UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-09025

New Covenant Funds

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2026

Date of reporting period: June 30, 2026

Item 1.

Reports to Stockholders.

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

Annual Shareholder Report: June 30, 2026

New Covenant Growth Fund

New Covenant Funds

Ticker: NCGFX

This annual shareholder report contains important information about New Covenant Growth Fund (the "Fund") for the period from July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	New Covenant Growth Fund	Russell 3000 Index (USD) (TR)^{Footnote Reference*}
Jun/16	$10,000	$10,000
Jun/17	$11,812	$11,851
Jun/18	$13,553	$13,602
Jun/19	$14,530	$14,824
Jun/20	$15,573	$15,792
Jun/21	$22,205	$22,767
Jun/22	$19,114	$19,610
Jun/23	$22,714	$23,327
Jun/24	$27,706	$28,721
Jun/25	$31,440	$33,114
Jun/26	$38,443	$40,667

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

How did the Fund perform in the last year?

The Fund modestly underperformed its benchmark, the Russell 3000 Index (USD) (TR) — which tracks the performance of the 3,000 largest U.S. companies representing approximately 96% of the investable U.S. equity market — for the 12-month period ending June 30, 2026.

The Fund’s holdings in the energy sector lagged relative to the benchmark’s energy sector holdings, weighing on performance for the reporting period. Fund performance was enhanced by an overweight to the semiconductor sector but was hampered by an underweight to the aerospace and defense industry, which outperformed within the benchmark. The Fund also benefited from not owning tobacco company stocks, as the sector underperformed within the benchmark Russell 3000 Index (USD) (TR) for the reporting period.

Total Return Based on $10,000 Investment

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Growth Fund	22.27%	11.60%	14.41%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%

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

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$580,052	1,510	$1,288	5%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Rights	0.0%
Futures Contracts	0.0%
Cash Equivalent	0.4%
Utilities	2.1%
Real Estate	2.2%
Materials	2.2%
Energy	3.1%
Consumer Staples	3.9%
Communication Services	8.7%
Industrials	9.7%
Health Care	9.9%
Consumer Discretionary	10.0%
Financials	12.2%
Information Technology	35.3%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
NVIDIA Corp			6.5%
Apple Inc			5.8%
Microsoft Corp			4.0%
Amazon.com Inc			3.3%
Alphabet Inc, Cl A			2.8%
Broadcom Inc			2.5%
Alphabet Inc, Cl C			2.2%
Micron Technology Inc			1.8%
Tesla Inc			1.8%
Meta Platforms Inc, Cl A			1.6%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

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

Additional Information

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

877-835-4531
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Covenant Funds

New Covenant Growth Fund: NCGFX

Annual Shareholder Report: June 30, 2026

NCGFX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Income Fund

New Covenant Funds

Ticker: NCICX

This annual shareholder report contains important information about New Covenant Income Fund (the "Fund") for the period from July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
New Covenant Income Fund	$76	0.75%

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	New Covenant Income Fund	Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	Bloomberg Intermediate U.S. Aggregate Bond Index (USD)
Jun/16	$10,000	$10,000	$10,000
Jun/17	$10,028	$9,969	$9,984
Jun/18	$9,973	$9,929	$9,952
Jun/19	$10,618	$10,710	$10,621
Jun/20	$11,246	$11,646	$11,323
Jun/21	$11,372	$11,608	$11,328
Jun/22	$10,310	$10,413	$10,433
Jun/23	$10,229	$10,315	$10,370
Jun/24	$10,570	$10,587	$10,738
Jun/25	$11,230	$11,230	$11,456
Jun/26	$11,602	$11,656	$11,887

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

How did the Fund perform in the last year?

The Fund modestly underperformed its benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) (TR) — which tracks the performance of fixed-rate, publicly issued, investment-grade bonds — for the 12-month period ending June 30, 2026.

During the reporting period, the Federal Reserve ("Fed") reduced its benchmark interest rate by a cumulative 75 basis points in the final four months of 2025, to a target range of 3.50% to 3.75%, and then remained on hold through June 2026. The steady rate path occurred as inflation remained above the Fed’s 2% target and geopolitical tensions in the Middle East contributed to higher energy prices and uncertainty around the outlook for inflation and interest rates.

Fund performance for the reporting period was supported by an overweight to agency mortgage-backed securities ("MBS"). Security selection within the sector also contributed to performance, as the Fund’s managers generally favored specified pools over to-be-announced ("TBA") exposure. (TBA securities are forward contracts to buy or sell mortgage-backed securities ("MBS") without immediately identifying the exact underlying loans.) An underweight to corporate credit was a detractor as spreads remained tight during the reporting period, although this was partially offset by positive security selection within the corporate sector. An overweight to asset-backed securities ("ABS") bolstered Fund performance, with the managers generally favoring prime tranches, and an allocation to AAA rated collateralized loan obligations ("CLOs") also had a positive impact. A slightly long duration posture and an overweight to the 2-year segment of the yield curve weighed on Fund performance as the market shifted from pricing in additional rate cuts in 2026 to considering the possibility of a less accommodative Federal Reserve monetary policy path. At the Fund manager level, Income Research + Management benefited from positioning within the ABS sector and security selection in corporate bonds. Metropolitan West Asset Management LLC’s performance was enhanced by overweight allocations to agency MBS and AAA rated CLOs, while an underweight to corporate bonds and yield-curve positioning detracted from performance.

Total Return Based on $10,000 Investment

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Income Fund	3.31%	0.40%	1.50%
Bloomberg U.S. Aggregate Bond Index (USD) (TR)^{Footnote Reference*}	3.79%	0.08%	1.54%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.76%	0.97%	1.74%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$350,805	852	$953	285%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Futures Contracts	-0.1%
Materials	0.0%
Energy	0.3%
Consumer Staples	0.6%
Real Estate	0.9%
Industrials	1.0%
Municipal Bonds	1.2%
Consumer Discretionary	1.3%
Communication Services	1.3%
Information Technology	1.3%
Health Care	1.5%
Cash Equivalent	1.7%
Utilities	2.9%
Financials	8.8%
Asset-Backed Securities	9.5%
U.S. Treasury Obligations	33.1%
Mortgage-Backed Securities	45.0%

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

Top Ten Holdings

Table Summary
Holding Name	Coupon Rate	Maturity Date	Percentage of Total Net Assets^{Footnote Reference(A)}
U.S. Treasury Notes	4.125%	06/30/28	8.9%
U.S. Treasury Notes	4.125%	05/31/31	4.9%
U.S. Treasury Notes	4.125%	06/30/31	4.0%
U.S. Treasury Notes	4.000%	05/31/28	3.0%
U.S. Treasury Notes	3.500%	02/28/31	2.3%
FNMA	3.500%	07/15/56	2.2%
U.S. Treasury Notes	3.875%	05/15/29	1.9%
U.S. Treasury Notes	4.125%	02/15/36	1.5%
U.S. Treasury Notes	4.125%	06/15/29	1.2%
U.S. Treasury Notes	4.250%	06/30/33	1.2%

Footnote	Description
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material changes to the Fund during the reporting period.

Changes in and Disagreements with Accountants

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

Additional Information

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

877-835-4531
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Covenant Funds

New Covenant Income Fund: NCICX

Annual Shareholder Report: June 30, 2026

NCICX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Balanced Growth Fund

New Covenant Funds

Ticker: NCBGX

This annual shareholder report contains important information about New Covenant Balanced Growth Fund (the "Fund") for the period from July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	New Covenant Balanced Growth Fund	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	60/40 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)
Jun/16	$10,000	$10,000	$10,000	$10,000
Jun/17	$11,059	$11,851	$9,984	$11,075
Jun/18	$11,994	$13,602	$9,952	$12,027
Jun/19	$12,847	$14,824	$10,621	$13,058
Jun/20	$13,821	$15,792	$11,323	$14,000
Jun/21	$17,207	$22,767	$11,328	$17,500
Jun/22	$15,167	$19,610	$10,433	$15,530
Jun/23	$16,809	$23,327	$10,370	$17,249
Jun/24	$19,207	$28,721	$10,738	$19,848
Jun/25	$21,271	$33,114	$11,456	$22,227
Jun/26	$24,344	$40,667	$11,887	$25,563

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

How did the Fund perform in the last year?

The Fund modestly underperformed the benchmark — a 60%/40% blend of the Russell 3000 Index (USD) (TR) and the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) — for the 12-month period ending June 30, 2026.

Within the Fund’s equity component, holdings in the energy sector lagged relative to the benchmark’s energy sector holdings, weighing on performance for the reporting period. Fund performance benefited from an overweight to the semiconductor sector but was hampered by an underweight to the aerospace and defense industry, which outperformed within the benchmark. The Fund also benefited from not owning tobacco company stocks, as the sector underperformed within the benchmark Russell 3000 Index (USD) for the reporting period.

The performance of the Fund’s fixed-income component was supported by an overweight to agency mortgage-backed securities ("MBS"). Security selection within the sector also contributed to performance, as the Fund’s managers generally favored specified pools over to-be-announced ("TBA") exposure. (TBA securities are forward contracts to buy or sell mortgage-backed securities ("MBS") without immediately identifying the exact underlying loans.) An underweight to corporate credit was a detractor as spreads remained tight during the reporting period, although this was partially offset by positive security selection within the corporate sector. An overweight to asset-backed securities ("ABS") bolstered Fund performance, with the managers generally favoring prime tranches, and an allocation to AAA rated collateralized loan obligations ("CLOs") also had a positive impact. A slightly long duration posture and an overweight to the 2-year segment of the yield curve weighed on Fund performance as the market shifted from pricing in additional rate cuts in 2026 to considering the possibility of a less accommodative Federal Reserve monetary policy path.

Total Return Based on $10,000 Investment

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Balanced Growth Fund	14.45%	7.19%	9.30%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.76%	0.97%	1.74%
60/40 Russell 3000 ™ & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	15.01%	7.87%	9.84%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$373,465	3	$-	8%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	0.8%
Affiliated Investment Funds	99.1%

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

Top Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
New Covenant Growth Fund^{Footnote Reference**}			60.9%
New Covenant Income Fund^{Footnote Reference**}			38.2%

Footnote	Description
Footnote**	Affiliated Investment.
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

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

Additional Information

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

877-835-4531
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Covenant Funds

New Covenant Balanced Growth Fund: NCBGX

Annual Shareholder Report: June 30, 2026

NCBGX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Balanced Income Fund

New Covenant Funds

Ticker: NCBIX

This annual shareholder report contains important information about New Covenant Balanced Income Fund (the "Fund") for the period from July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 877-835-4531.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	New Covenant Balanced Income Fund	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	35/65 Russell 3000 & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)
Jun/16	$10,000	$10,000	$10,000	$10,000
Jun/17	$10,611	$11,851	$9,984	$10,610
Jun/18	$11,096	$13,602	$9,952	$11,122
Jun/19	$11,846	$14,824	$10,621	$12,009
Jun/20	$12,691	$15,792	$11,323	$12,873
Jun/21	$14,499	$22,767	$11,328	$14,686
Jun/22	$12,942	$19,610	$10,433	$13,250
Jun/23	$13,698	$23,327	$10,370	$14,068
Jun/24	$14,998	$28,721	$10,738	$15,501
Jun/25	$16,330	$33,114	$11,456	$17,024
Jun/26	$17,927	$40,667	$11,887	$18,770

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

How did the Fund perform in the last year?

The Fund modestly underperformed the benchmark — a 65%/35% blend of the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) and the Russell 3000 Index (USD) (TR) — for the 12-month period ending June 30, 2026.

The performance of the Fund’s fixed income component was supported by an overweight to agency mortgage-backed securities ("MBS"). Security selection within the sector also contributed to performance, as the Fund’s managers generally favored specified pools over to-be-announced ("TBA") exposure. (TBA securities are forward contracts to buy or sell mortgage-backed securities ("MBS") without immediately identifying the exact underlying loans.) An underweight to corporate credit was a detractor as spreads remained tight during the reporting period, although this was partially offset by positive security selection within the corporate sector. An overweight to asset-backed securities ("ABS") bolstered Fund performance, with the managers generally favoring prime tranches, and an allocation to AAA rated collateralized loan obligations ("CLOs") also had a positive impact. A slightly long duration posture and an overweight to the 2-year segment of the yield curve weighed on Fund performance as the market shifted from pricing in additional rate cuts in 2026 to considering the possibility of a less accommodative Federal Reserve monetary policy path.

Within the Fund’s equity component, holdings in the energy sector lagged relative to the benchmark’s energy sector holdings, weighing on performance for the reporting period. Fund performance was enhanced by an overweight to the semiconductor sector but was hampered by an underweight to the aerospace and defense industry, which outperformed within the benchmark. The Fund also benefited from not owning tobacco company stocks, as the sector underperformed within the benchmark Russell 3000 Index (USD) (TR) for the reporting period.

Total Return Based on $10,000 Investment

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
New Covenant Balanced Income Fund	9.78%	4.34%	6.01%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%
Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	3.76%	0.97%	1.74%
35/65 Russell 3000 & Bloomberg Intermediate U.S. Aggregate Bond Index (USD)	10.26%	5.03%	6.50%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$76,730	3	$-	8%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Table Summary
Value	Value
Cash Equivalent	1.0%
Affiliated Investment Funds	98.9%

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

Top Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
New Covenant Income Fund^{Footnote Reference**}			63.4%
New Covenant Growth Fund^{Footnote Reference**}			35.5%

Footnote	Description
Footnote**	Affiliated Investment.
Footnote(A)	Cash Equivalents are not shown in the top ten holdings.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

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

Additional Information

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

877-835-4531
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

New Covenant Funds

New Covenant Balanced Income Fund: NCBIX

Annual Shareholder Report: June 30, 2026

NCBIX-AR-2026

(b) Not applicable.

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2026 and 2025 as follows:

		Fiscal Year 2026			Fiscal Year 2025
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$72,100	N/A	$0	$70,000	N/A	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$258,051	$0	$0	$302,248	$0

Notes:

(1)

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

(2)

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

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

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

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

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

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

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

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

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

	Fiscal Year 2026	Fiscal Year 2025
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2026 and 2025 were $258,051 and $302,248, respectively. Non-audit fees consist of SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

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

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

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

(b) Not Applicable.

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

Financial statements and financial highlights are filed herein.

June 30, 2026

ANNUAL FINANCIALS AND OTHER INFORMATION

New Covenant Funds

New Covenant Growth Fund

New Covenant Income Fund

New Covenant Balanced Growth Fund

New Covenant Balanced Income Fund

newcovenantfunds.com

TABLE OF CONTENTS

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	40
Report of Independent Registered Public Accounting Firm	56
Notice to Shareholders (Unaudited)	57
Other Information (Form N-CSR Items 8-11) (Unaudited)	58

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^{^††} — 99.3%

Communication Services — 8.7%
Alphabet Inc, Cl A		44,897	$	16,045
Alphabet Inc, Cl C		36,308		12,829
Angi Inc, Cl A ^*		197		1
AST SpaceMobile Inc, Cl A ^*		3,783		336
AT&T Inc		44,441		920
Atlanta Braves Holdings Inc, Cl C ^*		1,938		101
Bandwidth Inc, Cl A ^*		74		5
Cable One Inc ^*		79		4
Cars.com Inc ^*		4,178		46
Charter Communications Inc, Cl A ^*		277		39
Cogent Communications Holdings Inc		148		2
Comcast Corp, Cl A		13,642		335
DoubleVerify Holdings Inc ^*		6,933		75
EchoStar Corp, Cl A ^*		1,124		114
Electronic Arts Inc		4,639		951
EverQuote Inc, Cl A ^*		1,468		35
EW Scripps Co/The, Cl A ^*		3,299		9
Fox Corp, Cl A		1,372		72
Fox Corp, Cl B		1,983		93
IMAX Corp ^*		2,244		89
Iridium Communications Inc		366		20
John Wiley & Sons Inc, Cl A		236		11
Liberty Broadband Corp, Cl A ^*		81		3
Liberty Broadband Corp, Cl C ^*		343		11
Liberty Capital Corp, Cl A ^*		16		—
Liberty Capital Corp, Cl C ^*		68		1
Live Nation Entertainment Inc ^*		745		136
Lumen Technologies Inc ^*		12,934		99
Madison Square Garden Entertainment Corp, Cl A ^*		697		56
Madison Square Garden Sports Corp ^*		39		16
Magnite Inc ^*		2,551		48
Match Group Inc		1,841		70
Meta Platforms Inc, Cl A		16,547		9,321
Millicom International Cellular SA		2,334		212
Netflix Inc ^*		33,820		2,415
New York Times Co/The, Cl A		439		31
News Corp, Cl A		829		21
News Corp, Cl B		3,824		107
Nexstar Media Group Inc, Cl A		94		17
Omnicom Group Inc		15,111		1,101
People Inc ^*		376		17
Pinterest Inc, Cl A ^*		3,339		70
ROBLOX Corp, Cl A ^*		861		47
Shutterstock Inc		205		3
Sirius XM Holdings Inc		910		27
Space Exploration Technologies Corp, Cl A ^*		737		126
Sphere Entertainment Co ^*		697		121
Spotify Technology SA ^*		714		328
Take-Two Interactive Software Inc ^*		604		151
TechTarget Inc ^*		1,986		7
TKO Group Holdings Inc, Cl A		512		103

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
T-Mobile US Inc		2,550	$	428
Trade Desk Inc/The, Cl A ^*		862		16
TripAdvisor Inc ^*		1,712		24
Uniti Group Inc ^*		752		9
Verizon Communications Inc		22,561		955
Versant Media Group Inc		445		16
Walt Disney Co/The		21,958		2,113
Warner Bros Discovery Inc ^*		6,879		183
Yelp Inc, Cl A ^*		1,355		33
Ziff Davis Inc ^*		2,547		133
ZoomInfo Technologies Inc, Cl A ^*		2,021		6
				50,713
Consumer Discretionary — 10.0%
1-800-Flowers.com Inc, Cl A ^*		3,668		13
Abercrombie & Fitch Co, Cl A ^*		788		71
Academy Sports & Outdoors Inc		2,047		96
Acushnet Holdings Corp		987		117
Adient PLC ^*		732		13
ADT Inc		4,942		32
Advance Auto Parts Inc		317		20
Airbnb Inc, Cl A ^*		805		115
Amazon.com Inc ^*		80,654		19,223
American Eagle Outfitters Inc		3,416		59
APTIV PLC ^*		1,850		114
Aramark		260		15
Asbury Automotive Group Inc ^*		70		14
AutoNation Inc ^*		649		121
AutoZone Inc ^*		235		751
Bath & Body Works Inc		638		15
Best Buy Co Inc		1,309		99
Birkenstock Holding PLC ^*		1,800		77
Bloomin' Brands Inc		2,259		21
Booking Holdings Inc		6,900		1,230
Boot Barn Holdings Inc ^*		199		33
BorgWarner Inc		321		21
Bright Horizons Family Solutions Inc ^*		76		5
Brightstar Lottery PLC		6,681		72
Brinker International Inc ^*		810		136
Brunswick Corp/DE		839		71
Buckle Inc/The		1,885		80
Build-A-Bear Workshop Inc, Cl A		1,467		45
Burlington Stores Inc ^*		317		100
Callaway Golf Co ^*		2,383		45
Capri Holdings Ltd ^*		1,319		24
CarMax Inc ^*		1,086		57
Carnival Corp Ltd		10,223		292
Carter's Inc		471		19
Carvana Co, Cl A ^*		1,830		120
Cavco Industries Inc ^*		60		37
Chipotle Mexican Grill Inc, Cl A ^*		11,600		394
Choice Hotels International Inc		113		12
Columbia Sportswear Co		891		55
Coupang Inc, Cl A ^*		3,320		58

