |
| **Illinois — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Illinois State, Housing Development Authority, Ser F, RB, GNMA/FNMA/FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.617%, 04/01/2027 | 580 | 584 |
| **Iowa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Iowa State, Student Loan Liquidity, Ser A, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.343%, 12/01/2034 | 166 | 165 |
| **Massachusetts — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts State, Educational Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.520%, 07/01/2035 | 845 | 860 |
| **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;5.040%, 11/01/2034 | 1090 | 1081 |
| **Virginia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, Ser S, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.492%, 01/01/2027 | 270 | 271 |
| Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,526) ($ Thousands) |  | 3523 |

---

26 New Covenant Funds

---

| | | |
|:---|:---|:---|
| Description | Face Amount<br> (Thousands) | Market Value<br> ($ Thousands) |
| **SOVEREIGN DEBT — 0.3%** | **SOVEREIGN DEBT — 0.3%** | **SOVEREIGN DEBT — 0.3%** |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, Ser A MTN | &nbsp;&nbsp;&nbsp;Province of Quebec Canada, Ser A MTN | &nbsp;&nbsp;&nbsp;Province of Quebec Canada, Ser A MTN |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, 01/30/2026 | $1010 | $1019 |
| Total Sovereign Debt | Total Sovereign Debt | Total Sovereign Debt |
| &nbsp;&nbsp;&nbsp;(Cost $1,028) ($ Thousands) |  | 1019 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **CASH EQUIVALENT — 8.5%** | **CASH EQUIVALENT — 8.5%** | **CASH EQUIVALENT — 8.5%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%<sup>\*\*†</sup> | 28662757 | $28663 |
| Total Cash Equivalent | Total Cash Equivalent | Total Cash Equivalent |
| &nbsp;&nbsp;&nbsp;(Cost $28,663) ($ Thousands) |  | 28663 |
| Total Investments in Securities — 108.5% | Total Investments in Securities — 108.5% | Total Investments in Securities — 108.5% |
| &nbsp;&nbsp;&nbsp;(Cost $370,875) ($ Thousands) |  | $363753 |

---

A list of the open futures contracts held by the Fund at June 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration <br> Date** | **Notional Amount <br> (Thousands)** | **Value <br> (Thousands)** | **Unrealized<br> Appreciation<br> (Depreciation)<br> (Thousands)** |
| Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts |
| &nbsp;&nbsp;&nbsp;U.S. 2-Year Treasury Note | 280 | Sep-2025 | $58022 | $58246 | $224 |
| &nbsp;&nbsp;&nbsp;U.S. 5-Year Treasury Note | 20 | Sep-2025 | 2166 | 2180 | 14 |
|  |  |  | 60188 | 60426 | 238 |
| Short Contracts | Short Contracts | Short Contracts | Short Contracts | Short Contracts | Short Contracts |
| &nbsp;&nbsp;&nbsp;U.S. Ultra Long Treasury Bond | (41) | Sep-2025 | $(4720) | $(4884) | $(164) |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | (30) | Sep-2025 | (3387) | (3427) | (40) |
|  |  |  | (8107) | (8311) | (204) |
|  |  |  | $52081 | $52115 | $34 |

---

Percentages are based on Net Assets of $335,263 ($ Thousands).

---

| | |
|:---|:---|
| <sup>\*\*</sup> | The rate reported is the 7-day effective yield as of June 30, 2025. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| (A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On June 30, 2025, the value of these securities amounted to $56,503 ($ Thousands), representing 16.9% of the Net Assets of the Fund. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | 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. |
| (D) | Interest rate represents the security's effective yield at the time of purchase. |

---

The following is a summary of the level of inputs used as of June 30, 2025, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 151161 |  | 151161 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 77603 |  | 77603 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 69058 |  | 69058 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 32726 |  | 32726 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 3523 |  | 3523 |
| &nbsp;&nbsp;&nbsp;Sovereign Debt |  | 1019 |  | 1019 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 28663 | – |  | 28663 |
| Total Investments in Securities | 28663 | 335090 |  | 363753 |
| **Other Financial Instruments** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Futures Contracts<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | 238 |  |  | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (204) | – |  | (204) |
| Total Other Financial Instruments | 34 | – |  | 34 |

---

<sup>\*</sup> Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

New Covenant Funds 27

**SCHEDULE OF INVESTMENTS**

June 30, 2025

**New Covenant Income Fund** (Concluded)

The following is a summary of the Fund's transactions with affiliates for the year ended June 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value <br> 6/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in <br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Value<br> 6/30/2025** | **Income** | **Capital <br> Gains** |
| SEI Daily Income Trust, Government Fund, Institutional Class | $4165 | $579602 | $(555104) | $— | $— | $28663 | $744 | $— |

---

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

See "Glossary" for abbreviations.

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

28 New Covenant Funds

**SCHEDULE OF INVESTMENTS**

June 30, 2025

**New Covenant Balanced Growth Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 99.0%** | **AFFILIATED INVESTMENT FUNDS — 99.0%** | **AFFILIATED INVESTMENT FUNDS — 99.0%** |
| **Equity Fund — 61.0%** | **Equity Fund — 61.0%** | **Equity Fund — 61.0%** |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund † | 3283763 | $218600 |
| Total Equity Fund | Total Equity Fund | Total Equity Fund |
| &nbsp;&nbsp;&nbsp;(Cost $88,258) ($ Thousands) |  | 218600 |
| **Fixed Income Fund — 38.0%** | **Fixed Income Fund — 38.0%** | **Fixed Income Fund — 38.0%** |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund † | 6414349 | 135920 |
| Total Fixed Income Fund | Total Fixed Income Fund | Total Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;(Cost $142,869) ($ Thousands) |  | 135920 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **CASH EQUIVALENT — 0.9%** | **CASH EQUIVALENT — 0.9%** | **CASH EQUIVALENT — 0.9%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%<sup>\*\*†</sup> | 3390611 | $3391 |
| Total Cash Equivalent | Total Cash Equivalent | Total Cash Equivalent |
| &nbsp;&nbsp;&nbsp;(Cost $3,391) ($ Thousands) |  | 3391 |
| Total Investments in Securities — 99.9% | Total Investments in Securities — 99.9% | Total Investments in Securities — 99.9% |
| &nbsp;&nbsp;&nbsp;(Cost $234,518) ($ Thousands) |  | $357911 |

---

Percentages are based on Net Assets of $358,129 ($ Thousands).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of June 30, 2025. <br> <sup>†</sup> Investment in Affiliated Security (see Note 3).

