New Covenant Funds

New Covenant Funds

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO

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

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

After an extended period of historical calm and steady gains, volatility returned to financial markets during the fiscal year ending June 30, 2019, with a selloff toward the end of 2018 that sent most global indexes into or near bear market territory before an early-2019 rebound that saw the S&P 500 Index deliver its best first-quarter performance in 20 years. Trade war fears, ongoing Brexit discussions and the U.S. yield curve all weighed on investor expectations.

The pace of interest-rate increases by the Federal Reserve (Fed) mostly followed the market’s projections. Long-term rates fell by a greater magnitude than short-term rates after the Federal Reserve raised rates twice during the reporting period; the yield curve flattened to a post-recession low and even inverted at multiple maturities.

The European Central Bank ended its bond-buying program at the end of 2018 but made assurances that it would reinvest maturing securities for some time to help keep rates low. Christine Lagarde (who resigned as president of the International Monetary Fund after the reporting period) was named to succeed Mario Draghi as European Central Bank (ECB) President at the end of October 2019. Lagarde is expected to maintain her predecessor’s dovish policies.

The Japanese yen, typically viewed as a safe-haven asset in risk-off environments, finished the period higher against the U.S. dollar while the Bank of Japan (BOJ) held monetary policy stable. Driven by trade-related tensions, the Chinese yuan slid to a 10-year low against the U.S. dollar in the first half of the fiscal period. While China’s currency strengthened earlier this year as trade negotiations appeared to be reaching a favorable conclusion, its value weakened again following a breakdown in talks at the beginning of May.

Oil prices rose during the first half of the reporting period to a four-year high, supported by geopolitical tensions and news that Saudi Arabia and Russia would extend an agreement to curb output. However, growing concerns over falling demand and increasing global supply, along with a broad selloff in risk assets, helped drive a correction during the last three months of 2018 that sent the commodity down as much as 40% from its earlier highs. Support at the start of the new year saw a near-50% recovery from its lows, and oil closed the fiscal year down about 20%.

U.S. elections in November 2018 produced a partial shift in power away from Republicans and toward Democrats in Congress and statehouses across the country. The new balance of authority in Congress could substantially limit the ability of President Donald Trump and Republicans to pass meaningful legislation; it also enhances the investigatory powers available to Democrats, thereby adding to political risk for the Trump administration.

The partial shutdown of the U.S. government in December lasted over a month due to an impasse between Congress and President Trump’s administration about whether to fund a multi-billion dollar wall on the U.S.-Mexico border championed by the president. The Trump administration also received a measure of resolution in March, when the special counsel investigating the 2016 election “did not establish that members of the Trump campaign conspired or coordinated with the Russian government” to sway the election. The special counsel reportedly could not conclude that the president committed criminal obstruction of justice, although neither did it exonerate him. Congressional Democrats intend to review the special counsel’s report to make a separate determination in conjunction with information gathered through Congressional investigations.

NAFTA’s successor came into focus during the year—first when the U.S. and Mexico came to an agreement in August, and then when the U.S. and Canada finally ironed out their differences in September. Now called the United States-Mexico-Canada Agreement, the revised deal is expected to strengthen its predecessor’s provisions and improve labor standards. The U.S. is projected to offer Canada and Mexico relief from automobile-related trade barriers as a result of the new agreement, although aluminum and steel tariffs will remain.

Trade negotiations between the U.S. and China deteriorated in early May. The U.S. announced an escalation of existing tariffs on $200 billion of Chinese imports from 10% to 25% and proposed expanding the scope of the 25% tariffs to an additional $300 billion of imports—prompting smaller retaliatory tariffs from China. However, the U.S. stalled the proposed tariffs in late June to entice Chinese President Xi Jinping to meet with President Donald Trump on the sidelines of a Group of 20 summit (an international forum for governments and central bank governors from 19 countries and the EU); the meeting produced a temporary truce as both sides agreed to return to the negotiating table.

U.K. Prime Minister Theresa May announced on May 24 her intention to resign following a poor showing for Conservatives in European Parliamentary elections. May’s inability to establish sufficient support for her Brexit deal or a viable alternative had become an impasse, and her recent overtures for a second referendum alienated a large subset of her party’s leadership. More than a dozen candidates announced plans to run for Prime Minister and leader of the Conservative Party following May’s announcement; Boris Johnson was eventually named as May’s successor just after the end of the fiscal year. Johnson campaigned on an explicit willingness to depart the EU without a deal upon the October 31 deadline but has made conflicting comments on the likelihood of this outcome.

Elections for European Parliament exposed support for centrist parties shifting toward more polarizing alternatives on the left and right. Concerns about the impact of climate change bolstered the Green Party alliance, especially in Germany, where it outpaced the Social Democratic Party (which serves as the junior partner in Chancellor Angela Merkel’s coalition government). Eurosceptic nationalist parties also fared well, particularly in France and Italy, where they earned a plurality of votes.

The U.S. economy grew 3.4% at the start of the fiscal period, a drop from 4.2% in the previous quarter, pointing to a slight decrease in consumer spending and a broader decline in exports. Economic growth slowed to 2.2% in the fourth quarter of 2018, primarily due to a softer environment for business investment that was only modestly affected by the partial government shutdown. Still, GDP for the 2018 calendar year finished at 2.9%, equaling growth in 2015 as the best in 10 years. The government shutdown that continued through most of January likely detracted in 2019; however, growth rebounded to 3.1% in the first quarter, driven by increases in inventories and trade.

The labor market remained robust throughout the fiscal year: the unemployment rate fell, finishing the period near a 49-year low at 3.7%; the labor-force participation rate ended at 62.9%, unchanged from a year ago. Average hourly earnings gained 3.1% over the year, although a modest increase in price pressures weighed on real personal income growth as the period progressed. The historically strong labor market and improving wage growth helped boost the debt profile of the U.S. consumer. The Fed raised its target interest rate two times during the period but took a dovish turn toward the end of the fiscal year, with new economic projections that showed zero interest-rate increases in 2019. The central bank also unveiled a plan to start slowing the reduction of its balance sheet in May—before halting reduction altogether in September and converting its allocation of mortgage-related assets to Treasurys.

The ECB held its benchmark interest rate unchanged at a historic low through the fiscal year, while the Bank of England raised its official bank rate for only the second time since the global financial crisis, by 0.25%. Committee guidance noted a bias toward higher rates in the future, depending on the Brexit outcome. Broad economic growth in the eurozone slowed to its weakest pace in four years at the end of the fourth quarter of 2018, as tightening auto emission standards in Germany and a stagnating Italian economy hampered expansion; growth rebounded in the first quarter but likely did not weaken the case for continued accommodative policy by the ECB for some time. The U.K. economy grew 1.8% year-on-year through the first quarter of 2019, up from a six-year low of 1.4% in the fourth quarter of 2018.

Japanese GDP grew 0.6% year-on-year at the end of the first quarter of 2019; the BOJ maintained monetary stimulus in an attempt to counter slowing growth and weak productivity gains. Meanwhile, GDP in China expanded by just 6.2% year-on-year in the second quarter of 2019, its weakest pace in 28 years, as a lack of consumer confidence due to the U.S. trade war continued to put pressure on economic growth.

For the fiscal year ending June 30, 2019, growth stocks generally outperformed value stocks. The U.S. equity market experienced a significant decline midway through the fiscal year as concerns about rising interest rates, trade issues, and softening global economic growth weighed on investor sentiment. The highly-cyclical energy sector experienced a significant selloff, while the health care and utilities sectors, in particular, outperformed and helped mitigate some damage in the falling market. However, January marked the best start for equities in thirty years; the recovery rally continued until a slight retreat in May, but touched a record high in June before the end of the fiscal year.

The Russell 1000 Growth Index finished up 11.56% during the fiscal year, while the Russell 1000 Value Index lagged, gaining 8.46% over the same period. Small-cap stocks (Russell 2000 Index) failed to keep up with large caps (Russell 1000 Index) during the fiscal year. Large caps finished up 10.02%, easily outpacing small caps, which lost 3.31%.

Brexit concerns continued to overshadow the outlook for business in the U.K.; the FTSE UK Series All-Share Index shed 3.05% in U.S. dollar terms but managed to gain 0.57% in sterling. The MSCI ACWI Index, a proxy for global equities in both developed and emerging markets, rose 5.74% in U.S. dollar terms; U.S. markets did better, as the S&P 500 Index returned 10.42%. Despite continued accommodative monetary policy from the ECB, European equities lagged, as fears over trade wars and policy uncertainty grew. The MSCI Europe Index finished up 1.88% in U.S. dollar terms and 4.25% higher in euros; the euro finished down 2.82% versus the U.S. dollar for the period.

Emerging markets failed to keep pace over the full reporting period. The MSCI Emerging Markets Index finished the fiscal year 1.21% ahead in U.S. dollar terms, after a generous rally over the final six months. Asian markets ended the period lower as trade-related concerns drove regional market weakness.

Led by the dovish tone of global central banks and better-than-expected earnings toward the end of the reporting period, global high-yield bonds outperformed global government bonds. A continuing theme for U.S. fixed-income markets was the flattening yield curve, as short-term yields fell less than long-term yields. In early December, the spread between 2-year and 10-year Treasury bonds compressed to 11 basis points, its narrowest point in more than 12 years. At the same time, the spread between 2-year and 5-year Treasurys inverted, as did the spread between 3-year and 5-year Treasurys. Notably, the 3-month and 10-year rates inverted at the end of the reporting period, a signal of impending recession to some market watchers. The Federal Open Market Committee increased the federal-funds rate in mid-December—the second hike of the reporting period and ninth during this tightening cycle—while softening its projections for future rate increases. The rate hikes failed to sustain an impact on higher short-term yields, while subdued inflation and long-term economic growth expectations pressured the long end of the curve. Yields for 10-year government bonds declined and ended the period 85 basis points lower at 2.00%, while 2-year yields rose to almost 3% during the first half of the fiscal year but finished the period down 77 basis points at 1.75%.

Inflation-sensitive assets, such as commodities and Treasury inflation-protected securities, were mixed. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) slid 6.75%, primarily due to oil market headwinds, while the Bloomberg Barclays 1-10 Year US TIPS Index (USD) moved 4.67% higher.

Global fixed income, as measured by the Bloomberg Barclays Global Aggregate Index, climbed 5.85% in U.S. dollar terms during the reporting period, while the high-yield market did slightly better, with the ICE BofAML US High Yield Constrained Index up 7.58%.

U.S. investment-grade corporate debt performed well, as the Bloomberg Barclays US Corporate Investment Grade Index returned 10.72%. U.S. asset-backed and mortgage-backed securities also managed gains during the fiscal year.

Emerging-market debt delivered strong performance. The JP Morgan GBI Emerging Markets Global Diversified Index, which tracks local-currency-denominated emerging-market bonds, climbed 8.99% higher in U.S. dollar terms, with almost all of its gains coming over the last six months. The JP Morgan EMBI Global Diversified Index, which tracks emerging-market debt denominated in external currencies (such as the U.S. dollar), gained 12.45%, also with most of its gains coming during the second half of the fiscal year.

The U.S. economic expansion turns 10 years old in July. The bull market in the S&P 500 Index marked its tenth anniversary back in March, and it appears to be celebrating these achievements by poking into new-high territory. But there is anxiety that the bull market in equities is on its last legs, the victim of a slowing global economy, the lagged impact of last year’s interest-rate increases and, most importantly, a trade war between the U.S. and China.

To be sure, the U.S. economy is hardly firing on all cylinders. There’s a good chance that capital spending will continue to ease in the months ahead, but we’re not forecasting a significant downturn. Corporate cash generation continues to run slightly ahead of capital expenditures. The main point to remember: It’s not unusual for capital expenditures to run well in excess of cash flow, especially toward the end of the economic up-cycle. That’s not happening yet.

We need to see a severe deterioration in financial and leading economic indicators before climbing onto the recession train. Even after the past two years of multiple Fed rate increases, there are still few signs of a build-up in financial stress.

The big question, of course, is how the evolving tariff war with China affects U.S. economic growth and global trade in the months ahead. Tensions with China and worries about global growth have so far put only a modest dent in the confidence of U.S. businesses. But it certainly looks as if the U.S.-China trade relationship is frosty at best, even though another tariff truce has been declared in order to pursue additional discussions.

We believe the U.S. economy should be able to weather this storm. An all-out tariff war between the two largest economies in the world will undoubtedly be disruptive to supply chains and will likely lead to higher prices for a broad range of consumer goods. Still, it is helpful to keep the problem in perspective. Even if a 25% tariff is eventually imposed on all Chinese imports into the U.S., total duties will equal roughly 0.5% of U.S. GDP.

It is not our intention to minimize the importance of the shift in U.S. trade policy toward protectionism. The speed and ease with which supply chains can be relocated to other countries will be a critical factor, either exacerbating or tempering the tariff impact on consumers and companies in both the U.S. and China. An escalation of the trade wars by the U.S. against other countries would prove far more dangerous for the near-term growth prospects in the U.S. than if trade is disrupted only with China.

We have been thinking that the U.S. would avoid waging multiple tariff wars as it concentrated its firepower on China. Our persistent optimism might not hold. Tariffs on German and Japanese autos are still a possibility later this year.

In all, we think the U.S. economy will show resilience in the face of what is admittedly a stiff headwind. Household income growth continues to advance at a good pace. The decline in interest rates that began late last year will also certainly help consumers.

The market-implied rate forecasts a federal-funds rate of 1.7% at year-end, consistent with three 25 basis point cuts. Although the forecasts of the Federal Open Market Committee members are more cautious, they are moving in the direction of the markets. The recent decline in bond yields to levels last seen in 2016 ranks as one of the biggest surprises of the year. We find it hard to justify these moves. In our view, recession is not likely in the absence of a severe policy mistake, such as fighting a tariff war on multiple fronts.

In emerging economies, when one considers all the headwinds they face—a significant slowdown in Chinese economic growth, the on-going trade tensions between the U.S. and China, weak commodity pricing and a still-resilient U.S. dollar—it’s surprising that emerging stock markets have appreciated at all this year. But as long as a tariff truce remains in place with the U.S., SEI expects China’s economy to improve in the months ahead. Scores of measures, both monetary and fiscal, have been put in place over the past year.

Europe currently faces a variety of distinctive challenges, both economic and political, that makes it hard even for a contrarian investor to get enthusiastic about the near term. Economically, the downward trajectory is similar to that of the 2011-to-2012 period, when the region was in the midst of the periphery debt crisis. However, this time, Germany’s industrial economy is fully participating in the slowdown.

It’s not just the region’s massive exposure to manufacturing and international trade that makes German industrialists glum. There is also a worrisome vacuum of political leadership. Chancellor Angela Merkel is on her way out, and given the country’s central importance in the eurozone and EU, a politically distracted Germany is a concerning issue.

And then, there’s the looming cloud of Brexit. Although it has been delayed until October 31, there is little sign that the breathing space will be put to good use. Boris Johnson was named Prime Minister just after the end of the fiscal year. It’s hard to see how that improves the chances of an orderly exit.

Although economic growth is sluggish, the U.K. economy is not exactly cratering as the deadline approaches. In fact, the unemployment rate has fallen to a multi-decade low. The eurozone also is recording steady labor-market improvement, although the jobless rate itself remains far higher owing to structural factors.

That said, we can’t help but think Brexit will prove to be a highly disruptive event for the U.K. and the EU if it indeed occurs. Roughly half of the U.K.’s trade in goods, both imports and exports, is with the EU.

We think there is still life in the economic expansion, both in the U.S. and globally. If we’re right, that means corporate profits should continue to expand and push global stock markets to higher levels in the months ahead. This may seem like a bold statement at a time when the world looks increasingly unpredictable, and the economic data point to slowing growth. But we do not yet see the economic imbalances or nosebleed equity-market valuations that typically bring on recessions and an associated contraction in earnings and stock prices. It is also clear that central banks have investors’ backs, as monetary policymakers promise to, or already are, cutting interest rates and providing additional liquidity to their banking systems in both developed and emerging countries.

I. Objective

The New Covenant Growth Fund’s (the “Fund”) investment objective is long-term capital appreciation. A modest amount of dividend income may be provided by the Fund’s equity securities.

II. Investment Approach

During the fiscal year, the Fund’s management approach changed from an active to mostly passive implementation, while still maintaining the Fund’s social screen and environmental, social, and governance (ESG) tilt as key components for the entire reporting period. For the period from July 1, 2018 through May 13, 2019, the Fund utilized a multi-manager approach, relying on a multiple sub-advisers with different investment approaches to more actively manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). From May 14, 2019 through the end of the reporting period on June 30, 2019, the Fund’s sole remaining sub-adviser managed the Fund as a generally passive implementation along with the social screen and ESG tilt, also under the supervision of SIMC. The sole remaining sub-adviser as of June 30, 2019, was Parametric Portfolio Associates LLC (Parametric). During the reporting period, BlackRock Investment Management, LLC (BlackRock), Brandywine Global Investment Management Company LLC (Brandywine), and Coho Partners, Ltd. (Coho), were removed from the Fund, while Fred Alger Management, Inc. (Alger), was added but later also terminated.

III. Return vs. Benchmark

For the one-year period ending June 30, 2019, the Fund returned 7.21%. The Fund’s primary benchmark—the Russell 1000^® Index—returned 10.02%.

IV. Fund Attribution

The fiscal year produced positive returns for equity investors as the global economy expanded gradually and U.S. long-term interest rates declined. Heightened concerns about a potential trade war, along with possible signs of a slowdown in global economic growth, weighed on investors’ minds.

a meaningful portion of the value stock universe, and value indexes lagged relative to growth, as noted in the shareholder letter; the information technology and health care sectors outperformed, and this helped propel growth indexes higher. Small- and mid-cap stocks lagged relative to the largest-capitalization stocks.

In this environment, the Fund underperformed relative to its benchmark as a result of its underweight to the largest-capitalization names, as well as underweights to real-estate investment trusts and utilities. The Fund’s value tilt—and associated overweight to the energy sector and underweight to information technology—also detracted.

During their time in the Fund, Coho and Brandywine underperformed as a result of their value orientation; an overweight to the energy sector and underweight to information technology detracted for both. Alger and BlackRock contributed to performance due to their growth mandates.


AVERAGE ANNUAL TOTAL RETURN ¹
	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
New Covenant Growth Fund		7.21%		13.26%		8.29%		12.15%		6.37%
Russell 1000^® Index		10.02%		14.15%		10.45%		14.77%		9.86%

I. Objective

The New Covenant Income Fund’s (the Fund) investment objective is a high level of current income with preservation of capital.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with different investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of June 30, 2019: Income Research & Management, Western Asset Management Company and Western Asset Management Company Limited. There were no sub-advisor changes during the fiscal period.

