# EDGAR Filing Document

**Accession Number:** 0001070222
**File Stem:** 0001398344-23-005949
**Filing Date:** 2023-3
**Character Count:** 377944
**Document Hash:** b45c468b8f9a82896893d9a48860a552
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005949.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-005949

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW COVENANT FUNDS
- **CENTRAL INDEX KEY:** 0001070222
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09025
- **FILM NUMBER:** 23722051

**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           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

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

**New Covenant Funds**

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

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

**Date of fiscal year end: June 30, 2023**

**Date of reporting period: December 31, 2022**

**Item 1. Reports to Stockholders.**

---

| | | |
|:---|:---|:---|
| ![](fp0082239-1_i.jpg) | NEW <br>COVENANT <br>FUNDS® | ![](fp0082239-1_ia.jpg) |

---

December 31, 2022

**SEMI-ANNUAL REPORT** 

New Covenant Funds

---

| | |
|:---|:---|
| **❯** | New Covenant Growth Fund  |

---

---

| | |
|:---|:---|
| **❯** | New Covenant Income Fund  |

---

---

| | |
|:---|:---|
| **❯** | New Covenant Balanced Growth Fund  |

---

---

| | |
|:---|:---|
| **❯** | New Covenant Balanced Income Fund  |

---

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

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

**newcovenantfunds.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 41 |
| Statements of Operations | 42 |
| Statements of Changes in Net Assets | 43 |
| Financial Highlights | 45 |
| Notes to Financial Statements | 49 |
| Disclosure of Fund Expenses | 64 |
| Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements | 65 |

---

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

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund**![](fp0082239-1_1.jpg)