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Coursera Inc ^*		18,558	$	105
Covista Inc ^*		1,089		136
Cracker Barrel Old Country Store Inc		323		17
Crocs Inc ^*		1,116		135
Dana Inc		2,660		72
Darden Restaurants Inc		705		145
Dave & Buster's Entertainment Inc ^*		1,283		15
Deckers Outdoor Corp ^*		2,634		262
Designer Brands Inc, Cl A		3,316		19
Dick's Sporting Goods Inc		582		132
Dillard's Inc, Cl A		45		24
Domino's Pizza Inc		33		10
DoorDash Inc, Cl A ^*		853		157
Dorman Products Inc ^*		128		17
DR Horton Inc		589		96
eBay Inc		8,710		973
Etsy Inc ^*		1,162		88
Expedia Group Inc		389		100
Five Below Inc ^*		410		74
Floor & Decor Holdings Inc, Cl A ^*		232		14
Ford Motor Co		10,620		148
Fox Factory Holding Corp ^*		749		13
Frontdoor Inc ^*		251		19
GameStop Corp, Cl A ^*		2,040		45
Gap Inc/The		4,661		87
Garmin Ltd		418		99
Garrett Motion Inc		5,651		205
General Motors Co		1,886		145
Gentex Corp		440		11
Gentherm Inc ^*		184		6
Genuine Parts Co		67		8
Global Business Travel Group I ^*		11,930		112
Goodyear Tire & Rubber Co/The ^*		989		7
Graham Holdings Co, Cl B		78		89
Grand Canyon Education Inc ^*		121		17
Group 1 Automotive Inc		86		25
H&R Block Inc		2,109		80
Hasbro Inc		2,632		217
Helen of Troy Ltd ^*		57		2
Hilton Grand Vacations Inc ^*		3,016		158
Hilton Worldwide Holdings Inc		5,480		1,811
Home Depot Inc/The		6,434		2,269
Hyatt Hotels Corp, Cl A		135		26
Installed Building Products Inc		125		29
Jack in the Box Inc ^*		658		10
Johnson Outdoors Inc, Cl A		659		30
KB Home		1,621		101
Kohl's Corp		1,859		33
Kontoor Brands Inc		1,282		107
Las Vegas Sands Corp		1,876		87
La-Z-Boy Inc, Cl Z		1,597		64
LCI Industries		483		51
Lear Corp		1,322		177

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Leggett & Platt Inc		222	$	3
Lennar Corp, Cl B		122		11
LGI Homes Inc ^*		127		8
Liberty Live Holdings Inc, Cl C ^*		59		6
Lithia Motors Inc, Cl A		296		86
LKQ Corp		317		8
Lowe's Cos Inc		7,273		1,604
Lucid Group Inc, Cl A ^*		3,324		22
Lululemon Athletica Inc ^*		245		28
M/I Homes Inc ^*		198		32
Macy's Inc		4,042		95
Malibu Boats Inc, Cl A ^*		202		6
Marriott International Inc/MD, Cl A		3,599		1,334
Marriott Vacations Worldwide Corp		394		40
Mattel Inc ^*		711		10
McDonald's Corp		9,415		2,545
Meritage Homes Corp		1,588		133
Mohawk Industries Inc ^*		127		15
Monro Inc		626		11
Murphy USA Inc		263		142
National Vision Holdings Inc ^*		447		9
Newell Brands Inc		605		4
NIKE Inc, Cl B		3,900		160
Norwegian Cruise Line Holdings Ltd ^*		5,839		123
NVR Inc ^*		13		89
Ollie's Bargain Outlet Holdings Inc ^*		212		16
O'Reilly Automotive Inc ^*		1,174		108
Oxford Industries Inc		665		23
Papa John's International Inc		151		6
Peloton Interactive Inc, Cl A ^*		2,845		17
Penske Automotive Group Inc		624		112
Petco Health & Wellness Co Inc, Cl A ^*		27,348		74
Phinia Inc		64		5
Planet Fitness Inc, Cl A ^*		173		9
Polaris Inc		966		66
PulteGroup Inc		871		120
Pursuit Attractions and Hospitality Inc ^*		2,883		161
PVH Corp		108		8
Ralph Lauren Corp, Cl A		436		175
Restaurant Brands International Inc		1,594		116
Revolve Group Inc, Cl A ^*		2,223		51
RH ^*		45		7
Rivian Automotive Inc, Cl A ^*		1,274		22
Ross Stores Inc		582		124
Royal Caribbean Cruises Ltd		2,969		943
Sally Beauty Holdings Inc ^*		2,794		40
Service Corp International/US		250		19
Shake Shack Inc, Cl A ^*		157		9
Signet Jewelers Ltd		1,372		118
Six Flags Entertainment Corp ^*		144		3
Somnigroup International Inc		1,393		109
Sonos Inc ^*		7,451		101
Standard Motor Products Inc		943		37

2	New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Starbucks Corp		15,798	$	1,614
Steven Madden Ltd		1,178		50
Stitch Fix Inc, Cl A ^*		1,021		4
Strategic Education Inc		331		25
Stride Inc ^*		348		30
Tapestry Inc		716		105
Taylor Morrison Home Corp, Cl A ^*		1,595		114
Tesla Inc ^*		24,339		10,237
Texas Roadhouse Inc, Cl A		561		108
Thor Industries Inc		106		8
TJX Cos Inc/The		5,695		863
Toll Brothers Inc		269		44
TopBuild Corp ^*		203		72
Tractor Supply Co		11,885		376
Travel + Leisure Co		307		23
Ulta Beauty Inc ^*		279		126
Under Armour Inc, Cl C ^*		556		3
United Parks & Resorts Inc ^*		251		12
Upbound Group Inc, Cl A		1,764		37
Urban Outfitters Inc ^*		417		30
Vail Resorts Inc		46		6
Valvoline Inc ^*		7,878		312
Versigent PLC ^*		616		26
VF Corp		4,023		67
Victoria's Secret & Co ^*		212		18
Visteon Corp		85		8
Wayfair Inc, Cl A ^*		320		30
Wendy's Co/The		11,419		95
Whirlpool Corp		638		25
Williams-Sonoma Inc		320		75
Wingstop Inc		363		63
Winnebago Industries Inc		191		6
Wolverine World Wide Inc		1,511		25
Wyndham Hotels & Resorts Inc		189		16
YETI Holdings Inc ^*		2,684		133
Yum! Brands Inc		7,314		1,169
				57,849
Consumer Staples — 3.9%
Andersons Inc/The		338		23
Archer-Daniels-Midland Co		5,103		390
B&G Foods Inc		862		3
BellRing Brands Inc ^*		136		2
BJ's Wholesale Club Holdings Inc ^*		1,100		96
Bunge Global SA		929		99
Campbell's Company/The		10,354		231
Casey's General Stores Inc		65		52
Chefs' Warehouse Inc/The ^*		1,366		131
Church & Dwight Co Inc		1,025		99
Clorox Co/The		2,716		259
Coca-Cola Co/The		36,380		2,957
Coca-Cola Consolidated Inc		450		86
Colgate-Palmolive Co		3,661		336
Conagra Brands Inc		3,435		46

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Constellation Brands Inc, Cl A		695	$	97
Costco Wholesale Corp		2,990		2,797
Coty Inc, Cl A ^*		1,026		2
Darling Ingredients Inc ^*		716		39
Del Monte Corp		1,442		40
Dollar General Corp		752		86
Dollar Tree Inc ^*		1,320		160
Edgewell Personal Care Co		310		8
elf Beauty Inc ^*		1,327		98
Energizer Holdings Inc		231		5
Estee Lauder Cos Inc/The, Cl A		2,390		189
Flowers Foods Inc		555		4
General Mills Inc		13,887		483
Herbalife Ltd ^*		1,088		14
Hershey Co/The		2,295		403
Hormel Foods Corp		4,797		119
Ingredion Inc		1,110		105
J M Smucker Co/The		1,348		152
Kenvue Inc		4,950		95
Keurig Dr Pepper Inc		25,092		821
Kimberly-Clark Corp		925		101
Kraft Heinz Co/The		3,923		93
Kroger Co/The		1,941		108
Lamb Weston Holdings Inc		594		26
McCormick & Co Inc/MD		2,119		107
Mission Produce Inc ^*		559		7
Mondelez International Inc, Cl A		17,402		1,006
Monster Beverage Corp ^*		889		85
National Beverage Corp ^*		344		11
PepsiCo Inc		18,825		2,549
PriceSmart Inc		179		35
Procter & Gamble Co/The		18,050		2,647
Simply Good Foods Co/The ^*		2,805		37
Smithfield Foods Inc		5,024		122
Sprouts Farmers Market Inc ^*		623		53
Sysco Corp		1,432		120
Target Corp		6,577		859
Tyson Foods Inc, Cl A		1,410		81
US Foods Holding Corp ^*		2,211		226
Vita Coco Co Inc/The ^*		1,354		89
Vital Farms Inc ^*		3,246		38
Walmart Inc		33,703		3,817
				22,744
Energy — 3.1%
Antero Midstream Corp		26,635		606
Antero Resources Corp ^*		6,426		226
APA Corp		2,988		97
Ardmore Shipping Corp		5,335		75
Baker Hughes Co, Cl A		9,516		528
Borr Drilling Ltd ^*		11,900		49
Cactus Inc, Cl A		298		15
California Resources Corp		1,909		101
Calumet Inc ^*		3,628		131

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Centrus Energy Corp, Cl A ^*		395	$	66
Cheniere Energy Inc		5,758		1,376
Chord Energy Corp		983		112
CNX Resources Corp ^*		1,745		59
Comstock Resources Inc ^*		4,929		74
ConocoPhillips		19,262		2,002
Core Natural Resources Inc		338		27
Crescent Energy Co, Cl A		4,693		46
Delek US Holdings Inc		2,494		127
Devon Energy Corp		24,635		1,018
DHT Holdings Inc		1,338		22
Diamondback Energy Inc		981		172
Dorian LPG Ltd		2,360		82
DT Midstream Inc		405		59
Energy Fuels Inc/Canada ^*		5,052		73
EOG Resources Inc		2,919		379
EQT Corp		8,048		428
Expand Energy Corp		1,168		107
Expro Group Holdings NV ^*		1,529		23
FLEX LNG Ltd		2,301		65
Golar LNG Ltd		2,645		132
Green Plains Inc ^*		2,069		32
Halliburton Co		3,226		110
Helix Energy Solutions Group Inc ^*		10,917		95
Helmerich & Payne Inc		4,134		135
HF Sinclair Corp		1,944		135
Innovex International Inc ^*		1,072		27
International Seaways Inc		329		25
Kinder Morgan Inc		50,177		1,604
Kinetik Holdings Inc, Cl A		2,668		129
Kodiak Gas Services Inc		1,707		128
Kosmos Energy Ltd ^*		42,468		90
Magnolia Oil & Gas Corp, Cl A		1,806		46
Murphy Oil Corp		449		15
Nabors Industries Ltd ^*		367		31
NextDecade Corp ^*		10,122		76
Noble Corp PLC		1,325		49
Nordic American Tankers Ltd		3,610		20
NOV Inc		482		9
Occidental Petroleum Corp		5,198		252
ONEOK Inc		10,887		947
Ovintiv Inc		2,011		106
Patterson-UTI Energy Inc		4,952		45
PBF Energy Inc, Cl A		316		14
Peabody Energy Corp		612		14
Permian Resources Corp, Cl A		5,216		96
Range Resources Corp		2,839		106
RPC Inc		1,226		7
Sable Offshore Corp ^*		4,472		14
Scorpio Tankers Inc		270		19
SLB Ltd		28,794		1,339
SM Energy Co		1,100		29
Talos Energy Inc ^*		10,408		134

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Targa Resources Corp		443	$	119
TechnipFMC PLC		1,718		114
Teekay Corp Ltd		10,391		104
Teekay Tankers Ltd, Cl A		1,755		114
Texas Pacific Land Corp		1,593		697
Transocean Ltd ^*		20,466		100
Uranium Energy Corp ^*		28,660		306
Valaris Ltd ^*		739		54
VIPER ENERGY INC, Cl A		2,065		88
Vitesse Energy Inc		272		4
Weatherford International PLC		1,190		97
Williams Cos Inc/The		25,224		1,875
				17,827
Financials — 12.2%
Adamas Trust Inc ^‡		1,944		18
Affiliated Managers Group Inc		362		123
Affirm Holdings Inc, Cl A ^*		1,546		126
Aflac Inc		1,015		119
AGNC Investment Corp ^‡		2,838		31
Allstate Corp/The		508		121
Ally Financial Inc		1,575		72
Amalgamated Financial Corp		2,110		97
American Express Co		7,332		2,480
American Financial Group Inc/OH		89		12
American International Group Inc		1,586		118
Ameriprise Financial Inc		1,250		573
AMERISAFE Inc		743		25
Annaly Capital Management Inc ^‡		655		15
Aon PLC, Cl A		3,474		1,152
Apollo Commercial Real Estate Finance Inc ^‡		2,686		29
Apollo Global Management Inc		1,936		229
Arch Capital Group Ltd ^*		1,254		122
Ares Management Corp, Cl A		632		70
Arthur J Gallagher & Co		839		193
Artisan Partners Asset Management Inc, Cl A		1,589		55
Associated Banc-Corp		4,274		132
Assurant Inc		87		23
Assured Guaranty Ltd		994		80
Atlantic Union Bankshares Corp		2,517		107
Axis Capital Holdings Ltd		825		89
Axos Financial Inc ^*		310		30
Banc of California Inc		843		17
Bank of America Corp		49,763		2,836
Bank of Hawaii Corp		1,051		86
Bank of Marin Bancorp		1,079		30
Bank of New York Mellon Corp/The		1,779		257
Bank of NT Butterfield & Son Ltd/The		1,324		79
Bank OZK		366		19
BankUnited Inc		346		17
Banner Corp		851		57
Beacon Financial Corp		1,501		46

4	New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Berkshire Hathaway Inc, Cl B ^*		13,787	$	6,899
BlackRock Inc		926		890
Blackstone Inc		2,809		331
Block Inc, Cl A ^*		1,553		118
BOK Financial Corp		568		79
Bread Financial Holdings Inc		1,335		145
Brighthouse Financial Inc ^*		268		17
Brown & Brown Inc		290		19
Capital One Financial Corp		3,393		681
Capitol Federal Financial Inc		3,529		30
Carlyle Group Inc/The		923		39
Cass Information Systems Inc		865		44
Cathay General Bancorp		1,291		80
Cboe Global Markets Inc		99		24
Central Pacific Financial Corp		1,651		63
Charles Schwab Corp/The		16,432		1,516
Chimera Investment Corp ^‡		800		11
Chubb Ltd		2,108		718
Cincinnati Financial Corp		891		165
Citigroup Inc		11,307		1,583
Citizens Financial Group Inc		2,230		156
City Holding Co		607		81
CME Group Inc, Cl A		799		176
CNA Financial Corp		253		12
CNO Financial Group Inc		2,346		120
Cohen & Steers Inc		764		58
Coinbase Global Inc, Cl A ^*		323		47
Columbia Banking System Inc		4,557		146
Commerce Bancshares Inc/MO		1,993		115
Community Financial System Inc		710		48
ConnectOne Bancorp Inc		1,891		63
Corpay Inc ^*		277		92
Credit Acceptance Corp ^*		177		113
Cullen/Frost Bankers Inc		121		19
DigitalBridge Group Inc		7,412		117
Dime Commercial Bancshares Inc		1,467		60
Eagle Bancorp Inc		1,035		29
East West Bancorp Inc		1,036		134
Eastern Bankshares Inc		608		14
Ellington Financial Inc ^‡		2,748		37
Enterprise Financial Services Corp		1,063		70
Equitable Holdings Inc		432		19
Essent Group Ltd		970		62
Euronet Worldwide Inc ^*		74		5
Evercore Inc, Cl A		352		120
Everest Group Ltd		179		64
EVERTEC Inc		1,569		44
F&G Annuities & Life Inc		2,635		70
FactSet Research Systems Inc		306		70
FB Financial Corp		1,250		69
Federal Agricultural Mortgage Corp, Cl C		119		24
Fidelity National Financial Inc		1,063		50
Fidelity National Information Services Inc		1,329		52

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Fifth Third Bancorp		6,898	$	389
First American Financial Corp		814		56
First BanCorp/Puerto Rico		821		21
First Busey Corp		1,790		53
First Commonwealth Financial Corp		3,365		68
First Financial Bancorp		1,921		65
First Financial Bankshares Inc		1,378		48
First Hawaiian Inc		3,126		92
First Horizon Corp		5,109		131
First Interstate BancSystem Inc, Cl A		1,171		45
First Merchants Corp		1,182		52
FirstCash Holdings Inc		612		132
Fiserv Inc ^*		838		41
Flagstar Bank NA		317		5
Flywire Corp ^*		9,159		161
FNB Corp/PA		3,907		75
Franklin Resources Inc		4,744		158
Freedom Holding Corp/NV ^*		808		105
Genworth Financial Inc, Cl A ^*		10,439		99
German American Bancorp Inc		1,414		67
Global Payments Inc		842		61
Globe Life Inc		108		19
Goldman Sachs Group Inc/The		2,747		2,778
Goosehead Insurance Inc, Cl A ^*		215		10
HA Sustainable Infrastructure Capital Inc		3,153		123
Hancock Whitney Corp		1,142		85
Hanover Insurance Group Inc/The		124		27
Hartford Insurance Group Inc/The		1,006		133
Heritage Financial Corp/WA		1,744		52
Home BancShares Inc/AR		2,523		72
Hope Bancorp Inc		3,233		44
Horace Mann Educators Corp		1,125		58
Houlihan Lokey Inc, Cl A		192		26
Huntington Bancshares Inc/OH		13,993		248
Independent Bank Corp		580		49
Interactive Brokers Group Inc, Cl A		1,968		171
Intercontinental Exchange Inc		784		97
Invesco Ltd		4,021		106
Invesco Mortgage Capital Inc ^‡		323		3
Jack Henry & Associates Inc		636		88
Jackson Financial Inc, Cl A		1,486		152
Jefferies Financial Group Inc		1,433		72
JPMorgan Chase & Co		22,514		7,370
KeyCorp		6,129		141
Kinsale Capital Group Inc		73		24
KKR & Co Inc		3,222		296
Ladder Capital Corp, Cl A ^‡		9,973		99
Lazard Inc, Cl A		2,316		97
Lemonade Inc ^*		1,665		108
LendingTree Inc ^*		175		8
Lincoln National Corp		3,621		128
Loews Corp		222		25
LPL Financial Holdings Inc		869		245

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
M&T Bank Corp		512	$	122
MarketAxess Holdings Inc		144		16
Marsh & McLennan Cos Inc		2,808		468
Mastercard Inc, Cl A		6,718		3,450
Mechanics Bancorp, Cl A		309		5
Mercury General Corp		233		25
MetLife Inc		6,576		556
MFA Financial Inc ^‡		1,584		15
MGIC Investment Corp		3,455		97
Moelis & Co, Cl A		461		30
Moody's Corp		2,460		1,114
Morgan Stanley		9,068		1,896
Morningstar Inc		67		10
MSCI Inc, Cl A		635		356
Nasdaq Inc		7,134		562
NBT Bancorp Inc		1,213		60
NCR Atleos Corp ^*		167		7
Nelnet Inc, Cl A		145		19
NMI Holdings Inc, Cl A ^*		1,470		60
Northern Trust Corp		835		145
Northfield Bancorp Inc		2,868		42
NU Holdings Ltd/Cayman Islands, Cl A ^*		6,991		93
OFG Bancorp		2,119		104
Old National Bancorp/IN		5,093		132
Old Republic International Corp		2,755		113
OneMain Holdings Inc, Cl A		258		16
Orchid Island Capital Inc, Cl A ^‡		3,472		24
Palomar Holdings Inc, Cl A ^*		145		18
Pathward Financial Inc		266		23
PayPal Holdings Inc		1,579		68
PennyMac Financial Services Inc		833		73
PennyMac Mortgage Investment Trust ^‡		8,462		95
Pinnacle Financial Partners Inc		1,570		158
PNC Financial Services Group Inc/The		1,163		286
Popular Inc		1,004		165
PRA Group Inc ^*		1,320		25
Primerica Inc		323		92
Principal Financial Group Inc		662		71
PROG Holdings Inc		832		39
Progressive Corp/The		7,459		1,629
Prosperity Bancshares Inc		1,192		87
Provident Financial Services Inc		4,392		104
Prudential Financial Inc		974		105
Radian Group Inc		1,924		73
Raymond James Financial Inc		615		94
Redwood Trust Inc ^‡		2,992		14
Regions Financial Corp		33,023		997
Reinsurance Group of America Inc, Cl A		578		123
RenaissanceRe Holdings Ltd		69		22
Renasant Corp		1,366		58
Repay Holdings Corp, Cl A ^*		7,436		31
Rithm Capital Corp ^‡		1,403		13
RLI Corp		1,090		64