III. Return vs. Benchmark

For the one-year period ending June 30, 2019, the Fund returned 6.46%. The Fund’s primary benchmark—the Bloomberg Barclays Intermediate US Aggregate Bond Index—returned 6.73%.

IV. Fund Attribution

As noted in the shareholder letter, the Federal Reserve (Fed) increased the federal-funds rate two times in 25 basis point increments in the first half of the fiscal year but made a dovish pivot during early 2019 in response to concerns of downside risk and the impact of global trade developments on the U.S. economy. 30-year Treasury yields declined by a lesser magnitude than 2-year yields over the period, with 2-year yields down 77 basis points and 30-year yields 46 basis points lower; 3-month Treasury bill yields were 19 basis points higher during the 12 months after the Fed hiked rates in September and December of 2018, causing an inversion between 3-month bills and 10-year bonds. Within this environment, spread sectors generally managed to outperform, with the exception of agency mortgage-backed securities (MBS). Expanding GDP, low unemployment and gradually improving wages supported the housing sector and enabled non-agency mortgages, commercial mortgage-backed securities (CMBS) and MBS to outperform.

to ABS was positive from a sector perspective, but selection within student loan securitizations subtracted. The Fund’s yield-curve posture, which included an overweight to the 30-year segment, aided as yields declined.

Western Asset Management outperformed primarily due to its corporate overweight, holdings in non-agency MBS and overweight to the 30-year part of the curve as yields declined. Income Research & Management also outperformed due to security selection in corporates, particularly within the industrial sector, and an underweight to agency MBS.

The Fund used Treasury futures, eurodollar futures and to-be-announced (TBA) forward contracts to effectively manage duration, yield-curve and market exposures. (TBA contracts confer the obligation to buy or sell future debt obligations of the three U.S. government-sponsored agencies that issue or guarantee MBS—Fannie Mae, Freddie Mac and Ginnie Mae.) None of these had a meaningful impact on the Fund’s performance.


AVERAGE ANNUAL TOTAL RETURN ¹
	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
New Covenant Income Fund		6.46%		2.02%		2.30%		3.50%		2.70%
Bloomberg Barclays U.S. Intermediate Aggregate Bond Index		6.73%		2.03%		2.46%		3.34%		5.83%

I. Objective

The Balanced Growth Fund’s (the “Fund”) investment objective is to produce capital appreciation with less risk than would be present in a portfolio of only common stocks.

II. Investment Approach

The Fund’s assets are managed under the direction of SEI Investments Management Corporation (“SIMC”), which manages the Fund’s assets in a way that it believes will achieve the Fund’s investment objective. In order to achieve its investment objective, SIMC allocates the Fund’s assets primarily in shares of the New Covenant Growth Fund (the “Growth Fund”) and the New Covenant Income Fund (the “Income Fund”), with a majority of its assets generally invested in shares of the Growth Fund. Between 45% and 75% of the Fund’s net assets (with a neutral position of approximately 60% of the Fund’s net assets) are invested in shares of the Growth Fund, with the balance of its assets invested in shares of the Income Fund. The Growth and Income Funds, in turn, invest directly in securities in accordance with their own varying investment objectives and policies.

III. Return vs. Benchmark

For the one-year period ending June 30, 2019, the Fund returned 7.12%. The Fund’s primary benchmark—the Russell 1000^® Index—returned 10.02%.

IV. Fund Attribution

Equity and fixed-income markets both provided positive returns over the fiscal period. The fiscal year produced positive returns for equity investors as the global economy expanded gradually and U.S. long-term interest rates declined. Heightened concerns about a potential trade war, along with possible signs of a slowdown in global economic growth, weighed on investors’ minds.

Interest-rate-sensitive bond proxies, such as utilities, consumer staples and real-estate investment trusts, outperformed. These sectors represented a significant portion of the low-volatility stock universe and, as a result, low-volatility stocks outperformed. Economically-sensitive sectors, such as energy, materials and financials, underperformed. These stocks comprised a meaningful portion of the value stock universe, and value indexes lagged relative to growth, as noted in the shareholder letter; the information technology and health care sectors outperformed, and this helped propel

growth indexes higher. Small- and mid-cap stocks lagged relative to the largest-capitalization stocks.

As mentioned in the shareholder letter, the Federal Reserve (Fed) increased the federal-funds rate two times in 25 basis point increments in the first half of the fiscal year, but made a dovish pivot during early 2019, in response to concerns of downside risk and the impact of global trade developments on the U.S. economy. 30-year Treasury yields declined by a lesser magnitude than 2-year yields over the period, with 2-year yields down 77 basis points and 30-year yields 46 basis points lower; 3-month Treasury bill yields were 19 basis points higher during the 12 months after the Fed hiked rates in September and December of 2018, causing an inversion between 3-month bills and 10-year bonds. Within this environment, spread sectors generally managed to outperform, with the exception of agency mortgage-backed securities (MBS). Expanding GDP, low unemployment and gradually improving wages supported the housing sector and enabled non-agency mortgages, commercial mortgage-backed securities (CMBS) and MBS to outperform.

In the Growth Fund, underperformance was driven by an underweight to the largest-capitalization names, as well as underweights to real-estate investment trusts and utilities. The Fund’s value tilt—and associated overweight to the energy sector and underweight to information technology—also detracted.

With the sharp decline in overall yields during the reporting period, the Fund’s absolute returns were strong. An overweight to non-Treasury sectors enhanced performance, while a small overweight to agency MBS detracted. Overweights to the securitized sectors and strong security selection in non-agency mortgages and CMBS added to performance. An overweight to ABS was positive from a sector perspective, but selection within student loan securitizations subtracted. The Fund’s yield-curve posture, which included an overweight to the 30-year segment, aided as yields declined.

The Income Fund used Treasury futures, eurodollar futures and to-be-announced (TBA) forward contracts to effectively manage duration, yield-curve and market exposures. (TBA contracts confer the obligation to buy or sell future debt obligations of the three U.S. government-sponsored agencies that issue or guarantee MBS—Fannie Mae, Freddie Mac and Ginnie Mae.) None of these had a meaningful impact on the Fund’s performance.

Comparison of Change in the Value of a $10,000

Investment in the New Covenant Balanced Growth Fund, versus the Russell 1000^® Index, Bloomberg Barclays U.S. Intermediate Aggregate Bond Index and Blended 60% Russell 1000 Index/40% Bloomberg Barclays U.S. Intermediate Aggregate Bond Index.

LOGO

For the periods ended June 30, 2019. Past performance is not an indication of future performance. Fund Shares were offered beginning 7/1/99. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that year; absent fee waivers and reimbursements, performance would have been lower.

This table compares the Fund’s average annual total returns to those of a broad based index and the Fund’s 60/40 Blended Benchmark, which consists of the Russell 1000^® Index and the Bloomberg Barclays U.S. Intermediate Aggregate Bond Index. The Fund’s Blended Benchmark is designed to provide a useful comparison to the Fund’s overall performance and more accurately reflects the Fund’s investment strategy than the broad-based index.

I. Objective

The Balanced Income Fund’s (the “Fund”) investment objective is to produce current income and long-term growth of capital.

II. Investment Approach

The Fund’s assets are managed under the direction of SEI Investments Management Corporation (“SIMC”), which manages the Fund’s assets in a way that it believes will achieve the Fund’s investment objective. In order to achieve its investment objective, SIMC allocates the Fund’s assets primarily in shares of the New Covenant Growth Fund (the “Growth Fund”) and the New Covenant Income Fund (the “Income Fund”), with a majority of its assets generally invested in shares of the Income Fund. Between fifty percent and seventy-five percent of the Fund’s net assets (with a neutral position of approximately 65%) are invested in shares of the Income Fund, with the balance of its net assets invested in shares of the Growth Fund. The Growth and Income Funds, in turn, invest directly in securities in accordance with their own varying investment objectives and policies.

III. Return vs. Benchmark

For the one-year period ending June 30, 2019, the Fund returned 6.76%. The Fund’s primary benchmark—the Russell 1000^® Index—returned 10.02%.

IV. Fund Attribution

Equity and fixed-income markets both provided positive returns over the fiscal period. As noted in the shareholder letter, the Federal Reserve (Fed) increased the federal-funds rate two times in 25 basis point increments in the first half of the fiscal year, but made a dovish pivot during early 2019 in response to concerns of downside risk and the impact of global trade developments on the U.S. economy. 30-year Treasury yields declined by a lesser magnitude than 2-year yields over the period, with 2-year yields down 77 basis points and 30-year yields 46 basis points lower; 3-month Treasury bill yields were 19 basis points higher during the 12 months after the Fed hiked rates in September and December of 2018, causing an inversion between 3-month bills and 10-year bonds. Within this environment, spread sectors generally managed to outperform, with the exception of agency mortgage-backed securities (MBS). Expanding GDP, low unemployment and gradually improving wages supported the housing sector and enabled non-agency mortgages, commercial mortgage-backed securities (CMBS) and MBS to outperform.

Interest-rate-sensitive bond proxies, such as utilities, consumer staples and real-estate investment trusts, outperformed. These sectors represented a significant portion of the low-volatility stock universe and, as a result, low-volatility stocks outperformed. Economically-sensitive sectors, such as energy, materials and financials, underperformed. These stocks comprised a meaningful portion of the value stock universe, and value indexes lagged relative to growth, as mentioned in the shareholder letter; the information technology and health care sectors outperformed, and this helped propel growth indexes higher. Small- and mid-cap stocks lagged relative to the largest-capitalization stocks.

Comparison of Change in the Value of a $10,000

Investment in the New Covenant Balanced Income Fund, versus the Russell 1000^® Index, Bloomberg Barclays U.S. Intermediate Aggregate Bond Index and Blended 35% Russell 1000^® Index/65% Bloomberg Barclays U.S. Intermediate Aggregate Bond Index.

LOGO

This table compares the Fund’s average annual total returns to those of a broad-based index and the Fund’s 35/65 Blended Benchmark, which consists of the Russell 1000^® Index and the Bloomberg Barclays U.S. Intermediate Aggregate Bond Index. The Fund’s Blended Benchmark is designed to provide a useful comparison to the Fund’s overall performance and more accurately reflects the Fund’s investment strategy than the broad-based index.

Sector Weightings (Unaudited)^†:

LOGO

^†Percentages are based on total investments.



Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.5%
Canada — 0.0%
Lululemon Athletica lnc *		771	$	139


Ireland — 1.1%
Accenture PLC, CI A		11,297		2,087
Ingersoll-Rand PLC		7,234		916
Jazz Pharmaceuticals PLC *		616		88
Medtronic PLC		19,976		1,946
Perrigo Co PLC		1,650		79

				5,116


Puerto Rico — 0.0%
Popular Inc		1,507		82


Switzerland — 0.1%
Garmin Ltd		2,934		234


United Kingdom — 0.1%
Aon PLC		2,921		564


United States — 96.2%

Communication Services — 8.6%
Activision Blizzard Inc		8,449		399
Alphabet Inc, CI A *		4,600		4,981
Alphabet Inc, CI C *		4,691		5,071
AT&T Inc		133,201		4,464
CenturyLink Inc		7,881		93
Charter Communications Inc, CI A*		2,147		848
Cinemark Holdings Inc		2,104		76
Comcast Corp, CI A		66,971		2,832
Electronic Arts lnc *		2,980		302
Facebook Inc, CI A*		41,503		8,010
Fox Corp, CI A		1,372		50
Fox Corp, CI B		5,833		213
Interpublic Group of Cos Inc/The		8,487		192
John Wiley & Sons Inc, CI A		3,657		168
Liberty Media Corp-Liberty Formula One, CI A *		4,776		171



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Liberty Media Corp-Liberty Formula One, CI C *		5,721	$	214
Live Nation Entertainment lnc *		1,313		87
News Corp		7,134		100
Omnicom Group Inc		18,116		1,485
Spotify Technology SA *		607		89
Sprint Corp *		31,627		208
Take-Two Interactive Software Inc *		830		94
T-Mobile US lnc *		3,026		224
Twitter Inc *		6,144		214
Verizon Communications Inc		62,462		3,568
Viacom Inc, CI A		2,473		84
Viacom Inc, CI B		7,351		220
Walt Disney Co/The		26,709		3,730
Zayo Group Holdings lnc *		2,614		86
Zillow Group Inc, CI C *		2,383		111
Zynga Inc, CI A *		14,448		89

				38,473

Consumer Discretionary — 10.6%
Amazon.com lnc *		6,511		12,329
Aptiv PLC		3,490		282
Aramark		6,162		222
AutoZone lnc *		235		258
Best Buy Co Inc		3,307		231
Booking Holdings lnc *		624		1,170
BorgWarner Inc		4,528		190
Bright Horizons Family Solutions Inc *		649		98
Burlington Stores Inc *		1,183		201
Cable One Inc		79		92
CarMax Inc *		1,086		94
Carnival Corp		11,633		542
Carvana Co, CI A *		1,405		88
CBS Corp, CI B		1,742		87
Chipotle Mexican Grill Inc, CI A *		122		89
Choice Hotels International Inc		1,031		90
Columbia Sportswear Co		891		89
Darden Restaurants Inc		705		86
Discovery Inc, CI A *		3,016		93
Discovery Inc, CI C *		3,206		91
Dollar General Corp		2,859		387
Dollar Tree lnc *		2,154		231
Domino’s Pizza Inc		309		86
DR Horton Inc		1,973		85
Dunkin’ Brands Group Inc		2,803		223
eBay Inc		24,197		956
Expedia Group Inc		723		96
Floor & Decor Holdings Inc, CI A *		2,075		87
Ford Motor Co		41,791		427
frontdoor lnc *		2,205		96
Gap Inc/The		14,224		256
General Motors Co		51,542		1,986
Gentex Corp		3,795		94



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Genuine Parts Co		871	$	90
Goodyear Tire & Rubber Co/The		5,710		87
Grand Canyon Education lnc *		729		85
GrubHub lnc *		1,289		101
H&R Block Inc		3,157		93
Hanesbrands Inc		13,319		229
Harley-Davidson Inc		2,391		86
Hasbro Inc		2,632		278
Hilton Grand Vacations lnc *		3,016		96
Hilton Worldwide Holdings Inc		4,365		427
Home Depot Inc/The		16,979		3,531
Hyatt Hotels Corp, CI A		2,635		201
Kohl’s Corp		1,859		88
L Brands Inc		5,950		155
Lear Corp		1,457		203
Leggett & Platt Inc		2,232		86
Lennar Corp, CI A		1,654		80
LKQ Corp *		3,141		84
Lowe’s Cos Inc		23,723		2,394
Macy’s Inc		4,042		87
Madison Square Garden Co/The *		284		79
Marriott International lnc/MD, CI A		3,599		505
Mattel lnc *		18,661		209
McDonald’s Corp		11,361		2,359
Mohawk Industries Inc *		634		93
Netflix Inc *		6,211		2,281
Newell Brands Inc		5,602		86
News Corp		7,212		97
NIKE Inc, CI B		17,157		1,440
Nordstrom Inc		3,866		123
Norwegian Cruise Line Holdings Ltd *		1,482		79
O’Reilly Automotive lnc *		677		250
Polaris Industries Inc		966		88
Pool Corp		466		89
PulteGroup Inc		26,308		832
PVH Corp		1,776		168
Qurate Retail lnc *		9,266		115
Ralph Lauren Corp, CI A		690		79
Roku Inc, CI A *		933		85
Ross Stores Inc		13,755		1,363
Royal Caribbean Cruises Ltd		8,804		1,067
Service Corp International/US		2,015		94
Six Flags Entertainment Corp		1,563		78
Starbucks Corp		16,902		1,417
Tapestry Inc		2,803		89
Target Corp		6,577		570
Tesla lnc *		1,323		296
Tiffany & Co		2,287		214
TJX Cos Inc/The		15,858		838
Toll Brothers Inc		2,246		82
Tractor Supply Co		2,377		259
Tribune Media Co, CI A		1,847		85



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Ulta Beauty lnc *		279	$	97
Under Armour Inc, CI A *		3,938		100
Under Armour Inc, CI C *		4,463		99
Urban Outfitters lnc *		3,059		70
Vail Resorts Inc		381		85
VF Corp		4,023		352
Wayfair Inc, CI A*		590		86
Wendy’s Co/The		11,419		224
Whirlpool Corp		638		91
Williams-Sonoma Inc		3,319		216
Wyndham Destinations Inc		4,669		205
Wyndham Hotels & Resorts Inc		3,409		190
Yum China Holdings Inc		1,913		88
Yum! Brands Inc		3,237		358

				47,683


Consumer Staples — 6.8%
Archer-Daniels-Midland Co		4,997		204
Beyond Meat Inc *		535		86
Bunge Ltd		1,596		89
Campbell Soup Co		10,354		415
Church & Dwight Co Inc		3,000		219
Clorox Co/The		3,366		516
Coca-Cola Co/The		77,274		3,935
Colgate-Palmolive Co		14,526		1,041
Conagra Brands Inc		30,656		813
Costco Wholesale Corp		6,316		1,669
Coty Inc, CI A		7,317		98
Energizer Holdings Inc		1,973		76
Estee Lauder Cos Inc/The, CI A		2,390		438
Flowers Foods Inc		9,872		230
General Mills Inc		13,887		729
Hain Celestial Group Inc/The *		3,752		82
Hershey Co/The		2,295		308
Hormel Foods Corp		4,797		194
Ingredion Inc		4,380		361
JM Smucker Co/The		10,889		1,254
Kellogg Co		6,713		360
Keurig Dr Pepper Inc		38,334		1,108
Kimberly-Clark Corp		6,484		864
Kraft Heinz Co/The		4,224		131
Kroger Co/The		57,546		1,249
McCormick & Co Inc/MD		2,916		452
Mondelez International Inc, CI A		18,714		1,009
Monster Beverage Corp *		2,979		190
PepsiCo Inc		31,732		4,161
Pilgrim’s Pride Corp *		3,030		77
Post Holdings lnc *		793		82
Procter & Gamble Co/The		37,857		4,151
Spectrum Brands Holdings Inc		1,320		71
Sprouts Farmers Market lnc *		9,458		179
Sysco Corp		8,925		631
TreeHouse Foods lnc *		1,471		80