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

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK — 96.8%** | **COMMON STOCK — 96.8%** | **COMMON STOCK — 96.8%** |
| **Communication Services — 6.5%** | **Communication Services — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard Inc  | 3984 | $305 |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl A \* | 75260 | 6640 |
| &nbsp;&nbsp;&nbsp;Alphabet Inc, Cl C \* | 69700 | 6184 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Cl A \* | 6903 | 28 |
| &nbsp;&nbsp;&nbsp;AT&T Inc  | 119675 | 2203 |
| &nbsp;&nbsp;&nbsp;Bandwidth Inc, Cl A \* | 74 | 2 |
| &nbsp;&nbsp;&nbsp;Cable One Inc  | 79 | 56 |
| &nbsp;&nbsp;&nbsp;Cardlytics Inc \* | 761 | 4 |
| &nbsp;&nbsp;&nbsp;Cars.com Inc \* | 4178 | 58 |
| &nbsp;&nbsp;&nbsp;Charter Communications Inc, Cl A \* | 1268 | 430 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings Inc \* | 4289 | 37 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings Inc  | 148 | 8 |
| &nbsp;&nbsp;&nbsp;Comcast Corp, Cl A  | 52817 | 1847 |
| &nbsp;&nbsp;&nbsp;Cumulus Media, Cl A \* | 7164 | 44 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp, Cl A \* | 1124 | 19 |
| &nbsp;&nbsp;&nbsp;Electronic Arts Inc  | 5584 | 682 |
| &nbsp;&nbsp;&nbsp;Eventbrite Inc, Cl A \* | 2537 | 15 |
| &nbsp;&nbsp;&nbsp;EverQuote Inc, Cl A \* | 1468 | 22 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co/The, Cl A \* | 3299 | 44 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl A  | 1372 | 42 |
| &nbsp;&nbsp;&nbsp;Fox Corp, Cl B  | 1428 | 41 |
| &nbsp;&nbsp;&nbsp;fuboTV \* | 3908 | 7 |
| &nbsp;&nbsp;&nbsp;IAC Inc \* | 376 | 17 |
| &nbsp;&nbsp;&nbsp;IMAX Corp \* | 2244 | 33 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos Inc/The  | 8487 | 283 |
| &nbsp;&nbsp;&nbsp;Iridium Communications Inc  | 366 | 19 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons Inc, Cl A  | 236 | 9 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl A \* | 81 | 6 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp, Cl C \* | 343 | 26 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp-Liberty SiriusXM, Cl C \* | 234 | 9 |
| &nbsp;&nbsp;&nbsp;Liberty Media - Liberty Braves \* | 3670 | 119 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc \* | 181 | 13 |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures \* | 534 | 1 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies  | 872 | 5 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp \* | 1768 | 80 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp  | 39 | $7 |
| &nbsp;&nbsp;&nbsp;Magnite Inc \* | 2551 | 27 |
| &nbsp;&nbsp;&nbsp;Match Group Inc \* | 1841 | 76 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A \* | 24587 | 2959 |
| &nbsp;&nbsp;&nbsp;Netflix Inc \* | 5046 | 1488 |
| &nbsp;&nbsp;&nbsp;New York Times Co/The, Cl A  | 439 | 14 |
| &nbsp;&nbsp;&nbsp;News Corp, Cl A  | 829 | 15 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group Inc, Cl A  | 94 | 16 |
| &nbsp;&nbsp;&nbsp;Omnicom Group Inc  | 10137 | 827 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Cl B  | 7304 | 123 |
| &nbsp;&nbsp;&nbsp;Pinterest, Cl A \* | 3339 | 81 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 6473 | 184 |
| &nbsp;&nbsp;&nbsp;Roku Inc, Cl A \* | 818 | 33 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp  | 1266 | 50 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co  | 222 | 4 |
| &nbsp;&nbsp;&nbsp;Shutterstock Inc  | 205 | 11 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings Inc  | 7153 | 42 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA \* | 1265 | 100 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc \* | 1416 | 147 |
| &nbsp;&nbsp;&nbsp;TechTarget Inc \* | 1986 | 87 |
| &nbsp;&nbsp;&nbsp;TEGNA Inc  | 3052 | 65 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Inc \* | 6126 | 858 |
| &nbsp;&nbsp;&nbsp;Trade Desk Inc/The, Cl A \* | 8290 | 372 |
| &nbsp;&nbsp;&nbsp;TripAdvisor Inc \* | 1712 | 31 |
| &nbsp;&nbsp;&nbsp;Verizon Communications Inc  | 57853 | 2279 |
| &nbsp;&nbsp;&nbsp;Vimeo \* | 610 | 2 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co/The \* | 21958 | 1908 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery \* | 29305 | 278 |
| &nbsp;&nbsp;&nbsp;World Wrestling Entertainment Inc, Cl A  | 780 | 53 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A \* | 1355 | 37 |
| &nbsp;&nbsp;&nbsp;Ziff Davis \* | 2547 | 202 |
|  |  | 31714 |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |  |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com Inc, Cl A \* | 3668 | 35 |
| &nbsp;&nbsp;&nbsp;2U Inc \* | 871 | 5 |
| &nbsp;&nbsp;&nbsp;Aaron's Co Inc  | 416 | 5 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co, Cl A \* | 2970 | 68 |
| &nbsp;&nbsp;&nbsp;Adient PLC \* | 732 | 25 |
| &nbsp;&nbsp;&nbsp;ADT Inc  | 4942 | 45 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education Inc \* | 5431 | 193 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts Inc  | 317 | 47 |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 3103 | 265 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc \* | 108984 | 9155 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc  | 3416 | 48 |
| &nbsp;&nbsp;&nbsp;American Public Education Inc \* | 1831 | 23 |
| &nbsp;&nbsp;&nbsp;AMMO \* | 41896 | 72 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC \* | 3490 | 325 |
| &nbsp;&nbsp;&nbsp;Aramark  | 260 | 11 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group Inc \* | 70 | 13 |
| &nbsp;&nbsp;&nbsp;AutoNation Inc \* | 970 | 104 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc \* | 235 | 580 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works  | 638 | 27 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc \* | 517 | $1 |
| &nbsp;&nbsp;&nbsp;Best Buy Co Inc  | 14318 | 1148 |
| &nbsp;&nbsp;&nbsp;Big Lots Inc  | 1758 | 26 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc  | 2259 | 45 |
| &nbsp;&nbsp;&nbsp;Booking Holdings Inc \* | 563 | 1135 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings Inc \* | 199 | 12 |
| &nbsp;&nbsp;&nbsp;BorgWarner Inc  | 321 | 13 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc \* | 76 | 5 |
| &nbsp;&nbsp;&nbsp;Brinker International Inc \* | 1180 | 38 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp/DE  | 839 | 60 |
| &nbsp;&nbsp;&nbsp;Buckle Inc/The  | 1885 | 85 |
| &nbsp;&nbsp;&nbsp;Burlington Stores Inc \* | 482 | 98 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd \* | 1319 | 76 |
| &nbsp;&nbsp;&nbsp;CarMax Inc \* | 1086 | 66 |
| &nbsp;&nbsp;&nbsp;Carnival Corp \* | 15800 | 127 |
| &nbsp;&nbsp;&nbsp;Carter's Inc  | 471 | 35 |
| &nbsp;&nbsp;&nbsp;Carvana Co, Cl A \* | 5499 | 26 |
| &nbsp;&nbsp;&nbsp;Cavco Industries Inc \* | 255 | 58 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory Inc/The  | 1236 | 39 |
| &nbsp;&nbsp;&nbsp;Chegg Inc \* | 176 | 4 |
| &nbsp;&nbsp;&nbsp;Chico's FAS \* | 7300 | 36 |
| &nbsp;&nbsp;&nbsp;Children's Place Inc/The \* | 812 | 30 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc, Cl A \* | 232 | 322 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International Inc  | 113 | 13 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co  | 891 | 78 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store Inc  | 323 | 31 |
| &nbsp;&nbsp;&nbsp;Dana Inc  | 2660 | 40 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants Inc  | 705 | 98 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment Inc \* | 1283 | 45 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp \* | 1069 | 427 |
| &nbsp;&nbsp;&nbsp;Denny's Corp \* | 2500 | 23 |
| &nbsp;&nbsp;&nbsp;Designer Brands Inc, Cl A  | 3316 | 32 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods Inc  | 1054 | 127 |
| &nbsp;&nbsp;&nbsp;Dillard's Inc, Cl A  | 594 | 192 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp  | 2608 | 642 |
| &nbsp;&nbsp;&nbsp;Dollar Tree Inc \* | 1320 | 187 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Inc  | 33 | 11 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A \* | 523 | 26 |
| &nbsp;&nbsp;&nbsp;Dorman Products Inc \* | 128 | 10 |
| &nbsp;&nbsp;&nbsp;DR Horton Inc  | 1973 | 176 |
| &nbsp;&nbsp;&nbsp;eBay Inc  | 20542 | 852 |
| &nbsp;&nbsp;&nbsp;Etsy Inc \* | 1162 | 139 |
| &nbsp;&nbsp;&nbsp;Expedia Group Inc \* | 389 | 34 |
| &nbsp;&nbsp;&nbsp;Fisker \* | 2626 | 19 |
| &nbsp;&nbsp;&nbsp;Five Below Inc \* | 410 | 73 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc, Cl A \* | 232 | 16 |
| &nbsp;&nbsp;&nbsp;Foot Locker Inc  | 1308 | 49 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co  | 14150 | 165 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp \* | 749 | 68 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 251 | 5 |
| &nbsp;&nbsp;&nbsp;GameStop, Cl A \* | 2040 | 38 |
| &nbsp;&nbsp;&nbsp;Gap Inc/The  | 11382 | 128 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Garmin Ltd  | 418 | $39 |
| &nbsp;&nbsp;&nbsp;General Motors Co  | 5975 | 201 |
| &nbsp;&nbsp;&nbsp;Gentex Corp  | 440 | 12 |
| &nbsp;&nbsp;&nbsp;Gentherm Inc \* | 184 | 12 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co  | 67 | 12 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co/The \* | 989 | 10 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co, Cl B  | 78 | 47 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc \* | 121 | 13 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc  | 86 | 16 |
| &nbsp;&nbsp;&nbsp;GrowGeneration \* | 2599 | 10 |
| &nbsp;&nbsp;&nbsp;Guess? Inc  | 2341 | 48 |
| &nbsp;&nbsp;&nbsp;H&R Block Inc  | 3157 | 115 |
| &nbsp;&nbsp;&nbsp;Hanesbrands Inc  | 13319 | 85 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson Inc  | 306 | 13 |
| &nbsp;&nbsp;&nbsp;Hasbro Inc  | 2632 | 161 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd \* | 57 | 6 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc \* | 3016 | 116 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc  | 7895 | 998 |
| &nbsp;&nbsp;&nbsp;Home Depot Inc/The  | 13012 | 4110 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp, Cl A \* | 135 | 12 |
| &nbsp;&nbsp;&nbsp;Installed Building Products Inc  | 694 | 59 |
| &nbsp;&nbsp;&nbsp;iRobot Corp \* | 1013 | 49 |
| &nbsp;&nbsp;&nbsp;Jack in the Box Inc  | 658 | 45 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors Inc, Cl A  | 659 | 44 |
| &nbsp;&nbsp;&nbsp;KB Home  | 4733 | 151 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp  | 1859 | 47 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands Inc  | 1282 | 51 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy Inc, Cl Z  | 1597 | 36 |
| &nbsp;&nbsp;&nbsp;LCI Industries  | 483 | 45 |
| &nbsp;&nbsp;&nbsp;Lear Corp  | 6486 | 804 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt Inc  | 222 | 7 |
| &nbsp;&nbsp;&nbsp;Lennar Corp, Cl A  | 596 | 54 |
| &nbsp;&nbsp;&nbsp;Lennar Corp, Cl B  | 171 | 13 |
| &nbsp;&nbsp;&nbsp;LGI Homes Inc \* | 127 | 12 |
| &nbsp;&nbsp;&nbsp;Liquidity Services \* | 2249 | 32 |
| &nbsp;&nbsp;&nbsp;LKQ Corp  | 317 | 17 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos Inc  | 13214 | 2633 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc \* | 1171 | 375 |
| &nbsp;&nbsp;&nbsp;M/I Homes Inc \* | 198 | 9 |
| &nbsp;&nbsp;&nbsp;Macy's Inc  | 4042 | 83 |
| &nbsp;&nbsp;&nbsp;Malibu Boats Inc, Cl A \* | 202 | 11 |
| &nbsp;&nbsp;&nbsp;Marriott International Inc/MD, Cl A  | 3599 | 536 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp  | 394 | 53 |
| &nbsp;&nbsp;&nbsp;Mattel Inc \* | 14805 | 264 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp  | 11361 | 2994 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp \* | 794 | 73 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries Inc \* | 127 | 13 |
| &nbsp;&nbsp;&nbsp;Monro Inc  | 626 | 28 |
| &nbsp;&nbsp;&nbsp;Murphy USA Inc  | 422 | 118 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings Inc \* | 447 | 17 |
| &nbsp;&nbsp;&nbsp;Newell Brands Inc  | 605 | 8 |
| &nbsp;&nbsp;&nbsp;NIKE Inc, Cl B  | 17693 | 2070 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Nordstrom Inc  | 3866 | $62 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd \* | 14956 | 183 |
| &nbsp;&nbsp;&nbsp;NVR Inc \* | 13 | 60 |
| &nbsp;&nbsp;&nbsp;ODP Corp/The \* | 283 | 13 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc \* | 212 | 10 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd \* | 3063 | 29 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc \* | 677 | 571 |
| &nbsp;&nbsp;&nbsp;Oxford Industries Inc  | 665 | 62 |
| &nbsp;&nbsp;&nbsp;Papa John's International Inc  | 151 | 12 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive Inc, Cl A \* | 2845 | 23 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group Inc  | 957 | 110 |
| &nbsp;&nbsp;&nbsp;PetMed Express Inc  | 366 | 6 |
| &nbsp;&nbsp;&nbsp;Planet Fitness Inc, Cl A \* | 173 | 14 |
| &nbsp;&nbsp;&nbsp;Polaris Inc  | 966 | 98 |
| &nbsp;&nbsp;&nbsp;PulteGroup Inc  | 5125 | 233 |
| &nbsp;&nbsp;&nbsp;PVH Corp  | 108 | 8 |
| &nbsp;&nbsp;&nbsp;Qurate Retail Inc \* | 1412 | 2 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp, Cl A  | 690 | 73 |
| &nbsp;&nbsp;&nbsp;RealReal Inc/The \* | 5091 | 6 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center Inc/TX, Cl A  | 1764 | 40 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Cl A \* | 2223 | 49 |
| &nbsp;&nbsp;&nbsp;RH \* | 224 | 60 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* | 1274 | 23 |
| &nbsp;&nbsp;&nbsp;Ross Stores Inc  | 3209 | 372 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd \* | 8804 | 435 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc \* | 2794 | 35 |
| &nbsp;&nbsp;&nbsp;SeaWorld Entertainment Inc \* | 251 | 13 |
| &nbsp;&nbsp;&nbsp;Service Corp International/US  | 250 | 17 |
| &nbsp;&nbsp;&nbsp;Shake Shack Inc, Cl A \* | 157 | 7 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd  | 2402 | 163 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp \* | 248 | 6 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp \* | 1033 | 27 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products Inc  | 943 | 33 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp  | 16902 | 1677 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd  | 1178 | 38 |
| &nbsp;&nbsp;&nbsp;Stitch Fix Inc, Cl A \* | 1021 | 3 |
| &nbsp;&nbsp;&nbsp;Strategic Education Inc  | 331 | 26 |
| &nbsp;&nbsp;&nbsp;Stride Inc \* | 348 | 11 |
| &nbsp;&nbsp;&nbsp;Tapestry Inc  | 2803 | 107 |
| &nbsp;&nbsp;&nbsp;Target Corp  | 6577 | 980 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp, Cl A \* | 12743 | 387 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International Inc  | 2272 | 78 |
| &nbsp;&nbsp;&nbsp;Tesla Inc \* | 31772 | 3914 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse Inc, Cl A  | 889 | 81 |
| &nbsp;&nbsp;&nbsp;Thor Industries Inc  | 106 | 8 |
| &nbsp;&nbsp;&nbsp;TJX Cos Inc/The  | 14736 | 1173 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Inc  | 269 | 13 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp \* | 476 | 74 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands \* | 2383 | 47 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co  | 2377 | 535 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure  | 3358 | 122 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes \* | 3236 | 60 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp \* | 3286 | $14 |
| &nbsp;&nbsp;&nbsp;Udemy \* | 3378 | 36 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty Inc \* | 279 | 131 |
| &nbsp;&nbsp;&nbsp;Under Armour Inc, Cl C \* | 556 | 5 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters Inc \* | 417 | 10 |
| &nbsp;&nbsp;&nbsp;Vail Resorts Inc  | 46 | 11 |
| &nbsp;&nbsp;&nbsp;VF Corp  | 4023 | 111 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret \* | 212 | 8 |
| &nbsp;&nbsp;&nbsp;Visteon Corp \* | 85 | 11 |
| &nbsp;&nbsp;&nbsp;Wayfair Inc, Cl A \* | 320 | 11 |
| &nbsp;&nbsp;&nbsp;Wendy's Co/The  | 11419 | 258 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp  | 638 | 90 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma Inc  | 160 | 18 |
| &nbsp;&nbsp;&nbsp;Wingstop Inc  | 582 | 80 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries Inc  | 191 | 10 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide Inc  | 1511 | 17 |
| &nbsp;&nbsp;&nbsp;Workhorse Group Inc \* | 4879 | 7 |
| &nbsp;&nbsp;&nbsp;WW International Inc \* | 1262 | 5 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts Inc  | 189 | 13 |
| &nbsp;&nbsp;&nbsp;Yum! Brands Inc  | 8356 | 1070 |
| &nbsp;&nbsp;&nbsp;Zumiez Inc \* | 1593 | 35 |
|  |  | 49202 |
| **Consumer Staples — 6.5%** | **Consumer Staples — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;Andersons Inc/The  | 338 | 12 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co  | 5103 | 474 |
| &nbsp;&nbsp;&nbsp;B&G Foods Inc  | 862 | 10 |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 136 | 3 |
| &nbsp;&nbsp;&nbsp;Beyond Meat Inc \* | 166 | 2 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc \* | 800 | 53 |
| &nbsp;&nbsp;&nbsp;Bunge Ltd  | 1596 | 159 |
| &nbsp;&nbsp;&nbsp;Calavo Growers Inc  | 571 | 17 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co  | 10354 | 588 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores Inc  | 65 | 15 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 430 | 45 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc/The \* | 1366 | 45 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co Inc  | 1025 | 83 |
| &nbsp;&nbsp;&nbsp;Clorox Co/The  | 2716 | 381 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co/The  | 47053 | 2993 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co  | 13653 | 1076 |
| &nbsp;&nbsp;&nbsp;Conagra Brands Inc  | 14479 | 560 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp  | 5215 | 2381 |
| &nbsp;&nbsp;&nbsp;Coty Inc, Cl A \* | 1026 | 9 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 716 | 45 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co  | 310 | 12 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 1902 | 105 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings Inc  | 231 | 8 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos Inc/The, Cl A  | 2390 | 593 |
| &nbsp;&nbsp;&nbsp;Flowers Foods Inc  | 555 | 16 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc  | 1442 | 38 |
| &nbsp;&nbsp;&nbsp;General Mills Inc  | 13887 | 1164 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp \* | 263 | 8 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc/The \* | 461 | 7 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Herbalife Nutrition Ltd \* | 1088 | $16 |
| &nbsp;&nbsp;&nbsp;Hershey Co/The  | 2295 | 531 |
| &nbsp;&nbsp;&nbsp;HF Foods Group Inc \* | 2213 | 9 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp  | 4797 | 218 |
| &nbsp;&nbsp;&nbsp;Ingredion Inc  | 1110 | 109 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co/The  | 6494 | 1029 |
| &nbsp;&nbsp;&nbsp;Kellogg Co  | 6713 | 478 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper Inc  | 30864 | 1101 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp  | 6484 | 880 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co/The  | 3923 | 160 |
| &nbsp;&nbsp;&nbsp;Kroger Co/The  | 17094 | 762 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings Inc  | 594 | 53 |
| &nbsp;&nbsp;&nbsp;McCormick & Co Inc/MD  | 5832 | 483 |
| &nbsp;&nbsp;&nbsp;Medifast Inc  | 71 | 8 |
| &nbsp;&nbsp;&nbsp;Mondelez International Inc, Cl A  | 17402 | 1160 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp \* | 2566 | 260 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp \* | 344 | 16 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc  | 23874 | 4313 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co \* | 1023 | 60 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp \* | 355 | 8 |
| &nbsp;&nbsp;&nbsp;Post Holdings Inc \* | 108 | 10 |
| &nbsp;&nbsp;&nbsp;PriceSmart Inc  | 179 | 11 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co/The  | 29205 | 4426 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co  | 1252 | 38 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc  | 183 | 11 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc \* | 623 | 20 |
| &nbsp;&nbsp;&nbsp;Sysco Corp  | 17657 | 1350 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods Inc \* | 237 | 12 |
| &nbsp;&nbsp;&nbsp;Tyson Foods Inc, Cl A  | 1410 | 88 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp \* | 2211 | 75 |
| &nbsp;&nbsp;&nbsp;Vita Coco \* | 3906 | 54 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance Inc  | 16549 | 618 |
| &nbsp;&nbsp;&nbsp;Walmart Inc  | 17088 | 2423 |
|  |  | 31692 |
| **Energy — 5.1%** | **Energy — 5.1%** |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp  | 7912 | 85 |
| &nbsp;&nbsp;&nbsp;APA Corp  | 273 | 13 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co, Cl A  | 4496 | 133 |
| &nbsp;&nbsp;&nbsp;Cactus Inc, Cl A  | 1525 | 77 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum \* | 2548 | 95 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp  | 383 | 11 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Inc  | 1963 | 294 |
| &nbsp;&nbsp;&nbsp;Chevron Corp  | 24126 | 4331 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels \* | 4579 | 24 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp \* | 1745 | 29 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips  | 25233 | 2977 |
| &nbsp;&nbsp;&nbsp;Coterra Energy  | 7300 | 179 |
| &nbsp;&nbsp;&nbsp;Denbury \* | 630 | 55 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp  | 5867 | 361 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy Inc  | 853 | 117 |
| &nbsp;&nbsp;&nbsp;Dril-Quip Inc \* | 1072 | 29 |
| &nbsp;&nbsp;&nbsp;DT Midstream  | 405 | 22 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;EOG Resources Inc  | 5951 | $771 |
| &nbsp;&nbsp;&nbsp;EQT Corp  | 2732 | 92 |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream Corp  | 2185 | 15 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings \* | 1529 | 28 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp  | 52023 | 5738 |
| &nbsp;&nbsp;&nbsp;Gevo \* | 26517 | 50 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd \* | 3888 | 89 |
| &nbsp;&nbsp;&nbsp;Halliburton Co  | 5660 | 223 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group \* | 10917 | 81 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne Inc  | 1494 | 74 |
| &nbsp;&nbsp;&nbsp;Hess Corp  | 4195 | 595 |
| &nbsp;&nbsp;&nbsp;HF Sinclair  | 3119 | 162 |
| &nbsp;&nbsp;&nbsp;International Seaways Inc  | 642 | 24 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Inc  | 32576 | 589 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Cl A  | 310 | 10 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd \* | 44503 | 283 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp, Cl A  | 1806 | 42 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp  | 5472 | 148 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp  | 7000 | 815 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp  | 449 | 19 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd \* | 367 | 57 |
| &nbsp;&nbsp;&nbsp;NOV Inc  | 482 | 10 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp  | 8202 | 517 |
| &nbsp;&nbsp;&nbsp;Oceaneering International Inc \* | 3376 | 59 |
| &nbsp;&nbsp;&nbsp;ONEOK Inc  | 3505 | 230 |
| &nbsp;&nbsp;&nbsp;Ovintiv  | 1009 | 51 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc  | 4952 | 83 |
| &nbsp;&nbsp;&nbsp;PBF Energy Inc, Cl A  | 494 | 20 |
| &nbsp;&nbsp;&nbsp;Phillips 66  | 5367 | 559 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co  | 2260 | 516 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp  | 2413 | 60 |
| &nbsp;&nbsp;&nbsp;RPC Inc  | 1226 | 11 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd  | 39202 | 2096 |
| &nbsp;&nbsp;&nbsp;SM Energy  | 5146 | 179 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co \* | 21739 | 127 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp  | 11252 | 827 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Cl A \* | 1755 | 54 |
| &nbsp;&nbsp;&nbsp;Tellurian \* | 11904 | 20 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land  | 29 | 68 |
| &nbsp;&nbsp;&nbsp;Uranium Energy \* | 15244 | 59 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp  | 4715 | 598 |
| &nbsp;&nbsp;&nbsp;Williams Cos Inc/The  | 11002 | 362 |
|  |  | 25243 |
| **Financials — 12.4%** | **Financials — 12.4%** |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc  | 910 | 144 |
| &nbsp;&nbsp;&nbsp;Aflac Inc  | 4907 | 353 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp <sup>‡</sup> | 2838 | 29 |
| &nbsp;&nbsp;&nbsp;Allstate Corp/The  | 3458 | 469 |
| &nbsp;&nbsp;&nbsp;Ally Financial Inc  | 1575 | 38 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial  | 2110 | 49 |
| &nbsp;&nbsp;&nbsp;American Express Co  | 9360 | 1383 |
| &nbsp;&nbsp;&nbsp;American Financial Group Inc/OH  | 89 | 12 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;American International Group Inc  | 6597 | $417 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc  | 1250 | 389 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp  | 1129 | 53 |
| &nbsp;&nbsp;&nbsp;AMERISAFE Inc  | 743 | 39 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management <sup>‡</sup> | 9784 | 206 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Cl A  | 3101 | 931 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc <sup>‡</sup> | 2686 | 29 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management  | 2091 | 133 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd \* | 2404 | 151 |
| &nbsp;&nbsp;&nbsp;Ares Management, Cl A  | 632 | 43 |
| &nbsp;&nbsp;&nbsp;Argo Group International Holdings Ltd  | 750 | 19 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co  | 1610 | 304 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc, Cl A  | 1589 | 47 |
| &nbsp;&nbsp;&nbsp;AssetMark Financial Holdings \* | 1796 | 41 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp  | 4274 | 99 |
| &nbsp;&nbsp;&nbsp;Assurant Inc  | 87 | 11 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd  | 994 | 62 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp  | 1302 | 46 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd  | 825 | 45 |
| &nbsp;&nbsp;&nbsp;Axos Financial Inc \* | 310 | 12 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp  | 87545 | 2899 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp  | 1051 | 81 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp  | 1079 | 35 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp/The  | 12656 | 576 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd/The  | 1324 | 39 |
| &nbsp;&nbsp;&nbsp;Bank OZK  | 366 | 15 |
| &nbsp;&nbsp;&nbsp;BankUnited Inc  | 346 | 12 |
| &nbsp;&nbsp;&nbsp;Banner Corp  | 851 | 54 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc, Cl B \* | 21623 | 6679 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp Inc  | 1501 | 45 |
| &nbsp;&nbsp;&nbsp;BGC Partners Inc, Cl A  | 8389 | 32 |
| &nbsp;&nbsp;&nbsp;BlackRock Inc, Cl A  | 1878 | 1331 |
| &nbsp;&nbsp;&nbsp;Blackstone  | 6935 | 514 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp  | 568 | 59 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings  | 1335 | 50 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc \* | 268 | 14 |
| &nbsp;&nbsp;&nbsp;Brown & Brown Inc  | 290 | 17 |
| &nbsp;&nbsp;&nbsp;Cadence Bank  | 1525 | 38 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp  | 3914 | 364 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc  | 3529 | 31 |
| &nbsp;&nbsp;&nbsp;Carlyle Group  | 923 | 28 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp  | 1291 | 53 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc  | 99 | 12 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp  | 1651 | 33 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp/The  | 16432 | 1368 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp <sup>‡</sup> | 2402 | 13 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd  | 6169 | 1361 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp  | 891 | 91 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc  | 24313 | 1100 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc  | 3587 | 141 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;City Holding Co  | 607 | $56 |
| &nbsp;&nbsp;&nbsp;CME Group Inc, Cl A  | 4726 | 795 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp  | 253 | 11 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers Inc  | 764 | 49 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Cl A \* | 850 | 30 |
| &nbsp;&nbsp;&nbsp;Comerica Inc  | 1232 | 82 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc/MO  | 1722 | 117 |
| &nbsp;&nbsp;&nbsp;Community Bank System Inc  | 710 | 45 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc  | 1891 | 46 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp \* | 177 | 84 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers Inc  | 850 | 114 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares  | 1467 | 47 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services  | 11446 | 1120 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc  | 1035 | 46 |
| &nbsp;&nbsp;&nbsp;East West Bancorp Inc  | 1710 | 113 |
| &nbsp;&nbsp;&nbsp;eHealth Inc \* | 512 | 2 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Inc <sup>‡</sup> | 2748 | 34 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp  | 1063 | 52 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings Inc  | 432 | 12 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co, Cl A  | 433 | 108 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd  | 970 | 38 |
| &nbsp;&nbsp;&nbsp;Evercore Inc, Cl A  | 659 | 72 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd  | 179 | 59 |
| &nbsp;&nbsp;&nbsp;Eversource Energy  | 10983 | 921 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life  | 72 | 1 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc  | 306 | 123 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp  | 1250 | 45 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp, Cl C  | 119 | 13 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Inc, Cl B  | 1492 | 54 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc  | 1063 | 40 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp  | 4599 | 151 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp  | 814 | 43 |
| &nbsp;&nbsp;&nbsp;First BanCorp/Puerto Rico  | 821 | 10 |
| &nbsp;&nbsp;&nbsp;First Busey Corp  | 1790 | 44 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc/NC, Cl A  | 159 | 121 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp  | 3365 | 47 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp  | 1921 | 47 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc  | 1378 | 47 |
| &nbsp;&nbsp;&nbsp;First Hawaiian Inc  | 3126 | 81 |
| &nbsp;&nbsp;&nbsp;First Horizon  | 6041 | 148 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A  | 1171 | 45 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp  | 1182 | 49 |
| &nbsp;&nbsp;&nbsp;First Republic Bank/CA  | 1080 | 132 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings  | 612 | 53 |
| &nbsp;&nbsp;&nbsp;FNB Corp/PA  | 3907 | 51 |
| &nbsp;&nbsp;&nbsp;Franklin Resources Inc  | 6856 | 181 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp  | 2789 | 47 |
| &nbsp;&nbsp;&nbsp;Genworth Financial Inc, Cl A \* | 10439 | 55 |
| &nbsp;&nbsp;&nbsp;German American Bancorp Inc  | 1414 | 53 |
| &nbsp;&nbsp;&nbsp;Globe Life Inc  | 108 | 13 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The  | 3960 | 1360 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc, Cl A \* | 215 | 7 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp  | 1142 | $55 |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital Inc  | 20833 | 604 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc/The  | 124 | 17 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp Inc  | 861 | 12 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group Inc/The  | 1006 | 76 |
| &nbsp;&nbsp;&nbsp;Heartland Financial USA Inc  | 1003 | 47 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp/WA  | 1744 | 53 |
| &nbsp;&nbsp;&nbsp;Home BancShares Inc/AR  | 2523 | 57 |
| &nbsp;&nbsp;&nbsp;HomeStreet Inc  | 309 | 9 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp Inc  | 3233 | 41 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp  | 1125 | 42 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc, Cl A  | 192 | 17 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc/OH  | 9540 | 134 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp  | 580 | 49 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group Inc  | 846 | 51 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc  | 5170 | 530 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd  | 18276 | 329 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital <sup>‡</sup> | 323 | 4 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd  | 1180 | 25 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group  | 1207 | 28 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc  | 2313 | 79 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co  | 35839 | 4806 |
| &nbsp;&nbsp;&nbsp;KeyCorp  | 12904 | 225 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc  | 73 | 19 |
| &nbsp;&nbsp;&nbsp;KKR & Co Inc  | 3222 | 150 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust Inc <sup>‡</sup> | 2440 | 34 |
| &nbsp;&nbsp;&nbsp;Lakeland Bancorp Inc  | 2890 | 51 |
| &nbsp;&nbsp;&nbsp;Lazard Ltd, Cl A  | 2316 | 80 |
| &nbsp;&nbsp;&nbsp;Lemonade \* | 1665 | 23 |
| &nbsp;&nbsp;&nbsp;LendingTree Inc \* | 175 | 4 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp  | 3621 | 111 |
| &nbsp;&nbsp;&nbsp;Loews Corp  | 222 | 13 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc  | 1036 | 224 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp  | 1519 | 220 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc  | 144 | 40 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos Inc  | 13132 | 2173 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp  | 233 | 8 |