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Robinhood Markets Inc, Cl A ^*		4,467	$	448
Rocket Cos Inc, Cl A ^*		4,048		64
Root Inc/OH, Cl A ^*		806		45
S&P Global Inc		4,831		1,968
Seacoast Banking Corp of Florida		1,616		54
ServisFirst Bancshares Inc		187		16
SLM Corp		3,705		96
SoFi Technologies Inc ^*		4,801		86
SOUTHSTATE BANK CORP		724		72
Starwood Property Trust Inc ^‡		2,000		33
State Street Corp		8,941		1,516
StepStone Group Inc, Cl A		1,643		68
Stifel Financial Corp		368		26
Synchrony Financial		4,720		359
T Rowe Price Group Inc		2,147		244
Texas Capital Bancshares Inc		822		85
TFS Financial Corp		573		10
Toast Inc, Cl A ^*		2,222		62
TPG Inc, Cl A		1,811		73
TPG RE Finance Trust Inc ^‡		2,439		20
Tradeweb Markets Inc, Cl A		805		80
Travelers Cos Inc/The		4,033		1,331
TriCo Bancshares		1,219		66
Triumph Financial Inc ^*		822		63
Truist Financial Corp		2,395		119
Trustmark Corp		1,410		65
Two Harbors Investment Corp ^‡		1,597		20
UMB Financial Corp		826		118
Univest Financial Corp		1,820		80
Unum Group		1,638		146
Upstart Holdings Inc ^*		1,290		46
US Bancorp		4,129		249
Valley National Bancorp		4,269		63
Victory Capital Holdings Inc, Cl A		1,631		137
Virtu Financial Inc, Cl A		1,971		117
Visa Inc, Cl A		17,051		5,850
Voya Financial Inc		1,543		140
W R Berkley Corp		370		26
Walker & Dunlop Inc		749		41
Washington Trust Bancorp Inc		924		34
Webster Financial Corp		2,008		153
Wells Fargo & Co		18,240		1,507
Westamerica BanCorp		731		43
Western Alliance Bancorp		1,154		95
Western Union Co/The		425		3
WEX Inc ^*		55		8
Willis Towers Watson PLC		907		237
Wintrust Financial Corp		708		114
XP Inc, Cl A		3,989		65
Zions Bancorp NA		1,771		123
				70,919
Health Care — 9.9%
Abbott Laboratories		11,993		1,088

6	New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
AbbVie Inc		17,641	$	4,439
Acadia Healthcare Co Inc ^*		220		6
AdaptHealth Corp, Cl A ^*		2,632		27
Adaptive Biotechnologies Corp ^*		1,704		37
Addus HomeCare Corp ^*		495		50
Agilent Technologies Inc		765		102
Agios Pharmaceuticals Inc ^*		1,062		39
Align Technology Inc ^*		311		52
Alkermes PLC ^*		2,433		127
Alnylam Pharmaceuticals Inc ^*		562		169
Amgen Inc		5,307		1,922
AMN Healthcare Services Inc ^*		832		27
AnaptysBio Inc ^*		1,908		129
Anika Therapeutics Inc ^*		920		13
Arcturus Therapeutics Holdings Inc ^*		483		3
Arrowhead Pharmaceuticals Inc ^*		251		20
Arvinas Inc ^*		1,298		11
Astrana Health Inc ^*		344		16
AtriCure Inc ^*		1,029		29
Atrium Therapeutics Inc ^*		160		2
Avanos Medical Inc ^*		301		7
Avantor Inc ^*		1,656		16
Azenta Inc ^*		207		5
Baxter International Inc		4,863		104
Becton Dickinson & Co		542		82
BioCryst Pharmaceuticals Inc ^*		1,030		10
Biogen Inc ^*		681		147
Biohaven Ltd ^*		45		1
BioLife Solutions Inc ^*		2,163		61
BioMarin Pharmaceutical Inc ^*		1,042		60
Bio-Rad Laboratories Inc, Cl A ^*		32		9
Bio-Techne Corp		212		15
Boston Scientific Corp ^*		16,399		700
Bridgebio Pharma Inc ^*		241		18
Bristol-Myers Squibb Co		12,713		733
Brookdale Senior Living Inc ^*		7,397		119
Cardinal Health Inc		998		237
CareDx Inc ^*		4,535		129
Castle Biosciences Inc ^*		730		17
Catalyst Pharmaceuticals Inc ^*		4,583		144
Cencora Inc, Cl A		589		167
Centene Corp ^*		4,805		308
Charles River Laboratories International Inc ^*		77		17
Cigna Group/The		4,207		1,160
Collegium Pharmaceutical Inc ^*		2,915		106
Cooper Cos Inc/The ^*		944		68
Corcept Therapeutics Inc ^*		1,695		147
CorVel Corp ^*		375		23
CryoPort Inc ^*		871		14
CVS Health Corp		5,409		560
Cytokinetics Inc ^*		1,159		99
Danaher Corp		6,994		1,332

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
DaVita Inc ^*		160	$	36
Denali Therapeutics Inc ^*		2,631		68
DENTSPLY SIRONA Inc		3,113		33
Dexcom Inc ^*		3,388		228
Doximity Inc, Cl A ^*		1,684		35
Edwards Lifesciences Corp ^*		8,484		767
Elanco Animal Health Inc ^*		398		10
Elevance Health Inc		3,452		1,335
Eli Lilly & Co		6,903		8,280
Embecta Corp		887		3
Enanta Pharmaceuticals Inc ^*		785		11
Encompass Health Corp		164		17
Enovis Corp ^*		485		10
Envista Holdings Corp ^*		317		8
Exelixis Inc ^*		2,898		158
First Tracks Biotherapeutics Inc ^*		1,908		38
Fortrea Holdings Inc ^*		515		9
Fulgent Genetics Inc ^*		853		18
GE HealthCare Technologies Inc		153		10
Gilead Sciences Inc		13,426		1,696
Glaukos Corp ^*		167		23
Globus Medical Inc, Cl A ^*		179		14
GRAIL Inc ^*		352		24
Guardant Health Inc ^*		1,065		160
Haemonetics Corp ^*		195		15
Halozyme Therapeutics Inc ^*		1,555		122
HCA Healthcare Inc		566		221
HealthEquity Inc ^*		673		61
Henry Schein Inc ^*		1,546		129
Humana Inc		242		96
Ideaya Biosciences Inc ^*		4,068		152
IDEXX Laboratories Inc ^*		707		372
Illumina Inc ^*		1,115		196
Incyte Corp ^*		1,063		121
Innoviva Inc ^*		3,557		81
Inogen Inc ^*		706		5
Insmed Inc ^*		1,356		145
Insulet Corp ^*		65		10
Integer Holdings Corp ^*		625		58
Integra LifeSciences Holdings Corp ^*		188		3
Intellia Therapeutics Inc ^*		1,231		21
Intuitive Surgical Inc ^*		4,209		1,674
Ionis Pharmaceuticals Inc ^*		782		62
Iovance Biotherapeutics Inc ^*		1,433		6
IQVIA Holdings Inc ^*		491		95
iRhythm Holdings Inc ^*		210		25
Jazz Pharmaceuticals PLC ^*		616		148
Johnson & Johnson		24,391		6,195
Kodiak Sciences Inc ^*		1,218		47
Krystal Biotech Inc ^*		357		133
Kura Oncology Inc ^*		3,438		38
Labcorp Holdings Inc		515		144
Lantheus Holdings Inc ^*		997		111

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Ligand Pharmaceuticals Inc ^*		462	$	146
LivaNova PLC ^*		657		54
McKesson Corp		576		435
Medtronic PLC		15,259		1,194
MeiraGTx Holdings PLC ^*		4,240		57
Merck & Co Inc		28,799		3,701
Mettler-Toledo International Inc ^*		80		102
Moderna Inc ^*		3,544		248
Myriad Genetics Inc ^*		1,860		11
Natera Inc ^*		543		147
Neogen Corp ^*		300		3
Neurocrine Biosciences Inc ^*		717		121
Novavax Inc ^*		816		8
Novocure Ltd ^*		905		14
NRC Health		779		17
OmniAb Inc, Cl W ^*		2,263		6
Omnicell Inc ^*		466		19
Option Care Health Inc ^*		648		14
OraSure Technologies Inc ^*		6,042		27
Organon & Co		649		9
Pediatrix Medical Group Inc ^*		417		11
Pennant Group Inc/The ^*		1,609		59
Penumbra Inc ^*		72		23
Perrigo Co PLC		211		2
Pfizer Inc		67,874		1,634
Phreesia Inc ^*		361		4
Praxis Precision Medicines Inc ^*		351		118
Protagonist Therapeutics Inc ^*		1,083		133
Prothena Corp PLC ^*		5,314		52
PTC Therapeutics Inc ^*		1,021		83
QIAGEN NV		2,093		82
Quest Diagnostics Inc		556		118
Recursion Pharmaceuticals Inc, Cl A ^*		19,169		70
Regeneron Pharmaceuticals Inc		1,105		689
REGENXBIO Inc ^*		456		5
Relay Therapeutics Inc ^*		11,508		215
Repligen Corp ^*		553		75
ResMed Inc		459		89
Revolution Medicines Inc ^*		1,050		197
Revvity Inc		120		13
Rhythm Pharmaceuticals Inc ^*		1,158		129
Rocket Pharmaceuticals Inc ^*		932		3
Sarepta Therapeutics Inc ^*		87		2
Savara Inc ^*		20,653		127
Simulations Plus Inc ^*		1,477		27
Solventum Corp ^*		1,703		131
STAAR Surgical Co ^*		2,233		64
STERIS PLC		501		105
Stryker Corp		2,003		631
Summit Therapeutics Inc ^*		4,901		71
Supernus Pharmaceuticals Inc ^*		2,174		101
Tactile Systems Technology Inc ^*		728		22
Tandem Diabetes Care Inc ^*		144		2

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Teleflex Inc		486	$	62
Tenet Healthcare Corp ^*		564		106
Theravance Biopharma Inc ^*		2,200		37
Thermo Fisher Scientific Inc		2,892		1,450
TransMedics Group Inc ^*		804		53
Travere Therapeutics Inc ^*		2,182		124
Trevi Therapeutics Inc ^*		11,314		211
Twist Bioscience Corp ^*		606		62
Ultragenyx Pharmaceutical Inc ^*		1,143		38
United Therapeutics Corp ^*		559		303
UnitedHealth Group Inc		5,988		2,489
Universal Health Services Inc, Cl B		80		12
US Physical Therapy Inc		428		29
Utah Medical Products Inc		515		36
Varex Imaging Corp ^*		1,631		17
Vaxcyte Inc ^*		1,042		61
Veeva Systems Inc, Cl A ^*		1,157		205
Vericel Corp ^*		1,218		54
Vertex Pharmaceuticals Inc ^*		2,599		1,291
Viatris Inc, Cl W		1,277		20
Viking Therapeutics Inc ^*		1,343		52
Waters Corp ^*		330		124
West Pharmaceutical Services Inc		250		90
Xencor Inc ^*		1,686		27
Zimmer Biomet Holdings Inc		1,054		91
Zoetis Inc, Cl A		3,605		259
				57,123
Industrials — 9.7%
3M Co		1,210		196
A O Smith Corp		1,708		107
AAON Inc		288		37
ABM Industries Inc		3,427		152
ACCO Brands Corp		5,214		22
Acuity Inc		84		32
AEBI SCHMIDT HOLDING AG		446		6
AerSale Corp ^*		15,680		99
AGCO Corp		149		18
Alamo Group Inc		86		14
Alaska Air Group Inc ^*		2,673		140
Albany International Corp, Cl A		1,310		98
Allegion PLC		855		120
Allient Inc		2,036		210
Allison Transmission Holdings Inc		1,098		124
American Airlines Group Inc ^*		405		7
AMETEK Inc		794		192
API Group Corp ^*		2,617		111
Apogee Enterprises Inc		1,229		56
Applied Industrial Technologies Inc		492		166
ArcBest Corp		336		48
Archer Aviation Inc, Cl A ^*		8,254		39
Arcosa Inc		1,128		164
Argan Inc		202		161
Armstrong World Industries Inc		161		26

8	New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Array Technologies Inc ^*		7,510	$	56
Astec Industries Inc		204		12
Astronics Corp ^*		1,471		120
Astronics Corp, Cl B ^*		294		22
ATI Inc ^*		1,143		225
Atkore Inc		453		34
Atmus Filtration Technologies Inc		1,767		90
Automatic Data Processing Inc		6,965		1,560
Avis Budget Group Inc ^*		445		66
Axon Enterprise Inc ^*		1,902		1,066
AZZ Inc		1,071		166
Bloom Energy Corp, Cl A ^*		2,476		749
Brink's Co/The		540		51
Broadridge Financial Solutions Inc		469		64
Cadre Holdings Inc		2,729		78
Carlisle Cos Inc		311		113
Carpenter Technology Corp		497		307
Carrier Global Corp		6,184		454
Casella Waste Systems Inc, Cl A ^*		794		77
CBIZ Inc ^*		1,206		39
CECO Environmental Corp ^*		1,494		136
CH Robinson Worldwide Inc		148		28
Chart Industries Inc ^*		576		120
Cimpress PLC ^*		398		40
Cintas Corp		6,448		1,097
Clarivate PLC ^*		11,944		26
Clean Harbors Inc ^*		137		41
CNH Industrial NV		7,547		85
Comfort Systems USA Inc		63		125
Concentrix Corp		387		9
Construction Partners Inc, Cl A ^*		391		46
Copart Inc ^*		5,136		145
Core & Main Inc, Cl A ^*		1,715		83
Crane Co		135		30
CSW Industrials Inc		116		32
CSX Corp		22,090		1,050
Cummins Inc		2,882		2,055
Custom Truck One Source Inc ^*		10,657		126
Deere & Co		3,808		2,416
Delta Air Lines Inc		2,139		200
Deluxe Corp		981		23
Distribution Solutions Group Inc ^*		3,044		83
DNOW Inc ^*		7,772		101
Donaldson Co Inc		202		18
Dover Corp		383		86
Dycom Industries Inc ^*		268		136
EMCOR Group Inc		172		143
Emerson Electric Co		1,464		210
Energy Recovery Inc ^*		5,869		53
Enerpac Tool Group Corp, Cl A		2,369		85
EnerSys		664		155
Enovix Corp ^*		4,020		24
Enpro Inc		340		128

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Eos Energy Enterprises Inc ^*		7,025	$	41
Equifax Inc		64		10
Esab Corp		485		48
ESCO Technologies Inc		382		134
Eve Holding Inc ^*		20,585		52
Everus Construction Group Inc ^*		97		16
ExlService Holdings Inc ^*		680		18
Expeditors International of Washington Inc		746		122
Exponent Inc		135		8
Fastenal Co		484		23
Federal Signal Corp		1,042		134
FedEx Corp		391		122
Fedex Freight Holding Co Inc ^*		196		30
Ferguson Enterprises Inc		582		138
Firefly Aerospace Inc ^*		2,872		84
Flowserve Corp		239		18
Fluence Energy Inc, Cl A ^*		5,301		105
Fortune Brands Innovations Inc		174		10
Forward Air Corp ^*		144		2
Franklin Electric Co Inc		180		19
FTAI Aviation Ltd		606		164
FTI Consulting Inc ^*		443		66
Gates Industrial Corp PLC ^*		886		25
GE Vernova Inc		2,450		2,878
Generac Holdings Inc ^*		203		59
General Electric Co		9,855		3,683
Genpact Ltd		5,562		153
Gibraltar Industries Inc ^*		164		7
Graco Inc		223		17
Granite Construction Inc		807		128
Greenbrier Cos Inc/The		1,583		78
GXO Logistics Inc ^*		1,041		53
Healthcare Services Group Inc ^*		422		10
Helios Technologies Inc		1,091		97
Herc Holdings Inc		1,012		145
Hertz Global Holdings Inc ^*		15,111		34
Hexcel Corp		13,176		1,318
HNI Corp		1,912		77
Howmet Aerospace Inc		7,827		2,104
Hubbell Inc, Cl B		78		41
Huron Consulting Group Inc ^*		801		72
ICF International Inc		545		40
IDEX Corp		68		15
Illinois Tool Works Inc		700		189
Ingersoll Rand Inc		11,165		915
Insperity Inc		592		24
Interface Inc, Cl A		3,174		114
Intuitive Machines Inc, Cl A ^*		6,557		140
ITT Inc		918		182
JB Hunt Transport Services Inc		437		126
JBT Marel Corp		439		64
JetBlue Airways Corp ^*		837		5
Joby Aviation Inc ^*		6,719		60

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Johnson Controls International PLC		8,308	$	1,214
Kadant Inc		65		20
Karman Holdings Inc ^*		1,517		76
Kelly Services Inc, Cl A		2,214		27
Kennametal Inc		1,343		47
Kforce Inc		444		21
Kirby Corp ^*		1,032		140
Knight-Swift Transportation Holdings Inc, Cl A		1,357		106
Korn Ferry		1,193		79
Landstar System Inc		83		17
Lennox International Inc		44		25
Lincoln Electric Holdings Inc		1,027		273
Lindsay Corp		91		11
Liquidity Services Inc ^*		2,249		88
Loar Holdings Inc ^*		1,413		114
Louisiana-Pacific Corp		1,155		91
Luxfer Holdings PLC		3,194		58
Lyft Inc, Cl A ^*		7,511		110
ManpowerGroup Inc		3,586		121
Marten Transport Ltd		592		10
Masco Corp		245		20
MasTec Inc ^*		289		120
Masterbrand Inc ^*		2,548		26
Matson Inc		1,273		245
Maximus Inc		682		37
McGrath RentCorp		666		81
Middleby Corp/The ^*		103		18
MillerKnoll Inc		2,900		59
Modine Manufacturing Co ^*		400		107
MSC Industrial Direct Co Inc, Cl A		1,115		133
Mueller Industries Inc		1,102		135
NANO Nuclear Energy Inc ^*		3,038		64
Nextpower Inc, Cl A ^*		1,774		211
Nordson Corp		403		122
Norfolk Southern Corp		2,628		827
NuScale Power Corp ^*		3,629		36
nVent Electric PLC		457		78
Old Dominion Freight Line Inc		84		18
Omega Flex Inc		70		2
Onterris Inc ^*		4,353		88
OPENLANE Inc ^*		2,303		95
Oshkosh Corp		841		129
Otis Worldwide Corp		2,457		176
Owens Corning		4,032		641
PACCAR Inc		1,004		121
Parker-Hannifin Corp		533		521
Paychex Inc		948		93
Paycom Software Inc		194		24
Paylocity Holding Corp ^*		417		44
Pentair PLC		245		19
Pitney Bowes Inc		7,201		126
Planet Labs PBC ^*		2,891		96