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Tyson Foods Inc, CI A		1,963	$	158
US Foods Holding Corp *		2,211		79
Walgreens Boots Alliance Inc		8,946		489
Walmart Inc		20,825		2,301

				30,579


Energy — 5.1%
Anadarko Petroleum Corp		5,131		362
Apache Corp		4,822		140
Apergy Corp *		5,586		187
Baker Hughes a GE Co, CI A		7,765		191
Cabot Oil & Gas Corp		3,306		76
Cheniere Energy Inc *		1,265		87
Chesapeake Energy Corp *		32,883		64
Chevron Corp		39,996		4,977
Concho Resources Inc		1,204		124
ConocoPhillips		28,755		1,754
Continental Resources Inc/OK		2,048		86
Devon Energy Corp		8,276		236
Diamondback Energy Inc		796		87
EOG Resources Inc		6,996		652
EQT Corp		2,732		43
Equitrans Midstream Corp		2,185		43
Exxon Mobil Corp		65,031		4,983
Halliburton Co		23,046		524
Helmerich & Payne Inc		1,494		76
Hess Corp		7,788		495
HollyFrontier Corp		3,119		144
Kinder Morgan Inc/DE		21,442		448
Kosmos Energy Ltd		31,233		196
Marathon Oil Corp		10,930		155
Marathon Petroleum Corp		7,000		391
Murphy Oil Corp		3,117		77
National Oilwell Varco Inc		3,446		77
Noble Energy Inc		6,179		138
Occidental Petroleum Corp		33,170		1,668
ONEOK Inc		3,505		241
PBF Energy Inc, CI A		2,828		89
Phillips 66		4,879		456
Pioneer Natural Resources Co		1,910		294
Range Resources Corp		22,746		159
Schlumberger Ltd		51,478		2,046
Targa Resources Corp		5,515		217
Valero Energy Corp		4,219		361
Williams Cos Inc/The		13,098		367

				22,711


Financials — 12.6%
Affiliated Managers Group Inc		910		84
Aflac Inc		8,664		475
Alleghany Corp *		128		87
Allstate Corp/The		3,458		352
American Express Co		9,360		1,155



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
American International Group Inc		10,083	$	537
Ameriprise Financial Inc		1,604		233
Annaly Capital Management Inc ‡		8,922		81
Arch Capital Group Ltd *		2,404		89
Arthur J Gallagher & Co		1,029		90
Assurant Inc		883		94
AXA Equitable Holdings Inc		37,558		785
Bank of America Corp		166,804		4,837
Bank of Hawaii Corp		1,051		87
Bank of New York Mellon Corp/The		12,656		559
Bank OZK		2,609		78
BankUnited Inc		2,418		82
BB&T Corp		8,015		394
Berkshire Hathaway Inc, CI B *		30,259		6,451
BlackRock Inc, CI A		1,478		694
Brighthouse Financial lnc *		2,182		80
Brown & Brown Inc		2,667		89
Capital One Financial Corp		5,083		461
Cboe Global Markets Inc		830		86
Charles Schwab Corp/The		14,548		585
Chubb Ltd		5,856		863
Cincinnati Financial Corp		891		92
Citigroup Inc		55,008		3,852
Citizens Financial Group Inc		2,381		84
CME Group Inc, CI A		4,747		921
CNA Financial Corp		1,871		88
Comerica Inc		2,799		203
Commerce Bancshares Inc/MO		1,418		85
Credit Acceptance Corp *		177		86
Cullen/Frost Bankers Inc		850		80
Discover Financial Services		3,009		233
E*TRADE Financial Corp		1,729		77
East West Bancorp Inc		1,710		80
Erie Indemnity Co, CI A		433		110
FactSet Research Systems Inc		306		88
Fifth Third Bancorp		4,599		128
First Hawaiian Inc		3,126		81
First Republic Bank/CA		831		81
Franklin Resources Inc		6,856		239
Goldman Sachs Group Inc/The		5,574		1,140
Hanover Insurance Group Inc/The		694		89
Hartford Financial Services Group Inc/The		4,042		225
Huntington Bancshares Inc/OH		6,282		87
Intercontinental Exchange Inc		6,350		546
Invesco Ltd		50,690		1,037
JPMorgan Chase & Co		59,458		6,647
KeyCorp		12,904		229
Lazard Ltd, CI A (A)		2,316		80
Lincoln National Corp		3,621		234
Loews Corp		1,670		91
LPL Financial Holdings Inc		1,036		84
M&T Bank Corp		929		158



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Markel Corp *		81	$	88
MarketAxess Holdings Inc		305		98
Marsh & McLennan Cos Inc		20,171		2,012
Mercury General Corp		1,523		95
MetLife Inc		8,552		425
Moody’s Corp		1,782		348
Morgan Stanley		35,755		1,566
Morningstar Inc		1,607		232
MSCl lnc, CI A		1,669		399
Nasdaq Inc		2,378		229
New York Community Bancorp Inc		7,595		76
Northern Trust Corp		8,350		751
OneMain Holdings Inc, CI A		2,529		86
People’s United Financial Inc		5,001		84
Pinnacle Financial Partners Inc		1,489		86
PNC Financial Services Group Inc/The		5,690		781
Principal Financial Group Inc		7,045		408
Progressive Corp/The		6,981		558
Prosperity Bancshares Inc		1,192		79
Prudential Financial Inc		16,015		1,618
Raymond James Financial Inc		980		83
Regions Financial Corp		5,703		85
Reinsurance Group of America Inc, CI A		578		90
S&P Global Inc		8,103		1,846
Santander Consumer USA Holdings Inc		4,038		97
Signature Bank/New York NY		676		82
SLM Corp		8,316		81
State Street Corp		23,884		1,339
SunTrust Banks Inc		4,136		260
SVB Financial Group *		346		78
Synchrony Financial		6,500		225
T Rowe Price Group Inc		2,711		297
TD Ameritrade Holding Corp		1,608		80
TFS Financial Corp		4,940		89
Torchmark Corp		972		87
Travelers Cos Inc/The		2,743		410
Two Harbors Investment Corp		6,390		81
US Bancorp		20,106		1,054
Voya Financial Inc		4,001		221
Wells Fargo & Co		61,564		2,913
Western Alliance Bancorp *		1,801		80
Willis Towers Watson PLC		1,386		266
WR Berkley Corp		1,397		92
Zions Bancorp NA		1,771		81


				56,699


Health Care — 13.6%
Abbott Laboratories		42,548		3,578
AbbVie Inc		21,492		1,563
ABIOMED Inc *		332		87
Agilent Technologies Inc		7,874		588
Alexion Pharmaceuticals lnc *		2,032		266
Align Technology Inc *		602		165



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Allergan PLC		4,194	$	702
Alnylam Pharmaceuticals lnc *		1,202		87
AmerisourceBergen Corp, CI A		1,108		94
Amgen Inc		16,833		3,102
Anthem Inc		3,366		950
Baxter International Inc		12,373		1,013
Becton Dickinson and Co		4,437		1,118
Biogen lnc *		3,113		728
BioMarin Pharmaceutical lnc *		1,042		89
Bio-Rad Laboratories Inc, CI A *		813		254
Bio-Techne Corp		426		89
Bluebird Bio lnc *		645		82
Boston Scientific Corp *		40,840		1,755
Bristol-Myers Squibb Co		29,745		1,349
Bruker Corp		1,999		100
Cantel Medical Corp		1,233		100
Cardinal Health Inc		4,140		195
Celgene Corp *		8,987		831
Centene Corp *		3,110		163
Cerner Corp		2,541		186
Charles River Laboratories International lnc *		629		89
Cigna Corp		5,007		789
Cooper Cos Inc/The		295		100
Covetrus lnc *		1,045		25
CVS Health Corp		41,565		2,265
Danaher Corp		10,230		1,462
DaVita lnc *		1,647		93
DENTSPLY SIRONA Inc		3,113		182
DexCom lnc *		723		108
Edwards Lifesciences Corp *		2,828		523
Elanco Animal Health lnc *		6,958		235
Eli Lilly & Co		12,283		1,361
Encompass Health Corp		1,377		87
Exact Sciences Corp *		930		110
Exelixis Inc *		4,344		93
Gilead Sciences Inc		18,126		1,224
HCA Healthcare Inc		2,683		363
Henry Schein lnc *		2,612		183
Hill-Rom Holdings Inc		2,029		212
Hologic lnc *		1,882		90
Humana Inc		2,054		545
ICU Medical lnc *		374		94
IDEXX Laboratories lnc *		690		190
IlIumina lnc *		3,352		1,234
Incyte Corp *		1,063		90
Insulet Corp *		831		99
Integra LifeSciences Holdings Corp *		1,632		91
Intuitive Surgical Inc *		1,480		776
IQVIA Holdings Inc *		1,493		240
Johnson & Johnson		51,318		7,147
Laboratory Corp of America Holdings *		515		89
McKesson Corp		1,711		230



Description	Shares		Market Value ($Thousands)

COMMON STOCK (continued)
MEDNAX Inc *		2,907	$	73
Merck & Co Inc		56,489		4,737
Mettler-Toledo International Inc *		562		472
Moderna Inc *		8,718		128
Mylan NV *		3,872		74
Neurocrine Biosciences lnc *		1,089		92
Penumbra lnc *		654		105
PerkinElmer Inc		928		90
Pfizer Inc		86,529		3,748
PRA Health Sciences lnc *		931		92
Premier Inc, CI A *		2,266		89
QIAGEN NV *		2,338		95
Quest Diagnostics Inc		865		88
Regeneron Pharmaceuticals lnc *		1,105		346
ResMed Inc		2,930		358
Sage Therapeutics Inc *		516		94
Sarepta Therapeutics lnc *		703		107
STERIS PLC		1,661		247
Stryker Corp		4,567		939
Teleflex Inc		742		246
Thermo Fisher Scientific Inc		5,791		1,701
UnitedHealth Group Inc		20,119		4,909
Universal Health Services Inc, CI B		698		91
Varian Medical Systems Inc *		1,773		241
Veeva Systems Inc, CI A *		904		147
Vertex Pharmaceuticals lnc *		3,090		567
Waters Corp *		395		85
WellCare Health Plans lnc *		313		89
West Pharmaceutical Services Inc		1,875		235
Zimmer Biomet Holdings Inc		4,581		539
Zoetis Inc, CI A		6,097		692


				61,169


Industrials — 8.3%
3M Co		13,677		2,371
Acuity Brands Inc		598		82
AECOM *		6,633		251
AGCO Corp		1,171		91
Alaska Air Group Inc		3,175		203
Allegion PLC		855		94
Allison Transmission Holdings Inc		1,870		87
American Airlines Group Inc		26,880		876
AMETEK Inc		1,712		156
AO Smith Corp		1,708		80
Arconic Inc		7,379		191
Armstrong World Industries Inc		979		95
BWX Technologies Inc		6,269		327
CH Robinson Worldwide Inc		1,051		89
Cintas Corp		4,567		1,084
Clean Harbors Inc *		1,228		87
Copart lnc *		1,284		96
CoStar Group Inc *		266		147
Crane Co		999		83



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
CSX Corp		9,694	$	750
Cummins Inc		3,179		545
Curtiss-Wright Corp		1,789		227
Deere & Co		4,735		785
Delta Air Lines Inc		28,033		1,591
Donaldson Co Inc		1,646		84
Dover Corp		2,207		221
Eaton Corp PLC		13,217		1,101
Emerson Electric Co		6,592		440
Equifax Inc		719		97
Expeditors International of Washington Inc		1,163		88
Fastenal Co		6,120		199
FedEx Corp		3,607		592
Flowserve Corp		1,726		91
Fluor Corp		4,373		147
Fortune Brands Home & Security Inc		1,585		91
Gardner Denver Holdings lnc *		2,502		87
Gates Industrial Corp PLC *		6,472		74
General Electric Co		121,638		1,277
Graco Inc		1,670		84
GrafTech International Ltd		7,088		82
HD Supply Holdings Inc *		1,986		80
HEICO Corp		4,884		654
HEICO Corp, CI A		1,813		187
Hexcel Corp		4,105		332
Honeywell International Inc		10,659		1,861
Hubbell, Inc CI B		682		89
IDEX Corp		555		95
IHS Markit Ltd *		3,910		249
Illinois Tool Works Inc		12,876		1,942
ITT Inc		1,404		92
Jacobs Engineering Group Inc		1,091		92
JetBlue Airways Corp *		4,688		87
Johnson Controls International plc		19,263		796
Kansas City Southern		1,741		212
Kirby Corp *		1,032		81
Landstar System Inc		2,284		247
Lennox International Inc		310		85
Lincoln Electric Holdings Inc		1,027		84
Lyft Inc, CI A *		1,333		88
Macquarie Infrastructure Corp		2,041		83
ManpowerGroup Inc		3,586		347
Masco Corp		6,315		248
Middleby Corp/The *		632		86
MSC Industrial Direct Co Inc, CI A		1,115		83
Nielsen Holdings PLC		10,117		229
Nordson Corp		600		85
Norfolk Southern Corp		3,218		641
nVent Electric PLC		3,298		82
Oshkosh Corp		2,762		231
Owens Corning		4,958		289
PACCAR Inc		3,029		217



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Parker-Hannifin Corp		1,231	$	209
Pentair PLC		4,928		183
Quanta Services Inc		2,291		88
Regal Beloit Corp		1,068		87
Republic Services Inc, CI A		2,647		229
Resideo Technologies lnc *		448		10
Rockwell Automation Inc		1,620		265
Rollins Inc		2,355		85
Roper Technologies Inc		1,151		421
Ryder System Inc		1,425		83
Schneider National Inc, CI B		4,347		79
Sensate Technologies Holding PLC *		4,273		209
Southwest Airlines Co		4,524		230
Spirit AeroSystems Holdings Inc, CI A		8,213		668
Stanley Black & Decker Inc		1,349		195
Stericycle lnc *		1,710		82
Teledyne Technologies Inc *		878		240
Timken Co/The		1,715		88
Toro Co/The		1,175		79
TransDigm Group lnc *		1,732		838
TransUnion		3,412		251
Trinity Industries Inc		3,977		82
Union Pacific Corp		12,488		2,112
United Airlines Holdings Inc *		2,850		249
United Parcel Service Inc, CI B		9,414		972
United Rentals lnc *		1,692		224
Univar lnc *		10,632		234
Valmont Industries Inc		689		87
Verisk Analytics Inc, CI A		1,729		253
WABCO Holdings Inc *		649		86
Wabtec Corp		465		33
Waste Management Inc		6,467		746
Watsco Inc		537		88
WESCO International lnc *		3,527		179
Woodward Inc		769		87
WW Grainger Inc		5,055		1,356
XPO Logistics lnc *		1,396		81
Xylem Inc/NY		8,168		683


				37,288


Information Technology — 20.9%
2U lnc *		2,061		78
Adobe lnc *		12,031		3,545
Advanced Micro Devices lnc *		9,113		277
Akamai Technologies lnc *		3,119		250
Alliance Data Systems Corp		1,335		187
Alteryx Inc, CIA *		810		88
Amdocs Ltd		3,632		226
Amphenol Corp, CI A		2,838		272
Analog Devices Inc		4,564		515
Anaplan Inc *		1,752		88
AHSYS Inc *		448		92
Apple Inc		74,954		14,835



Description	Shares		Market Value ($ Thousands)

COMMON STOCK (continued)
Applied Materials Inc		10,761	$	483
Arista Networks lnc *		768		199
Arrow Electronics lnc *		2,550		182
Atlassian Corp PLC, CI A*		665		87
Autodesk lnc *		3,559		580
Automatic Data Processing Inc		14,168		2,342
Avnet Inc		1,892		86
Black Knight lnc *		1,569		94
Booz Allen Hamilton Holding Corp, CI A		1,402		93
Broadcom Inc		6,023		1,734
Broadridge Financial Solutions Inc		720		92
Cadence Design Systems lnc *		1,372		97
CDK Global Inc		1,636		81
CDW Corp/DE		806		89
Cisco Systems Inc		68,588		3,754
Citrix Systems Inc		1,980		194
Cognex Corp		1,834		88
Cognizant Technology Solutions Corp, CI A		8,315		527
Coherent lnc *		626		85
CommScope Holding Co lnc *		7,086		112
CoreLogic Inc/United States *		2,160		90
Corning Inc		6,104		203
Coupa Software lnc *		688		87
Cree lnc *		1,483		83
Cypress Semiconductor Corp		13,021		290
Dell Technologies Inc, CI C *		4,108		209
DocuSign Inc, CI A *		1,618		80
DXC Technology Co		5,395		298
Elastic NV *		2,388		178
EPAM Systems lnc *		1,434		248
Euronet Worldwide Inc *		567		95
F5 Networks lnc *		578		84
Fair Isaac Corp *		299		94
Fidelity National Information Services Inc		3,381		415
FireEye Inc *		5,502		82
First Data Corp, CI A *		6,781		184
First Solar Inc *		3,538		232
Fiserv Inc *		4,409		402
FleetCor Technologies Inc *		729		205
FLIR Systems Inc		1,671		90
Fortinet lnc *		1,036		80
Genpact Ltd		6,870		262
Global Payments Inc		1,393		223
GoDaddy Inc, CI A *		1,102		77
Guidewire Software Inc *		824		84
IAC/lnterActiveCorp *		376		82
Intel Corp		67,438		3,228
International Business Machines Corp		13,123		1,810
Intuit Inc		3,714		971
IPG Photonics Corp *		558		86
Jabil lnc		6,948		220
Jack Henry & Associates Inc		636		85