As of June 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the Fund's transactions with affiliates for the year ended June 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value <br> 6/30/2024** | **Purchases <br> at Cost** | **Proceeds <br> from Sales** | **Realized <br> Gain/(Loss)** | **Change in<br> Unrealized <br> Appreciation/<br> (Depreciation)** | **Value <br> 6/30/2025** | **Income** | **Capital <br> Gains** |
| New Covenant Income Fund | $133351 | $8615 | $(9944) | $(1356) | $5254 | $135920 | $4454 | $— |
| New Covenant Growth Fund | 217163 | 19412 | (25353) | 8280 | (902) | 218600 | 1449 | 19412 |
| SEI Daily Income Trust, Government Fund, Institutional Class | 1375 | 40890 | (38874) |  |  | 3391 | 124 |  |
| Totals | $351889 | $68917 | $(74171) | $6924 | $4352 | $357911 | $6027 | $19412 |

---

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

See "Glossary" for abbreviations.

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

New Covenant Funds 29

**SCHEDULE OF INVESTMENTS**

June 30, 2025

**New Covenant Balanced Income Fund**

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 99.3%** | **AFFILIATED INVESTMENT FUNDS — 99.3%** | **AFFILIATED INVESTMENT FUNDS — 99.3%** |
| **Fixed Income Fund — 63.2%** | **Fixed Income Fund — 63.2%** | **Fixed Income Fund — 63.2%** |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund † | 2288447 | $48492 |
| Total Fixed Income Fund | Total Fixed Income Fund | Total Fixed Income Fund |
| &nbsp;&nbsp;&nbsp;(Cost $51,824) ($ Thousands) |  | 48492 |
| **Equity Fund — 36.1%** | **Equity Fund — 36.1%** | **Equity Fund — 36.1%** |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund † | 416160 | 27704 |
| Total Equity Fund | Total Equity Fund | Total Equity Fund |
| &nbsp;&nbsp;&nbsp;(Cost $9,427) ($ Thousands) |  | 27704 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value <br> ($ Thousands) |
| **CASH EQUIVALENT — 0.6%** | **CASH EQUIVALENT — 0.6%** | **CASH EQUIVALENT — 0.6%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class | &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.230%<sup>\*\*†</sup> | 456484 | $456 |
| Total Cash Equivalent | Total Cash Equivalent | Total Cash Equivalent |
| &nbsp;&nbsp;&nbsp;(Cost $456) ($ Thousands) |  | 456 |
| Total Investments in Securities — 99.9% | Total Investments in Securities — 99.9% | Total Investments in Securities — 99.9% |
| &nbsp;&nbsp;&nbsp;(Cost $61,707) ($ Thousands) |  | $76652 |

---

Percentages are based on Net Assets of $76,759 ($ Thousands).

<sup>\*\*</sup> The rate reported is the 7-day effective yield as of June 30, 2025. <br> <sup>†</sup> Investment in Affiliated Security (see Note 3).

As of June 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the Fund's transactions with affiliates for the year ended June 30, 2025 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Value <br> 6/30/2024** | **Purchases <br> at Cost** | **Proceeds <br> from Sales** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation/<br> (Depreciation)** | **Value <br> 6/30/2025** | **Income** | **Capital <br> Gains** |
| New Covenant Income Fund | $47320 | $1502 | $(1696) | $(186) | $1552 | $48492 | $1576 | $— |
| New Covenant Growth Fund | 27279 | 3578 | (4202) | 983 | 66 | 27704 | 181 | 2402 |
| SEI Daily Income Trust, Government Fund, Institutional Class | 273 | 7900 | (7717) |  |  | 456 | 27 |  |
| Totals | $74872 | $12980 | $(13615) | $797 | $1618 | $76652 | $1784 | $2402 |

---

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

See "Glossary" for abbreviations.

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

30 New Covenant Funds

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

**Portfolio Abbreviations**

Cl — Class

CLO — Collateralized Loan Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

IO — Interest Only - face amount represents notional amount

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

US001M — United States 1-Month Bond Yield

New Covenant Funds 31

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

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Income Fund** | **Balanced Growth <br> Fund** | **Balanced Income <br> Fund** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>†</sup> | $527698 | $335090 | $— | $— |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value<sup>††</sup> | 5913 | 28663 | 357911 | 76652 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1886 | 192 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for variation margin on futures contracts | 5317 | 18 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  | 2439 |  |  |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral for futures contracts | 447 | 320 |  |  |
| &nbsp;&nbsp;&nbsp;Cash pledged as collateral for TBAs |  | 320 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 286 | 1674 | 384 | 136 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaim receivable | 84 | 35 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 22 | 7 | 18 | 13 |
| &nbsp;&nbsp;&nbsp;Due from broker |  | 3341 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 25 | 18 | 18 | 4 |
| &nbsp;&nbsp;&nbsp;Total Assets | 541678 | 372117 | 358331 | 76805 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;Payable for variation margin on futures contracts | 5290 | 70 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased |  | 34279 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1462 | 1394 | 129 | 29 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 105 | 76 |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 85 | 41 | 29 | 8 |
| &nbsp;&nbsp;&nbsp;Social witness and licensing fees payable | 65 | 39 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees payable | 43 | 27 |  |  |
| &nbsp;&nbsp;&nbsp;CCO fees payable | 2 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Income distribution payable |  | 856 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expense payable | 66 | 71 | 43 | 9 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 7118 | 36854 | 202 | 46 |
| &nbsp;&nbsp;&nbsp;Net Assets | $534560 | $335263 | $358129 | $76759 |
| &nbsp;&nbsp;&nbsp;<sup>†</sup> Cost of investments | $206514 | $342212 | $— | $— |
| &nbsp;&nbsp;&nbsp;<sup>††</sup> Cost of affiliated investments | 5913 | 28663 | 234518 | 61707 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| &nbsp;&nbsp;&nbsp;Paid-in Capital — (unlimited authorization — par value $0.001) | $178322 | $378075 | $224142 | $61525 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | 356238 | (42812) | 133987 | 15234 |
| &nbsp;&nbsp;&nbsp;Net Assets | $534560 | $335263 | $358129 | $76759 |
| Net Asset Value, Offering and Redemption Price Per Share | $66.57 | $21.20 | $126.11 | $23.14 |
|  | ($534,559,725 ÷ <br> 8,029,810 shares) | ($335,262,726 ÷ <br> 15,817,774 shares) | ($358,129,321 ÷ <br> 2,839,770 shares) | ($76,758,726 ÷ <br> 3,316,521 shares) |

