UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-09025

New Covenant Funds

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Timothy D. Barto, Esq.

SEI Investments Company

One Freedom Valley Drive

Oaks, PA 19456

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

Date of fiscal year end: June 30, 2020

Date of reporting period: December 31, 2019

Item 1. Reports to Stockholders.

 

December 31, 2019

SEMI-ANNUAL REPORT

New Covenant Funds

➤ New Covenant Growth Fund

➤ New Covenant Income Fund

➤ New Covenant Balanced Growth Fund

➤ New Covenant Balanced Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary.

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

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	39
Financial Highlights	41
Notes to Financial Statements	45
Disclosure of Fund Expenses	57
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	58

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.

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund

Sector Weightings ^†:

^†Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.9%
Bosnia and Herzegovina — 0.0%
RenaissanceRe Holdings Ltd.		248	$	49
Canada — 0.1%
Lululemon Athletica Inc *		1,014		235
Cayman Islands — 0.0%
Herbalife *		1,088		52
Ireland — 1.3%
Accenture PLC, Cl A		11,297		2,379
Ingersoll-Rand PLC		7,234		962
Jazz Pharmaceuticals PLC *		616		92
Mallinckrodt *		13,812		48
Medtronic PLC		19,976		2,266
NortonLifeLock		13,065		333
Perrigo Co PLC		211		11
				6,091
Puerto Rico — 0.0%
Popular Inc		1,507		89
Switzerland — 0.0%
Garmin Ltd		1,092		106
United Kingdom — 0.2%
Aon PLC		2,921		608
Healthpeak Properties		6,436		222
				830
United States — 96.3%
Communication Services — 8.5%
Activision Blizzard Inc		8,114		482
Alphabet Inc, CI A *		4,360		5,840
Alphabet Inc, CI C *		4,441		5,937
AMC Entertainment Holdings, Cl A		6,158		45
AT&T Inc		127,327		4,976
Bandwidth, CI A *		821		53
Cardlytics *		855		54
Care.com *		3,844		58

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cargurus, CI A *		1,369	$	48
Cars.com *		4,178		51
CenturyLink Inc		872		12
Charter Communications Inc, CI A *		1,832		889
Cinemark Holdings Inc		2,104		71
Clear Channel Outdoor Holdings, CI A *		19,686		56
Cogent Communications Holdings		807		53
Comcast Corp, Cl A		60,142		2,705
comScore *		10,205		50
DISH Network, CI A *		1,451		51
Electronic Arts Inc *		2,676		288
Emerald Expositions Events		4,781		50
Eventbrite, CI A *		2,537		51
EverQuote, CI A *		1,468		50
EW Scripps, CI A		3,299		52
Facebook lnc, CI A *		33,558		6,888
Fox Corp, CI A		1,372		51
Gogo *		9,226		59
IMAX *		2,244		46
Intelsat *		8,389		59
Interpublic Group of Cos Inc/The		8,487		196
Iridium Communications *		2,090		51
John Wiley & Sons Inc, CI A		236		11
Liberty Broadband, CI A *		419		52
Liberty Broadband, CI C *		414		52
Liberty Media Corp-Liberty Formula One, CI A *		1,192		52
Liberty Media Corp-Liberty Formula One, CI C *		259		12
Live Nation Entertainment Inc *		181		13
Match Group *		703		58
Meredith		1,401		45
MSG Networks *		2,988		52
New York Times, CI A		1,515		49
Nexstar Media Group, CI A		455		53
Omnicom Group Inc		10,137		821
Scholastic		1,266		49
Shenandoah Telecommunications		1,286		54
Sirius XM Holdings		7,153		51
Spotify Technology SA *		201		30
Sprint Corp *		2,200		11
Take-Two Interactive Software Inc *		830		102
TechTarget *		1,986		52
TEGNA		3,052		51
T-Mobile US Inc *		2,154		169
Twitter Inc *		7,369		236
Verizon Communications Inc		62,462		3,835
ViacomCBS, Cl B		4,113		173
Walt Disney Co/The		26,709		3,863
World Wrestling Entertainment, CI A		780		51
Yelp, CI A *		1,470		51
Zayo Group Holdings Inc *		333		12

New Covenant Funds / Semi-Annual Report / December 31, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zillow Group Inc, CI A *		1,170	$	54
Zillow Group Inc, CI C *		264		12
Zynga lnc, CIA *		14,448		88
				39,486
Consumer Discretionary — 9.9%
1-800-Flowers.com, CI A *		3,668		53
Aaron’s		832		48
Abercrombie & Fitch, Cl A		2,970		51
Adient *		2,126		45
Adtalem Global Education *		1,460		51
Advance Auto Parts Inc		317		51
Amazon.com Inc *		5,880		10,865
AMC Networks, CI A *		1,349		53
American Eagle Outfitters		3,416		50
American Public Education *		1,831		50
Aptiv PLC		3,490		331
Aramark		260		11
Asbury Automotive Group *		425		48
AutoNation *		970		47
AutoZone Inc *		235		280
Beazer Homes USA *		3,361		48
Bed Bath & Beyond		2,963		51
Best Buy Co lnc		3,307		290
Big Lots		1,758		50
BJ’s Restaurants		1,344		51
Bloomin’ Brands		2,259		50
Booking Holdings Inc *		563		1,156
Boot Barn Holdings *		1,181		53
BorgWarner Inc		2,278		99
Bright Horizons Family Solutions Inc *		76		11
Brinker International		1,180		50
Brunswick		839		50
Buckle		1,885		51
Burlington Stores Inc *		482		110
Cable One Inc		79		118
Caleres		2,200		52
Callaway Golf		2,383		51
Capri Holdings *		1,319		50
CarMax Inc *		1,086		95
Carnival Corp		11,633		591
Carter’s		471		52
Carvana Co, CI A *		121		11
Cavco Industries *		255		50
Cheesecake Factory		1,236		48
Chegg *		1,304		49
Chico’s FAS		12,286		47
Children’s Place		812		51
Chipotle Mexican Grill Inc, CI A *		184		154
Choice Hotels International Inc		113		12
Citi Trends		2,295		53
Columbia Sportswear Co		891		89
Conn’s *		4,000		50

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cooper Tire & Rubber		1,668	$	48
Cracker Barrel Old Country Store		323		50
Dana		2,660		48
Darden Restaurants Inc		705		77
Dave & Buster’s Entertainment		1,283		52
Deckers Outdoor *		306		52
Denny’s *		2,500		50
Designer Brands, CI A		3,316		52
Dick’s Sporting Goods		1,054		52
Dillard’s, CI A		726		53
Discovery Inc, CI C *		354		11
Dollar General Corp		2,783		434
Dollar Tree Inc *		1,466		138
Domino’s Pizza Inc		309		91
Dorman Products *		677		51
DR Horton Inc		1,973		104
Duluth Holdings, CI B *		4,946		52
Dunkin’ Brands Group Inc		2,803		212
eBay Inc		24,197		874
Ethan Allen Interiors		2,741		52
Etsy lnc *		1,162		51
Expedia Group Inc		103		11
Express *		10,267		50
Five Below *		410		52
Flexsteel Industries		2,468		49
Floor & Decor Holdings Inc, CI A *		232		12
Foot Locker		1,308		51
Ford Motor Co		36,252		337
Fossil Group *		6,641		52
Fox Factory Holding *		749		52
frontdoor Inc *		251		12
Gap lnc/The		11,382		201
General Motors Co		11,713		429
Gentex Corp		3,795		110
Gentherm *		1,113		49
Genuine Parts Co		109		12
Goodyear Tire & Rubber Co/The		690		11
Graham Holdings, Cl B		78		50
Grand Canyon Education Inc *		121		12
Group 1 Automotive		479		48
GrubHub Inc *		1,289		63
Guess?		2,341		52
H&R Block Inc		3,157		74
Hanesbrands lnc		13,319		198
Harley-Davidson Inc		306		11
Hasbro Inc		2,632		278
Haverty Furniture		2,408		49
Helen of Troy *		304		55
Hibbett Sports *		1,869		52
Hilton Grand Vacations Inc *		3,016		104
Hilton Worldwide Holdings Inc		4,365		484
Home Depot Inc/The		16,979		3,708

2 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hooker Furniture		1,972	$	51
Hyatt Hotels Corp, Cl A		135		12
Installed Building Products *		694		48
iRobot *		1,013		51
Jack in the Box		658		51
Johnson Outdoors, CI A		659		51
K12 *		2,452		50
KB Home		1,467		50
Kohl’s Corp		1,859		95
Kontoor Brands		1,282		54
L Brands Inc		638		12
Laureate Education, CI A *		2,881		51
La-Z-Boy, Cl Z		1,597		50
LCI Industries		483		52
Lear Corp		893		123
Leggett & Platt Inc		222		11
Lennar Corp, Cl B		1,103		49
Lennar Corp, Cl A		199		11
LGI Homes *		695		49
Liberty Media -Liberty SiriusXM *		1,054		51
Liberty Media -Liberty SiriusXM Group. CI C *		1,062		51
LKQ Corp *		317		11
Lowe’s Cos Inc		15,716		1,882
Lumber Liquidators Holdings *		5,050		49
M *		1,195		47
Macy’s lnc		4,042		69
Madison Square Garden Co/The *		39		11
Malibu Boats, CI A *		1,232		50
Marriott International Inc/MD, Cl A		3,599		545
Marriott Vacations Worldwide		394		51
MasterCraft Boat Holdings *		3,123		49
Mattel Inc *		14,805		201
McDonald’s Corp		11,361		2,245
MDC Holdings		1,302		50
Meritage Homes *		794		49
Michaels *		7,530		61
Mohawk Industries Inc *		127		17
Monro		626		49
Movado Group		2,352		51
Murphy USA *		422		49
Nathan’s Famous		717		51
National Vision Holdings *		1,563		51
Netflix Inc *		5,391		1,744
Newell Brands Inc		605		12
News Corp, Cl A		829		12
NIKE Inc, CI B		17,693		1,792
Nordstrom Inc		3,866		158
Norwegian Cruise Line Holdings Ltd *		206		12
NVR *		13		50
Office Depot		19,011		52
Ollie’s Bargain Outlet Holdings *		746		49
OneSpaWorld Holdings		3,063		52

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
O’Reilly Automotive Inc *		677	$	297
Oxford Industries		665		50
Papa John’s International		806		51
Penske Automotive Group		957		48
PetMed Express		2,172		51
Planet Fitness, CI A *		685		51
Polaris Industries Inc		966		98
Pool Corp		54		11
PulteGroup Inc		5,125		199
PVH Corp		108		11
Quotient Technology *		4,484		44
Qurate Retail Inc *		1,412		12
Ralph Lauren Corp, Cl A		690		81
RealReal *		2,868		54
Red Robin Gourmet Burgers *		1,675		55
Rent-A-Center, Cl A		1,764		51
RH *		224		48
Roku Inc, CI A *		84		11
Ross Stores Inc		3,209		374
Royal Caribbean Cruises Ltd		8,804		1,175
Rubicon Project *		7,204		59
Ruth’s Hospitality Group		2,238		49
Sally Beauty Holdings *		2,794		51
SeaWorld Entertainment *		1,594		51
Service Corp International/US		250		12
ServiceMaster Global Holdings *		1,327		51
Shake Shack, CI A *		847		50
Shutterstock *		1,176		50
Signet Jewelers		2,402		52
Six Flags Entertainment Corp		248		11
Sleep Number *		1,033		51
Stamps.com *		630		53
Standard Motor Products		943		50
Starbucks Corp		16,902		1,486
Steven Madden		1,178		51
Stitch Fix, CI A *		1,950		50
Strategic Education		331		53
Tapestry Inc		2,803		76
Target Corp		6,577		843
Taylor Morrison Home, CI A *		2,239		49
Tempur-Pedic International *		568		49
Tenneco, CI A *		3,599		47
Tesla Inc *		1,659		694
Texas Roadhouse, Cl A		889		50
Thor Industries		721		54
Tiffany & Co		85		11
TJX Cos Inc/The		13,863		846
Toll Brothers Inc		2,246		89
TopBuild *		476		49
Tractor Supply Co		2,377		222
TRI Pointe Group *		3,236		50
TripAdvisor *		1,712		52

New Covenant Funds / Semi-Annual Report / December 31, 2019 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tupperware Brands Corp *		6,142	$	53
Ulta Beauty lnc *		279		71
Under Armour Inc, CI C *		556		11
Unifi *		1,944		49
Urban Outfitters lnc *		417		12
Vail Resorts Inc		46		11
VF Corp		4,023		401
Visteon Corp *		551		48
Wayfair lnc, CI A *		590		53
Wendy’s Co/The		11,419		254
Whirlpool Corp		638		94
Williams-Sonoma Inc		160		12
Wingstop		582		50
Winnebago Industries		1,043		55
Wolverine World Wide		1,511		51
WW International *		1,262		48
Wyndham Destinations Inc		4,669		241
Wyndham Hotels & Resorts Inc		189		12
Yum China Holdings Inc		1,913		92
Yum! Brands Inc		3,237		326
Zumiez *		1,593		55
				45,885
Consumer Staples — 6.3%
Andersons		1,960		50
Archer-Daniels-Midland Co		4,581		212
B&G Foods		2,907		52
Beyond Meat lnc *		535		40
BJ’s Wholesale Club Holdings *		2,099		48
Bunge Ltd		1,596		92
Calavo Growers		571		52
Campbell Soup Co		10,354		512
Casey’s General Stores		319		51
Chefs’ Warehouse *		1,366		52
Church & Dwight Co lnc		953		67
Clorox Co/The		3,366		517
Coca-Cola Co/The		65,159		3,607
Colgate-Palmolive Co		14,526		1,000
Conagra Brands Inc		14,479		496
Costco Wholesale Corp		6,288		1,848
Coty Inc, CI A		1,026		12
Darling Ingredients *		1,847		52
Edgewell Personal Care *		1,589		49
Energizer Holdings Inc		231		12
Estee Lauder Cos Inc/The, Cl A		2,390		494
Farmer Brothers *		3,118		47
Flowers Foods Inc		9,872		215
Fresh Del Monte Produce		1,442		50
General Mills Inc		13,887		744
Grocery Outlet Holding *		1,603		52
Hain Celestial Group Inc/The *		461		12
Hershey Co/The		2,295		337
HF Foods Group *		2,213		43

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hormel Foods Corp		4,797	$	216
Hostess Brands, CI A *		3,470		50
Ingredion Inc		1,110		103
J&J Snack Foods		274		50
JM Smucker Co/The		7,294		759
John B Sanfilippo & Son		544		50
Kellogg Co		6,713		464
Keurig Dr Pepper Inc		18,064		523
Kimberly-Clark Corp		6,484		892
Kraft Heinz Co/The		4,224		136
Kroger Co/The		26,817		777
Lamb Weston Holdings		594		51
Lancaster Colony		319		51
McCormick & Co Inc/MD		2,916		495
Medifast		533		58
Mondelez International Inc, Cl A		18,714		1,031
Monster Beverage Corp *		1,960		125
National Beverage *		975		50
New Age Beverages *		27,322		50
PepsiCo Inc		28,202		3,854
Performance Food Group *		1,023		53
Pilgrim’s Pride Corp *		355		12
Post Holdings Inc *		108		12
Pricesmart		690		49
Procter & Gamble Co/The		36,001		4,497
Sanderson Farms		297		52
SpartanNash		3,599		51
Spectrum Brands Holdings Inc		183		12
Sprouts Farmers Market Inc *		6,575		127
Sysco Corp		8,925		763
Tootsie Roll Industries		1,461		50
TreeHouse Foods Inc *		237		11
Tyson Foods Inc, CI A		1,963		179
US Foods Holding Corp *		2,211		93
Walgreens Boots Alliance Inc		8,946		527
Walmart lnc		18,508		2,199
WD-40		259		50
				29,337
Energy — 3.7%
Altus Midstream, CI A *		18,316		52
Antero Midstream		7,912		60
Apache Corp		4,822		123
Apergy Corp *		383		13
Baker Hughes a GE Co, CI A		4,496		115
Cabot Oil & Gas Corp		3,306		58
Cactus, CI A		1,525		52
Cheniere Energy Inc *		1,265		77
Chesapeake Energy Corp *		32,883		27
Chevron Corp		25,760		3,104
Cimarex Energy		995		52
CNX Resources *		6,091		54
Concho Resources Inc		142		13

4 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ConocoPhillips		28,755	$	1,870
CONSOL Energy *		3,418		50
Continental Resources lnc/OK		337		12
Devon Energy Corp		8,276		215
Diamond S Shipping *		3,276		55
Diamondback Energy Inc		133		12
Dril-Quip *		1,072		50
EOG Resources Inc		6,126		513
EQT Corp		2,732		30
Equitrans Midstream Corp		2,185		29
Exxon Mobil Corp		58,201		4,061
Frank’s International *		9,174		48
Golar LNG *		3,888		55
Halliburton Co		4,450		109
Helmerich & Payne Inc		1,494		68
Hess Corp		4,195		280
HollyFrontier Corp		3,119		158
International Seaways *		1,773		53
Kinder Morgan Inc/DE		21,442		454
Kosmos Energy Ltd		2,007		12
Magnolia Oil & Gas *		3,984		50
Marathon Oil Corp		5,472		74
Marathon Petroleum Corp		7,000		422
Murphy Oil Corp		449		12
Nabors Industries		18,382		53
National Oilwell Varco Inc		482		12
NextDecade *		8,250		51
Noble Energy Inc		6,179		154
Occidental Petroleum Corp		7,026		290
Oceaneering International Inc *		3,376		50
Oil States International *		3,021		49
ONEOK Inc		3,505		265
Parsley Energy, Cl A		2,802		53
Patterson-UTI Energy		4,952		52
PBF Energy Inc, CI A		363		11
Phillips 66		5,367		598
Pioneer Natural Resources Co		1,910		289
Range Resources Corp		2,413		12
RPC *		10,482		55
Schlumberger Ltd		41,175		1,655
Southwestern Energy *		21,739		53
Targa Resources Corp		301		12
Teekay *		9,842		52
Tellurian *		7,235		53
Transocean *		8,264		57
Valero Energy Corp		4,715		442
Williams Cos Inc/The		11,002		261
WPX Energy *		3,940		54
				17,125
Financials — 13.2%
Affiliated Managers Group Inc		910		77
Aflac lnc		6,398		338