| &nbsp;&nbsp;&nbsp;MetLife Inc  | 6576 | 476 |
| &nbsp;&nbsp;&nbsp;MFA Financial <sup>‡</sup> | 1584 | 16 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp  | 3455 | 45 |
| &nbsp;&nbsp;&nbsp;Moelis & Co, Cl A  | 1564 | 60 |
| &nbsp;&nbsp;&nbsp;Moody's Corp  | 3947 | 1100 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley  | 28589 | 2431 |
| &nbsp;&nbsp;&nbsp;Morningstar Inc  | 67 | 14 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group Inc \* | 335 | 13 |
| &nbsp;&nbsp;&nbsp;MSCI Inc, Cl A  | 635 | 295 |
| &nbsp;&nbsp;&nbsp;Nasdaq Inc  | 7134 | 438 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp Inc  | 1213 | 53 |
| &nbsp;&nbsp;&nbsp;Nelnet Inc, Cl A  | 145 | 13 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp Inc  | 951 | 8 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust Inc <sup>‡</sup> | 7776 | 20 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;NMI Holdings Inc, Cl A \* | 1470 | $31 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp  | 7549 | 668 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc  | 2868 | 45 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp  | 2119 | 58 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp/IN  | 5093 | 92 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings Inc, Cl A  | 258 | 9 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Cl A <sup>‡</sup> | 3472 | 36 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp Inc  | 3188 | 101 |
| &nbsp;&nbsp;&nbsp;PacWest Bancorp  | 1283 | 29 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings Inc, Cl A \* | 145 | 7 |
| &nbsp;&nbsp;&nbsp;Pathward Financial  | 266 | 11 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust <sup>‡</sup> | 18482 | 229 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc  | 1489 | 109 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The  | 5690 | 899 |
| &nbsp;&nbsp;&nbsp;Popular Inc  | 1507 | 100 |
| &nbsp;&nbsp;&nbsp;PRA Group Inc \* | 1320 | 45 |
| &nbsp;&nbsp;&nbsp;Primerica  | 323 | 46 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group Inc  | 662 | 56 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp  | 1351 | 24 |
| &nbsp;&nbsp;&nbsp;PROG Holdings Inc \* | 832 | 14 |
| &nbsp;&nbsp;&nbsp;Progressive Corp/The  | 6231 | 808 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc  | 1192 | 87 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services Inc  | 1988 | 42 |
| &nbsp;&nbsp;&nbsp;Prudential Financial Inc  | 15519 | 1544 |
| &nbsp;&nbsp;&nbsp;Radian Group Inc  | 1924 | 37 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial Inc  | 1949 | 208 |
| &nbsp;&nbsp;&nbsp;Redwood Trust Inc <sup>‡</sup> | 2992 | 20 |
| &nbsp;&nbsp;&nbsp;Regional Management  | 872 | 24 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp  | 62324 | 1344 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc, Cl A  | 578 | 82 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd  | 248 | 46 |
| &nbsp;&nbsp;&nbsp;Renasant Corp  | 1366 | 51 |
| &nbsp;&nbsp;&nbsp;Rithm Capital <sup>‡</sup> | 1403 | 11 |
| &nbsp;&nbsp;&nbsp;RLI Corp  | 545 | 72 |
| &nbsp;&nbsp;&nbsp;S&P Global Inc  | 7141 | 2392 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp Inc  | 1247 | 43 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp Inc  | 1350 | 48 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp of Florida  | 1616 | 50 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc  | 187 | 13 |
| &nbsp;&nbsp;&nbsp;Signature Bank/New York NY  | 676 | 78 |
| &nbsp;&nbsp;&nbsp;Silvergate Capital, Cl A \* | 716 | 12 |
| &nbsp;&nbsp;&nbsp;SLM Corp  | 8316 | 138 |
| &nbsp;&nbsp;&nbsp;SouthState  | 216 | 16 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc <sup>‡</sup> | 2000 | 37 |
| &nbsp;&nbsp;&nbsp;State Street Corp  | 9970 | 773 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp  | 1869 | 55 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp  | 245 | 14 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group \* | 439 | 101 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial  | 4720 | 155 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp  | 1267 | 48 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc  | 2711 | 296 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc \* | 822 | 50 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp  | 573 | $8 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc <sup>‡</sup> | 2439 | 17 |
| &nbsp;&nbsp;&nbsp;Travelers Cos Inc/The  | 2743 | 514 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares  | 1219 | 62 |
| &nbsp;&nbsp;&nbsp;Triumph Financial \* | 822 | 40 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp  | 14236 | 613 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp  | 1410 | 49 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment <sup>‡</sup> | 1597 | 25 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp  | 715 | 60 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings Corp  | 2753 | 49 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp  | 1820 | 48 |
| &nbsp;&nbsp;&nbsp;Unum Group  | 1638 | 67 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings \* | 1290 | 17 |
| &nbsp;&nbsp;&nbsp;US Bancorp  | 12299 | 536 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp  | 4269 | 48 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings Inc  | 348 | 10 |
| &nbsp;&nbsp;&nbsp;Virtu Financial Inc, Cl A  | 3026 | 62 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp  | 247 | 18 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc  | 749 | 59 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc  | 924 | 44 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp  | 2008 | 95 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co  | 37515 | 1549 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp  | 731 | 43 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp  | 1801 | 107 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC  | 907 | 222 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp  | 708 | 60 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA  | 1771 | 87 |
|  |  | 60988 |
| **Health Care — 15.1%** | **Health Care — 15.1%** |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A \* | 954 | 35 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories  | 27119 | 2977 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc  | 25124 | 4060 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co Inc \* | 220 | 18 |
| &nbsp;&nbsp;&nbsp;Accolade \* | 956 | 7 |
| &nbsp;&nbsp;&nbsp;AdaptHealth, Cl A \* | 2632 | 51 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp \* | 1704 | 13 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp \* | 495 | 49 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies Inc  | 7874 | 1178 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals Inc \* | 1062 | 30 |
| &nbsp;&nbsp;&nbsp;Alector Inc \* | 2628 | 24 |
| &nbsp;&nbsp;&nbsp;Align Technology Inc \* | 691 | 146 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc \* | 1838 | 12 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc \* | 1202 | 286 |
| &nbsp;&nbsp;&nbsp;Amedisys Inc \* | 56 | 5 |
| &nbsp;&nbsp;&nbsp;American Well, Cl A \* | 10093 | 29 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp, Cl A  | 589 | 98 |
| &nbsp;&nbsp;&nbsp;Amgen Inc  | 7498 | 1969 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics Inc \* | 5193 | 63 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc \* | 832 | 86 |
| &nbsp;&nbsp;&nbsp;AnaptysBio \* | 1908 | 59 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics Inc \* | 920 | 27 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc \* | 246 | 13 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Apollo Medical Holdings Inc \* | 344 | $10 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings \* | 483 | 8 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc \* | 2371 | 49 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc \* | 251 | 10 |
| &nbsp;&nbsp;&nbsp;Arvinas Inc \* | 1298 | 44 |
| &nbsp;&nbsp;&nbsp;Atara Biotherapeutics Inc \* | 3254 | 11 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 1029 | 46 |
| &nbsp;&nbsp;&nbsp;Atrion Corp  | 71 | 40 |
| &nbsp;&nbsp;&nbsp;Avanos Medical Inc \* | 301 | 8 |
| &nbsp;&nbsp;&nbsp;Avantor Inc \* | 1656 | 35 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences \* | 2388 | 53 |
| &nbsp;&nbsp;&nbsp;Avista Public Acquisition II, Cl W \* | 2263 | 8 |
| &nbsp;&nbsp;&nbsp;Axonics Inc \* | 351 | 22 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc \* | 618 | 48 |
| &nbsp;&nbsp;&nbsp;Azenta \* | 207 | 12 |
| &nbsp;&nbsp;&nbsp;Baxter International Inc  | 12373 | 631 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co  | 4437 | 1128 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc \* | 1030 | 12 |
| &nbsp;&nbsp;&nbsp;Biogen Inc \* | 2874 | 796 |
| &nbsp;&nbsp;&nbsp;Biohaven \* | 45 | 1 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions \* | 2163 | 39 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc \* | 1042 | 108 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories Inc, Cl A \* | 32 | 13 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp  | 212 | 18 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio Inc \* | 645 | 4 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp \* | 16399 | 759 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc \* | 241 | 2 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co  | 34297 | 2468 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living Inc \* | 7397 | 20 |
| &nbsp;&nbsp;&nbsp;Bruker Corp  | 233 | 16 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics Inc \* | 2942 | 32 |
| &nbsp;&nbsp;&nbsp;Cardinal Health Inc  | 2213 | 170 |
| &nbsp;&nbsp;&nbsp;CareDx \* | 6310 | 72 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences \* | 614 | 18 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences \* | 730 | 17 |
| &nbsp;&nbsp;&nbsp;Catalent Inc \* | 949 | 43 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc \* | 11416 | 212 |
| &nbsp;&nbsp;&nbsp;Centene Corp \* | 4805 | 394 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc \* | 77 | 17 |
| &nbsp;&nbsp;&nbsp;Chemed Corp  | 114 | 58 |
| &nbsp;&nbsp;&nbsp;Cigna Corp  | 7185 | 2381 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical \* | 2915 | 68 |
| &nbsp;&nbsp;&nbsp;Cooper Cos Inc/The  | 236 | 78 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics Inc \* | 3878 | 79 |
| &nbsp;&nbsp;&nbsp;CorVel Corp \* | 125 | 18 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals Inc \* | 2310 | 42 |
| &nbsp;&nbsp;&nbsp;CryoPort \* | 871 | 15 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp  | 19003 | 1771 |
| &nbsp;&nbsp;&nbsp;Cytokinetics Inc \* | 7134 | 327 |
| &nbsp;&nbsp;&nbsp;Danaher Corp  | 7586 | 2013 |
| &nbsp;&nbsp;&nbsp;DaVita Inc \* | 160 | 12 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Deciphera Pharmaceuticals Inc \* | 716 | $12 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics Inc \* | 2631 | 73 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc  | 3113 | 99 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 3388 | 384 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp \* | 8733 | 93 |
| &nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals Inc/DE \* | 1045 | 31 |
| &nbsp;&nbsp;&nbsp;Editas Medicine Inc, Cl A \* | 1596 | 14 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp \* | 8484 | 633 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc \* | 398 | 5 |
| &nbsp;&nbsp;&nbsp;Elevance Health  | 5325 | 2732 |
| &nbsp;&nbsp;&nbsp;Eli Lilly  | 11234 | 4110 |
| &nbsp;&nbsp;&nbsp;Embecta  | 887 | 22 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions Inc \* | 950 | 11 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc \* | 785 | 37 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp  | 164 | 10 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 82 | 1 |
| &nbsp;&nbsp;&nbsp;Enovis \* | 485 | 26 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp \* | 317 | 11 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics Inc \* | 962 | 6 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp \* | 930 | 46 |
| &nbsp;&nbsp;&nbsp;Exelixis Inc \* | 4344 | 70 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc \* | 3277 | 33 |
| &nbsp;&nbsp;&nbsp;FibroGen Inc \* | 1053 | 17 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics \* | 853 | 25 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences Inc  | 14228 | 1222 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp \* | 167 | 7 |
| &nbsp;&nbsp;&nbsp;Globus Medical Inc, Cl A \* | 179 | 13 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio Inc \* | 3279 | 7 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics Inc \* | 2641 | 150 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc  | 2314 | 555 |
| &nbsp;&nbsp;&nbsp;Health Catalyst Inc \* | 1594 | 17 |
| &nbsp;&nbsp;&nbsp;HealthEquity Inc \* | 673 | 41 |
| &nbsp;&nbsp;&nbsp;Henry Schein Inc \* | 2612 | 209 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics Inc \* | 1977 | 5 |
| &nbsp;&nbsp;&nbsp;Heska Corp \* | 69 | 4 |
| &nbsp;&nbsp;&nbsp;Hologic Inc \* | 927 | 69 |
| &nbsp;&nbsp;&nbsp;Horizon Therapeutics PLC \* | 1437 | 164 |
| &nbsp;&nbsp;&nbsp;Humana Inc  | 1261 | 646 |
| &nbsp;&nbsp;&nbsp;ICU Medical Inc \* | 62 | 10 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences \* | 4068 | 74 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc \* | 707 | 288 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences \* | 1084 | 18 |
| &nbsp;&nbsp;&nbsp;Illumina Inc \* | 3200 | 647 |
| &nbsp;&nbsp;&nbsp;ImmunityBio \* | 12691 | 64 |
| &nbsp;&nbsp;&nbsp;Inari Medical \* | 419 | 27 |
| &nbsp;&nbsp;&nbsp;Incyte Corp \* | 1063 | 85 |
| &nbsp;&nbsp;&nbsp;Innoviva Inc \* | 3557 | 47 |
| &nbsp;&nbsp;&nbsp;Inogen Inc \* | 706 | 14 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals Inc \* | 2095 | 3 |
| &nbsp;&nbsp;&nbsp;Insmed Inc \* | 2129 | 43 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc \* | 110 | 28 |
| &nbsp;&nbsp;&nbsp;Insulet Corp \* | 65 | 19 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp \* | 625 | $43 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp \* | 188 | 11 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics \* | 1231 | 43 |
| &nbsp;&nbsp;&nbsp;Intercept Pharmaceuticals Inc \* | 417 | 5 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies Inc \* | 3894 | 206 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc \* | 4209 | 1117 |
| &nbsp;&nbsp;&nbsp;Invitae Corp \* | 54164 | 101 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc \* | 782 | 30 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc \* | 8304 | 53 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc \* | 1378 | 282 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 210 | 20 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc, Cl A \* | 3844 | 48 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson  | 32711 | 5778 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics Inc \* | 118 | 23 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics Inc \* | 2929 | 10 |
| &nbsp;&nbsp;&nbsp;Kezar Life Sciences \* | 10142 | 71 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals Ltd, Cl A \* | 801 | 12 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences Inc \* | 1218 | 9 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech Inc \* | 823 | 65 |
| &nbsp;&nbsp;&nbsp;Kura Oncology Inc \* | 3438 | 43 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp of America Holdings  | 515 | 121 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc \* | 2408 | 123 |
| &nbsp;&nbsp;&nbsp;LHC Group Inc \* | 57 | 9 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals Inc \* | 462 | 31 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 657 | 36 |
| &nbsp;&nbsp;&nbsp;MacroGenics Inc \* | 1782 | 12 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc \* | 531 | 154 |
| &nbsp;&nbsp;&nbsp;McKesson Corp  | 1233 | 463 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings \* | 4240 | 28 |
| &nbsp;&nbsp;&nbsp;Merck & Co Inc  | 36681 | 4070 |
| &nbsp;&nbsp;&nbsp;Meridian Bioscience Inc \* | 1293 | 43 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics \* | 13514 | 79 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International Inc \* | 1016 | 1469 |
| &nbsp;&nbsp;&nbsp;Mirati Therapeutics Inc \* | 429 | 19 |
| &nbsp;&nbsp;&nbsp;Moderna Inc \* | 4368 | 785 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics Inc \* | 1860 | 27 |
| &nbsp;&nbsp;&nbsp;Natera Inc \* | 229 | 9 |
| &nbsp;&nbsp;&nbsp;National Research Corp  | 779 | 29 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics, Cl A \* | 2328 | 5 |
| &nbsp;&nbsp;&nbsp;Neogen Corp \* | 300 | 5 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc \* | 1089 | 130 |
| &nbsp;&nbsp;&nbsp;Nevro Corp \* | 83 | 3 |
| &nbsp;&nbsp;&nbsp;NextGen Healthcare Inc \* | 3392 | 64 |
| &nbsp;&nbsp;&nbsp;Novavax Inc \* | 816 | 8 |
| &nbsp;&nbsp;&nbsp;Novocure \* | 224 | 16 |
| &nbsp;&nbsp;&nbsp;Ocugen \* | 19686 | 26 |
| &nbsp;&nbsp;&nbsp;Omnicell \* | 466 | 23 |
| &nbsp;&nbsp;&nbsp;Option Care Health Inc \* | 648 | 20 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies Inc \* | 6042 | 29 |
| &nbsp;&nbsp;&nbsp;Organon  | 649 | 18 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group \* | 417 | 6 |
| &nbsp;&nbsp;&nbsp;Pennant Group Inc/The \* | 1609 | 18 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Penumbra Inc \* | 72 | $16 |
| &nbsp;&nbsp;&nbsp;PerkinElmer Inc  | 120 | 17 |
| &nbsp;&nbsp;&nbsp;Pfizer Inc  | 73662 | 3774 |
| &nbsp;&nbsp;&nbsp;Phreesia Inc \* | 361 | 12 |
| &nbsp;&nbsp;&nbsp;Premier Inc, Cl A  | 2266 | 79 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics \* | 1083 | 12 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc \* | 1021 | 39 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV \* | 2338 | 117 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc  | 865 | 135 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals Inc, Cl A \* | 537 | 20 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc \* | 1105 | 797 |
| &nbsp;&nbsp;&nbsp;Repligen Corp \* | 553 | 94 |
| &nbsp;&nbsp;&nbsp;ResMed Inc  | 2930 | 610 |
| &nbsp;&nbsp;&nbsp;Revance Therapeutics Inc \* | 3056 | 56 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals \* | 932 | 18 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics Inc \* | 516 | 20 |
| &nbsp;&nbsp;&nbsp;Sangamo Therapeutics Inc \* | 1002 | 3 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc \* | 87 | 11 |
| &nbsp;&nbsp;&nbsp;Seagen Inc \* | 750 | 96 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical Inc \* | 452 | 93 |
| &nbsp;&nbsp;&nbsp;Simulations Plus Inc  | 1477 | 54 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co \* | 2233 | 108 |
| &nbsp;&nbsp;&nbsp;Stryker Corp  | 3476 | 850 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals Inc \* | 2174 | 78 |
| &nbsp;&nbsp;&nbsp;Surmodics Inc \* | 1169 | 40 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc \* | 728 | 8 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc \* | 144 | 6 |
| &nbsp;&nbsp;&nbsp;Teladoc Health Inc \* | 2033 | 48 |
| &nbsp;&nbsp;&nbsp;Teleflex Inc  | 742 | 185 |
| &nbsp;&nbsp;&nbsp;Tenon Medical \* | 21009 | 33 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics Inc \* | 4916 | 58 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma Inc \* | 2200 | 25 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc  | 4827 | 2658 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics \* | 3434 | 72 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp \* | 606 | 14 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc \* | 1143 | 53 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp \* | 559 | 156 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc  | 11675 | 6190 |
| &nbsp;&nbsp;&nbsp;Universal Health Services Inc, Cl B  | 80 | 11 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy Inc  | 428 | 35 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products  | 515 | 52 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp \* | 1631 | 33 |
| &nbsp;&nbsp;&nbsp;Veeva Systems Inc, Cl A \* | 1157 | 187 |
| &nbsp;&nbsp;&nbsp;Veradigm \* | 3611 | 64 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 1218 | 32 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc \* | 3305 | 954 |
| &nbsp;&nbsp;&nbsp;Viatris Inc, Cl W \* | 1277 | 14 |
| &nbsp;&nbsp;&nbsp;Waters Corp \* | 395 | 135 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc  | 1875 | 441 |
| &nbsp;&nbsp;&nbsp;Xencor \* | 1686 | 44 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics \* | 3117 | 15 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals \* | 497 | 10 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc  | 3501 | $446 |
| &nbsp;&nbsp;&nbsp;Zimvie \* | 350 | 3 |
| &nbsp;&nbsp;&nbsp;Zoetis Inc, Cl A  | 6022 | 883 |
|  |  | 74330 |
| **Industrials — 8.3%** | **Industrials — 8.3%** |  |
| &nbsp;&nbsp;&nbsp;3M Co  | 10841 | 1300 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp  | 1708 | 98 |
| &nbsp;&nbsp;&nbsp;AAON Inc  | 192 | 14 |
| &nbsp;&nbsp;&nbsp;AAR Corp \* | 1101 | 49 |
| &nbsp;&nbsp;&nbsp;ABM Industries Inc  | 1349 | 60 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp  | 5214 | 29 |
| &nbsp;&nbsp;&nbsp;Acuity Brands Inc  | 84 | 14 |
| &nbsp;&nbsp;&nbsp;AECOM  | 6633 | 563 |
| &nbsp;&nbsp;&nbsp;AerSale \* | 3461 | 56 |
| &nbsp;&nbsp;&nbsp;AGCO Corp  | 149 | 21 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp, Cl A  | 1053 | 40 |
| &nbsp;&nbsp;&nbsp;Alamo Group Inc  | 86 | 12 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group Inc \* | 9238 | 397 |
| &nbsp;&nbsp;&nbsp;Albany International Corp, Cl A  | 652 | 64 |
| &nbsp;&nbsp;&nbsp;Allegion PLC  | 855 | 90 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc  | 1870 | 78 |
| &nbsp;&nbsp;&nbsp;Altra Industrial Motion Corp  | 260 | 16 |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc \* | 405 | 5 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp \* | 461 | 23 |
| &nbsp;&nbsp;&nbsp;AMETEK Inc  | 1369 | 191 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc  | 1229 | 55 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc  | 745 | 94 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp  | 336 | 24 |
| &nbsp;&nbsp;&nbsp;Arcosa Inc  | 1128 | 61 |
| &nbsp;&nbsp;&nbsp;Argan Inc  | 1315 | 48 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries Inc  | 161 | 11 |
| &nbsp;&nbsp;&nbsp;ASGN Inc \* | 146 | 12 |
| &nbsp;&nbsp;&nbsp;Astec Industries Inc  | 204 | 8 |
| &nbsp;&nbsp;&nbsp;Astronics \* | 3653 | 38 |
| &nbsp;&nbsp;&nbsp;Atkore \* | 453 | 51 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group Inc \* | 1282 | 210 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise Inc \* | 1678 | 278 |
| &nbsp;&nbsp;&nbsp;AZZ Inc  | 1071 | 43 |
| &nbsp;&nbsp;&nbsp;Barnes Group Inc  | 807 | 33 |
| &nbsp;&nbsp;&nbsp;Blink Charging \* | 1491 | 16 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp, Cl A \* | 4597 | 88 |
| &nbsp;&nbsp;&nbsp;Brady Corp, Cl A  | 9852 | 464 |
| &nbsp;&nbsp;&nbsp;Brink's Co/The  | 540 | 29 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings  | 2060 | 41 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos Inc  | 311 | 73 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp  | 6184 | 255 |
| &nbsp;&nbsp;&nbsp;CBIZ Inc \* | 1805 | 85 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide Inc  | 148 | 14 |
| &nbsp;&nbsp;&nbsp;Chart Industries Inc \* | 142 | 16 |
| &nbsp;&nbsp;&nbsp;Cintas Corp  | 1907 | 861 |
| &nbsp;&nbsp;&nbsp;CIRCOR International Inc \* | 1110 | 27 |
| &nbsp;&nbsp;&nbsp;Clean Harbors Inc \* | 137 | 16 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc  | 988 | $114 |
| &nbsp;&nbsp;&nbsp;Construction Partners Inc, Cl A \* | 391 | 10 |
| &nbsp;&nbsp;&nbsp;Copa Holdings SA, Cl A \* | 469 | 39 |
| &nbsp;&nbsp;&nbsp;Copart Inc \* | 2568 | 156 |
| &nbsp;&nbsp;&nbsp;CoStar Group Inc \* | 3260 | 252 |
| &nbsp;&nbsp;&nbsp;Crane Holdings  | 135 | 14 |
| &nbsp;&nbsp;&nbsp;CSW Industrials Inc  | 116 | 13 |
| &nbsp;&nbsp;&nbsp;CSX Corp  | 29082 | 901 |
| &nbsp;&nbsp;&nbsp;Cummins Inc  | 3179 | 770 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp  | 1789 | 299 |
| &nbsp;&nbsp;&nbsp;Deere & Co  | 4735 | 2030 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Inc \* | 35179 | 1156 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp  | 981 | 17 |
| &nbsp;&nbsp;&nbsp;Donaldson Co Inc  | 202 | 12 |
| &nbsp;&nbsp;&nbsp;Dover Corp  | 383 | 52 |
| &nbsp;&nbsp;&nbsp;Dycom Industries Inc \* | 1064 | 100 |
| &nbsp;&nbsp;&nbsp;Eaton Corp PLC  | 12068 | 1894 |
| &nbsp;&nbsp;&nbsp;EMCOR Group Inc  | 565 | 84 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co  | 6592 | 633 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A  | 2369 | 60 |
| &nbsp;&nbsp;&nbsp;EnerSys  | 664 | 49 |
| &nbsp;&nbsp;&nbsp;EnPro Industries Inc  | 738 | 80 |
| &nbsp;&nbsp;&nbsp;Equifax Inc  | 64 | 12 |
| &nbsp;&nbsp;&nbsp;Esab  | 485 | 23 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies Inc  | 568 | 50 |
| &nbsp;&nbsp;&nbsp;ESS Tech \* | 12723 | 31 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc  | 1163 | 121 |
| &nbsp;&nbsp;&nbsp;Exponent Inc  | 135 | 13 |
| &nbsp;&nbsp;&nbsp;Fastenal Co  | 242 | 11 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp  | 1560 | 72 |
| &nbsp;&nbsp;&nbsp;FedEx Corp  | 2712 | 470 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp  | 239 | 7 |
| &nbsp;&nbsp;&nbsp;Fluor Corp \* | 4373 | 152 |
| &nbsp;&nbsp;&nbsp;Forrester Research Inc \* | 1169 | 42 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations  | 174 | 10 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp  | 144 | 15 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co Inc  | 180 | 14 |
| &nbsp;&nbsp;&nbsp;FTC Solar \* | 10081 | 27 |
| &nbsp;&nbsp;&nbsp;FTI Consulting Inc \* | 443 | 70 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy \* | 8509 | 24 |
| &nbsp;&nbsp;&nbsp;Generac Holdings Inc \* | 203 | 20 |
| &nbsp;&nbsp;&nbsp;General Electric  | 11119 | 932 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc \* | 164 | 8 |
| &nbsp;&nbsp;&nbsp;Graco Inc  | 223 | 15 |
| &nbsp;&nbsp;&nbsp;GrafTech International Ltd  | 954 | 5 |
| &nbsp;&nbsp;&nbsp;Granite Construction Inc  | 1780 | 62 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp \* | 4289 | 26 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos Inc/The  | 1583 | 53 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 1041 | 44 |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings Inc \* | 1619 | 17 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc  | 422 | 5 |
| &nbsp;&nbsp;&nbsp;HEICO Corp  | 4351 | 668 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;HEICO Corp, Cl A  | 3221 | $386 |
| &nbsp;&nbsp;&nbsp;Helios Technologies Inc  | 1091 | 59 |
| &nbsp;&nbsp;&nbsp;Herc Holdings Inc  | 1012 | 133 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp  | 20095 | 1183 |
| &nbsp;&nbsp;&nbsp;Hillenbrand Inc  | 300 | 13 |
| &nbsp;&nbsp;&nbsp;HNI Corp  | 1268 | 36 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc  | 7379 | 291 |
| &nbsp;&nbsp;&nbsp;Hubbell Inc, Cl B  | 78 | 18 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings \* | 4149 | 10 |
| &nbsp;&nbsp;&nbsp;IAA Inc \* | 253 | 10 |
| &nbsp;&nbsp;&nbsp;ICF International Inc  | 545 | 54 |
| &nbsp;&nbsp;&nbsp;IDEX Corp  | 68 | 16 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works Inc  | 8979 | 1978 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc  | 355 | 19 |
| &nbsp;&nbsp;&nbsp;Insperity Inc  | 592 | 67 |
| &nbsp;&nbsp;&nbsp;Interface Inc, Cl A  | 15150 | 150 |
| &nbsp;&nbsp;&nbsp;ITT Inc  | 1404 | 114 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc  | 437 | 76 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp \* | 837 | 5 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp  | 439 | 40 |
| &nbsp;&nbsp;&nbsp;Kadant Inc  | 65 | 12 |
| &nbsp;&nbsp;&nbsp;Kaman Corp  | 55761 | 1243 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services Inc \* | 2303 | 30 |
| &nbsp;&nbsp;&nbsp;Kelly Services Inc, Cl A  | 2214 | 37 |
| &nbsp;&nbsp;&nbsp;Kennametal Inc  | 1343 | 32 |
| &nbsp;&nbsp;&nbsp;Kforce Inc  | 444 | 24 |
| &nbsp;&nbsp;&nbsp;Kimball International, Cl B  | 4936 | 32 |
| &nbsp;&nbsp;&nbsp;Kirby Corp \* | 1032 | 66 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc, Cl A  | 1357 | 71 |
| &nbsp;&nbsp;&nbsp;Korn Ferry  | 1193 | 60 |
| &nbsp;&nbsp;&nbsp;Landstar System Inc  | 83 | 14 |
| &nbsp;&nbsp;&nbsp;Lennox International Inc  | 44 | 11 |
| &nbsp;&nbsp;&nbsp;Li-Cycle Holdings \* | 8390 | 40 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc  | 1027 | 148 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp  | 91 | 15 |
| &nbsp;&nbsp;&nbsp;Lyft Inc, Cl A \* | 240 | 3 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Inc  | 3586 | 298 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd  | 592 | 12 |
| &nbsp;&nbsp;&nbsp;Masco Corp  | 245 | 11 |
| &nbsp;&nbsp;&nbsp;Masterbrand \* | 174 | 1 |
| &nbsp;&nbsp;&nbsp;Matson Inc  | 1273 | 80 |
| &nbsp;&nbsp;&nbsp;Maxar Technologies Inc  | 10873 | 563 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp  | 666 | 66 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group Inc  | 386 | 12 |
| &nbsp;&nbsp;&nbsp;Middleby Corp/The \* | 103 | 14 |
| &nbsp;&nbsp;&nbsp;MillerKnoll  | 2900 | 61 |
| &nbsp;&nbsp;&nbsp;MRC Global Inc \* | 3597 | 42 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co Inc, Cl A  | 1115 | 91 |
| &nbsp;&nbsp;&nbsp;Nordson Corp  | 600 | 143 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp  | 2628 | 648 |
| &nbsp;&nbsp;&nbsp;NOW Inc \* | 4359 | 55 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;NV5 Global Inc \* | 202 | $27 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line Inc  | 42 | 12 |
| &nbsp;&nbsp;&nbsp;Omega Flex Inc  | 70 | 7 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp  | 2762 | 244 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp  | 2457 | 192 |
| &nbsp;&nbsp;&nbsp;Owens Corning  | 4958 | 423 |
| &nbsp;&nbsp;&nbsp;PACCAR Inc  | 1967 | 195 |
| &nbsp;&nbsp;&nbsp;Park Aerospace  | 4245 | 57 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp  | 1231 | 358 |
| &nbsp;&nbsp;&nbsp;Parsons Corp \* | 1198 | 55 |
| &nbsp;&nbsp;&nbsp;Pentair PLC  | 245 | 11 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes Inc  | 11792 | 45 |
| &nbsp;&nbsp;&nbsp;Plug Power Inc \* | 4368 | 54 |
| &nbsp;&nbsp;&nbsp;Proto Labs Inc \* | 91 | 2 |
| &nbsp;&nbsp;&nbsp;Quanta Services Inc  | 2291 | 326 |
| &nbsp;&nbsp;&nbsp;RBC Bearings Inc \* | 64 | 13 |
| &nbsp;&nbsp;&nbsp;Redwire \* | 15060 | 30 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord  | 1068 | 128 |
| &nbsp;&nbsp;&nbsp;Republic Services Inc, Cl A  | 969 | 125 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies Inc \* | 448 | 7 |
| &nbsp;&nbsp;&nbsp;Robert Half International Inc  | 806 | 60 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation Inc  | 1620 | 417 |
| &nbsp;&nbsp;&nbsp;Rollins Inc  | 3532 | 129 |
| &nbsp;&nbsp;&nbsp;RXO \* | 1041 | 18 |
| &nbsp;&nbsp;&nbsp;Ryder System Inc  | 1425 | 119 |
| &nbsp;&nbsp;&nbsp;Saia Inc \* | 96 | 20 |
| &nbsp;&nbsp;&nbsp;Schneider National Inc, Cl B  | 521 | 12 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Cl A \* | 697 | 17 |
| &nbsp;&nbsp;&nbsp;Shyft Group Inc/The  | 429 | 11 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co Inc  | 643 | 57 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply \* | 361 | 42 |
| &nbsp;&nbsp;&nbsp;Snap-on Inc  | 318 | 73 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co  | 322 | 11 |
| &nbsp;&nbsp;&nbsp;SP Plus Corp \* | 1169 | 41 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings Inc, Cl A  | 22727 | 673 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines Inc  | 1221 | 24 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 999 | 66 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker Inc  | 1349 | 101 |
| &nbsp;&nbsp;&nbsp;Steelcase Inc, Cl A  | 2620 | 19 |
| &nbsp;&nbsp;&nbsp;Stem \* | 5869 | 52 |
| &nbsp;&nbsp;&nbsp;Stericycle Inc \* | 179 | 9 |
| &nbsp;&nbsp;&nbsp;Sunrun Inc \* | 1979 | 48 |
| &nbsp;&nbsp;&nbsp;Tennant Co  | 639 | 39 |
| &nbsp;&nbsp;&nbsp;Terex Corp  | 341 | 15 |
| &nbsp;&nbsp;&nbsp;Tetra Tech Inc  | 564 | 82 |
| &nbsp;&nbsp;&nbsp;Timken Co/The  | 204 | 14 |
| &nbsp;&nbsp;&nbsp;Toro Co/The  | 1175 | 133 |
| &nbsp;&nbsp;&nbsp;TPI Composites Inc \* | 472 | 5 |
| &nbsp;&nbsp;&nbsp;TransUnion  | 135 | 8 |
| &nbsp;&nbsp;&nbsp;Trex Co Inc \* | 1134 | 48 |
| &nbsp;&nbsp;&nbsp;Trinity Industries Inc  | 511 | 15 |
| &nbsp;&nbsp;&nbsp;Triton International  | 827 | 57 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Triumph Group Inc \* | 1853 | $19 |
| &nbsp;&nbsp;&nbsp;TrueBlue Inc \* | 6957 | 136 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc \* | 6259 | 155 |
| &nbsp;&nbsp;&nbsp;UFP Industries Inc  | 196 | 16 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding  | 28 | 2 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B  | 252 | 14 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp/MA  | 235 | 45 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp  | 7120 | 1474 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc \* | 289 | 11 |
| &nbsp;&nbsp;&nbsp;United Parcel Service Inc, Cl B  | 8569 | 1490 |
| &nbsp;&nbsp;&nbsp;United Rentals Inc \* | 1692 | 601 |
| &nbsp;&nbsp;&nbsp;Univar Solutions Inc \* | 476 | 15 |
| &nbsp;&nbsp;&nbsp;Upwork \* | 3753 | 39 |
| &nbsp;&nbsp;&nbsp;Valmont Industries Inc  | 76 | 25 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics Inc, Cl A  | 1729 | 305 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings Inc \* | 141653 | 493 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp  | 3217 | 73 |