---

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

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

32 New Covenant Funds

**STATEMENTS OF OPERATIONS ($ THOUSANDS)**

For the year ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Income Fund** | **Balanced Growth <br> Fund** | **Balanced Income<br> Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $6755 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated registered investment company | 207 | 744 | 6027 | 1784 |
| &nbsp;&nbsp;&nbsp;Interest income | 80 | 12934 |  |  |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7042 | 13678 | 6027 | 1784 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2479 | 1433 |  |  |
| &nbsp;&nbsp;&nbsp;Administration fees | 1055 | 682 | 532 | 114 |
| &nbsp;&nbsp;&nbsp;Social witness and licensing fees | 791 | 512 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | 527 | 341 |  |  |
| &nbsp;&nbsp;&nbsp;Trustee fees | 12 | 8 | 8 | 2 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 5 | 3 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 87 | 56 | 59 | 12 |
| &nbsp;&nbsp;&nbsp;Professional fees | 60 | 38 | 40 | 9 |
| &nbsp;&nbsp;&nbsp;Registration fees | 44 | 28 | 29 | 6 |
| &nbsp;&nbsp;&nbsp;Printing fees | 32 | 21 | 21 | 5 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 21 | 24 | 25 | 5 |
| &nbsp;&nbsp;&nbsp;Proxy Fees | 10 | 6 | 7 | 1 |
| &nbsp;&nbsp;&nbsp;Other expenses | 54 | 131 | 6 | 2 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 5177 | 3283 | 730 | 157 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver of investment advisory fees | (1252) | (490) |  |  |
| &nbsp;&nbsp;&nbsp;Waiver of administration fees | (102) | (220) | (254) | (39) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 3823 | 2573 | 476 | 118 |
| **Net Investment Income** | 3219 | 11105 | 5551 | 1666 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 57684 | (9687) |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 6924 | 797 |
| &nbsp;&nbsp;&nbsp;Written options |  | 10 |  |  |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received from affiliated investment |  |  | 19412 | 2402 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 100 | 207 |  |  |
| **Net Realized Gain (Loss)** | 57784 | (9470) | 26336 | 3199 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 8489 | 18595 |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 4352 | 1618 |
| &nbsp;&nbsp;&nbsp;Written options |  | (22) |  |  |
| &nbsp;&nbsp;&nbsp;Purchased options |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 160 | 206 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 4 |  |  |  |
| **Net Change in Unrealized Appreciation (Depreciation)** | 8653 | 18776 | 4352 | 1618 |
| **Net Realized and Unrealized Gain** | 66437 | 9306 | 30688 | 4817 |
| **Net Increase in Net Assets Resulting from Operations** | $69656 | $20411 | $36239 | $6483 |

---

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

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

New Covenant Funds 33

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

For the years ended June 30,

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Fund** | **Growth Fund** | **Income Fund** | **Income Fund** |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| &nbsp;&nbsp;&nbsp;Net investment income | $3219 | $4314 | $11105 | $10383 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 57784 | 43261 | (9470) | (8358) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 8653 | 56222 | 18776 | 9142 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 69656 | 103797 | 20411 | 11167 |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Total distributions | (51447) | (34039) | (11096) | (10399) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 23464 | 9564 | 29824 | 29679 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 46935 | 29607 | 926 | 835 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (103668) | (99344) | (50101) | (34008) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (33269) | (60173) | (19351) | (3494) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | (15060) | 9585 | (10036) | (2726) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| &nbsp;&nbsp;&nbsp;**Beginning of Year** | 549620 | 540035 | 345299 | 348025 |
| &nbsp;&nbsp;&nbsp;**End of Year** | $534560 | $549620 | $335263 | $345299 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Shares issued | 361 | 162 | 1422 | 1445 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of dividends and distributions | 715 | 522 | 44 | 41 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1576) | (1720) | (2399) | (1655) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from share transactions | (500) | (1036) | (933) | (169) |

---

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

34 New Covenant Funds

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

For the years ended June 30,

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Income Fund** | **Balanced Income Fund** |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| &nbsp;&nbsp;&nbsp;Net investment income | $5551 | $5300 | $1666 | $1582 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 26336 | 18982 | 3199 | 3345 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 4352 | 20468 | 1618 | 1699 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 36239 | 44750 | 6483 | 6626 |
| **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** | **Distributions:** |
| &nbsp;&nbsp;&nbsp;Total distributions | (25684) | (7915) | (3905) | (1550) |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 11086 | 10116 | 2071 | 2139 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 23829 | 6933 | 3195 | 1087 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (41663) | (35353) | (6546) | (10720) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from capital share transactions | (6748) | (18304) | (1280) | (7494) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | 3807 | 18531 | 1298 | (2418) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| &nbsp;&nbsp;&nbsp;**Beginning of Year** | 354322 | 335791 | 75461 | 77879 |
| &nbsp;&nbsp;&nbsp;**End of Year** | $358129 | $354322 | $76759 | $75461 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Shares issued | 90 | 88 | 92 | 101 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of dividends and distributions | 197 | 61 | 143 | 52 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (336) | (315) | (288) | (512) |
| &nbsp;&nbsp;&nbsp;Decrease in net assets derived from share transactions | (49) | (166) | (53) | (359) |