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AGNC Investment		2,838	$	50
Alleghany Corp *		15		12
Allegiance Bancshares *		1,318		50
Allstate Corp/The		3,458		389
Ally Financial		1,575		48
American Express Co		9,360		1,165
American Financial Group		449		49
American Homes 4 Rent, CI A ‡		1,974		52
American International Group Inc		8,217		422
American National Insurance		421		50
Ameriprise Financial Inc		1,250		208
Ameris Bancorp		1,129		48
AMERISAFE		743		49
Annaly Capital Management Inc ‡		8,922		84
Anworth Mortgage Asset		13,514		48
Apollo Commercial Real Estate Finance		2,686		49
Arch Capital Group Ltd *		2,404		103
Argo Group International Holdings		750		49
ARMOUR Residential REIT		2,854		51
Arthur J Gallagher & Co		275		26
Artisan Partners Asset Management, Cl A		1,589		51
Assetmark Financial Holdings *		1,796		52
Assurant Inc		87		11
Assured Guaranty		994		49
Athene Holding, CI A *		1,071		50
Atlantic Capital Bancshares *		2,642		49
Atlantic Union Bankshares		1,302		49
AXA Equitable Holdings Inc		21,911		543
Axis Capital Holdings		825		49
Axos Financial *		1,657		50
Banc of California		2,959		51
BancorpSouth Bank		1,525		48
Bank of America Corp		115,778		4,078
Bank of Hawaii Corp		1,051		100
Bank of Marin Bancorp		1,079		49
Bank of New York Mellon Corp/The		12,656		637
Bank of NT Butterfield & Son		1,324		49
Bank OZK		366		11
BankUnited Inc		2,418		88
Banner		851		48
Berkshire Hathaway Inc, CI B *		27,405		6,207
Berkshire Hills Bancorp		1,501		49
BGC Partners, CI A		8,389		50
BlackRock lnc, CI A		1,478		743
Blackstone Mortgage Trust, Cl A		1,347		50
B0K Financial		568		50
Boston Private Financial Holdings		4,112		50
Bridge Bancorp		1,467		49
Brighthouse Financial Inc *		268		11
Brown & Brown Inc		290		11
Bryn Mawr Bank		1,221		50
Camden National		1,097		51

New Covenant Funds / Semi-Annual Report / December 31, 2019 5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Capital One Financial Corp		4,592	$	473
Capitol Federal Financial		3,529		48
Capstead Mortgage		6,235		49
Carolina Financial		1,156		50
Cathay General Bancorp		1,291		49
Cboe Global Markets Inc		99		12
CenterState Bank		1,942		49
Central Pacific Financial		1,651		49
Charles Schwab Corp/The		13,043		620
Cherry Hill Mortgage Investment		3,400		50
Chimera Investment		2,402		49
Chubb Ltd		6,169		960
Cincinnati Financial Corp		891		94
CIT Group		1,060		48
Citigroup Inc		29,852		2,385
Citizens Financial Group Inc		2,381		97
City Holding		607		50
CME Group Inc, CI A		4,726		949
CNA Financial Corp		253		11
Cohen & Steers		764		48
Colony Credit Real Estate		3,608		48
Columbia Banking System		1,223		50
Comerica Inc		1,232		88
Commerce Bancshares Inc/MO		1,489		101
Community Bank System		710		50
ConnectOne Bancorp		1,891		49
Credit Acceptance Corp *		177		78
Cullen/Frost Bankers Inc		850		83
CVB Financial		2,268		49
Discover Financial Services		3,009		255
Dynex Capital		2,918		49
E*TRADE Financial Corp		1,729		78
Eagle Bancorp		1,035		50
East West Bancorp Inc		1,710		83
eHealth *		512		49
Ellington Financial		2,748		50
Enterprise Financial Services		1,063		51
Erie Indemnity Co, CI A		433		72
Evercore, Cl A		659		49
Everest Re Group		179		50
FactSet Research Systems Inc		306		82
FB Financial		1,250		50
Federal Agricultural Mortgage, Cl C		597		50
Federated Investors, Cl B		1,492		49
Fidelity National Financial		1,063		48
Fifth Third Bancorp		4,599		141
First American Financial		814		48
First BanCorp		4,571		48
First Busey		1,790		49
First Citizens BancShares, CI A		94		50
First Commonwealth Financial		3,365		49
First Financial Bancorp		1,921		49

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
First Financial Bankshares		1,378	$	48
First Hawaiian Inc		3,126		90
First Horizon National		3,007		50
First Merchants		1,182		49
First Midwest Bancorp		2,129		49
First Republic Bank/CA		831		98
FirstCash		612		49
FNB		3,907		50
Franklin Financial Network		1,421		49
Franklin Resources Inc		6,856		178
Fulton Financial		2,789		49
Genworth Financial, CI A *		10,439		46
German American Bancorp		1,414		50
Globe Life		108		11
Goldman Sachs Group Inc/The		3,708		853
Goosehead Insurance, CI A *		1,190		50
Granite Point Mortgage Trust		2,716		50
Great Western Bancorp		1,390		48
Hancock Whitney		1,142		50
Hanmi Financial		2,417		48
Hanover Insurance Group Inc/The		694		95
HarborOne Bancorp *		4,621		51
Hartford Financial Services Group Inc/The		4,042		246
Heartland Financial USA		1,003		50
Heritage Financial		1,744		49
Home BancShares		2,523		50
HomeStreet *		1,465		50
Hope Bancorp		3,233		48
Horace Mann Educators		1,125		49
Houlihan Lokey, CI A		1,032		50
Huntington Bancshares Inc/OH		6,282		95
IBERIABANK		662		50
Independent Bank		580		48
Independent Bank Group		846		47
Intercontinental Exchange Inc		6,879		637
International Bancshares		1,137		49
Invesco Ltd		18,276		329
Invesco Mortgage Capital		2,946		49
Investors Bancorp		4,061		48
James River Group Holdings		1,180		49
Janus Henderson Group		2,016		49
Jefferies Financial Group		2,313		49
JPMorgan Chase & Co		52,769		7,356
KeyCorp		12,904		261
Kinsale Capital Group		488		50
KKR Real Estate Finance Trust		2,440		50
Lakeland Bancorp		2,890		50
Lazard Ltd, Cl A (A)		2,316		93
Legg Mason		1,356		49
Lending Club *		3,859		49
Lending Tree *		175		53
Lincoln National Corp		3,621		214

6 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Loews Corp		222	$	12
LPL Financial Holdings Inc		1,036		96
M&T Bank Corp		929		158
Markel Corp *		10		11
MarketAxess Holdings Inc		305		116
Marsh & McLennan Cos Inc		17,124		1,908
Mercantile Bank		1,349		49
Mercury General Corp		233		11
Meta Financial Group		1,407		51
MetLife Inc		7,024		358
MFA Financial		6,337		49
MGIC Investment		3,455		49
MidWestOne Financial Group		1,357		49
Moelis, CI A		1,564		50
Moody’s Corp		1,782		423
Morgan Stanley		35,755		1,828
Morningstar Inc		1,607		243
Mr Cooper Group *		3,903		49
MSCI Inc, CI A		1,669		431
Nasdaq Inc		2,378		255
Navient		3,513		48
NBT Bancorp		1,213		49
Nelnet, CI A		793		46
New Residential Investment		3,080		50
New York Community Bancorp Inc		951		11
New York Mortgage Trust		7,776		48
NMI Holdings, CI A *		1,470		49
Northern Trust Corp		8,350		887
Northfield Bancorp		2,868		49
OFG Bancorp		2,119		50
Old National Bancorp		2,680		49
Old Republic International		2,203		49
On Deck Capital *		12,500		52
OneMain Holdings Inc, CI A		258		11
Opus Bank		1,893		49
Pacific Premier Bancorp		1,485		48
PacWest Bancorp		1,283		49
Palomar Holdings, CI A *		929		47
PennyMac Mortgage Investment Trust		2,213		49
People’s United Financial Inc		5,001		85
Pinnacle Financial Partners Inc		1,489		95
PNC Financial Services Group Inc/The		5,690		908
PRA Group *		1,320		48
Preferred Bank		845		51
Primerica		365		48
Principal Financial Group Inc		662		36
ProAssurance		1,351		49
Progressive Corp/The		6,981		505
ProSight Global *		2,999		48
Prosperity Bancshares Inc		1,192		86
Provident Financial Services		1,988		49
Prudential Financial Inc		16,015		1,501

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
PS Business Parks ‡		306	$	50
Radian Group		1,924		48
Raymond James Financial Inc		980		88
Redwood Trust		2,992		50
Regions Financial Corp		5,703		98
Reinsurance Group of America Inc, CI A		578		94
Renasant		1,366		48
RLI		545		49
S&P Global Inc		7,599		2,075
S&T Bancorp		1,247		50
Safeguard Scientifics *		4,091		45
Sandy Spring Bancorp		1,350		51
Santander Consumer USA Holdings Inc		476		11
Seacoast Banking Corp of Florida *		1,616		49
Selective Insurance Group		739		48
ServisFirst Bancshares		1,306		49
Signature Bank/New York NY		676		92
Simmons First National, CI A		1,836		49
SLM Corp		8,316		74
South State		573		50
Starwood Property Trust ‡		2,000		50
State Street Corp		9,970		789
Sterling Bancorp		2,321		49
Stifel Financial		807		49
SVB Financial Group *		346		87
Synchrony Financial		4,720		170
Synovus Financial		1,267		50
T Rowe Price Group Inc		2,711		330
TCF Financial		1,085		51
TD Ameritrade Holding Corp		221		11
Texas Capital Bancshares *		822		47
TFS Financial Corp		573		11
Tiptree		6,082		50
Tompkins Financial		549		50
TPG RE Finance Trust		2,439		49
Travelers Cos Inc/The		2,743		376
TriCo Bancshares		1,219		50
TriState Capital Holdings *		1,917		50
Triumph Bancorp *		1,296		49
Truist Financial		16,871		950
Trustmark		1,410		49
Two Harbors Investment Corp		6,390		93
UMB Financial		715		49
Umpqua Holdings		2,753		49
Universal Insurance Holdings		1,696		48
Univest Financial		1,820		49
Unum Group		1,638		48
US Bancorp		20,106		1,192
Valley National Bancorp		4,269		49
Veritex Holdings		1,729		50
Virtu Financial, CI A		3,026		48
Voya Financial Inc		4,001		244

New Covenant Funds / Semi-Annual Report / December 31, 2019 7

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($Thousands)
COMMON STOCK (continued)
Waddell & Reed Financial, CI A		2,974	$	50
Walker & Dunlop		749		48
Washington Federal		1,337		49
Washington Trust Bancorp		924		50
Watford Holdings *		1,869		47
Webster Financial		934		50
Wells Fargo & Co		53,452		2,876
Westamerica Bancorporation		731		50
Western Alliance Bancorp		1,801		103
White Mountains Insurance Group		44		49
Willis Towers Watson PLC		907		183
Wintrust Financial		708		50
WR Berkley Corp		165		11
Zions Bancorp NA		1,771		92
				61,169
Health Care — 13.7%
Abbott Laboratories		35,040		3,044
AbbVie Inc		21,492		1,903
ABIOMED Inc *		332		57
Acadia Healthcare *		1,517		50
Acceleron Pharma *		953		51
Adaptive Biotechnologies *		1,704		51
Addus HomeCare *		545		53
Adverum Biotechnologies *		4,537		52
Aerie Pharmaceuticals *		2,282		55
Agilent Technologies Inc		7,874		672
Agios Pharmaceuticals *		1,062		51
Aimmune Therapeutics *		1,579		53
Aldeyra Therapeutics *		9,277		54
Alexion Pharmaceuticals Inc *		1,593		172
Align Technology Inc *		602		168
Alkermes *		2,433		50
Allakos *		378		36
Allergan PLC		4,194		802
Allogene Therapeutics *		1,838		48
Alnylam Pharmaceuticals Inc *		1,202		138
Amedisys *		309		52
AmerisourceBergen Corp, Cl A		138		12
Amgen Inc		11,116		2,680
Amicus Therapeutics *		5,193		51
AMN Healthcare Services *		832		52
Anika Therapeutics *		920		48
Anthem Inc		2,950		891
Apollo Medical Holdings *		2,730		50
Arena Pharmaceuticals *		1,077		49
ArQule*		2,487		50
Arrowhead Pharmaceuticals *		788		50
Atara Biotherapeutics *		3,254		54
Atrion		71		53
Audentes Therapeutics *		842		50
Avanos Medical *		1,561		53
Avantor *		2,699		49

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Axonics Modulation Technologies *		1,976	$	55
Axsome Therapeutics *		618		64
Baxter International Inc		12,373		1,035
Becton Dickinson and Co		4,437		1,207
BioDelivery Sciences International *		7,746		49
Biogen Inc *		3,113		924
Biohaven Pharmaceutical Holding *		941		51
BioMarin Pharmaceutical Inc *		1,042		88
Bio-Rad Laboratories Inc, CIA *		32		12
BioSpecifics Technologies *		871		50
Bio-Techne Corp		53		12
BioTelemetry *		1,100		51
Bluebird Bio Inc *		645		57
Boston Scientific Corp *		15,046		680
Bridgebio Pharma *		1,432		50
Bristol-Myers Squibb Co		38,732		2,486
Brookdale Senior Living *		7,397		54
BrukerCorp		233		12
Cantel Medical Corp		163		12
Cara Therapeutics *		2,942		47
Cardinal Health Inc		2,213		112
CASI Pharmaceuticals *		15,874		49
Catalent *		949		53
Catalyst Pharmaceuticals *		11,416		43
Centene Corp *		2,830		178
Cerner Corp		1,769		130
Change Healthcare *		3,522		58
Charles River Laboratories International Inc *		77		12
Chemed		114		50
ChemoCentryx *		1,468		58
Cigna Corp		4,819		985
C0NMED		450		50
Constellation Pharmaceuticals *		1,060		50
Cooper Cos Inc/The		36		12
Corcept Therapeutics *		3,878		47
CorVel *		606		53
Covetrus Inc *		1,045		14
Crinetics Pharmaceuticals *		2,310		58
CVS Health Corp		28,143		2,091
Cytokinetics *		5,011		53
Danaher Corp		7,712		1,184
DaVita Inc *		160		12
Deciphera Pharmaceuticals *		716		45
Denali Therapeutics *		2,631		46
DENTSPLY SIRONA Inc		3,113		176
DexCom Inc *		430		94
Dicerna Pharmaceuticals *		1,898		42
Diplomat Pharmacy *		12,723		51
Eagle Pharmaceuticals *		828		50
Editas Medicine *		1,596		47
Edwards Lifesciences Corp *		2,828		660
Eidos Therapeutics *		786		45

8 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Elanco Animal Health Inc *		398	$	12
Eli Lilly & Co		11,942		1,570
Emergent BioSolutions *		950		51
Enanta Pharmaceuticals *		785		48
Encompass Health Corp		164		11
Envista Holdings *		1,731		51
Epizyme *		2,749		68
Esperion Therapeutics *		962		57
Exact Sciences Corp *		930		86
Exelixis Inc *		4,344		77
Fate Therapeutics *		2,450		48
FibroGen *		1,053		45
Flexion Therapeutics *		2,711		56
Forty Seven *		1,401		55
G1 Therapeutics *		1,715		45
Gilead Sciences Inc		18,126		1,178
Glaukos *		886		48
Global Blood Therapeutics *		643		51
Globus Medical, CI A *		851		50
Gossamer Bio *		3,279		51
Halozyme Therapeutics *		2,641		47
Hanger *		1,891		52
HCA Healthcare Inc		2,314		342
Health Catalyst *		1,594		55
HealthEquity *		673		50
Henry Schein Inc *		2,612		174
Heron Therapeutics *		1,977		46
Heska *		532		51
Hill-Rom Holdings Inc		825		94
HMS Holdings *		1,707		50
Hologic lnc *		216		11
Horizon Therapeutics *		1,437		52
Humana Inc *		1,529		560
ICU Medical Inc *		62		12
IDEXX Laboratories Inc *		535		140
lllumina Inc *		3,200		1,062
Immunomedics *		2,499		53
Incyte Corp *		1,063		93
Innoviva *		3,557		50
Inogen *		706		48
Inovalon Holdings, CIA *		2,733		51
Insmed *		2,129		51
Inspire Medical Systems *		715		53
Insulet Corp *		65		11
Integer Holdings *		625		50
Integra LifeSciences Holdings Corp *		188		11
Intercept Pharmaceuticals *		417		52
Intra-Cellular Therapies *		3,894		134
Intuitive Surgical Inc *		1,277		755
lonis Pharmaceuticals *		782		47
lovance Biotherapeutics *		1,782		49
IQVIA Holdings Inc *		1,378		213

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ironwood Pharmaceuticals, CI A *		3,844	$	51
Johnson & Johnson		40,148		5,856
Karuna Therapeutics *		717		54
Karyopharm Therapeutics *		2,929		56
Kiniksa Pharmaceuticals, CI A *		4,016		44
Kodiak Sciences *		702		50
Krystal Biotech *		823		46
Kura Oncology *		3,438		47
La Jolla Pharmaceutical *		12,626		50
Laboratory Corp of America Holdings *		515		87
Lantheus Holdings *		2,408		49
LHC Group *		383		53
Ligand Pharmaceuticals *		462		48
LivaNova *		657		50
Livongo Health *		1,898		48
Luminex		2,284		53
Madrigal Pharmaceuticals *		531		48
McKesson Corp		1,288		178
MEDNAX Inc *		417		12
Merck & Co lnc		45,906		4,175
Meridian Bioscience *		5,130		50
Mettler-Toledo International Inc *		562		446
Minerva Neurosciences *		7,183		51
Mirati Therapeutics *		429		55
Moderna Inc *		2,959		58
Mylan NV*		607		12
MyoKardia *		751		55
Myriad Genetics *		1,860		51
Natera *		1,361		46
National Research		779		51
Natus Medical *		1,614		53
Nektar Therapeutics, CI A *		2,328		50
Neogen *		721		47
Neurocrine Biosciences Inc *		1,089		117
Nevro *		450		53
NextCure *		952		54
NextGen Healthcare *		3,392		54
NuVasive *		653		50
Option Care Health *		15,290		57
OraSure Technologies *		6,042		48
PDL BioPharma *		15,625		51
Pennant Group *		1,609		53
Penumbra Inc *		72		12
PerkinElmer Inc		120		12
Pfizer Inc		86,529		3,390
Phreesia *		1,922		51
Portola Pharmaceuticals Inc *		1,960		47
PRA Health Sciences Inc *		108		12
Premier Inc, CI A *		2,266		86
Principia Biopharma *		925		51
Prothena *		713		11
PTC Therapeutics *		1,021		49