| &nbsp;&nbsp;&nbsp;Waste Management Inc  | 6467 | 1015 |
| &nbsp;&nbsp;&nbsp;Watsco Inc  | 52 | 13 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc, Cl A  | 507 | 74 |
| &nbsp;&nbsp;&nbsp;WESCO International Inc \* | 3661 | 458 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp  | 465 | 46 |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp, Cl A \* | 590 | 27 |
| &nbsp;&nbsp;&nbsp;Woodward Inc  | 139 | 13 |
| &nbsp;&nbsp;&nbsp;WW Grainger Inc  | 2502 | 1392 |
| &nbsp;&nbsp;&nbsp;XPO \* | 1041 | 35 |
| &nbsp;&nbsp;&nbsp;Xylem Inc/NY  | 12451 | 1377 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions  | 1629 | 34 |
|  |  | 40561 |
| **Information Technology — 24.7%** | **Information Technology — 24.7%** |  |
| &nbsp;&nbsp;&nbsp;8x8 Inc \* | 2725 | 12 |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Cl A  | 11297 | 3014 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide Inc \* | 1373 | 32 |
| &nbsp;&nbsp;&nbsp;Adeia  | 2351 | 22 |
| &nbsp;&nbsp;&nbsp;Adobe Inc \* | 8356 | 2812 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings  | 979 | 18 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc  | 725 | 62 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc \* | 18853 | 1221 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Cl A \* | 2309 | 22 |
| &nbsp;&nbsp;&nbsp;Agilysys Inc \* | 323 | 26 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies Inc \* | 7949 | 670 |
| &nbsp;&nbsp;&nbsp;Akoustis Technologies Inc \* | 2669 | 8 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc \* | 1192 | 59 |
| &nbsp;&nbsp;&nbsp;Altair Engineering Inc, Cl A \* | 269 | 12 |
| &nbsp;&nbsp;&nbsp;Alteryx Inc, Cl A \* | 635 | 32 |
| &nbsp;&nbsp;&nbsp;Ambarella Inc \* | 160 | 13 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd \* | 3632 | 330 |
| &nbsp;&nbsp;&nbsp;Amkor Technology Inc  | 3864 | 93 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp, Cl A  | 4648 | 354 |
| &nbsp;&nbsp;&nbsp;Analog Devices Inc  | 5627 | 923 |
| &nbsp;&nbsp;&nbsp;ANSYS Inc \* | 683 | 165 |
| &nbsp;&nbsp;&nbsp;Appian Corp, Cl A \* | 1246 | 41 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Apple Inc  | 196636 | $25549 |
| &nbsp;&nbsp;&nbsp;Applied Materials Inc  | 13913 | 1355 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc \* | 3072 | 373 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 7542 | 26 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics Inc \* | 2084 | 218 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 3091 | 43 |
| &nbsp;&nbsp;&nbsp;Aspen Technology \* | 173 | 36 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 1043 | 134 |
| &nbsp;&nbsp;&nbsp;Autodesk Inc \* | 3559 | 665 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing Inc  | 9709 | 2319 |
| &nbsp;&nbsp;&nbsp;Avnet Inc  | 325 | 13 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc \* | 2104 | 167 |
| &nbsp;&nbsp;&nbsp;Badger Meter Inc  | 775 | 84 |
| &nbsp;&nbsp;&nbsp;Belden Inc  | 900 | 65 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc  | 1447 | 39 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Cl B  | 1422 | 53 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings \* | 3803 | 33 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings Inc \* | 1644 | 179 |
| &nbsp;&nbsp;&nbsp;Black Knight Inc \* | 1569 | 97 |
| &nbsp;&nbsp;&nbsp;Blackbaud Inc \* | 629 | 37 |
| &nbsp;&nbsp;&nbsp;Blackline Inc \* | 185 | 12 |
| &nbsp;&nbsp;&nbsp;Block, Cl A \* | 4127 | 259 |
| &nbsp;&nbsp;&nbsp;Box Inc, Cl A \* | 539 | 17 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc  | 4787 | 2677 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc  | 720 | 97 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc \* | 2312 | 371 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems Inc  | 865 | 40 |
| &nbsp;&nbsp;&nbsp;CDW Corp/DE  | 806 | 144 |
| &nbsp;&nbsp;&nbsp;Cerence Inc \* | 493 | 9 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding Inc \* | 792 | 51 |
| &nbsp;&nbsp;&nbsp;Ciena Corp \* | 1223 | 62 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic Inc \* | 640 | 48 |
| &nbsp;&nbsp;&nbsp;Cisco Systems Inc  | 73242 | 3489 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 1522 | 69 |
| &nbsp;&nbsp;&nbsp;Cognex Corp  | 203 | 10 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp, Cl A  | 8315 | 476 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 265 | 9 |
| &nbsp;&nbsp;&nbsp;Cohu Inc \* | 2351 | 75 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co Inc \* | 7086 | 52 |
| &nbsp;&nbsp;&nbsp;CommVault Systems Inc \* | 219 | 14 |
| &nbsp;&nbsp;&nbsp;Concentrix  | 387 | 52 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions \* | 180 | 10 |
| &nbsp;&nbsp;&nbsp;Corning Inc  | 6104 | 195 |
| &nbsp;&nbsp;&nbsp;Coupa Software Inc \* | 970 | 77 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc, Cl A \* | 1523 | 160 |
| &nbsp;&nbsp;&nbsp;CSG Systems International Inc  | 965 | 55 |
| &nbsp;&nbsp;&nbsp;CTS Corp  | 301 | 12 |
| &nbsp;&nbsp;&nbsp;Datadog Inc, Cl A \* | 1589 | 117 |
| &nbsp;&nbsp;&nbsp;Dell Technologies Inc, Cl C  | 4108 | 165 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf Inc \* | 4695 | 7 |
| &nbsp;&nbsp;&nbsp;Digital Turbine Inc \* | 4674 | 71 |
| &nbsp;&nbsp;&nbsp;DocuSign Inc, Cl A \* | 1618 | 90 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories Inc, Cl A  | 731 | $52 |
| &nbsp;&nbsp;&nbsp;Domo Inc, Cl B \* | 297 | 4 |
| &nbsp;&nbsp;&nbsp;Dropbox Inc, Cl A \* | 2914 | 65 |
| &nbsp;&nbsp;&nbsp;Dynatrace Inc \* | 465 | 18 |
| &nbsp;&nbsp;&nbsp;Ebix Inc  | 299 | 6 |
| &nbsp;&nbsp;&nbsp;Elastic NV \* | 183 | 9 |
| &nbsp;&nbsp;&nbsp;Enphase Energy Inc \* | 2249 | 596 |
| &nbsp;&nbsp;&nbsp;Entegris Inc  | 1018 | 67 |
| &nbsp;&nbsp;&nbsp;Envestnet Inc \* | 717 | 44 |
| &nbsp;&nbsp;&nbsp;EPAM Systems Inc \* | 121 | 40 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc \* | 74 | 7 |
| &nbsp;&nbsp;&nbsp;Everbridge Inc \* | 1814 | 54 |
| &nbsp;&nbsp;&nbsp;EVERTEC Inc  | 1569 | 51 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings Inc \* | 136 | 23 |
| &nbsp;&nbsp;&nbsp;Extreme Networks Inc \* | 6878 | 126 |
| &nbsp;&nbsp;&nbsp;F5 Inc \* | 578 | 83 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp \* | 299 | 179 |
| &nbsp;&nbsp;&nbsp;Fastly Inc, Cl A \* | 905 | 7 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc  | 7874 | 534 |
| &nbsp;&nbsp;&nbsp;First Solar Inc \* | 3538 | 530 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc \* | 5664 | 572 |
| &nbsp;&nbsp;&nbsp;Five9 Inc \* | 93 | 6 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies Inc \* | 277 | 51 |
| &nbsp;&nbsp;&nbsp;FormFactor Inc \* | 353 | 8 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc \* | 4535 | 222 |
| &nbsp;&nbsp;&nbsp;Gartner \* | 326 | 110 |
| &nbsp;&nbsp;&nbsp;Gen Digital  | 4737 | 102 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd  | 6870 | 318 |
| &nbsp;&nbsp;&nbsp;Global Payments Inc  | 2965 | 294 |
| &nbsp;&nbsp;&nbsp;Globant SA \* | 271 | 46 |
| &nbsp;&nbsp;&nbsp;GoDaddy Inc, Cl A \* | 1102 | 82 |
| &nbsp;&nbsp;&nbsp;Guidewire Software Inc \* | 109 | 7 |
| &nbsp;&nbsp;&nbsp;Hackett Group Inc/The  | 3129 | 64 |
| &nbsp;&nbsp;&nbsp;HubSpot Inc \* | 322 | 93 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd \* | 486 | 13 |
| &nbsp;&nbsp;&nbsp;Infinera Corp \* | 6579 | 44 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises Inc \* | 132 | 13 |
| &nbsp;&nbsp;&nbsp;Intel Corp  | 51878 | 1371 |
| &nbsp;&nbsp;&nbsp;InterDigital Inc  | 917 | 45 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp  | 13123 | 1849 |
| &nbsp;&nbsp;&nbsp;Intuit Inc  | 3714 | 1446 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp \* | 558 | 53 |
| &nbsp;&nbsp;&nbsp;Itron Inc \* | 588 | 30 |
| &nbsp;&nbsp;&nbsp;Jabil Inc  | 6948 | 474 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc  | 636 | 112 |
| &nbsp;&nbsp;&nbsp;Juniper Networks Inc  | 7826 | 250 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies Inc \* | 8857 | 1515 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics \* | 2142 | 48 |
| &nbsp;&nbsp;&nbsp;KLA Corp  | 1904 | 718 |
| &nbsp;&nbsp;&nbsp;Knowles Corp \* | 2314 | 38 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries  | 764 | 34 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 2624 | 29 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Lam Research Corp  | 3493 | $1468 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp \* | 369 | 24 |
| &nbsp;&nbsp;&nbsp;Littelfuse Inc  | 60 | 13 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc \* | 660 | 34 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates Inc \* | 1278 | 155 |
| &nbsp;&nbsp;&nbsp;Marathon Digital Holdings \* | 3468 | 12 |
| &nbsp;&nbsp;&nbsp;Marvell Technology  | 7143 | 265 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc, Cl A  | 12101 | 4208 |
| &nbsp;&nbsp;&nbsp;Matterport \* | 11962 | 33 |
| &nbsp;&nbsp;&nbsp;Maximus  | 682 | 50 |
| &nbsp;&nbsp;&nbsp;Microchip Technology Inc  | 3873 | 272 |
| &nbsp;&nbsp;&nbsp;Micron Technology Inc  | 11221 | 561 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp  | 99587 | 23883 |
| &nbsp;&nbsp;&nbsp;MicroStrategy Inc, Cl A \* | 69 | 10 |
| &nbsp;&nbsp;&nbsp;MicroVision \* | 2858 | 7 |
| &nbsp;&nbsp;&nbsp;MKS Instruments Inc  | 103 | 9 |
| &nbsp;&nbsp;&nbsp;MongoDB Inc, Cl A \* | 574 | 113 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc  | 64 | 23 |
| &nbsp;&nbsp;&nbsp;N-Able \* | 317 | 3 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp  | 2353 | 87 |
| &nbsp;&nbsp;&nbsp;NCR Corp \* | 334 | 8 |
| &nbsp;&nbsp;&nbsp;NetApp Inc  | 2936 | 176 |
| &nbsp;&nbsp;&nbsp;NetScout Systems Inc \* | 2073 | 67 |
| &nbsp;&nbsp;&nbsp;New Relic Inc \* | 952 | 54 |
| &nbsp;&nbsp;&nbsp;Novanta Inc \* | 98 | 13 |
| &nbsp;&nbsp;&nbsp;Nutanix Inc, Cl A \* | 359 | 9 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp  | 35018 | 5118 |
| &nbsp;&nbsp;&nbsp;Okta Inc, Cl A \* | 812 | 55 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp \* | 9649 | 602 |
| &nbsp;&nbsp;&nbsp;Oracle Corp  | 24339 | 1989 |
| &nbsp;&nbsp;&nbsp;OSI Systems Inc \* | 497 | 39 |
| &nbsp;&nbsp;&nbsp;PagerDuty Inc \* | 1821 | 48 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 12031 | 77 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc \* | 2616 | 365 |
| &nbsp;&nbsp;&nbsp;Paychex Inc  | 2612 | 302 |
| &nbsp;&nbsp;&nbsp;Paycom Software Inc \* | 194 | 60 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp \* | 417 | 81 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings Inc \* | 16718 | 1191 |
| &nbsp;&nbsp;&nbsp;Pegasystems Inc  | 150 | 5 |
| &nbsp;&nbsp;&nbsp;Perficient Inc \* | 181 | 13 |
| &nbsp;&nbsp;&nbsp;Photronics Inc \* | 580 | 10 |
| &nbsp;&nbsp;&nbsp;Plexus Corp \* | 589 | 61 |
| &nbsp;&nbsp;&nbsp;Power Integrations Inc  | 196 | 14 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings \* | 10659 | 56 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 1013 | 48 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp  | 1206 | 61 |
| &nbsp;&nbsp;&nbsp;PROS Holdings Inc \* | 818 | 20 |
| &nbsp;&nbsp;&nbsp;PTC Inc \* | 677 | 81 |
| &nbsp;&nbsp;&nbsp;Pure Storage Inc, Cl A \* | 685 | 18 |
| &nbsp;&nbsp;&nbsp;Qorvo Inc \* | 100 | 9 |
| &nbsp;&nbsp;&nbsp;QUALCOMM Inc  | 17833 | 1961 |
| &nbsp;&nbsp;&nbsp;Qualys Inc \* | 591 | 66 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Rambus Inc \* | 3633 | $130 |
| &nbsp;&nbsp;&nbsp;Rapid7 Inc \* | 393 | 13 |
| &nbsp;&nbsp;&nbsp;Repay Holdings, Cl A \* | 7436 | 60 |
| &nbsp;&nbsp;&nbsp;RingCentral Inc, Cl A \* | 699 | 25 |
| &nbsp;&nbsp;&nbsp;Riot Platforms \* | 3379 | 11 |
| &nbsp;&nbsp;&nbsp;Rogers Corp \* | 392 | 47 |
| &nbsp;&nbsp;&nbsp;Roper Technologies Inc  | 687 | 297 |
| &nbsp;&nbsp;&nbsp;Sabre Corp \* | 506 | 3 |
| &nbsp;&nbsp;&nbsp;Salesforce \* | 16945 | 2247 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp \* | 189 | 11 |
| &nbsp;&nbsp;&nbsp;ScanSource Inc \* | 1292 | 38 |
| &nbsp;&nbsp;&nbsp;Semtech Corp \* | 1000 | 29 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc \* | 2243 | 871 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories Inc \* | 437 | 59 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc  | 308 | 28 |
| &nbsp;&nbsp;&nbsp;Smartsheet Inc, Cl A \* | 266 | 10 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 2583 | 371 |
| &nbsp;&nbsp;&nbsp;SolarWinds \* | 317 | 3 |
| &nbsp;&nbsp;&nbsp;Splunk Inc \* | 1357 | 117 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 832 | 47 |
| &nbsp;&nbsp;&nbsp;SPS Commerce Inc \* | 152 | 19 |
| &nbsp;&nbsp;&nbsp;Sumo Logic \* | 5230 | 42 |
| &nbsp;&nbsp;&nbsp;Synaptics Inc \* | 142 | 14 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc \* | 1235 | 394 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX  | 387 | 37 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies Inc \* | 997 | 399 |
| &nbsp;&nbsp;&nbsp;Telos \* | 6297 | 32 |
| &nbsp;&nbsp;&nbsp;Teradata Corp \* | 4437 | 149 |
| &nbsp;&nbsp;&nbsp;Teradyne Inc  | 4784 | 418 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc  | 10356 | 1711 |
| &nbsp;&nbsp;&nbsp;Trimble Inc \* | 2035 | 103 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings Inc  | 202 | 9 |
| &nbsp;&nbsp;&nbsp;TTM Technologies Inc \* | 3386 | 51 |
| &nbsp;&nbsp;&nbsp;Tucows Inc, Cl A \* | 170 | 6 |
| &nbsp;&nbsp;&nbsp;Twilio Inc, Cl A \* | 2168 | 106 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies Inc \* | 393 | 127 |
| &nbsp;&nbsp;&nbsp;Ubiquiti Inc  | 48 | 13 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 4174 | 53 |
| &nbsp;&nbsp;&nbsp;Unisys Corp \* | 689 | 3 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 2638 | 75 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp  | 2185 | 236 |
| &nbsp;&nbsp;&nbsp;Upland Software Inc \* | 255 | 2 |
| &nbsp;&nbsp;&nbsp;Varonis Systems Inc, Cl B \* | 327 | 8 |
| &nbsp;&nbsp;&nbsp;Verint Systems Inc \* | 947 | 34 |
| &nbsp;&nbsp;&nbsp;VeriSign Inc \* | 802 | 165 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp, Cl A \* | 3479 | 48 |
| &nbsp;&nbsp;&nbsp;ViaSat Inc \* | 693 | 22 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions Inc \* | 3355 | 35 |
| &nbsp;&nbsp;&nbsp;Visa Inc, Cl A  | 21213 | 4407 |
| &nbsp;&nbsp;&nbsp;VMware Inc, Cl A \* | 3153 | 387 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp \* | 2423 | 76 |
| &nbsp;&nbsp;&nbsp;Western Union Co/The  | 425 | 6 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Continued)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;WEX Inc \* | 55 | $9 |
| &nbsp;&nbsp;&nbsp;Wix.com \* | 342 | 26 |
| &nbsp;&nbsp;&nbsp;Wolfspeed \* | 248 | 17 |
| &nbsp;&nbsp;&nbsp;Workday Inc, Cl A \* | 2079 | 348 |
| &nbsp;&nbsp;&nbsp;Workiva Inc, Cl A \* | 1224 | 103 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp  | 4697 | 69 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 940 | 8 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp, Cl A \* | 438 | 112 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications Inc, Cl A \* | 2001 | 136 |
| &nbsp;&nbsp;&nbsp;Zscaler Inc \* | 786 | 88 |
| &nbsp;&nbsp;&nbsp;Zuora Inc, Cl A \* | 3498 | 22 |
|  |  | 121419 |
| **Materials — 2.7%** | **Materials — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;AdvanSix  | 1143 | 43 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc  | 4688 | 1445 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp  | 752 | 163 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp  | 5657 | 257 |
| &nbsp;&nbsp;&nbsp;Amcor PLC  | 4821 | 57 |
| &nbsp;&nbsp;&nbsp;Amyris \* | 23256 | 36 |
| &nbsp;&nbsp;&nbsp;AptarGroup Inc  | 1944 | 214 |
| &nbsp;&nbsp;&nbsp;Arconic Corp \* | 1844 | 39 |
| &nbsp;&nbsp;&nbsp;Ashland  | 152 | 16 |
| &nbsp;&nbsp;&nbsp;ATI Inc \* | 2362 | 71 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp  | 88 | 16 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd \* | 7963 | 203 |
| &nbsp;&nbsp;&nbsp;Balchem Corp  | 107 | 13 |
| &nbsp;&nbsp;&nbsp;Ball Corp  | 14154 | 724 |
| &nbsp;&nbsp;&nbsp;Berry Global Group Inc  | 4123 | 249 |
| &nbsp;&nbsp;&nbsp;Cabot Corp  | 238 | 16 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp  | 1006 | 37 |
| &nbsp;&nbsp;&nbsp;Celanese Corp, Cl A  | 93 | 10 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc  | 1066 | 91 |
| &nbsp;&nbsp;&nbsp;Chemours Co/The  | 2832 | 87 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc \* | 11888 | 192 |
| &nbsp;&nbsp;&nbsp;Coeur Mining Inc \* | 6945 | 23 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co  | 1211 | 58 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International Inc  | 851 | 35 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 4520 | 53 |
| &nbsp;&nbsp;&nbsp;Corteva Inc  | 2291 | 135 |
| &nbsp;&nbsp;&nbsp;Crown Holdings Inc  | 6925 | 569 |
| &nbsp;&nbsp;&nbsp;Dow Inc  | 6392 | 322 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours Inc  | 3212 | 220 |
| &nbsp;&nbsp;&nbsp;Eagle Materials Inc  | 126 | 17 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co  | 9101 | 741 |
| &nbsp;&nbsp;&nbsp;Ecolab Inc  | 2293 | 334 |
| &nbsp;&nbsp;&nbsp;FMC Corp  | 2400 | 300 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc  | 27003 | 1026 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co  | 681 | 15 |
| &nbsp;&nbsp;&nbsp;Greif Inc, Cl A  | 1122 | 75 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co  | 158 | 11 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp  | 475 | 13 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp \* | 563 | 40 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Innospec Inc  | 499 | $51 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances Inc  | 2307 | 242 |
| &nbsp;&nbsp;&nbsp;International Paper Co  | 360 | 12 |
| &nbsp;&nbsp;&nbsp;Livent Corp \* | 5807 | 115 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp  | 1740 | 103 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Cl A  | 2182 | 181 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc  | 397 | 134 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies Inc  | 182 | 11 |
| &nbsp;&nbsp;&nbsp;Mosaic Co/The  | 3590 | 158 |
| &nbsp;&nbsp;&nbsp;Newmont Corp  | 21956 | 1036 |
| &nbsp;&nbsp;&nbsp;Novagold Resources Inc \* | 1266 | 8 |
| &nbsp;&nbsp;&nbsp;Nucor Corp  | 1828 | 241 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America  | 101 | 13 |
| &nbsp;&nbsp;&nbsp;PPG Industries Inc  | 2274 | 286 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp  | 55 | 9 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co  | 412 | 83 |
| &nbsp;&nbsp;&nbsp;Resolute Forest Products \* | 2414 | 52 |
| &nbsp;&nbsp;&nbsp;Royal Gold Inc  | 512 | 58 |
| &nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Cl A  | 1418 | 43 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co/The  | 163 | 8 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp  | 293 | 15 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp  | 161 | 12 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co/The  | 4705 | 1117 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co  | 185 | 11 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp  | 272 | 16 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics Inc  | 2648 | 259 |
| &nbsp;&nbsp;&nbsp;Stepan Co  | 138 | 15 |
| &nbsp;&nbsp;&nbsp;Summit Materials Inc, Cl A \* | 447 | 13 |
| &nbsp;&nbsp;&nbsp;Sylvamo  | 32 | 2 |
| &nbsp;&nbsp;&nbsp;TriMas Corp  | 1583 | 44 |
| &nbsp;&nbsp;&nbsp;Trinseo  | 1345 | 31 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC  | 4385 | 60 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc  | 98 | 14 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp  | 3709 | 93 |
| &nbsp;&nbsp;&nbsp;Valvoline Inc  | 11216 | 366 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co  | 665 | 116 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc  | 969 | 34 |
| &nbsp;&nbsp;&nbsp;Westlake  | 137 | 14 |
| &nbsp;&nbsp;&nbsp;Westrock Co  | 336 | 12 |
| &nbsp;&nbsp;&nbsp;Worthington Industries Inc  | 223 | 11 |
|  |  | 13065 |
| **Real Estate — 3.1%** | **Real Estate — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust <sup>‡</sup> | 1946 | 28 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp <sup>‡</sup> | 736 | 52 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin Inc <sup>‡</sup> | 2342 | 44 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities Inc <sup>‡</sup> | 1497 | 218 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A <sup>‡</sup> | 375 | 11 |
| &nbsp;&nbsp;&nbsp;American Tower Corp, Cl A <sup>‡</sup> | 5189 | 1099 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate \* | 4621 | 30 |
| &nbsp;&nbsp;&nbsp;Apartment Income <sup>‡</sup> | 304 | 10 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management, Cl A <sup>‡</sup> | 1711 | 12 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Apple Hospitality <sup>‡</sup> | 718 | $11 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities Inc <sup>‡</sup> | 3261 | 527 |
| &nbsp;&nbsp;&nbsp;Boston Properties Inc <sup>‡</sup> | 1468 | 99 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust <sup>‡</sup> | 14492 | 89 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc <sup>‡</sup> | 4703 | 107 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust <sup>‡</sup> | 125 | 14 |
| &nbsp;&nbsp;&nbsp;CareTrust Inc <sup>‡</sup> | 2438 | 45 |
| &nbsp;&nbsp;&nbsp;CBRE Group Inc, Cl A \* | 18437 | 1419 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc <sup>‡</sup> | 1136 | 41 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust <sup>‡</sup> | 7752 | 201 |
| &nbsp;&nbsp;&nbsp;Cousins Properties Inc <sup>‡</sup> | 289 | 7 |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>‡</sup> | 4174 | 566 |
| &nbsp;&nbsp;&nbsp;CubeSmart <sup>‡</sup> | 377 | 15 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co <sup>‡</sup> | 4575 | 38 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust Inc <sup>‡</sup> | 2674 | 268 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett Inc <sup>‡</sup> | 448 | 7 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties Inc <sup>‡</sup> | 306 | 45 |
| &nbsp;&nbsp;&nbsp;Elme Communities <sup>‡</sup> | 1705 | 30 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust Inc, Cl A <sup>‡</sup> | 5592 | 38 |
| &nbsp;&nbsp;&nbsp;EPR Properties <sup>‡</sup> | 735 | 28 |
| &nbsp;&nbsp;&nbsp;Equinix Inc <sup>‡</sup> | 1035 | 678 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth <sup>‡</sup> | 846 | 21 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties Inc <sup>‡</sup> | 167 | 11 |
| &nbsp;&nbsp;&nbsp;Equity Residential <sup>‡</sup> | 3485 | 206 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust Inc <sup>‡</sup> | 2028 | 48 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust Inc <sup>‡</sup> | 454 | 96 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings  | 2641 | 29 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage Inc <sup>‡</sup> | 811 | 119 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust <sup>‡</sup> | 664 | 67 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc <sup>‡</sup> | 263 | 13 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust Inc <sup>‡</sup> | 1848 | 48 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp <sup>‡</sup> | 5897 | 16 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties Inc <sup>‡</sup> | 283 | 15 |
| &nbsp;&nbsp;&nbsp;Global Net Lease Inc <sup>‡</sup> | 2484 | 31 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Cl A <sup>‡</sup> | 392 | 8 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties Inc <sup>‡</sup> | 9384 | 235 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties Inc <sup>‡</sup> | 247 | 7 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc <sup>‡</sup> | 17568 | 282 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp/The \* | 795 | 61 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties Inc <sup>‡</sup> | 2475 | 24 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust <sup>‡</sup> | 516 | 2 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Cl A <sup>‡</sup> | 59 | 6 |
| &nbsp;&nbsp;&nbsp;Invitation Homes Inc <sup>‡</sup> | 1509 | 45 |
| &nbsp;&nbsp;&nbsp;Iron Mountain Inc <sup>‡</sup> | 5996 | 299 |
| &nbsp;&nbsp;&nbsp;iStar <sup>‡</sup> | 3141 | 24 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties <sup>‡</sup> | 2065 | 39 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc \* | 1270 | 202 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp <sup>‡</sup> | 4516 | 175 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp <sup>‡</sup> | 5716 | 121 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust <sup>‡</sup> | 3286 | 69 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co, Cl A <sup>‡</sup> | 1059 | 100 |
| &nbsp;&nbsp;&nbsp;Life Storage Inc <sup>‡</sup> | 165 | 16 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;LTC Properties Inc <sup>‡</sup> | 1142 | $41 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust <sup>‡</sup> | 966 | 10 |
| &nbsp;&nbsp;&nbsp;Macerich Co/The <sup>‡</sup> | 5508 | 62 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap Inc  | 1380 | 48 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust Inc <sup>‡</sup> | 2513 | 28 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities Inc <sup>‡</sup> | 318 | 50 |
| &nbsp;&nbsp;&nbsp;National Health Investors Inc <sup>‡</sup> | 635 | 33 |
| &nbsp;&nbsp;&nbsp;Necessity Retail REIT <sup>‡</sup> | 3743 | 22 |
| &nbsp;&nbsp;&nbsp;Newmark Group Inc, Cl A  | 3753 | 30 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust <sup>‡</sup> | 1618 | 22 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc <sup>‡</sup> | 1229 | 34 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies \* | 9293 | 11 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT <sup>‡</sup> | 124 | 1 |
| &nbsp;&nbsp;&nbsp;Outfront Media Inc <sup>‡</sup> | 1951 | 32 |
| &nbsp;&nbsp;&nbsp;Paramount Group Inc <sup>‡</sup> | 5922 | 35 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts Inc <sup>‡</sup> | 1996 | 23 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust <sup>‡</sup> | 1899 | 25 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust <sup>‡</sup> | 2753 | 40 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust Inc, Cl A <sup>‡</sup> | 2333 | 21 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp <sup>‡</sup> | 231 | 10 |
| &nbsp;&nbsp;&nbsp;Prologis Inc <sup>‡</sup> | 19306 | 2176 |
| &nbsp;&nbsp;&nbsp;Public Storage <sup>‡</sup> | 1303 | 365 |
| &nbsp;&nbsp;&nbsp;Rayonier Inc <sup>‡</sup> | 1593 | 53 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings Inc, Cl A  | 1292 | 24 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp <sup>‡</sup> | 4725 | 300 |
| &nbsp;&nbsp;&nbsp;Redfin Corp \* | 458 | 2 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp <sup>‡</sup> | 19332 | 1208 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc <sup>‡</sup> | 241 | 13 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust <sup>‡</sup> | 2849 | 30 |
| &nbsp;&nbsp;&nbsp;RMR Group Inc/The, Cl A  | 1095 | 31 |
| &nbsp;&nbsp;&nbsp;RPT Realty <sup>‡</sup> | 3429 | 34 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties Inc <sup>‡</sup> | 577 | 47 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc <sup>‡</sup> | 2410 | 30 |
| &nbsp;&nbsp;&nbsp;Safehold Inc <sup>‡</sup> | 466 | 13 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp, Cl A <sup>‡</sup> | 684 | 192 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust <sup>‡</sup> | 483 | 4 |
| &nbsp;&nbsp;&nbsp;Simon Property Group Inc <sup>‡</sup> | 3706 | 435 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp <sup>‡</sup> | 3734 | 51 |
| &nbsp;&nbsp;&nbsp;SL Green Realty <sup>‡</sup> | 2468 | 83 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital Inc <sup>‡</sup> | 237 | 9 |
| &nbsp;&nbsp;&nbsp;St Joe Co/The  | 460 | 18 |
| &nbsp;&nbsp;&nbsp;STAG Industrial Inc <sup>‡</sup> | 359 | 12 |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp <sup>‡</sup> | 2555 | 82 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc <sup>‡</sup> | 4173 | 30 |
| &nbsp;&nbsp;&nbsp;Sun Communities <sup>‡</sup> | 272 | 39 |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers Inc <sup>‡</sup> | 647 | 12 |
| &nbsp;&nbsp;&nbsp;UDR Inc <sup>‡</sup> | 250 | 10 |
| &nbsp;&nbsp;&nbsp;Uniti Group Inc <sup>‡</sup> | 1247 | 7 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties <sup>‡</sup> | 2679 | 38 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties Inc, Cl A <sup>‡</sup> | 2126 | 40 |
| &nbsp;&nbsp;&nbsp;Ventas Inc <sup>‡</sup> | 3279 | 148 |
| &nbsp;&nbsp;&nbsp;VICI Properties Inc <sup>‡</sup> | 5265 | 171 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Growth Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust <sup>‡</sup> | 2903 | $60 |
| &nbsp;&nbsp;&nbsp;Welltower Inc <sup>‡</sup> | 4270 | 280 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co <sup>‡</sup> | 17005 | 527 |
| &nbsp;&nbsp;&nbsp;WP Carey Inc <sup>‡</sup> | 149 | 12 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc <sup>‡</sup> | 2347 | 31 |
| &nbsp;&nbsp;&nbsp;Zillow Group Inc, Cl C \* | 1112 | 36 |
|  |  | 15443 |
| **Utilities — 2.4%** | **Utilities — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;AES Corp/The  | 5282 | 152 |
| &nbsp;&nbsp;&nbsp;ALLETE Inc  | 620 | 40 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp  | 213 | 12 |
| &nbsp;&nbsp;&nbsp;Ameren Corp  | 1020 | 91 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co Inc  | 5930 | 563 |
| &nbsp;&nbsp;&nbsp;American States Water Co  | 580 | 54 |
| &nbsp;&nbsp;&nbsp;American Water Works Co Inc  | 2717 | 414 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp  | 461 | 52 |
| &nbsp;&nbsp;&nbsp;Avangrid Inc  | 1720 | 74 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Inc  | 434 | 13 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl A  | 1758 | 53 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Inc, Cl C  | 456 | 15 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp  | 20708 | 1311 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Inc  | 3086 | 294 |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 3696 | 319 |
| &nbsp;&nbsp;&nbsp;Dominion Energy Inc  | 8106 | 497 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co  | 876 | 103 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp  | 7964 | 820 |
| &nbsp;&nbsp;&nbsp;Edison International  | 3288 | 209 |
| &nbsp;&nbsp;&nbsp;Entergy Corp  | 2276 | 256 |
| &nbsp;&nbsp;&nbsp;Essential Utilities Inc  | 331 | 16 |
| &nbsp;&nbsp;&nbsp;Evergy Inc  | 180 | 11 |
| &nbsp;&nbsp;&nbsp;Exelon Corp  | 11090 | 479 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp  | 1531 | 64 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries Inc  | 249 | 10 |
| &nbsp;&nbsp;&nbsp;IDACORP Inc  | 108 | 12 |
| &nbsp;&nbsp;&nbsp;MGE Energy Inc  | 631 | 44 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co  | 245 | 16 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp  | 1111 | 55 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Inc  | 27072 | 2263 |
| &nbsp;&nbsp;&nbsp;NiSource Inc  | 419 | 12 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co  | 699 | 33 |
| &nbsp;&nbsp;&nbsp;NRG Energy Inc  | 323 | 10 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp  | 261 | 10 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies Inc  | 644 | 56 |
| &nbsp;&nbsp;&nbsp;PG&E Corp \* | 692 | 11 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp  | 2640 | 201 |
| &nbsp;&nbsp;&nbsp;PNM Resources Inc  | 975 | 48 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co  | 894 | 44 |
| &nbsp;&nbsp;&nbsp;PPL Corp  | 2577 | 75 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc  | 3126 | 192 |
| &nbsp;&nbsp;&nbsp;Sempra Energy  | 2764 | 427 |
| &nbsp;&nbsp;&nbsp;SJW Group  | 716 | 58 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries Inc  | 1556 | 55 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp;Southern Co/The  | 7423 | $530 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International Inc \* | 810 | 15 |
| &nbsp;&nbsp;&nbsp;UGI Corp  | 253 | 9 |
| &nbsp;&nbsp;&nbsp;Vistra Corp  | 2088 | 48 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group Inc  | 1647 | 154 |
| &nbsp;&nbsp;&nbsp;Xcel Energy Inc  | 21147 | 1483 |
|  |  | 11783 |
| Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $283,717) ($ Thousands) |  | 475440 |
| **FOREIGN COMMON STOCK — 1.2%** | **FOREIGN COMMON STOCK — 1.2%** | **FOREIGN COMMON STOCK — 1.2%** |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 398 | 11 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 616 | 98 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC  | 19976 | 1553 |
| &nbsp;&nbsp;&nbsp;Perrigo Co PLC  | 211 | 7 |
|  |  | 1669 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 2433 | 63 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 2593 | 32 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp PLC \* | 886 | 10 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC  | 8308 | 532 |
| &nbsp;&nbsp;&nbsp;Linde PLC  | 8544 | 2787 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC  | 457 | 18 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC  | 4273 | 172 |
| &nbsp;&nbsp;&nbsp;STERIS PLC  | 1716 | 317 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC  | 1779 | 299 |
|  |  | 4230 |
| Total Foreign Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,168) ($ Thousands) |  | 5899 |
| **CASH EQUIVALENT — 1.4%** | **CASH EQUIVALENT — 1.4%** | **CASH EQUIVALENT — 1.4%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810%\*\*<sup>†</sup> | 7106766 | 7107 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,107) ($ Thousands) |  | 7107 |
| Total Investments in Securities — 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $295,992) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $295,992) ($ Thousands)  | $488446 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