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Juniper Networks Inc		7,826	$	208
Keysight Technologies Inc *		3,329		299
KLA-Tencor Corp		1,904		225
Lam Research Corp		5,705		1,072
Littelfuse Inc		487		86
LogMeln Inc		1,076		79
Manhattan Associates Inc *		1,278		89
Marvell Technology Group Ltd		10,344		247
Mastercard Inc, CI A		13,682		3,619
Maxim Integrated Products Inc		3,740		224
Microchip Technology Inc		16,703		1,448
Micron Technology Inc *		29,536		1,140
Microsoft Corp		119,663		16,030
MKS Instruments Inc		1,029		80
MongoDB Inc, CI A *		574		87
Monolithic Power Systems Inc		630		85
National Instruments Corp		4,960		208
NCR Corp *		2,759		86
NetApp Inc		2,936		181
Nutanix Inc, CI A *		2,317		60
NVIDIA Corp		9,892		1,625
Okta Inc, CI A *		812		100
ON Semiconductor Corp *		9,649		195
Oracle Corp		34,708		1,977
Pagerduty Inc *		1,821		86
Palo Alto Networks Inc *		541		110
Paychex Inc		2,612		215
PayPal Holdings Inc *		18,658		2,136
Pegasystems Inc		1,214		86
Pluralsight Inc, CI A *		2,621		80
Proofpoint Inc *		706		85
Pure Storage Inc, CI A *		3,883		59
Qorvo Inc *		2,803		187
QUALCOMM Inc		31,230		2,376
RealPage Inc *		1,444		85
Red Hat Inc *		1,935		363
RingCentral lnc, CI A *		699		80
Sabre Corp		4,174		93
salesforce.com *		18,882		2,865
ServiceNow Inc *		2,242		616
Skyworks Solutions Inc		2,779		215
Smartsheet Inc, CI A *		1,824		88
SolarWinds Corp *		11,567		212
Splunk Inc *		733		92
Square Inc, CI A *		2,891		210
Switch Inc, CI A		7,588		99
Symantec Corp		13,065		284
Synopsys Inc *		716		92
Teradata Corp *		4,437		159
Teradyne Inc		4,784		229
Texas Instruments Inc		13,483		1,547
Total System Services Inc		2,202		283



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Trade Desk Inc/The, CI A *		376	$	86
Trimble Inc *		2,035		92
Twilio Inc, CI A *		639		87
Tyler Technologies Inc *		393		85
Universal Display Corp		521		98
VeriSign Inc *		780		163
Versum Materials Inc		4,128		213
Visa Inc, CI A		35,410		6,145
VMware Inc, CI A *		1,343		225
Western Digital Corp		2,423		115
Western Union Co/The		4,423		88
WEX Inc *		415		86
Workday Inc, CI A *		2,079		427
Worldpay Inc, CI A *		3,442		422
Xerox Corp		7,073		250
Xilinx Inc		2,240		264
Zebra Technologies Corp, CI A *		438		92
Zendesk Inc *		968		86
Zscaler Inc *		1,122		86


				93,901


Materials — 3.4%
Air Products & Chemicals Inc		4,688		1,061
Albemarle Corp		1,720		121
Alcoa Corp *		5,657		132
AptarGroup Inc		1,944		242
Ashland Global Holdings Inc		1,131		90
Avery Dennison Corp		2,082		241
Axalta Coating Systems Ltd *		7,963		237
Ball Corp		14,154		991
Berry Global Group Inc *		4,123		217
Cabot Corp		5,731		273
Celanese Corp, CI A		1,119		121
Corteva Inc		9,937		294
Crown Holdings Inc *		15,718		960
Domtar Corp		4,337		193
Dow Inc		7,697		380
DuPont de Nemours Inc		9,937		746
Eagle Materials Inc		964		90
Eastman Chemical Co		11,106		864
Ecolab Inc		3,153		623
Element Solutions Inc *		7,705		80
FMC Corp		2,400		199
Freeport-McMoRan Inc		55,083		640
Graphic Packaging Holding Co		6,282		88
Huntsman Corp		4,321		88
International Flavors & Fragrances Inc		2,307		335
International Paper Co		4,549		197
Linde PLC		7,642		1,535
LyondellBasell lndustries NV, CI A		2,182		188
Martin Marietta Materials Inc		397		91
Mosaic Co/The		3,590		90
Newmont Goldcorp Corp		32,004		1,231



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nucor Corp		1,510	$	83
Packaging Corp of America		876		83
PPG Industries Inc		2,274		265
Sealed Air Corp		1,978		85
Sherwin-Williams Co/The		2,451		1,123
Sunoco Products Co		3,525		230
Southern Copper Corp		2,407		94
Steel Dynamics Inc		2,648		80
Valvoline Inc		11,216		219
Vulcan Materials Co		665		91
Westrock Co		6,045		220


				15,211


Real Estate — 3.2%
Alexandria Real Estate Equities Inc ‡		1,497		211
American Campus Communities Inc ‡		1,870		86
American Tower Corp, CI A ‡		6,167		1,261
Apartment Investment & Management Co, CI A ‡		1,721		86
Apple Hospitality REIT Inc ‡		5,196		82
AvalonBay Communities Inc ‡		3,261		663
Boston Properties Inc ‡		1,468		189
Brandywine Realty Trust ‡		14,492		208
Brixmor Property Group Inc ‡		4,703		84
Brookfield Property REIT Inc, CI A ‡		11,155		211
Camden Property Trust ‡		850		89
CBRE Group Inc, CI A *		4,438		228
Colony Capital Inc ‡		41,643		208
Columbia Property Trust Inc ‡		3,886		81
Corporate Office Properties Trust ‡		7,752		204
Crown Castle International Corp ‡		5,303		691
CubeSmart ‡		2,615		87
CyrusOne Inc ‡		1,416		82
Digital Realty Trust Inc ‡		1,874		221
Douglas Emmett Inc ‡		5,367		214
Duke Realty Corp ‡		2,798		88
Empire State Realty Trust Inc, CI A ‡		5,592		83
Equinix Inc ‡		963		486
Equity Commonwealth *‡		2,677		87
Equity LifeStyle Properties Inc ‡		734		89
Equity Residential ‡		3,485		265
Essex Property Trust Inc ‡		303		88
Extra Space Storage Inc ‡		811		86
Federal Realty Investment Trust ‡		664		86
Gaming and Leisure Properties Inc ‡		2,146		84
HCP Inc ‡		6,436		206
Healthcare Trust of America Inc, CI A ‡		3,127		86
Highwoods Properties Inc ‡		1,945		80
Hospitality Properties Trust ‡		3,299		83
Host Hotels & Resorts Inc ‡		17,568		320
Howard Hughes Corp/The *		795		98
Hudson Pacific Properties Inc ‡		2,475		82
Iron Mountain Inc ‡		5,996		188



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
JBG SMITH Properties ‡		2,065	$	81
Jones Lang LaSalle Inc		1,270		179
Kilroy Realty Corp ‡		4,516		333
Kimco Realty Corp ‡		4,679		86
Lamar Advertising Co, CI A ‡		1,059		86
Liberty Property Trust ‡		1,784		89
Life Storage Inc ‡		901		86
Macerich Co/The ‡		5,238		175
Mid-America Apartment Communities Inc ‡		772		91
Paramount Group Inc ‡		5,922		83
Prologis Inc ‡		18,853		1,510
Public Storage ‡		1,632		389
Realty Income Corp ‡		2,296		158
Regency Centers Corp ‡		3,123		208
Retail Properties of America Inc, CI A ‡		6,789		80
SBA Communications Corp, CI A *‡		994		224
Simon Property Group Inc ‡		3,706		592
SL Green Realty Corp ‡		2,476		199
STORE Capital Corp ‡		2,555		85
Taubman Centers Inc ‡		1,690		69
UDR Inc ‡		1,932		87
Ventas Inc ‡		3,279		224
VEREIT Inc ‡		10,217		92
Vornado Realty Trust ‡		2,903		186
Weingarten Realty Investors ‡		2,933		80
Welltower Inc ‡		4,270		348
Weyerhaeuser Co ‡		17,005		448
WP Carey Inc ‡		1,084		88


				14,127


Utilities — 3.1%
AES Corp/VA		5,282		88
Alliant Energy Corp		4,695		230
Ameren Corp		1,172		88
American Electric Power Co Inc		5,930		522
American Water Works Co Inc		2,717		315
Aqua America Inc		2,221		92
Avangrid Inc		1,720		87
CenterPoint Energy Inc		7,150		205
CMS Energy Corp		22,380		1,296
Consolidated Edison Inc		3,086		271
Dominion Energy Inc		9,975		771
DTE Energy Co		9,809		1,254
Duke Energy Corp		9,540		842
Edison International		3,288		222
Entergy Corp		2,276		234
Evergy Inc		1,477		89
Eversource Energy		10,983		832
Exelon Corp		11,090		532
FirstEnergy Corp		3,859		165
Hawaiian Electric Industries Inc		2,040		89
MDU Resources Group Inc		3,334		86
National Fuel Gas Co		1,502		79



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NextEra Energy Inc		6,768	$	1,386
NiSource Inc		13,892		400
NRG Energy Inc		2,300		81
OGE Energy Corp		2,067		88
PG&E Corp *		4,614		106
Pinnacle West Capital Corp		2,640		248
PPL Corp		7,025		218
Public Service Enterprise Group Inc		4,452		262
Sempra Energy		3,086		424
Southern Co/The		13,370		739
UGI Corp		1,560		84
WEC Energy Group Inc		2,779		232
Xcel Energy Inc		21,147		1,258


				13,915

				431,756



Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Total Common Stock
(Cost $330,160) ($ Thousands)			$	437,891


CASH EQUIVALENT — 2.0%
SEI Daily Income Trust, Government Fund, CI F 2.140%**^†		8,829,487		8,829

Total Cash Equivalent
(Cost $8,829) ($ Thousands)				8,829

Total Investments in Securities — 99.5%
(Cost $338,989) ($ Thousands)			$	446,720

A list of the open futures contracts held by the Fund at June 30, 2019 are as follows:

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

Percentages are based on Net Assets of $448,958 ($ Thousands).

^‡

Real Estate Investment Trust.

Non-income producing security.

Rate shown is the 7-day effective yield as of June 30, 2019.

^†

Investment in Affiliated Security (see Note 3).

(A)

Security is a Master Limited Partnership. At June 30, 2019, such securities amounted to $80 ($ Thousands), or 0.02% of the net assets of the Fund.

CI — Class

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

S&P — Standard & Poor’s

The following is a list of the levels of inputs used as of June 30, 2019 in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):



Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	437,891	$	–	$	–	$	437,891
Cash Equivalent		8,829		–		–		8,829

Total Investments in Securities	$	446,720	$	–	$	–	$	446,720



Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	157	$	—	$	—	$	157

Total Other Financial Instruments	$	157	$	—	$	—	$	157

* Futures contracts are valued at the unrealized appreciation on the instrument.

For the period ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended June 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

The following is a summary of the Fund’s transactions with affiliates for the year ended June 30, 2019 ($ Thousands):

Sector Weightings (Unaudited)^†:

LOGO

^†Percentages based on total investments.



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 39.7%
Agency Mortgage-Backed Obligations — 32.3%
FHLMC
6.500%, 09/01/2039	$	35	$	40
5.500%, 12/01/2036 to 12/01/2038		297		329
5.000%, 12/01/2020 to 01/01/2049		2,404		2,603
4.500%, 06/01/2038 to 04/01/2047		4,680		4,994
4.000%, 07/01/2037 to 09/01/2048		6,085		6,344
3.500%, 11/01/2042 to 03/01/2049		2,094		2,170
3.000%, 08/01/2046 to 02/01/2048		4,092		4,162
2.500%, 03/01/2033 to 04/01/2033		941		949
2.000%, 09/01/2023		459		458
FHLMC CMO, Ser 2011-3947, CI SG, IO
3.556%, VAR LIBOR USD 1 Month+5.950%, 10/15/2041		286		44
FHLMC CMO, Ser 2012-4057, CI UI, IO
3.000%, 05/15/2027		165		12
FHLMC CMO, Ser 2012-4085, CI IO, IO
3.000%, 06/15/2027		343		25
FHLMC CMO, Ser 2012-4099, CI ST, IO
3.606%, VAR LIBOR USD 1 Month+6.000%, 08/15/2042		133		23
FHLMC CMO, Ser 2013-4194, CI BI, IO
3.500%, 04/15/2043		344		46
FHLMC CMO, Ser 2013-4203, CI PS, IO
3.856%, VAR LIBOR USD 1 Month+6.250%, 09/15/2042		201		30
FHLMC CMO, Ser 2014-4310, CI SA, IO
3.556%, VAR LIBOR USD 1 Month+5.950%, 02/15/2044		54		9



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2014-4335, CI SW, IO
3.606%, VAR LIBOR USD 1 Month+6.000%, 05/15/2044	$	111	$	18
FHLMC CMO, Ser 2014-4415, CI I0, IO
1.753%, 04/15/2041 (A)		59		3
FHLMC Multifamily Structured Pass Through
Certificates, Ser K091, CI A2 3.505%, 03/25/2029		180		195
FHLMC Multifamily Structured Pass Through
Certificates, Ser K712, CI X1, IO 1.425%, 11/25/2019 (A)		1,008		3
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, CI M1
3.604%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029		223		224
FHLMC, Ser 2016-353, CI S1, IO
3.606%, VAR LIBOR USD 1 Month+6.000%, 12/15/2046		154		25
FNMA
7.000%, 11/01/2037 to 11/01/2038		30		35
6.500%, 01/01/2038 to 05/01/2040		224		263
6.000%, 07/01/2037 to 11/01/2038		161		179
5.500%, 02/01/2035		136		151
5.000%, 01/01/2021 to 02/01/2049		8,855		9,538
4.893%, VAR US Treas Yield Curve Rate T Note Const Mat 1Yr+2.268%, 01/01/2036		25		26
4.750%, VAR ICE LIBOR USD 12 Month+1.700%, 03/01/2036		27		29
4.500%, 02/01/2035 to 04/01/2056		3,649		3,893
4.381%, VAR ICE LIBOR USD 12 Month+1.420%, 05/01/2043		311		320
4.000%, 06/01/2025 to 09/01/2047		12,788		13,420
3.796%, 11/25/2017		73		12
3.500%, 04/01/2033 to 03/01/2057		11,870		12,294
3.350%, 05/01/2029		20		21
3.160%, 06/01/2029		370		388
3.000%, 08/01/2046 to 01/01/2048		1,013		1,027
2.500%, 10/01/2042		572		570
2.240%, 09/01/2026		142		142
FNMA CMO, Ser 2003-W2, CI 2A9
5.900%, 07/25/2042		477		536
FNMA CMO, Ser 2012-93, CI UI, IO
3.000%, 09/25/2027		456		33
FNMA CMO, Ser 2014-47, CI AI, IO
1.835%, 08/25/2044 (A)		144		8
FNMA CMO, Ser 2015-55, CI I0, IO
1.604%, 08/25/2055 (A)		34		2
FNMA CMO, Ser 2015-56, CI AS, IO
3.746%, VAR LIBOR USD 1 Month+6.150%, 08/25/2045		65		14
FNMA CMO, Ser M3, CI X2, I0
0.462%, 10/25/2024 (A)		4,357		72



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2014-C04, CI 1M2
7.304%, VAR ICE LIBOR USD 1 Month+4.900%, 11/25/2024	$	287	$	317
FNMA Connecticut Avenue Securities, Ser 2017-C01, CI 1M1
3.704%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029		178		179
FNMA Connecticut Avenue Securities, Ser 2019-R03, CI 1M1 3.154%, VAR ICE LIBOR USD 1 Month+0.750%, 09/25/2031 (B)		393		393
FNMA TBA
5.000%, 07/15/2038		1,000		1,057
4.500%, 07/01/2037		1,000		1,045
4.000%, 07/13/2039		300		310
3.500%, 07/25/2026 to 07/01/2041		4,400		4,526
3.000%, 07/01/2042		500		504
FNMA, Ser 2005-29, CI ZA
5.500%, 04/25/2035		143		163
FNMA, Ser 2012-101, Cl BI IO
4.000%, 09/25/2027		17		1
FNMA, Ser 2013-54, CI BS, IO
3.746%, VAR LIBOR USD 1 Month+6.150%, 06/25/2043		52		11
FNMA, Ser 2017-76, CI SB, IO
3.696%, VAR LIBOR USD 1 Month+6.100%, 10/25/2057		300		55
FNMA, Ser M4, CI A2
3.610%, 02/25/2031		80		87
FNMA, Ser M6, CI A2
3.450%, 01/01/2029		170		182
FRESB Mortgage Trust, Ser SB48, CI A10F
3.370%, 02/25/2028 (A)		743		779
FRESB Mortgage Trust, Ser SB58, CI A10F
3.610%,10/25/2028(A)		1,080		1,150
GNMA
5.500%, 02/20/2037 to 01/15/2039		140		153
5.000%, 12/20/2038 to 01/20/2049		2,277		2,430
4.600%, 09/15/2034		2,211		2,350
4.500%, 07/20/2038 to 03/20/2049		4,854		5,109
4.000%, 01/15/2041 to 01/20/2049		3,125		3,280
3.500%, 06/20/2044 to 06/15/2048		1,307		1,352
3.000%, 09/15/2042 to 02/20/2048		3,397		3,476
2.500%, 02/20/2027		714		725
GNMA CMO, Ser 186, CI IO, lO
0.756%, 08/16/2054 (A)		1,595		74
GNMA CMO, Ser 2012-34, CI SA, IO
3.667%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042		38		7
GNMA CMO, Ser 2012-66, CI CI, IO
3.500%, 02/20/2038		75		4



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2012-H18, CI NA
2.987%, VAR ICE LIBOR USD 1 Month+0.520%, 08/20/2062	$	198	$	198
GNMA CMO, Ser 2012-H30, Cl GA
2.817%, VAR ICE LIBOR USD 1 Month+0.350%, 12/20/2062		902		900
GNMA CMO, Ser 2013-H01, CI TA
2.967%, VAR ICE LIBOR USD 1 Month+0.500%, 01/20/2063		16		16
GNMA CMO, Ser 2013-H08, CI BF
2.867%, VAR ICE LIBOR USD 1 Month+0.400%, 03/20/2063		849		846
GNMA CMO, Ser 2014-105, IO
1.100%, 06/16/2054		1,233		61
GNMA CMO, Ser 2015-167, Cl Ol, lO
4.000%, 04/16/2045		115		20
GNMA CMO, Ser 2015-H20, Cl FA
2.937%, VAR ICE LIBOR USD 1 Month+0.470%, 08/20/2065		281		281
GNMA CMO, Ser 85, CI IA, lO
0.703%, 03/16/2047 (A)		2,942		106
GNMA CM0, Ser 95, Cl lO, lO
0.589%, 04/16/2047 (A)		1,512		57
GNMA TBA
4.500%, 07/15/2039		160		167
4.000%, 07/01/2039		1,600		1,659
3.500%, 07/15/2041 to 08/15/2041		4,700		4,855
3.000%, 07/15/2042		1,400		1,431
GNMA, Ser 2013-H21, Cl FB
3.167%, VAR ICE LIBOR USD 1 Month+0.700%, 09/20/2063		525		527
GNMA, Ser 28, Cl AB
3.150%, 06/16/2060		80		81