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Plug Power Inc ^*		41,383	$	112
Powell Industries Inc		402		115
Primoris Services Corp		784		78
Proto Labs Inc ^*		91		7
Quanta Services Inc		911		656
QXO Inc ^*		5,000		86
RB Global Inc		132		15
RBC Bearings Inc ^*		64		41
Red Cat Holdings Inc ^*		6,884		73
Redwire Corp ^*		4,787		59
Regal Rexnord Corp		573		136
Republic Services Inc, Cl A		969		206
Resideo Technologies Inc ^*		3,442		107
Robert Half Inc		806		25
ROCKET LAB CORP ^*		5,866		596
Rockwell Automation Inc		1,620		802
Rollins Inc		2,503		104
RXO Inc ^*		1,041		29
Ryder System Inc		637		168
Saia Inc ^*		96		40
Satellogic Inc, Cl A ^*		11,814		68
Schneider National Inc, Cl B		521		19
Sensata Technologies Holding PLC		4,273		204
Shoals Technologies Group Inc, Cl A ^*		12,979		128
Simpson Manufacturing Co Inc		643		135
SiteOne Landscape Supply Inc ^*		361		41
Snap-on Inc		318		128
Southwest Airlines Co		322		17
SPX Technologies Inc ^*		999		245
SS&C Technologies Holdings Inc		1,500		93
StandardAero Inc ^*		4,500		135
Standex International Corp		421		151
Stanley Black & Decker Inc		1,349		127
Sterling Infrastructure Inc ^*		474		398
Sunrun Inc ^*		1,979		26
Tennant Co		639		56
Terex Corp		341		25
Tetra Tech Inc		2,820		81
TIC Solutions Inc ^*		931		8
Timken Co/The		204		30
Toro Co/The		1,175		114
Trane Technologies PLC		2,367		1,163
TransUnion		135		10
Trex Co Inc ^*		1,134		57
TriNet Group Inc		877		43
Trinity Industries Inc		511		18
TrueBlue Inc ^*		6,393		45
Tutor Perini Corp		1,345		112
Uber Technologies Inc ^*		14,717		1,062
UFP Industries Inc		196		18
U-Haul Holding Co ^*		28		2
U-Haul Holding Co, Cl B		252		15
UniFirst Corp/MA		235		62

10	New Covenant Funds

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Union Pacific Corp		4,000	$	1,088
United Airlines Holdings Inc ^*		289		39
United Parcel Service Inc, Cl B		1,814		195
United Rentals Inc		1,306		1,480
Upwork Inc ^*		3,753		31
Valmont Industries Inc		76		44
Veralto Corp		1,397		124
Verisk Analytics Inc, Cl A		1,729		310
Vertiv Holdings Co, Cl A		2,378		796
Vestis Corp ^*		130		2
Vicor Corp ^*		425		161
Voyager Technologies Inc, Cl A ^*		3,848		124
Wabash National Corp		3,217		43
Waste Management Inc		6,467		1,441
Watsco Inc		52		22
Watts Water Technologies Inc, Cl A		507		198
WESCO International Inc		2,144		741
Westinghouse Air Brake Technologies Corp		465		125
WillScot Holdings Corp, Cl A		590		17
Worthington Enterprises Inc		223		12
WW Grainger Inc		932		1,268
X-Energy Inc, Cl A ^*		6,105		112
XPO Inc ^*		492		101
Xylem Inc/NY		8,239		974
York Space Systems Inc ^*		4,627		114
Zurn Elkay Water Solutions Corp		1,629		82
				56,141
Information Technology — 35.3%
8x8 Inc ^*		2,725		5
Accenture PLC, Cl A		8,189		1,019
ACI Worldwide Inc ^*		1,373		69
Adeia Inc		2,351		77
Adobe Inc ^*		4,882		1,001
ADTRAN Holdings Inc ^*		979		14
Advanced Micro Devices Inc ^*		14,789		8,591
Agilysys Inc ^*		323		34
Akamai Technologies Inc ^*		3,151		372
Alarm.com Holdings Inc ^*		1,192		56
Allegro MicroSystems Inc ^*		2,638		184
Ambarella Inc ^*		160		14
Amdocs Ltd		1,366		69
Amkor Technology Inc		1,373		118
Amphenol Corp, Cl A		6,663		1,175
Analog Devices Inc		2,612		1,037
Appian Corp, Cl A ^*		1,246		29
Apple Inc		116,298		33,652
Applied Digital Corp ^*		2,756		103
Applied Materials Inc		8,194		5,924
Applied Optoelectronics Inc ^*		689		102
AppLovin Corp, Cl A ^*		1,260		649
Arista Networks Inc ^*		5,405		918
Arlo Technologies Inc ^*		7,542		102
Arrow Electronics Inc ^*		1,149		245

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†† (continued)
Asana Inc, Cl A ^*		3,091	$	22
Astera Labs Inc ^*		656		317
Atlassian Corp, Cl A ^*		76		6
Autodesk Inc ^*		2,496		485
Avnet Inc		325		29
Axcelis Technologies Inc ^*		631		120
Badger Meter Inc		484		72
Belden Inc		155		19
Benchmark Electronics Inc		1,447		143
Bentley Systems Inc, Cl B		1,422		43
BILL Holdings Inc ^*		185		7
Blackbaud Inc ^*		629		19
BlackLine Inc ^*		185		5
Box Inc, Cl A ^*		539		14
Broadcom Inc		37,625		14,213
Cadence Design Systems Inc ^*		3,414		1,281
Calix Inc ^*		1,804		67
CDW Corp/DE		806		113
Cerence Inc ^*		493		6
Ciena Corp ^*		1,223		600
Cipher Digital Inc ^*		4,394		108
Circle Internet Group Inc, Cl A ^*		1,640		103
Cirrus Logic Inc ^*		640		95
Cisco Systems Inc		42,103		4,945
Cloudflare Inc, Cl A ^*		493		121
Cognex Corp		203		15
Cognizant Technology Solutions Corp, Cl A		1,661		64
Coherent Corp ^*		682		269
Commerce.com Inc ^*		3,803		11
CommVault Systems Inc ^*		219		31
Consensus Cloud Solutions Inc ^*		180		7
CoreWeave Inc, Cl A ^*		2,132		212
Corning Inc		6,104		1,559
Crane NXT Co		135		7
Credo Technology Group Holding Ltd ^*		452		123
Crowdstrike Holdings Inc, Cl A ^*		1,234		942
CTS Corp		301		20
Datadog Inc, Cl A ^*		1,589		414
Dell Technologies Inc, Cl C		1,387		598
DocuSign Inc, Cl A ^*		1,618		72
Dolby Laboratories Inc, Cl A		731		38
Domo Inc, Cl B ^*		297		1
Dropbox Inc, Cl A ^*		2,914		80
D-Wave Quantum Inc ^*		3,215		77
Dynatrace Inc ^*		465		20
Elastic NV ^*		183		10
Enphase Energy Inc ^*		60		3
Everforth Inc ^*		146		3
Everpure Inc, Cl A ^*		685		54
Extreme Networks Inc ^*		4,187		136
F5 Inc ^*		389		162
Fabrinet ^*		160		90
Fair Isaac Corp ^*		16		19

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
Fastly Inc, Cl A ^*		905	$	17
First Solar Inc ^*		1,385		327
Five9 Inc ^*		93		2
Flex Ltd ^*		2,086		338
FormFactor Inc ^*		353		56
Fortinet Inc ^*		5,251		807
Gartner Inc ^*		224		29
Gen Digital Inc		4,737		118
Gitlab Inc, Cl A ^*		2,458		75
GLOBALFOUNDRIES Inc		1,732		143
Globant SA ^*		271		8
GoDaddy Inc, Cl A ^*		1,102		94
Guidewire Software Inc ^*		894		110
Hackett Group Inc/The		3,129		34
HubSpot Inc ^*		322		59
Hut 8 Corp ^*		959		111
Insight Enterprises Inc ^*		132		16
Intel Corp ^*		38,626		5,393
InterDigital Inc		626		177
International Business Machines Corp		9,111		2,562
Intuit Inc		3,309		864
IonQ Inc ^*		1,420		76
IPG Photonics Corp ^*		558		65
IREN Ltd ^*		2,363		108
Itron Inc ^*		588		51
Jabil Inc		665		256
Keysight Technologies Inc ^*		4,930		1,726
Kimball Electronics Inc ^*		2,142		55
KLA Corp		13,220		3,989
Knowles Corp ^*		2,314		96
Kulicke & Soffa Industries Inc		764		102
Kyndryl Holdings Inc ^*		2,624		30
Lam Research Corp		12,536		5,432
Lattice Semiconductor Corp ^*		369		56
Littelfuse Inc		60		27
Lumentum Holdings Inc ^*		660		566
Manhattan Associates Inc ^*		522		73
MARA Holdings Inc ^*		3,468		48
Marvell Technology Inc		7,143		2,128
Methode Electronics Inc		9,869		187
Microchip Technology Inc		1,268		116
Micron Technology Inc		9,194		10,613
Microsoft Corp		62,477		23,305
MKS Inc		103		46
MongoDB Inc, Cl A ^*		574		193
Monolithic Power Systems Inc		64		88
N-able Inc/US ^*		317		1
nCino Inc ^*		3,450		56
NCR Voyix Corp ^*		334		3
NetApp Inc		1,006		156
NETGEAR Inc ^*		3,441		80
NetScout Systems Inc ^*		2,073		90
Novanta Inc ^*		98		16

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
Nutanix Inc, Cl A ^*		359	$	18
NVIDIA Corp		189,651		37,947
Okta Inc, Cl A ^*		812		111
ON Semiconductor Corp ^*		1,757		166
OneSpan Inc		6,246		90
Oracle Corp		16,406		2,404
OSI Systems Inc ^*		497		109
PagerDuty Inc ^*		1,821		18
Palantir Technologies Inc, Cl A ^*		15,379		1,794
Palo Alto Networks Inc ^*		7,672		2,616
Pegasystems Inc		300		9
Plexus Corp ^*		385		116
Power Integrations Inc		196		16
Procore Technologies Inc ^*		1,013		41
Progress Software Corp ^*		1,206		41
PTC Inc ^*		677		77
Qnity Electronics Inc		680		111
Qorvo Inc ^*		100		9
QUALCOMM Inc		10,218		1,888
Qualys Inc ^*		591		81
Rambus Inc ^*		1,298		172
Rapid7 Inc ^*		393		3
RingCentral Inc, Cl A		699		27
Riot Platforms Inc ^*		3,379		93
Rogers Corp ^*		392		64
Roper Technologies Inc		193		65
Salesforce Inc		5,945		931
Sandisk Corp ^*		1,144		2,600
Sanmina Corp ^*		189		48
ScanSource Inc ^*		1,292		67
Semtech Corp ^*		1,000		162
ServiceNow Inc ^*		11,215		1,113
Silicon Laboratories Inc ^*		437		96
Skyworks Solutions Inc		308		21
Snowflake Inc, Cl A ^*		2,213		563
SPS Commerce Inc ^*		152		9
Strategy Inc, Cl A ^*		438		38
Super Micro Computer Inc ^*		1,220		36
Synaptics Inc ^*		142		18
Synopsys Inc ^*		1,467		654
TD SYNNEX Corp		387		103
Teledyne Technologies Inc ^*		31		21
Teradata Corp ^*		2,108		73
Teradyne Inc		945		457
Terawulf Inc ^*		4,545		112
Texas Instruments Inc		5,653		1,685
Trimble Inc ^*		2,035		104
TTM Technologies Inc ^*		619		116
Tucows Inc, Cl A ^*		170		2
Twilio Inc, Cl A ^*		869		179
Tyler Technologies Inc ^*		177		52
Ubiquiti Inc		48		26
UiPath Inc, Cl A ^*		4,174		45

12	New Covenant Funds

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
Unisys Corp ^*		689	$	3
Unity Software Inc ^*		2,638		75
Universal Display Corp		847		73
Varonis Systems Inc, Cl B ^*		327		14
VeriSign Inc		494		124
ViaSat Inc ^*		693		62
Viavi Solutions Inc ^*		2,124		101
Vistance Networks Inc		6,681		85
Vontier Corp		4,027		117
Western Digital Corp		2,423		1,548
Workday Inc, Cl A ^*		2,079		255
Workiva Inc, Cl A ^*		1,224		59
Xperi Inc ^*		940		8
Zebra Technologies Corp, Cl A ^*		438		115
Zoom Communications Inc, Cl A ^*		2,001		173
Zscaler Inc ^*		336		47
				204,999
Materials — 2.2%
AdvanSix Inc		1,143		23
Air Products and Chemicals Inc		505		148
Albemarle Corp		752		102
Alcoa Corp		4,188		218
Amcor PLC		2,261		98
Anglogold Ashanti PLC		1,508		122
AptarGroup Inc		854		107
Ardagh Metal Packaging SA		35,612		169
Ashland Inc		152		10
Avery Dennison Corp		88		14
Avient Corp		1,216		45
Axalta Coating Systems Ltd ^*		3,085		106
Balchem Corp		107		18
Ball Corp		13,648		852
Cabot Corp		238		22
Celanese Corp, Cl A		93		4
CF Industries Holdings Inc		1,865		202
Chemours Co/The		2,832		58
Cleveland-Cliffs Inc ^*		6,197		58
Coeur Mining Inc		6,945		113
Commercial Metals Co		1,211		76
Compass Minerals International Inc ^*		851		26
Constellium SE, Cl A ^*		4,520		144
Corteva Inc		885		75
CRH PLC		1,464		157
Crown Holdings Inc		5,530		618
Dow Inc		6,392		175
DuPont de Nemours Inc		453		61
Eagle Materials Inc		126		28
Eastman Chemical Co		1,175		79
Ecolab Inc		1,333		371
Element Solutions Inc		3,720		178
FMC Corp		2,400		28
Freeport-McMoRan Inc		20,422		1,284
Graphic Packaging Holding Co		681		7

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
Greif Inc, Cl A		1,122	$	84
HB Fuller Co		158		9
Huntsman Corp		475		5
Ingevity Corp ^*		563		42
Innospec Inc		499		41
International Flavors & Fragrances Inc		2,307		183
International Paper Co		360		14
Intrepid Potash Inc ^*		2,952		97
James Hardie Industries PLC ^*		2,137		56
Knife River Corp ^*		96		8
Linde PLC		6,068		3,149
LyondellBasell Industries NV, Cl A		2,182		115
Martin Marietta Materials Inc		397		229
Metallus Inc ^*		5,421		101
Minerals Technologies Inc		182		13
Mosaic Co/The		3,590		76
MP Materials Corp ^*		1,514		85
Newmont Corp		14,580		1,362
Novagold Resources Inc ^*		1,266		8
Nucor Corp		864		192
O-I Glass Inc, Cl I ^*		6,696		64
Packaging Corp of America		101		24
PPG Industries Inc		1,096		133
Quaker Chemical Corp		55		9
Reliance Inc		412		154
Royal Gold Inc		512		102
Scotts Miracle-Gro Co/The		163		11
Sensient Technologies Corp		161		20
Sherwin-Williams Co/The		392		135
Smurfit WestRock PLC		336		16
Sonoco Products Co		185		10
Southern Copper Corp		288		50
Steel Dynamics Inc		545		125
Stepan Co		138		8
Sylvamo Corp		32		1
TriMas Corp		1,583		71
Tronox Holdings PLC		4,385		28
United States Lime & Minerals Inc		490		51
Vulcan Materials Co		407		120
Warrior Met Coal Inc		969		79
Westlake Corp		137		10
Worthington Steel Inc		223		7
				12,893
Real Estate — 2.2%
Acadia Realty Trust ^‡		1,946		41
Agree Realty Corp ^‡		736		56
Alexandria Real Estate Equities Inc ^‡		846		45
American Healthcare REIT Inc ^‡		2,298		120
American Homes 4 Rent, Cl A ^‡		375		13
American Tower Corp, Cl A ^‡		706		115
Apple Hospitality REIT Inc ^‡		718		12
AvalonBay Communities Inc ^‡		3,261		615
Brandywine Realty Trust ^‡		14,492		46

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Continued)

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
Brixmor Property Group Inc ^‡		4,703	$	148
BXP Inc ^‡		1,468		97
Camden Property Trust ^‡		125		14
CareTrust REIT Inc ^‡		2,438		98
CBRE Group Inc, Cl A ^*		9,838		1,325
Community Healthcare Trust Inc ^‡		1,136		21
Compass Inc, Cl A ^*		6,636		82
COPT Defense Properties ^‡		3,986		145
CoStar Group Inc ^*		1,627		46
Cousins Properties Inc ^‡		289		9
Crown Castle Inc ^‡		1,133		86
CubeSmart ^‡		377		15
Curbline Properties Corp ^‡		1,866		57
Cushman & Wakefield Ltd ^*		2,593		35
DiamondRock Hospitality Co ^‡		4,575		56
Digital Realty Trust Inc ^‡		640		115
Douglas Emmett Inc ^‡		448		5
EastGroup Properties Inc ^‡		306		62
Empire State Realty Trust Inc, Cl A ^‡		5,592		30
EPR Properties ^‡		735		43
Equinix Inc ^‡		343		358
Equity LifeStyle Properties Inc ^‡		167		11
Equity Residential ^‡		1,954		133
Essential Properties Realty Trust Inc ^‡		2,028		60
Essex Property Trust Inc ^‡		454		132
Extra Space Storage Inc ^‡		634		92
Federal Realty Investment Trust ^‡		114		14
First Industrial Realty Trust Inc ^‡		263		16
Four Corners Property Trust Inc ^‡		1,848		45
Gaming and Leisure Properties Inc ^‡		283		13
Healthcare Realty Trust Inc, Cl A ^‡		392		8
Healthpeak Properties Inc ^‡		5,007		107
Highwoods Properties Inc ^‡		247		7
Host Hotels & Resorts Inc ^‡		5,040		119
Howard Hughes Holdings Inc ^*		795		57
Hudson Pacific Properties Inc ^*‡		354		5
Innovative Industrial Properties Inc, Cl A ^‡		59		4
InvenTrust Properties Corp ^‡		3,504		124
Invitation Homes Inc ^‡		1,509		46
Iron Mountain Inc ^‡		1,014		128
JBG SMITH Properties ^‡		2,065		30
Jones Lang LaSalle Inc ^*		881		273
Kilroy Realty Corp ^‡		2,593		97
Kimco Realty Corp ^‡		7,790		197
Kite Realty Group Trust ^‡		3,286		93
Lamar Advertising Co, Cl A ^‡		1,059		165
LTC Properties Inc ^‡		1,142		44
LXP Industrial Trust ^‡		193		10
Macerich Co/The ^‡		5,508		139
Marcus & Millichap Inc		1,380		43
Medical Properties Trust Inc ^‡		2,513		12
Mid-America Apartment Communities Inc ^‡		318		44
Millrose Properties Inc ^‡		61		2