---

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

New Covenant Funds 35

**FINANCIAL HIGHLIGHTS**

For the years ended June 30,

For a Share Outstanding Throughout the Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Growth Fund** |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $64.43 | $56.45 | $48.45 | $59.51 | $43.44 |
| **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.40 | 0.48 | 0.48 | 0.37 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on securities<sup>(1)</sup> | 8.15 | 11.36 | 8.50 | (7.95) | 17.75 |
| **Total from investment activities** | 8.55 | 11.84 | 8.98 | (7.58) | 18.11 |
| **Dividends and Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.46) | (0.44) | (0.35) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (5.98) | (3.40) | (0.54) | (3.13) | (1.64) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (6.41) | (3.86) | (0.98) | (3.48) | (2.04) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, End of Year** | $66.57 | $64.43 | $56.45 | $48.45 | $59.51 |
| &nbsp;&nbsp;&nbsp;Total Return<sup>†</sup> | 13.48% | 21.98% | 18.83% | (13.92)% | 42.58% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year ($ Thousands) | $534560 | $549620 | $540035 | $497155 | $582628 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding waivers | 0.98% | 0.98% | 0.97% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.61% | 0.83% | 0.94% | 0.64% | 0.69% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 5% | 3% | 7% | 5% | 4% |

---

<sup>†</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share net investment income and net realized and unrealized
 gains/(losses) calculated using average shares.

The accompanying notes are an integral part of the financial statements

36 New Covenant Funds

**FINANCIAL HIGHLIGHTS**

For the years ended June 30,

For a Share Outstanding Throughout the Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Income Fund** |  |  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $20.61 | $20.57 | $21.26 | $23.89 | $24.32 |
| **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.68 | 0.63 | 0.50 | 0.27 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | 0.59 | 0.04 | (0.67) | (2.48) | (0.02) |
| **Total from investment activities** | 1.27 | 0.67 | (0.17) | (2.21) | 0.28 |
| **Dividends and Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.68) | (0.63) | (0.52) | (0.37) | (0.43) |
| &nbsp;&nbsp;&nbsp;Net realized gains | – | – | – | (0.05) | (0.28) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.68) | (0.63) | (0.52) | (0.42) | (0.71) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, End of Year** | $21.20 | $20.61 | $20.57 | $21.26 | $23.89 |
| &nbsp;&nbsp;&nbsp;Total Return<sup>†</sup> | 6.25% | 3.33% | (0.78)% | (9.34)% | 1.13% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year ($ Thousands) | $335263 | $345299 | $348025 | $381262 | $409969 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 0.75% | 0.77% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding waivers | 0.96% | 0.98% | 0.97% | 0.96% | 0.96% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.25% | 3.08% | 2.41% | 1.18% | 1.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 356% | 83% | 106% | 97% | 112% |

---

<sup>†</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share net investment income and net realized and unrealized
 gains/(losses) calculated using average shares.

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

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

New Covenant Funds 37

**FINANCIAL HIGHLIGHTS**

For the years ended June 30,

For a Share Outstanding Throughout the Year

**Balanced Growth Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $122.64 | $109.90 | $103.68 | $122.54 | $104.95 |
| **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 1.94 | 1.57 | 1.46 | 1.01 | 1.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | 10.71 | 13.85 | 9.37 | (14.80) | 23.76 |
| **Total from investment activities** | 12.65 | 15.42 | 10.83 | (13.79) | 24.94 |
| **Dividends and Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.99) | (1.71) | (1.30) | (1.43) | (2.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (7.19) | (0.97) | (3.31) | (3.64) | (5.32) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (9.18) | (2.68) | (4.61) | (5.07) | (7.35) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, End of Year** | $126.11 | $122.64 | $109.90 | $103.68 | $122.54 |
| &nbsp;&nbsp;&nbsp;Total Return<sup>†</sup> | 10.75% | 14.26% | 10.83% | (11.85)% | 24.50% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year ($ Thousands) | $358129 | $354322 | $335791 | $326365 | $373014 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>††</sup> | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding waivers<sup>††</sup> | 0.21% | 0.21% | 0.20% | 0.20% | 0.21% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.56% | 1.38% | 1.39% | 0.85% | 1.02% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 8% | 6% | 8% | 14% | 11% |

---

<sup>†</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>††</sup> The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share net investment income and net realized and unrealized
 gains/(losses) calculated using average shares.

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

38 New Covenant Funds

**FINANCIAL HIGHLIGHTS**

For the years ended June 30,

For a Share Outstanding Throughout the Year

**Balanced Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning of Year** | $22.39 | $20.88 | $20.37 | $23.84 | $22.01 |
| **Investment Activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.50 | 0.43 | 0.36 | 0.25 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | 1.43 | 1.52 | 0.79 | (2.67) | 2.76 |
| **Total from investment activities** | 1.93 | 1.95 | 1.15 | (2.42) | 3.05 |
| **Dividends and Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) | (0.44) | (0.35) | (0.30) | (0.49) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.68) | – | (0.29) | (0.75) | (0.73) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (1.18) | (0.44) | (0.64) | (1.05) | (1.22) |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, End of Year** | $23.14 | $22.39 | $20.88 | $20.37 | $23.84 |
| &nbsp;&nbsp;&nbsp;Total Return<sup>†</sup> | 8.88% | 9.49% | 5.84% | (10.70)% | 14.24% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year ($ Thousands) | $76759 | $75461 | $77879 | $93588 | $88497 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>††</sup> | 0.15% | 0.16% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets, excluding waivers<sup>††</sup> | 0.21% | 0.21% | 0.20% | 0.20% | 0.21% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.19% | 2.02% | 1.78% | 1.09% | 1.25% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 7% | 3% | 5% | 11% | 15% |

---

<sup>†</sup> Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>††</sup> The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share net investment income and net realized and unrealized
 gains/(losses) calculated using average shares.