A list of the open futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount (Thousands)** | **Value (Thousands)** | **Unrealized Appreciation/ (Depreciation) (Thousands)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Index E-MINI | 13 | Mar-2023 | $1174 | $1151 | $(23) |
| &nbsp;&nbsp;S&P 500 Index E-MINI | 33 | Mar-2023 | 6530 | 6371 | (159) |
|  |  |  | $7704 | $7522 | $(182) |

---

The futures contracts are considered to have equity risk associated with them.

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $491,580 ($ Thousands). |
| <sup>‡</sup> | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| \*\* | The rate reported is the 7-day effective yield as of December 31, 2022. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |

---

The following is a summary of the level of inputs used as of December 31, 2022, 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 | 475440 |  |  | 475440 |
| &nbsp;&nbsp;&nbsp;Foreign Common Stock | 5899 |  |  | 5899 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 7107 |  |  | 7107 |
| Total Investments in Securities | 488446 |  |  | 488446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (182) |  |  | (182) |
| Total Other Financial Instruments | (182) |  |  | (182) |

---

\* Futures contracts are valued at the unrealized depreciation on the instrument.

The following is a summary of the Fund's transactions with affiliates for the period ended December 31, 2022 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**6/30/2022** | **Purchases at Cost**  | **Proceeds from Sales**  | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/(Depreciation)**  | **Value 12/31/2022** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Cl F | $&nbsp;&nbsp;&nbsp;&nbsp;17346 | $&nbsp;&nbsp;&nbsp;&nbsp;17726 | $&nbsp;&nbsp;&nbsp;&nbsp;(27965) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | $&nbsp;&nbsp;&nbsp;&nbsp;7107 | $&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

See "Glossary" for abbreviations.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Income Fund**![](fp0082239-1_18.jpg)

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

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES — 43.2%** | **MORTGAGE-BACKED SECURITIES — 43.2%** | **MORTGAGE-BACKED SECURITIES — 43.2%** |
| **Agency Mortgage-Backed Obligations — 34.8%** | **Agency Mortgage-Backed Obligations — 34.8%** |  |
| &nbsp;&nbsp;&nbsp;FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/01/2035 to 09/01/2039  | $380 | $391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/01/2035 | 640 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2036 to 12/01/2038  | 123 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2024 to 07/01/2052  | 917 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2038 to 08/01/2052  | 2557 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/2037 to 07/01/2050  | 2625 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2033 to 05/01/2052  | 2395 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.320%, ICE LIBOR USD 12 Month + 1.625%, 10/01/2046(A) | 551 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.275%, ICE LIBOR USD 12 Month + 1.598%, 06/01/2047(A) | 383 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.091%, ICE LIBOR USD 12 Month + 1.621%, 02/01/2050(A) | 124 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.009%, ICE LIBOR USD 12 Month + 1.628%, 11/01/2048(A) | 384 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/01/2032 to 10/01/2051  | 3852 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.878%, ICE LIBOR USD 12 Month + 1.619%, 11/01/2047(A) | 121 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/01/2030 to 04/01/2052  | 8241 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/01/2050 to 03/01/2052  | 4222 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/01/2041 to 11/01/2041  | 585 | 473 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2011-3947, Cl SG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632%, 10/15/2041(A) | 76 | 6 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2012-4057, Cl UI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2027 | 40 | 1 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2012-4085, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2027 | $88 | $4 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2012-4099, Cl ST, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.682%, 08/15/2042(A) | 46 | 4 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2013-4203, Cl PS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.932%, 09/15/2042(A) | 70 | 5 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2014-4310, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632%, 02/15/2044(A) | 19 | 2 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2014-4335, Cl SW, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.682%, 05/15/2044(A) | 40 | 4 |
| &nbsp;&nbsp;&nbsp;FHLMC CMO, Ser 2014-4415, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 04/15/2041(A)(B) | 20 | 1 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.511%, 02/25/2035(A) | 2289 | 266 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.511%, 05/25/2035(A) | 845 | 101 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.959%, 09/25/2030(A) | 5715 | 320 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.324%, 07/25/2035(A) | 235 | 25 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.756%, 09/25/2027(A) | 7934 | 229 |
| &nbsp;&nbsp;&nbsp;FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.532%, 10/25/2031(A) | 6496 | 232 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.428%, SOFR30A + 1.500%, 10/25/2041(A)(C) | 230 | 219 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.778%, SOFR30A + 1.850%, 01/25/2042(A)(C) | 420 | 399 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.228%, SOFR30A + 1.300%, 02/25/2042(A)(C) | 188 | 185 |
| &nbsp;&nbsp;&nbsp;FHLMC STACR REMIC Trust, Ser 2022-DNA4, Cl M1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.128%, SOFR30A + 2.200%, 05/25/2042(A)(C) | 276 | 275 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2013-4194, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2043 | 52 | 8 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-334, Cl S7, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.782%, 08/15/2044(A) | 22 | 2 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2014-4391, Cl MZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2044 | 128 | 110 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2016-353, Cl S1, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.682%, 12/15/2046(A) | $70 | $6 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2018-4813, Cl CJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 29 | 25 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5010, Cl JI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2050 | 247 | 38 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5010, Cl IK, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2050 | 278 | 41 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5013, Cl IN, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2050 | 84 | 13 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2020-5018, Cl MI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/25/2050 | 87 | 12 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2021-5071, Cl IH, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2051 | 530 | 68 |
| &nbsp;&nbsp;&nbsp;FHLMC, Ser 2022-5224, Cl HL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2052 | 300 | 270 |
| &nbsp;&nbsp;&nbsp;FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 11/01/2037 to 11/01/2038  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/01/2038 to 05/01/2040  | 103 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2037 to 07/01/2041  | 69 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2035 | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/2025 to 12/01/2049  | 3103 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/01/2035 to 08/01/2058  | 4515 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/2025 to 06/01/2057  | 8384 | 8019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.560%, 07/01/2032 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2033 to 03/01/2057  | 8883 | 8244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 03/01/2029 | 57 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/01/2029 | 78 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/01/2035 to 06/01/2052  | 12450 | 11218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 06/01/2030 | 95 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/01/2035 to 09/01/2061  | 16632 | 14403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.393%, 01/01/2036(A) | 21 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.246%, ICE LIBOR USD 12 Month + 1.700%, 03/01/2036(A) | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.195%, ICE LIBOR USD 12 Month + 1.423%, 05/01/2043(A) | 126 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 02/01/2032(A) | 299 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/01/2031 to 04/01/2052  | 10563 | 8764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/01/2051 to 03/01/2051  | 448 | 346 |
| &nbsp;&nbsp;&nbsp;FNMA CMO, Ser 2003-W2, Cl 2A9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.900%, 07/25/2042 | 293 | 295 |
| &nbsp;&nbsp;&nbsp;FNMA CMO, Ser 2012-93, Cl UI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2027 | 129 | 6 |
| &nbsp;&nbsp;&nbsp;FNMA CMO, Ser 2014-47, Cl AI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/25/2044(A)(B) | 56 | 2 |
| &nbsp;&nbsp;&nbsp;FNMA CMO, Ser 2015-55, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 08/25/2055(A)(B) | 13 |  |
| &nbsp;&nbsp;&nbsp;FNMA CMO, Ser 2015-56, Cl AS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.761%, 08/25/2045(A) | 32 | 3 |

---

---

| | | |
|:---|:---|:---|
| 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 Connecticut Avenue Securities, Ser 2014-C04, Cl 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.289%, ICE LIBOR USD 1 Month + 4.900%, 11/25/2024(A) | $84 | $86 |
| &nbsp;&nbsp;&nbsp;FNMA Interest, Ser 2012-409, Cl C18, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2042 | 9 | 2 |
| &nbsp;&nbsp;&nbsp;FNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2053 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2053 | 600 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/15/2053 to 02/15/2053  | 1300 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2053 to 02/15/2053  | 1800 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2053 to 02/15/2053  | 3300 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2045 to 01/15/2053  | 3000 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/15/2053 to 02/15/2053  | 500 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/15/2053 | 900 | 732 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2005-29, Cl ZA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 85 | 87 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2012-101, Cl BI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2027 | 3 |  |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2013-124, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.561%, 12/25/2043(A) | 23 | 2 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2013-26, Cl HI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/2032 | 2 |  |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2013-54, Cl BS, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.761%, 06/25/2043(A) | 19 | 2 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2013-73, Cl IA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2032 | 33 | 2 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2014-6, Cl Z |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2044 | 125 | 105 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2017-76, Cl SB, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.711%, 10/25/2057(A) | 125 | 12 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2017-85, Cl SC, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.811%, 11/25/2047(A) | 63 | 5 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2019-M19, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.560%, 09/25/2029 | 79 | 70 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-47, Cl GZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 105 | 61 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl AQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/25/2050 | 200 | 157 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-56, Cl DI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/2050 | 80 | 12 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2020-96, Cl IN, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2051 | 747 | 121 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2021-1, Cl IG, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2051 | 433 | 73 |
| &nbsp;&nbsp;&nbsp;FNMA, Ser 2021-61, Cl KI, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2049 | 549 | 80 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.352%, 02/25/2028(A) | 427 | 401 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.610%, 10/25/2028(A) | $596 | $558 |
| &nbsp;&nbsp;&nbsp;GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2037 to 01/15/2039  | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/20/2038 to 10/20/2047  | 359 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 09/15/2034 | 970 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/20/2040 to 12/20/2050  | 1701 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2041 to 11/20/2049  | 1440 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2044 to 06/20/2052  | 1956 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2042 to 04/20/2052  | 2111 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/20/2027 to 11/20/2051  | 2839 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/2050 to 03/20/2051  | 376 | 313 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2012-34, Cl SA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.697%, 03/20/2042(A) | 18 | 2 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2012-H18, Cl NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.362%, ICE LIBOR USD 1 Month + 0.520%, 08/20/2062(A) | 64 | 63 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2012-H30, Cl GA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.192%, ICE LIBOR USD 1 Month + 0.350%, 12/20/2062(A) | 256 | 254 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2013-85, Cl IA, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.523%, 03/16/2047(A) | 308 | 3 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2013-95, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.431%, 04/16/2047(A) | 751 | 7 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2013-H01, Cl TA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.342%, ICE LIBOR USD 1 Month + 0.500%, 01/20/2063(A) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2013-H08, Cl BF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.242%, ICE LIBOR USD 1 Month + 0.400%, 03/20/2063(A) | 319 | 315 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2014-105, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.120%, 06/16/2054(A) | 64 | 1 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2014-186, Cl IO, IO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.374%, 08/16/2054(A) | 209 | 2 |
| &nbsp;&nbsp;&nbsp;GNMA CMO, Ser 2015-H20, Cl FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.312%, ICE LIBOR USD 1 Month + 0.470%, 08/20/2065(A) | 183 | 181 |
| &nbsp;&nbsp;&nbsp;GNMA TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2053 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2053 | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2053 | 900 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2045 | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2040 to 02/15/2045  | 600 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2041 to 02/19/2045  | 800 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2043 to 02/01/2045  | 1400 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/15/2053 | 2900 | 2512 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 103, Cl AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 01/16/2063 | 119 | 95 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 113, Cl Z |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/16/2061 | 2222 | 1478 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2013-107, Cl AD |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.846%, 11/16/2047(A) | $| 39 | $35 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2013-H21, Cl FB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.542%, ICE LIBOR USD 1 Month + 0.700%, 09/20/2063(A) |  | 198 | 197 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2015-167, Cl OI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/16/2045 |  | 47 | 8 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-123, Cl NI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2050 |  | 81 | 11 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-127, Cl IN, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2050 |  | 80 | 12 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-129, Cl IE, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/2050 |  | 82 | 12 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-160, Cl YI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2050 |  | 167 | 23 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-175, Cl GI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/20/2050 |  | 319 | 34 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-181, Cl WI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/2050 |  | 397 | 44 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-H04, Cl FP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.342%, ICE LIBOR USD 1 Month + 0.500%, 06/20/2069(A) |  | 125 | 123 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-H09, Cl FL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, ICE LIBOR USD 1 Month + 1.150%, 05/20/2070(A) |  | 64 | 63 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-H13, Cl FM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.242%, ICE LIBOR USD 1 Month + 0.400%, 08/20/2070(A) |  | 225 | 222 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2020-H13, Cl FA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.980%, ICE LIBOR USD 1 Month + 0.450%, 07/20/2070(A) |  | 393 | 376 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-176, Cl IN, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2051 |  | 1101 | 148 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-57, Cl BI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2051 |  | 1455 | 212 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2021-96, Cl VI, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/20/2051 |  | 1282 | 175 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 2022-189, Cl PT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2051 |  | 199 | 167 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 3, Cl IO, IO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.640%, 02/16/2061(A) |  | 983 | 54 |
| &nbsp;&nbsp;&nbsp;GNMA, Ser 82, Cl Z |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/16/2064 |  | 202 | 130 |
|  |  |  | 122961 |
| **Non-Agency Mortgage-Backed Obligations — 8.4%** | **Non-Agency Mortgage-Backed Obligations — 8.4%** | **Non-Agency Mortgage-Backed Obligations — 8.4%** |  |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.117%, ICE LIBOR USD 1 Month + 0.880%, 09/15/2034(A)(C) |  | 130 | 127 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Atrium Hotel Portfolio Trust, Ser 2017-ATRM, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.218%, ICE LIBOR USD 1 Month + 1.650%, 12/15/2036(A)(C) | $410 | $391 |
| &nbsp;&nbsp;&nbsp;BANK 2021-BNK36, Ser BN36, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470%, 09/15/2064 | 355 | 289 |
| &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 | 518 |
| &nbsp;&nbsp;&nbsp;BPR Trust, Ser TY, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.468%, ICE LIBOR USD 1 Month + 1.150%, 09/15/2038(A)(C) | 370 | 345 |
| &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)(C) | 35 | 33 |
| &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)(C) | 365 | 358 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser 2019-XL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.370%, ICE LIBOR USD 1 Month + 0.920%, 10/15/2036(A)(C) | 832 | 821 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser AHP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.326%, TSFR1M + 0.990%, 01/17/2039(A)(C) | 630 | 603 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser LP2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.349%, TSFR1M + 1.013%, 02/15/2039(A)(C) | 381 | 367 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser VOLT, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.018%, ICE LIBOR USD 1 Month + 0.700%, 09/15/2036(A)(C) | 635 | 612 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Ser XL2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.007%, ICE LIBOR USD 1 Month + 0.689%, 10/15/2038(A)(C) | 111 | 107 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser CLS, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.760%, 10/13/2027(C) | 534 | 523 |
| &nbsp;&nbsp;&nbsp;BX Trust, Ser LBA6, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.336%, TSFR1M + 1.000%, 01/15/2039(A)(C) | 110 | 106 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mortgage Trust, Ser LIFE, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.388%, ICE LIBOR USD 1 Month + 1.070%, 12/15/2037(A)(C) | 110 | 108 |
| &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(C) | 78 | 66 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Ser 2020-INV1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2050(A)(C) | 190 | 157 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.251%, 05/10/2035(C) | $190 | $178 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.017%, 10/10/2047 | 100 | 95 |
| &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 | 653 | 629 |
| &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(C)(D) | 86 | 77 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2012-CR5, Cl AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.223%, 12/10/2045(C) | 45 | 45 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2013-CR12, Cl AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 10/10/2046 | 20 | 18 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2013-CR12, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.762%, 10/10/2046(A) | 20 | 18 |
| &nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Ser 2013-CR12, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.037%, 10/10/2046(A) | 10 | 7 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.578%, SOFR30A + 1.650%, 12/25/2041(A)(C) | 440 | 415 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mortgage Trust, Ser 2019-NQM1, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.064%, 10/25/2059(C)(D) | 171 | 162 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2014-USA, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.185%, 09/15/2037(C) | 470 | 399 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2018-J1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/2048(A)(C) | 293 | 255 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.632%, 04/25/2066(A)(C) | 170 | 134 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.938%, 05/25/2066(A)(C) | 137 | 105 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-NQM7, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.756%, 10/25/2066(A)(C) | 109 | 90 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/25/2060(A)(C) | 253 | 216 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL3, Cl M3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.813%, 01/25/2060(A)(C) | 120 | 79 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2021-RPL6, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/25/2060(A)(C) | 140 | 122 |
| &nbsp;&nbsp;&nbsp;CSMC Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.265%, 11/25/2066(A)(C) | 378 | 324 |
| &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)(C) | 306 | 264 |
| &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)(C) | 308 | 237 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.206%, 01/25/2067(A)(C) | $99 | $83 |
| &nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Ser 2018-2, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2048(A)(C) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities II, Ser 2018-SRP5, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.318%, ICE LIBOR USD 1 Month + 3.000%, 09/15/2031(A)(C) | 391 | 281 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities II, Ser 2018-SRP5, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.118%, ICE LIBOR USD 1 Month + 1.800%, 09/15/2031(A)(C) | 564 | 473 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2013-GC16, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.161%, 11/10/2046(A) | 80 | 78 |
| &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 | 511 | 494 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2015-GC30, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.119%, 05/10/2050 | 951 | 901 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust, Ser 2019-GC39, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.457%, 05/10/2052 | 520 | 504 |
| &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(C) | 148 | 141 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.932%, 10/25/2050(A)(C) | 273 | 229 |
| &nbsp;&nbsp;&nbsp;HarborView Mortgage Loan Trust, Ser 2005-9, Cl 2A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.093%, ICE LIBOR USD 1 Month + 0.740%, 06/20/2035(A) | 142 | 127 |
| &nbsp;&nbsp;&nbsp;ILPT Commercial Mortgage Trust, Ser LPF2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.581%, TSFR1M + 2.245%, 10/15/2039(A)(C) | 230 | 230 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, 11/15/2045(A) | 210 | 205 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.883%, 01/15/2047(A) | 30 | 29 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.547%, 09/15/2047(A) | 80 | 71 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.672%, 11/15/2047 | 578 | 556 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Ser 2019-COR6, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.057%, 11/13/2052 | $537 | $462 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.068%, ICE LIBOR USD 1 Month + 3.750%, 05/15/2028(A)(C) | 115 | 106 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser ACB, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.207%, SOFR30A + 1.400%, 03/15/2039(A)(C) | 300 | 290 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser NLP, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.932%, TSFR1M + 0.597%, 04/15/2037(A)(C) | 119 | 110 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mortgage Securities Trust, Ser NYAH, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.858%, ICE LIBOR USD 1 Month + 1.540%, 06/15/2038(A)(C) | 520 | 495 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2015-5, Cl A9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.864%, 05/25/2045(A)(C) | 22 | 21 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2018-3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/25/2048(A)(C) | 90 | 79 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2018-5, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2048(A)(C) | 64 | 56 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Ser 2021-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2051(A)(C) | 667 | 537 |
| &nbsp;&nbsp;&nbsp;MAD Mortgage Trust, Ser 2017-330M, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.188%, 08/15/2034(A)(C) | 220 | 205 |
| &nbsp;&nbsp;&nbsp;Metlife Securitization Trust, Ser 2020-INV1, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/25/2050(A)(C) | 270 | 226 |
| &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)(C) | 183 | 172 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.102%, 05/15/2046 | 714 | 709 |
| &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 | 473 | 450 |
| &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 | 510 | 484 |
| &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 | 564 | 535 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| 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 Capital I Trust, Ser 2015-UBS8, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.809%, 12/15/2048 | $732 | $692 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.968%, ICE LIBOR USD 1 Month + 1.650%, 05/15/2036(A)(C) | 281 | 268 |
| &nbsp;&nbsp;&nbsp;MSCG Trust, Ser 2015-ALDR, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.462%, 06/07/2035(A)(C) | 410 | 371 |
| &nbsp;&nbsp;&nbsp;MTN Commercial Mortgage Trust, Ser LPFL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.733%, TSFR1M + 1.397%, 03/15/2039(A)(C) | 410 | 399 |
| &nbsp;&nbsp;&nbsp;Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.655%, 08/15/2036(C) | 410 | 371 |
| &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)(C) | 240 | 192 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2058(A)(C) | 165 | 148 |
| &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)(C) | 203 | 181 |
| &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)(C) | 203 | 180 |
| &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)(C) | 100 | 90 |
| &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Ser 2019-RPL3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 07/25/2059(A)(C) | 183 | 170 |
| &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)(C) | 104 | 85 |
| &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)(C) | 67 | 54 |
| &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(C)(D) | 351 | 342 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.563%, 05/25/2061(A)(C) | 213 | 161 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101%, 05/25/2061(A)(C) | 258 | 196 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2021-NQM3, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.054%, 07/25/2061(A)(C) | 150 | 112 |
| &nbsp;&nbsp;&nbsp;OBX Trust, Ser 2022-NQM1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.305%, 11/25/2061(A)(C) | 356 | 305 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.957%, 10/25/2061(A)(C) | $234 | $186 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.510%, 08/25/2056(A)(C) | 206 | 162 |
| &nbsp;&nbsp;&nbsp;PRKCM Trust, Ser 2021-AFC2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.071%, 11/25/2056(A)(C) | 142 | 118 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Ser 2021-INV1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/25/2051(A)(C) | 550 | 438 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Ser 2019-3, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.044%, 09/25/2059(A)(C) | 50 | 49 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Ser 2019-3, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.941%, 09/25/2059(A)(C) | 50 | 49 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Ser 2020-2, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.654%, 05/25/2060(A)(C) | 60 | 58 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series, Ser 2017-2, Cl MA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2056 | 199 | 184 |
| &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 | 528 | 504 |
| &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 | 442 | 418 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2058 | 605 | 570 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2059 | 785 | 727 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2059 | 287 | 257 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust, Ser 2022-1, Cl MAU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/25/2061 | 930 | 858 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Ser 2021-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2051(A)(C) | 110 | 88 |
| &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)(C) | 386 | 345 |
| &nbsp;&nbsp;&nbsp;Shops at Crystals Trust, Ser 2016-CSTL, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.126%, 07/05/2036(C) | 100 | 87 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust, Ser 2021-OVA, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.585%, 07/15/2041(C) | 510 | 407 |
| &nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.289%, ICE LIBOR USD 1 Month + 1.900%, 05/25/2058(A)(C) | 100 | 96 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, Cl XA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.524%, 05/10/2063(A)(C) | $| 43 | $|  |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl ASB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.371%, 09/15/2057 |  | 91 |  | 88 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Ser C29, Cl A4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.637%, 06/15/2048 |  | 606 |  | 577 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.311%, 03/15/2045 |  | 83 |  | 83 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.158%, 05/15/2045(A)(C) |  | 633 |  |  |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.388%, 10/15/2057(A) |  | 270 |  | 256 |
| &nbsp;&nbsp;&nbsp;WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.551%, 10/15/2057(A) |  | 917 |  | 7 |
|  |  |  |  | 29673 |
| Total Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $167,924) ($ Thousands) |  |  |  | 152634 |
| **CORPORATE OBLIGATIONS — 30.2%** | **CORPORATE OBLIGATIONS — 30.2%** | **CORPORATE OBLIGATIONS — 30.2%** | **CORPORATE OBLIGATIONS — 30.2%** | **CORPORATE OBLIGATIONS — 30.2%** |
| **Communication Services — 2.3%** | **Communication Services — 2.3%** | **Communication Services — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 08/15/2050  |  | 30 |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 08/15/2040  |  | 40 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100%, 08/15/2030  |  | 40 |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.450%, 08/15/2025  |  | 20 |  | 18 |
| &nbsp;&nbsp;&nbsp;AT&T  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/01/2027  |  | 150 |  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 12/01/2033  |  | 492 |  | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 06/01/2027  |  | 120 |  | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 02/01/2028  |  | 400 |  | 338 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/30/2029  |  | 220 |  | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025  |  | 490 |  | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 03/01/2050  |  | 40 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 04/01/2033  |  | 110 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/15/2028  |  | 200 |  | 180 |
| &nbsp;&nbsp;&nbsp;Comcast  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/15/2030  |  | 40 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 10/15/2028  |  | 250 |  | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 10/15/2025  |  | 210 |  | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/01/2040  |  | 20 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 02/01/2050  |  | 40 |  | 29 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 04/01/2030  | $| 140 | $128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2027  |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/01/2039  |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 03/01/2026  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.937%, 11/01/2056  |  | 27 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/15/2051  |  | 30 | 19 |
| &nbsp;&nbsp;&nbsp;Fox  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.709%, 01/25/2029  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;Prosus MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.061%, 07/13/2031 (C) |  | 410 | 316 |
| &nbsp;&nbsp;&nbsp;TCI Communications  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 02/15/2026  |  | 240 | 260 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2030  |  | 390 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/2027  |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2025  |  | 369 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 02/15/2031  |  | 190 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 02/15/2028  |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;Verizon Communications  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.862%, 08/21/2046  |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/10/2033  |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329%, 09/21/2028  |  | 435 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/15/2046  |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/22/2050  |  | 40 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 02/08/2029  |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 11/01/2042  |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/22/2027  |  | 120 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 11/20/2040  |  | 300 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 03/21/2031  |  | 1264 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.355%, 03/15/2032  |  | 983 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 03/22/2028  |  | 90 | 78 |
| &nbsp;&nbsp;&nbsp;Walt Disney  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/24/2025  |  | 223 | 216 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.279%, 03/15/2032 (C) |  | 400 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.054%, 03/15/2029 (C) |  | 447 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.755%, 03/15/2027 (C) |  | 190 | 171 |
|  |  |  | 8225 |
| **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** | **Consumer Discretionary — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Amazon.com  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/22/2057  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/13/2029  |  | 160 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/13/2027  |  | 140 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 08/22/2027  |  | 470 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2027  |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;Aptiv  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 03/01/2032  |  | 639 | 523 |
| &nbsp;&nbsp;&nbsp;Ferguson Finance  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/24/2028 (C) |  | 459 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/02/2030 (C) |  | 851 | 722 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;General Motors  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.600%, 10/15/2032  | $| 180 | $167 |
| &nbsp;&nbsp;&nbsp;General Motors Financial  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 05/09/2023  |  | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 01/12/2032  |  | 30 | 23 |
| &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;3.900%, 06/15/2047  |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/15/2050  |  | 50 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/15/2040  |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 04/15/2027  |  | 170 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2027  |  | 450 | 414 |
| &nbsp;&nbsp;&nbsp;Honda Motor  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.534%, 03/10/2027  |  | 632 | 578 |
| &nbsp;&nbsp;&nbsp;Lowe's  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2030  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700%, 09/15/2028  |  | 80 | 67 |
| &nbsp;&nbsp;&nbsp;McDonald's MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 04/01/2050  |  | 70 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/01/2028  |  | 280 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/30/2026  |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/01/2049  |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/01/2027  |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/01/2027  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/01/2023  |  | 280 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/01/2025  |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 09/01/2025  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;NIKE  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 03/27/2050  |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 03/27/2027  |  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 03/27/2025  |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;Target  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/15/2025  |  | 80 | 76 |
| &nbsp;&nbsp;&nbsp;Toyota Motor  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.339%, 03/25/2026  |  | 210 | 188 |
|  |  |  | 5206 |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Cargill  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 07/23/2023 (C) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;Coca-Cola  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 03/25/2027  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 06/01/2050  |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 06/01/2027  |  | 80 | 71 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 04/20/2030  |  | 90 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 06/20/2027  |  | 120 | 105 |
| &nbsp;&nbsp;&nbsp;Hershey  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 06/01/2025  |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 03/26/2030  |  | 20 | 18 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Kroger  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.700%, 06/01/2029  | $| 565 | $623 |
| &nbsp;&nbsp;&nbsp;Mars  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/01/2030 (C) |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 04/01/2025 (C) |  | 60 | 57 |
| &nbsp;&nbsp;&nbsp;Mondelez International  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/04/2025  |  | 180 | 167 |
| &nbsp;&nbsp;&nbsp;PepsiCo  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/18/2032  |  | 90 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 03/19/2027  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/19/2025  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 05/01/2030  |  | 70 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/01/2023  |  | 80 | 79 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2030  |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 03/25/2027  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;Walmart  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800%, 09/22/2031  |  | 160 | 130 |
|  |  |  | 1679 |
| **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Energy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 07/15/2030  |  | 140 | 128 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.633%, 04/06/2030  |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.410%, 02/11/2026  |  | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.119%, 05/04/2026  |  | 170 | 161 |
| &nbsp;&nbsp;&nbsp;Cameron LNG  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.902%, 07/15/2031 (C) |  | 60 | 51 |
| &nbsp;&nbsp;&nbsp;Chevron  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.995%, 05/11/2027  |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.554%, 05/11/2025  |  | 70 | 65 |
| &nbsp;&nbsp;&nbsp;Chevron USA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 01/15/2028  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 10/15/2029  |  | 80 | 73 |
| &nbsp;&nbsp;&nbsp;Continental Resources  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 01/15/2031 (C) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/15/2028  |  | 120 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 06/01/2024  |  | 190 | 185 |
| &nbsp;&nbsp;&nbsp;Coterra Energy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 03/15/2029 (C) |  | 300 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/15/2027 (C) |  | 160 | 149 |
| &nbsp;&nbsp;&nbsp;Devon Energy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.850%, 12/15/2025  |  | 210 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/15/2027  |  | 64 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2045  |  | 70 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/15/2030  |  | 32 | 30 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2029  |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 12/01/2026  |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 03/24/2031  |  | 40 | 33 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;Ecopetrol  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 06/26/2026  | $140 | $132 |
| &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;4.500%, 11/01/2023  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/15/2030  | 220 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 05/15/2025  | 140 | 132 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 02/01/2049  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/31/2050  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 10/16/2028  | 140 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 02/15/2027  | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 01/31/2060  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/15/2024  | 457 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/31/2051  | 80 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/31/2029  | 210 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 01/31/2030  | 230 | 195 |
| &nbsp;&nbsp;&nbsp;EOG Resources  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/15/2030  | 190 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 01/15/2026  | 160 | 157 |
| &nbsp;&nbsp;&nbsp;EQT  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 02/01/2025  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/01/2027  | 140 | 129 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.327%, 03/19/2050  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.043%, 03/01/2026  | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.992%, 03/19/2025  | 270 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.610%, 10/15/2030  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.571%, 04/15/2023  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;KazMunayGas National JSC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 04/24/2030 (C) | 400 | 357 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 06/01/2045  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 06/01/2025  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;Lukoil Capital DAC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 10/26/2031 (C) | 230 | 161 |
| &nbsp;&nbsp;&nbsp;MPLX  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 03/01/2047  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 12/01/2047  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 02/15/2029  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/01/2027  | 110 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2028  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550%, 03/15/2026  | 170 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 04/15/2026  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 08/15/2026  | 130 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2027  | 130 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/10/2036 (E) | 1641 | 819 |
| &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.850%, 06/05/2115  | 150 | 127 |
| &nbsp;&nbsp;&nbsp;Petroleos del Peru  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/19/2032 (C) | 400 | 309 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 01/15/2031  | $| 70 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 08/15/2030  |  | 220 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 01/15/2026  |  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;Reliance Industries  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/12/2052 (C) |  | 250 | 164 |
| &nbsp;&nbsp;&nbsp;Schlumberger Holdings  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/17/2028 (C) |  | 456 | 425 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/11/2025  |  | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/06/2050  |  | 110 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/10/2026  |  | 90 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/06/2030  |  | 40 | 35 |
| &nbsp;&nbsp;&nbsp;Sinopec Group Overseas Development  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 04/10/2024 (C) |  | 290 | 288 |
| &nbsp;&nbsp;&nbsp;Targa Resources  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/01/2027  |  | 170 | 167 |
| &nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 03/01/2030 (C) |  | 160 | 134 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/15/2030  |  | 100 | 87 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.041%, ICE LIBOR USD 3 Month + 1.100%, 01/13/2023 (A) |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 02/01/2030  |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/01/2025  |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;Williams  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.100%, 09/15/2045  |  | 70 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 01/15/2045  |  | 90 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 06/15/2027  |  | 390 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2030  |  | 20 | 17 |
|  |  |  | 9770 |
| **Financials — 13.7%** | **Financials — 13.7%** | **Financials — 13.7%** |  |
| &nbsp;&nbsp;&nbsp;American Express  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 05/03/2029  |  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/03/2024  |  | 140 | 137 |
| &nbsp;&nbsp;&nbsp;American International Group  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/30/2025  |  | 26 | 24 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 08/01/2025 (C) |  | 160 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950%, 01/30/2026 (C) |  | 567 | 494 |
| &nbsp;&nbsp;&nbsp;Banco Santander  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.039%, ICE LIBOR USD 3 Month + 1.120%, 04/12/2023 (A) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.175%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.000%, 03/24/2028 (A) |  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 02/23/2023  |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.746%, 05/28/2025  |  | 200 | 187 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Bank of America  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204%, U.S. SOFR + 1.990%, 11/10/2028 (A) | $584 | $603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.841%, U.S. SOFR + 1.110%, 04/25/2025 (A) | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (A) | 234 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.972%, U.S. SOFR + 1.330%, 02/04/2033 (A) | 200 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.592%, U.S. SOFR + 2.150%, 04/29/2031 (A) | 380 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.572%, U.S. SOFR + 1.210%, 10/20/2032 (A) | 240 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734%, U.S. SOFR + 0.960%, 07/22/2027 (A) | 2006 | 1757 |
| &nbsp;&nbsp;&nbsp;Bank of America MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.376%, U.S. SOFR + 1.580%, 04/27/2028 (A) | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/22/2026  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 08/26/2024  | 210 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 01/22/2024  | 370 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 07/24/2023  | 280 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.083%, ICE LIBOR USD 3 Month + 3.150%, 03/20/2051 (A) | 40 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2024  | 440 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/22/2025  | 80 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.974%, ICE LIBOR USD 3 Month + 1.210%, 02/07/2030 (A) | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.593%, ICE LIBOR USD 3 Month + 1.370%, 07/21/2028 (A) | 210 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, ICE LIBOR USD 3 Month + 0.780%, 03/05/2024 (A) | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/19/2026  | 130 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/11/2023  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 05/01/2025  | 130 | 122 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.289%, U.S. SOFR + 1.418%, 06/13/2033 (A) | 320 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 08/23/2029  | 790 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 04/24/2025  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 06/11/2025  | 70 | 64 |
| &nbsp;&nbsp;&nbsp;Blackstone Holdings Finance  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 03/30/2031 (C) | 590 | 429 |
| &nbsp;&nbsp;&nbsp;BNP Paribas  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.198%, ICE LIBOR USD 3 Month + 2.567%, 01/10/2030 (A)(C) | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.705%, ICE LIBOR USD 3 Month + 2.235%, 01/10/2025 (A)(C) | 270 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 08/14/2028 (C) | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.871%, U.S. SOFR + 1.387%, 04/19/2032 (A)(C) | 200 | 157 |