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
NET Lease Office Properties ^‡		10	$	—
Newmark Group Inc, Cl A		3,753		57
Omega Healthcare Investors Inc ^‡		1,229		59
Outfront Media Inc ^‡		1,942		64
Park Hotels & Resorts Inc ^‡		1,996		28
Pebblebrook Hotel Trust ^‡		1,899		37
Piedmont Realty Trust Inc, Cl A ^*‡		2,333		21
Prologis Inc ^‡		13,727		1,860
Public Storage ^‡		384		122
Rayonier Inc ^‡		2,160		46
RE/MAX Holdings Inc, Cl A ^*		1,292		13
Realty Income Corp ^‡		2,112		131
Regency Centers Corp ^‡		16,124		1,286
Rexford Industrial Realty Inc ^‡		241		8
RLJ Lodging Trust ^‡		2,849		34
RMR Group Inc/The, Cl A		1,095		22
Ryman Hospitality Properties Inc ^‡		577		74
Sabra Health Care REIT Inc ^‡		5,693		111
Safehold Inc ^‡		968		15
SBA Communications Corp, Cl A ^‡		684		121
Seaport Entertainment Group Inc ^*		88		2
Simon Property Group Inc ^‡		698		156
SITE Centers Corp ^‡		933		4
SL Green Realty Corp ^‡		2,468		128
St Joe Co/The		460		29
STAG Industrial Inc ^‡		359		14
Summit Hotel Properties Inc ^‡		4,173		29
Sun Communities Inc ^‡		272		33
Tanger Inc ^‡		647		25
UDR Inc ^‡		250		10
Urban Edge Properties ^‡		2,679		61
Ventas Inc ^‡		2,183		194
VICI Properties Inc, Cl A ^‡		3,317		88
Vornado Realty Trust ^‡		2,903		114
Welltower Inc ^‡		3,308		751
Weyerhaeuser Co ^‡		17,005		407
WP Carey Inc ^‡		149		11
Xenia Hotels & Resorts Inc ^‡		2,347		48
Zillow Group Inc, Cl A ^*		10,275		322
Zillow Group Inc, Cl C ^*		230		7
				12,722
Utilities — 2.1%
AES Corp/The		5,282		77
Alliant Energy Corp		213		16
Ameren Corp		141		16
American Electric Power Co Inc		8,825		1,207
American States Water Co		580		48
American Water Works Co Inc		2,717		358
Atmos Energy Corp		461		79
Avista Corp		2,860		117
Black Hills Corp		1,470		109
Brookfield Infrastructure Corp, Cl A		1,827		70
Brookfield Renewable Corp		2,803		104

14	New Covenant Funds

			Market Value
Description	Shares		($ Thousands)
COMMON STOCK^†† (continued)
California Water Service Group		1,995	$	97
CenterPoint Energy Inc		434		19
Clearway Energy Inc, Cl C		3,662		125
CMS Energy Corp		1,445		111
Consolidated Edison Inc		7,823		865
Constellation Energy Corp		480		119
Dominion Energy Inc		2,121		145
DTE Energy Co		876		134
Duke Energy Corp		11,349		1,437
Edison International		3,288		245
Entergy Corp		1,062		122
Essential Utilities Inc		331		13
Evergy Inc		180		16
Eversource Energy		10,983		794
Exelon Corp		14,031		654
FirstEnergy Corp		1,531		73
H2O America		716		44
Hawaiian Electric Industries Inc ^*		249		3
IDACORP Inc, Cl Rights		108		16
MDU Resources Group Inc		386		8
MGE Energy Inc		631		51
National Fuel Gas Co		223		17
New Jersey Resources Corp		1,111		62
NextEra Energy Inc		26,367		2,314
NiSource Inc		419		20
Northwest Natural Holding Co		699		34
Northwestern Energy Group Inc		1,598		114
NRG Energy Inc		323		47
OGE Energy Corp		261		13
Oklo Inc, Cl A ^*		1,163		61
ONE Gas Inc		1,415		109
Ormat Technologies Inc		644		70
PG&E Corp		692		12
Pinnacle West Capital Corp		1,420		152
Portland General Electric Co		894		46
PPL Corp		2,577		94
Public Service Enterprise Group Inc		210		17
Sempra		1,258		117
Southern Co/The		3,381		324
Southwest Gas Holdings Inc		1,209		107
Talen Energy Corp ^*		324		125
TXNM Energy Inc		975		55
UGI Corp		253		9
Vistra Corp		3,895		618
WEC Energy Group Inc		1,179		138
Xcel Energy Inc		1,637		131
				12,098

Total Common Stock
(Cost $188,620) ($ Thousands)				576,028

	Number of		Market Value
Description	Rights		($ Thousands)
RIGHTS — 0.0%
Health Care — 0.0%
Abiomed Inc *^‡‡(A)		332	$	–
Holx *^‡‡		927		–
Novo Nordisk AS *^‡‡		913		1
Total Rights
(Cost $—) ($ Thousands)				1

		Shares
CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Institutional Class 3.510%**^†		2,544,699		2,545
Total Cash Equivalent
(Cost $2,545) ($ Thousands)				2,545
Total Investments in Securities — 99.7%
(Cost $191,165) ($ Thousands)			$	578,574

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Growth Fund (Concluded)

A list of the open futures contracts held by the Fund at June 30, 2026, is as follows:

	Number of	Expiration	Notional Amount		Value		Unrealized
Type of Contract	Contracts	Date	(Thousands)		(Thousands)		Appreciation(Thousands)
Long Contracts
Russell 2000 Index E-Mini	3	Sep-2026	$	445	$	457	$	12
S&P 500 Index E-Mini	6	Sep-2026		2,257		2,265		8
			$	2,702	$	2,722	$	20

Percentages are based on Net Assets of $580,052 ($ Thousands).

^‡

Real Estate Investment Trust.

^‡‡

Expiration date not available.

Non-income producing security.

The rate reported is the 7-day effective yield as of June 30, 2026.

^†

Investment in Affiliated Security (see Note 3).

^††

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

(A)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

The following is a summary of the level of inputs used as of June 30, 2026, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1

($)

Level 2

($)

Level 3

($)⁽¹⁾

Total

($)

Common Stock

576,028

–

576,028

Rights

–

Cash Equivalent

2,545

–

2,545

Total Investments in Securities

578,574

–

578,574

Other Financial Instruments

Level 1

($)

Level 2

($)

Level 3

($)

Total

($)

Futures Contracts*

Unrealized Appreciation

–

Total Other Financial Instruments

–

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

⁽¹⁾

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

This category includes securities with a value of $—.

The following is a summary of the Fund’s transactions with affiliates for the year ended June 30, 2026 ($ Thousands):

Security Description

Value 6/30/2025

Purchases at Cost

Proceeds from

Sales

Realized Gain/

(Loss)

Change in

Unrealized

Appreciation/

(Depreciation)

Value 6/30/2026

Income

Capital Gains

SEI Daily Income Trust, Government Fund, Institutional Class

5,913

41,529

(44,897

)

—

2,545

161

—

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

See “Glossary” for abbreviations.

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

16	New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 45.0%
Agency Mortgage-Backed Obligations — 36.5%
FHLMC
6.500%, 12/01/2035	$	160	$	166
6.074%, US0012M + 1.625%, 10/01/2046(A)		254		263
6.057%, US0012M + 1.598%, 06/01/2047(A)		149		155
6.000%, 03/01/2035		320		328
5.500%, 12/01/2036 to 03/01/2056		3,598		3,657
5.000%, 11/01/2035 to 01/01/2055		3,707		3,687
4.500%, 06/01/2038 to 05/01/2056		4,924		4,785
4.000%, 07/01/2037 to 02/01/2053		3,844		3,627
3.500%, 11/01/2042 to 11/01/2052		2,648		2,428
3.000%, 11/01/2043 to 06/01/2052		3,472		3,089
2.500%, 08/01/2030 to 01/01/2054		5,840		5,027
2.000%, 10/01/2040 to 04/01/2052		3,902		3,185
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.630%, 02/25/2035(A)		2,256		203
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
1.035%, 09/25/2030(A)		13,349		443
FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO
0.804%, 09/25/2027(A)		7,598		49
FHLMC Multifamily Structured Pass-Through Certificates, Ser KG06, Cl X1, IO
0.626%, 10/25/2031(A)		6,471		149
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
5.128%, SOFR30A + 1.500%, 10/25/2041(A)(B)		159		159
FHLMC STACR REMIC Trust, Ser 2022-DNA2, Cl M1A
4.928%, SOFR30A + 1.300%, 02/25/2042(A)(B)		7		7
FHLMC, Ser 2014-4391, Cl MZ
3.000%, 09/15/2044		138		125
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		24		21
FHLMC, Ser 2020-4980, Cl KI, IO
4.500%, 06/25/2050		346		80
FHLMC, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		300		277
FHLMC, Ser 2023-5293, Cl IO, IO
2.000%, 03/25/2051		797		99
FHLMC, Ser 2024-5473, Cl BF
4.928%, SOFR30A + 1.300%, 11/25/2054(A)		348		351
FNMA
7.000%, 11/01/2037 to 11/01/2038		10		11
6.500%, 01/01/2038		11		11
6.000%, 01/01/2056		491		512

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
5.894%, US0012M + 1.700%, 03/01/2036(A)	$	8	$	8
5.893%, 01/01/2036(A)		17		17
5.500%, 02/01/2035 to 10/01/2055		3,653		3,708
5.000%, 07/01/2047 to 11/01/2054		6,008		5,988
4.500%, 02/01/2035 to 08/01/2058		6,709		6,516
4.000%, 09/01/2038 to 06/01/2057		8,171		7,745
3.500%, 02/01/2036 to 03/01/2057		6,439		5,971
3.000%, 07/01/2035 to 03/01/2052		4,945		4,427
2.500%, 03/01/2035 to 09/01/2061		9,942		8,621
2.000%, 07/01/2031 to 04/01/2052		7,425		6,096
FNMA TBA
5.500%, 07/01/2037		575		577
5.000%, 07/15/2056		3,250		3,193
4.500%, 07/01/2037		4,225		4,047
4.000%, 07/15/2056		3,875		3,621
3.500%, 07/15/2056		8,525		7,734
3.000%, 07/15/2056		800		697
2.500%, 08/15/2056		4,125		3,445
FNMA, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		187		186
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		56		57
FNMA, Ser 2012-118, Cl VZ
3.000%, 11/25/2042		98		90
FNMA, Ser 2014-6, Cl Z
2.500%, 02/25/2044		120		106
FNMA, Ser 2018-74, Cl AB
3.500%, 10/25/2048		50		46
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		113		70
FNMA, Ser 2020-56, Cl AQ
2.000%, 08/25/2050		192		154
FNMA, Ser 2020-57, Cl TA
2.000%, 04/25/2050		72		64
FNMA, Ser 2023-2, Cl CI, IO
2.000%, 10/25/2050		792		100
GNMA
5.500%, 02/20/2037 to 05/20/2053		1,479		1,498
5.000%, 12/20/2038 to 11/20/2053		1,671		1,665
4.600%, 09/15/2034		498		491
4.500%, 05/20/2040 to 12/20/2050		1,274		1,251
4.000%, 01/15/2041 to 11/20/2049		1,282		1,218
3.500%, 06/20/2044 to 06/20/2052		1,175		1,069
3.000%, 03/20/2052		73		65
2.500%, 01/20/2051 to 09/20/2051		2,437		2,084
2.000%, 02/20/2052		966		792
GNMA TBA
5.500%, 07/01/2033		600		603
5.000%, 07/01/2039		800		789
4.500%, 07/15/2039		150		144
4.000%, 07/01/2039		2,700		2,509
3.500%, 07/15/2041		1,625		1,459

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Continued)

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 07/15/2056	$	400	$	355
2.500%, 07/15/2056		2,525		2,156
GNMA, Ser 108, Cl IO, IO
0.971%, 06/16/2061(A)		3,092		217
GNMA, Ser 113, Cl IO, IO
1.136%, 02/16/2058(A)		3,256		193
GNMA, Ser 182, Cl IA, IO
0.700%, 06/16/2063		4,659		199
GNMA, Ser 2012-34, Cl SA, IO
2.297%, 03/20/2042(A)		12		1
GNMA, Ser 2018-168, Cl PA
4.000%, 08/20/2048		32		30
GNMA, Ser 2021-188, Cl PA
2.000%, 10/20/2051		161		133
GNMA, Ser 2022-189, Cl PT
2.500%, 10/20/2051		153		128
GNMA, Ser 2022-9, Cl GA
2.000%, 01/20/2052		131		107
UMBS 30YR TBA
2.000%, 08/15/2056		3,275		2,614
				127,948
Non-Agency Mortgage-Backed Obligations — 8.5%
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A
4.792%, US0001M + 0.880%, 09/15/2034(A)(B)		130		130
ACRA Trust, Ser 2024-NQM1, Cl A1
5.608%, 10/25/2064(B)(C)		514		514
ALA Trust, Ser 2025-OANA, Cl A
5.369%, TSFR1M + 1.743%, 06/15/2040(A)(B)		425		427
Angel Oak Mortgage Trust, Ser 2026-1, Cl A1
4.747%, 02/25/2071(A)(B)		403		398
BANK, Ser 2021-BNK36, Cl A5
2.470%, 09/15/2064		410		363
BANK, Ser 2022-BNK42, Cl A5
4.493%, 06/15/2055(A)		450		436
BANK5, Ser 2023-5YR3, Cl A2
6.255%, 09/15/2056		399		408
BBCMS Mortgage Trust, Ser 2024-5C25, Cl A3
5.946%, 03/15/2057		759		776
BBCMS Mortgage Trust, Ser 2024-5C29, Cl A3
5.208%, 09/15/2057		854		861
Benchmark Mortgage Trust, Ser 2021-B26, Cl A3
2.391%, 06/15/2054		604		572
Benchmark Mortgage Trust, Ser 2024-V6, Cl A3
5.926%, 03/15/2057		819		839

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
BMO Mortgage Trust, Ser 2026-C14, Cl A5
5.317%, 02/15/2059	$	510	$	517
BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1
0.970%, 03/25/2060(A)(B)		2		2
BSTN Commercial Mortgage Trust, Ser 2025-1C, Cl A
5.548%, 06/15/2044(A)(B)		294		298
BX Commercial Mortgage Trust, Ser 2024-XL4, Cl A
5.067%, TSFR1M + 1.442%, 02/15/2039(A)(B)		621		622
BX Trust, Ser 2024-VLT4, Cl B
5.566%, TSFR1M + 1.941%, 06/15/2041(A)(B)		240		240
BX Trust, Ser 2025-VLT6, Cl A
5.069%, TSFR1M + 1.443%, 03/15/2042(A)(B)		518		517
BX Trust, Ser 2025-VOLT, Cl A
5.325%, TSFR1M + 1.700%, 12/15/2044(A)(B)		567		568
Chase Home Lending Mortgage Trust, Ser 2024-8, Cl A6A
5.500%, 08/25/2055(A)(B)		7		7
Chase Home Lending Mortgage Trust, Ser 2024-9, Cl A4
5.500%, 09/25/2055(A)(B)		254		254
Chase Home Lending Mortgage Trust, Ser 2025-12, Cl A4A
5.500%, 09/25/2056(A)(B)		645		643
Chase Home Lending Mortgage Trust, Ser 2025-5, Cl A4A
5.500%, 04/25/2056(A)(B)		280		279
CHI Commercial Mortgage Trust, Ser 2025-SFT, Cl A
5.665%, 04/15/2042(A)(B)		450		454
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049		18		18
COLT Mortgage Loan Trust, Ser 2022-2, Cl A1
3.994%, 02/25/2067(B)(C)		59		56
Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2
5.278%, SOFR30A + 1.650%, 12/25/2041(A)(B)		418		419
Cross Mortgage Trust, Ser 2024-H6, Cl A1
5.129%, 09/25/2069(A)(B)		324		323
CSMC Trust, Ser 2021-NQM3, Cl A3
1.632%, 04/25/2066(A)(B)		97		86
CSMC Trust, Ser 2021-NQM5, Cl A1
0.938%, 05/25/2066(A)(B)		634		533
CSMC Trust, Ser 2021-NQM7, Cl A1
1.756%, 10/25/2066(A)(B)		67		60

18	New Covenant Funds

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
CSMC Trust, Ser 2022-NQM1, Cl A1
3.265%, 11/25/2066(A)(B)	$	280	$	254
DC Commercial Mortgage Trust, Ser 2023-DC, Cl A
6.314%, 09/12/2040(B)		410		416
Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1
2.205%, 01/25/2067(A)(B)		181		167
Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1
0.931%, 06/25/2066(A)(B)		203		172
Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1
2.206%, 01/25/2067(A)(B)		70		61
FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F
3.370%, 02/25/2028(A)		287		281
GS Mortgage Securities Trust, Ser GC45, Cl A5
2.911%, 02/13/2053		889		833
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057(B)		71		69
GS Mortgage-Backed Securities Trust, Ser 2025-PJ4, Cl A5
5.500%, 09/25/2055(A)(B)		242		242
GS Mortgage-Backed Securities Trust, Ser 2025-PJ7, Cl A5
5.500%, 12/25/2055(A)(B)		302		301
GS Mortgage-Backed Securities Trust, Ser 2026-PJ8, Cl A5
5.000%, 11/25/2056(A)(B)		894		885
HILT COMMERCIAL MORTGAGE TRUST, Ser 2024-ORL, Cl A
5.167%, TSFR1M + 1.541%, 05/15/2037(A)(B)		400		400
Homes Trust, Ser 2024-NQM2, Cl A1
5.717%, 10/25/2069(B)(C)		301		302
JPMorgan Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5
3.672%, 11/15/2047		29		29
JPMorgan Mortgage Trust, Ser 2024-4, Cl A4A
6.000%, 10/25/2054(A)(B)		106		106
JPMorgan Mortgage Trust, Ser 2025-1, Cl A4A
5.500%, 06/25/2055(A)(B)		324		323
JPMorgan Mortgage Trust, Ser 2025-11, Cl A4
5.500%, 05/25/2056(A)(B)		704		702
JPMorgan Mortgage Trust, Ser 2025-5MPR, Cl A1B
5.592%, 11/25/2055(B)(C)		26		26

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust, Ser 2025-CCM1, Cl A4
5.500%, 06/25/2055(A)(B)	$	412	$	412
LBTY Commercial Mortgage Trust, Ser 2026-225L, Cl A
4.593%, 02/10/2043(A)(B)		357		351
Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1
3.250%, 10/25/2069(A)(B)		75		74
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052		128		127
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2025-5C1, Cl A3
5.635%, 03/15/2058		828		847
Morgan Stanley Residential Mortgage Loan Trust, Ser 2025-1, Cl A4
5.500%, 03/25/2055(A)(B)		203		202
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057(A)(B)		240		207
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(A)(B)		149		145
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(A)(B)		149		145
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(B)		43		41
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1
1.156%, 11/27/2056(A)(B)		60		53
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056(A)(B)		39		35
New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1
6.000%, 06/25/2062(B)(C)		253		252
New Residential Mortgage Loan Trust, Ser 2026-NQM2, Cl A1
4.743%, 12/25/2065(A)(B)		409		403
New Residential Mortgage Loan Trust, Ser 2026-NQM7, Cl A1
5.418%, 06/25/2066(A)(B)		436		434
NYC Trust, Ser 2024-3ELV, Cl A
5.616%, TSFR1M + 1.991%, 08/15/2029(A)(B)		475		475
NYO Commercial Mortgage Trust, Ser 2021-1290, Cl A
4.836%, TSFR1M + 1.209%, 11/15/2038(A)(B)		345		345
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061(A)(B)		187		153

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Continued)