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

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

New Covenant Funds 39

**NOTES TO FINANCIAL STATEMENTS**

June 30, 2025

1. ORGANIZATION

New Covenant Funds (the "Trust"), an open-end, diversified management investment company, was organized as a Delaware business trust on September 30, 1998. It currently consists of four investment funds: New Covenant Growth Fund ("Growth Fund"), New Covenant Income Fund ("Income Fund"), New Covenant Balanced Growth Fund ("Balanced Growth Fund"), and New Covenant Balanced Income Fund ("Balanced Income Fund"), (individually, a "Fund," and collectively, the "Funds"). The Funds commenced operations on July 1, 1999. The Trust's authorized capital consists of an unlimited number of shares of beneficial interest of $0.001 par value. Effective February 20, 2012, the Funds' investment adviser is SEI Investments Management Corporation ("SIMC" or the "Adviser"). Prior to February 20, 2012, the Funds' investment adviser was One Compass Advisors, a wholly owned subsidiary of the Presbyterian Church (U.S.A.) Foundation.

The objectives of the Funds are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Fund | Long-term capital appreciation. A modest amount of dividend income may be produced by the Fund's equity securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund | High level of current income with preservation of capital. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Growth Fund | Capital appreciation with less risk than would be present in a portfolio of only common stocks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced Income Fund | Current income and long-term growth of capital. |

---

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

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

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

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. The assets of the Balanced Growth Fund and the Balanced Income Fund (the "Balanced Funds") consist primarily of investments in underlying affiliated investment companies. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV per share. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security's price cannot be obtained, as noted above or in the case of an equity tranche of a CDO/CLO, a Fund will value the securities using a bid price from at least one independent broker.

40 New Covenant Funds

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

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

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

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

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

New Covenant Funds 41

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

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

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

The valuation techniques used by the Funds to measure fair value during the year ended June 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

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

**Securities Transactions and Investment Income** — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

42 New Covenant Funds

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

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

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

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

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

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

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

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

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

**Repurchase Agreements** — To the extent consistent with its investment objective and strategies, a Fund may enter into repurchase agreements which are secured by obligations of the U.S. Government with a bank, broker-dealer or other financial institution. Each repurchase agreement is at least 102% collateralized and marked-to-market. However, in the event of default or bankruptcy by the counterparty to the repurchase agreement, realization of the collateral may by subject to certain costs, losses or delays.

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund's Schedule of Investments for details regarding open futures contracts as of June 30, 2025, if applicable.

**Options Writing/Purchasing** — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option contracts to enhance its returns. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

New Covenant Funds 43

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

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

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

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

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

44 New Covenant Funds

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

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

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

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

**Investments in Real Estate Investment Trusts ("REITs")** — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. For US REITs, distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

New Covenant Funds 45

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

**Investment Advisory, Administration and Distribution Agreements** — The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement ("Agreement") with the Adviser. Under the Agreement, the Adviser is responsible for the investment management of the Funds and receives an annual advisory fee for the Growth Fund for the Income Fund. The Adviser does not receive an advisory fee for the Balanced Growth Fund and Balanced Income Fund. The Funds' Adviser has agreed to voluntarily waive a portion of its fee so that the total annual expenses of the Funds, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser.

The Adviser has entered into sub-advisory agreements to assist in the selection and management of investment securities in the Growth Fund and the Income Fund. It is the responsibility of the sub-advisers, under the direction of the Adviser, to make day-to-day investment decisions for these Funds. The Adviser, not the Funds, pays each sub-adviser a quarterly fee, in arrears, for their services. The Adviser pays sub-advisory fees directly from its own advisory fee. The sub-advisory fees are based on the assets of the Fund allocated to the sub-adviser for which the sub-adviser is responsible for making investment decisions.

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

The following are the sub-advisers for the Income Fund: Income Research + Management and Metropolitan West Asset Management, LLC.

The Trust entered into an Administration Agreement with SEI Investments Global Funds Services (the "Administrator"). Under the Administration Agreement, the Administrator provides administrative and accounting services to the Funds. The Administrator has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Balanced Growth Fund and the Balanced Income Fund, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser.

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

The following is a summary of annual fees payable to the Adviser and Distributor and the expense limitations for each Fund:

---

| | | | |
|:---|:---|:---|:---|
| | Advisory Fees | Administrative Servicing<br> Fee | Voluntary Expense<br> Limitation<sup>(1)</sup> |
| Growth Fund | 0.47% |  | 0.72% |
| Income Fund | 0.42% |  | 0.75% |
| Balanced Growth Fund |  |  | 0.13% |
| Balanced Income Fund |  |  | 0.15% |

---

(1) Represents a voluntary cap that may be discontinued by the Adviser at any time.

---

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

---

---

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

---

**Transfer Agent Servicing Agreement** — In 2008, the Trust entered into a transfer agent servicing agreement ("Agreement") with U.S. Bancorp Fund Services, LLC ("USBFS"), an indirect, wholly-owned subsidiary of U.S. Bancorp. Under the terms of the Agreement, USBFS is entitled to account based fees and annual fund level fees, as well as reimbursement of out-of-pocket expenses incurred in providing transfer agency services.

**Shareholder Service Plan and Agreement**—The Trust entered into a Shareholder Service Plan and Agreement (the "Agreement") with the Distributor. Per the Agreement, a Fund is authorized to make payments to certain entities which may include investment advisors, banks, trust companies and other types of organizations ("Authorized Service Providers") for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized Service Providers for its clients or other parties with whom they have a servicing relationship. Under the terms of the Agreement, the Growth Fund and the Income Funds are authorized to pay an Authorized Service Provider a shareholder servicing fee at an annual rate of up to 0.10% of the average daily net asset value of the Growth Fund and Income Fund, respectively, which fee will be computed daily and paid monthly, for providing certain administrative services to Fund shareholders with whom the Authorized Service Provider has a servicing relationship.

46 New Covenant Funds

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

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

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

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

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

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

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

**Interfund Lending** — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ''Program'') with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ''SEI Funds''). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (''Repo Rate''), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (''Bank Loan Rate''). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the year ended June 30, 2025, the Trust did not participate in interfund lending.