New Covenant Funds / Semi-Annual Report / December 31, 2019 9

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Puma Biotechnology *		5,574	$	49
QIAGEN NV *		2,338		79
Quest Diagnostics Inc		865		92
Radius Health *		2,352		47
Reata Pharmaceuticals, CIA *		235		48
Regeneron Pharmaceuticals Inc *		1,105		415
Repligen *		553		51
ResMed Inc		2,930		454
Retrophin *		3,434		49
Revance Therapeutics *		3,056		50
Rhythm Pharmaceuticals *		2,112		48
Rubius Therapeutics *		3,679		35
Sage Therapeutics Inc *		516		37
Sarepta Therapeutics Inc *		87		11
Seattle Genetics *		441		50
Shockwave Medical *		1,114		49
Simulations Plus		1,477		43
Sorrento Therapeutics *		12,406		42
Spero Therapeutics *		4,416		42
STAAR Surgical *		1,343		47
STERIS PLC		1,661		253
Stryker Corp		3,855		809
Supernus Pharmaceuticals *		2,174		52
Surmodics *		1,169		48
Synlogic *		22,321		58
Synthorx *		735		51
Syros Pharmaceuticals *		1,610		11
Tactile Systems Technology *		728		49
Tandem Diabetes Care *		798		48
Teladoc Health *		630		53
Teleflex Inc		742		279
TG Therapeutics *		4,916		55
Theravance Biopharma *		2,200		57
Thermo Fisher Scientific Inc		5,075		1,649
Turning Point Therapeutics *		828		52
Ultragenyx Pharmaceutical *		1,143		49
United Therapeutics *		559		49
UnitedHealth Group Inc		17,361		5,104
Universal Health Services Inc, Cl B		80		11
UroGen Pharma *		1,543		51
US Physical Therapy		428		49
Varex Imaging *		1,631		49
Varian Medical Systems Inc *		1,773		252
Veeva Systems Inc, CI A *		904		127
Vertex Pharmaceuticals Inc *		3,062		670
Viking Therapeutics *		6,150		49
Waters Corp *		395		92
WellCare Health Plans Inc *		36		12
West Pharmaceutical Services Inc		1,875		282
Wright Medical Group *		1,682		51
Zimmer Biomet Holdings Inc		3,501		524
Zoetis lnc, CI A		6,022		797

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zogenix *		947	$	49
				63,452
Industrials — 8.7%
3M Co		10,841		1,913
AAON		997		49
AAR		1,101		50
ABM Industries		1,349		51
ACCO Brands		5,214		49
Acuity Brands Inc		84		12
ADT		6,039		48
Advanced Disposal Services *		1,523		50
AECOM *		6,633		286
AeroVironment *		790		49
AGCO Corp		149		12
Air Lease, Cl A		1,053		50
Aircastle		1,564		50
Alamo Group		424		53
Alaska Air Group Inc		3,175		215
Albany International, CI A		636		48
Allegiant Travel, CI A		281		49
Allegion PLC		855		106
Allison Transmission Holdings Inc		1,870		90
Altra Industrial Motion		1,437		52
AMERCO *		136		51
American Airlines Group Inc		405		12
American Woodmark *		461		48
AMETEK Inc		990		99
AO Smith Corp		1,708		81
Apogee Enterprises		1,229		40
Applied Industrial Technologies		745		50
ArcBest		1,766		49
Arconic Inc		7,379		227
Arcosa Inc		1,128		50
Argan		1,315		53
Armstrong Flooring *		11,849		51
Armstrong World Industries Inc		979		92
ASGN *		723		51
Astec Industries		1,175		49
Astronics *		1,739		49
Atkore International Group *		1,234		50
Axon Enterprise *		701		51
AZZ		1,071		49
Barnes Group		807		50
Barrett Business Services		547		49
Bloom Energy, CI A *		7,553		56
Brady, Cl A		873		50
Brink’s		540		49
BWX Technologies Inc		184		11
Caesarstone *		3,257		49
Carlisle		311		50
Casella Waste Systems, CI A *		1,080		50
CBIZ *		1,805		49

10 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CH Robinson Worldwide Inc		148	$	12
Chart Industries *		807		54
Cimpress *		398		50
Cintas Corp		1,907		513
CIRCOR International *		1,110		51
Clean Harbors Inc *		137		12
Colfax *		1,455		53
Comfort Systems USA		988		49
Construction Partners, CI A *		2,838		48
Continental Building Products *		1,374		50
Copa Holdings, CI A		469		51
Copart Inc *		1,284		117
CoStar Group Inc *		266		159
Covanta Holding		3,388		50
Crane Co		135		12
CSW Industrials		645		50
CSX Corp		9,694		701
Cummins Inc		3,179		569
Curtiss-Wright Corp		1,789		252
Deere & Co		4,735		820
Delta Air Lines Inc		20,837		1,219
Deluxe		981		49
Donaldson Co Inc		202		12
Douglas Dynamics		918		50
Dover Corp		2,207		254
Dycom Industries *		1,064		50
Eaton Corp PLC		13,217		1,252
EMCOR Group		565		49
Emerson Electric Co		6,592		503
EnerSys		664		50
EnPro Industries		738		49
Equifax Inc		85		12
ESCO Technologies		568		53
Expeditors International of Washington Inc		1,163		91
Exponent		727		50
Fastenal Co		6,120		226
Federal Signal		1,560		50
FedEx Corp		3,239		490
Flowserve Corp		239		12
Fluor Corp		4,373		83
Forrester Research *		1,169		49
Fortune Brands Home & Security Inc		174		11
Forward Air		727		51
Franklin Electric		897		51
FTI Consulting *		443		49
Gardner Denver Holdings Inc *		318		12
Gates Industrial Corp PLC *		886		12
GATX		603		50
Generac Holdings *		496		50
General Electric Co		121,638		1,357
Gibraltar Industries *		959		48
Graco Inc		223		12

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
GrafTech International Ltd		954	$	11
Granite Construction		1,780		49
Great Lakes Dredge & Dock *		4,289		49
Greenbrier		1,583		51
Hawaiian Holdings		1,619		47
HD Supply Holdings Inc *		1,986		80
Healthcare Services Group		2,050		50
Heartland Express		2,380		50
HEICO Corp		4,884		557
HEICO Corp, CI A		4,197		376
Helios Technologies		1,091		50
Herc Holdings *		1,012		50
Herman Miller		1,053		44
Hexcel Corp		4,105		301
Hillenbrand		1,501		50
HNI		1,268		48
Honeywell International Inc		10,659		1,887
Hub Group, CI A *		976		50
Hubbell lnc, CI B		682		101
IAA *		253		12
ICF International		545		50
IDEX Corp		68		12
IHS Markit Ltd *		3,910		295
Illinois Tool Works Inc		10,776		1,936
Insperity		592		51
Interface, CI A		2,949		49
ITT Inc		1,404		104
Jacobs Engineering Group Inc		1,091		98
JB Hunt Transport Services		437		51
JetBlue Airways Corp *		4,688		88
John Bean Technologies		439		49
Johnson Controls International plc		22,116		900
Kadant		475		50
Kaman		743		49
Kansas City Southern		1,741		267
KAR Auction Services		2,303		50
Kelly Services, Cl A		2,214		50
Kennametal		1,343		50
Kforce		1,239		49
Kimball International, Cl B		2,422		50
Kirby Corp *		1,032		92
Knight-Swift Transportation Holdings, Cl A		1,357		49
Knoll		1,853		47
Korn Ferry		1,193		51
Landstar System Inc		432		49
Lennox International Inc		44		11
Lincoln Electric Holdings Inc		1,027		99
Lindsay		523		50
Lyft lnc, CI A *		240		10
Macquarie Infrastructure Corp		266		11
ManpowerGroup Inc		3,586		348
Marten Transport		2,313		50

New Covenant Funds / Semi-Annual Report / December 31, 2019 11

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Masco Corp		6,315	$	303
MasTec *		795		51
Matson		1,273		52
Maxar Technologies		3,949		62
McGrath RentCorp		666		51
Mercury Systems *		708		49
Meritor *		2,088		55
Middleby Corp/The *		103		11
Mobile Mini		1,315		50
Moog, CI A		580		49
MRC Global *		3,597		49
MSA Safety		392		50
MSC Industrial Direct Co lnc, CI A		1,115		87
Nielsen Holdings PLC		7,584		154
Nordson Corp		600		98
Norfolk Southern Corp		3,218		625
NOW *		4,359		49
NV5 Global *		1,080		54
nVent Electric PLC		457		12
Old Dominion Freight Line		267		51
Omega Flex		448		48
Oshkosh Corp		2,762		261
Owens Corning		4,958		323
PACCAR Inc		2,134		169
Parker-Hannifin Corp		1,231		253
Parsons *		1,198		49
Pentair PLC		4,928		226
Pitney Bowes		11,792		48
Proto Labs *		491		50
Quanex Building Products		2,637		45
Quanta Services Inc		2,291		93
Raven Industries		1,437		50
RBC Bearings *		320		51
Regal Beloit Corp		1,068		91
Republic Services Inc, CI A		539		48
Resideo Technologies Inc *		448		5
Rexnord *		1,539		50
Robert Half international		806		51
Rockwell Automation Inc		1,620		328
Rollins Inc		2,355		78
Roper Technologies Inc		838		297
RR Donnelley & Sons		12,049		48
Ryder System Inc		1,425		77
Saia *		547		51
Schneider National Inc, Cl B		521		11
Sensata Technologies Holding PLC *		4,273		230
Simpson Manufacturing		643		52
Southwest Airlines Co		3,131		169
SP Plus *		1,169		50
Spartan Motors		2,836		51
Spirit AeroSystems Holdings Inc, Cl A		9,098		663
Spirit Airlines *		1,221		49

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SPX *		999	$	51
SPX FLOW *		1,044		51
Stanley Black & Decker Inc		1,349		224
Steelcase, Cl A		2,620		54
Stericycle lnc *		179		11
Teledyne Technologies Inc *		878		304
Tennant		639		50
Terex		1,651		49
Tetra Tech		564		49
Timken Co/The		204		11
Toro Co/The		1,175		94
TPI Composites *		2,686		50
TransDigm Group Inc *		1,732		970
TransUnion		2,713		232
Trex *		567		51
TriMas *		1,583		50
TriNet Group *		898		51
Trinity Industries Inc		511		11
Triumph Group		1,853		47
TrueBlue *		2,106		51
Uber Technologies *		6,090		181
UniFirst		235		47
Union Pacific Corp		12,488		2,258
United Airlines Holdings Inc *		2,850		251
United Parcel Service Inc, Cl B		9,414		1,102
United Rentals Inc *		1,692		282
Univar lnc *		476		12
Universal Forest Products		1,033		49
US Ecology		900		52
Valmont Industries Inc		76		11
Vectrus *		984		50
Verisk Analytics Inc, CI A		1,729		258
Viad		737		50
Wabash National		3,217		47
WABCO Holdings Inc *		649		88
Wabtec Corp		465		36
Waste Management Inc		6,467		737
Watsco lnc		537		97
Watts Water Technologies, Cl A		507		51
Welbilt *		3,137		49
Werner Enterprises		1,360		49
Wesco Aircraft Holdings *		4,537		50
WESCO International Inc *		3,527		209
Woodward Inc		769		91
WW Grainger Inc		2,835		960
XPO Logistics Inc *		1,396		111
Xylem Inc/NY		8,168		644
				40,364
Information Technology — 22.2%
2U lnc *		2,061		49
8x8 *		2,725		50
Acacia Communications *		744		50

12 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ACI Worldwide *		1,373	$	52
Adobe lnc *		10,406		3,432
ADTRAN		5,303		52
Advanced Energy Industries *		725		52
Advanced Micro Devices Inc *		10,606		486
Agilysys *		2,024		51
Akamai Technologies Inc *		3,119		269
Akoustis Technologies *		6,091		49
Alarm.com Holdings *		1,192		51
Alliance Data Systems Corp		1,335		150
Altair Engineering, CI A *		1,454		52
Alteryx Inc, CI A *		118		12
Ambarella *		885		54
Amdocs Ltd		3,632		262
Amkor Technology *		3,864		50
Amphenol Corp, CI A		2,090		226
Analog Devices Inc		4,564		542
Anaplan Inc *		217		11
Anixter International *		561		52
ANSYS Inc *		448		115
Appian, CI A *		1,246		48
Apple Inc		64,856		19,045
Applied Materials Inc		10,761		657
Applied Optoelectronics *		4,449		53
Arista Networks Inc *		768		156
Arlo Technologies *		11,738		49
Arrow Electronics Inc *		2,550		216
Aspen Technology *		413		50
Atlassian Corp PLC, CI A *		665		80
Autodesk Inc *		3,559		653
Automatic Data Processing Inc		12,646		2,156
Avaya Holdings *		4,140		56
Avnet lnc		1,892		80
AVX		2,456		50
Axcelis Technologies *		2,104		51
Badger Meter		775		50
Belden		900		50
Benchmark Electronics		1,447		50
Black Knight Inc *		1,569		101
Blackbaud		629		50
Blackline *		975		50
Booz Allen Hamilton Holding Corp, Cl A		1,402		100
Bottomline Technologies DE *		943		51
Box, CI A *		2,984		50
Broadcom Inc		6,023		1,903
Broadridge Financial Solutions Inc		720		89
Brooks Automation		1,150		48
Cabot Microelectronics		373		54
Cadence Design Systems Inc *		2,046		142
Cardtronics *		1,198		53
Cass Information Systems		865		50
CDK Global Inc		1,636		89

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CDW Corp/DE		806	$	115
Cerence *		2,645		60
Ceridian HCM Holding *		792		54
Ciena *		1,223		52
Cirrus Logic *		640		53
Cisco Systems Inc		68,588		3,289
Citrix Systems Inc		1,980		220
Cloudera *		4,481		52
Cognex Corp		203		11
Cognizant Technology Solutions Corp, Cl A		8,315		516
Coherent Inc *		626		104
Cohu		2,351		54
CommScope Holding Co lnc *		7,086		101
CommVault Systems *		1,095		49
Comtech Telecommunications		1,417		50
CoreLogic Inc/United States		271		12
Cornerstone OnDemand *		862		50
Corning Inc		6,104		178
Coupa Software Inc *		81		12
Cree Inc *		248		11
CSG Systems International		965		50
CTS		1,735		52
Cypress Semiconductor Corp		488		11
Dell Technologies Inc, CI C *		4,108		211
Diebold Nixdorf *		4,695		50
Digi International *		2,744		49
Digital Turbine *		6,346		45
DocuSign Inc, CI A *		1,618		120
Dolby Laboratories, CI A		731		50
Dropbox, CI A *		2,914		52
DXC Technology Co		5,395		203
Dynatrace *		465		12
Ebix		1,517		51
EchoStar, CI A *		1,124		49
Elastic NV *		183		12
Enphase Energy *		1,935		51
Entegris		980		49
Envestnet *		717		50
EPAM Systems Inc *		1,434		304
ePIus *		592		50
Euronet Worldwide Inc *		74		12
Everbridge *		639		50
EVERTEC		1,569		53
ExIService Holdings *		711		49
Extreme Networks *		6,878		51
F5 Networks Inc *		578		81
Fair Isaac Corp *		299		112
Fidelity National Information Services Inc		7,874		1,095
FireEye lnc *		5,502		91
First Solar Inc *		3,538		198
Fiserv Inc *		6,758		781
Fitbit, CI A *		7,553		50

New Covenant Funds / Semi-Annual Report / December 31, 2019 13

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Five9 *		751	$	49
FleetCor Technologies Inc *		729		210
FLIR Systems Inc		1,671		87
ForeScout Technologies *		1,454		48
FormFactor *		1,939		50
Fortinet lnc *		566		60
Genpact Ltd		6,870		290
Global Payments Inc		3,059		558
GoDaddy lnc, CI A *		1,102		75
Guidewire Software Inc *		109		12
Hackett Group		3,129		51
HubSpot *		322		51
IAC/lnterActiveCorp *		376		94
Ichor Holdings *		1,480		49
ll-VI *		1,509		51
Infinera *		6,579		52
Inphi *		680		50
Inseego *		7,132		52
Insight Enterprises *		754		53
Instructure *		1,033		50
Intel Corp		67,438		4,036
Intelligent Systems *		1,128		45
InterDigital		917		50
International Business Machines Corp		13,123		1,759
Intuit Inc		3,714		973
IPG Photonics Corp *		558		81
Itron *		588		49
j2 Global *		540		51
Jabil Inc		6,948		287
Jack Henry & Associates Inc		636		93
Juniper Networks Inc		7,826		193
KBR		1,640		50
KEMET		1,871		51
Keysight Technologies Inc *		3,329		342
KLA-Tencor Corp		1,904		339
Knowles *		2,314		49
Lam Research Corp		3,493		1,021
Lattice Semiconductor *		2,475		47
Littelfuse lnc		60		11
LivePerson *		1,299		48
LogMeln Inc		1,076		92
Lumentum Holdings *		660		52
Manhattan Associates Inc *		1,278		102
Marvell Technology Group Ltd		3,312		88
Mastercard Inc, CI A		13,112		3,915
Maxim Integrated Products Inc		3,740		230
MAXIMUS		682		51
Medallia *		1,562		49
Microchip Technology Inc		1,615		169
Micron Technology Inc *		11,740		631
Microsoft Corp		115,179		18,164
MicroStrategy, CI A *		339		48