				106,603

Non-Agency Mortgage-Backed Obligations — 7.5%
280 Park Avenue Mortgage Trust, Ser 280P, CI A
3.274%, VAR ICE LIBOR USD 1 Month+0.880%, 09/15/2034 (B)		130		130
Bear Stearns Trust, Ser 2004-6, Cl 1A
3.044%, VAR ICE LIBOR USD 1 Month+0.640%, 07/25/2034		79		79
BX Trust, Ser APPL, Cl A
3.274%, VAR ICE LIBOR USD 1 Month+0.880%, 07/15/2034 (B)		127		127
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, CI AS
4.017%, 10/10/2047		100		106
Citigroup Commercial Mortgage Trust, Ser 2016-P6, CI AAB
3.512%, 12/10/2049		810		852



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Ser 375P, CI A
3.251%, 05/10/2035 (B)	$	190	$	196
COMM Mortgage Trust, Ser CR5, Cl A4
2.771%, 12/10/2045		700		711
COMM Mortgage Trust, Ser CR5, Cl AM
3.223%, 12/10/2045 (B)		590		606
COMM Mortgage Trust, Ser CR8, Cl A4
3.334%, 06/10/2046		662		683
Commercial Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		20		21
Commercial Mortgage Trust, Ser 2013-CR12, Cl C
5.254%, 10/10/2046 (A)		10		10
Commercial Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046 (A)		20		21
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(B)		1,380		1,381
DBUBS Mortgage Trust, Ser LC2A, Cl A4
4.537%, 07/10/2044 (B)		1,009		1,043
DRB Prime Student Loan Trust, Ser 2015-B, CI A1
4.304%, VAR ICE LIBOR USD 1 Month+1.900%, 10/27/2031 (B)		142		144
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048 (A)(B)		552		557
GS Mortgage Securities Trust, Ser 2013- GC16, Cl B
5.161%, 11/10/2046 (A)		80		88
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl A
3.281%, 06/09/2021		620		611
GS Mortgage Securities Trust, Ser 2018-SRP5, Cl B
4.481%, 06/09/2021		430		424
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, CI B
4.927%, 11/15/2045 (A)		210		227
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, CI B
5.054%, 01/15/2047 (A)		30		32
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.709%, 09/15/2047 (A)		80		82
JPMorgan Chase Commercial Mortgage Securities Trust, Ser C6, Cl A3
3.507%, 05/15/2045		1,191		1,228
JPMorgan Chase Commercial Mortgage Securities Trust, Ser FL7, Cl D
6.144%, VAR LIBOR USD 1 Month+3.750%, 05/15/2028 (B)		195		194



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser LC9, Cl AS
3.353%, 12/15/2047 (B)	$	380	$	389
JPMorgan Mortgage Trust, Ser 2015-5, Cl A9
3.342%, 05/25/2045 (A)(B)		120		120
JPMorgan Mortgage Trust, Ser 2016-1, Cl A5
3.500%, 05/25/2046 (A)(B)		493		500
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048 (A)(B)		716		722
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048 (A)(B)		278		281
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(B)		940		950
JPMorgan Mortgage Trust, Ser 2018-6, Cl 1A4
3.500%, 12/25/2048 (A)(B)		795		804
Lanark Master Issuer, Ser 2018-1A, Cl 1A
2.943%, VAR ICE LIBOR USD 3 Month+0.420%, 12/22/2069 (B)		672		671
MAD Mortgage Trust, Ser 330M, Cl A
3.294%, 08/15/2034 (A)(B)		220		227
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C34, Cl ASB
3.354%, 11/15/2052		615		639
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C5, Cl A4
3.176%, 08/15/2045		1,475		1,510
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C9
3.102%, 05/15/2046		714		734
Morgan Stanley Capital l Trust, Ser 2012-C4, CI A4
3.244%, 03/15/2045		220		225
MSCG Trust, Ser 2016-SNR, Cl C
5.205%, 11/15/2034 (B)		128		129
MSCG Trust, Ser ALDR, Cl A2
3.577%, 06/07/2035 (A)(B)		410		423
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A3
5.957%, 03/25/2047		76		80
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		1,008		1,045
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		504		524
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		767		781
Sequoia Mortgage Trust, Ser 2017-5, Cl A4
3.500%, 08/25/2047 (A)(B)		855		869
Sequoia Mortgage Trust, Ser 2017-6, Cl A4
3.500%, 09/25/2047 (A)(B)		426		433



Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Towd Point Mortgage Trust, Ser 2015-5, CI A1B
2.750%, 05/25/2055 (A)(B)	$	249	$	250
UBS-BAMLL Trust, Ser 2012-WRM, Cl A
3.663%, 06/10/2030 (B)		116		119
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4
3.525%, 05/10/2063		73		75
UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, CI XA, I0
1.474%, 05/10/2063 (A)(B)		337		11
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, CI NXS3
3.371%, 09/15/2057		160		166
WFRBS Commercial Mortgage Trust, Ser 2012-C7, CI XA, I0
1.518%, 06/15/2045 (A)(B)		1,096		34
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, l0
1.335%, 05/15/2045 (A)(B)		1,122		43
WFRBS Commercial Mortgage Trust, Ser 2014-C23, CI XA, I0
0.740%,10/15/2057 (A)		1,128		28
WFRBS Commercial Mortgage Trust, Ser 2014-C23, CI B
4.529%, 10/15/2057 (A)		270		288
WFRBS Commercial Mortgage Trust, Ser C11, CI AS
3.311%, 03/15/2045		160		164
WFRBS Commercial Mortgage Trust, Ser C4, CI A4
4.902%, 06/15/2044 (A)(B)		1,796		1,871

				24,658

Total Mortgage-Backed Securities (Cost $130,160) ($ Thousands)				131,261


CORPORATE OBLIGATIONS — 31.2%
Communication Services — 2.7%
AT&T
4.250%, 03/01/2027		150		161
4.125%, 02/17/2026		408		434
3.875%, 08/15/2021		10		10
3.721%, 11/27/2022 (B)(C)		2,000		1,826
3.400%, 05/15/2025		460		473
3.000%, 06/30/2022		10		10
Charter Communications Operating
5.050%, 03/30/2029		20		22
4.908%, 07/23/2025		110		120
3.750%, 02/15/2028		20		20
3.579%, 07/23/2020		30		30



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Comcast
4.150%, 10/15/2028	$	180	$	198
3.950%,10/15/2025		150		162
Comcast Cable Communications Holdings
9.455%, 11/15/2022		1,116		1,375
Cox Communications
3.250%, 12/15/2022 (B)		859		877
Fox
4.709%, 01/25/2029 (B)		100		112
4.030%, 01/25/2024 (B)		50		53
NBCUniversal Media
4.375%, 04/01/2021		10		10
Sprint Spectrum
3.360%, 09/20/2021 (B)		433		433
TCI Communications
7.875%, 02/15/2026		240		313
Telefonica Emisiones SAU
4.895%, 03/06/2048		340		359
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		255
Verizon Communications
4.329%, 09/21/2028		102		113
3.875%, 02/08/2029		60		65
3.376%, 02/15/2025		532		555
2.625%, 08/15/2026		513		510
Viacom
3.875%, 04/01/2024		20		21
Vodafone Group PLC
3.750%, 01/16/2024		410		429
Walt Disney
3.000%, 09/15/2022 (B)		30		31

				8,977

Consumer Discretionary — 1.9%
Amazon.com
3.150%, 08/22/2027		470		494
BMW US Capital
2.150%, 04/06/2020 (B)		950		949
1.850%, 09/15/2021 (B)		20		20
Ford Motor Credit
8.125%, 01/15/2020		340		349
2.597%,11/04/2019		800		799
General Motors Financial
4.150%, 06/19/2023		600		618
3.700%, 11/24/2020		80		81
3.700%, 05/09/2023		190		193
3.150%, 01/15/2020		330		331
2.450%, 11/06/2020		30		30
KazMunayGas National JSC
5.375%, 04/24/2030 (B)		400		443
McDonald’s MTN
3.350%, 04/01/2023		280		291



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Newell Brands
3.850%, 04/01/2023	$	80	$	81
Time Warner Cable
5.000%, 02/01/2020		990		1,003
Volkswagen Group of America Finance
4.625%, 11/13/2025 (B)		461		501

				6,183


Consumer Staples — 0.5%
Kraft Heinz Foods
5.375%, 02/10/2020		86		88
4.875%, 02/15/2025 (B)		70		72
Kroger
4.000%, 02/01/2024		140		148
Mars
3.200%, 04/01/2030 (B)		30		31
2.700%, 04/01/2025 (B)		60		61
PepsiCo
3.000%, 08/25/2021		290		295
2.750%, 03/05/2022		80		82
Smithfield Foods
2.700%, 01/31/2020 (B)		330		329
Walgreens Boots Alliance
3.450%, 06/01/2026		150		151
Walmart
3.050%, 07/08/2026		100		105
WM Wrigley Jr
2.900%, 10/21/2019 (B)		360		360

				1,722


Energy — 3.0%
Anadarko Petroleum
5.822%, 10/10/2036 (C)		3,000		1,417
5.550%, 03/15/2026		180		202
Apache
3.250%, 04/15/2022		616		625
Baker Hughes a GE
3.200%, 08/15/2021		26		26
BP Capital Markets America
3.790%, 02/06/2024		80		85
3.410%, 02/11/2026		40		42
3.216%, 11/28/2023		140		144
3.119%, 05/04/2026		170		173
BP Capital Markets PLC
3.535%, 11/04/2024		20		21
Chevron
2.100%, 05/16/2021		130		130
1.991%, 03/03/2020		1,150		1,149
Cimarex Energy
4.375%, 06/01/2024		50		53
3.900%, 05/15/2027		40		41



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Concho Resources
4.375%, 01/15/2025	$	10	$	10
4.300%, 08/15/2028		40		43
3.750%, 10/01/2027		20		21
Continental Resources
4.375%, 01/15/2028		20		21
3.800%, 06/01/2024		160		165
Devon Energy
5.850%, 12/15/2025		130		154
3.250%, 05/15/2022		630		642
Energy Transfer Operating
5.500%, 06/01/2027		604		675
5.250%, 04/15/2029		20		22
4.500%, 04/15/2024		60		64
Enterprise Products Operating
4.150%, 10/16/2028		80		87
3.900%, 02/15/2024		457		484
EOG Resources
4.150%, 01/15/2026		60		65
ExxonMobil
3.043%, 03/01/2026		150		155
Halliburton
3.800%, 11/15/2025		10		10
3.250%, 11/15/2021		180		184
Kinder Morgan Energy Partners
3.500%, 03/01/2021		30		31
MidAmerican Energy
3.650%, 04/15/2029		140		151
MPLX
4.800%, 02/15/2029		50		55
4.125%, 03/01/2027		110		115
4.000%, 03/15/2028		140		145
Noble Energy
4.150%, 12/15/2021		290		299
3.850%, 01/15/2028		60		61
Occidental Petroleum
4.100%, 02/01/2021		50		51
3.400%, 04/15/2026		80		82
3.125%, 02/15/2022		100		102
3.000%, 02/15/2027		130		129
Schlumberger Holdings
3.900%, 05/17/2028 (B)		978		1,018
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		310
Sunoco Logistics Partners Operations
3.900%, 07/15/2026		439		448
Williams
5.250%, 03/15/2020		40		41

				9,948



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Financials — 13.1%
American Express
3.400%, 02/27/2023	$	972	$	1,006
2.650%, 12/02/2022		264		267
American Express Credit MTN
2.375%, 05/26/2020		80		80
2.200%, 03/03/2020		710		709
American International Group
4.875%, 06/01/2022		415		445
Anglo American Capital
3.625%, 09/11/2024 (B)		200		204
Banco Santander
4.379%, 04/12/2028		200		213
3.724%, VAR ICE LIBOR USD 3 Month+1.120%, 04/12/2023		200		199
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		234		241
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		258		263
Bank of America MTN
4.450%, 03/03/2026		678		731
4.200%, 08/26/2024		210		223
4.125%, 01/22/2024		370		396
4.100%, 07/24/2023		280		299
4.000%, 04/01/2024		440		469
4.000%, 01/22/2025		80		84
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/2030		80		86
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028		210		219
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		80		83
3.500%, 04/19/2026		130		136
3.300%, 01/11/2023		60		62
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		819
Barclays Bank
2.650%, 01/11/2021		1,199		1,202
BNP Paribas
5.198%, VAR ICE LIBOR USD 3 Month+2.567%, 01/10/2030 (B)		400		458
4.705%, VAR ICE LIBOR USD 3 Month+2.235%, 01/10/2025 (B)		270		290
4.400%, 08/14/2028 (B)		200		216
BPCE MTN
3.000%, 05/22/2022 (B)		640		646
Capital One
2.650%, 08/08/2022		830		835
Charles Schwab
3.850%, 05/21/2025		110		117



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Citigroup
8.125%, 07/15/2039	$	12	$	19
5.500%, 09/13/2025		150		170
5.300%, 05/06/2044		31		37
4.650%, 07/30/2045		28		32
4.450%, 09/29/2027		150		162
4.400%, 06/10/2025		160		171
4.300%, 11/20/2026		40		42
4.125%, 07/25/2028		40		42
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/2029		240		258
4.050%, 07/30/2022		40		42
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		340		355
3.500%, 05/15/2023		100		103
3.400%, 05/01/2026		673		697
2.700%, 03/30/2021		455		457
Cooperatieve Rabobank UA
3.950%, 11/09/2022		670		695
3.875%, 09/26/2023 (B)		595		628
Credit Suisse Group
4.282%, 01/09/2028 (B)		280		296
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		51
Danske Bank
5.000%, 01/12/2022 (B)		200		209
Ferguson Finance
4.500%,10/24/2028 (B)		780		815
General Electric Capital MTN
6.000%, 08/07/2019		414		415
4.650%, 10/17/2021		180		188
4.375%, 09/16/2020		10		10
Glencore Funding
2.875%, 04/16/2020 (B)		20		20
Goldman Sachs Group
5.750%, 01/24/2022		662		715
5.150%, 05/22/2045		20		23
4.750%, 10/21/2045		40		46
4.250%, 10/21/2025		90		95
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029		550		590
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028		300		310
3.500%, 11/16/2026		90		92
2.300%, 12/13/2019		460		460
Goldman Sachs Group MTN
6.000%, 06/15/2020		480		496
5.375%, 03/15/2020		640		653
4.000%, 03/03/2024		420		446
HSBC Holdings PLC
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		400		437



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 03/08/2021	$	360	$	366
2.950%, 05/25/2021		380		383
Intesa Sanpaolo
3.375%, 01/12/2023 (B)		200		199
John Deere Capital
1.700%, 01/15/2020		40		40
JPMorgan Chase
4.500%, 01/24/2022		786		828
4.452%, VAR ICE LIBOR USD 3 Month+1.330%, 12/05/2029		200		223
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/2029		773		845
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024		230		244
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		108
3.875%, 09/10/2024		290		305
2.550%, 03/01/2021		30		30
KKR Group Finance
6.375%, 09/29/2020 (B)		915		958
KKR Group Finance VI
3.750%, 07/01/2029 (B)		664		681
Liberty Mutual Group
4.569%, 02/01/2029 (B)		321		353
4.250%, 06/15/2023 (B)		91		96
Lincoln National
6.250%, 02/15/2020		570		582
Metropolitan Life Global Funding I
3.000%, 01/10/2023 (B)		507		517
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		529
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		320		336
3.750%, 02/25/2023		1,810		1,891
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025		1,060		1,083
ORIX
4.050%, 01/16/2024		365		387
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		944		983
Penske Truck Leasing Lp
3.900%, 02/01/2024 (B)		965		1,009
PNC Financial Services Group
3.500%, 01/23/2024		805		848
Principal Life Global Funding II
2.625%, 11/19/2020 (B)		570		573
Reliance Standard Life Global Funding II MTN
2.500%, 01/15/2020 (B)		30		30
Royal Bank of Canada MTN
2.150%, 10/26/2020		70		70



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Royal Bank of Scotland Group
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/2025	$	200	$	207
Royal Bank of Scotland Group PLC
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		290		302
Santander UK Group Holdings PLC
3.571%, 01/10/2023		200		204
Santander UK PLC
2.375%, 03/16/2020		40		40
SMBC Aviation Capital Finance DAC
4.125%, 07/15/2023 (B)		200		210
SunTrust Bank
2.800%, 05/17/2022		1,146		1,161
Svenska Handelsbanken MTN
3.350%, 05/24/2021		250		255
Synchrony Financial
3.000%, 08/15/2019		64		64
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		634		677
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		269
3.491%, 05/23/2023 (B)		390		400
US Bancorp
3.375%, 02/05/2024		540		565
USAA Capital MTN
2.625%, 06/01/2021 (B)		350		353
WEA Finance
2.700%, 09/17/2019 (B)		310		310
Wells Fargo
3.069%, 01/24/2023		808		820
3.000%, 10/23/2026		190		192
Wells Fargo MTN
4.900%, 11/17/2045		30		35
4.600%, 04/01/2021		480		498
4.300%, 07/22/2027		260		281
3.750%, 01/24/2024		540		568
3.450%, 02/13/2023		120		123

				43,306


Health Care — 2.2%
Abbott Laboratories
3.400%, 11/30/2023		175		183
AbbVie
3.600%, 05/14/2025		10		10
Aetna
2.800%, 06/15/2023		20		20
Amgen
2.125%, 05/01/2020		20		20
Anthem
3.125%, 05/15/2022		340		346



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Baylor Scott & White Holdings
1.947%, 11/15/2021	$	1,226	$	1,211
Becton Dickinson
4.685%, 12/15/2044		40		45
3.734%, 12/15/2024		24		25
3.363%, 06/06/2024		210		216
Bristol-Myers Squibb
3.400%, 07/26/2029 (B)		50		52
3.200%, 06/15/2026 (B)		120		125
2.900%, 07/26/2024 (B)		180		184
2.600%, 05/16/2022 (B)		80		81
Celgene
3.875%, 08/15/2025		130		139
3.550%, 08/15/2022		60		62
2.250%, 08/15/2021		70		70
Cigna
4.375%, 10/15/2028 (B)		120		130
4.125%, 11/15/2025 (B)		50		53
3.400%, 09/17/2021 (B)		60		61
CVS Health
4.300%, 03/25/2028		80		84
4.125%, 05/15/2021		300		308
3.875%, 07/20/2025		95		99
3.350%, 03/09/2021		60		61
2.800%, 07/20/2020		190		191
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		1,184		1,430
Eli Lilly
2.350%, 05/15/2022		170		171
Express Scripts Holding
3.500%, 06/15/2024		160		165
Gilead Sciences
2.550%, 09/01/2020		20		20
2.500%, 09/01/2023		50		51
1.850%, 09/20/2019		130		130
Humana
3.150%, 12/01/2022		240		245
2.900%, 12/15/2022		290		294
Medtronic
3.125%, 03/15/2022		190		195
Merck
2.750%, 02/10/2025		20		21
SSM Health Care
3.688%, 06/01/2023		644		672
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		27
UnitedHealth Group
3.875%, 12/15/2028		30		33
2.875%, 12/15/2021		50		51
2.700%, 07/15/2020		70		70