---

---

| | | |
|:---|:---|:---|
| 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;2.591%, U.S. SOFR + 1.228%, 01/20/2028 (A)(C) | $542 | $477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.675%, U.S. SOFR + 0.912%, 06/30/2027 (A)(C) | 290 | 252 |
| &nbsp;&nbsp;&nbsp;BPCE  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 01/14/2025 (C) | 1085 | 1010 |
| &nbsp;&nbsp;&nbsp;Capital One Financial  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.927%, U.S. SOFR + 2.057%, 05/10/2028 (A) | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 10/30/2024  | 480 | 463 |
| &nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/19/2029 (C) | 716 | 606 |
| &nbsp;&nbsp;&nbsp;Charles Schwab  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/21/2025  | 110 | 107 |
| &nbsp;&nbsp;&nbsp;Citigroup  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 07/15/2039  | 12 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/13/2025  | 450 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 05/06/2044  | 31 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.658%, U.S. SOFR + 1.887%, 05/24/2028 (A) | 140 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 07/30/2045  | 28 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 09/29/2027  | 120 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.412%, U.S. SOFR + 3.914%, 03/31/2031 (A) | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 06/10/2025  | 160 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 11/20/2026  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/25/2028  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.075%, ICE LIBOR USD 3 Month + 1.192%, 04/23/2029 (A) | 240 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.785%, U.S. SOFR + 1.939%, 03/17/2033 (A) | 250 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.668%, ICE LIBOR USD 3 Month + 1.390%, 07/24/2028 (A) | 340 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2023  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/01/2026  | 354 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/21/2026  | 287 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.106%, U.S. SOFR + 2.842%, 04/08/2026 (A) | 150 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.572%, U.S. SOFR + 2.107%, 06/03/2031 (A) | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, U.S. SOFR + 1.177%, 11/03/2032 (A) | 110 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.678%, U.S. SOFR + 1.667%, 05/15/2024 (A) | 903 | 890 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 08/04/2025  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.649%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.220%, 04/06/2028 (A)(C) | 580 | 534 |
| &nbsp;&nbsp;&nbsp;Credit Agricole MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.907%, U.S. SOFR + 1.676%, 06/16/2026 (A)(C) | 250 | 228 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;Credit Suisse Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.194%, U.S. SOFR + 3.730%, 04/01/2031 (A)(C) | $250 | $194 |
| &nbsp;&nbsp;&nbsp;Credit Suisse NY  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/09/2027  | 530 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/09/2025  | 250 | 225 |
| &nbsp;&nbsp;&nbsp;Danske Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.298%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 04/01/2028 (A)(C) | 240 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.773%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.450%, 03/28/2025 (A)(C) | 310 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.226%, 06/22/2024 (C) | 200 | 187 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 07/07/2025 (C) | 673 | 610 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 04/11/2025 (C) | 1114 | 1066 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.387%, U.S. SOFR + 1.510%, 06/15/2027 (A) | 400 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/21/2025  | 190 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.223%, ICE LIBOR USD 3 Month + 1.301%, 05/01/2029 (A) | 650 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.691%, ICE LIBOR USD 3 Month + 1.510%, 06/05/2028 (A) | 400 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.615%, U.S. SOFR + 1.846%, 03/15/2028 (A) | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2025  | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/16/2026  | 90 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, U.S. SOFR + 1.264%, 10/21/2032 (A) | 110 | 87 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/03/2024  | 420 | 415 |
| &nbsp;&nbsp;&nbsp;Guardian Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100%, 06/23/2025 (C) | 30 | 27 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.583%, ICE LIBOR USD 3 Month + 1.535%, 06/19/2029 (A) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/15/2033  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 01/12/2023 (C) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.017%, 06/26/2024 (C) | 200 | 192 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.565%, U.S. SOFR + 1.750%, 06/14/2030 (A) | 998 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.452%, ICE LIBOR USD 3 Month + 1.330%, 12/05/2029 (A) | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.203%, ICE LIBOR USD 3 Month + 1.260%, 07/23/2029 (A) | 773 | 720 |

---

---

| | | |
|:---|:---|:---|
| 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;4.023%, ICE LIBOR USD 3 Month + 1.000%, 12/05/2024 (A) | $230 | $227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.005%, ICE LIBOR USD 3 Month + 1.120%, 04/23/2029 (A) | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/10/2024  | 290 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.845%, U.S. SOFR + 0.980%, 06/14/2025 (A) | 1180 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.545%, U.S. SOFR + 1.180%, 11/08/2032 (A) | 110 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.522%, U.S. SOFR + 2.040%, 04/22/2031 (A) | 190 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.083%, U.S. SOFR + 1.850%, 04/22/2026 (A) | 130 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.514%, U.S. SOFR + 1.455%, 06/01/2024 (A) | 210 | 207 |
| &nbsp;&nbsp;&nbsp;KKR Group Finance VI  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/01/2029 (C) | 1149 | 1033 |
| &nbsp;&nbsp;&nbsp;Lincoln National  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 01/15/2031  | 451 | 373 |
| &nbsp;&nbsp;&nbsp;Macquarie Bank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 01/22/2025 (C) | 1188 | 1124 |
| &nbsp;&nbsp;&nbsp;Macquarie Group MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, ICE LIBOR USD 3 Month + 1.330%, 03/27/2024 (A)(C) | 495 | 493 |
| &nbsp;&nbsp;&nbsp;MassMutual Global Funding II MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 06/09/2023 (C) | 220 | 216 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.837%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.125%, 04/17/2026 (A) | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.407%, 03/07/2024  | 510 | 499 |
| &nbsp;&nbsp;&nbsp;Moody's  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/19/2031  | 1000 | 790 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.772%, ICE LIBOR USD 3 Month + 1.140%, 01/24/2029 (A) | 150 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/25/2023  | 1110 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.622%, U.S. SOFR + 3.120%, 04/01/2031 (A) | 475 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.699%, U.S. SOFR + 1.143%, 01/22/2031 (A) | 200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.188%, U.S. SOFR + 1.990%, 04/28/2026 (A) | 400 | 372 |
| &nbsp;&nbsp;&nbsp;NatWest Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.519%, ICE LIBOR USD 3 Month + 1.550%, 06/25/2024 (A) | 290 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.269%, ICE LIBOR USD 3 Month + 1.762%, 03/22/2025 (A) | 200 | 196 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 06/24/2025 (C) | 60 | 54 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 06/01/2032 (C) | 300 | 283 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Peachtree Corners Funding Trust  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.976%, 02/15/2025 (C) | $944 | $911 |
| &nbsp;&nbsp;&nbsp;Principal Life Global Funding II  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 06/23/2025 (C) | 20 | 18 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/01/2027  | 1209 | 1260 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 04/17/2023  | 120 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/10/2025  | 70 | 64 |
| &nbsp;&nbsp;&nbsp;Standard Chartered  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.991%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.780%, 01/12/2025 (A)(C) | 670 | 632 |
| &nbsp;&nbsp;&nbsp;State Street  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.164%, U.S. SOFR + 1.726%, 08/04/2033 (A) | 1095 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.152%, U.S. SOFR + 2.650%, 03/30/2031 (A) | 50 | 44 |
| &nbsp;&nbsp;&nbsp;Swedbank  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 11/16/2026 (C) | 400 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 06/02/2023 (C) | 200 | 196 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.693%, 09/15/2027  | 1951 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456%, 06/08/2032  | 210 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/10/2032  | 807 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/12/2025  | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 06/12/2023  | 130 | 128 |
| &nbsp;&nbsp;&nbsp;UBS Group  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.253%, 03/23/2028 (C) | 250 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 04/15/2026 (C) | 634 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A)(C) | 575 | 444 |
| &nbsp;&nbsp;&nbsp;US Bancorp  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 02/05/2024  | 540 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/12/2025  | 160 | 148 |
| &nbsp;&nbsp;&nbsp;USAA Capital  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 05/01/2030 (C) | 150 | 123 |
| &nbsp;&nbsp;&nbsp;Wells Fargo  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/23/2026  | 190 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.188%, U.S. SOFR + 2.000%, 04/30/2026 (A) | 130 | 121 |
| &nbsp;&nbsp;&nbsp;Wells Fargo MTN  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.013%, U.S. SOFR + 4.502%, 04/04/2051 (A) | 380 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 11/17/2045  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.540%, U.S. SOFR + 1.560%, 08/15/2026 (A) | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.478%, U.S. SOFR + 4.032%, 04/04/2031 (A) | 220 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/22/2027  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/24/2024  | 540 | 533 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, U.S. SOFR + 1.500%, 03/02/2033 (A) | $| 40 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.879%, TSFR3M + 1.432%, 10/30/2030 (A) |  | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.393%, U.S. SOFR + 2.100%, 06/02/2028 (A) |  | 290 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.654%, U.S. SOFR + 1.600%, 06/02/2024 (A) |  | 160 | 157 |
|  |  |  | 47844 |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 11/30/2023  |  | 175 | 173 |
| &nbsp;&nbsp;&nbsp;AbbVie  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/21/2049  |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 03/15/2025  |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 11/14/2023  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 05/14/2025  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 11/21/2029  |  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/21/2026  |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 11/21/2024  |  | 140 | 134 |
| &nbsp;&nbsp;&nbsp;Adventist Health System  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.433%, 09/01/2024  |  | 431 | 410 |
| &nbsp;&nbsp;&nbsp;Aetna  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 06/15/2023  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.685%, 12/15/2044  |  | 36 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.734%, 12/15/2024  |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.363%, 06/06/2024  |  | 186 | 182 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 07/26/2029  |  | 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2026  |  | 79 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 07/26/2024  |  | 154 | 149 |
| &nbsp;&nbsp;&nbsp;Cigna  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 10/15/2028  |  | 420 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2025  |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/15/2023  |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2024  |  | 160 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 03/15/2026  |  | 725 | 646 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.073%, 11/01/2027  |  | 890 | 910 |
| &nbsp;&nbsp;&nbsp;CVS Health  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 03/25/2048  |  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/25/2028  |  | 164 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/2025  |  | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/01/2027  |  | 180 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 09/15/2031  |  | 150 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/28/2031  |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/21/2030  |  | 200 | 158 |
| &nbsp;&nbsp;&nbsp;CVS Pass-Through Trust  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.507%, 01/10/2032 (C) |  | 951 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.773%, 01/10/2033 (C) |  | 342 | 334 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Income Fund** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Elevance Health  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 05/15/2032  | $| 80 | $74 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/01/2023  |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;Humana  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2025  |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 03/23/2029  |  | 160 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 02/03/2032  |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 09/01/2027  |  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550%, 09/01/2025  |  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;Merck  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 12/10/2028  |  | 430 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 06/24/2030  |  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 02/24/2026  |  | 80 | 71 |
| &nbsp;&nbsp;&nbsp;Pfizer  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/01/2030  |  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700%, 05/28/2030  |  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.800%, 05/28/2025  |  | 110 | 101 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 12/15/2048  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 06/15/2048  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2029  |  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2028  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/15/2025  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2023  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 05/15/2031  |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 05/15/2030  |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 01/15/2026  |  | 20 | 18 |
|  |  |  | 7355 |
| **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;3M  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/15/2050  |  | 150 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 08/26/2029  |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/29/2028  |  | 1226 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 10/29/2026  |  | 190 | 166 |
| &nbsp;&nbsp;&nbsp;Air Lease  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 07/01/2025  |  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 09/01/2044  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 12/02/2031  |  | 330 | 273 |
| &nbsp;&nbsp;&nbsp;Carlisle  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 03/01/2032  |  | 634 | 482 |
| &nbsp;&nbsp;&nbsp;Carrier Global  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 02/15/2031  |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/29/2024  |  | 501 | 478 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Deere  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/2050  | $| 30 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 04/15/2030  |  | 10 | 9 |
| &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  |  | 458 | 418 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust, Ser 2019-1, Cl AA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.204%, 04/25/2024  |  | 621 | 605 |
| &nbsp;&nbsp;&nbsp;John Deere Capital MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 04/18/2029  |  | 934 | 863 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing LP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 02/01/2024 (C) |  | 965 | 945 |
| &nbsp;&nbsp;&nbsp;Republic Services  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 03/15/2025  |  | 180 | 173 |
| &nbsp;&nbsp;&nbsp;Ryder System MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/01/2025  |  | 806 | 765 |
| &nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 07/15/2023 (C) |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;Union Pacific  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/15/2025  |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.891%, 04/06/2036  |  | 20 | 16 |
|  |  |  | 6714 |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** | **Information Technology — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;Adobe  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 02/01/2030  |  | 210 | 179 |
| &nbsp;&nbsp;&nbsp;Apple  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 02/09/2027  |  | 210 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.900%, 09/12/2027  |  | 110 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026  |  | 70 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/11/2025  |  | 130 | 120 |
| &nbsp;&nbsp;&nbsp;Broadcom  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.926%, 05/15/2037 (C) |  | 33 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 11/15/2030  |  | 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.137%, 11/15/2035 (C) |  | 420 | 309 |
| &nbsp;&nbsp;&nbsp;Intel  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 03/25/2050  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 07/29/2025  |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 08/12/2028  |  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;Mastercard  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/26/2050  |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/01/2024  |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;Micron Technology  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.703%, 04/15/2032  |  | 260 | 194 |
| &nbsp;&nbsp;&nbsp;Microsoft  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 02/06/2027  |  | 210 | 202 |
| &nbsp;&nbsp;&nbsp;NVIDIA  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/01/2060  |  | 90 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2040  |  | 130 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2050  |  | 290 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 04/01/2030  |  | 90 | 79 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;NXP BV  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2033  | $| 404 | $381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 05/01/2025  |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;Oracle  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 03/25/2031  |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 03/25/2026  |  | 150 | 134 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 06/01/2032  |  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 06/01/2025  |  | 60 | 56 |
| &nbsp;&nbsp;&nbsp;Salesforce  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/11/2028  |  | 150 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/11/2023  |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 07/15/2028  |  | 510 | 435 |
| &nbsp;&nbsp;&nbsp;Texas Instruments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 05/04/2030  |  | 40 | 33 |
| &nbsp;&nbsp;&nbsp;TSMC Arizona  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/25/2031  |  | 250 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 10/25/2026  |  | 230 | 205 |
| &nbsp;&nbsp;&nbsp;Visa  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 12/14/2045  |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2025  |  | 110 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 04/15/2027  |  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;Workday  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.800%, 04/01/2032  |  | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 04/01/2029  |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2027  |  | 40 | 37 |
|  |  |  | 4324 |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Anglo American Capital  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/11/2024 (C) |  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;Equate Petrochemical BV MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 11/03/2026 (C) |  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 04/28/2028 (C) |  | 230 | 200 |
| &nbsp;&nbsp;&nbsp;Glencore Funding  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 05/30/2023 (C) |  | 890 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 03/12/2024 (C) |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 04/27/2026 (C) |  | 90 | 80 |
| &nbsp;&nbsp;&nbsp;Nacional del Cobre de Chile  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 01/15/2051  |  | 420 | 292 |
| &nbsp;&nbsp;&nbsp;Nutrien  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 05/13/2023  |  | 501 | 495 |
| &nbsp;&nbsp;&nbsp;OCP  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/22/2025 (C) |  | 400 | 389 |
| &nbsp;&nbsp;&nbsp;Orbia Advance  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/11/2031 (C) |  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 01/15/2032  |  | 510 | 398 |
| &nbsp;&nbsp;&nbsp;Vale Overseas  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 11/21/2036  |  | 148 | 156 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/10/2026  | $| 240 | $248 |
|  |  |  | 3743 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/30/2025  |  | 802 | 776 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 07/01/2029  |  | 815 | 728 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 12/01/2028  |  | 769 | 645 |
| &nbsp;&nbsp;&nbsp;Spirit Realty  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 03/15/2028  |  | 583 | 475 |
|  |  |  | 2624 |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;American Transmission Systems  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 01/15/2032 (C) |  | 60 | 49 |
| &nbsp;&nbsp;&nbsp;American Water Capital  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 06/01/2032  |  | 1311 | 1254 |
| &nbsp;&nbsp;&nbsp;Aquarion  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2024 (C) |  | 227 | 223 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 08/15/2028  |  | 468 | 440 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 03/15/2032  |  | 1057 | 894 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 01/15/2027  |  | 440 | 415 |
| &nbsp;&nbsp;&nbsp;Exelon  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 06/15/2035  |  | 343 | 348 |
| &nbsp;&nbsp;&nbsp;FirstEnergy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 01/15/2026  |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 02/03/2032  |  | 544 | 453 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 04/15/2029  |  | 140 | 131 |
| &nbsp;&nbsp;&nbsp;Northern States Power  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 07/01/2025  |  | 1190 | 1261 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.950%, 08/15/2031  |  | 1000 | 795 |
| &nbsp;&nbsp;&nbsp;ORIX  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 01/16/2024  |  | 365 | 360 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 08/01/2027  |  | 130 | 111 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 05/21/2028 (C) |  | 370 | 366 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.022%, 06/01/2031  |  | 791 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.594%, 06/01/2030  |  | 766 | 726 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Income Fund** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** | **CORPORATE OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 06/15/2024  | $| 713 | $| 689 |
|  |  |  |  | 9294 |
| Total Corporate Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $117,845) ($ Thousands) |  |  |  | 106778 |
| **U.S. TREASURY OBLIGATIONS — 18.3%** | **U.S. TREASURY OBLIGATIONS — 18.3%** | **U.S. TREASURY OBLIGATIONS — 18.3%** | **U.S. TREASURY OBLIGATIONS — 18.3%** | **U.S. TREASURY OBLIGATIONS — 18.3%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.657%, 06/01/2023 (F) |  | 520 |  | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 05/25/2023 (F) |  | 1070 |  | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.506%, 04/18/2023 (F) |  | 1160 |  | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.465%, 03/28/2023 (F) |  | 1660 |  | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.332%, 03/02/2023 (F) |  | 510 |  | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.265%, 02/23/2023 (F) |  | 1700 |  | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.239%, 02/28/2023 (F) |  | 260 |  | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.163%, 02/09/2023 (F) |  | 540 |  | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.106%, 01/31/2023 (F) |  | 720 |  | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.962%, 01/03/2023 (F) |  | 700 |  | 700 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2042  |  | 380 |  | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2052  |  | 120 |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 08/15/2043  |  | 40 |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/15/2048  |  | 190 |  | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2052  |  | 1280 |  | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2049  |  | 170 |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875%, 05/15/2052  |  | 500 |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 02/15/2042  |  | 618 |  | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 05/15/2051  |  | 1340 |  | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 08/15/2049  |  | 280 |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2052  |  | 1186 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2041  |  | 830 |  | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/2050  |  | 850 |  | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2051  |  | 900 |  | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/2041  |  | 600 |  | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 02/15/2051  |  | 2470 |  | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 11/15/2051  |  | 780 |  | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 08/15/2041  |  | 640 |  | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.625%, 11/15/2050  |  | 1400 |  | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 11/15/2040  |  | 880 |  | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 08/15/2050  |  | 2600 |  | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 05/15/2050  |  | 3420 |  | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 08/15/2040  |  | 580 |  | 360 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Protected Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, 01/15/2030  |  | 1034 |  | 929 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 10/31/2027  |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2032  |  | 120 |  | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/31/2029  |  | 1400 |  | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2025  |  | 2959 |  | 2900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/31/2027  | $| 6951 | $| 6685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 08/31/2029  |  | 320 |  | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/15/2032  |  | 2933 |  | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 07/31/2029  |  | 550 |  | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/31/2027  |  | 10396 |  | 9386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 11/30/2026  |  | 2260 |  | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 05/31/2026  |  | 12120 |  | 10809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, 11/30/2027  |  | 1400 |  | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375%, 11/30/2025  |  | 290 |  | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250%, 05/31/2025  |  | 2540 |  | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250%, 09/30/2025  |  | 10 |  | 9 |
| Total U.S. Treasury Obligations | Total U.S. Treasury Obligations | Total U.S. Treasury Obligations |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,761) ($ Thousands) | &nbsp;&nbsp;&nbsp;(Cost $74,761) ($ Thousands) | &nbsp;&nbsp;&nbsp;(Cost $74,761) ($ Thousands) |  | 64748 |
| **ASSET-BACKED SECURITIES — 9.5%** | **ASSET-BACKED SECURITIES — 9.5%** | **ASSET-BACKED SECURITIES — 9.5%** | **ASSET-BACKED SECURITIES — 9.5%** | **ASSET-BACKED SECURITIES — 9.5%** |
| **Automotive — 0.6%** | **Automotive — 0.6%** | **Automotive — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.020%, 02/20/2027 (C) |  | 440 |  | 399 |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.380%, 08/20/2027 (C) |  | 430 |  | 374 |
| &nbsp;&nbsp;&nbsp;GM Financial Revolving Receivables Trust, Ser 2022-1, Cl A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.910%, 10/11/2035 (C) |  | 662 |  | 674 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2021-2A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.120%, 12/27/2027 (C) |  | 160 |  | 137 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III, Ser 2021-2A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, 12/27/2027 (C) |  | 300 |  | 247 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2021-1A, Cl B |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.560%, 12/26/2025 (C) |  | 240 |  | 220 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing, Ser 2021-1A, Cl C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 12/26/2025 (C) |  | 210 |  | 189 |
|  |  |  |  | 2240 |
| **Home — 0.0%** | **Home — 0.0%** | **Home — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayview Financial Mortgage Pass-Through Trust, Ser 2006-A, Cl M3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.364%, ICE LIBOR USD 1 Month + 0.975%, 02/28/2041 (A) |  | 39 |  | 39 |
| &nbsp;&nbsp;&nbsp;Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.689%, ICE LIBOR USD 1 Month + 0.300%, 05/25/2037 (A)(C) |  | 151 |  | 130 |
|  |  |  |  | 169 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| **Other Asset-Backed Securities — 8.9%** | **Other Asset-Backed Securities — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;AEP Texas Restoration Funding, Ser 2019-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.294%, 08/01/2031  | $1646 | $1485 |
| &nbsp;&nbsp;&nbsp;Applebee's Funding, Ser 2019-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.194%, 06/05/2049 (C) | 297 | 292 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer, Ser 2020-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.690%, 07/15/2060 (C) | 207 | 185 |
| &nbsp;&nbsp;&nbsp;Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.458%, ICE LIBOR USD 1 Month + 0.140%, 07/15/2036 (A) | 149 | 136 |
| &nbsp;&nbsp;&nbsp;DB Master Finance, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.493%, 11/20/2051 (C) | 1039 | 854 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.538%, 08/17/2038 (C) | 789 | 685 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2021-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.135%, 12/17/2038 (C) | 437 | 378 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust, Ser 2022-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.145%, 05/17/2039 (C) | 417 | 391 |
| &nbsp;&nbsp;&nbsp;GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.940%, 01/20/2049 (C) | 580 | 425 |
| &nbsp;&nbsp;&nbsp;Hardee's Funding, Ser 2021-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.865%, 06/20/2051 (C) | 394 | 314 |
| &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 (C) | 1002 | 940 |
| &nbsp;&nbsp;&nbsp;Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.319%, ICE LIBOR USD 1 Month + 0.930%, 07/25/2035 (A) | 148 | 142 |
| &nbsp;&nbsp;&nbsp;MMAF Equipment Finance, Ser 2022-B, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.610%, 07/10/2028 (C) | 339 | 343 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.244%, ICE LIBOR USD 1 Month + 0.855%, 07/25/2034 (A) | 327 | 300 |
| &nbsp;&nbsp;&nbsp;Mortgage Repurchase Agreement Financing Trust II, Ser 2022-S1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.805%, SOFR30A + 2.000%, 03/30/2025 (A)(C) | 260 | 256 |
| &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Ser 2016-3A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.739%, ICE LIBOR USD 1 Month + 1.350%, 06/25/2065 (A)(C) | 307 | 303 |
| &nbsp;&nbsp;&nbsp;Navient Student Loan Trust, Ser 2016-6A, Cl A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.689%, ICE LIBOR USD 1 Month + 1.300%, 03/25/2066 (A)(C) | 550 | 542 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.480%, 01/20/2051 (C) | $943 | $824 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ser 2021-2A, Cl A1A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.227%, ICE LIBOR USD 3 Month + 1.000%, 10/17/2031 (A)(C) | 693 | 681 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ser 2022-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.683%, TSFR3M + 1.570%, 07/20/2034 (A)(C) | 400 | 389 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding, Ser 2022-2A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.134%, TSFR3M + 1.270%, 10/15/2030 (A)(C) | 836 | 824 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2021-SFR2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.546%, 04/19/2038 (C) | 596 | 521 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/17/2027  | 980 | 865 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust, Ser 2022-SFR3, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/17/2039 (C) | 512 | 464 |
| &nbsp;&nbsp;&nbsp;RAAC Series Trust, Ser 2005-SP3, Cl M2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.589%, ICE LIBOR USD 1 Month + 1.200%, 12/25/2035 (A) | 19 | 19 |
| &nbsp;&nbsp;&nbsp;Sabey Data Center Issuer, Ser 2020-1, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.812%, 04/20/2045 (C) | 339 | 316 |
| &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 (C) | 1027 | 873 |
| &nbsp;&nbsp;&nbsp;SLC Student Loan Trust, Ser 2010-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.574%, ICE LIBOR USD 3 Month + 0.875%, 11/25/2042 (A) | 126 | 125 |
| &nbsp;&nbsp;&nbsp;SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.059%, ICE LIBOR USD 3 Month + 0.290%, 06/15/2039 (A) | 168 | 158 |
| &nbsp;&nbsp;&nbsp;SLM Private Education Loan Trust, Ser 2010-C, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.068%, ICE LIBOR USD 1 Month + 4.750%, 10/15/2041 (A)(C) | 324 | 348 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2003-7A, Cl A5A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.969%, ICE LIBOR USD 3 Month + 1.200%, 12/15/2033 (A)(C) | 89 | 87 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2005-8, Cl A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.528%, ICE LIBOR USD 3 Month + 0.170%, 01/25/2040 (A) | 541 | 513 |
| &nbsp;&nbsp;&nbsp;SLM Student Loan Trust, Ser 2021-10A, Cl A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.439%, ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (A)(C) | 84 | 81 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust 2020-A, Ser 2020-A, Cl A2A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.230%, 09/15/2037 (C) | 176 | 161 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**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;SMB Private Education Loan Trust, Ser 2021-A, Cl A2B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.590%, 01/15/2053 (C) | $329 | $287 |
| &nbsp;&nbsp;&nbsp;SMB Private Education Loan Trust, Ser 2021-C, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300%, 01/15/2053 (C) | 170 | 145 |
| &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer, Ser 2019-1A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.540%, 02/25/2044 (C) | 455 | 444 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII, Ser 2018-1A, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.960%, 10/20/2048 (C) | 366 | 351 |
| &nbsp;&nbsp;&nbsp;Store Master Funding I-VII, Ser 2019-1, Cl A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.820%, 11/20/2049 (C) | 316 | 283 |
| &nbsp;&nbsp;&nbsp;Structured Asset Investment Loan Trust, Ser 2004-7, Cl A8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.589%, ICE LIBOR USD 1 Month + 1.200%, 08/25/2034 (A) | 153 | 147 |
| &nbsp;&nbsp;&nbsp;Taco Bell Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.294%, 08/25/2051 (C) | 587 | 472 |
| &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 (C) | 270 | 248 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust, Ser 2021-SFR1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.943%, 07/17/2038 (C) | 850 | 739 |
| &nbsp;&nbsp;&nbsp;Triumph Rail Holdings, Ser 2021-2, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150%, 06/19/2051 (C) | 270 | 230 |
| &nbsp;&nbsp;&nbsp;TRP 2021, Ser 2021-1, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.070%, 06/19/2051 (C) | 488 | 409 |
| &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  | 128 | 122 |
| &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  | 118 | 113 |
| &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  | 84 | 77 |
| &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  | 368 | 349 |
| &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  | 496 | 461 |
| &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  | 412 | 380 |
| &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  | 242 | 226 |
| &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  | 300 | 281 |