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mitek Systems *		6,887	$	53
MKS Instruments Inc		103		11
Model N *		1,438		50
MongoDB Inc, CI A *		574		76
Monolithic Power Systems Inc		64		11
MTS Systems		1,057		51
National Instruments Corp		2,353		100
NCR Corp *		334		12
NetApp Inc		2,936		183
NetScout Systems *		2,073		50
New Relic *		749		49
NIC		2,268		51
Novanta *		547		48
Nuance Communications *		2,832		50
Nutanix lnc, CI A *		359		11
NVIDIA Corp		9,892		2,328
Okta Inc, CI A *		812		94
ON Semiconductor Corp *		9,649		235
Oracle Corp		34,708		1,839
OSI Systems *		497		50
Pagerduty lnc *		1,821		43
Palo Alto Networks Inc *		541		125
Paychex Inc		2,612		222
Paycom Software *		194		51
Paylocity Holding *		417		50
PayPal Holdings Inc *		18,658		2,018
Paysign *		4,721		48
Pegasystems lnc		150		12
Perficient *		1,142		53
Perspecta		1,895		50
Photronics *		3,197		50
Plantronics		1,930		53
Plexus *		633		49
Pluralsight lnc, CI A *		2,621		45
Power Integrations		531		53
Progress Software		1,206		50
Proofpoint Inc *		98		11
PROS Holdings *		818		49
PTC *		677		51
Pure Storage Inc, CI A *		685		12
Q2 Holdings *		633		51
Qorvo Inc *		100		12
QUALCOMM Inc		17,833		1,573
Qualys *		591		49
Rambus *		3,633		50
Rapid7 *		892		50
RealPage lnc *		211		11
RingCentral Inc, CI A *		699		118
Rogers *		392		49
Sabre Corp		506		11
SailPoint Technologies Holding *		2,129		50
salesforce.com *		18,578		3,022

14 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sanmina *		1,459	$	50
ScanSource *		1,292		48
SecureWorks, CI A *		3,538		59
Semtech *		1,000		53
ServiceNow Inc *		2,017		569
Silicon Laboratories *		437		51
Skyworks Solutions Inc		2,779		336
Smartsheet lnc, CI A *		266		12
SolarWinds Corp *		634		12
Splunk lnc *		1,095		164
SPS Commerce *		882		49
Square Inc, CI A *		2,537		159
SS&C Technologies Holdings		831		51
Switch Inc, CI A		779		12
Synaptics *		771		51
SYNNEX		387		50
Synopsys lnc *		1,083		151
Tech Data *		348		50
Teradata Corp *		4,437		119
Teradyne Inc		4,784		326
Texas Instruments Inc		13,483		1,730
Trade Desk Inc/The, CI A *		376		98
Trimble Inc *		2,035		85
TTEC Holdings		1,378		55
TTM Technologies *		3,357		51
Tucows, CI A *		834		52
Twilio lnc, CI A *		639		63
Tyler Technologies Inc *		393		118
Ubiquiti		263		50
Unisys *		4,078		48
Universal Display Corp		521		107
Upland Software *		1,378		49
Varonis Systems *		653		51
Verint Systems *		947		52
VeriSign Inc *		484		93
Verra Mobility, CI A *		3,479		49
ViaSat *		693		51
Viavi Solutions *		3,355		50
Virtusa *		1,123		51
Visa Inc, CI A		30,481		5,727
VMware Inc, CI A *		1,343		204
Western Digital Corp		2,423		154
Western Union Co/The		425		11
WEX Inc *		55		12
Workday Inc, CI A *		2,079		342
Workiva, CI A *		1,224		51
Xerox Holdings		7,073		261
Xilinx lnc		2,632		257
Xperi		2,351		43
Zebra Technologies Corp, CI A *		438		112
Zendesk lnc *		152		12
Zscaler lnc *		1,122		52

Description	Shares		Market Value ($ Thouısands)
COMMON STOCK (continued)
Zuora, CI A *		3,498	$	50
				102,950
Materials — 3.2%
AdvanSix *		2,397		48
Air Products & Chemicals Inc		4,688		1,102
AK Steel Holding *		14,926		49
Albemarle Corp		167		12
Alcoa Corp *		5,657		122
Allegheny Technologies *		2,362		49
AptarGroup Inc		1,944		225
Ashland Global Holdings Inc		152		12
Avery Dennison Corp		88		12
Axalta Coating Systems Ltd *		7,963		242
Balchem		488		50
Ball Corp		14,154		915
Berry Global Group Inc *		4,123		196
Cabot Corp		238		11
Carpenter Technology		1,006		50
Celanese Corp, CI A		93		11
CF Industries Holdings		1,066		51
Chase		421		50
Chemours		2,832		51
Cleveland-Cliffs		5,918		50
Coeur Mining *		6,945		56
Commercial Metals		2,280		51
Compass Minerals International		851		52
Corteva Inc		4,112		122
Crown Holdings Inc *		6,925		502
Domtar Corp		298		11
Dow lnc		6,685		366
DuPont de Nemours Inc		7,322		470
Eagle Materials Inc		126		11
Eastman Chemical Co		9,101		721
Ecolab Inc		3,153		609
Element Solutions Inc *		1,023		12
FMC Corp		2,400		240
Freeport-McMoRan Inc		31,087		408
GCP Applied Technologies *		2,199		50
Graphic Packaging Holding Co		681		11
Greif, CI A		1,122		50
HB Fuller		976		50
Huntsman Corp		475		11
Ingevity *		563		49
Innospec		499		52
International Flavors & Fragrances Inc		2,307		298
International Paper Co		785		36
Kraton *		2,033		51
Linde PLC		7,642		1,627
Livent *		5,807		50
Louisiana-Pacific		1,740		52
LyondellBasell Industries NV, Cl A		2,182		206
Martin Marietta Materials Inc		397		111

New Covenant Funds / Semi-Annual Report / December 31, 2019 15

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Minerals Technologies		880	$	51
Mosaic Co/The		3,590		78
Neenah		693		49
NewMarket		102		50
Newmont Goldcorp Corp		29,273		1,272
Novagold Resources *		6,675		60
Nucor Corp		1,510		85
Packaging Corp of America		101		11
PH Glatfelter		2,740		50
PPG Industries Inc		2,274		304
Quaker Chemical		309		51
Reliance Steel & Aluminum Co		412		49
Royal Gold		437		53
RPM International		664		51
Scotts Miracle-Gro		482		51
Sealed Air Corp		293		12
Sensient Technologies		779		51
Sherwin-Williams Co/The		2,451		1,430
Silgan Holdings		1,635		51
Sonoco Products Co		185		11
Southern Copper Corp		272		12
Steel Dynamics Inc		2,648		90
Stepan		510		52
Summit Materials, CI A *		2,136		51
Trinseo		1,345		50
Tronox Holdings		4,385		50
United States Lime & Minerals		581		52
United States Steel		3,709		42
Valvoline Inc		11,216		240
Verso *		2,760		50
Vulcan Materials Co		665		96
Warrior Met Coal		2,378		50
Westlake Chemical		718		50
Westrock Co		3,989		171
Worthington Industries		1,149		48
WR Grace		733		51
				14,618
Real Estate — 3.7%
Acadia Realty Trust ‡		1,946		50
Agree Realty ‡		736		52
Alexander & Baldwin ‡		2,342		49
Alexandria Real Estate Equities Inc ‡		1,497		242
American Assets Trust ‡		1,128		52
American Campus Communities Inc ‡		252		12
American Finance Trust ‡		3,743		50
American Tower Corp, CI A ‡		6,167		1,417
Americold Realty Trust ‡		346		12
Apartment Investment & Management Co, CI A ‡		1,721		89
Apple Hospitality REIT Inc ‡		718		12
AvalonBay Communities Inc ‡		3,261		684
Boston Properties Inc ‡		1,468		202

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Brandywine Realty Trust ‡		14,492	$	228
Brixmor Property Group Inc ‡		4,703		102
Brookfield Property REIT Inc, Cl A ‡		622		11
Camden Property Trust ‡		850		90
CareTrust REIT		2,438		50
CBRE Group Inc, CI A *		4,438		272
Colony Capital Inc ‡		41,643		198
Columbia Property Trust Inc ‡		565		12
Community Healthcare Trust ‡		1,136		49
CorEnergy Infrastructure Trust ‡		1,162		52
CorePoint Lodging ‡		4,605		49
Corporate Office Properties Trust ‡		7,752		228
Cousins Properties ‡		289		12
Crown Castle International Corp ‡		4,655		662
CubeSmart ‡		377		12
Cushman & Wakefield *		2,593		53
CyrusOne lnc ‡		181		12
DiamondRock Hospitality ‡		4,575		51
Digital Realty Trust Inc ‡		1,874		224
Douglas Emmett Inc ‡		2,338		103
Duke Realty Corp ‡		2,798		97
EastGroup Properties ‡		379		50
Empire State Realty Trust Inc, Cl A ‡		5,592		78
EPR Properties		735		52
Equinix Inc ‡		963		562
Equity Commonwealth *‡		2,677		88
Equity Lifestyle Properties Inc ‡		167		12
Equity Residential ‡		3,485		282
Essential Properties Realty Trust ‡		2,028		50
Essex Property Trust Inc ‡		454		137
Extra Space Storage Inc ‡		811		86
Federal Realty Investment Trust ‡		664		85
First Industrial Realty Trust ‡		1,226		51
Four Corners Property Trust ‡		1,848		52
Franklin Street Properties ‡		5,897		50
Gaming and Leisure Properties Inc ‡		275		12
Global Net Lease ‡		2,484		50
Hannon Armstrong Sustainable Infrastructure Capital ‡		1,600		51
Healthcare Realty Trust ‡		1,555		52
Healthcare Trust of America Inc, Cl A ‡		392		12
Hersha Hospitality Trust, CIA ‡		3,513		51
Highwoods Properties Inc ‡		247		12
Host Hotels & Resorts Inc ‡		17,568		326
Howard Hughes Corp/The *		795		101
Hudson Pacific Properties Inc ‡		2,475		93
Independence Realty Trust ‡		3,625		51
Industrial Logistics Properties Trust		2,389		54
Invitation Homes ‡		398		12
Iron Mountain Inc ‡		5,996		191
JBG SMITH Properties ‡		2,065		82
Jones Lang LaSalle Inc		1,270		221

16 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kennedy-Wilson Holdings		2,254	$	50
Kilroy Realty Corp ‡		4,516		379
Kimco Realty Corp ‡		4,679		97
Kite Realty Group Trust ‡		2,741		54
Lamar Advertising Co, CI A ‡		1,059		95
Lexington Realty Trust, Cl B ‡		4,761		51
Liberty Property Trust ‡		1,784		107
Life Storage Inc ‡		110		12
LTC Properties		1,142		51
Macerich Co/The ‡		5,238		141
Marcus & Millichap *		1,380		51
Medical Properties Trust ‡		2,513		53
Mid-America Apartment Communities Inc ‡		772		102
Monmouth Real Estate Investment ‡		3,365		49
National Health Investors		635		52
National Retail Properties ‡		975		52
National Storage Affiliates Trust ‡		1,534		52
Newmark Group, CI A		3,753		50
Office Properties Income Trust ‡		1,618		52
Omega Healthcare Investors ‡		1,229		52
Outfront Media ‡		1,951		52
Paramount Group Inc ‡		5,922		82
Park Hotels & Resorts		1,996		52
Pebblebrook Hotel Trust ‡		1,899		51
Physicians Realty Trust ‡		2,753		52
Piedmont Office Realty Trust, Cl A ‡		2,333		52
PotlatchDeltic ‡		1,174		51
Prologis lnc ‡		19,404		1,730
Public Storage ‡		1,626		346
QTS Realty Trust, Cl A ‡		981		53
Rayonier ‡		1,593		52
RE, CI A		1,292		50
Realogy Holdings *		4,621		45
Realty Income Corp ‡		2,296		169
Redfin *		2,435		51
Regency Centers Corp ‡		3,123		197
Retail Opportunity Investments ‡		2,907		51
Retail Properties of America Inc, Cl A ‡		876		12
Rexford Industrial Realty		1,114		51
RLJ Lodging Trust		2,849		50
RMR Group, CI A		1,095		50
RPT Realty		3,429		52
Ryman Hospitality Properties		577		50
Sabra Health Care REIT ‡		2,410		51
Safehold ‡		1,296		52
SBA Communications Corp, Cl A ‡		994		240
Senior Housing Properties Trust ‡		6,702		57
Service Properties Trust ‡		483		12
Simon Property Group Inc ‡		3,706		552
SITE Centers ‡		3,734		52
SL Green Realty Corp ‡		2,476		227
Spirit Realty Capital ‡		237		12

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
St. Joe *		2,464	$	49
STAG Industrial ‡		1,647		52
STORE Capital Corp ‡		2,555		95
Summit Hotel Properties ‡		4,173		51
Sunstone Hotel Investors ‡		3,516		49
Tanger Factory Outlet Centers ‡		3,357		49
Taubman Centers Inc ‡		1,690		53
Terreno Realty ‡		941		51
UDR Inc ‡		250		12
Uniti Group ‡		6,587		54
Universal Health Realty Income Trust ‡		439		51
Urban Edge Properties		2,679		51
Urstadt Biddle Properties, Cl A		2,126		53
Ventas lnc ‡		3,279		189
VEREIT Inc ‡		10,217		94
VICI Properties ‡		2,012		51
Vornado Realty Trust ‡		2,903		193
Washington Real Estate Investment Trust ‡		1,705		50
Weingarten Realty Investors ‡		2,933		92
Welltower lnc ‡		4,270		349
Weyerhaeuser Co ‡		17,005		514
Whitestone REIT, Cl B ‡		3,773		51
WP Carey Inc ‡		149		12
Xenia Hotels & Resorts ‡		2,347		51
				17,070
Utilities — 3.2%
AES Corp/VA		5,282		105
ALLETE		620		50
Alliant Energy Corp		213		12
Ameren Corp		1,172		90
American Electric Power Co Inc		5,930		560
American States Water		580		50
American Water Works Co lnc		2,717		334
Aqua America Inc		2,221		104
Atmos Energy		461		52
Avangrid Inc		1,720		88
Black Hills		641		50
California Water Service Group		978		50
CenterPoint Energy Inc		434		12
Clearway Energy, Cl C		2,583		52
CMS Energy Corp		21,450		1,348
Consolidated Edison Inc		3,086		279
Dominion Energy Inc		9,438		782
DTE Energy Co		9,809		1,274
Duke Energy Corp		9,540		870
Edison International		3,288		248
El Paso Electric		742		50
Entergy Corp		2,276		273
Evergy lnc		180		12
Eversource Energy		10,983		934
Exelon Corp		11,090		506
FirstEnergy Corp		4,900		238

New Covenant Funds / Semi-Annual Report / December 31, 2019 17

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Growth Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hawaiian Electric Industries Inc		249	$	12
IDACORP		108		12
MDU Resources Group Inc		386		12
MGE Energy		631		50
Middlesex Water		790		50
National Fuel Gas Co		245		11
New Jersey Resources		1,111		50
NextEra Energy Inc		6,768		1,639
NiSource Inc		419		12
Northwest Natural Holding		699		52
NRG Energy Inc		2,300		91
OGE Energy Corp		261		12
ONE Gas		534		50
Ormat Technologies		644		48
Pattern Energy Group, CI A		1,838		49
PG&E Corp *		4,614		50
Pinnacle West Capital Corp		2,640		237
PNM Resources		975		49
Portland General Electric		894		50
PPL Corp		7,025		252
Public Service Enterprise Group Inc		5,257		310
Sempra Energy		3,086		467
SJW Group		716		51
South Jersey Industries		1,556		51

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Southern Co/The		13,370	$	852
Sunnova Energy International *		4,524		51
UGI Corp		253		11
Unitil		794		49
Vistra Energy		2,088		48
WEC Energy Group Inc		2,064		190
Xcel Energy Inc		21,147		1,343
				14,634
				446,090
Total Common Stock (Cost $315,470) ($ Thousands)				453,542
CASH EQUIVALENT — 1.7%
SEI Daily Income Trust, Government Fund, CI F
1.500%**†		7,997,660		7,998
Total Cash Equivalent (Cost $7,998) ($ Thousands)				7,998
Total Investments in Securities — 99.6% (Cost $323,468) ($ Thousands)			$	461,540

A list of the open futures contracts held by the Fund at December 31, 2019 are as follows:

Type of Contract	Number of  Contracts       Long		Expiration       Date		Notional Amount     (Thousands)		Value (Thousands)		Unrealized Appreciation        (Thousands)
S&P 500 Index E-MINI		49		Mar-2020	$	7,860	$	7,916	$	56
S&P Mid Cap 400 Index E-MINI		2		Mar-2020		410		413		3
					$	8,270	$	8,329	$	59

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

Percentages are based on Net Assets of $463,574 ($ Thousands).

^‡ Real Estate Investment Trust.

* Non-income producing security.

** Rate shown is the 7-day effective yield as of December 31, 2019.

^†  Investment in Affiliated Security (see Note 3).

(A) Security is a Master Limited Partnership. At December 31, 2019, such securities amounted to $93 ($ Thousands), or 0.02% of the net assets.

Cl — Class

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

S&P — Standard & Poor’s

18 New Covenant Funds / Semi-Annual Report / December 31, 2019

The following is a list of the levels of inputs used as of December 31, 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	$	453,542	$	–	$	–	$	453,542
Cash Equivalent		7,998		–		–		7,998
Total Investments in Securities	$	461,540	$	–	$	–	$	461,540

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts *
Unrealized Appreciation	$	59	$	–	$	–	$	59
Total Other Financial Instruments	$	59	$	–	$	–	$	59

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

For the period ended December 31, 2019, there were no transfers in or out of Level 3.