				7,351



Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Industrials — 2.5%
AerCap Ireland Capital DAC
4.625%, 10/30/2020	$	730	$	748
4.500%, 05/15/2021		310		320
American Airlines, Ser 2016-3, Cl A
3.250%,10/15/2028		1,119		1,109
American Airlines Pass-Through Trust, Ser 2013-2, Cl A
4.950%, 01/15/2023		294		308
Aviation Capital Group
6.750%, 04/06/2021 (B)		80		86
4.125%, 08/01/2025 (B)		160		167
Burlington Northern and Santa Fe Railway Pass-Through Trust, Ser 2002-2
5.140%, 01/15/2021		44		45
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		12
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		657		686
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		558		588
Delta Air Lines Pass-Through Trust, Ser 2019-1, Cl AA
3.204%, 04/25/2024		621		643
Eaton
2.750%, 11/02/2022		450		456
GE Capital International Funding Unlimited Co
2.342%, 11/15/2020		1,205		1,199
General Electric
4.500%, 03/11/2044		90		87
General Electric MTN
6.875%, 01/10/2039		30		38
5.500%, 01/08/2020		10		10
General Electric Capital MTN
5.300%, 02/11/2021		160		166
International Lease Finance
5.875%, 08/15/2022		400		436
Republic Services
3.200%, 03/15/2025		180		186
Union Pacific
3.950%, 09/10/2028		20		22
3.750%, 07/15/2025		20		21
United Airlines Pass-Through Trust, Ser 2014-1, CI A
4.000%, 04/11/2026		733		770
Waste Management
3.500%, 05/15/2024		120		126
3.450%, 06/15/2029		30		32



Description	Face Amount (Thousands)		Market Value ($ Thousands)

CORPORATE OBLIGATIONS (continued)
3.200%, 06/15/2026	$	30	$	31

				8,292


Information Technology — 1.3%
Apple
3.350%, 02/09/2027		210		220
2.900%, 09/12/2027		110		113
2.450%, 08/04/2026		70		70
2.000%, 11/13/2020		80		80
1.550%, 08/04/2021		60		59
Broadcom
3.625%, 10/15/2024 (B)		485		488
3.125%, 01/15/2025		80		78
Diamond 1 Finance
4.420%, 06/15/2021 (B)		430		443
Intel
3.700%, 07/29/2025		30		32
International Business Machines
3.000%, 05/15/2024		180		185
Mastercard
3.375%, 04/01/2024		190		201
Microsoft
3.300%, 02/06/2027		140		149
2.400%, 02/06/2022		150		151
2.400%, 08/08/2026		210		211
1.850%, 02/06/2020		360		359
1.550%, 08/08/2021		110		109
NXP BV
3.875%, 06/18/2026 (B)		495		509
Oracle
2.500%, 10/15/2022		130		131
salesforce.com
3.700%, 04/11/2028		150		162
3.250%, 04/11/2023		70		73
Visa
4.300%, 12/14/2045		10		12
3.150%, 12/14/2025		110		115
2.200%, 12/14/2020		300		300

				4,250


Materials — 0.6%
ArcelorMittal
4.550%, 03/11/2026		100		106
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		209
Freeport-McMoRan
4.000%, 11/14/2021		170		173
Glencore Funding
4.125%, 05/30/2023 (B)		890		925
4.125%, 03/12/2024 (B)		120		125
4.000%, 03/27/2027 (B)		120		121



Description	Face Amount (Thousands)		Market Value ($ Thousands)

CORPORATE OBLIGATIONS (continued)
Southern Copper
3.500%, 11/08/2022	$	130	$	132
Vale Overseas
6.250%, 08/10/2026		140		159

				1,950


Real Estate — 1.2%
American Tower Trust, Ser 2013-13, Cl 2A
3.070%, 03/15/2048 (B)		700		711
Digital Realty Trust
3.600%, 07/01/2029		815		826
Simon Property Group
2.350%, 01/30/2022		413		414
Ventas Realty
4.125%, 01/15/2026		566		599
3.500%, 02/01/2025		488		505
Welltower
4.500%, 01/15/2024		902		969

				4,024


Utilities — 2.2%
Aquarion
4.000%, 08/15/2024 (B)		227		238
Commonwealth Edison
3.700%, 08/15/2028		1,118		1,202
Dominion Energy
2.579%, 07/01/2020		260		260
Duke Energy
3.750%, 04/15/2024		900		949
3.550%, 09/15/2021		170		174
2.400%, 08/15/2022		150		150
FirstEnergy
4.250%, 03/15/2023		380		399
2.850%, 07/15/2022		330		334
Northern States Power
7.125%, 07/01/2025		1,190		1,476
Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		410
Public Service Enterprise Group
2.875%, 06/15/2024		713		722
Sempra Energy
2.400%, 03/15/2020		840		839

				7,153

Total Corporate Obligations (Cost $99,925) ($ Thousands)				103,156


U.S. TREASURY OBLIGATIONS — 10.7%
U.S. Treasury Bills
2.314%, 09/05/2019 (C)		811		808
2.077%, 09/19/2019 (C)		6,384		6,355



Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Bonds
3.750%, 11/15/2043	$	250	$	308
3.125%, 05/15/2048		40		45
3.000%, 05/15/2045		250		273
3.000%, 02/15/2048		480		526
3.000%, 08/15/2048		1,400		1,535
3.000%, 02/15/2049		360		395
2.875%, 08/15/2045		200		214
2.875%, 05/15/2049		960		1,030
2.750%, 08/15/2047		120		125
U.S. Treasury Inflation-Protected Securities
2.375%, 01/15/2025		176		197
1.750%, 01/15/2028		85		96
1.375%, 02/15/2044		537		610
1.000%, 02/15/2046		388		407
1.000%, 02/15/2049		1,483		1,544
0.750%, 02/15/2042		464		465
U.S. Treasury Notes
2.750%, 09/15/2021		4,022		4,111
2.750%, 02/15/2028		4		4
2.625%, 02/15/2029		850		896
2.500%, 01/31/2021		580		586
2.375%, 02/29/2024		5,221		5,368
2.250%, 03/31/2021		800		806
2.250%, 04/30/2024		30		31
2.250%, 03/31/2026		710		728
2.250%, 02/15/2027		4,184		4,288
2.000%, 02/15/2025		50		51
1.625%, 06/30/2021		3,690		3,681

Total U.S. Treasury Obligations (Cost $34,670)($ Thousands)				35,483


ASSET-BACKED SECURITIES — 8.9%
Automotive — 1.3%
Avis Budget Rental Car Funding AESOP, Ser 2017-2A, Cl A
2.970%, 03/20/2024 (B)		310		315
Avis Budget Rental Car Funding AESOP, Ser 2019-2A, CI A
3.350%, 09/22/2025 (B)		320		330
Hertz Vehicle Financing II, Ser 2018-1A, Cl A
3.290%, 02/25/2024 (B)		350		356
Honda Auto Receivables Owner Trust, Ser 2019-2, Cl A3
2.520%, 06/21/2023		572		578
Hyundai Auto Lease Securitization Trust, Ser 2017-A,CI A3
1.880%, 08/17/2020 (B)		158		158



Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2
3.210%, 02/15/2024 (B)	$	1,182	$	1,208
World Omni Auto Receivables Trust, Ser 2019-B,CI A3
2.590%, 07/15/2024		1,299		1,313

				4,258

Home — 0.5%
Argent Securities, Ser 2004-W5, Cl AV2
3.444%, VAR ICE LIBOR USD 1 Month+1.040%, 04/25/2034		321		325
Citifinancial Mortgage Securities, Ser 2004-1, Cl AF4
5.070%, 04/25/2034		224		234
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, CI A1A
3.750%, 10/25/2057 (B)		378		391
Lake Country Mortgage Loan Trust, Ser 2006-HE1,CI M5
4.404%, VAR ICE LIBOR USD 1 Month+2.000%, 07/25/2034 (B)		390		401
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
2.704%, VAR ICE LIBOR USD 1 Month+0.300%, 05/25/2037 (B)		232		221
New Century Home Equity Loan Trust, Ser 2003-A, Cl A
3.124%, VAR ICE LIBOR USD 1 Month+0.720%, 10/25/2033 (B)		91		90

				1,662

Other Asset-Backed Securities — 7.1%
Ally Master Owner Trust, Ser 2018-2, Cl A
3.290%, 05/15/2023		1,572		1,605
Ameriquest Mortgage Securities Asset- Backed Pass-Through Certificates, Ser 2005-R7, Cl M2
2.904%, VAR ICE LIBOR USD 1 Month+0.500%, 09/25/2035		403		405
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (B)		300		303
Ascentium Equipment Receivables, Ser 2019-1A, CI A2
2.840%, 06/10/2022 (B)		645		650
Capital One Multi-Asset Execution Trust, Ser 2019-A1, CI A1
2.840%, 12/15/2024		996		1,015
Citigroup Mortgage Loan Trust, Ser 2007-WFH3, Cl A3
2.654%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/2037		308		308



Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Countrywide Asset-Backed Certificates, Ser 2007-13, Cl 2A2M
3.654%, VAR ICE LIBOR USD 1 Month+1.250%, 10/25/2047	$	165	$	163
Countrywide Home Equity Loan Trust, Ser 2006-F, CI 2A1A
2.534%, VAR ICE LIBOR USD 1 Month+0.140%, 07/15/2036		358		345
DB Master Finance, Ser 2017-1A, Cl A2l
3.629%, 11/20/2047 (B)		531		539
Domino’s Pizza Master Issuer, Ser 2017-1A, CI A2I
3.830%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B)		699		695
Invitation Homes Trust, Ser 2018-SFR1, Cl A
3.094%, VAR LIBOR USD 1 Month+0.700%, 03/17/2037 (B)		1,444		1,426
MMAF Equipment Finance, Ser 2018-A, Cl A3
3.200%, 09/12/2022 (B)		1,255		1,271
Morgan Stanley ABS Capital l Trust, Ser 2004-0P1, CI M1
3.274%, VAR ICE LIBOR USD 1 Month+0.870%, 11/25/2034		493		497
Morgan Stanley Capital l Trust, Ser BPR, Cl A
3.794%, VAR LIBOR USD 1 Month+1.400%, 05/15/2036 (B)		320		320
Navient Student Loan Trust, Ser 2016-6A, Cl A3
3.704%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2066 (B)		900		917
Progress Residential Trust, Ser 2018-SFR3, CI A
3.880%, 10/17/2035 (B)		640		660
RAAC Series Trust, Ser 2005-SP3, Cl M2
3.204%, VAR ICE LIBOR USD 1 Month+0.800%, 12/25/2035		390		392
SBA Small Business Investment, Ser 2019-10A, Cl 1
3.113%, 03/10/2029		200		209
Shops at Crystals Trust, Ser CSTL, Cl A
3.126%, 07/05/2036 (B)		100		101
SLC Student Loan Trust, Ser 2010-1, Cl A
3.396%, VAR ICE LIBOR USD 3 Month+0.875%, 11/25/2042		307		308
SLM Private Credit Student Loan Trust, Ser 2006-A, CI A5
2.700%, VAR ICE LIBOR USD 3 Month+0.290%, 06/15/2039		315		306
SLM Student Loan Trust, Ser 2002-A, Cl A2
2.960%, VAR ICE LIBOR USD 3 Month+0.550%, 12/16/2030		203		203



Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
3.610%, VAR ICE LIBOR USD 3 Month+1.200%, 12/15/2033 (B)	$	148	$	148
Store Master Funding l-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		386		404
United States Small Business Administration, Ser 2010-20H, CI 1
3.520%, 08/01/2030		333		345
United States Small Business Administration, Ser 2011-20B, CI 1
4.220%, 02/01/2031		358		381
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		200		201
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		827		859
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		919		947
United States Small Business Administration, Ser 2015-20C, CI 1
2.720%, 03/01/2035		973		991
United States Small Business Administration, Ser 2015-20E, CI 1
2.770%, 05/01/2035		542		554
United States Small Business Administration, Ser 2015-20K, CI 1
2.700%, 11/01/2035		557		568
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		707		723
United States Small Business Administration, Ser 2018-20E, CI 1
3.500%, 05/01/2038		1,332		1,417
United States Small Business Administration, Ser 2018-20J, CI 1
3.770%, 10/01/2038		657		710
Verizon Owner Trust, Ser 2018-A, Cl A1A
3.230%, 04/20/2023		1,465		1,493
Verizon Owner Trust, Ser 2019-B, Cl A1A
2.330%, 12/20/2023		624		626
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		340		340

				23,345

Total Asset-Backed Securities (Cost $28,762) ($ Thousands)				29,265

U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.4%
FHLB DN
2.460%, 09/27/2019 (C)		190		189
2.407%, 08/01/2019 (C)		100		100



Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
FHLMC
6.500%, 12/01/2035	$	821	$	913
6.000%, 03/01/2035		1,233		1,404
5.000%, 10/01/2048		84		89
4.000%, 04/01/2048		91		95
4.000%, 05/01/2048		737		766
3.500%, 09/01/2048		659		675
3.500%, 10/01/2048		930		954
3.500%, 01/01/2049		96		99
3.500%, 04/01/2049		1,089		1,115
3.000%, 02/01/2038		90		91
3.000%, 04/01/2038		92		93
3.000%, 11/01/2043		683		693
3.000%, 01/01/2048		99		100
3.000%, 03/01/2049		99		100
3.000%, 04/01/2049		1,969		1,989
2.375%, 01/13/2022		1,090		1,106
1.250%, 10/02/2019		70		70
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		332		337
FNMA
4.500%, 09/01/2057		260		278
4.000%, 02/01/2056		75		79
4.000%, 06/01/2057		83		88
3.830%, 01/01/2029		490		539
3.500%, 10/01/2047		1,336		1,375
3.500%, 06/01/2048		745		765
3.500%, 07/01/2048		478		492
3.500%, 02/01/2049		96		100
3.000%, 12/01/2037		89		90
3.000%, 03/01/2046		1,343		1,370
3.000%, 05/01/2046		86		87
3.000%, 07/01/2046		153		156
3.000%, 10/01/2046		235		239
3.000%, 11/01/2046		1,957		1,983
3.000%, 09/01/2047		368		374
2.932%, 10/09/2019 (C)		1,190		1,183
FNMA, Ser M1, Cl A2
3.673%, 09/25/2028 (A)		270		292
Tennessee Valley Authority
3.875%, 02/15/2021		790		815

Total U.S. Government Agency Obligations (Cost $20,737)($ Thousands)				21,283


SOVEREIGN DEBT — 3.0%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (B)		490		494
Colombia Government International Bond
5.625%, 02/26/2044		280		331



Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
5.200%, 05/15/2049	$	310	$	352
4.500%, 03/15/2029		200		218
Indonesia Government International Bond MTN
5.125%, 01/15/2045 (B)		200		225
3.850%, 07/18/2027 (B)		200		207
3.750%, 04/25/2022		370		379
Kuwait International Government Bond
3.500%, 03/20/2027 (B)		210		224
Mexico Government International Bond
4.000%, 10/02/2023		610		636
3.600%, 01/30/2025		380		389
Panama Government International Bond
6.700%, 01/26/2036		190		258
Peruvian Government International Bond
6.550%, 03/14/2037		250		353
5.625%, 11/18/2050		310		427
Poland Government International Bond
5.125%, 04/21/2021		440		463
4.000%, 01/22/2024		450		484
Province of Ontario Canada
4.400%, 04/14/2020		840		854
Province of Quebec Canada
2.625%, 02/13/2023		500		512
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,226
Qatar Government International Bond
3.250%, 06/02/2026		370		380
Russian Foreign Bond—Eurobond
7.500%, 03/31/2030		167		189
5.875%, 09/16/2043		400		486
5.625%, 04/04/2042		400		469
Uruguay Government International Bond
4.375%, 01/23/2031		390		422

Total Sovereign Debt (Cost $9,447) ($ Thousands)				9,978


FOREIGN BONDS — 2.0%
Allergan Funding SCS
3.800%, 03/15/2025		40		41
3.450%, 03/15/2022		120		123
Banco Santander
3.125%, 02/23/2023		200		203
Banco Santander Chile
2.500%, 12/15/2020 (B)		240		240
Barclays Bank
10.179%, 06/12/2021 (B)		370		419
BHP Billiton Finance USA
2.875%, 02/24/2022		10		10



Description	Face Amount (Thousands)		Market Value ($ Thousands)
FOREIGN BONDS (continued)
BP Capital Markets PLC
3.561%, 11/01/2021	$	230	$	237
CNOOC Finance
3.500%, 05/05/2025		330		340
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		531
Ecopetrol
5.375%, 06/26/2026		140		154
HSBC Holdings PLC
4.250%, 08/18/2025		230		242
Intesa Sanpaolo
5.017%, 06/26/2024 (B)		200		200
3.125%, 07/14/2022 (B)		200		198
Landwirtschaftliche Rentenbank
1.375%, 10/23/2019		110		110
OCP
4.500%, 10/22/2025 (B)		400		409
Petrobras Global Finance BV
6.850%, 06/05/2115		150		156
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		438
Petroleos Mexicanos
4.875%, 01/18/2024		190		186
Shell International Finance
4.375%, 03/25/2020		130		132
Shell International Finance BV
3.250%, 05/11/2025		150		157
2.875%, 05/10/2026		40		41
2.250%, 11/10/2020		360		361
1.750%, 09/12/2021		690		684
Telefonica Emisiones SAU
5.134%, 04/27/2020		80		82
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 07/21/2021		730		692
Vale Overseas
6.875%, 11/21/2036		48		58
4.375%, 01/11/2022		8		8

Total Foreign Bonds (Cost $6,271) ($ Thousands)				6,452

MUNICIPAL BONDS — 1.1%
Florida — 0.3%
Florida State, Board of Administration Finance, Ser A, RB
2.638%, 07/01/2021		420		424
2.163%, 07/01/2019		535		535

				959



Description	Face Amount (Thousands)			Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Michigan — 0.3%
Michigan State, Finance Authority, RB Callable 03/01/2024 @ 100
2.988%, 09/01/2049 (A)	$	755		$	770

New York — 0.2%
New York State, Urban Development, RB
3.350%, 03/15/2026		665			697

Wisconsin — 0.3%
Wisconsin State, Ser A, RB, AGM
5.700%, 05/01/2026		890			1,016


Total Municipal Bonds (Cost $3,379) ($ Thousands)					3,442


COMMERCIAL PAPER — 0.4%
Standard Chartered Bank
2.592%, 07/24/2019 (C)		560			559

Toronto-Dominion Bank
2.536%, 07/25/2019 (C)		770			769


Total Commercial Paper (Cost $1,328) ($ Thousands)					1,328

	Shares
CASH EQUIVALENT — 3.3%
SEI Daily Income Trust, Government Fund, Cl F
2.140% **†		11,030,519			11,031

Total Cash Equivalent (Cost $11,031) ($ Thousands)					11,031

Total Investments in Securities — 106.7% (Cost $345,710) ($ Thousands)				$	352,679

	Contracts
*PURCHASED OPTION — 0.0%**
Total Purchased Option(D) (Cost $26) ($ Thousands)		66		$	83

*WRITTEN OPTIONS — 0.0%**
Total Written Options(D) (Premiums Received $106) ($ Thousands)		(223	)	$	(131	)

A list of the open futures contracts held by the Fund at June 30, 2019 are as follows:

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

Percentages are based on Net Assets of $330,498 ($ Thousands).