4. DERIVATIVE TRANSACTIONS

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

New Covenant Funds 47

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

To reduce counterparty risk with respect to Over The Counter ("OTC") transactions, the Funds have entered into master netting arrangements, established within the Funds' ISDA Master Agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

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

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

Cash with a total market value of $447 and $320 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of June 30, 2025.

The following tables show the derivatives categorized by underlying risk exposure. The fair value of derivative instruments located on the Statements of Assets and Liabilities as of June 30, 2025 was as follows ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Asset Derivatives | | Liability Derivatives | |
| | Statements of Assets and Liabilities<br> Location | Fair Value | Statements of Assets and Liabilities<br> Location | Fair Value |
| **Growth Fund** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on futures contracts | $162 \* | Unrealized depreciation on futures contracts | $— \* |
| Total derivatives not accounted for as hedging instruments |  | $162 |  | $— |
| **Income Fund** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts | $238\* | Unrealized depreciation on futures contracts | 204 \* |
| Total derivatives not accounted for as hedging instruments |  | $238 |  | $204 |

---

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

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2025.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased<br> Options and<br> Swaptions | Written Options<br> and Swaptions | Futures | Forward<br> Currency<br> Contracts | Swaps | Total |
| **Growth Fund** |  |  |  |  |  |  |
| Equity Contracts | $— | $— | $100 | $— | $— | $100 |
| **Income Fund** |  |  |  |  |  |  |
| Interest Rate Contracts | $— | $10 | $207 | $— | $— | $217 |

---

48 New Covenant Funds

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased<br> Options and<br> Swaptions | Written Options<br> and Swaptions | Futures | Forward<br> Currency<br> Contracts | Swaps | Total |
| **Growth Fund** |  |  |  |  |  |  |
| Equity Contracts | $— | $— | $160 | $— | $— | $160 |
| **Income Fund** |  |  |  |  |  |  |
| Interest Rate Contracts | $(3) | $(22) | $206 | $— | $— | $181 |

---

The following table discloses the volume of the Funds' futures contracts, option contracts, forward foreign currency contracts and swap contracts (if applicable) activity during the year ended June 30, 2025 ($ Thousands):

---

| | | |
|:---|:---|:---|
| | **Growth Fund** | **Income Fund** |
| **Futures Contracts:** |  |  |
| **Equity Contracts** |  |  |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Long | $4611 | $— |
| **Interest Rate Contracts** |  |  |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Long |  | 62768 |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Short |  | 19565 |
| **Options/Swaptions:** |  |  |
| **Interest Rate Contracts** |  |  |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Short |  | 5 |

---

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, excluding U.S. government and other short-term investments, for the year ended June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | U.S. Gov't<br> ($ Thousands) | Other<br> ($ Thousands) | Total<br> ($ Thousands) |
| **Growth Fund** |  |  |  |
| Purchases | $— | $28675 | $28675 |
| Sales |  | 110970 | 110970 |
| **Income Fund** |  |  |  |
| Purchases | 1036232 | 197041 | 1233273 |
| Sales | 1033383 | 216074 | 1249457 |
| **Balanced Growth Fund** |  |  |  |
| Purchases |  | 28027 | 28027 |
| Sales |  | 35300 | 35300 |
| **Balanced Income Fund** |  |  |  |
| Purchases |  | 5079 | 5079 |
| Sales |  | 5897 | 5897 |

---

6. FEDERAL TAX INFORMATION

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

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

New Covenant Funds 49

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

The permanent differences primarily consist of reclassification of capital gain distribution on REITs and RICs, reversal of former passive foreign investment company mark-to-market, and gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of June 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Ordinary<br> Income<br> ($ Thousands) | Long Term<br> Capital Gains<br> ($ Thousands) | Total<br> Distributions Paid<br> ($ Thousands) |
| Growth Fund | 2025 | $4221 | $47226 | $51447 |
|  | 2024 | 4259 | 29780 | 34039 |
| Income Fund | 2025 | 11096 |  | 11096 |
|  | 2024 | 10399 |  | 10399 |
| Balanced Growth Fund | 2025 | 6449 | 19235 | 25684 |
|  | 2024 | 5294 | 2621 | 7915 |
| Balanced Income Fund | 2025 | 1670 | 2235 | 3905 |
|  | 2024 | 1550 |  | 1550 |

---

As of June 30, 2025, the components of distributable earnings (accumulated losses) were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br> Ordinary<br> Income<br> ($ Thousands) | Undistributed<br> Long-Term<br> Capital Gain<br> ($ Thousands) | Capital<br> Loss<br> Carryforwards<br> ($ Thousands) | Post-<br> October<br> Losses<br> ($ Thousands) | Unrealized<br> Appreciation<br> (Depreciation)<br> ($ Thousands) | Other<br> Temporary<br> Differences<br> ($ Thousands) | Total<br> Distributable<br> Earnings<br> (Accumulated<br> Losses)<br> ($ Thousands) |
| Growth Fund | $1251 | $34999 | $— | $– $| 319985 | $3 | $356238 |
| Income Fund | 953 |  | (34863) | – | (7314) | (1588) | (42812) |
| Balanced Growth Fund | 1064 | 21200 |  | – | 111724 | (1) | 133987 |
| Balanced Income Fund | 386 | 2143 |  | – | 12704 | 1 | 15234 |

---

For Federal income tax purposes, the cost of securities owned at June 30, 2025, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales, investments in passive foreign investment companies, outstanding basis adjustment on security and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

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

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term<br> Loss<br> ($ Thousands) | Long-Term<br> Loss<br> ($ Thousands) | Total<br> ($ Thousands) |
| Income Fund | $7889 | $26974 | $34863 |

---

During the year ended June 30, 2025, the Income Fund utilized capital loss carryforward to offset capital gains of $97 ($ Thousands).