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 December 31, 2019 ($ Thousands):

Security Description	Value 6/30/19	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 12/31/19	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$8,829	$36,914	$(37,745)	$–	$–	$7,998	7,997,660	$59	$ –

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 19

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund

Sector Weightings^†:

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 41.9%
Agency Mortgage-Backed Obligations — 34.5%
FHLMC
6.500%, 09/01/2039	$	32	$	36
5.500%, 12/01/2036 to 12/01/2038		269		301
5.000%, 12/01/2020 to 01/01/2049		2,142		2,346
4.500%, 06/01/2038 to 06/01/2049		7,909		8,467
4.000%, 07/01/2037 to 11/01/2049		5,340		5,619
3.500%, 11/01/2042 to 12/01/2049		2,981		3,121
3.000%, 12/01/2032 to 01/01/2050		9,822		10,050
2.500%, 03/01/2033 to 12/01/2049		1,661		1,662
2.000%, 09/01/2023		365		362
FHLMC CMO, Ser 2011-3947, Cl SG, IO
4.210%, VAR LIBOR USD 1 Month+5.950%, 10/15/2041		261		40
FHLMC CMO, Ser 2012-4057, Cl Ul, IO
3.000%, 05/15/2027		144		10
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		297		20
FHLMC CMO, Ser 2012-4099, Cl ST, IO
4.260%, VAR LIBOR USD 1 Month+6.000%, 08/15/2042		121		20
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		163		24
FHLMC CMO, Ser 2013-4203, Cl PS, IO
4.510%, VAR LIBOR USD 1 Month+6.250%, 09/15/2042		181		26
FHLMC CMO, Ser 2014-4310, CI SA, IO
4.210%, VAR LIBOR USD 1 Month+5.950%, 02/15/2044		48		8

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2014-4335, Cl SW, IO
4.260%, VAR LIBOR USD 1 Month+6.000%, 05/15/2044	$	101	$	16
FHLMC CMO, Ser 2014-4415, Cl IO, IO
2.094%, 04/15/2041 (A)		49		3
FHLMC Multifamily Structured Pass Through Certificates, Ser K091, Cl A2
3.505%, 03/25/2029		160		173
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA1, CI M1
2.908%, VAR ICE LIBOR USD 1 Month+1.200%, 07/25/2029		144		145
FHLMC, Ser 2016-353, Cl S1, IO
4.260%, VAR LIBOR USD 1 Month+6.000%, 12/15/2046		144		25
FNMA
7.000%, 11/01/2037 to 11/01/2038		29		33
6.500%, 01/01/2038 to 05/01/2040		204		232
6.000%, 07/01/2037 to 11/01/2038		148		164
5.500%, 02/01/2035		123		139
5.000%, 01/01/2021 to 08/01/2049		10,178		11,062
4.500%, 02/01/2035 to 04/01/2056		4,590		4,931
4.438%, VAR ICE LIBOR USD 12 Month+1.700%, 03/01/2036		21		22
4.390%, VAR ICE LIBOR USD 12 Month+1.428%, 05/01/2043		254		261
4.000%, 06/01/2025 to 10/01/2049		11,919		12,696
3.893%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.268%, 01/01/2036		24		25
3.640%, 11/01/2028		100		108
3.500%, 04/01/2033 to 03/01/2057		15,424		16,123
3.350%, 05/01/2029		20		21
3.160%, 06/01/2029		370		390
3.000%, 07/01/2032 to 01/01/2050		5,968		6,092
2.850%, 08/01/2031		100		103
2.810%, 08/01/2031		100		102
2.790%, 08/01/2029		200		206
2.770%, 08/01/2031		100		102
2.765%, 08/01/2031		100		102
2.740%, 08/01/2029		100		103
2.520%, 10/01/2029		20		20
2.500%, 10/01/2042		527		523
2.240%, 09/01/2026		141		141
FNMA CMO, Ser 2003-W2, CI 2A9
5.900%, 07/25/2042		446		502
FNMA CMO, Ser 2012-93, CI UI, IO
3.000%, 09/25/2027		396		27
FNMA CMO, Ser 2014-47, CI AI, IO
2.229%, 08/25/2044 (A)		124		7
FNMA CMO, Ser 2015-55, Cl IO, IO
1.938%, 08/25/2055 (A)		30		2

20 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2015-56, Cl AS, IO
4.358%, VAR LIBOR USD 1 Month+6.150%, 08/25/2045	$	60	$	13
FNMA CMO, Ser M3, CI X2, IO
0.351%, 10/25/2024 (A)		3,828		52
FNMA Connecticut Avenue Securities, Ser 2014-C04, CI 1M2
6.692%, VAR ICE LIBOR USD 1 Month+4.900%, 11/25/2024		261		287
FNMA Connecticut Avenue Securities, Ser 2017-C01, CI 1M1
3.092%, VAR ICE LIBOR USD 1 Month+1.300%, 07/25/2029		53		53
FNMA Connecticut Avenue Securities, Ser 2019-R03, CI 1M1
2.542%, VAR ICE LIBOR USD 1 Month+0.750%, 09/25/2031 (B)		93		93
FNMA TBA
3.500%, 01/01/2041		200		206
3.000%, 01/15/2043		800		811
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		139		158
FNMA, Ser 2012-101, Cl Bl, IO
4.000%, 09/25/2027		14		1
FNMA, Ser 2013-54, Cl BS, IO
4.358%, VAR LIBOR USD 1 Month+6.150%, 06/25/2043		48		10
FNMA, Ser 2017-76, Cl SB, IO
4.308%, VAR LIBOR USD 1 Month+6.100%, 10/25/2057		273		55
FNMA, Ser 2017-85, Cl SC, IO
4.408%, VAR LIBOR USD 1 Month+6.200%, 11/25/2047		68		11
FNMA, Ser M19, CI A2
2.560%, 09/25/2029		539		541
FNMA, Ser M23, CI 3A3
2.720%, 10/25/2031 (A)		100		100
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, Cl A10F
3.370%, 02/25/2028 (A)		716		755
FRESB Mortgage Trust, Ser SB58, Cl A10F
3.610%, 10/25/2028 (A)		1,048		1,108
GNMA
5.500%, 02/20/2037 to 01/15/2039		131		147
5.000%, 12/20/2038 to 01/20/2049		1,278		1,387
4.600%, 09/15/2034		1,996		2,146
4.500%, 07/20/2038 to 04/20/2049		4,131		4,394
4.000%, 01/15/2041 to 11/20/2049		3,897		4,099
3.500%, 06/20/2044 to 10/20/2049		3,776		3,921
3.000%, 09/15/2042 to 12/20/2049		1,554		1,599

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
2.500%, 02/20/2027 to 09/20/2049	$	738	$	745
GNMA CMO, Ser 186, CI IO, lO
0.757%, 08/16/2054 (A)		1,572		69
GNMA CMO, Ser 2012-34, CI SA, IO
4.285%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042		34		7
GNMA CMO, Ser 2012-66, Cl Cl, IO
3.500%, 02/20/2038		61		3
GNMA CMO, Ser 2012-H18, CI NA
2.294%, VAR ICE LIBOR USD 1 Month+0.520%, 08/20/2062		177		177
GNMA CMO, Ser 2012-H30, CI GA
2.124%, VAR ICE LIBOR USD 1 Month+0.350%, 12/20/2062		815		812
GNMA CMO, Ser 2013-H01, CI TA
2.274%, VAR ICE LIBOR USD 1 Month+0.500%, 01/20/2063		8		8
GNMA CMO, Ser 2013-H08, CI BF
2.397%, VAR ICE LIBOR USD 1 Month+0.400%, 03/20/2063		747		744
GNMA CMO, Ser 2014-105, Cl IO, IO
0.954%, 06/16/2054 (A)		1,212		55
GNMA CMO, Ser 2015-H20, CI FA
2.244%, VAR ICE LIBOR USD 1 Month+0.470%, 08/20/2065		266		265
GNMA CMO, Ser 85, Cl IA, IO
0.690%, 03/16/2047 (A)		2,794		90
GNMA CMO, Ser 95, Cl IO, IO
0.547%, 04/16/2047 (A)		1,377		44
GNMA TBA
3.000%, 01/15/2043		1,800		1,849
2.500%, 01/21/2169		1,800		1,808
GNMA, Ser 2013-H21, CI FB
2.474%, VAR ICE LIBOR USD 1 Month+0.700%, 09/20/2063		495		497
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		105		19
GNMA, Ser 28, Cl AB
3.150%, 06/16/2060		80		81
				116,202
Non-Agency Mortgage-Backed Obligations — 7.4%
280 Park Avenue Mortgage Trust, Ser 280P, CI A
2.620%, VAR ICE LIBOR USD 1 Month+0.880%, 09/15/2034 (B)		130		130
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, CI AS
4.017%, 10/10/2047		100		105
Citigroup Commercial Mortgage Trust, Ser 2016-P6, CI AAB
3.512%, 12/10/2049		810		851

New Covenant Funds / Semi-Annual Report / December 31, 2019 21

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

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	$	195
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		603
COMM Mortgage Trust, Ser CR8, Cl A4
3.334%, 06/10/2046		565		584
Commercial Mortgage Trust, Ser 2013-CR12, CI B
4.762%, 10/10/2046 (A)		20		21
Commercial Mortgage Trust, Ser 2013-CR12, Cl C
5.250%, 10/10/2046 (A)		10		10
Commercial Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		20		21
CSMC Trust, Ser 2018-J1, CI A2
3.500%, 02/25/2048 (A)(B)		1,171		1,195
CSMC, Ser USA, Cl B
4.185%, 09/15/2037 (B)		470		490
DBUBS Mortgage Trust, Ser LC2A, Cl A4
4.537%, 07/10/2044 (B)		1,009		1,030
DRB Prime Student Loan Trust, Ser 2015-B, CI A1
3.692%, VAR ICE LIBOR USD 1 Month+1.900%, 10/27/2031 (B)		105		106
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048 (A)(B)		262		267
GS Mortgage Securities Trust, Ser 2013- GC16, CIB
5.161%, 11/10/2046 (A)		80		87
GS Mortgage Securities Trust, Ser 2018- SRP5, CI A
3.281%, 06/09/2021		620		617
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
5.055%, 01/15/2047 (A)		30		32
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, CI C
4.557%, 09/15/2047 (A)		80		82
JPMorgan Chase Commercial Mortgage Securities Trust, Ser C6, CI A3
3.507%, 05/15/2045		1,117		1,148

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser FL7, Cl D
5.515%, VAR ICE LIBOR USD 1 Month+3.750%, 05/15/2028 (B)	$	129	$	127
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
3.232%, 05/25/2045 (A)(B)		83		83
JPMorgan Mortgage Trust, Ser 2016-1, Cl A5
3.500%, 05/25/2046 (A)(B)		414		415
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048 (A)(B)		641		653
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048 (A)(B)		244		249
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(B)		461		470
JPMorgan Mortgage Trust, Ser 2018-6, Cl 1A4
3.500%, 12/25/2048 (A)(B)		441		443
Lanark Master Issuer, Ser 2018-1A, Cl 1A
2.319%, VAR ICE LIBOR USD 3 Month+0.420%, 12/22/2069 (B)		595		595
MAD Mortgage Trust, Ser 330M, Cl A
3.188%, 08/15/2034 (A)(B)		222		227
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C34, Cl ASB
3.354%, 11/15/2052		615		638
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C5, Cl A4
3.176%, 08/15/2045		1,475		1,506
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C9, Cl A4
3.102%, 05/15/2046		714		732
Morgan Stanley Capital I Trust, Ser 2012-C4, CI A4
3.244%, 03/15/2045		220		224
MSCG Trust, Ser 2016-SNR, CI C
5.205%, 11/15/2034 (B)		128		130
MSCG Trust, Ser ALDR, CI A2
3.577%, 06/07/2035 (A)(B)		410		419
Natixis Commercial Mortgage Securities Trust, Ser FAME, Cl B
3.655%, 08/15/2034 (B)		410		414
New Residential Mortgage Loan Trust, Ser 2019-4A, CI A1B
3.500%, 12/25/2058 (A)(B)		387		397
New Residential Mortgage Loan Trust, Ser 2019-NQM4, CI A1
2.492%, 09/25/2059 (A)(B)		554		551
Nomura Asset Acceptance Alternative Loan Trust, Ser 2007-1, Cl 1A3
5.957%, 03/25/2047		71		74

22 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058	$	940	$	970
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		778		809
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		670		678
Sequoia Mortgage Trust, Ser 2017-5, Cl A4
3.500%, 08/25/2047 (A)(B)		704		718
Sequoia Mortgage Trust, Ser 2017-6, Cl A4
3.500%, 09/25/2047 (A)(B)		356		363
Towd Point Mortgage Trust, Ser 2015-5, CI A1B
2.750%, 05/25/2055 (A)(B)		196		196
UBS-BAMLL Trust, Ser 2012-WRM, CI A
3.663%, 06/10/2030 (B)		116		119
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, CI A4
3.525%, 05/10/2063		73		75
UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, CI XA, IO
1.309%, 05/10/2063 (A)(B)		332		9
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl NXS3
3.371%, 09/15/2057		160		165
WFRBS Commercial Mortgage Trust, Ser 2012-C7, CI XA, IO
1.345%, 06/15/2045 (A)(B)		1,080		26
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.196%, 05/15/2045 (A)(B)		1,079		36
WFRBS Commercial Mortgage Trust, Ser 2014-C23, CI B
4.378%, 10/15/2057 (A)		270		287
WFRBS Commercial Mortgage Trust, Ser 2014-C23, CI XA, IO
0.569%, 10/15/2057 (A)		1,073		25
WFRBS Commercial Mortgage Trust, Ser C11, Cl AS
3.311%, 03/15/2045		160		164
WFRBS Commercial Mortgage Trust, Ser C2, CI A4
4.869%, 02/15/2044 (A)(B)		846		862
WFRBS Commercial Mortgage Trust, Ser C4, CI A4
4.902%, 06/15/2044 (A)(B)		1,796		1,845
				25,019
Total Mortgage-Backed Securities (Cost $139,592) ($ Thousands)				141,221

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 27.1%
Communication Services — 2.3%
AT&T
4.250%, 03/01/2027	$	150	$	165
4.125%, 02/17/2026		408		442
3.875%, 08/15/2021		10		10
3.721%, 11/27/2022 (B)(C)		2,000		1,870
3.000%, 06/30/2022		10		10
Charter Communications Operating
5.050%, 03/30/2029		20		23
4.908%, 07/23/2025		110		121
3.750%, 02/15/2028		20		21
3.579%, 07/23/2020		30		30
Comcast
4.150%, 10/15/2028		80		90
3.950%, 10/15/2025		150		164
Comcast Cable Communications Holdings
9.455%, 11/15/2022		1,116		1,349
Cox Communications
3.250%, 12/15/2022 (B)		859		884
Fox
4.709%, 01/25/2029 (B)		40		46
NBCUniversal Media
4.375%, 04/01/2021		10		10
Sprint Spectrum
3.360%, 09/20/2021 (B)		337		340
TCI Communications
7.875%, 02/15/2026		240		312
Telefonica Emisiones SAU
4.895%, 03/06/2048		340		390
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		261
Verizon Communications
3.875%, 02/08/2029		30		33
3.376%, 02/15/2025		232		246
2.625%, 08/15/2026		513		521
Viacom
3.875%, 04/01/2024		20		21
Vodafone Group PLC
3.750%, 01/16/2024		410		434
Walt Disney
3.000%, 09/15/2022		30		31
				7,824
Consumer Discretionary — 1.5%
Amazon.com
3.150%, 08/22/2027		470		498
BMW US Capital
2.150%, 04/06/2020 (B)		950		951
1.850%, 09/15/2021 (B)		20		20
Ford Motor Credit
8.125%, 01/15/2020		340		341

New Covenant Funds / Semi-Annual Report / December 31, 2019 23

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Motors Financial
4.150%, 06/19/2023	$	600	$	630
3.700%, 11/24/2020		80		81
3.700%, 05/09/2023		190		196
2.450%, 11/06/2020		30		30
KazMunayGas National JSC
5.375%, 04/24/2030 (B)		400		463
McDonald’s MTN
3.350%, 04/01/2023		280		292
Newell Brands
3.850%, 04/01/2023		53		55
Time Warner Cable
5.000%, 02/01/2020		990		992
Volkswagen Group of America Finance
4.625%, 11/13/2025 (B)		461		510
				5,059
Consumer Staples — 0.2%
Kraft Heinz Foods
4.875%, 02/15/2025 (B)		48		49
Mars
3.200%, 04/01/2030 (B)		30		32
2.700%, 04/01/2025 (B)		60		61
PepsiCo
3.000%, 08/25/2021		290		296
2.750%, 03/05/2022		80		81
Walmart
3.050%, 07/08/2026		100		106
				625
Energy — 2.6%
Apache
3.250%, 04/15/2022		616		628
BP Capital Markets America
3.790%, 02/06/2024		80		85
3.410%, 02/11/2026		40		42
3.216%, 11/28/2023		90		94
3.119%, 05/04/2026		170		178
BP Capital Markets PLC
3.535%, 11/04/2024		20		21
Cameron LNG
2.902%, 07/15/2031 (B)		60		60
Chevron
2.100%, 05/16/2021		130		131
1.991%, 03/03/2020		1,150		1,150
Cimarex Energy
4.375%, 06/01/2024		50		53
3.900%, 05/15/2027		130		135
Concho Resources
4.375%, 01/15/2025		10		10
4.300%, 08/15/2028		30		33
3.750%, 10/01/2027		90		95