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
OBX Trust, Ser 2021-NQM2, Cl A3
1.563%, 05/25/2061(A)(B)	$	154	$	128
OBX Trust, Ser 2021-NQM3, Cl A1
1.054%, 07/25/2061(A)(B)		95		80
OBX Trust, Ser 2021-NQM4, Cl A1
1.957%, 10/25/2061(A)(B)		169		144
OBX Trust, Ser 2022-NQM1, Cl A1
2.305%, 11/25/2061(A)(B)		245		220
OBX Trust, Ser 2024-NQM1, Cl A2
5.700%, 12/25/2064(B)(C)		411		411
OBX Trust, Ser 2024-NQM11, Cl A3
6.230%, 06/25/2064(B)(C)		129		130
OBX Trust, Ser 2025-J3, Cl A5
5.000%, 10/25/2055(A)(B)		368		365
PCY Trust, Ser 2026-FCMT, Cl A
5.325%, 04/05/2041(A)(B)		527		529
PMT Loan Trust, Ser 2026-CNF3, Cl A23
5.078%, SOFR30A + 1.450%, 04/25/2057(A)(B)		304		304
PMT Loan Trust, Ser 2026-INV3, Cl A36
4.978%, SOFR30A + 1.350%, 02/25/2057(A)(B)		418		418
PRKCM Trust, Ser 2021-AFC1, Cl A1
1.510%, 08/25/2056(A)(B)		136		117
PRKCM Trust, Ser 2021-AFC2, Cl A1
2.071%, 11/25/2056(A)(B)		104		91
PRPM, Ser 2023-RCF2, Cl A1
4.000%, 11/25/2053(B)(C)		448		442
PRPM, Ser 2024-RPL1, Cl A1
4.200%, 12/25/2064(B)(C)		424		417
RCKT Mortgage Trust, Ser 2024-INV1, Cl A1
6.500%, 06/25/2054(A)(B)		67		68
Sequoia Mortgage Trust, Ser 2024-4, Cl A4
6.000%, 05/25/2054(A)(B)		138		138
Sequoia Mortgage Trust, Ser 2024-6, Cl A5
6.000%, 07/27/2054(A)(B)		151		151
Sequoia Mortgage Trust, Ser 2025-2, Cl A5
5.500%, 03/25/2055(A)(B)		237		236
Sequoia Mortgage Trust, Ser 2026-6, Cl A5
5.000%, 06/25/2056(A)(B)		1,287		1,271
Sequoia Mortgage Trust, Ser 2026-7, Cl A5
5.000%, 06/25/2056(A)(B)		430		425
SG Residential Mortgage Trust, Ser 2022-1, Cl A1
3.953%, 03/27/2062(A)(B)		290		272
SHOPS Commercial Mortgage Trust, Ser 2026-CSTL, Cl A
4.971%, 05/05/2039(A)(B)		365		362
SLG Office Trust, Ser 2021-OVA, Cl A
2.585%, 07/15/2041(B)		510		454

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2
5.663%, US0001M + 1.900%, 05/25/2058(A)(B)	$	100	$	101
TRTX, Ser 2025-FL6, Cl A
5.174%, TSFR1M + 1.537%, 09/18/2042(A)(B)		513		514
UBS Commercial Mortgage Trust, Ser 2019-C16, Cl ASB
3.460%, 04/15/2052		159		157
				29,835

Total Mortgage-Backed Securities
(Cost $162,687) ($ Thousands)				157,783

U.S. TREASURY OBLIGATIONS — 33.1%
U.S. Treasury Bills
5.597%, 08/18/2026 (D)		1,650		1,642
U.S. Treasury Inflation Indexed Bonds
1.875%, 07/15/2035		1,782		1,742
U.S. Treasury Notes
4.375%, 05/15/2036		162		161
4.250%, 05/31/2033		590		588
4.250%, 06/30/2033		4,160		4,144
4.250%, 05/15/2035		2,256		2,229
4.125%, 06/30/2028		31,180		31,164
4.125%, 06/15/2029		4,215		4,211
4.125%, 05/31/2031		17,316		17,252
4.125%, 06/30/2031		14,031		13,982
4.125%, 02/15/2036		5,285		5,156
4.000%, 05/31/2028		10,526		10,495
4.000%, 11/15/2035		1,040		1,006
3.875%, 05/15/2029		6,635		6,584
3.500%, 10/15/2028		1,627		1,603
3.500%, 12/15/2028		534		526
3.500%, 01/15/2029		2,583		2,542
3.500%, 03/15/2029		3,111		3,059
3.500%, 02/28/2031		8,218		7,977

Total U.S. Treasury Obligations
(Cost $116,348) ($ Thousands)				116,063

CORPORATE OBLIGATIONS — 19.9%
Communication Services — 1.3%
AT&T
5.250%, 10/30/2036		110		108
4.250%, 03/01/2027		150		150
2.550%, 12/01/2033		472		396
2.300%, 06/01/2027		120		118

20	New Covenant Funds

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
CORPORATE OBLIGATIONS (continued)
Charter Communications Operating
4.400%, 04/01/2033	$	510	$	470
3.750%, 02/15/2028		200		196
Discovery Global Holdings
4.054%, 03/15/2029		60		59
Meta Platforms
5.250%, 05/15/2036		505		501
4.875%, 11/15/2035		235		229
T-Mobile USA
3.750%, 04/15/2027		20		20
3.375%, 04/15/2029		219		212
2.050%, 02/15/2028		20		19
Verizon Communications
2.550%, 03/21/2031		664		603
2.355%, 03/15/2032		546		477
Vodafone Group
4.800%, 06/18/2031		897		890
				4,448
Consumer Discretionary — 1.3%
Amazon.com
3.300%, 04/13/2027		140		139
3.150%, 08/22/2027		470		464
1.200%, 06/03/2027		20		20
AutoNation
3.850%, 03/01/2032		95		89
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		357		352
Expedia Group
5.500%, 04/15/2036		255		252
Ferguson Finance
4.500%, 10/24/2028 (B)		459		456
3.250%, 06/02/2030 (B)		851		802
Home Depot
2.500%, 04/15/2027		450		444
Honda Motor
2.534%, 03/10/2027		632		624
Hyatt Hotels
5.050%, 03/30/2028		255		257
McDonald's MTN
3.800%, 04/01/2028		280		277
3.500%, 07/01/2027		10		10
Volkswagen Group of America Finance
5.650%, 03/25/2032 (B)		230		233
				4,419
Consumer Staples — 0.6%
Ashtead Capital
5.800%, 04/15/2034 (B)		700		713
Kroger
7.700%, 06/01/2029		565		609

	Face Amount		Market Value
Description	(Thousands)		($ Thousands)
CORPORATE OBLIGATIONS (continued)
Rentokil Terminix Funding
5.000%, 04/28/2030 (B)	$	453	$	454
4.625%, 04/23/2031 (B)		255		251
				2,027
Energy — 0.3%
Cheniere Energy
5.650%, 04/15/2034		518		532
Columbia Pipelines Operating
6.036%, 11/15/2033 (B)		250		263
Energy Transfer
4.950%, 06/15/2028		10		10
Williams
3.750%, 06/15/2027		390		387
				1,192
Financials — 8.8%
AerCap Ireland Capital DAC
3.000%, 10/29/2028		1,046		1,007
2.450%, 10/29/2026		190		189
American Express
5.016%, SOFR + 1.440%, 04/25/2031 (A)		520		525
4.918%, SOFR + 1.220%, 07/20/2033 (A)		630		630
Ares Strategic Income Fund
4.850%, 01/15/2029		346		339
Aviation Capital Group
4.800%, 10/24/2030 (B)		851		843
Bank of America
6.204%, SOFR + 1.990%, 11/10/2028 (A)		584		596
4.456%, SOFR + 0.870%, 02/06/2032 (A)		1,224		1,202
3.419%, US0003M + 1.040%, 12/20/2028 (A)		234		230
2.651%, SOFR + 1.220%, 03/11/2032 (A)		90		82
2.592%, SOFR + 2.150%, 04/29/2031 (A)		110		102
1.734%, SOFR + 0.960%, 07/22/2027 (A)		175		175
Bank of America MTN
4.250%, 10/22/2026		10		10
3.974%, US0003M + 1.210%, 02/07/2030 (A)		80		78
3.593%, US0003M + 1.370%, 07/21/2028 (A)		210		208
Barclays
6.490%, SOFR + 2.220%, 09/13/2029 (A)		887		918
Blackstone Holdings Finance
1.600%, 03/30/2031 (B)		590		511

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Blue Owl Technology Finance
6.500%, 10/15/2029	$	391	$	387
BNP Paribas MTN
4.892%, SOFR + 0.942%, 06/30/2030 (A)(B)		722		722
Brown & Brown
4.900%, 06/23/2030		676		675
Capital One Financial
7.149%, SOFR + 2.440%, 10/29/2027 (A)		189		191
4.927%, SOFR + 2.057%, 05/10/2028 (A)		30		30
CBRE Services
4.900%, 01/15/2033		529		521
4.800%, 06/15/2030		182		182
Citibank
4.846%, SOFR + 0.910%, 06/18/2032 (A)		626		626
Citigroup
4.658%, SOFR + 1.887%, 05/24/2028 (A)		140		140
4.542%, SOFR + 1.338%, 09/19/2030 (A)		776		771
4.450%, 09/29/2027		90		90
4.300%, 11/20/2026		40		40
3.785%, SOFR + 1.939%, 03/17/2033 (A)		50		47
3.668%, US0003M + 1.390%, 07/24/2028 (A)		340		337
2.520%, SOFR + 1.177%, 11/03/2032 (A)		110		97
Global Atlantic Finance
3.125%, 06/15/2031 (B)		1,026		920
Global Payments
4.500%, 11/15/2028		260		257
Goldman Sachs Group
5.094%, SOFR + 1.340%, 04/20/2034 (A)		45		45
4.223%, US0003M + 1.301%, 05/01/2029 (A)		650		644
3.615%, SOFR + 1.846%, 03/15/2028 (A)		30		30
3.500%, 11/16/2026		90		90
Golub Capital BDC
7.050%, 12/05/2028		164		168
Hercules Capital
3.375%, 01/20/2027		544		538
ING Groep
6.114%, SOFR + 2.090%, 09/11/2034 (A)		539		570
JPMorgan Chase
5.294%, SOFR + 1.460%, 07/22/2035 (A)		100		101

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.915%, SOFR + 0.800%, 01/24/2029 (A)	$	240	$	241
4.565%, SOFR + 1.750%, 06/14/2030 (A)		998		994
4.452%, US0003M + 1.330%, 12/05/2029 (A)		200		199
4.203%, US0003M + 1.260%, 07/23/2029 (A)		773		767
4.005%, US0003M + 1.120%, 04/23/2029 (A)		100		99
2.522%, SOFR + 2.040%, 04/22/2031 (A)		190		175
KKR Group Finance VI
3.750%, 07/01/2029 (B)		897		868
KKR Group Finance XII
4.850%, 05/17/2032 (B)		258		253
Lloyds Banking Group
5.721%, H15T1Y + 1.070%, 06/05/2030 (A)		865		888
Marsh & McLennan
5.000%, 03/15/2035		155		153
Moody's
2.000%, 08/19/2031		1,000		880
Morgan Stanley
5.466%, SOFR + 1.730%, 01/18/2035 (A)		230		234
5.320%, SOFR + 1.555%, 07/19/2035 (A)		1,261		1,267
Morgan Stanley MTN
3.622%, SOFR + 3.120%, 04/01/2031 (A)		475		455
2.699%, SOFR + 1.143%, 01/22/2031 (A)		200		186
Morgan Stanley Private Bank
4.734%, SOFR + 1.080%, 07/18/2031 (A)		395		393
4.204%, SOFR + 0.780%, 11/17/2028 (A)		150		149
NatWest Markets MTN
4.893%, 03/27/2031 (B)		894		893
New York Life Global Funding
5.200%, 06/03/2036 (B)		895		893
Peachtree Corners Funding Trust II
6.012%, 05/15/2035 (B)		682		706
PNC Financial Services Group
6.875%, SOFR + 2.284%, 10/20/2034 (A)		834		921
SBA Tower Trust
4.831%, 10/15/2029 (B)		445		445
2.593%, 10/15/2031 (B)		996		886
State Street
5.159%, SOFR + 1.890%, 05/18/2034 (A)		520		525

22	New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
UBS Group
2.746%, H15T1Y + 1.100%, 02/11/2033 (A)(B)	$	575	$	510
US Bancorp
5.775%, SOFR + 2.020%, 06/12/2029 (A)		100		102
US Bancorp MTN
2.215%, SOFR + 0.730%, 01/27/2028 (A)		60		59
Wells Fargo
5.499%, SOFR + 1.780%, 01/23/2035 (A)		20		21
3.000%, 10/23/2026		190		189
Wells Fargo MTN
5.557%, SOFR + 1.990%, 07/25/2034 (A)		20		20
4.478%, SOFR + 4.032%, 04/04/2031 (A)		220		218
4.300%, 07/22/2027		200		200
2.393%, SOFR + 2.100%, 06/02/2028 (A)		290		284
				30,937
Health Care — 1.5%
AbbVie
4.800%, 03/15/2027		110		110
2.950%, 11/21/2026		20		20
Cigna Group
4.500%, 09/15/2030		110		109
4.375%, 10/15/2028		220		219
CVS Health
4.300%, 03/25/2028		164		163
1.875%, 02/28/2031		20		18
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		714		746
5.773%, 01/10/2033 (B)		245		245
Element Fleet Management
4.641%, 11/24/2030 (B)		712		703
Elevance Health
5.000%, 01/15/2036		265		260
4.100%, 05/15/2032		80		77
2.550%, 03/15/2031		1,198		1,086
Humana
5.750%, 12/01/2028		200		204
3.700%, 03/23/2029		160		156
2.150%, 02/03/2032		30		26
Medline Borrower
3.875%, 04/01/2029 (B)		875		850
Pfizer
2.625%, 04/01/2030		100		94
UnitedHealth Group
4.000%, 05/15/2029		200		197
3.875%, 12/15/2028		30		30

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.300%, 05/15/2031	$	20	$	18
2.000%, 05/15/2030		30		27
				5,358

Industrials — 1.0%
AerCap Ireland Capital DAC
3.300%, 01/30/2032		180		165
Amcor Finance USA
5.625%, 05/26/2033		40		41
Amcor Flexibles North America
5.100%, 03/17/2030		425		429
AptarGroup
4.750%, 03/30/2031		435		431
Carrier Global
2.722%, 02/15/2030		625		584
CRH America Finance
5.500%, 01/09/2035		689		700
John Deere Capital MTN
3.350%, 04/18/2029		934		910
SMBC Aviation Capital Finance DAC
5.100%, 04/01/2030 (B)		205		206
				3,466
Information Technology — 1.3%
Apple
2.450%, 08/04/2026		70		70
Dell International
5.000%, 04/01/2030		170		171
4.750%, 04/01/2028		255		256
Fiserv
5.625%, 08/21/2033		70		71
5.450%, 03/15/2034		290		287
4.550%, 02/15/2031		85		83
Foundry JV Holdco
5.500%, 01/25/2031 (B)		335		342
Genpact Luxembourg SARL
6.000%, 06/04/2029		469		480
Intel
2.000%, 08/12/2031		305		266
NXP BV
5.000%, 01/15/2033		916		913
Oracle
4.650%, 05/06/2030		70		68
3.800%, 11/15/2037		245		196
Paychex
5.100%, 04/15/2030		310		313
Salesforce
5.550%, 03/15/2036		170		170
ServiceNow
4.700%, 08/15/2031		230		229

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
VeriSign
5.100%, 07/15/2031	$	716	$	718
				4,633
Materials — 0.0%
Ecolab
5.350%, 06/15/2036		150		153

Real Estate — 0.9%
American Tower
5.900%, 11/15/2033		160		167
4.900%, 03/15/2030		175		176
2.900%, 01/15/2030		170		159
2.700%, 04/15/2031		190		173
American Tower Trust #1
5.490%, 03/15/2028 (B)		554		559
Crown Castle
2.100%, 04/01/2031		485		427
Equinix Asia Financing Pte
4.400%, 03/15/2031		220		215
Healthpeak OP
2.125%, 12/01/2028		769		725
Host Hotels & Resorts
5.700%, 06/15/2032		290		298
WP Carey
4.650%, 07/15/2030		380		377
				3,276
Utilities — 2.9%
Alliant Energy
5.750%, H15T5Y + 2.077%, 04/01/2056 (A)		135		133
American Electric Power
5.800%, H15T5Y + 2.128%, 03/15/2056 (A)		250		249
American Transmission Systems
2.650%, 01/15/2032 (B)		60		54
American Water Capital
2.800%, 05/01/2030		1,203		1,125
Commonwealth Edison
3.700%, 08/15/2028		468		461
Consumers 2023 Securitization Funding
5.210%, 09/01/2030		512		519
Dominion Energy
6.000%, H15T5Y + 2.262%, 02/15/2056 (A)		165		166
Duke Energy Carolinas
2.850%, 03/15/2032		1,057		958
Entergy
5.875%, H15T5Y + 2.179%, 06/15/2056 (A)		120		120
Exelon
5.625%, 06/15/2035		343		351

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Florida Power & Light
2.450%, 02/03/2032	$	544	$	485
Jersey Central Power & Light
4.400%, 01/15/2031		693		682
Niagara Mohawk Power
4.647%, 10/03/2030 (B)		180		179
NiSource
4.750%, 05/18/2031		702		699
NSTAR Electric
1.950%, 08/15/2031		1,000		877
Oncor Electric Delivery
4.150%, 06/01/2032		300		291
PG&E Wildfire Recovery Funding
4.022%, 06/01/2031		488		479
3.594%, 06/01/2030		421		411
Southern
6.000%, H15T5Y + 1.993%, 04/01/2058 (A)		170		170
3.750%, H15T5Y + 2.915%, 09/15/2051 (A)		425		424
Trans-Allegheny Interstate Line
5.000%, 01/15/2031 (B)		340		343
WEC Energy Group
5.625%, H15T5Y + 1.905%, 05/15/2056 (A)		260		258
Wisconsin Electric Power
4.600%, 10/01/2034		588		576
				10,010

Total Corporate Obligations
(Cost $71,006) ($ Thousands)				69,919

ASSET-BACKED SECURITIES — 9.5%
Automobile — 0.1%
Enterprise Fleet Financing, Ser 2025-4, Cl A3
4.110%, 12/20/2029 (B)		534		528

Mortgage Related Securities — 0.1%
ABFC Trust, Ser 2006-OPT1, Cl A3D
4.243%, TSFR1M + 0.594%, 09/25/2036 (A)		255		252
Cascade MH Asset Trust, Ser 2021-MH1, Cl A1
1.753%, 02/25/2046 (B)		45		41
				293

24	New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Other Asset-Backed Securities — 9.3%
AGL CLO 14, Ser 2025-14A, Cl AR
4.802%, TSFR3M + 1.130%, 12/02/2034 (A)(B)	$	400	$	400
Aimco CLO 11, Ser 2024-11A, Cl A1R2
5.020%, TSFR3M + 1.340%, 07/17/2037 (A)(B)		553		554
Aligned Data Centers Issuer, Ser 2021-1A, Cl A2
1.937%, 08/15/2046 (B)		260		259
Aligned Data Centers Issuer, Ser 2022-1A, Cl A2
6.350%, 10/15/2047 (B)		345		345
AMMC CLO 24, Ser 2024-24A, Cl AR
4.875%, TSFR3M + 1.200%, 01/20/2035 (A)(B)		500		500
AMSR Trust, Ser 2023-SFR1, Cl A
4.000%, 04/17/2040 (B)		960		944
AMSR Trust, Ser 2024-SFR1, Cl A
4.290%, 07/17/2041 (B)(C)		600		588
APIDOS CLO XLVIII, Ser 2024-48A, Cl A1
5.107%, TSFR3M + 1.440%, 07/25/2037 (A)(B)		284		284
ARES LX CLO, Ser 2026-60A, Cl AR2
4.635%, TSFR3M + 0.960%, 07/18/2034 (A)(B)		450		450
Bain Capital Credit CLO, Ser 2021-4, Cl A1RR
4.675%, TSFR3M + 1.000%, 10/20/2034 (A)(B)		175		175
Bain Capital Credit CLO, Ser 2021-6, Cl A1R
4.762%, TSFR3M + 1.090%, 10/21/2034 (A)(B)		425		425
Ballyrock CLO 20, Ser 2026-20A, Cl A1A3
4.723%, TSFR3M + 1.050%, 10/15/2036 (A)(B)		450		450
Barings CLO, Ser 2019-III, Cl A1RR
4.815%, TSFR3M + 1.140%, 01/20/2036 (A)(B)		450		450
CARS-DB4, Ser 2020-1A, Cl A5
3.480%, 02/15/2050 (B)		414		410
CIFC Funding 2014-IV-R, Ser 2025-4RA, Cl A1A2
4.670%, TSFR3M + 0.990%, 01/17/2035 (A)(B)		714		714
CIFC Funding 2023-III, Ser 2026-3A, Cl A1R
4.863%, TSFR3M + 1.200%, 01/20/2039 (A)(B)		891		891
CLI Funding VI, Ser 2020-1A, Cl A
2.080%, 09/18/2045 (B)		311		291
CLI Funding VI, Ser 2020-3A, Cl A
2.070%, 10/18/2045 (B)		94		88
Cloud Capital Holdco, Ser 2024-1A, Cl A2
5.781%, 11/22/2049 (B)		260		260