Non-income producing security.

Rate shown is the 7-day effective yield as of June 30, 2019.

^†

Investment in Affiliated Security (see Note 3).

(A)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(B)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On June 30, 2019, the value of these securities amounted to $54,374 ($ Thousands), representing 16.5% of the Net Assets of the Fund.

(C)

Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the time of purchase.

(D)

Refer to table below for details on Options Contracts.

AGM – Assured Guaranty Municipal

Cl – Class

CMO – Collateralized Mortgage Obligation

DN – Discount Note

FHLB – Federal Home Loan Bank

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

ICE – Intercontinental Exchange

IO – Interest Only - face amount represents notional amount.

LIBOR – London Interbank Offered Rate

MTN – Medium Term Note

The following is a list of the levels of inputs used as of June 30, 2019 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	$	–	$	131,261	$	–	$	131,261
Corporate Obligations		–		103,156		–		103,156
U.S. Treasury Obligations		–		35,483		–		35,483
Asset-Backed Securities		–		29,265		–		29,265
U.S. Government Agency Obligations		–		21,283		–		21,283
Sovereign Debt		–		9,978		–		9,978
Foreign Bonds		–		6,452		–		6,452
Municipal Bonds		–		3,442		–		3,442
Commercial Paper		–		1,328		–		1,328
Cash Equivalent		11,031		–		–		11,031

Total Investments in Securities	$	11,031	$	341,648	$	–	$	352,679



Other Financial Instruments	Level 1			Level 2		Level 3		Total
Purchase Options	$	83		$	–	$	–	$	83
Written Options		(131	)		–		–		(131	)
Futures Contracts *
Unrealized Appreciation		1,214			–		–		1,214
Unrealized Depreciation		(1,277	)		–		–		(1,277	)

Total Other Financial Instruments	$	(111	)	$	–	$	—	$	(111	)

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

For the period ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended June 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 ($ Thousands):


Sector Weightings (Unaudited)^†:
† Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.2%
Equity Fund — 60.8%
New Covenant Growth Fund †		4,166,850	$	178,591


Total Equity Fund (Cost $110,885) ($ Thousands)				178,591


Fixed Income Fund — 38.4%
New Covenant Income Fund †		4,803,009		112,871


Total Fixed Income Fund (Cost $109,932) ($ Thousands)				112,871



Description	Shares		Market Value ($ Thousands)

CASH EQUIVALENT — 0.7%
SEI Daily Income Trust, Government Fund, Cl F 2.140%**†		2,176,393	$	2,176


Total Cash Equivalent (Cost $2,176) ($ Thousands)				2,176


Total Investments in Securities — 99.9% (Cost $222,993) ($ Thousands)			$	293,638

Percentages are based on a Net Assets of $293,822 ($ Thousands).

†

Investment in Affiliated Security (see Note 3).

Rate shown is the 7-day effective yield as of June 30, 2019.

Cl — Class

As of June 30, 2019, 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.

For the year ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended June 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 ($ Thousands):


Sector Weightings (Unaudited)^†:

^† Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.9%
Fixed Income Fund — 63.8%
New Covenant Income Fund ^†		2,129,475	$	50,043

Total Fixed Income Fund (Cost $49,095) ($ Thousands)				50,043


Equity Fund — 35.1%
New Covenant Growth Fund ^†		642,544		27,539


Total Equity Fund (Cost $14,735) ($ Thousands)				27,539



Description	Shares		Market Value ($ Thousands)

CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Government Fund, Cl F 2.140%**^†		1,206,851	$	1,207


Total Cash Equivalent (Cost $1,207) ($ Thousands)				1,207


Total Investments in Securities — 100.4% (Cost $65,037) ($ Thousands)			$	78,789

Percentages are based on a Net Assets of $78,448 ($ Thousands).

^†

Investment in Affiliated Security (see Note 3).

Rate shown is the 7-day effective yield as of June 30, 2019.

Cl — Class

As of June 30, 2019, 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.

For the year ended June 30, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended June 30, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

The following is a summary of the transactions with affiliates for the period ended June 30, 2019 ($ Thousands):

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 (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 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 — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. 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. Debt obligations acquired with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Trust’s Board of Trustees. The Trust’s fair value procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. 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.

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 net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund 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 calculates net asset value, the adviser or sub-adviser may request that a Committee Meeting be called. In addition, the Trust’s administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided.

The Growth Fund holds international securities that also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by this 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 that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options not traded on a national securities exchange are valued at the last quoted bid price.

Futures cleared through a central clearing house (“centrally cleared futures”) 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 is provided by an independent source. On days when there is excessive volume, market volatility or the future does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the 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 position.

The assets of the Balanced Growth Fund and the Balanced Income Fund (the “Balanced Funds”) consist primarily of investments in underlying affiliated investment companies, which are valued at their respective daily net asset values in accordance with the established NAV of each fund.

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 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, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended June 30, 2019, there have been no significant changes to the Trust’s fair valuation methodologies. 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.

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

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

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

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

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

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

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

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

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

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

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of June 30, 2019, 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.

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.

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, for- wards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

Delayed Delivery Transactions — To the extent consistent with its investment objective and strategies, the Growth Fund and Income Fund may purchase or sell securities on a when-issued or delayed delivery basis. These

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

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

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed. As of June 30, 2019, the Funds did not own any illiquid securities.

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

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

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

Investment Advisory Agreement — The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (“Agreement”) with SEI Investments Management Corporation (the “Adviser”). Under the Agreement, the Adviser is responsible for the investment management of the Funds and receives an annual advisory fee of 0.62% for the Growth Fund and 0.42% for the Income Fund. The Adviser does not receive an advisory fee for the Balanced Growth Fund and Balanced Income Fund. The Adviser has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Growth and Income Funds, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser. Accordingly, effective April 1, 2017, the

voluntary expense limitation is 0.80% for the Income Fund. The voluntary expense limitation for the Growth Fund was 0.87% until May 13, 2019 when the voluntary expense limitation was changed to be 0.72%.

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

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

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

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.

Distribution Agreement — The Trust issues shares of the Funds pursuant to a Distribution Agreement with SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”). In consideration of the services and facilities to be provided by the Distributor or any service provider, each of the Growth Fund and the Income Fund (if such Fund has issued Shares) will pay to the Distributor a fee, as agreed from time to time, at an annual rate of up to 0.10% (ten basis points) of the average daily net asset value of the Growth Fund and the Income Fund, respectively, which fee will be computed daily and paid monthly.

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

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

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

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

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

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser,

sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (‘‘Repo Rate’’), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (‘‘Bank Loan Rate’’). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the year ended June 30, 2019, the Trust did not participate in interfund lending.

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.

The following is a summary of the variation margin of exchange-traded financial derivative instruments of the Funds as of June 30, 2019 ($ Thousands):

Cash with a total market value of $402 and 395 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of June 30, 2019.

The following table discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2019

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, 2019, were as follows:

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.

Accordingly, the following permanent differences, primarily attributable to reclassification of long term capital gain distributions on Real Estate Investment Trust securities, foreign exchange gain and loss, reclassification of income from Regulated Investment Companies, non-deductible expenses, and basis adjustments for investments in partnerships, have been reclassified to/ (from) the following accounts as of June 30, 2019:

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

As of June 30, 2019, the components of distributable earnings (accumulated losses) were as follows:

Post October losses represent losses realized on investment transactions from November 1, 2018 through June 30, 2019 that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year. Deferred Late-Year Losses represent ordinary losses realized on investment transactions from January 1, 2019 through June 30, 2019 and specified losses realized on investment transactions from November 1, 2016 through June 30, 2019, that, in accordance with Federal income tax regulations, the Fund defers and treats as having arisen in the following fiscal year.

The Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

*This table should be used in conjunction with the capital loss carryforwards table.

For Federal income tax purposes, the cost of securities owned at June 30, 2019, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales, MLP basis adjustments and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at June 30, 2019 was as follows:

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, 2019, 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.

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

Asset Allocation Risk — The risk that SIMC’s decisions regarding the allocation of Fund 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.

Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities,

including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

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 stock prices will fall over short or extended periods of time.

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 and tax 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.

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 rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

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 additional capital gains tax liabilities, which may affect the Fund’s performance.

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

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

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

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

U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are 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.

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.

On June 30, 2019, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with the Funds.

On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earning on a book basis in the Statements of Assets and Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders on the Statements of Changes in Net Assets.

The amounts presented in the current Statements of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately. The disaggregated amounts from the prior fiscal year are broken out below if there were both distributions from net investment income and realized capital gains. Otherwise, the amount on the current Statement of Changes for the prior fiscal year end represents distributions of net investment income.

In August 2018, The FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. At this time, management is currently evaluating the impact of this new guidance on the financial statements and disclosures.

At a meeting of the Board of Trustees of New Covenant Funds (the “Board”) held on June 25, 2019, the Board approved a reduction of the contractual investment advisory fee for the New Covenant Growth Fund (the “Fund”) from .62% to .47%. This change to the Fund became effective on or about July 2, 2019.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of New Covenant Funds (the “Trust”), comprised of the New Covenant Growth Fund, New Covenant Income Fund, New Covenant Balanced Growth Fund, and New Covenant Balanced Income Fund (collectively, the “Funds”), as of June 30, 2019, and 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, 2019, 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, are in conformity with U.S. generally accepted accounting principles.

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 audits 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, 2019, by correspondence with the custodians, transfer agents, and brokers or by other appropriate auditing procedures when replies from brokers were not received. 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.

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

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-877-835-4531.

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (January 1, 2019 to June 30, 2019).

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

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

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

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

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

New Covenant Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC is responsible for the investment advisory services provided 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 (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, as well as the continuation of, the Funds’ Investment Advisory Agreements be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by 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 at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve 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; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At the December 4-5, 2018 meeting of the Board, the Trustees approved a brief extension of the Advisory Agreement to accommodate a revised meeting schedule. Accordingly, at the April 2-3, 2019 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust’s fiscal year on September 10-12, 2018, and December 4-5, 2018. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC

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

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 a report compiled by Broadridge, an independent third-party that was engaged to prepare an assessment of the Funds in connection with the renewal of the Advisory Agreement (the “Broadridge Report”). The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio 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 waiver of management and other fees to prevent total Fund operating expenses from exceeding a specified 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 renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported 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 approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

For shareholders who do not have a June 30, 2019 taxable year end, this notice is for information purposes only. For shareholders with a June 30, 2019 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended June 30, 2019, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

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

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

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Officers

Robert A. Nesher

President and Chief Executive Officer

James J. Hoffmayer

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

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

For more information call

New Covenant Fund

877-835-4531

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

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

(a) (2) The audit committee financial experts are Susan Cote, George J. Sullivan, Jr. and Hubert L. Harris. Ms. Cote and Messrs. Sullivan and Harris are independent as defined in Form N-CSR Item 3 (a) (2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2019 and 2018 as follows:

(e)(1) The Registrant’s Audit Committee has adopted 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. 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 auditors 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 pursuant to waiver of pre-approval requirement were as follows:

(g)(1) The aggregate non-audit fees billed by KPMG for the fiscal years 2019 and 2018 were $273,762 and $341,386, respectively. Non-audit fees consist of a service organization controls report review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the 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 the Registrant’s Board of

Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(a) The Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this form.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on February 22, 2012, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(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”)) (17 CFR 270.30a-3(c)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) 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) (17 CFR 270.30a-3(d)) 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.

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

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

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.

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.



Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)
S&P 500 Index E-MINI		59		Sep-2019	$	8,541	$	8,685	$	144
S&P Mid Cap 400 Index E-MINI		4		Sep-2019		767		780		13

					$	9,308	$	9,465	$	157



Security Description	Value 6/30/2018			Purchases at Cost			Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value 6/30/2019			Shares		Income			Capital Gains
SEI Daily Income Trust, Government Fund, CI F		$	6,521		$	57,787		$	(55,479)		$	—		$	—		$	8,829		8,829,487		$	251		$	—



Letter to Shareholders			1

Management’s Discussion and Analysis of Fund Performance			6

Schedules of Investments			14

Statements of Assets and Liabilities			41

Statements of Operations			42

Statements of Changes in Net Assets			43

Financial Highlights			45

Notes to Financial Statements			49

Report of Independent Registered Public Accounting Firm			62

Trustees and Officers of the Trust			63

Disclosure of Fund Expenses			66

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements			67

Notice to Shareholders			72


AVERAGE ANNUAL TOTAL RETURN ^1,2
	One Year Return		Annualized 3 Year Return		Annualized 5 Year Return		Annualized 10 Year Return		Annualized Inception to Date
New Covenant Balanced Growth Fund		7.12%		8.71%		5.97%		8.73%		5.26%
Russell 1000^® Index		10.02%		14.15%		10.45%		14.77%		10.35%
Bloomberg Barclays U.S. Intermediate Aggregate Bond Index		6.73%		2.03%		2.46%		3.34%		5.84%
Blended 60% Russell 1000^® Index/40% Bloomberg Barclays U.S. Intermediate Aggregate Bond Index		9.17%		9.36%		7.39%		10.30%		8.80%



Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTION — 0.0%
Call Options
December 2019, Eurodollar Mid-Curve Option*		66		$	16,235		$	98.00		12/21/19	$	83

Total Purchased Option				$	16,235						$	83

WRITTEN OPTIONS — 0.0%
Put Options
August 2019, U.S. 10 Year Future Option*		(10	)	$	(1,277	)		127.25		07/20/19	$	(3	)
September 2019, U.S. 10 Year Future Option*		(73	)		(9,321	)		126.50		08/17/19		(23	)
September 2019, U.S. 10 Year Future Option*		(47	)		(6,001	)		127.00		08/17/19		(21	)
August 2019, U.S. 5 Year Future Option*		(9	)		(1,062	)		117.25		07/20/19		(1	)
September 2019, U.S. 5 Year Future Option*		(9	)		(1,062	)		117.25		08/17/19		(2	)

					(18,723	)						(50	)

Call Options
December 2019, Eurodollar Mid-Curve Option*		(33	)		(8,117	)		97.75		12/21/19		(59	)
December 2019, Eurodollar Mid-Curve Option*		(33	)		(8,118	)		98.50		12/21/19		(16	)
August 2019, U.S. 10 Year Future Option*		(9	)		(1,149	)		128.00		07/20/19		(6	)

					(17,384	)						(81	)

Total Written Options				$	(36,107	)					$	(131	)



Type of Contract	Number of Contracts Long (Short)			Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
90-Day Euro$		66			Dec-2019	$	16,062		$	16,185		$	123
90-Day Euro$		118			Jun-2020		28,695			29,022			327
U.S. 2-Year Treasury Note		39			Oct-2019		8,341			8,392			51
U.S. 5-Year Treasury Note		205			Oct-2019		23,910			24,222			312
U.S. 10-Year Treasury Note		(235	)		Sep-2019		(29,332	)		(30,073	)		(741	)
U.S. Long Treasury Bond		(134	)		Sep-2019		(20,314	)		(20,850	)		(536	)
U.S. Ultra Long Treasury Bond		50			Sep-2019		8,539			8,878			339
Ultra 10-Year U.S. Treasury Note		24			Sep-2019		3,253			3,315			62

						$	39,154		$	39,091		$	(63	)



Security Description	Value 6/30/2018			Purchases at Cost			Proceeds from Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value 6/30/2019			Shares		Income			Capital Gains
SEI Daily Income Trust, Government Fund, Cl F		$	5,833		$	190,367		$	(185,169)		$	—		$	—		$	11,031		11,030,519		$	125		$	—



Security Description	Value 6/30/18		Purchases at Cost		Proceeds from Sales		Realized Gain			Change in Unrealized Appreciation (Depreciation)		Value 6/30/19		Shares		Dividend Income		Capital Gains
New Covenant Growth Fund		$172,416		$30,220		$(24,839)		$1,635			$ (841)		$178,591		4,166,850		$2,083		$10,539
New Covenant Income Fund		114,510		16,198		(22,043)		(773	)		4,979		112,871		4,803,009		2,757		—
SEI Daily Income Trust, Government Fund, Cl F		3,325		34,190		(35,339)		—			—		2,176		2,176,393		59		—

Totals		$290,251		$80,608		$(82,221)		$ 862			$4,138		$293,638		11,146,252		$4,899		$10,539



