Growth Fund
Balanced Growth Fund
Income Fund
Balanced Income Fund
Treasury Money Fund
     
 

Market Commentary

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New Covenant Balanced Growth Fund

Fund Characteristics
(as of 06/30/08)

Equity Portion - New Covenant Growth Fund
     
  NCBGX S&P 500 Index
Number of Holdings 754 500
Weighted Avg. Market Cap 65.1 B 96.2 B
Price to Book 2.22 2.28
Beta 1.03 1.00
Trailing 4 Qtrs. P/E Ratio 16.3 17.5
5 Years Earnings Growth 15.7 17.4
     
         

Price to Book is a ratio used to compare a stock’s market value to its book value. Beta is a measure of the volatility of a stock relative to the overall market. A beta of less than 1 indicates lower historical risk than the market; a beta of more than 1 indicates a higher historical risk than the market. Trailing 4 Quarters P/E Ratio is a ratio of a stock’s current market price vs. its earnings per share over the last 12 months.

Income Portion - New Covenant Income Fund
       
  NCICX Lehman
Aggregate Bond		 Lehman
Intermediate
Aggregate Bond
Number of Holdings 208 9,457 8,295
Average Effective Maturity 5.87 yrs 7.48 yrs 5.71 yrs
Average Effective Duration 3.74 yrs 4.68 yrs 3.86 yrs
Average Wtd. Coupon 5.52% 5.36% 5.22%
Average Yield to Maturity 6.55% 5.07% 4.98%
         
         

Quality ratings, average effective maturity and average effective duration are subject to change. 

Top 5 Holdings
(as of 06/30/08)
         
New Covenant Growth Fund  
New Covenant Income Fund
Exxon Mobil Corp 2.0% WAMU 2007-Y6 2A1, 5.670%, 6/25/37 1.8%
AT&T, Inc 1.4% FNMA, 6.406%, 01/01/2011 1.6%
Microsoft Corp 1.3% FNMA, 4.500%, 08/01/2023 1.5%
General Electric Co 1.2% CS First Boston Mortgage Capital Cert., 5.467%, 09/15/2039 1.2%
Hewlett-Packard Co. 1.2% FNMA, 5.5707%, 02/01/2012 1.2%
Portfolio composition is subject to change.  
   
Asset Allocation - New Covenant Balanced Growth
(as of 06/30/08)		  

Portfolio composition is subject to change.