---

---

| | | |
|:---|:---|:---|
| 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 2017-20J, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 10/01/2037  | $382 | $350 |
| &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  | 798 | 751 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2019-25G, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.690%, 07/01/2044  | 45 | 39 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2021-25H, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 08/01/2046  | 1526 | 1224 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25A, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.040%, 01/01/2047  | 1069 | 899 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25D, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2047  | 698 | 643 |
| &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  | 981 | 930 |
| &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  | 980 | 936 |
| &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  | 971 | 926 |
| &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  | 470 | 443 |
| &nbsp;&nbsp;&nbsp;United States Small Business Administration, Ser 2022-25K, Cl 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.130%, 11/01/2047  | 549 | 550 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers, Ser 2020-2A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.992%, 09/15/2045 (C) | 1000 | 821 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2019-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.783%, 06/15/2049 (C) | 309 | 285 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.370%, 06/15/2051 (C) | 1013 | 817 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding, Ser 2021-1A, Cl A2II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.775%, 06/15/2051 (C) | 261 | 203 |
| &nbsp;&nbsp;&nbsp;Wind River CLO, Ser 2021-3A, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.393%, ICE LIBOR USD 3 Month + 1.150%, 07/20/2033 (A)(C) | 614 | 589 |
|  |  | 31390 |
| Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $37,403) ($ Thousands) |  | 33799 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **SOVEREIGN DEBT — 1.2%** | **SOVEREIGN DEBT — 1.2%** | **SOVEREIGN DEBT — 1.2%** |
| &nbsp;&nbsp;&nbsp;Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 02/26/2044 | $280 | $206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 05/15/2049 | 310 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 04/15/2031 | 220 | 163 |
| &nbsp;&nbsp;&nbsp;Indonesia Government International Bond MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 01/15/2045(C) | 200 | 193 |
| &nbsp;&nbsp;&nbsp;Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/12/2034 | 1040 | 832 |
| &nbsp;&nbsp;&nbsp;Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.700%, 01/26/2036 | 190 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 04/29/2053 | 300 | 217 |
| &nbsp;&nbsp;&nbsp;Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/10/2051 | 90 | 64 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625%, 02/13/2023 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, Ser A MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350%, 01/30/2026 | 1010 | 1051 |
| &nbsp;&nbsp;&nbsp;Uruguay Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/28/2034 | 440 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/23/2031 | 120 | 119 |
| Total Sovereign Debt | Total Sovereign Debt |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,887) ($ Thousands) | &nbsp;&nbsp;&nbsp;(Cost $4,887) ($ Thousands) | 4229 |
| **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** | **MUNICIPAL BONDS — 1.2%** |
| **California — 0.5%** | **California — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.378%, 06/01/2028  | 575 | 532 |
| &nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center Pooled Revenue, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.132%, 05/15/2032  | 600 | 559 |
| &nbsp;&nbsp;&nbsp;San Jose, Financing Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.311%, 06/01/2026  | 540 | 476 |
|  |  | 1567 |
| **Michigan — 0.2%** | **Michigan — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Michigan State, Finance Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.988%, 09/01/2049 (A) | 755 | 732 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;New Jersey State, Transportation Trust Fund Authority, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.551%, 06/15/2023  | 125 | 124 |
| **New York — 0.3%** | **New York — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.329%, 03/15/2031  | 415 | 363 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;New York State Urban Development  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/15/2026 (G) | $| 380 | $366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 03/15/2026  |  | 285 | 272 |
|  |  |  | 1001 |
| **Wisconsin — 0.2%** | **Wisconsin — 0.2%** | **Wisconsin — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Wisconsin State, Ser A, RB, AGM  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700%, 05/01/2026  |  | 685 | 697 |
| Total Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,377) ($ Thousands) |  |  | 4121 |
|  | <br> Shares | <br> Shares |  |
| **CASH EQUIVALENT — 1.5%** | **CASH EQUIVALENT — 1.5%** | **CASH EQUIVALENT — 1.5%** | **CASH EQUIVALENT — 1.5%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Cl F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810%\*\*<sup>†</sup> |  | 5129171 | 5129 |
| Total Cash Equivalent |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,129) ($ Thousands) |  |  | 5129 |
| **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |
| Total Purchased Options  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $68) ($ Thousands) |  |  | 40 |
| Total Investments in Securities — 105.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $412,394) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $412,394) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $412,394) ($ Thousands)  | $371478 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Income Fund** (Concluded)

A list of open exchange-traded options contracts held by the Fund at December 31, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount<br> (Thousands)** | **Exercise Price** | **Expiration Date** | **Value<br> (Thousands)** |
| **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |  |  |  |  |
| **Call Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;January 2023, One-Year SOFR\* | 70 | $25 | 96.63 | 1/16/2023 | $9 |
| &nbsp;&nbsp;&nbsp;January 2023, One-Year SOFR\* | 73 | 31 | 95.88 | 1/16/2023 | 27 |
| &nbsp;&nbsp;&nbsp;February 2023, U.S. 10 Year Future Option\* | 14 | 12 | 114.00 | 1/30/2023 | 4 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  | $68 |  |  | $40 |

---

A list of the open futures contracts held by the Fund at December 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount (Thousands)** | **Value (Thousands)** | **Unrealized Appreciation/ (Depreciation) (Thousands)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;90-Day Euro$ | 34 | Mar-2023 | $8081 | $8069 | $(12) |
| &nbsp;&nbsp;90-Day Euro$ | 76 | Dec-2024 | 18367 | 18316 | (51) |
| &nbsp;&nbsp;Three-Month SOFR | 71 | Mar-2025 | 17107 | 17157 | 50 |
| &nbsp;&nbsp;U.S. 2-Year Treasury Note | 59 | Mar-2023 | 12102 | 12100 | (2) |
| &nbsp;&nbsp;U.S. 5-Year Treasury Note | 240 | Mar-2023 | 25936 | 25903 | (33) |
| &nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | 90 | Mar-2023 | 10661 | 10645 | (16) |
|  |  |  | 92254 | 92190 | (64) |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;90-Day Euro$ | (186) | Dec-2023 | $(44594) | $(44273) | $321 |
| &nbsp;&nbsp;U.S. 10-Year Treasury Note | (43) | Mar-2023 | (4898) | (4829) | 69 |
| &nbsp;&nbsp;U.S. Long Treasury Bond | (195) | Mar-2023 | (24785) | (24442) | 343 |
| &nbsp;&nbsp;U.S. Ultra Long Treasury Bond | (27) | Mar-2023 | (3736) | (3626) | 110 |
|  |  |  | (78013) | (77170) | 843 |
|  |  |  | $14241 | $15020 | $779 |

---

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

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $353,346 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of December 31, 2022. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |
| (A) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (B) | No interest rate available. |
| (C) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On December 31, 2022, the value of these securities amounted to $63,846 ($ Thousands), representing 18.1% of the Net Assets of the Fund. |
| (D) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (E) | Zero coupon security.  |
| (F) | Interest rate represents the security's effective yield at the time of purchase. |
| (G) | Security is escrowed to maturity. |

---

The following is a summary of the level of inputs used as of December 31, 2022, 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 |  | 152634 |  | 152634 |
| &nbsp;&nbsp;&nbsp;Corporate Obligations |  | 106778 |  | 106778 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 24572 | 40176 |  | 64748 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 33799 |  | 33799 |
| &nbsp;&nbsp;&nbsp;Sovereign Debt |  | 4229 |  | 4229 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 4121 |  | 4121 |
| &nbsp;&nbsp;&nbsp;Cash Equivalent | 5129 |  |  | 5129 |
| &nbsp;&nbsp;&nbsp;Purchased Options | 40 | – |  | 40 |
| Total Investments in Securities | 29741 | 341737 |  | 371478 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1<br> ($)** | **Level 2<br> ($)** | **Level 3<br> ($)** | **Total<br> ($)** |
| &nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | 893 |  |  | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (114) |  |  | (114) |
| Total Other Financial Instruments | 779 |  |  | 779 |

---

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

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2022 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**6/30/2022** | **Purchases at Cost**  | **Proceeds from Sales**  | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/(Depreciation)**  | **Value 12/31/2022** | **Income**  | **Capital Gains** |
| SEI Daily Income Trust, Government Fund, Cl F | $&nbsp;&nbsp;&nbsp;&nbsp;2168 | $&nbsp;&nbsp;&nbsp;&nbsp;77021 | $&nbsp;&nbsp;&nbsp;&nbsp;(74060) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | $&nbsp;&nbsp;&nbsp;&nbsp;5129 | $&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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 / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Balanced Growth Fund**![](fp0082239-1_38.jpg)

---

| | |
|:---|:---|
| <sup>†</sup> | Percentages are based on total investments.  |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 98.9%** | **AFFILIATED INVESTMENT FUNDS — 98.9%** | **AFFILIATED INVESTMENT FUNDS — 98.9%** |
| **Equity Fund — 60.3%** | **Equity Fund — 60.3%** |  |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund <sup>†</sup> | 3914407 | $190984 |
| Total Equity Fund  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $107,806) ($ Thousands) |  | 190984 |
| **Fixed Income Fund — 38.6%** | **Fixed Income Fund — 38.6%** |  |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund <sup>†</sup> | 5958568 | 122032 |
| Total Fixed Income Fund  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $134,909) ($ Thousands) |  | 122032 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **CASH EQUIVALENT — 1.1%** | **CASH EQUIVALENT — 1.1%** | **CASH EQUIVALENT — 1.1%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust, Government Fund, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810%\*\*<sup>†</sup> | 3400480 | $3400 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,400) ($ Thousands) |  | 3400 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $246,115) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $246,115) ($ Thousands)  | $316416 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $316,545 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of December 31, 2022. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |

---

As of December 31, 2022, 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.<br>

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2022 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**6/30/2022** | **Purchases at Cost**  | **Proceeds from Sales**  | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/(Depreciation)**  | **Value 12/31/2022** | **Income**  | **Capital Gains** |
| New Covenant Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;125653 | $&nbsp;&nbsp;&nbsp;&nbsp;14996 | $&nbsp;&nbsp;&nbsp;&nbsp;(11688) | $&nbsp;&nbsp;&nbsp;&nbsp;(4502) | $&nbsp;&nbsp;&nbsp;&nbsp;(2427) | $&nbsp;&nbsp;&nbsp;&nbsp;122032 | $&nbsp;&nbsp;&nbsp;&nbsp;1503 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Covenant Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;197912 | &nbsp;&nbsp;&nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp;(20432) | &nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp;190984 | 1341 | &nbsp;&nbsp;&nbsp;&nbsp;2093 |
| SEI Daily Income Trust, Government Fund, Cl F | &nbsp;&nbsp;&nbsp;&nbsp;2729 | &nbsp;&nbsp;&nbsp;&nbsp;15359 | &nbsp;&nbsp;&nbsp;&nbsp;(14688) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;326294 | $&nbsp;&nbsp;&nbsp;&nbsp;39289 | $&nbsp;&nbsp;&nbsp;&nbsp;(46808) | $&nbsp;&nbsp;&nbsp;&nbsp;(2928) | $&nbsp;&nbsp;&nbsp;&nbsp;569 | $&nbsp;&nbsp;&nbsp;&nbsp;316416 | $&nbsp;&nbsp;&nbsp;&nbsp;2874 | $&nbsp;&nbsp;&nbsp;&nbsp;2093 |

---

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

See "Glossary" for abbreviations.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**New Covenant Balanced Income Fund**![](fp0082239-1_39.jpg)

---

| | |
|:---|:---|
| <sup>†</sup> | Percentages are based on total investments.  |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **AFFILIATED INVESTMENT FUNDS — 99.3%** | **AFFILIATED INVESTMENT FUNDS — 99.3%** | **AFFILIATED INVESTMENT FUNDS — 99.3%** |
| **Fixed Income Fund — 63.8%** | **Fixed Income Fund — 63.8%** |  |
| &nbsp;&nbsp;&nbsp;New Covenant Income Fund <sup>†</sup> | 2582024 | $52880 |
| Total Fixed Income Fund  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $59,340) ($ Thousands) |  | 52880 |
| **Equity Fund — 35.5%** | **Equity Fund — 35.5%** |  |
| &nbsp;&nbsp;&nbsp;New Covenant Growth Fund <sup>†</sup> | 602979 | 29419 |
| Total Equity Fund  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,847) ($ Thousands) |  | 29419 |

---

---

| | | |
|:---|:---|:---|
| 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, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.810%\*\*<sup>†</sup> | 465917 | $466 |
| Total Cash Equivalent |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $466) ($ Thousands) |  | 466 |
| Total Investments in Securities — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,653) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $75,653) ($ Thousands)  | $82765 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $82,865 ($ Thousands). |
| \*\* | The rate reported is the 7-day effective yield as of December 31, 2022. |
| <sup>†</sup> | Investment in Affiliated Security (see Note 3). |

---

As of December 31, 2022, 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.<br>

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2022 ($ Thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description**  | **Value** <br>**6/30/2022** | **Purchases at Cost**  | **Proceeds from Sales**  | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/(Depreciation)**  | **Value 12/31/2022** | **Income**  | **Capital Gains** |
| New Covenant Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;59566 | $&nbsp;&nbsp;&nbsp;&nbsp;2425 | $&nbsp;&nbsp;&nbsp;&nbsp;(6468) | $&nbsp;&nbsp;&nbsp;&nbsp;(1440) | $&nbsp;&nbsp;&nbsp;&nbsp;(1203) | $&nbsp;&nbsp;&nbsp;&nbsp;52880 | $&nbsp;&nbsp;&nbsp;&nbsp;674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Covenant Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;33346 | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;(5779) | (718) | &nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;29419 | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| SEI Daily Income Trust, Government Fund, Cl F | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;5537 | &nbsp;&nbsp;&nbsp;&nbsp;(5668) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Totals | $&nbsp;&nbsp;&nbsp;&nbsp;93509 | $&nbsp;&nbsp;&nbsp;&nbsp;9070 | $&nbsp;&nbsp;&nbsp;&nbsp;(17915) | $&nbsp;&nbsp;&nbsp;&nbsp;(2158) | $&nbsp;&nbsp;&nbsp;&nbsp;259 | $&nbsp;&nbsp;&nbsp;&nbsp;82765 | $&nbsp;&nbsp;&nbsp;&nbsp;898 | $&nbsp;&nbsp;&nbsp;&nbsp;316 |

---

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 / Semi-Annual Report / December 31, 2022

---

| |
|:---|
| **Glossary (abbreviations which may be used in the preceding Schedules of Investments):** <br>**Portfolio Abbreviations** |
| ABS — Asset-Backed Security |
| AGM — Assured Guaranty Municipal |
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| CMO — Collateralized Mortgage Obligation |
| DAC — Designated Activity Company |
| FHLMC — Federal Home Loan Mortgage Corporation |
| FNMA — Federal National Mortgage Association |
| FRESB — Freddie Mac Small Balance Mortgage Trust |
| GNMA — Government National Mortgage Association |
| ICE — Intercontinental Exchange |
| IO — Interest Only - face amount represents notional amount |
| JSC — Joint Stock Company |
| L.P. — Limited Partnership |
| LIBOR — London Interbank Offered Rate |
| MSCI — Morgan Stanley Capital International |
| MTN — Medium Term Note |
| PLC — Public Limited Company |
| RB — Revenue Bond |
| REIT — Real Estate Investment Trust |
| REMIC — Real Estate Mortgage Investment Conduit |
| Ser — Series |
| SOFR — Secured Overnight Financing Rate |
| SOFR30A — Secured Overnight Financing Rate 30-day Average |
| STACR — Structured Agency Credit Risk |
| TBA — To Be Announced |
| TSFR1M — Term Secured Overnight Financing Rate 1 Month |
| USD — U.S. Dollar |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Growth Fund** | **Income Fund** | **Balanced Growth Fund** | **Balanced Income Fund** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;Investments, at value<sup>†</sup> | $481339 | $366349 | $— | $— |
| &nbsp;&nbsp;Affiliated investments, at value<sup>†</sup><sup>†</sup> | 7107 | 5129 | 316416 | 82765 |
| &nbsp;&nbsp;Cash and cash equivalents | 2492 |  |  |  |
| &nbsp;&nbsp;Dividends and interest receivable | 481 | 2092 | 276 | 118 |
| &nbsp;&nbsp;Cash pledged as collateral for futures contracts | 436 | 810 |  |  |
| &nbsp;&nbsp;Foreign tax reclaim receivable | 83 | 37 |  |  |
| &nbsp;&nbsp;Receivable for fund shares sold | 26 | 27 | 382 | 2 |
| &nbsp;&nbsp;Receivable for investment securities sold |  | 16646 |  |  |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts |  | 84 |  |  |
| &nbsp;&nbsp;Prepaid expenses | 18 | 13 | 12 | 4 |
| &nbsp;&nbsp;Total Assets | 491982 | 391187 | 317086 | 82889 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees payable | 99 | 86 |  |  |
| &nbsp;&nbsp;Administration fees payable | 79 | 52 | 21 | 7 |
| &nbsp;&nbsp;Social witness and licensing fees payable | 65 | 44 |  |  |
| &nbsp;&nbsp;Shareholder servicing fees payable | 43 | 31 |  |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts | 22 | 38 |  |  |
| &nbsp;&nbsp;Payable for fund shares redeemed | 10 | 20 | 461 |  |
| &nbsp;&nbsp;Trustees' fees payable | 3 | 2 | 2 | 1 |
| &nbsp;&nbsp;CCO fees payable | 2 | 1 | 1 |  |
| &nbsp;&nbsp;Payable for investment securities purchased |  | 36576 |  |  |
| &nbsp;&nbsp;Income distribution payable |  | 705 |  |  |
| &nbsp;&nbsp;Payable to custodian |  | 175 |  |  |
| &nbsp;&nbsp;Accrued expense payable | 79 | 111 | 56 | 16 |
| &nbsp;&nbsp;Total Liabilities | 402 | 37841 | 541 | 24 |
| &nbsp;&nbsp;Net Assets | $491580 | $353346 | $316545 | $82865 |
| &nbsp;&nbsp; <sup>†</sup> Cost of investments | $288885 | $407265 | $— | $— |
| &nbsp;&nbsp;<sup>†</sup><sup>†</sup> Cost of affiliated investments | 7107 | 5129 | 246115 | 75653 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;Paid-in Capital — (unlimited authorization — par value $0.001) | $298435 | $407833 | $259453 | $80102 |
| &nbsp;&nbsp;Total distributable earnings/(loss) | 193145 | (54487) | 57092 | 2763 |
| &nbsp;&nbsp;Net Assets | $491580 | $353346 | $316545 | $82865 |
| Net Asset Value, Offering and Redemption Price Per Share  | $48.79 | $20.48 | $100.42 | $19.69 |
|  | (491,579,761 ÷ 10,075,842 shares) | (353,345,895 ÷ 17,252,962 shares) | (316,545,144 ÷ 3,152,280 shares) | (82,864,691 ÷ 4,207,043 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 / Semi-Annual Report / December 31, 2022