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Clover CLO, Ser 2021-3, Cl AR
4.737%, TSFR3M + 1.070%, 01/25/2035 (A)(B)	$	450	$	450
Consolidated Communications, Ser 2025-1A, Cl A2
6.000%, 05/20/2055 (B)		155		157
DB Master Finance, Ser 2021-1A, Cl A2II
2.493%, 11/20/2051 (B)		1,002		945
Domino's Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051 (B)		921		875
Dryden 68 CLO, Ser 2024-68A, Cl ARR
4.773%, TSFR3M + 1.100%, 07/15/2035 (A)(B)		400		400
Elmwood CLO 22, Ser 2025-1A, Cl AR
4.880%, TSFR3M + 1.200%, 04/17/2038 (A)(B)		355		356
FIGRE Trust, Ser 2026-FL1, Cl A1
5.489%, 03/25/2056 (A)(B)		450		450
FirstKey Homes Trust, Ser 2021-SFR1, Cl A
1.538%, 08/17/2038 (B)		653		650
FirstKey Homes Trust, Ser 2021-SFR3, Cl A
2.135%, 12/17/2038 (B)		409		404
Flatiron CLO 26, Ser 2024-4A, Cl A
5.003%, TSFR3M + 1.330%, 01/15/2038 (A)(B)		525		526
Flatiron RR CLO 22, Ser 2025-2A, Cl AR
4.583%, TSFR3M + 0.910%, 10/15/2034 (A)(B)		693		693
Golub Capital Partners CLO, Ser 2025-53B, Cl AR
4.655%, TSFR3M + 0.980%, 07/20/2034 (A)(B)		430		430
Home Partners of America Trust, Ser 2022-1, Cl A
3.930%, 04/17/2039 (B)		191		190
Hotwire Funding, Ser 2021-1, Cl A2
2.311%, 11/20/2051 (B)		335		332
HPS Loan Management 2021-16, Ser 2025-16A, Cl A1R
4.776%, TSFR3M + 1.110%, 01/23/2035 (A)(B)		400		400
LCM, Ser 2021-29A, Cl AR
5.005%, TSFR3M + 1.332%, 04/15/2031 (A)(B)		29		29
LCM, Ser 2024-37A, Cl A1R
4.733%, TSFR3M + 1.060%, 04/15/2034 (A)(B)		300		300
Lightpath Fiber Issuer, Ser 2026-1A, Cl A2
5.597%, 03/25/2056 (B)		310		310
Magnetite XXIII, Ser 2026-23A, Cl AR2
4.657%, TSFR3M + 0.990%, 01/25/2035 (A)(B)		450		450

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
OCP, Ser 2015-10, Cl AR3
4.977%, TSFR3M + 1.310%, 01/26/2038 (A)(B)	$	880	$	882
Octagon Investment Partners 40, Ser 2025-1A, Cl BRR
5.225%, TSFR3M + 1.550%, 01/20/2035 (A)(B)		470		470
Palmer Square CLO, Ser 2022-2, Cl AR
5.045%, TSFR3M + 1.370%, 07/20/2037 (A)(B)		523		523
PFS Financing, Ser 2025-D, Cl A
4.470%, 05/15/2030 (B)		536		535
Progress Residential Trust, Ser 2022-SFR2, Cl A
2.950%, 04/17/2027 (B)		914		899
Progress Residential Trust, Ser 2022-SFR3, Cl A
3.200%, 04/17/2039 (B)		486		479
Rockford Tower CLO, Ser 2020-1, Cl A1RR
4.765%, TSFR3M + 1.090%, 01/20/2036 (A)(B)		475		475
SBA Small Business Investment, Ser 2023-10A, Cl 1
5.168%, 03/10/2033		686		695
Sixth Street CLO VIII, Ser 2024-8A, Cl A1R2
4.825%, TSFR3M + 1.150%, 10/20/2034 (A)(B)		400		400
Subway Funding, Ser 2024-1A, Cl A2II
6.268%, 07/30/2054 (B)		700		704
Subway Funding, Ser 2024-3A, Cl A2II
5.566%, 07/30/2054 (B)		513		502
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (B)		583		543
Textainer Marine Containers VII, Ser 2020-2A, Cl A
2.100%, 09/20/2045 (B)		218		205
Textainer Marine Containers VII, Ser 2020-3A, Cl A
2.110%, 09/20/2045 (B)		238		229
Tricon Residential Trust, Ser 2025-SFR2, Cl A
5.200%, 08/17/2044 (B)		483		480
Trinitas CLO XIV, Ser 2025-14A, Cl A1R2
4.767%, TSFR3M + 1.100%, 01/25/2034 (A)(B)		403		402
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		52		51
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		56		55
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		34		33

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033	$	178	$	170
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		264		250
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		245		235
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		137		128
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		175		162
United States Small Business Administration, Ser 2019-20G, Cl 1
2.530%, 07/01/2039		1,027		937
United States Small Business Administration, Ser 2022-25F, Cl 1
4.010%, 06/01/2047		512		486
United States Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		801		757
United States Small Business Administration, Ser 2023-25F, Cl 1
4.930%, 06/01/2048		729		729
United States Small Business Administration, Ser 2024-25C, Cl 1
4.970%, 03/01/2049		753		762
Valley Stream Park CLO, Ser 2024-1A, Cl ARR
4.865%, TSFR3M + 1.190%, 01/20/2037 (A)(B)		450		450
Verizon Master Trust, Ser 2025-10, Cl A
4.280%, 10/20/2033 (B)		892		882
Voya CLO, Ser 2017-3, Cl A1RR
4.735%, TSFR3M + 1.060%, 04/20/2034 (A)(B)		500		500
Wendy's Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (B)		586		541
Wendy's Funding, Ser 2021-1A, Cl A2II
2.775%, 06/15/2051 (B)		252		222
				32,598

Total Asset-Backed Securities
(Cost $33,627) ($ Thousands)				33,419

26	New Covenant Funds

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 1.2%
California — 0.3%
California State, Health Facilities Financing Authority, RB
3.378%, 06/01/2028	$	575	$	564
Los Angeles, Public Works Financing Authority, RB
7.488%, 08/01/2033		540		582
				1,146
Georgia — 0.1%
Georgia State, Higher Education Facilities Authority, RB
4.863%, 01/01/2034		315		316

Iowa — 0.1%
Iowa State, Student Loan Liquidity, Ser A, RB
5.343%, 12/01/2034		166		167

Massachusetts — 0.2%
Massachusetts State, Educational Financing Authority, RB
5.520%, 07/01/2035		845		859

New Hampshire — 0.3%
New Hampshire State, Health and Education Facilities Authority Act, RB
5.040%, 11/01/2034		1,090		1,089

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
South Carolina — 0.2%
South Carolina State, Student Loan, Ser A, RB
5.129%, 12/01/2036	$	530	$	521

Total Municipal Bonds
(Cost $4,102) ($ Thousands)				4,098

	Shares
CASH EQUIVALENT — 1.7%
SEI Daily Income Trust, Government Fund, Institutional Class
3.510%^**†		5,907,045		5,907
Total Cash Equivalent
(Cost $5,907) ($ Thousands)				5,907
Total Investments in Securities — 110.4%
(Cost $393,677) ($ Thousands)			$	387,189

A list of the open futures contracts held by the Fund at June 30, 2026, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount (Thousands)			Value (Thousands)			Unrealized Depreciation(Thousands)
Long Contracts
U.S. 2-Year Treasury Note	106	Sep-2026	$	21,862		$	21,850		$	(12	)

Short Contracts
U.S. Ultra Long Treasury Bond	(24)	Sep-2026	$	(2,669	)	$	(2,788	)	$	(119	)
Ultra 10-Year U.S. Treasury Notes	(52)	Sep-2026		(5,762	)		(5,848	)		(86	)
				(8,431	)		(8,636	)		(205	)
			$	13,431		$	13,214		$	(217	)

	Percentages are based on Net Assets of $350,805 ($ Thousands).
^**	The rate reported is the 7-day effective yield as of June 30, 2026.
^†	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)	Security, or a portion thereof, exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On June 30, 2026, the value of these securities amounted to $66,503 ($ Thousands), representing 19.0% of the Net Assets of the Fund.
(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(D)	Interest rate represents the security's effective yield at the time of purchase.

New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Income Fund (Concluded)

The following is a summary of the level of inputs used as of June 30, 2026, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Mortgage-Backed Securities

–

157,783

–

157,783

U.S. Treasury Obligations

–

116,063

–

116,063

Corporate Obligations

–

69,919

–

69,919

Asset-Backed Securities

–

33,419

–

33,419

Municipal Bonds

–

4,098

–

4,098

Cash Equivalent

5,907

–

5,907

Total Investments in Securities

5,907

381,282

–

387,189

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(217	)		–		–		(217	)
Total Other Financial Instruments		(217	)		–		–		(217	)

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

The following is a summary of the Fund’s transactions with affiliates for the year ended June 30, 2026 ($ Thousands):

Security Description

Value
6/30/2025

Purchases

at Cost

Proceeds
from Sales

Realized
Gain/(Loss)

Change in
Unrealized
Appreciation/
(Depreciation)

Value
6/30/2026

Income

Capital
Gains

SEI Daily Income Trust, Government Fund, Institutional Class

28,663

733,387

(756,143

)

—

5,907

773

—

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

See “Glossary” for abbreviations.

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

28	New Covenant Funds

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Balanced Growth Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.1%
Equity Fund — 60.9%
New Covenant Growth Fund^†		3,067,195	$	227,310

Total Equity Fund
(Cost $78,778) ($ Thousands)				227,310
Fixed Income Fund — 38.2%
New Covenant Income Fund^†		6,732,726		142,734

Total Fixed Income Fund
(Cost $149,304) ($ Thousands)				142,734

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.8%
SEI Daily Income Trust, Government Fund, Institutional Class
3.510%^**†		3,057,322	$	3,057
Total Cash Equivalent
(Cost $3,057) ($ Thousands)				3,057
Total Investments in Securities — 99.9%
(Cost $231,139) ($ Thousands)			$	373,101

	Percentages are based on Net Assets of $373,465 ($ Thousands).
^**	The rate reported is the 7-day effective yield as of June 30, 2026.
^†	Investment in Affiliated Security (see Note 3).

As of June 30, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the Fund’s transactions with affiliates for the year ended June 30, 2026 ($ Thousands):

Security Description	Value 6/30/2025		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value 6/30/2026		Income		Capital Gains
New Covenant Growth Fund	$	218,600	$	18,639	$	(36,074	)	$	7,955		$	18,190	$	227,310	$	1,728	$	17,994
New Covenant Income Fund		135,920		10,588		(3,799	)		(354	)		379		142,734		3,954		—
SEI Daily Income Trust, Government Fund, Institutional Class		3,391		40,852		(41,186	)		—			—		3,057		111		—
Totals	$	357,911	$	70,079	$	(81,059	)	$	7,601		$	18,569	$	373,101	$	5,793	$	17,994

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

SCHEDULE OF INVESTMENTS

June 30, 2026

New Covenant Balanced Income Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.9%
Fixed Income Fund — 63.4%
New Covenant Income Fund^†		2,297,401	$	48,705

Total Fixed Income Fund
(Cost $51,763) ($ Thousands)				48,705
Equity Fund — 35.5%
New Covenant Growth Fund^†		367,552		27,239

Total Equity Fund
(Cost $7,809) ($ Thousands)				27,239

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Institutional Class
3.510%^**†		732,988	$	733
Total Cash Equivalent
(Cost $733) ($ Thousands)				733
Total Investments in Securities — 99.9%
(Cost $60,305) ($ Thousands)			$	76,677

	Percentages are based on Net Assets of $76,730 ($ Thousands).
^**	The rate reported is the 7-day effective yield as of June 30, 2026.
^†	Investment in Affiliated Security (see Note 3).

As of June 30, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

The following is a summary of the Fund’s transactions with affiliates for the year ended June 30, 2026 ($ Thousands):

Security Description	Value 6/30/2025		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value 6/30/2026		Income		Capital Gains
New Covenant Income Fund	$	48,492	$	3,004	$	(2,826	)	$	(238	)	$	273	$	48,705	$	1,607	$	—
New Covenant Growth Fund		27,704		2,884		(6,640	)		2,137			1,154		27,239		140		2,280
SEI Daily Income Trust, Government Fund, Institutional Class		456		10,485		(10,208	)		—			—		733		26		—
Totals	$	76,652	$	16,373	$	(19,674	)	$	1,899		$	1,427	$	76,677	$	1,773	$	2,280

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

See “Glossary” for abbreviations.

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

30	New Covenant Funds

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

Portfolio Abbreviations

Cl — Class

CLO — Collateralized Loan Obligation

Corp — Corporation

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

H15T1Y — 1-Year Treasury Constant Maturity Rate

Inc — Incorporated

IO — Interest Only - face amount represents notional amount

Ltd — Limited

MTN — Medium Term Note

PBC — Public Benefit Corporation

PLC — Public Limited Company

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

SA — Société Anonyme (Public Limited Company)

SARL — Société à Responsabilité Limitée (Private Limited Company)

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR1M — Term Secured Overnight Financing Rate 1 Month

TSFR3M — Term Secured Overnight Financing Rate 3 Month

UMBS — Uniform Mortgage-Backed Security

US0003M — United States 3-Month LIBOR Rate

US0012M — United States 12-Month LIBOR Rate

New Covenant Funds

STATEMENTS OF ASSETS AND LIABILITIES ($ THOUSANDS)

June 30, 2026

	Growth Fund		Income Fund			Balanced Growth Fund		Balanced Income Fund
Assets:
Investments, at value^†	$	576,029	$	381,282		$	—	$	—
Affiliated investments, at value^††		2,545		5,907			373,101		76,677
Cash and cash equivalents		1,525		3			—		—
Dividends and interest receivable		267		1,924			418		142
Cash pledged as collateral for futures contracts		178		410			—		—
Foreign tax reclaim receivable		23		34			—		—
Receivable for variation margin on futures contracts		17		38			—		—
Receivable for fund shares sold		12		9			212		—
Receivable for investment securities sold		—		9,157			—		—
Prepaid expenses		26		16			17		4
Total Assets		580,622		398,780			373,748		76,823
Liabilities:
Payable for investment securities purchased		120		46,703			—		—
Investment advisory fees payable		116		80			—		—
Administration fees payable		82		39			31		8
Social witness and licensing fees payable		72		41			—		—
Payable for fund shares redeemed		51		—			203		75
Shareholder servicing fees payable		47		29			—		—
CCO fees payable		1		1			1		—
Income distribution payable		—		926			—		—
Due to broker		—		71			—		—
Payable for variation margin on futures contracts		—		12			—		—
Accrued expense payable		81		73			48		10
Total Liabilities		570		47,975			283		93
Net Assets	$	580,052	$	350,805		$	373,465	$	76,730
^† Cost of investments	$	188,620	$	387,770		$	—	$	—
^†† Cost of affiliated investments		2,545		5,907			231,139		60,305
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0.001)	$	160,811	$	393,659		$	220,951	$	58,919
Total distributable earnings/(loss)		419,241		(42,854	)		152,514		17,811
Net Assets	$	580,052	$	350,805		$	373,465	$	76,730
Net Asset Value, Offering and Redemption Price Per Share	$	74.11	$	21.20		$	132.33	$	23.92
		($580,052,198 ÷ 7,826,819 shares)		($350,804,852 ÷ 16,549,688 shares)			($373,465,421 ÷ 2,822,315 shares)		($76,729,954 ÷ 3,208,433 shares)

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

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

32	New Covenant Funds

STATEMENTS OF OPERATIONS ($ THOUSANDS)

For the year ended June 30, 2026

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	6,605		$	—		$	—		$	—
Dividend income from affiliated registered investment company		161			773			5,793			1,773
Interest income		72			13,362			—			—
Less: foreign taxes withheld		(75	)		—			—			—
Total Investment Income		6,763			14,135			5,793			1,773
Expenses:
Investment advisory fees		2,617			1,448			—			—
Administration fees		1,114			690			549			117
Social witness and licensing fees		835			517			—			—
Shareholder servicing fees		557			345			—			—
Trustee fees		18			26			12			3
Chief compliance officer fees		4			3			3			1
Transfer agent fees		83			77			81			17
Professional fees		52			16			33			7
Printing fees		48			30			32			7
Registration fees		42			28			29			6
Custodian fees		6			23			24			5
Proxy Fees		1			1			1			—
Other expenses		63			136			12			3
Total Expenses		5,440			3,340			776			166
Less:
Waiver of investment advisory fees		(1,329	)		(495	)		—			—
Waiver of administration fees		(99	)		(247	)		(287	)		(46	)
Net Expenses		4,012			2,598			489			120
Net Investment Income		2,751			11,537			5,304			1,653
Net Realized and Change in Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		42,856			(584	)		—			—
Affiliated investments		—			—			7,601			1,899
Capital gain distributions received from affiliated investment		—			—			17,994			2,280
Futures contracts		844			(126	)		—			—
Net Realized Gain (Loss)		43,700			(710	)		25,595			4,179
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		66,225			634			—			—
Affiliated investments		—			—			18,569			1,427
Futures contracts		(142	)		(251	)		—			—
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		6			—			—			—
Net Change in Unrealized Appreciation (Depreciation)		66,089			383			18,569			1,427
Net Realized and Unrealized Gain (Loss)		109,789			(327	)		44,164			5,606
Net Increase in Net Assets Resulting from Operations	$	112,540		$	11,210		$	49,468		$	7,259

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

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

New Covenant Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ THOUSANDS)

For the years ended June 30,

	Growth Fund						Income Fund
	2026			2025			2026			2025
Operations:
Net investment income	$	2,751		$	3,219		$	11,537		$	11,105
Net realized gain (loss)		43,700			57,784			(710	)		(9,470	)
Net change in unrealized appreciation		66,089			8,653			383			18,776
Net increase in net assets resulting from operations		112,540			69,656			11,210			20,411
Distributions:
Total distributions		(49,537	)		(51,447	)		(11,252	)		(11,096	)
Capital Share Transactions:
Proceeds from shares issued		8,107			23,464			34,501			29,824
Reinvestment of dividends & distributions		45,918			46,935			878			926
Cost of shares redeemed		(71,536	)		(103,668	)		(19,795	)		(50,101	)
Increase (decrease) in net assets derived from capital share transactions		(17,511	)		(33,269	)		15,584			(19,351	)
Net increase (decrease) in net assets		45,492			(15,060	)		15,542			(10,036	)
Net Assets:
Beginning of Year		534,560			549,620			335,263			345,299
End of Year	$	580,052		$	534,560		$	350,805		$	335,263
Share Transactions:
Shares issued		117			361			1,615			1,422
Shares issued in lieu of dividends and distributions		697			715			42			44
Shares redeemed		(1,017	)		(1,576	)		(925	)		(2,399	)
Decrease in net assets derived from share transactions		(203	)		(500	)		732			(933	)