	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Assets:
Investments, at value^†	$	437,891		$	341,648		$	—		$	—
Affiliated investments, at value^††		8,829			11,031			293,638			78,789
Options purchased, at value^††††		—			83			—			—
Cash and cash equivalents		2,926			—			—			—
Receivable for investment securities sold		2,924			4,708			—			—
Dividends and interest receivable		406			1,909			242			105
Cash pledged as collateral for futures contracts		402			395			—			—
Receivable for fund shares sold		188			269			2			2
Foreign tax reclaim receivable		79			19			—			—
Receivable for variation margin		46			18			—			—
Prepaid expenses		19			14			13			3
Total Assets		453,710			360,094			293,895			78,899
Liabilities:
Options written, at value^††††		—			131			—			—
Payable for investment securities purchased		4,433			28,544			—			425
Investment advisory fees payable		138			70			—			—
Social witness and licensing fees payable		55			39			—			—
Shareholder servicing fees payable		36			27			—			—
Administration fees payable		14			54			18			6
Payable for fund shares redeemed		6			—			10			8
Trustees’ fees payable		2			2			2			—
CCO fees payable		1			—			—			—
Income distribution payable		—			624			—			—
Payable to Custodian		—			2			—			—
Payable for variation margin		—			29			—			—
Accrued expense payable		67			74			43			12
Total Liabilities		4,752			29,596			73			451
Net Assets	$	448,958		$	330,498		$	293,822		$	78,448
^† Cost of investments	$	330,160		$	334,679		$	—		$	—
^†† Cost of affiliated investments		8,829			11,031			222,993			65,037
^††† Cost (premiums received)		—			(79	)		—			—
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0,001)	$	324,527		$	326,285		$	223,048		$	65,306
Total distributable earnings		124,431			4,213			70,774			13,142
Net Assets	$	448,958		$	330,498		$	293,822		$	78,448
Net Asset Value, Offering and Redemption Price Per Share	$	42.86		$	23.50		$	103.45		$	21.41
		(448,958,038 ÷ 10,476,111 shares	)		(330,497,724 ÷ 14,061,163 shares	)		(293,821,867 ÷ 2,840,278 shares	)		(78,447,615 ÷ 3,663,711 shares	)



	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	8,245		$	—		$	—		$	—
Dividend income from affiliated registered investment company		251			125			4,899			1,521
Interest income		325			9,687			—			—
Less: foreign taxes withheld		—			(7	)		—			—
Total Investment Income		8,821			9,805			4,899			1,521
Expenses:
Investment advisory fees		2,676			1,331			—			—
Administration fees		863			634			433			114
Social witness and licensing fees		658			475			—			—
Shareholder servicing fees		432			317			—			—
Trustee fees		8			6			5			1
Chief compliance officer fees		2			2			2			—
Transfer agent fees		95			69			64			17
Professional fees		43			32			29			8
Registration fees		39			29			26			7
Printing fees		22			16			14			2
Custodian fees		6			17			15			4
Other expenses		11			90			5			1
Total Expenses		4,855			3,018			593			154
Less:
Waiver of investment advisory fees		(1,045	)		(466	)		—			—
Waiver of administration fees		(135	)		(14	)		(212	)		(39	)
Net Expenses		3,675			2,538			381			115
Net Investment Income		5,146			7,267			4,518			1,406
Net Realized and Change in Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		21,065			1,249			—			—
Affiliated investments		—			—			862			344
Written and purchased options		—			270			—			—
Capital gain distributions received from affiliated investment		—			—			10,539			1,618
Futures contracts		1,450			(818	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		3,742			11,813			—			—
Affiliated investments		—			—			4,138			1,640
Written and purchased options		—			32			—			—
Futures contracts		157			68			—			—
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(1	)		—			—			—
Net Increase in Net Assets Resulting from Operations	$	31,559		$	19,881		$	20,057		$	5,008


	Growth Fund						Income Fund
	2019			2018			2019			2018
Operations:
Net investment income	$	5,146		$	4,664		$	7,267		$	6,130
Net realized gain (loss) from investments, affiliated investments, written and purchased options and futures contracts		22,515			24,587			701			(1,082	)
Net change in unrealized appreciation (depreciation) on investments, affiliated investments, written and purchased options and futures contracts		3,899			30,412			11,913			(6,815	)
Net change in unrealized depreciation on foreign currency transactions and translation of other assets and liabilities denominated in foreign currency		(1	)		(1	)		—			—
Net increase (decrease) in net assets resulting from operations		31,559			59,662			19,881			(1,767	)
Distributions:¹		(31,095	)		(28,040	)		(7,780	)		(6,403	)
Total distributions		(31,095	)		(28,040	)		(7,780	)		(6,403	)
Capital Share Transactions:
Proceeds from shares issued		41,305			26,353			40,669			46,144
Reinvestment of dividends & distributions		25,807			23,504			749			626
Cost of shares redeemed		(47,292	)		(65,034	)		(41,976	)		(24,802	)
Increase (decrease) in net assets derived from capital share transactions		19,820			(15,177	)		(558	)		21,968
Net increase in net assets		20,284			16,445			11,543			13,798
Net Assets:
Beginning of Year		428,674			412,229			318,955			305,157
End of Year²	$	448,958		$	428,674		$	330,498		$	318,955
Share Transactions:
Shares issued		1,019			628			1,781			2,010
Shares issued in lieu of dividends and distributions		665			563			33			27
Shares redeemed		(1,139	)		(1,527	)		(1,852	)		(1,084	)
Increase (Decrease) in net assets derived from share transactions		545			(336)			(38)			953


	Balanced Growth Fund						Balanced Income Fund
	2019			2018			2019			2018
Operations:
Net investment income	$	4,518		$	3,576		$	1,406		$	1,169
Net realized gain from affiliated investments		862			2,984			344			878
Capital gain distributions received from affiliated investments		10,539			9,743			1,618			1,540
Net change in unrealized appreciation (depreciation) on affiliated investments		4,138			7,325			1,640			(25	)
Net increase in net assets resulting from operations		20,057			23,628			5,008			3,562
Distributions:¹		(17,635	)		(4,706	)		(4,160	)		(1,697	)
Total distributions		(17,635	)		(4,706	)		(4,160	)		(1,697	)
Capital Share Transactions:
Proceeds from shares issued		16,016			17,404			3,589			6,327
Reinvestment of dividends & distributions		16,007			4,118			3,509			1,322
Cost of shares redeemed		(31,067	)		(35,970	)		(6,827	)		(11,285	)
Increase (decrease) in net assets derived from capital share transactions		956			(14,448	)		271			(3,636	)
Net increase (decrease) in net assets		3,378			4,474			1,119			(1,771	)
Net Assets:
Beginning of Year		290,444			285,970			77,329			79,100
End of Year²	$	293,822		$	290,444		$	78,448		$	77,329
Share Transactions:
Shares issued		163			172			173			300
Shares issued in lieu of dividends and distributions		166			41			174			63
Shares redeemed		(310	)		(356	)		(325	)		(534	)
Increase (Decrease) in net assets derived from share transactions		19			(143	)		22			(171	)


	Growth Fund
	2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	43.17		$	40.15		$	34.23		$	38.28		$	43.70
Investment Activities:
Net investment income⁽¹⁾		0.50			0.46			0.27			0.27			0.22
Net realized and unrealized gains(losses) on securities and foreign currency transactions⁽¹⁾		2.28			5.34			5.91			(1.67	)		2.29
Total from investment activities		2.78			5.80			6.18			(1.40	)		2.51
Dividends and Distributions from:
Net investment income		(0.50	)		(0.39	)		(0.26	)		(0.21	)		(0.22	)
Net realized gains		(2.59	)		(2.39	)		–			(2.44	)		(7.71	)
Total dividends and distributions		(3.09	)		(2.78	)		(0.26	)		(2.65	)		(7.93	)
Net Asset Value, End of Period	$	42.86		$	43.17		$	40.15		$	34.23		$	38.28
Total Return^†		7.21	%		14.74	%		18.12	%		(3.68	)%		6.41	%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	448,958		$	428,674		$	412,229		$	394,943		$	416,158
Ratio of net expenses to average net assets		0.85	%		0.87%			0.95	%		1.02	%		1.02	%
Ratio of expenses to average net assets, excluding waivers		1.12	%		1.12	%		1.13	%		1.14	%		1.12	%
Ratio of net investment income to average net assets		1.19	%		1.08	%		0.73	%		0.76	%		0.54	%
Portfolio turnover rate		47	%		24	%		50	%		103	%		107	%


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.


	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%


	Financial Derivative Asset	Financial Derivative Liability
	Variation Margin Asset	Variation Margin Liability
Fund	Futures	Futures
Growth Fund	$46	$—
Income Fund	$18	$29


	Growth Fund		Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long		$ 8,214		$ 142,383
Average Notional Balance Short		—		60,619
Ending Notional Balance Long		—		88,800
Ending Notional Balance Short		9,308		49,646
Options:
Equity Contracts
Average Notional Balance Long		$ —		$ 9
Average Notional Balance Short		—		36
Ending Notional Balance Long		—		26
Ending Notional Balance Short		—		106


Fund	Purchases (excluding Short-Term Investments & U.S. Government Securities) ($ Thousands)		Sales (excluding Short-Term Investments & U.S. Government Securities) ($ Thousands)		Purchases of U.S. Government Securities ($ Thousands)		Sales of U.S. Government Securities ($ Thousands)
Growth Fund		$ 195,790		$ 200,189		$ —		$ —
Income Fund		44,361		53,089		556,179		552,032
Balanced Growth Fund		46,418		46,882		—		—
Balanced Income Fund		8,400		9,145		—		—


	Paid-in Capital ($ Thousands)			Distributable Earnings/ (Accumulated Losses) ($ Thousands)
Growth Fund		$	(1)		$1



		Ordinary Income ($ Thousands)		Long Term Capital Gains ($ Thousands)		Total Taxable Deductions ($ Thousands)		Total Distributions Paid ($ Thousands)
Growth Fund	2019		$ 5,700		$ 25,395		$ 31,095		$ 31,095
	2018		5,007		23,033		28,040		28,040
Income Fund	2019		7,780		—		7,780		7,780
	2018		6,403		—		6,403		6,403
Balanced Growth Fund	2019		5,632		12,003		17,635		17,635
	2018		2,619		2,087		4,706		4,706
Balanced Income Fund	2019		1,606		2,554		4,160		4,160
	2018		1,114		583		1,697		1,697


		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)
New Covenant Growth Fund	$		857	$		17,284	$		—		$		—	$		106,288	$		2		$		124,431
New Covenant Income Fund			715			—			(1,950	)			—			6,967			(1,519	)			4,213
New Covenant Balanced Growth Fund			2,544			9,488			—				—			58,742			—				70,774
New Covenant Balanced Income Fund			483			1,371			—				—			11,288			—				13,142


	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)		Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund		$ 340,421		$ 119,568		$ (13,269)		$ 106,299
Income Fund		345,714		7,755		(792)		6,963
Balanced Growth Fund		234,896		58,742		—		58,742
Balanced Income Fund		67,501		11,288		—		11,288



	# of Shareholders	% of Outstanding Shares
Growth Fund	3	76.98%
Income Fund	3	83.38%
Balanced Growth Fund	1	1.38%
Balanced Income Fund	1	0.23%



	Net Investment Income		Net Realized Gains	Total
Growth Fund		$3,990	$24,050	$28,040
Balanced Growth Fund		2,619	2,087	4,706
Balanced Income Fund		1,097	600	1,697


Name, Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
INTERESTED TRUSTEES
Robert A. Nesher One Freedom Valley Drive Oaks, PA 19456 72 yrs. old	Chairman of the Board of Trustees*	since 1995	Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.	99	President and Director of SEI Structured Credit Fund, LP. Director of SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Multi-Strategy Funds PLC, SEI Global Nominee Ltd and SEI Investments—Unit Trust Management (UK) Limited. President, Director and Chief Executive Officer of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1989 to 2016. Vice Chairman of O’Connor EQUUS (closed-end investment company) from 2014 to 2016. Vice Chairman of Winton Series Trust from 2014 to 2017. Vice Chairman of The Advisors’ Inner Circle Fund III and Winton Diversified Opportunities Fund (closed-end investment company) from 2014 to 2018. Vice Chairman of Gallery Trust, Schroder Series Trust and Schroder Global Series Trust from 2015 to 2018. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, and the KP Funds. President, Chief Executive Officer and Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The New Covenant Funds and SEI Catholic Values Trust.
William M. Doran One Freedom Valley Drive Oaks, PA 19456 79 yrs. old	Trustee*	since 1995	Self-employed consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor.	99	Director of SEI since 1974; Secretary of SEI since 1978. Director of SEI Investments Distribution Co. since 2003. Director of SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Investments (Asia) Limited, SEI Global Nominee Ltd. and SEI Investments—Unit Trust Management (UK) Limited. Trustee of SEI Liquid Asset Trust from 1982 to 2016. Trustee of O’Connor EQUUS from 2014 to 2016. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, The Advisors’ Inner Circle Fund III, Winton Series Trust, Winton Diversified Opportunities Fund, Gallery Trust, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, New Covenant Funds, The KP Funds and SEI Catholic Values Trust.
TRUSTEES
George J. Sullivan Jr. One Freedom Valley Drive, Oaks, PA 19456 76 yrs. old	Trustee	since 1996	Retired since January 2012. Self-Employed Consultant, Newfound Consultants Inc. April 1997-December 2011.	99	Member of the independent review committee for SEI’s Canadian-registered mutual funds. Director of SEI Opportunity Fund, L.P. to 2010. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 1996 to 2016. Trustee/Director of State Street Navigator Securities Lending Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, New Covenant Funds, The KP Funds and SEI Catholic Values Trust.


Name Address, and Age	Position(s) Held with Trusts	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee²	Other Directorships Held by Trustee
TRUSTEES (continued)
Nina Lesavoy One Freedom Valley Drive, Oaks, PA 19456 61 yrs. old	Trustee	since 2003	Founder and Managing Director, Avec Capital (strategic fundraising firm) since 2008. Managing Director, Cue Capital (strategic fundraising firm) from March 2002-March 2008.	99	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2003 to 2016. Trustee/Director of SEI Structured Credit Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James M. Williams One Freedom Valley Drive, Oaks, PA 19456 71 yrs. old	Trustee	since 2004	Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002. President, Harbor Capital Advisors and Harbor Mutual Funds, 2000-2002. Director of SEI Alpha Strategy Portfolios, L.P. from 2007 to 2013. Manager, Pension Asset Management, Ford Motor Company, 1997-1999.	99	Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013, Trustee of SEI Liquid Asset Trust from 2004 to 2016. Trustee/Director of Ariel Mutual Funds, SEI Structured Credit Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, New Covenant Funds, SEI Insurance Products Trust, Adviser Managed Trust and SEI Catholic Values Trust.
Mitchell A. Johnson One Freedom Valley Drive, Oaks, PA 19456 77 yrs. old	Trustee	since 2007	Retired Private Investor since 1994.	99	Director, Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997. Director of SEI Alpha Strategy Portfolios, LP from 2007 to 2013. Trustee of SEI Liquid Asset Trust from 2007 to 2016. Trustee of the Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, Adviser Managed Trust, The KP Funds and SEI Catholic Values Trust.
Hubert L. Harris, Jr. One Freedom Valley Drive, Oaks, PA 19456 75 yrs. old	Trustee	since 2008	Retired since December 2005. Owner of Harris Plantation, Inc. since 1995. Chief Executive Officer of Harris CAPM, a consulting asset and property management entity. Chief Executive Officer, INVESCO North America, August 2003-December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., January 1998- August 2003.	99	Director of AMVESCAP PLC from 1993-2004. Served as a director of a bank holding company, 2003-2009. Director, Aaron’s Inc., 2012-present. President and CEO of Oasis Ornamentals LLC since 2011. Member of the Board of Councilors of the Carter Center (nonprofit corporation) and served on the board of other non-profit organizations. Director of SEI Alpha Strategy Portfolios, LP from 2008 to 2013. Trustee of Liquid Asset Trust from 2008 to 2016. Trustee of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
Susan C. Cote One Freedom Valley Drive Oaks, PA 19456 64 years old	Trustee	since 2016	Retired since July 2015. Americas Director of Asset Management, Ernst & Young LLP from 2006-2013. Global Asset Management Assurance Leader, Ernest & Young LLP from 2006- 2015. Partner Ernest & Young LLP from 1997-2015. Prudential, 1983-1997.Member of the Ernst & Young LLP Retirement Investment Committee, Treasurer and Chair of Finance, Investment and Audit Committee of the New York Women’s Foundation.	99	Trustee of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, SEI Insurance Products Trust, New Covenant Funds, Adviser Managed Trust and SEI Catholic Values Trust.
James B. Taylor One Freedom Valley Drive Oaks, PA 19456 68 years old	Trustee	since 2018	Retired since December 2017. Chief Investment Officer at Georgia Teach Foundation from 2008 to 2017. Chief Investment Officer at Delta Air Lines from 1983 to 2007. Member of the Investment Committee at the Institute of Electrical and Electronic Engineers from 1999 to 2004. President, Vice President and Treasurer at Southern Benefits Conference from 1998 to 2000.	99	Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust.


	Beginning Account Value 1/1/2019		Ending Account Value 6/30/19		Annualized Expense Ratios			Expenses Paid During Period*
Growth Fund
Actual Fund Return		$1,000.00		$1,176.70		0.83	%		$4.48
Hypothetical 5% Return		$1,000.00		$1,020.68		0.83	%		$4.16
Income Fund
Actual Fund Return		$1,000.00		$1,050.20		0.80	%		$4.07
Hypothetical 5% Return		$1,000.00		$1,020.83		0.80	%		$4.01
Balanced Growth Fund^†
Actual Fund Return		$1,000.00		$1,124.40		0.13	%		$0.68
Hypothetical 5% Return		$1,000.00		$1,024.15		0.13	%		$0.65
Balanced Income Fund^†
Actual Fund Return		$1,000.00		$1,092.70		0.15	%		$0.78
Hypothetical 5% Return		$1,000.00		$1,024.05		0.15	%		$0.75



Fund	(A) Long Term Capital Gains Distributions (Tax Basis)	(B) Ordinary Income	Total Distributions (Tax Basis)	(C) Dividends Qualifying for Corporate Dividends Rec. Deduction (1)	(D) Qualifying Dividend Income (15% Tax Rate for QDI) (2)	(E) U.S. Government Interest (3)	Interest Related Dividends (4)	Short-Term Capital Gain Dividends (5)
New Covenant Growth Fund	81.67%	18.33%	100.00%	73.71%	73.71%	0.00%	17.79%	100.00%
New Covenant Income Fund	0.00%	100.00%	100.00%	0.00%	0.00%	9.33%	85.49%	0.00%
New Covenant Balanced Growth Fund	68.06%	31.94%	100.00%	31.71%	40.89%	0.00%	0.00%	100.00%
New Covenant Balanced Income Fund	61.38%	38.62%	100.00%	16.86%	21.68%	0.00%	0.00%	100.00%


		Fiscal 2019			Fiscal 2018
		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)	$68,640	N/A	$0	$67,960	N/A	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees (3)	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(2)	$0	$273,762	$0	$0	$341,386	$0