50 New Covenant Funds

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Federal<br> Tax Cost<br> ($ Thousands) | Appreciated<br> Securities<br> ($ Thousands) | Depreciated<br> Securities<br> ($ Thousands) | Net Unrealized<br> Appreciation<br> (Depreciation)<br> ($ Thousands) |
| Growth Fund | $213620 | $338861 | $(18876) | $319985 |
| Income Fund | 371072 | 2919 | (10233) | (7314) |
| Balanced Growth Fund | 246187 | 130343 | (18619) | 111724 |
| Balanced Income Fund | 63948 | 18277 | (5573) | 12704 |

---

Management has analyzed the Funds' tax positions taken on Federal income tax returns for all open tax years and has concluded that as of June 30, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATIONS/RISKS

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

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

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

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

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

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

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

New Covenant Funds 51

**NOTES TO FINANCIAL STATEMENTS (Continued)**

June 30, 2025

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

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

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

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

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

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

**Interest Rate Risk** — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movement due to changing interest rates.

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

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

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

52 New Covenant Funds

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

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

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

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

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

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

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

The Balanced Growth Fund and Balanced Income Fund invest their assets primarily in the Growth Fund and the Income Fund. By investing primarily in shares of these Funds, shareholders of the Balanced Funds indirectly pay a portion of the operating expenses, management fees and brokerage costs of the underlying Funds as well as their own operating expenses. Thus, shareholders of the Balanced Funds may indirectly pay slightly higher total operating expenses and other costs than they would pay by directly owning shares of the Growth Fund and Income Fund. A change in the asset allocation of either Balanced Fund could increase or reduce the fees and expenses actually borne by investors in that Fund. The Balanced Funds are also subject to rebalancing risk. Rebalancing activities, while undertaken to maintain a Fund's investment risk-to- reward ratio, may cause the Fund to under-perform other funds with similar investment objectives. For the Balanced Growth Fund, it is possible after rebalancing from equities into a greater percentage of fixed-income securities, that equities will outperform fixed income investments. For the Balanced Income Fund, it is possible that after rebalancing from fixed-income securities into a greater percentage of equity securities, that fixed-income securities will outperform equity investments. The performance of the Balanced Growth Fund and the Balanced Income Fund depends on the performance of the underlying Funds in which they invest.

New Covenant Funds 53

**NOTES TO FINANCIAL STATEMENTS (Concluded)**

June 30, 2025

8. CONCENTRATION OF SHAREHOLDERS

On June 30, 2025, the number of shareholders below held the following percentage of the outstanding shares of the Funds.

---

| | | | |
|:---|:---|:---|:---|
|  | | % of Ownership | % of Ownership |
| | 

# of Shareholders | Affiliated | Non-Affiliated |
| Growth Fund | 2 | 41% | 25% |
| Income Fund | 3 | 55% | 30% |
| Balanced Growth Fund | 0 | 0% | 0% |
| Balanced Income Fund | 0 | 0% | 0% |

---

9. SEGMENT REPORTING

In this reporting period, the Funds adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. SIMC acts as the Funds' CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

10. SUBSEQUENT EVENTS

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

54 New Covenant Funds

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of the Funds and Board of Trustees

New Covenant Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of New Covenant Funds, comprised of New Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth Fund, and New Covenant Balanced Income Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with the custodians, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Philadelphia, Pennsylvania

August 22, 2025

New Covenant Funds 55

**NOTICE TO SHAREHOLDERS (Unaudited)**

For shareholders who do not have a June 30, 2025 taxable year end, this notice is for information purposes only. For shareholders with a June 30, 2025 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended June 30, 2025, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (A)<br> Long Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | (B)<br> Return of<br> Capital<br> (Tax Basis) | (C)<br> Ordinary<br> Income<br> Distributions<br> (Tax Basis) | Total<br> Distributions<br> (Tax Basis) | (D)<br> Dividends<br> Qualifying<br> for Corporate<br> Dividends Rec.<br> Deduction (1) |
| Growth Fund | 91.80% | 0.00% | 8.20% | 100.00% | 100.00% |
| Income Fund | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |
| Balanced Growth Fund | 74.89% | 0.00% | 25.11% | 100.00% | 23.81% |
| Balanced Income Fund | 57.24% | 0.00% | 42.76% | 100.00% | 10.50% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | (E)<br> Qualifying<br> Dividend Income<br> (15% Tax Rate<br> for QDI) (2) | (F)<br> U.S.<br> Government<br> Interest (3) | Foreign Investors<br> Interest<br> Related<br> Dividends (4) | Short-Term<br> Capital Gain<br> Dividends (5) | Qualifying Business<br> Income (6) |
| Growth Fund | 100.00% | 0.00% | 1.12% | 100.00% | 0.00% |
| Income Fund | 0.00% | 24.84% | 64.49% | 0.00% | 0.00% |
| Balanced Growth Fund | 23.55% | 0.00% | 11.49% | 100.00% | 0.00% |
| Balanced Income Fund | 10.50% | 0.00% | 10.71% | 0.00% | 0.00% |

---

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

(2) The percentage
 in this column represents the amount of ''Qualifying Dividend Income'' and is reflected as a percentage of ''Ordinary
 Income Distributions.'' It is the intention of each of the aforementioned Funds to designate the maximum amount permitted
 by law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar
 year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

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

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

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

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

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

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

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

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

56 New Covenant Funds

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited)**

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

Not applicable.

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

At a Special Meeting of Shareholders held on October 16, 2024, shareholders of the New Covenant Funds elected Trustees. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

Proposal 1-To elect a Board of Trustees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Director** | **Votes For** | **Votes Withheld** | **Abstained** | **Broker Non-Votes** |
| Robert A. Nesher | 12192866 | 8286291 | N/A | N/A |
| Dennis J. McGonigle | 12192866 | 8286291 | N/A | N/A |
| Nina Lesavoy | 12201235 | 8277924 | N/A | N/A |
| James M. Williams | 12192866 | 8286291 | N/A | N/A |
| James B. Taylor | 12192866 | 8286291 | N/A | N/A |
| Susan C. Cote | 12201235 | 8277924 | N/A | N/A |
| Christine Reynolds | 12201235 | 8277924 | N/A | N/A |
| Thomas Melendez | 12192866 | 8286291 | N/A | N/A |
| Eli Powell Niepoky | 12192866 | 8286291 | N/A | N/A |
| Kimberly Walker | 12201235 | 8277924 | N/A | N/A |

---

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

Included within the Statement(s) of Operations of the financial statements.