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

34	New Covenant Funds

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

For the years ended June 30,

	Balanced Growth Fund						Balanced Income Fund
	2026			2025			2026			2025
Operations:
Net investment income	$	5,304		$	5,551		$	1,653		$	1,666
Net realized gain		25,595			26,336			4,179			3,199
Net change in unrealized appreciation		18,569			4,352			1,427			1,618
Net increase in net assets resulting from operations		49,468			36,239			7,259			6,483
Distributions:
Total distributions		(30,941	)		(25,684	)		(4,682	)		(3,905	)
Capital Share Transactions:
Proceeds from shares issued		13,025			11,086			4,356			2,071
Reinvestment of dividends & distributions		29,135			23,829			3,906			3,195
Cost of shares redeemed		(45,351	)		(41,663	)		(10,868	)		(6,546	)
Decrease in net assets derived from capital share transactions		(3,191	)		(6,748	)		(2,606	)		(1,280	)
Net increase (decrease) in net assets		15,336			3,807			(29	)		1,298
Net Assets:
Beginning of Year		358,129			354,322			76,759			75,461
End of Year	$	373,465		$	358,129		$	76,730		$	76,759
Share Transactions:
Shares issued		101			90			185			92
Shares issued in lieu of dividends and distributions		233			197			168			143
Shares redeemed		(352	)		(336	)		(462	)		(288	)
Decrease in net assets derived from share transactions		(18	)		(49	)		(109	)		(53	)

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

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Year

	Growth Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	66.57		$	64.43		$	56.45		$	48.45		$	59.51
Investment Activities:
Net investment income⁽¹⁾		0.34			0.40			0.48			0.48			0.37
Net realized and unrealized gains (losses) on securities ⁽¹⁾		13.68			8.15			11.36			8.50			(7.95	)
Total from investment activities		14.02			8.55			11.84			8.98			(7.58	)
Dividends and Distributions from:
Net investment income		(0.33	)		(0.43	)		(0.46	)		(0.44	)		(0.35	)
Net realized gains		(6.15	)		(5.98	)		(3.40	)		(0.54	)		(3.13	)
Total dividends and distributions		(6.48	)		(6.41	)		(3.86	)		(0.98	)		(3.48	)
Net Asset Value, End of Year	$	74.11		$	66.57		$	64.43		$	56.45		$	48.45
Total Return^†		22.27	%		13.48	%		21.98	%		18.83	%		(13.92	)%
Supplemental Data and Ratios:
Net assets, end of year ($ Thousands)	$	580,052		$	534,560		$	549,620		$	540,035		$	497,155
Ratio of net expenses to average net assets^††		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of expenses to average net assets, excluding waivers^††		0.98	%		0.98	%		0.98	%		0.97	%		0.97	%
Ratio of net investment income to average net assets^††		0.49	%		0.61	%		0.83	%		0.94	%		0.64	%
Portfolio turnover rate^†		5	%		5	%		3	%		7	%		5	%

(1)

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

^†

Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^††

The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

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

36	New Covenant Funds

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Year

	Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	21.20		$	20.61		$	20.57		$	21.26		$	23.89
Investment Activities:
Net investment income⁽¹⁾		0.71			0.68			0.63			0.50			0.27
Net realized and unrealized gains (losses) on securities ⁽¹⁾		(0.01	)		0.59			0.04			(0.67	)		(2.48	)
Total from investment activities		0.70			1.27			0.67			(0.17	)		(2.21	)
Dividends and Distributions from:
Net investment income		(0.70	)		(0.68	)		(0.63	)		(0.52	)		(0.37	)
Net realized gains		–			–			–			–			(0.05	)
Total dividends and distributions		(0.70	)		(0.68	)		(0.63	)		(0.52	)		(0.42	)
Net Asset Value, End of Year	$	21.20		$	21.20		$	20.61		$	20.57		$	21.26
Total Return^†		3.31	%		6.25	%		3.33	%		(0.78	)%		(9.34	)%
Supplemental Data and Ratios:
Net assets, end of year ($ Thousands)	$	350,805		$	335,263		$	345,299		$	348,025		$	381,262
Ratio of net expenses to average net assets^††		0.75	%		0.75	%		0.77	%		0.80	%		0.80	%
Ratio of expenses to average net assets, excluding waivers^††		0.97	%		0.96	%		0.98	%		0.97	%		0.96	%
Ratio of net investment income to average net assets^††		3.35	%		3.25	%		3.08	%		2.41	%		1.18	%
Portfolio turnover rate^†		285	%		356	%		83	%		106	%		97	%

(1)

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

^†

^††

The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

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

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

New Covenant Funds

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Year

	Balanced Growth Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	126.11		$	122.64		$	109.90		$	103.68		$	122.54
Investment Activities:
Net investment income⁽¹⁾		1.86			1.94			1.57			1.46			1.01
Net realized and unrealized gains (losses) on securities ⁽¹⁾		15.54			10.71			13.85			9.37			(14.80	)
Total from investment activities		17.40			12.65			15.42			10.83			(13.79	)
Dividends and Distributions from:
Net investment income		(2.07	)		(1.99	)		(1.71	)		(1.30	)		(1.43	)
Net realized gains		(9.11	)		(7.19	)		(0.97	)		(3.31	)		(3.64	)
Total dividends and distributions		(11.18	)		(9.18	)		(2.68	)		(4.61	)		(5.07	)
Net Asset Value, End of Year	$	132.33		$	126.11		$	122.64		$	109.90		$	103.68
Total Return^†		14.45	%		10.75	%		14.26	%		10.83	%		(11.85	)%
Supplemental Data and Ratios:
Net assets, end of year ($ Thousands)	$	373,465		$	358,129		$	354,322		$	335,791		$	326,365
Ratio of net expenses to average net assets^††		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Ratio of expenses to average net assets, excluding waivers^††		0.21	%		0.21	%		0.21	%		0.20	%		0.20	%
Ratio of net investment income to average net assets^††		1.45	%		1.56	%		1.38	%		1.39	%		0.85	%
Portfolio turnover rate^†		8	%		8	%		6	%		8	%		14	%

(1)

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

^†

^††

The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

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

38	New Covenant Funds

FINANCIAL HIGHLIGHTS

For the years ended June 30,

For a Share Outstanding Throughout the Year

	Balanced Income Fund
	2026			2025			2024			2023			2022
Net Asset Value, Beginning of Year	$	23.14		$	22.39		$	20.88		$	20.37		$	23.84
Investment Activities:
Net investment income⁽¹⁾		0.50			0.50			0.43			0.36			0.25
Net realized and unrealized gains (losses) on securities ⁽¹⁾		1.69			1.43			1.52			0.79			(2.67	)
Total from investment activities		2.19			1.93			1.95			1.15			(2.42	)
Dividends and Distributions from:
Net investment income		(0.52	)		(0.50	)		(0.44	)		(0.35	)		(0.30	)
Net realized gains		(0.89	)		(0.68	)		–			(0.29	)		(0.75	)
Total dividends and distributions		(1.41	)		(1.18	)		(0.44	)		(0.64	)		(1.05	)
Net Asset Value, End of Year	$	23.92		$	23.14		$	22.39		$	20.88		$	20.37
Total Return^†		9.78	%		8.88	%		9.49	%		5.84	%		(10.70	)%
Supplemental Data and Ratios:
Net assets, end of year ($ Thousands)	$	76,730		$	76,759		$	75,461		$	77,879		$	93,588
Ratio of net expenses to average net assets^††		0.15	%		0.15	%		0.16	%		0.15	%		0.15	%
Ratio of expenses to average net assets, excluding waivers^††		0.21	%		0.21	%		0.21	%		0.20	%		0.20	%
Ratio of net investment income to average net assets^††		2.12	%		2.19	%		2.02	%		1.78	%		1.09	%
Portfolio turnover rate^†		8	%		7	%		3	%		5	%		11	%

(1)

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

^†

^††

The expense and income ratios do not include expenses or income from the underlying affiliated investment companies.

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

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

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

1. ORGANIZATION

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

The objectives of the Funds are as follows:

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

40	New Covenant Funds

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Fair Value 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 an alternative Sub-Adviser (“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 Fair Value 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

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

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 year ended June 30, 2026 maximized the use of observable inputs and minimized the use of unobservable inputs.

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

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

42	New Covenant Funds

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

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

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

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

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

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

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

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

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

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

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2026, if applicable.

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

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

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

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

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

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

44	New Covenant Funds

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

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

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

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

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

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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

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

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

	Advisory Fees	Voluntary Expense Limitation⁽¹⁾
Growth Fund	0.47%	0.72%
Income Fund	0.42%	0.75%
Balanced Growth Fund	—	0.13%
Balanced Income Fund	—	0.15%

(1)

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

The Administrator receives a fee, which is calculated based upon the average daily net assets of each Fund and paid monthly by the Trust. The annual rates are as follows for each Fund:

	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.

46	New Covenant Funds

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

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 Growth Fund and the Balanced Income Fund invest in the Growth Fund and Income Fund.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (‘‘Repo Rate’’), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (‘‘Bank Loan Rate’’). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the year ended June 30, 2026, the Trust did not participate in interfund lending.

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

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 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 $178 and $410 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of June 30, 2026.

The following tables show the derivatives categorized by underlying risk exposure. The fair value of derivative instruments located on the Statements of Assets and Liabilities as of June 30, 2026 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	$	20	*	Unrealized depreciation on futures contracts	$	—	*
Total derivatives not accounted for as hedging instruments		$	20			$	—

Income Fund
Interest Rate Contracts	Unrealized appreciation on futures contracts	$	—	*	Unrealized depreciation on futures contracts		217	*
Total derivatives not accounted for as hedging instruments		$	—			$	217

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.

48	New Covenant Funds

The effect of derivative instruments on the Statements of Operations for the year ended June 30, 2026.

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

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Growth Fund
Equity Contracts	$	—	$	—	$	844		$	—	$	—	$	844
Income Fund
Interest Rate Contracts	$	—	$	—	$	(126	)	$	—	$	—	$	(126	)

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

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions		Written Options and Swaptions		Futures			Forward Currency Contracts		Swaps		Total
Growth Fund
Equity Contracts	$	—	$	—	$	(142	)	$	—	$	—	$	(142	)
Income Fund
Interest Rate Contracts	$	—	$	—	$	(251	)	$	—	$	—	$	(251	)

The following table discloses the volume of the Funds' futures contracts, option contracts, forward foreign currency contracts and swap contracts (if applicable) activity during the year ended June 30, 2026 ($ Thousands):

	Growth Fund		Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long	$	3,444	$	—
Interest Rate Contracts
Average Notional Balance Long		—		35,209
Average Notional Balance Short		—		7,862

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, excluding U.S. government and other short-term investments, for the year ended June 30, 2026, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Growth Fund
Purchases	$	—	$	25,279	$	25,279
Sales		—		85,892		85,892
Income Fund
Purchases		912,483		41,301		953,784
Sales		878,242		46,357		924,599
Balanced Growth Fund
Purchases		—		29,227		29,227
Sales		—		39,263		39,263
Balanced Income Fund
Purchases		—		5,888		5,888
Sales		—		9,389		9,389

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

6. FEDERAL TAX INFORMATION

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

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

The permanent differences primarily consist of reclassification of capital gain distribution on REITs and RICs, reversal of former passive foreign investment company mark-to-market, and gains and losses on paydowns of mortgage and asset-backed securities for tax purposes. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of June 30, 2026.

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

		Ordinary Income ($ Thousands)		Long Term Capital Gains ($ Thousands)		Total Distributions Paid ($ Thousands)
Growth Fund	2026	$	4,303	$	45,234	$	49,537
	2025		4,221		47,226		51,447
Income Fund	2026		11,252		—		11,252
	2025		11,096		—		11,096
Balanced Growth Fund	2026		6,588		24,353		30,941
	2025		6,449		19,235		25,684
Balanced Income Fund	2026		1,932		2,750		4,682
	2025		1,670		2,235		3,905

As of June 30, 2026, the components of distributable earnings (accumulated losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post- October Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
Growth Fund	$	591	$	32,301	$	—		$	—	$	386,350		$	(1	)	$	419,241
Income Fund		1,020		—		(36,154	)		—		(6,662	)		(1,058	)		(42,854	)
Balanced Growth Fund		2,124		19,771		—			—		130,619			—			152,514
Balanced Income Fund		500		3,250		—			—		14,060			1			17,811

For Federal income tax purposes, the cost of securities owned at June 30, 2026, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial ,reporting purposes. These differences are primarily due to wash sales, investments in passive foreign investment companies, outstanding basis adjustment on security and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

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

50	New Covenant Funds

			Short-Term Loss ($ Thousands)				Long-Term Loss ($ Thousands)				Total ($ Thousands)
Income Fund			$	6,521			$	29,633			$	36,154

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at June 30, 2026 was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund	$	192,224	$	401,394	$	(15,044	)	$	386,350
Income Fund		393,851		1,591		(8,253	)		(6,662	)
Balanced Growth Fund		242,482		148,533		(17,914	)		130,619
Balanced Income Fund		62,617		19,431		(5,371	)		14,060

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of June 30, 2026, 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.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

The Fund did not pay any federal or state and local income taxes. The Fund paid income taxes in foreign jurisdictions for the year ended June 30, 2026. Cash paid for income taxes, net of refunds received, were as follows ($Thousands):

New Covenant Growth Fund

New Covenant Income Fund

New Covenant Balanced Growth Fund

New Covenant Balanced Income Fund

Income Taxes by Foreign Jurisdiction:

Canada

–

Germany

–

Luxembourg

–

Sweden

–

Switzerland

–

Other^*

–

Total Income Taxes Paid, Net of Refunds

–

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.

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2026

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

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

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

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

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

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

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

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

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

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

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

52	New Covenant Funds

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

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

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

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

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

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

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

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

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

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

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

New Covenant Funds

NOTES TO FINANCIAL STATEMENTS (Concluded)

June 30, 2026

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

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

8. CONCENTRATION OF SHAREHOLDERS

On June 30, 2026, the number of shareholders below held the following percentage of the outstanding shares of the Funds.

		% of Ownership
	# of Shareholders	Affiliated	Non-Affiliated
Growth Fund	2	39%	27%
Income Fund	3	55%	32%
Balanced Growth Fund	0	0%	0%
Balanced Income Fund	0	0%	0%

9. SEGMENT REPORTING

The Funds adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Chief Financial Officer serves as the CODM. The CODM reviews fund level financial information, including total returns, expense ratios, changes in net assets, schedules of investments, and other performance and profitability reports, to assess the Funds’ operating results. Each Fund is structured as an investment company and represents a single operating segment. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statements of Operations.

54	New Covenant Funds

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.

New Covenant Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees

New Covenant Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of New Covenant Funds, comprised of New Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth Fund, and New Covenant Balanced Income Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2026, by correspondence with the custodians, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Philadelphia, Pennsylvania

August 24, 2026

56	New Covenant Funds

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a June 30, 2026 taxable year end, this notice is for information purposes only. For shareholders with a June 30, 2026 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended June 30, 2026, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Long Term Capital Gains Distributions (Tax Basis)	(B) Return of Capital (Tax Basis)	(C) Ordinary Income Distributions (Tax Basis)	Total Distributions (Tax Basis)	(D) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)
Growth Fund	91.31%	0.00%	8.69%	100.00%	100.00%
Income Fund	0.00%	0.00%	100.00%	100.00%	0.00%
Balanced Growth Fund	78.71%	0.00%	21.29%	100.00%	23.03%
Balanced Income Fund	58.73%	0.00%	41.27%	100.00%	10.70%

	(E) Qualifying Dividend Income (15% Tax Rate for QDI) (2)	(F) U.S. Government Interest (3)	Foreign Investors Interest Related Dividends (4)	Short-Term Capital Gain Dividends (5)	Qualifying Business Income (6)
Growth Fund	100.00%	0.00%	1.43%	100.00%	0.00%
Income Fund	0.00%	26.76%	84.27%	0.00%	0.00%
Balanced Growth Fund	23.03%	0.00%	6.97%	100.00%	0.00%
Balanced Income Fund	10.70%	0.00%	10.54%	100.00%	0.00%

(1)

Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

(2)

The percentage in this column represents the amount of ‘‘Qualifying Dividend Income’’ and is reflected as a percentage of ‘‘Ordinary Income Distributions.’’ It is the intention of each of the aforementioned Funds to designate the maximum amount permitted by law. The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2026. Complete information will be computed and reported in conjunction with your 2026 Form 1099-DIV.

(3)

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

(4)

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

(5)

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

(6)

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

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

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

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

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

New Covenant Funds

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

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

Not applicable.

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

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

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

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

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

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

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

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

58	New Covenant Funds

At the December 8–10, 2025 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of certain Investment Advisory Agreements already in effect (unless operating under an initial two-year term) to accommodate a revised Spring meeting schedule. Typically, the Trustees renew certain Investment Advisory Agreements at the first quarterly in-person meeting of the calendar year in March. Investment Advisory Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2026 was held on March 31- April 2, certain Investment Advisory Agreements would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 8–10, 2025 meeting to extend certain Investment Advisory Agreements until the March 31- April 2, 2026 meeting. In evaluating whether to approve the extension, the Board considered the information made available to it throughout the course of the year. At the March 31- April 2, 2026 meeting, the Board evaluated certain Investment Advisory Agreements in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings, such as the December 8–10, 2025 meeting. Also, certain Sub-Advisory Agreements were renewed at meetings of the Board held during the course of the Trust’s fiscal year on September 15–17, 2025 and December 8–10, 2025. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services.

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

Performance.

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

New Covenant Funds

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

Fees.

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

Profitability.

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

Economies of Scale.

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

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

60	New Covenant Funds

NEW COVENANT FUNDS ANNUAL FINANCIALS AND OTHER INFORMATION JUNE 30, 2026

Trustees

Robert A. Nesher, Chairman

Dennis McGonigle

Nina Lesavoy

James M. Williams

James B. Taylor

Susan C. Cote

Christine Reynolds

Thomas Melendez

Eli Powell Niepoky

Kimberly Walker

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Katherine Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Marci Morgan

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 Funds

877-835-4531

1 Freedom Valley Drive
P.O. Box 1100
Oaks, Pennsylvania 19456

NEW
COVENANT
FUNDS^®

NF-ANNUAL (6/26)

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

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

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

SIGNATURES

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

	New Covenant Funds

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO
	(Principal Executive Officer)

Date: September 1, 2026

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

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO
	(Principal Executive Officer)
Date: September 1, 2026

By	/s/ Glenn Kurdziel
	Glenn Kurdziel
	Controller & CFO
Date: September 1, 2026	(Principal Financial Officer)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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Annual Shareholder Report: June 30, 2026

New Covenant Growth Fund

New Covenant Funds

Ticker: NCGFX

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

New Covenant Funds

New Covenant Growth Fund: NCGFX

Annual Shareholder Report: June 30, 2026

NCGFX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Income Fund

New Covenant Funds

Ticker: NCICX

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

New Covenant Funds

New Covenant Income Fund: NCICX

Annual Shareholder Report: June 30, 2026

NCICX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Balanced Growth Fund

New Covenant Funds

Ticker: NCBGX

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

New Covenant Funds

New Covenant Balanced Growth Fund: NCBGX

Annual Shareholder Report: June 30, 2026

NCBGX-AR-2026

Annual Shareholder Report: June 30, 2026

New Covenant Balanced Income Fund

New Covenant Funds

Ticker: NCBIX

What were the Fund costs for the last year?

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset WeightingsFootnote Reference*

Top Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

New Covenant Funds

New Covenant Balanced Income Fund: NCBIX

Annual Shareholder Report: June 30, 2026

NCBIX-AR-2026

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}

Asset Weightings^{Footnote Reference*}