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Continental Resources
5.000%, 09/15/2022	$	120	$	121
4.375%, 01/15/2028		20		21
3.800%, 06/01/2024		160		166
Devon Energy
5.850%, 12/15/2025		210		249
Enterprise Products Operating
4.150%, 10/16/2028		140		155
3.900%, 02/15/2024		457		485
EOG Resources
4.150%, 01/15/2026		60		66
ExxonMobil
3.043%, 03/01/2026		150		157
Halliburton
3.800%, 11/15/2025		10		10
3.250%, 11/15/2021		180		184
Kinder Morgan
4.300%, 06/01/2025		60		65
Kinder Morgan Energy Partners
3.500%, 03/01/2021		30		30
MidAmerican Energy
3.650%, 04/15/2029		140		153
MPLX
4.800%, 02/15/2029		50		55
4.125%, 03/01/2027		110		116
4.000%, 03/15/2028		40		41
Noble Energy
3.250%, 10/15/2029		80		81
Occidental Petroleum
5.550%, 03/15/2026		180		204
4.381%, 10/10/2036 (C)		3,000		1,507
4.100%, 02/01/2021		50		51
3.400%, 04/15/2026		80		82
3.200%, 08/15/2026		130		131
3.125%, 02/15/2022		100		102
3.000%, 02/15/2027		130		130
2.600%, 08/13/2021		250		252
Phillips 66 Partners
2.450%, 12/15/2024		413		413
Schlumberger Holdings
3.900%, 05/17/2028 (B)		456		486
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		313
Williams
5.250%, 03/15/2020		40		40
3.750%, 06/15/2027		60		63
				8,644
Financials — 11.2%
American Express
3.400%, 02/27/2023		972		1,009
2.650%, 12/02/2022		264		269

24 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Express Credit MTN
2.375%, 05/26/2020	$	80	$	80
2.200%, 03/03/2020		710		710
Anglo American Capital
3.625%, 09/11/2024 (B)		200		207
Banco Santander
4.379%, 04/12/2028		200		219
3.121%, VAR ICE LIBOR USD 3 Month+1.120%, 04/12/2023		200		201
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		234		246
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		258		264
Bank of America MTN
4.450%, 03/03/2026		678		745
4.200%, 08/26/2024		210		225
4.125%, 01/22/2024		370		398
4.100%, 07/24/2023		280		299
4.000%, 04/01/2024		440		471
4.000%, 01/22/2025		80		85
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/2030		80		88
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028		210		223
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		80		83
3.500%, 04/19/2026		130		138
3.300%, 01/11/2023		60		62
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		827
Barclays Bank
2.650%, 01/11/2021		1,199		1,207
BNP Paribas
5.198%, VAR ICE LIBOR USD 3 Month+2.567%, 01/10/2030 (B)		200		235
4.705%, VAR ICE LIBOR USD 3 Month+2.235%, 01/10/2025 (B)		270		293
4.400%, 08/14/2028 (B)		200		222
BPCE MTN
3.000%, 05/22/2022 (B)		640		651
Capital One
2.650%, 08/08/2022		830		843
Charles Schwab
3.850%, 05/21/2025		110		119
Citigroup
8.125%, 07/15/2039		12		20
5.500%, 09/13/2025		150		171
5.300%, 05/06/2044		31		39
4.650%, 07/30/2045		28		35
4.450%, 09/29/2027		120		132
4.400%, 06/10/2025		160		174
4.300%, 11/20/2026		40		44

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.125%, 07/25/2028	$	40	$	44
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/2029		240		263
4.050%, 07/30/2022		40		42
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		340		362
3.500%, 05/15/2023		100		104
3.400%, 05/01/2026		354		372
Cooperatieve Rabobank UA
3.950%, 11/09/2022		670		701
3.875%, 09/26/2023 (B)		595		629
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		51
Danske Bank
5.000%, 01/12/2022 (B)		200		210
3.001%, VAR ICE LIBOR USD 3 Month+1.249%, 09/20/2022 (B)		200		202
Ferguson Finance
4.500%,10/24/2028 (B)		780		854
General Electric Capital MTN
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		711
5.150%, 05/22/2045		20		25
4.750%, 10/21/2045		40		49
4.250%, 10/21/2025		90		98
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029		550		606
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028		300		319
3.500%, 11/16/2026		90		95
Goldman Sachs Group MTN
6.000%, 06/15/2020		480		488
5.375%, 03/15/2020		640		644
4.000%, 03/03/2024		420		448
HSBC Holdings PLC
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		400		447
3.400%, 03/08/2021		360		366
2.950%, 05/25/2021		380		385
Intesa Sanpaolo
3.375%, 01/12/2023 (B)		200		203
John Deere Capital
1.700%, 01/15/2020		40		40
JPMorgan Chase
4.500%, 01/24/2022		786		825
4.452%, VAR ICE LIBOR USD 3 Month+1.330%, 12/05/2029		200		228
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/2029		773		863

New Covenant Funds / Semi-Annual Report / December 31, 2019 25

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024	$	230	$	245
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		110
3.875%, 09/10/2024		290		311
2.550%, 03/01/2021		30		30
KKR Group Finance VI
3.750%, 07/01/2029 (B)		595		634
Liberty Mutual Group
4.569%, 02/01/2029 (B)		321		359
4.250%, 06/15/2023 (B)		91		96
Lincoln National
6.250%, 02/15/2020		570		573
Lloyds Banking Group
2.858%, VAR ICE LIBOR USD 3 Month+1.249%, 03/17/2023		434		440
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		532
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		150		162
3.750%, 02/25/2023		1,110		1,162
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025		1,060		1,091
ORIX
4.050%, 01/16/2024		365		388
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		944		998
Penske Truck Leasing Lp
3.900%, 02/01/2024 (B)		965		1,014
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
Royal Bank of Scotland Group
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/2025		200		212
Royal Bank of Scotland Group PLC
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		290		308
Santander UK Group Holdings PLC
3.571%, 01/10/2023		200		205
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		1,168
Svenska Handelsbanken MTN
3.350%, 05/24/2021		250		255

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)	$	634	$	689
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		273
3.491%, 05/23/2023 (B)		390		402
US Bancorp
3.375%, 02/05/2024		540		567
USAA Capital MTN
2.625%, 06/01/2021 (B)		350		354
Wells Fargo
3.069%, 01/24/2023		808		825
3.000%, 10/23/2026		190		195
Wells Fargo MTN
4.900%, 11/17/2045		30		37
4.600%, 04/01/2021		480		495
4.300%, 07/22/2027		200		219
3.750%, 01/24/2024		540		571
3.450%, 02/13/2023		120		124
				37,893
Health Care — 2.5%
Abbott Laboratories
3.400%, 11/30/2023		175		184
AbbVie
3.600%, 05/14/2025		10		11
3.200%, 11/21/2029 (B)		40		41
2.950%, 11/21/2026 (B)		20		20
2.600%, 11/21/2024 (B)		140		141
2.300%, 11/21/2022 (B)		1,046		1,051
Adventist Health System
2.433%, 09/01/2024		431		432
Aetna
2.800%, 06/15/2023		20		20
Amgen
2.125%, 05/01/2020		20		20
Anthem
3.125%, 05/15/2022		340		349
Baylor Scott & White Holdings
1.947%, 11/15/2021		1,226		1,225
Becton Dickinson
4.685%, 12/15/2044		40		47
3.734%, 12/15/2024		24		25
3.363%, 06/06/2024		210		219
Bristol-Myers Squibb
3.875%, 08/15/2025 (B)		130		141
3.550%, 08/15/2022 (B)		60		62
3.400%, 07/26/2029 (B)		50		54
3.200%, 06/15/2026 (B)		120		126
2.900%, 07/26/2024 (B)		180		186
2.600%, 05/16/2022 (B)		80		81
2.250%, 08/15/2021 (B)		70		70

26 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cigna
4.375%, 10/15/2028	$	120	$	133
4.125%, 11/15/2025		50		54
3.500%, 06/15/2024 (B)		160		167
3.400%, 09/17/2021		60		62
CVS Health
4.300%, 03/25/2028		80		87
3.875%, 07/20/2025		95		101
3.350%, 03/09/2021		32		33
2.800%, 07/20/2020		190		191
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		1,154		1,427
Eli Lilly
2.350%, 05/15/2022		170		172
Gilead Sciences
2.550%, 09/01/2020		20		20
2.500%, 09/01/2023		50		51
Humana
3.150%, 12/01/2022		240		246
2.900%, 12/15/2022		290		296
SSM Health Care
3.688%, 06/01/2023		644		672
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		29
UnitedHealth Group
3.875%, 12/15/2028		30		33
2.875%, 12/15/2021		50		51
2.700%, 07/15/2020		70		70
				8,400
Industrials — 2.4%
3M
2.375%, 08/26/2029		30		30
AerCap Ireland Capital DAC
4.625%, 10/30/2020		730		745
4.500%, 05/15/2021		310		320
American Airlines, Ser 2016-3, Cl A
3.250%, 10/15/2028		1,087		1,114
American Airlines Pass-Through Trust, Ser 2013-2, CI A
4.950%, 01/15/2023		286		298
Aviation Capital Group
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		44
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		12
Continental Airlines Pass-Through Trust, Ser 2012-2, CI A
4.000%, 10/29/2024		635		670

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Delta Air Lines Pass-Through Trust, Ser 2015-1, CI AA
3.625%, 07/30/2027	$	544	$	577
Delta Air Lines Pass-Through Trust, Ser 2019-1, CI AA
3.204%, 04/25/2024		621		646
Eaton
2.750%, 11/02/2022		450		459
GE Capital International Funding Unlimited Co
2.342%, 11/15/2020		1,205		1,206
General Electric MTN
6.875%, 01/10/2039		30		40
5.500%, 01/08/2020		10		10
General Electric Capital MTN
5.300%, 02/11/2021		160		165
International Lease Finance
5.875%, 08/15/2022		400		436
Republic Services
3.200%, 03/15/2025		180		187
Union Pacific
3.950%, 09/10/2028		20		22
3.750%, 07/15/2025		20		22
United Airlines Pass-Through Trust, Ser 2014-1, CI A
4.000%, 04/11/2026		707		752
Waste Management
3.500%, 05/15/2024		120		126
3.450%, 06/15/2029		30		32
3.200%, 06/15/2026		30		32
				8,112
Information Technology — 1.1%
Apple
3.350%, 02/09/2027		210		224
2.900%, 09/12/2027		110		114
2.450%, 08/04/2026		70		71
2.000%, 11/13/2020		80		80
1.550%, 08/04/2021		60		60
Broadcom
3.625%, 10/15/2024 (B)		485		504
Diamond 1 Finance
4.420%, 06/15/2021 (B)		430		443
Intel
3.700%, 07/29/2025		30		33
Mastercard
3.375%, 04/01/2024		190		202
Microsoft
3.300%, 02/06/2027		90		96
2.400%, 02/06/2022		150		152
1.850%, 02/06/2020		360		360
1.550%, 08/08/2021		110		110

New Covenant Funds / Semi-Annual Report / December 31, 2019 27

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NXP BV
4.625%, 06/01/2023 (B)	$	479	$	512
Oracle
2.500%, 10/15/2022		130		132
salesforce.com
3.700%, 04/11/2028		150		164
3.250%, 04/11/2023		70		73
Visa
4.300%, 12/14/2045		10		12
3.150%, 12/14/2025		110		117
2.200%, 12/14/2020		300		301
				3,760
Materials — 0.6%
ArcelorMittal
4.550%, 03/11/2026		100		106
3.600%, 07/16/2024		180		185
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		214
Glencore Funding
4.125%, 05/30/2023 (B)		890		927
4.125%, 03/12/2024 (B)		120		126
4.000%, 03/27/2027 (B)		120		125
Southern Copper
3.500%, 11/08/2022		130		134
Vale Overseas
6.250%, 08/10/2026		140		164
				1,981
Real Estate — 0.9%
American Tower Trust, Ser 2013-13, Cl 2A
3.070%, 03/15/2048 (B)		620		628
Digital Realty Trust
3.600%, 07/01/2029		815		848
Ventas Realty
3.500%, 02/01/2025		488		510
Welltower
4.500%, 01/15/2024		902		974
				2,960
Utilities — 1.8%
Aquarion
4.000%, 08/15/2024 (B)		227		239
Commonwealth Edison
3.700%, 08/15/2028		468		512
Dominion Energy
2.579%, 07/01/2020		260		260
Duke Energy
3.550%, 09/15/2021		170		174
2.400%, 08/15/2022		150		151
FirstEnergy
4.250%, 03/15/2023		380		401

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.850%, 07/15/2022	$	330	$	335
NextEra Energy Capital Holdings
2.403%, 09/01/2021		513		517
Northern States Power
7.125%, 07/01/2025		1,190		1,468
Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		426
Public Service Enterprise Group
2.875%, 06/15/2024		713		729
Sempra Energy
2.400%, 03/15/2020		840		840
				6,052
Total Corporate Obligations (Cost $87,708) ($ Thousands)				91,310
U.S. TREASURY OBLIGATIONS — 11.4%
U.S. Treasury Bonds
3.125%, 05/15/2048		140		162
3.000%, 08/15/2048		50		56
3.000%, 02/15/2049		360		407
2.875%, 05/15/2049		20		22
2.750%, 08/15/2047		120		129
2.375%, 11/15/2049		420		420
U.S. Treasury Inflation-Protected Securities
2.375%, 01/15/2025		177		198
1.750%, 01/15/2028		86		97
1.375%, 02/15/2044		541		638
1.000%, 02/15/2046		391		430
1.000%, 02/15/2048		459		508
1.000%, 02/15/2049		1,606		1,744
0.750%, 02/15/2042		467		485
U.S. Treasury Notes
2.750%, 09/15/2021		2,759		2,812
2.750%, 02/15/2028		4		4
2.625%, 02/15/2029		1,600		1,697
2.375%, 02/29/2024		3,015		3,101
2.250%, 04/30/2024		30		31
2.250%, 02/15/2027		583		599
2.125%, 05/31/2021		1,400		1,410
2.000%, 02/15/2025		50		51
1.750%, 06/30/2024		16,682		16,735
1.750%, 12/31/2024		1,760		1,766
1.750%, 11/15/2029		1,130		1,114
1.625%, 12/15/2022		1,470		1,471
1.500%, 11/30/2024		80		79
1.375%, 08/31/2026		110		107

28 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
United States Treasury Bills
1.574%, 01/30/2020 (C)	$	2,287	$	2,285
Total U.S. Treasury Obligations (Cost $38,228) ($ Thousands)				38,558
ASSET-BACKED SECURITIES — 9.3%
Automotive — 1.9%
Avis Budget Rental Car Funding AESOP, Ser 2017-2A, CI A
2.970%, 03/20/2024 (B)		310		316
Avis Budget Rental Car Funding AESOP, Ser 2019-2A, CI A
3.350%, 09/22/2025 (B)		320		330
Capital One Prime Auto Receivables Trust, Ser 2019-2, CI A4
1.960%, 02/18/2025		1,662		1,656
Hertz Vehicle Financing II, Ser 2018-1A, Cl A
3.290%, 02/25/2024 (B)		350		358
Honda Auto Receivables Owner Trust, Ser 2019-2, Cl A3
2.520%, 06/21/2023		572		579
NextGear Floorplan Master Owner Trust, Ser 2019-1A, CI A2
3.210%, 02/15/2024 (B)		1,182		1,205
NextGear Floorplan Master Owner Trust, Ser 2019-2A, CI A2
2.070%, 10/15/2024 (B)		556		552
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3
2.590%, 07/15/2024		1,299		1,314
				6,310
Financials — 0.3%
BX Commercial Mortgage Trust, Ser XL, Cl A
2.685%, VAR ICE LIBOR USD 1 Month+0.920%, 10/15/2036 (B)		1,105		1,106
Home — 0.4%
Citifinancial Mortgage Securities, Ser 2004-1, Cl AF4
5.070%, 04/25/2034		206		214
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, CI A1A
3.750%, 10/25/2057 (B)		352		364
Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5
3.792%, VAR ICE LIBOR USD 1 Month+2.000%, 07/25/2034 (B)		390		401

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Master Asset-Backed Securities Trust, Ser 2007-NCW, CI A1
2.008%, VAR ICE LIBOR USD 1 Month+0.300%, 05/25/2037 (B)	$	218	$	204
New Century Home Equity Loan Trust, Ser 2003-A, CI A
2.512%, VAR ICE LIBOR USD 1 Month+0.720%, 10/25/2033 (B)		86		85
				1,268
Other Asset-Backed Securities — 6.7%
AEP Texas Restoration Funding, Ser 2019-1, CI A2
2.294%, 08/01/2031		1,646		1,622
Ameriquest Mortgage Securities Asset-Backed Pass-Through Certificates, Ser 2005-R7, CI M2
2.208%, VAR ICE LIBOR USD 1 Month+0.500%, 09/25/2035		326		327
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (B)		300		304
Ascentium Equipment Receivables, Ser 2019-1A, CI A2
2.840%, 06/10/2022 (B)		645		648
Atrium Hotel Portfolio Trust, Ser ATRM, Cl C
3.415%, VAR ICE LIBOR USD 1 Month+1.650%, 12/15/2036 (B)		410		409
Citigroup Mortgage Loan Trust, Ser 2007- WFH3, CI A3
1.958%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/2037		256		256
Countrywide Asset-Backed Certificates, Ser 2007-13, Cl 2A2M
3.042%, VAR ICE LIBOR USD 1 Month+1.250%, 10/25/2047		155		153
Countrywide Home Equity Loan Trust, Ser 2006-F, CI 2A1A
1.905%, VAR ICE LIBOR USD 1 Month+0.140%, 07/15/2036		328		315
Credit Suisse Mortgage Trust, Cl A3
3.064%, 10/25/2059		405		406
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (B)		430		436
Domino’s Pizza Master Issuer, Ser 2017-1A, CI A2I
3.526%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B)		697		697
Education Loan Asset-Backed Trust, Ser 2013-1, CI A2
2.508%, VAR ICE LIBOR USD 1 Month+0.800%, 04/26/2032 (B)		500		496