**STATEMENTS OF OPERATIONS (Unaudited) ($ THOUSANDS)** 

For the period ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Growth Fund** | **Income Fund** | **Balanced Growth Fund** | **Balanced Income Fund** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;Dividend income | $4168 | $— | $— | $— |
| &nbsp;&nbsp;Dividend income from affiliated registered investment company | 98 | 73 | 2874 | 898 |
| &nbsp;&nbsp;Interest income | 25 | 5517 |  |  |
| &nbsp;&nbsp;Total Investment Income | 4291 | 5590 | 2874 | 898 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Investment advisory fees | 1203 | 784 |  |  |
| &nbsp;&nbsp;Administration fees | 512 | 373 | 248 | 68 |
| &nbsp;&nbsp;Social witness and licensing fees | 384 | 280 |  |  |
| &nbsp;&nbsp;Shareholder servicing fees | 256 | 187 |  |  |
| &nbsp;&nbsp;Trustee fees | 6 | 5 | 4 | 1 |
| &nbsp;&nbsp;Chief compliance officer fees | 2 | 1 | 1 |  |
| &nbsp;&nbsp;Transfer agent fees | 48 | 36 | 31 | 9 |
| &nbsp;&nbsp;Professional fees | 24 | 19 | 16 | 5 |
| &nbsp;&nbsp;Registration fees | 19 | 13 | 12 | 3 |
| &nbsp;&nbsp;Printing fees | 14 | 10 | 9 | 2 |
| &nbsp;&nbsp;Custodian fees | 4 | 12 | 10 | 3 |
| &nbsp;&nbsp;Other expenses | 18 | 95 | 3 | 1 |
| &nbsp;&nbsp;Total Expenses | 2490 | 1815 | 334 | 92 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;Waiver of investment advisory fees | (611) | (268) |  |  |
| &nbsp;&nbsp;Waiver of administration fees | (29) | (49) | (116) | (23) |
| &nbsp;&nbsp;Net Expenses | 1850 | 1498 | 218 | 69 |
| **Net Investment Income** | 2441 | 4092 | 2656 | 829 |
| **Net Realized and Change in Unrealized Gain (Loss) on Investments:** |  |  |  |  |
| **Net Realized Gain (Loss) on:** |  |  |  |  |
| &nbsp;&nbsp;Investments | 3715 | (7048) |  |  |
| &nbsp;&nbsp;Affiliated investments |  |  | (2928) | (2158) |
| &nbsp;&nbsp;Written options |  | 517 |  |  |
| &nbsp;&nbsp;Purchased options |  | (364) |  |  |
| &nbsp;&nbsp;Capital gain distributions received from affiliated investment |  |  | 2093 | 316 |
| &nbsp;&nbsp;Futures contracts | 1138 | 339 |  |  |
| &nbsp;&nbsp;Foreign currency transactions | (3) |  |  |  |
| **Net Realized Gain (Loss)** | 4850 | (6556) | (835) | (1842) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Investments | 6216 | (8230) |  |  |
| &nbsp;&nbsp;Affiliated investments |  |  | 569 | 259 |
| &nbsp;&nbsp;Written options |  | (31) |  |  |
| &nbsp;&nbsp;Purchased options |  | (37) |  |  |
| &nbsp;&nbsp;Futures contracts | 3 | 729 |  |  |
| **Net Change in Unrealized Appreciation (Depreciation)** | 6219 | (7569) | 569 | 259 |
| **Net Realized and Unrealized Gain (Loss)** | 11069 | (14125) | (266) | (1583) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $13510 | $(10033) | $2390 | $(754) |

---

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 / Semi-Annual Report / December 31, 2022

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

For the period ended December 31, 2022 (Unaudited) and the year ended June 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Growth Fund** | **Growth Fund** | **Income Fund** | **Income Fund** |
| | 07/01/22 to 12/31/22 | 07/01/21 to 06/30/22 | 07/01/22 to 12/31/22 | 07/01/21 to 06/30/22 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2441 | $3665 | $4092 | $4903 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 4850 | 13643 | (6556) | (6337) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6219 | (94548) | (7569) | (39277) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 13510 | (77240) | (10033) | (40711) |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (8829) | (33098) | (4350) | (7722) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 15204 | 54825 | 21650 | 63080 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 5861 | 29378 | 368 | 1569 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (31321) | (59338) | (35551) | (44923) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | (10256) | 24865 | (13533) | 19726 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (5575) | (85473) | (27916) | (28707) |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of Period** | 497155 | 582628 | 381262 | 409969 |
| &nbsp;&nbsp;&nbsp;**End of Period** | $491580 | $497155 | $353346 | $381262 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Shares issued | 305 | 996 | 1030 | 2725 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of dividends and distributions | 118 | 482 | 18 | 68 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (608) | (1008) | (1724) | (2025) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | (185) | 470 | (676) | 768 |

---

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

For the period ended December 31, 2022 (Unaudited) and the year ended June 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Income Fund** | **Balanced Income Fund** |
| | 07/01/22 to 12/31/22 | 07/01/21 to 06/30/22 | 07/01/22 to 12/31/22 | 07/01/21 to 06/30/22 |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2656 | $3150 | $829 | $1059 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (835) | 13073 | (1842) | 1843 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 569 | (60291) | 259 | (14588) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2390 | (44068) | (754) | (11686) |
| **Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (12270) | (15484) | (2335) | (4562) |
| **Capital Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 6812 | 26058 | 1367 | 24478 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends & distributions | 11535 | 14207 | 1965 | 3968 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18287) | (27362) | (10966) | (7107) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | 60 | 12903 | (7634) | 21339 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets | (9820) | (46649) | (10723) | 5091 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of Period** | 326365 | 373014 | 93588 | 88497 |
| &nbsp;&nbsp;&nbsp;**End of Period** | $316545 | $326365 | $82865 | $93588 |
| **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** | **Share Transactions:** |
| &nbsp;&nbsp;&nbsp;Shares issued | 65 | 214 | 67 | 1023 |
| &nbsp;&nbsp;&nbsp;Shares issued in lieu of dividends and distributions | 113 | 116 | 98 | 170 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (174) | (226) | (552) | (310) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 4 | 104 | (387) | 883 |

---

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**FINANCIAL HIGHLIGHTS** 

For the period ended December 31, 2022 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| | **2022**@ | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | $48.45 | $59.51 | $43.44 | $42.86 | $43.17 | $40.15 |
| **Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.24 | 0.37 | 0.36 | 0.51 | 0.50 | 0.46 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | 0.98 | (7.95) | 17.75 | 2.56 | 2.28 | 5.34 |
| **Total from investment activities** | 1.22 | (7.58) | 18.11 | 3.07 | 2.78 | 5.80 |
| **Dividends and Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.34) | (0.35) | (0.40) | (0.50) | (0.50) | (0.39) |
| &nbsp;&nbsp; Net realized gains | (0.54) | (3.13) | (1.64) | (1.99) | (2.59) | (2.39) |
| &nbsp;&nbsp; Total dividends and distributions | (0.88) | (3.48) | (2.04) | (2.49) | (3.09) | (2.78) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | $48.79 | $48.45 | $59.51 | $43.44 | $42.86 | $43.17 |
| &nbsp;&nbsp; Total Return<sup>†</sup> | 2.51% | (13.92)% | 42.58% | 7.18% | 7.21% | 14.74% |
| **Supplemental Data and Ratios:**  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period ($ Thousands) | $491580 | $497155 | $582628 | $461493 | $448958 | $428674 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets | 0.72% | 0.72% | 0.72% | 0.72% | 0.85% | 0.87% |
| &nbsp;&nbsp; Ratio of expenses to average net assets, excluding waivers | 0.97% | 0.97% | 0.97% | 0.99% | 1.12% | 1.12% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 0.95% | 0.64% | 0.69% | 1.19% | 1.19% | 1.08% |
| &nbsp;&nbsp; Portfolio turnover rate | 2% | 5% | 4% | 19% | 47% | 24% |

---

---

| | |
|:---|:---|
| <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. |
| (1) | Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares. |
| @ | For the six month period ended December 31, 2022. All ratios for the period have been annualized. |

---

The accompanying notes are an integral part of the financial statements

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**FINANCIAL HIGHLIGHTS** 

For the period ended December 31, 2022 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| | **2022**@ | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | $21.26 | $23.89 | $24.32 | $23.50 | $22.62 | $23.21 |
| **Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.23 | 0.27 | 0.30 | 0.48 | 0.52 | 0.45 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | (0.77) | (2.48) | (0.02) | 0.89 | 0.92 | (0.57) |
| **Total from investment activities** | (0.54) | (2.21) | 0.28 | 1.37 | 1.44 | (0.12) |
| **Dividends and Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.24) | (0.37) | (0.43) | (0.55) | (0.56) | (0.47) |
| &nbsp;&nbsp; Net realized gains | – | (0.05) | (0.28) | – | – | – |
| &nbsp;&nbsp; Total dividends and distributions | (0.24) | (0.42) | (0.71) | (0.55) | (0.56) | (0.47) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | $20.48 | $21.26 | $23.89 | $24.32 | $23.50 | $22.62 |
| &nbsp;&nbsp; Total Return<sup>†</sup> | (2.52)% | (9.34)% | 1.13% | 5.91% | 6.46% | (0.54)% |
| **Supplemental Data and Ratios:**  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period ($ Thousands) | $353346 | $381262 | $409969 | $336213 | $330498 | $318955 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp; Ratio of expenses to average net assets, excluding waivers | 0.97% | 0.96% | 0.96% | 0.96% | 0.95% | 0.95% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 2.19% | 1.18% | 1.22% | 2.01% | 2.29% | 1.95% |
| &nbsp;&nbsp; Portfolio turnover rate | 45% | 97% | 112% | 144% | 188% | 210% |

---

---

| | |
|:---|:---|
| <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. |
| (1) | Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares. |
| @ | For the six month period ended December 31, 2022. All ratios for the period have been annualized. |

---

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**FINANCIAL HIGHLIGHTS** 

For the period ended December 31, 2022 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** |
| | **2022**@ | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | $103.68 | $122.54 | $104.95 | $103.45 | $102.94 | $96.48 |
| **Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.85 | 1.01 | 1.18 | 1.53 | 1.58 | 1.23 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | (0.11) | (14.80) | 23.76 | 6.09 | 5.21 | 6.86 |
| **Total from investment activities** | 0.74 | (13.79) | 24.94 | 7.62 | 6.79 | 8.09 |
| **Dividends and Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.69) | (1.43) | (2.03) | (1.95) | (1.83) | (0.90) |
| &nbsp;&nbsp; Net realized gains | (3.31) | (3.64) | (5.32) | (4.17) | (4.45) | (0.73) |
| &nbsp;&nbsp; Total dividends and distributions | (4.00) | (5.07) | (7.35) | (6.12) | (6.28) | (1.63) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | $100.42 | $103.68 | $122.54 | $104.95 | $103.45 | $102.94 |
| &nbsp;&nbsp; Total Return<sup>†</sup> | 0.69% | (11.85)% | 24.50% | 7.57% | 7.12% | 8.45% |
| **Supplemental Data and Ratios:**  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period ($ Thousands) | $316545 | $326365 | $373014 | $295481 | $293822 | $290444 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| &nbsp;&nbsp; Ratio of expenses to average net assets, excluding waivers | 0.20% | 0.20% | 0.21% | 0.21% | 0.21% | 0.21% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 1.60% | 0.85% | 1.02% | 1.49% | 1.56% | 1.22% |
| &nbsp;&nbsp; Portfolio turnover rate | 7% | 14% | 11% | 22% | 16% | 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. |
| (1) | Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares. |
| @ | For the six month period ended December 31, 2022. All ratios for the period have been annualized. |

---

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**FINANCIAL HIGHLIGHTS** 

For the period ended December 31, 2022 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** |
| | **2022**@ | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period** | $20.37 | $23.84 | $22.01 | $21.41 | $21.23 | $20.74 |
| **Investment Activities:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.19 | 0.25 | 0.29 | 0.38 | 0.39 | 0.31 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on securities <sup>(1)</sup> | (0.32) | (2.67) | 2.76 | 1.11 | 0.96 | 0.63 |
| **Total from investment activities** | (0.13) | (2.42) | 3.05 | 1.49 | 1.35 | 0.94 |
| **Dividends and Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.26) | (0.30) | (0.49) | (0.40) | (0.42) | (0.29) |
| &nbsp;&nbsp; Net realized gains | (0.29) | (0.75) | (0.73) | (0.49) | (0.75) | (0.16) |
| &nbsp;&nbsp; Total dividends and distributions | (0.55) | (1.05) | (1.22) | (0.89) | (1.17) | (0.45) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | $19.69 | $20.37 | $23.84 | $22.01 | $21.41 | $21.23 |
| &nbsp;&nbsp; Total Return<sup>†</sup> | (0.66)% | (10.70)% | 14.24% | 7.14% | 6.76% | 4.57% |
| **Supplemental Data and Ratios:**  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets, end of period ($ Thousands) | $82865 | $93588 | $88497 | $78790 | $78448 | $77329 |
| &nbsp;&nbsp; Ratio of net expenses to average net assets | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp; Ratio of expenses to average net assets, excluding waivers | 0.20% | 0.20% | 0.21% | 0.21% | 0.20% | 0.21% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets | 1.83% | 1.09% | 1.25% | 1.76% | 1.86% | 1.48% |
| &nbsp;&nbsp; Portfolio turnover rate | 4% | 11% | 15% | 19% | 11% | 10% |

---

---

| | |
|:---|:---|
| <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. |
| (1) | Per share net investment income and net realized and unrealized gains/(losses) calculated using average shares. |
| @ | For the six month period ended December 31, 2022. All ratios for the period have been annualized. |

---

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** 

December 31, 2022

1. ORGANIZATION

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

The objectives of the Funds are as follows:

---

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

---

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

**Security Valuation** — Effective September 8, 2022, and 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"). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Funds' Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

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.

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.

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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.

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

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

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

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

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

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

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

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

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

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

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

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

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

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund's Schedule of Investments for details regarding open futures contracts as of December 31, 2022, if applicable.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

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

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

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

**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 for the Growth Fund, Balanced Growth Fund and Balanced Income Fund; declared and paid monthly for the Income Fund. Dividends and distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | First $2.5 Billion | Next $500 Million | Over $3 Billion | | |
| Growth Fund | 0.2000% | 0.1650% | 0.1200% |  |  |
|  | First $1.5 Billion | Next $500 Million | Next $500 Million | Next $500 Million | Over $3 Billion |
| Income Fund | 0.2000% | 0.1775% | 0.1550% | 0.1325% | 0.1100% |
| Balanced Growth Fund | 0.1500% | 0.1375% | 0.1250% | 0.1125% | 0.1000% |
| Balanced Income Fund | 0.1500% | 0.1375% | 0.1250% | 0.1125% | 0.1000% |

---

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

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

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

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

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

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

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

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

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

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

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

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

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

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

**Interfund Lending** — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ''Program'') with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ''SEI Funds''). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (''Repo Rate''), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (''Bank Loan Rate''). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the period ended December 31, 2022, the Trust did not participate in interfund lending.

4. DERIVATIVE TRANSACTIONS

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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 $436 and $810 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of December 31, 2022.

The fair value of derivative instruments located on the Statements of Assets and Liabilities as of December 31, 2022 was as follows ($ Thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Asset Derivatives | | Liability Derivatives | |
| | Statements of Assets and Liabilities Location | Fair Value | Statements of Assets and Liabilities Location | Fair Value |
| **Growth Fund** |  |  |  |  |
| Equity contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $182 \* |
| Total derivatives not accounted for as hedging instruments |  | $— |  | $182 |
| **Income Fund** |  |  |  |  |
| Interest rate contracts | Investments, at value\*\* | $40 | Options written, at value | $— |
|  | Unrealized appreciation on futures contracts | 893 \* | Unrealized depreciation on futures contracts | 114 \* |
| Total derivatives not accounted for as hedging instruments |  | $933 |  | $114 |

---

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

\*\* Includes purchased options and/or swaptions.

The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2022.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased Options and Swaptions | Written Options and Swaptions | Futures | Forward<br> Currency<br> Contracts | Swaps | Total |
| **Growth Fund** |  |  |  |  |  |  |
| Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1138 | $— | $— | $1138 |
| **Income Fund** |  |  |  |  |  |  |
| Interest rate contracts | $(364) | $517 | $339 | $— | $— | $492 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivatives Not Accounted for as Hedging Instruments | Purchased Options and Swaptions | Written Options and Swaptions | Futures | Forward<br> Currency<br> Contracts | Swaps | Total |
| **Growth Fund** |  |  |  |  |  |  |
| Equity contracts | $— | $— | $3 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Income Fund** |  |  |  |  |  |  |
| Interest rate contracts | $(37) | $(31) | $&nbsp;&nbsp;&nbsp;&nbsp;729 | $— | $— | $661 |

---

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 period ended December 31, 2022 ($ Thousands):

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Income Fund** |
| **Futures Contracts:** |  |  |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Long | $9677 | $104270 |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Short |  | 70729 |
| **Options/Swaptions:** |  |  |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Long |  | 372 |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Short |  | 1076 |

---

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 period ended December 31, 2022, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | U.S. Gov't<br> ($ Thousands) | Other<br> ($ Thousands) | Total<br> ($ Thousands) |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| Purchases | $— | $10461 | $10461 |
| Sales |  | 15684 | 15684 |
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| Purchases | 152618 | 14944 | 167562 |
| Sales | 155538 | 22915 | 178453 |
| **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** | **Balanced Growth Fund** |
| Purchases |  | 23929 | 23929 |
| Sales |  | 32120 | 32120 |
| **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** | **Balanced Income Fund** |
| Purchases |  | 3533 | 3533 |
| Sales |  | 12247 | 12247 |

---

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 / Semi-Annual Report / December 31, 2022

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** | 2022 | $6699 | $26399 | $33098 |
|  | 2021 | 7269 | 12953 | 20222 |
| **Income Fund** | 2022 | 7072 | 650 | 7722 |
|  | 2021 | 10298 | 648 | 10946 |
| **Balanced Growth Fund** | 2022 | 5584 | 9900 | 15484 |
|  | 2021 | 6451 | 14379 | 20830 |
| **Balanced Income Fund** | 2022 | 1378 | 3184 | 4562 |
|  | 2021 | 2013 | 2437 | 4450 |

---

As of June 30, 2022, 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** | $583 | $3026 | $— | $— | $184852 | $3 | $188464 |
| **Income Fund** | 660 |  | (1047) | (6334) | (32711) | (672) | (40104) |
| **Balanced Growth Fund** | 36 | 10098 |  |  | 56839 | (1) | 66972 |
| **Balanced Income Fund** | 243 | 1220 |  |  | 4388 | 1 | 5852 |

---

For Federal income tax purposes, the cost of securities owned at June 30, 2022, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales, MLP basis adjustments and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

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

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term<br> Loss<br> ($ Thousands) | Long-Term<br> Loss<br> ($ Thousands) | Total <br> ($ Thousands) |
| **Income Fund** | $636 | $411 | $1047 |

---

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at December 31, 2022 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** | $295992 | $219211 | $(26757) | $192454 |
| **Income Fund** | 412394 | 640 | (41556) | (40916) |
| **Balanced Growth Fund** | 246115 | 83179 | (12878) | 70301 |
| **Balanced Income Fund** | 75653 | 13572 | (6460) | 7112 |

---

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)** 

December 31, 2022

Management has analyzed the Funds' tax positions taken on Federal income tax returns for all open tax years and has concluded that as of December 31, 2022, no provision for income tax would be required in the Funds' financial statements. The Funds' Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATIONS/RISKS

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

**Asset Allocation Risk** — The risk that SIMC's decisions regarding the allocation of a Balance Funds 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.

**Currency Risk** — As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund's investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**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.

**Economic Risks of Global Health Events** — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

**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 movements due to changing interest rates.

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)** 

December 31, 2022

**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.

**Mortgage Dollar Rolls Risk** — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund's right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

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

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

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

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

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

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

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

The Balanced Growth Fund and Balanced Income Fund invest their assets primarily in the Growth Fund and the Income Fund. By investing primarily in shares of these Funds, shareholders of the Balanced Funds indirectly pay a 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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

8. CONCENTRATION OF SHAREHOLDERS

On December 31, 2022, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with the Funds.

---

| | | |
|:---|:---|:---|
| | # of Shareholders | % of Outstanding Shares |
| Growth Fund | 3 | 77% |
| Income Fund | 3 | 86% |
| Balanced Growth Fund | 0 | 0% |
| Balanced Income Fund | 2 | 13% |

---

9. REGULATORY MATTERS

The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate (LIBOR) rates. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate (SOFR), which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of December 31, 2022.

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

**DISCLOSURE OF FUND EXPENSES (Unaudited)** 

December 31, 2022

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (July 1, 2022 to December 31, 2022).

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br> Account<br> Value<br> 7/1/2022** | **Ending<br> Account<br> Value<br> 12/31/22** | **Annualized<br> Expense<br> Ratios** | **Expenses<br> Paid<br> During<br> Period\*** |
| *Growth Fund* | *Growth Fund* | *Growth Fund* | *Growth Fund* | *Growth Fund* |
| Actual Fund Return | $1000.00 | $1025.10 | 0.72% | $3.68 |
| Hypothetical 5% Return | $1000.00 | $1021.58 | 0.72% | $3.67 |
| *Income Fund* | *Income Fund* | *Income Fund* | *Income Fund* | *Income Fund* |
| Actual Fund Return | $1000.00 | $974.80 | 0.80% | $3.98 |
| Hypothetical 5% Return | $1000.00 | $1021.17 | 0.80% | $4.08 |
| *Balanced Growth Fund* | *Balanced Growth Fund* | *Balanced Growth Fund* | *Balanced Growth Fund* | *Balanced Growth Fund* |
| Actual Fund Return | $1000.00 | $1006.90 | 0.13% | $0.66 |
| Hypothetical 5% Return | $1000.00 | $1024.55 | 0.13% | $0.66 |
| *Balanced Income Fund* | *Balanced Income Fund* | *Balanced Income Fund* | *Balanced Income Fund* | *Balanced Income Fund* |
| Actual Fund Return | $1000.00 | $993.40 | 0.15% | $0.75 |
| Hypothetical 5% Return | $1000.00 | $1024.45 | 0.15% | $0.77 |

---

\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

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

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

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

Certain Sub-Advisory Agreements were renewed at meetings of the Board held during the course of the Trust's fiscal year on September 6-8, 2022 and December 5-7, 2022. In each case, the Board's renewal was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Sub-Advisory Agreements.

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

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

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

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

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

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

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

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

------

New Covenant Funds / Semi-Annual Report / December 31, 2022

(This page intentionally left blank)

(This page intentionally left blank)

**NEW COVENANT FUNDS SEMI-ANNUAL REPORT DECEMBER 31, 2022** 

#### Trustees
Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

#### Officers
Robert A. Nesher

*President and Chief Executive Officer* 

Ankit Puri

*Controller and Chief Financial Officer* 

Glenn R. Kurdziel

*Assistant Controller* 

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 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

---

| | | |
|:---|:---|:---|
| ![](fp0082239-1_70a.jpg) | ![](fp0082239-1_70.jpg) | NEW <br>COVENANT <br>FUNDS® |

---

NCF-F-004 (12/22)

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable.

**Item 6. Investments.**

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

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees (the "Board"). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on February 22, 2012, 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

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

[(a)(2) 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.](fp0082239-1_ex99cert.htm)

[(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.](fp0082239-1_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 |
| Date: March 10, 2023 |  |

---

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

---

| | |
|:---|:---|
| By | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President & CEO |
| Date: March 10, 2023 |  |
| By | /s/ Ankit Puri |
|  | Ankit Puri |
|  | Controller & CFO |
| Date: March 10, 2023 |  |

---

## 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-CSRS 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: March 10, 2023 |
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President & CEO |

---

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, Ankit Puri, certify that:

1. I have reviewed this report on Form N-CSRS 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: March 10, 2023 |
| /s/ Ankit Puri |
| Ankit Puri |
| Controller & CFO |

---

## 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-CSRS for the period ended December 31, 2022 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;&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;&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: March 10, 2023 |  |
|  | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President & CEO |

---

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-CSRS for the period ended December 31, 2022 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;&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;&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: March 10, 2023 |  |
|  | /s/ Ankit Puri |
|  | Ankit Puri |
|  | Controller & CFO |

---