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

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

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

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

New Covenant Funds 57

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited) (Continued)**

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

At the December 2-4, 2024 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of certain Investment Advisory Agreements already in effect (unless operating under an initial two-year term) to accommodate a revised Spring meeting schedule. Typically, the Trustees renew certain Investment Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Investment Advisory Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2025 was held on April 1-3, certain Investment Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend certain Investment Advisory Agreements until the April 1-3, 2025 meeting. In evaluating whether to approve the extension, the Board considered the information made available to it throughout the course of the year. At the April 1-3, 2025 meeting, the Board evaluated certain Investment Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board's approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings, such as the December 2-4, 2024 meeting. Also, certain Sub-Advisory Agreements were either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust's fiscal year on September 9–11, 2024 and December 2–4, 2024. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

**Nature, Extent and Quality of Services**

The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC's and each Sub-Adviser's personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the initial approval or renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

58 New Covenant Funds

**Performance**

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

**Fees**

With respect to the Funds' expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds' net operating expense ratios in comparison to those of the Funds' respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses (including underlying fund expenses) for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC's and its affiliates' voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds' net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval or renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

**Profitability**

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

New Covenant Funds 59

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (Unaudited) (Concluded)**

**Economies of Scale**

With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds' shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

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

60 New Covenant Funds

**NEW COVENANT FUNDS ANNUAL FINANCIALS AND OTHER INFORMATION JUNE 30, 2025**

**Trustees**

Robert A. Nesher, *Chairman*

Dennis McGonigle

Nina Lesavoy

James M. Williams

James B. Taylor

Susan C. Cote

Christine Reynolds

Thomas Melendez

Eli Powell Niepoky

Kimberly Walker

**Officers**

Robert A. Nesher

*President and Chief Executive Officer*

Glenn R. Kurdziel

*Controller and Chief Financial Officer*

Stephen Panner

*Chief Compliance Officer*

Timothy D. Barto

*Vice President, Assistant Secretary*

David F. McCann

*Vice President, Assistant Secretary*

Katherine Mason

*Vice President, Assistant Secretary*

Stephen G. MacRae

*Vice President*

Bridget E. Sudall

*Anti-Money Laundering Compliance Officer*

*Privacy Officer*

**Investment Adviser**

SEI Investments Management Corporation

**Administrator**

SEI Investments Global Funds Services

**Distributor**

SEI Investments Distribution Co.

**Legal Counsel**

Morgan, Lewis & Bockius LLP

**Independent Registered Public Accounting Firm**

KPMG LLP

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

**For more information call**

**New Covenant Fund**

**877-835-4531**

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| | | | |
|:---|:---|:---|:---|
| ![](fp0095179_03.jpg) | 1 Freedom Valley Drive<br> P.O. Box 1100<br> Oaks, Pennsylvania 19456 | ![](fp0095179_04.jpg) | NEW<br> COVENANT<br> FUNDS<sup>®</sup> |

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NF-ANNUAL (06/25)

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

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

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

Included under Item 7.

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

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

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

Included under Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees (the "Board"). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant's office.

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](fp0095179-2_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.](fp0095179-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](fp0095179-2_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | New Covenant Funds |
| By | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President & CEO |
|  | (Principal Executive Officer) |
| Date: September 5, 2025 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President & CEO |
|  | (Principal Executive Officer) |
| Date: September 5, 2025 |  |
| By | /s/ Glenn Kurdziel |
|  | Glenn Kurdziel |
|  | Controller & CFO |
|  | (Principal Financial Officer) |
| Date: September 5, 2025 |  |

---

## Ex-99.Code

**SEI TAX EXEMPT TRUST**

**SEI DAILY INCOME TRUST**

**SEI INSTITUTIONAL MANAGED TRUST**

**SEI INSTITUTIONAL INTERNATIONAL TRUST**

**SEI ASSET ALLOCATION TRUST**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**ADVISER MANAGED TRUST**

**NEW COVENANT FUNDS**

**SEI CATHOLIC VALUES TRUST**

**SEI EXCHANGE TRADED FUNDS**

**SEI CAYMAN FOREIGN CORPORATIONS**

**Financial Officer Code of Ethics**

1. <u>Introduction</u> 

The reputation and integrity of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Cayman Foreign Corporations (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

2. <u>Purposes of the Code</u> 

The purposes of this Code are:

To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

To promote compliance with applicable laws, rules and regulations;

To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

To establish accountability for adherence to this Code.

3. <u>Questions about this Code</u> 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

4. <u>Conduct Guidelines</u> 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose
to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected
to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or
personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should
be disclosed to the Trust's Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing
any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report
any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular
fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you
should bring the matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside
counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) **Standards for quality of information included in periodic reports.** Each Trust's SFOs must
at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's
SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure
is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant
to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote ethical
behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
the Trust's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent
with applicable laws and this Code.

5. <u>Waivers of this Code</u> 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

6. <u>Affirmation of the Code</u> 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

7. <u>Reporting Violations</u> 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

<u>8.</u> <u>Violations of the Code</u> 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: October 2022

## Ex-99.Cert

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSR of New Covenant Funds (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: September 5, 2025

---

| |
|:---|
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President & CEO |
| (Principal Executive Officer) |

---

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302

of the Sarbanes-Oxley Act of 2002

I, Glenn Kurdziel, certify that:

1. I have reviewed this report on Form N-CSR of New Covenant Funds (Registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: September 5, 2025

---

| |
|:---|
| /s/ Glenn Kurdziel |
| Glenn Kurdziel |
| Controller & CFO |
| (Principal Financial Officer) |

---

## Exhibit 99.906

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of New Covenant Funds (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended June 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Trust.

Dated: September 5, 2025

---

| |
|:---|
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President & CEO |
| (Principal Executive Officer) |

---

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller and Chief Financial Officer of New Covenant Funds (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended June 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the Trust.

Dated: September 5, 2025

---

| |
|:---|
| /s/ Glenn Kurdziel |
| Glenn Kurdziel |
| Controller & CFO |
| (Principal Financial Officer) |

---