New Covenant Funds / Semi-Annual Report / December 31, 2019 29

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Invitation Homes Trust, Ser 2018-SFR1, Cl A
2.437%, VAR ICE LIBOR USD 1 Month+0.700%, 03/17/2037 (B)	$	1,391	$	1,379
MMAF Equipment Finance, Ser 2018-A, Cl A3
3.200%, 09/12/2022 (B)		1,255		1,269
Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, CI M1
2.647%, VAR ICE LIBOR USD 1 Month+0.855%, 07/25/2034		475		471
Morgan Stanley Capital I Trust, Ser BPR, Cl A
3.165%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (B)		320		319
Navient Student Loan Trust, Ser 2016-6A, Cl A3
3.008%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2066 (B)		900		907
Progress Residential Trust, Ser 2018-SFR3, CI A
3.880%, 10/17/2035 (B)		640		652
RAAC Series Trust, Ser 2005-SP3, Cl M2
2.592%, VAR ICE LIBOR USD 1 Month+0.800%, 12/25/2035		390		391
Residential Mortgage Loan Trust, Ser 2019- 3, CI A2
2.941%, 09/25/2059		404		403
Residential Mortgage Loan Trust, Ser 2019-3, Cl A3
3.044%, 09/25/2059		404		403
SBA Small Business Investment, Ser 2019- 10A, CI 1
3.113%, 03/10/2029		198		205
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
3.007%, VAR ICE LIBOR USD 3 Month+0.875%, 11/25/2042		277		278
SLM Private Credit Student Loan Trust, Ser 2006-A, CI A5
2.184%, VAR ICE LIBOR USD 3 Month+0.290%, 06/15/2039		286		279
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
3.094%, VAR ICE LIBOR USD 3 Month+1.200%, 12/15/2033 (B)		140		138
Stack Infrastructure Issuer, Ser 2019-1A, CI A2
4.540%, 02/25/2044 (B)		312		327
Store Master Funding l-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		382		395
Store Master Funding l-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (B)		330		328
United States Small Business Administration, Ser 2010-20H, CI 1
3.520%, 08/01/2030		303		312

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2011-20B, CI 1
4.220%, 02/01/2031	$	322	$	341
United States Small Business Administration, Ser 2011-20J, CI 1
2.760%, 10/01/2031		181		182
United States Small Business Administration, Ser 2013-20K, CI 1
3.380%, 11/01/2033		761		792
United States Small Business Administration, Ser 2014-20F, CI 1
2.990%, 06/01/2034		870		887
United States Small Business Administration, Ser 2015-20C, CI 1
2.720%, 03/01/2035		902		914
United States Small Business Administration, Ser 2015-20E, CI 1
2.770%, 05/01/2035		481		490
United States Small Business Administration, Ser 2015-20K, CI 1
2.700%, 11/01/2035		518		525
United States Small Business Administration, Ser 2017-20J, CI 1
2.850%, 10/01/2037		662		673
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		1,279		1,357
United States Small Business Administration, Ser 2018-20J, Cl 1
3.770%, 10/01/2038		634		678
United States Small Business Administration, Ser 2019-25G, CI 1
2.690%, 07/01/2044		60		61
Verizon Owner Trust, Ser 2019-B, Cl A1A
2.330%, 12/20/2023		624		629
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		338		345
				22,500
Total Asset-Backed Securities (Cost $30,905) ($ Thousands)				31,184

30 New Covenant Funds / Semi-Annual Report / December 31, 2019

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.1%
FHLMC
6.500%, 12/01/2035	$	730	$	821
6.000%, 03/01/2035		1,152		1,321
5.000%, 10/01/2048		67		71
4.000%, 04/01/2048		80		83
4.000%, 05/01/2048		614		641
3.500%, 09/01/2048		530		546
3.500%, 10/01/2048		737		759
3.500%, 01/01/2049		76		78
3.500%, 04/01/2049		830		854
3.000%, 02/01/2038		84		86
3.000%, 04/01/2038		82		84
3.000%, 11/01/2043		645		664
3.000%, 01/01/2048		96		98
3.000%, 03/01/2049		86		87
3.000%, 04/01/2049		1,663		1,690
2.375%, 01/13/2022		1,090		1,107
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		216		216
FNMA
4.500%, 09/01/2057		237		257
4.000%, 02/01/2056		70		75
4.000%, 06/01/2057		76		82
3.500%, 10/01/2047		1,220		1,267
3.500%, 06/01/2048		635		659
3.500%, 07/01/2048		420		437
3.500%, 02/01/2049		90		95
3.000%, 12/01/2037		81		83
3.000%, 03/01/2046		1,251		1,289
3.000%, 05/01/2046		83		85
3.000%, 07/01/2046		145		149
3.000%, 10/01/2046		221		228
3.000%, 11/01/2046		1,812		1,856
3.000%, 09/01/2047		341		349
FNMA, Ser M1, CI A2
3.555%, 09/25/2028 (A)		270		292
Tennessee Valley Authority
3.875%, 02/15/2021		790		807
Total U.S. Government Agency Obligations (Cost $16,637) ($ Thousands)				17,216
SOVEREIGN DEBT — 3.1%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (B)		490		496
Colombia Government International Bond
5.625%, 02/26/2044		280		348
5.200%, 05/15/2049		310		373
4.500%, 03/15/2029		200		222

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Indonesia Government International Bond MTN
5.125%, 01/15/2045 (B)	$	200	$	238
3.850%, 07/18/2027 (B)		200		213
3.750%, 04/25/2022		370		382
Kuwait International Government Bond
3.500%, 03/20/2027 (B)		210		226
Mexico Government International Bond
4.000%, 10/02/2023		610		642
3.600%, 01/30/2025		380		398
Panama Government International Bond
6.700%, 01/26/2036		190		266
4.300%, 04/29/2053		300		349
Peruvian Government International Bond
6.550%, 03/14/2037		250		366
5.625%, 11/18/2050		310		453
Poland Government International Bond
5.125%, 04/21/2021		440		458
4.000%, 01/22/2024		450		484
Province of Ontario Canada
4.400%, 04/14/2020		840		846
Province of Quebec Canada
2.625%, 02/13/2023		500		513
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,211
Qatar Government International Bond
3.250%, 06/02/2026		370		389
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030		149		170
5.875%, 09/16/2043		400		539
5.625%, 04/04/2042		400		523
Uruguay Government International Bond
4.375%, 01/23/2031		390		436
Total Sovereign Debt (Cost $9,734) ($ Thousands)				10,541
FOREIGN BONDS — 1.8%
Allergan Funding SCS
3.800%, 03/15/2025		40		42
3.450%, 03/15/2022		120		123
Banco Santander
3.125%, 02/23/2023		200		204
Banco Santander Chile
2.500%, 12/15/2020 (B)		240		240
Barclays Bank
10.179%, 06/12/2021 (B)		370		411
BHP Billiton Finance USA
2.875%, 02/24/2022		10		10
BP Capital Markets PLC
3.561%, 11/01/2021		230		237

New Covenant Funds / Semi-Annual Report / December 31, 2019 31

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
FOREIGN BONDS (continued)
CNOOC Finance
3.500%, 05/05/2025	$	330	$	345
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		543
Ecopetrol
5.375%, 06/26/2026		140		157
HSBC Holdings PLC
4.250%, 08/18/2025		230		246
Intesa Sanpaolo
5.017%, 06/26/2024 (B)		200		210
3.125%, 07/14/2022 (B)		200		203
OCP
4.500%, 10/22/2025 (B)		400		428
Petrobras Global Finance BV
6.850%, 06/05/2115		150		171
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		438
Petroleos Mexicanos
4.875%, 01/18/2024		190		199
Shell International Finance
4.375%, 03/25/2020		130		131
Shell International Finance BV
3.250%, 05/11/2025		150		159
2.875%, 05/10/2026		40		41
2.250%, 11/10/2020		360		361
1.750%, 09/12/2021		690		690
Telefonica Emisiones SAU
5.134%, 04/27/2020		80		81
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 07/21/2021		227		220
Vale Overseas
6.875%, 11/21/2036		48		62
Total Foreign Bonds (Cost $5,641) ($ Thousands)				5,952
MUNICIPAL BONDS – 0.9%
Florida – 0.1%
Florida State, Board of Administration Finance, SerA, RB
2.638%, 07/01/2021		420		425
Michigan — 0.2%
Michigan State, Finance Authority, RB Callable 03/01/2024 @ 100
2.988%, 09/01/2049 (D)		755		774

Description	Face Amount (Thousands)			Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New Jersey — 0.1%
New Jersey State Transportation Trust Fund Authority, RB
2.551%, 06/15/2023	$	125		$	125
New York — 0.2%
NewYorkState, Urban Development, RB
3.350%, 03/15/2026		665			703
Wisconsin — 0.3%
Wisconsin State, SerA, RB, AGM
5.700%, 05/01/2026		890			999
Total Municipal Bonds (Cost $2,963) ($ Thousands)					3,026
		Shares
CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Government Fund, CI F
1.500%**†		5,171,125			5.171
Total Cash Equivalent (Cost $5,171) ($ Thousands)					5.171
Total Investments in Securities — 102.1% (Cost $336,579) ($ Thousands)				$	344,179
	Contracts
PURCHASED OPTIONS* — 0.0%
Total Purchased Options(E) (Cost $15) ($ Thousands)		46		$	17
WRITTEN OPTIONS* — 0.0%
Total Written Options(E) (Premiums Received $23) ($ Thousands)		(75	)	$	(13	)

32 New Covenant Funds / Semi-Annual Report / December 31, 2019

A list of open option contracts by the Fund at December 31, 2019 are as follows:

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Call Options
February 2020, U.S. 10 Year Future Option*		11		$	1,413			$128.50		01/18/20	$	5
February 2020, U.S. 5 Year Future Option*		35			4,151			118.50		01/18/20		12
Total Purchased Options				$	5,564						$	17
WRITTEN OPTIONS — 0.0%
Put Options
March 2020, U.S. 10 Year Future Option*		(7	)	$	(899	)		128.00		02/22/20	$	(4)
February 2020, U.S. 5 Year Future Option*		(15	)		(1,779	)		118.00		01/18/20		(1)
February 2020, U.S. 5 Year Future Option*		(13	)		(1,542	)		118.25		01/18/20		(2)
					(4,220	)						(7)
Call Options
February 2020, U.S. 10 Year Future Option*		(8	)		(1,028	)		129.25		01/18/20		(2)
February 2020, U.S. 10 Year Future Option*		(10	)		(1,284	)		129.50		01/18/20		(1)
March 2020, U.S. 10 Year Future Option*		(7	)		(899	)		131.00		02/22/20		(1)
February 2020, U.S. 5 Year Future Option*		(15	)		(1,779	)		119.00		01/18/20		(2)
					(4,990	)						(6)
Total Written Options				$	(9,210	)					$	(13)

A list of the open futures contracts held by the Fund at December 31, 2019 are as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation/ Depreciation (Thousands)
90-Day Euro$		(119)		Mar-2020	$	(29,227	)	$	(29,234	)	$	(7)
90-Day Euro$		72		Mar-2021		17,709			17,719			11
90-Day Euro$		118		Jun-2020		28,695			29,001			306
90-Day Euro$		33		Dec-2020		8,085			8,116			31
U.S. 2-Year Treasury Note		(57)		Apr-2020		(12,295	)		(12,284	)		11
U.S. 5-Year Treasury Note		270		Apr-2020		32,119			32,025			(94)
U.S. 10-Year Treasury Note		35		Mar-2020		4,539			4,495			(44)
U.S. Long Treasury Bond		(143)		Mar-2020		(22,854	)		(22,295	)		559
U.S. Ultra Long Treasury Bond		28		Mar-2020		5,252			5,086			(165)
Ultra 10-Year U.S. Treasury Note		24		Mar-2020		3,420			3,377			(43)
					$	35,443		$	36,006		$	565

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

Percentages are based on Net Assets of $337,189 ($ Thousands).

* Non-income producing security.

** Rate shown is the 7-day effective yield as of December 31, 2019.

^†  Investment in Affiliated Security (see Note 3).

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On December 31, 2019, the value of these securities amounted to $55,329 ($ Thousands), representing 16.4% of the Net Assets of the Fund.

(B) 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.

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

(D) Variable or floating rate security, the interest rate of which adjusts periodically based on prevailing interest rates.

(E) Refer to table below for details on Options Contracts.

AGM — Assured Guaranty Municipal

Cl — Class

CMO — Collateralized Mortgage Obligation

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

New Covenant Funds / Semi-Annual Report / December 31, 2019 33

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Income Fund (Concluded)

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

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — United States Dollar

VAR — Variable Rate

The following is a list of the levels of inputs used as of December 31, 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		–		141,221		–		141,221
Corporate Obligations		–		91,310		–		91,310
U.S. Treasury Obligations		1,697		36,861		–		38,558
Asset-Backed Securities		–		31,184		–		31,184
U.S. Government Agency Obligations		–		17,216		–		17,216
Sovereign Debt		–		10,541		–		10,541
Foreign Bonds		–		5,952		–		5,952
Municipal Bonds		–		3,026		–		3,026
Cash Equivalent		5,171		–		–		5,171
Total Investments in Securities		6,868		337,311		–		344,179

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Purchase Options		17		–		–		17
Written Options		(13)		–		–		(13)
Futures Contracts *
Unrealized Appreciation		918		–		–		918
Unrealized Depreciation		(353)		–		–		(353)
Total Other Financial Instruments		569		–		–		569

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

For the period ended December 31, 2019, there were no transfers in or out of Level 3.

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 December 31,2019 ($ Thousands):

Security Description	Value 6/30/19	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 12/31/19	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$11,031	$74,708	$(80,568)	$—	$—	$5,171	5,171,125	$50	$ —

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

34 New Covenant Funds / Semi-Annual Report / December 31, 2019

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Balanced Growth Fund

^†Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.8%
Equity Fund — 59.9%
New Covenant Growth Fund †		3,990,809	$	179,506
Total Equity Fund (Cost $105,701) ($ Thousands)				179,506
Fixed Income Fund — 38.9%
New Covenant Income Fund †		4,937,681		116,776
Total Fixed Income Fund (Cost $113,144) ($ Thousands)				116,776

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, CI F     1.500%**†		3,465,558	$	3,466
Total Cash Equivalent (Cost $3,466) ($ Thousands)				3,466
Total Investments in Securities — 99.9% (Cost $222,311) ($ Thousands)			$	299,748

Percentages are based on a Net Assets of $299,950 ($ Thousands).

^†  Investment in Affiliated Security (see Note 3).

** Rate shown is the 7-day effective yield as of December 31, 2019.

Cl — Class

As of December 31, 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 period ended December 31, 2019, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2019 ($ Thousands):

Security Description	Value 6/30/19	Purchases at Cost	Proceeds from Sales	Realized Gain	Change in Unrealized Appreciation	Value 12/31/19	Shares	Dividend Income	Capital Gains
New Covenant Growth Fund	$ 178,591	$ 11,146	$ (19,193)	$ 2,863	$ 6,099	$ 179,506	3,990,809	$ 1,545	$ 7,788
New Covenant Income Fund	112,871	7,663	(4,512)	61	693	116,776	4,937,681	1,361	—
SEI Daily Income Trust, Government Fund, Cl F	2,176	17,554	(16,264)	—	—	3,466	3,465,558	23	—
Totals	$293,638	$36,363	$(39,969)	$2,924	$6,792	$299,748	12,394,048	$2,929	$7,788

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 35

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

New Covenant Balanced Income Fund

^†Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.3%
Fixed Income Fund — 64.0%
New Covenant Income Fund †		2,114,230	$	50,002
Total Fixed Income Fund (Cost $48,690) ($ Thousands)				50,002
Equity Fund — 35.3%
New Covenant Growth Fund †		613,286		27,586
Total Equity Fund (Cost $13,697) ($ Thousands)				27,586

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Government Fund, CI F
1.500%**†		720,479	$	720
Total Cash Equivalent (Cost $720) ($ Thousands)				720
Total Investments in Securities — 100.2% (Cost $63,107) ($ Thousands)			$	78,308

Percentages are based on a Net Assets of $78,135 ($ Thousands).

^†  Investment in Affiliated Security (see Note 3).

** Rate shown is the 7-day effective yield as of December 31, 2019.

Cl — Class

As of December 31, 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 period ended December 31, 2019, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2019 ($ Thousands):

Security Description	Value 6/30/19	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation	Value 12/31/19	Shares	Dividend Income	Capital Gains
New Covenant Income Fund	$ 50,043	$ 1,929	$ (2,296)	$ (38)	$ 364	$ 50,002	$ 2,114,230	$ 586	$-
New Covenant Growth Fund	27,539	3,099	(4,444)	307	1,085	27,586	613,286	240	1,240
SEI Daily Income Trust, Government Fund, Cl F	1,207	5,419	(5,906)	—	—	720	710,479	6	—
Totals	$78,789	$ 10,447	$ (12,646)	$269	$ 1,449	$78,308	3,437,995	$832	$ 1,240

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

36 New Covenant Funds / Semi-Annual Report / December 31, 2019

STATEMENTS OF ASSETS AND LIABILITIES ($ THOUSANDS)

December 31, 2019

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Assets:
Investments, at value†	$	453,542		$	339,008		$	—		$	—
Affiliated investments, at value††		7,998			5,171			299,748			78,308
Options purchased, at value †††		—			17			—			—
Cash and cash equivalents		1,209			—			—			—
Dividends and interest receivable		537			1,740			225			96
Cash pledged as collateral for futures contracts		324			215			—			—
Receivable for fund shares sold		92			106			30			2
Foreign tax reclaim receivable		80			18			—			—
Receivable for investment securities sold		50			8,006			—			—
Receivable for variation margin		19			49			—			—
Prepaid expenses		24			18			16			4
Total Assets		463,875			354,348			300,019			78,410
Liabilities:
Options written, at value †††		—			13			—			—
Investment advisory fees payable		91			79			—			—
Administration fees payable		72			57			20			7
Social witness and licensing fees payable		59			41			—			—
Shareholder servicing fees payable		39			28			—			—
Payable for fund shares redeemed		3			38			24			262
Trustees’ fees payable		2			2			2			—
CCO fees payable		1			1			1			—
Payable for investment securities purchased		—			16,135			—			—
Income distribution payable		—			594			—			—
Payable to custodian		—			69			—			—
Payable for variation margin		—			54			—			—
Accrued expense payable		34			48			22			6
Total Liabilities		301			17,159			69			275
Net Assets	$	463,574		$	337,189		$	299,950		$	78,135
† Cost of investments	$	323,468		$	336,579		$	—		$	—
†† Cost of affiliated investments		—			—			222,311			63,107
††† Cost (premiums received)		—			(8	)		—			—
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0,001)	$	316,878		$	330,853		$	224,133		$	64,132
Total distributable earnings		146,696			6,336			75,817			14,003
Net Assets	$	463,574		$	337,189		$	299,950		$	78,135
Net Asset Value, Offering and Redemption Price Per Share	$	44.98		$	23.65		$	105.18		$	21.65
		(463,574,119 ÷			(337,188,992 ÷			(299,950,230 ÷			(78,134,962 ÷
		10,307,113 shares	)		14,255,709 shares	)		2,851,669 shares	)		3,608,715 shares	)

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 37

STATEMENTS OF OPERATIONS ($ THOUSANDS)

For the period ended December 31, 2019

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	4,376		$	—		$	—		$	—
Dividend income from affiliated registered investment company		59			50			2,929			832
Interest income		19			4,856			—			—
Total Investment Income		4,454			4,906			2,929			832
Expenses:
Investment advisory fees		1,062			703			—			—
Administration fees		452			335			223			58
Social witness and licensing fees		339			251			—			—
Shareholder servicing fees		226			167			—			—
Trustee fees		4			3			2			1
Chief compliance officer fees		1			1			1			—
Transfer agent fees		38			28			25			7
Professional fees		26			19			17			4
Registration fees		18			13			12			3
Printing fees		14			11			9			2
Custodian fees		6			8			6			2
Other expenses		15			44			2			1
Total Expenses		2,201			1,583			297			78
Less:
Waiver of investment advisory fees		(539	)		(240	)		—			—
Waiver of administration fees		(31	)		(3	)		(102	)		(19	)
Net Expenses		1,631			1,340			195			59
Net Investment Income		2,823			3,566			2,734			773
Net Realized and Change in Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		12,362			1,896			—			—
Affiliated investments		—			—			2,924			269
Written and purchased options		—			255			—			—
Capital gain distributions received from affiliated investment		—			—			7,788			1,204
Futures contracts		640			(874	)		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		30,341			631			—			—
Affiliated investments		—			—			6,792			1,449
Written and purchased options		—			(19	)		—			—
Futures contracts		(98	)		627			—			—
Net Increase in Net Assets Resulting from Operations	$	46,068		$	6,082		$	20,238		$	3,695

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

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

38 New Covenant Funds / Semi-Annual Report / December 31, 2019

STATEMENTS OF CHANGES IN NET ASSETS ($ THOUSANDS)

For the period ended December 31, 2019 (Unaudited) and the year ended June 30, 2019

	Growth Fund						Income Fund
	07/01/19 to 12/31/19			07/01/18 to 06/30/19			07/01/19 to 12/31/19			07/01/18 to 06/30/19
Operations:
Net investment income	$	2,823		$	5,146		$	3,566		$	7,267
Net realized gain from investments, affiliated investments, written and purchased options and futures contracts		13,002			22,515			1,277			701
Net change in unrealized appreciation on investments, affiliated investments, written and purchased options and futures contracts		30,243			3,899			1,239			11,913
Net change in unrealized depreciation on foreign currency transactions and translation of other assets and liabilities denominated in foreign currency		—			(1	)		—			—
Net increase in net assets resulting from operations		46,068			31,559			6,082			19,881
Distributions:		(23,804	)		(31,095	)		(3,959	)		(7,780	)
Total distributions		(23,804	)		(31,095	)		(3,959	)		(7,780	)
Capital Share Transactions:
Proceeds from shares issued		10,876			41,305			17,870			40,669
Reinvestment of dividends & distributions		19,775			25,807			395			749
Cost of shares redeemed		(38,299	)		(47,292	)		(13,697	)		(41,976	)
Increase (decrease) in net assets derived from capital share transactions		(7,648	)		19,820			4,568			(558	)
Net increase in net assets		14,616			20,284			6,691			11,543
Net Assets:
Beginning of Period		448,958			428,674			330,498			318,955
End of Period	$	463,574		$	448,958		$	337,189		$	330,498
Share Transactions:
Shares issued		253			1,019			757			1,781
Shares issued in lieu of dividends and distributions		448			665			17			33
Shares redeemed		(870	)		(1,139	)		(579	)		(1,852	)
Increase (Decrease) in net assets derived from share transactions		(169	)		545			195			(38	)

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 39

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

For the period ended December 31, 2019 (Unaudited) and the year ended June 30, 2019

	Balanced Growth Fund						Balanced Income Fund
	07/01/19 to 12/31/19			07/01/18 to 06/30/19			07/01/19 to 12/31/19			07/01/18 to 06/30/19
Operations:
Net investment income	$	2,734		$	4,518		$	773		$	1,406
Net realized gain from affiliated investments		2,924			862			269			344
Capital gain distributions received from affiliated investments		7,788			10,539			1,204			1,618
Net change in unrealized appreciation on affiliated investments		6,792			4,138			1,449			1,640
Net increase in net assets resulting from operations		20,238			20,057			3,695			5,008
Distributions:		(15,195	)		(17,635	)		(2,834	)		(4,160	)
Total distributions		(15,195	)		(17,635	)		(2,834	)		(4,160	)
Capital Share Transactions:
Proceeds from shares issued		7,143			16,016			2,814			3,589
Reinvestment of dividends & distributions		13,944			16,007			2,343			3,509
Cost of shares redeemed		(20,002	)		(31,067	)		(6,331	)		(6,827	)
Increase (decrease) in net assets derived from capital share transactions		1,085			956			(1,174	)		271
Net increase (decrease) in net assets		6,128			3,378			(313	)		1,119
Net Assets:
Beginning of Period		293,822			290,444			78,448			77,329
End of Period	$	299,950		$	293,822		$	78,135		$	78,448
Share Transactions:
Shares issued		68			163			130			173
Shares issued in lieu of dividends and distributions		134			166			109			174
Shares redeemed		(190	)		(310	)		(294	)		(325	)
Increase (Decrease) in net assets derived from share transactions		12			19			(55	)		22

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

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

40 New Covenant Funds / Semi-Annual Report / December 31, 2019

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2019 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Growth Fund
	2019@		2019		2018		2017		2016		2015
Net Asset Value, Beginning of Period		$42.86		$43.17		$40.15		$34.23		$38.28		$43.70
Investment Activities:
Net investment income(1)		0.28		0.50		0.46		0.27		0.27		0.22
Net realized and unrealized gains(losses) on securities (1)		4.21		2.28		5.34		5.91		(1.67)		2.29
Total from investment activities		4.49		2.78		5.80		6.18		(1.40)		2.51
Dividends and Distributions from:
Net investment income		(0.38)		(0.50)		(0.39)		(0.26)		(0.21)		(0.22)
Net realized gains		(1.99)		(2.59)		(2.39)		–		(2.44)		(7.71)
Total dividends and distributions		(2.37)		(3.09)		(2.78)		(0.26)		(2.65)		(7.93)
Net Asset Value, End of Period		$44.98		$42.86		$43.17		$40.15		$34.23		$38.28
Total Return†		10.63%		7.21%		14.74%		18.12%		(3.68)%		6.41%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$463,574		$448,958		$428,674		$412,229		$394,943		$416,158
Ratio of net expenses to average net assets		0.72%		0.85%		0.87%		0.95%		1.02%		1.02%
Ratio of expenses to average net assets, excluding waivers		0.98%		1.12%		1.12%		1.13%		1.14%		1.12%
Ratio of net investment income to average net assets		1.25%		1.19%		1.08%		0.73%		0.76%		0.54%
Portfolio turnover rate		12%		47%		24%		50%		103%		107%

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

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

@ For the six month period ended December 31, 2019. All ratios for the period have been annualized.

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

The accompanying notes are an integral part of the financial statements

New Covenant Funds / Semi-Annual Report / December 31, 2019 41

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2019 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Income Fund
	2019 @		2019		2018		2017		2016		2015
Net Asset Value, Beginning of Period		$23.50		$22.62		$23.21		$23.58		$23.09		$23.13
Investment Activities:
Net investment income(1)		0.25		0.52		0.45		0.37		0.40		0.35
Net realized and unrealized gains(losses) on securities (1)		0.18		0.92		(0.57)		(0.31)		0.51		(0.01)
Total from investment activities		0.43		1.44		(0.12)		0.06		0.91		0.34
Dividends and Distributions from:
Net investment income		(0.28)		(0.56)		(0.47)		(0.43)		(0.42)		(0.38)
Total dividends and distributions		(0.28)		(0.56)		(0.47)		(0.43)		(0.42)		(0.38)
Net Asset Value, End of Period		$23.65		$23.50		$22.62		$23.21		$23.58		$23.09
Total Return†		1.84%		6.46%		(0.54)%		0.27%		4.00%		1.46%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$337,189		$330,498		$318,955		$305,157		$297,165		$304,295
Ratio of net expenses to average net assets		0.80%		0.80%		0.80%		0.80%		0.80%		0.80%
Ratio of expenses to average net assets, excluding waivers		0.95%		0.95%		0.95%		0.95%		0.98%		0.95%
Ratio of net investment income to average net assets		2.14%		2.29%		1.95%		1.58%		1.71%		1.50%
Portfolio turnover rate		72%		188%		210%		140%		202%		115%

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

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

@ For the six month period ended December 31, 2019. All ratios for the period have been annualized.

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

42 New Covenant Funds / Semi-Annual Report / December 31, 2019

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2019 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Balanced Growth Fund
	2019@		2019		2018		2017		2016		2015
Net Asset Value, Beginning of Period		$103.45		$102.94		$96.48		$90.32		$101.71		$101.92
Investment Activities:
Net investment income(1)		0.97		1.58		1.23		0.94		0.88		0.85
Net realized and unrealized gains(losses) on securities (1)		6.22		5.21		6.86		8.44		(1.63)		3.71
Total from investment activities		7.19		6.79		8.09		9.38		(0.75)		4.56
Dividends and Distributions from:
Net investment income		(1.29)		(1.83)		(0.90)		(0.94)		(1.72)		(2.86)
Net realized gains		(4.17)		(4.45)		(0.73)		(2.28)		(8.92)		(1.91)
Total dividends and distributions		(5.46)		(6.28)		(1.63)		(3.22)		(10.64)		(4.77)
Net Asset Value, End of Period		$105.18		$103.45		$102.94		$96.48		$90.32		$101.71
Total Return†		7.05%		7.12%		8.45%		10.59%		(0.50)%		4.54%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$299,950		$293,822		$290,444		$285,970		$284,430		$297,560
Ratio of net expenses to average net assets		0.13%		0.13%		0.13%		0.14%		0.14%		0.14%
Ratio of expenses to average net assets, excluding waivers		0.20%		0.21%		0.21%		0.23%		0.27%		0.26%
Ratio of net investment income to average net assets		1.84%		1.56%		1.22%		1.01%		0.94%		0.83%
Portfolio turnover rate		6%		16%		11%		4%		14%		13%

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

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

@ For the six month period ended December 31, 2019. All ratios for the period have been annualized.

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 43

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2019 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Balanced Income Fund
	2019@		2019		2018		2017		2016		2015
Net Asset Value, Beginning of Period		$21.41		$21.23		$20.74		$20.06		$21.20		$21.55
Investment Activities:
Net investment income(1)		0.22		0.39		0.31		0.25		0.24		0.22
Net realized and unrealized gains(losses) on securities (1)		0.81		0.96		0.63		0.95		0.02		0.46
Total from investment activities		1.03		1.35		0.94		1.20		0.26		0.68
Dividends and Distributions from:
Net investment income		(0.30)		(0.42)		(0.29)		(0.25)		(0.31)		(0.47)
Net realized gains		(0.49)		(0.75)		(0.16)		(0.27)		(1.09)		(0.56)
Total dividends and distributions		(0.79)		(1.17)		(0.45)		(0.52)		(1.40)		(1.03)
Net Asset Value, End of Period		$21.65		$21.41		$21.23		$20.74		$20.06		$21.20
Total Return†		4.88%		6.76%		4.57%		6.11%		1.41%		3.22%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$78,135		$78,448		$77,329		$79,100		$77,945		$80,203
Ratio of net expenses to average net assets		0.15%		0.15%		0.15%		0.19%		0.20%		0.20%
Ratio of expenses to average net assets, excluding waivers		0.20%		0.20%		0.21%		0.23%		0.27%		0.25%
Ratio of net investment income to average net assets		1.98%		1.86%		1.48%		1.25%		1.19%		1.04%
Portfolio turnover rate		7%		11%		10%		5%		17%		15%

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

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

@ For the six month period ended December 31, 2019. All ratios for the period have been annualized.

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

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

44 New Covenant Funds / Semi-Annual Report / December 31, 2019

NOTES TO FINANCIAL STATEMENTS (Unaudited)

December 31, 2019

1. ORGANIZATION

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

The objectives of the Funds are as follows:

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation — 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.

New Covenant Funds / Semi-Annual Report / December 31, 2019 45

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2019

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 1 — quoted prices in active markets for identical investments

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

46 New Covenant Funds / Semi-Annual Report / December 31, 2019

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

The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended December 31, 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.

New Covenant Funds / Semi-Annual Report / December 31, 2019 47

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2019

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

48 New Covenant Funds / Semi-Annual Report / December 31, 2019

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 December 31, 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.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

Investment Advisory Agreement — The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (“Agreement”) with 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 0.47% for the Growth Fund and 0.42% for the Income Fund. The Adviser does not receive an advisory fee for the Balanced Growth Fund and Balanced Income Fund. The Adviser has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Growth and Income Funds, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser. Accordingly, effective April 1, 2017, the

New Covenant Funds / Semi-Annual Report / December 31, 2019 49

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2019

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,

50 New Covenant Funds / Semi-Annual Report / December 31, 2019

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

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (‘‘Repo Rate’’), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (‘‘Bank Loan Rate’’). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the period ended December 31, 2019, the Trust did not participate in interfund lending.

4. DERIVATIVE TRANSACTIONS

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

To reduce counterparty risk with respect to Over The Counter (“OTC”) transactions, the Funds have entered into master netting arrangements, established within the Funds’ ISDA master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net 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 December 31, 2019 ($ Thousands):

	Financial Derivative Asset	Financial Derivative Liability
	Variation Margin Asset	Variation Margin Liability
Fund	Futures	Futures
Growth Fund	$19	$ -
Income Fund	$49	$ 54

Cash with a total market value of $324 and 215 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of December 31, 2019.

New Covenant Funds / Semi-Annual Report / December 31, 2019 51

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2019

The following table discloses the volume of the Fund’s futures contracts activity during the period ended December 31, 2019 ($ Thousands):

	Growth Fund		Income Fund
Futures Contracts:
Equity Contracts
Average Notional Balance Long		$  7,456		$  79,445
Average Notional Balance Short		–		54,248
Ending Notional Balance Long		–		–
Ending Notional Balance Short		–		–
Options:
Equity Contracts
Average Notional Balance Long		$       –		$ 34
Average Notional Balance Short		–		60
Ending Notional Balance Long		–		–
Ending Notional Balance Short		–		–

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, excluding U.S. government and other short-term investments, for the period ended December 31, 2019, were as follows:

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		$ 54,597		$ 81,587		$      —		$      —
Income Fund		17,579		30,151		223,271		209,926
Balanced Growth Fund		18,810		23,705		—		—
Balanced Income Fund		5,027		6,740		—		—

6. FEDERAL TAX INFORMATION

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

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

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

		Ordinary Income ($ Thousands)		Long Term Capital Gains ($ Thousands)		Total 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

52 New Covenant Funds / Semi-Annual Report / December 31, 2019

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

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post- October Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)		Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($  Thousands)
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

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:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total* ($ Thousands)
Income Fund		$  —		$  1,950		$  1,950

*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 December 31, 2019 was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund	$	323,468	$	145,913	$	(7,841	)	$	138,072
Income Fund		336,579		8,214		(614	)		7,600
Balanced Growth Fund		222,311		77,437		—			77,437
Balanced Income Fund		63,107		15,201		—			15,201

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.

7. CONCENTRATIONS/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future

New Covenant Funds / Semi-Annual Report / December 31, 2019 53

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2019

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.

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

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

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

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

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory 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

54 New Covenant Funds / Semi-Annual Report / December 31, 2019

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. 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

New Covenant Funds / Semi-Annual Report / December 31, 2019 55

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

December 31, 2019

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

8. CONCENTRATION OF SHAREHOLDERS

On December 31, 2019, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with the Funds.

	# of Shareholders	% of Outstanding Shares
Growth Fund	3	77.02%
Income Fund	3	83.29%
Balanced Growth Fund	1	1.38%
Balanced Income Fund	1	0.23%

9. REGULATORY MATTERS

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.

10. ACCOUNTING PRONOUNCEMENT

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. Management elected to early adopt the removal and modifications of certain disclosures and delay the adoption of additional disclosures until the effective date.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of December 31, 2019.

56 New Covenant Funds / Semi-Annual Report / December 31, 2019

DISCLOSURE OF FUND EXPENSES (UNAUDITED)

December 31, 2019

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (July 1, 2019 to December 31, 2019).

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

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

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

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

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

	Beginning Account Value 7/1/2019		Ending Account Value 12/31/19		Annualized Expense Ratios			Expenses Paid During Period*
Growth Fund
Actual Fund Return		$1,000.00		$1,106.30		0.72	%		$3.81
Hypothetical 5% Return		$1,000.00		$1,021.52		0.72	%		$3.66
Income Fund
Actual Fund Return		$1,000.00		$1,018.40		0.80	%		$4.06
Hypothetical 5% Return		$1,000.00		$1,021.11		0.80	%		$4.06
Balanced Growth Fund
Actual Fund Return		$1,000.00		$1,070.50		0.13	%		$0.68
Hypothetical 5% Return		$1,000.00		$1,024.48		0.13	%		$0.66
Balanced Income Fund
Actual Fund Return		$1,000.00		$1,048.80		0.15	%		$0.77
Hypothetical 5% Return		$1,000.00		$1,024.38		0.15	%		$0.76

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

^†  Excludes expenses of the underlying affiliated investment companies.

New Covenant Funds / Semi-Annual Report / December 31, 2019 57

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

New Covenant Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements”) and 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 a Fund’s Sub-Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Sub-Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Sub-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 a sub-advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Sub-Advisory Agreements between SIMC and the Sub-Advisers with respect to the Funds. 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 Sub-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 Sub-Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

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

At the September 9-11, 2019 and December 3-4, 2019 meetings of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of certain Sub-Advisory Agreements. In each case, the Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Sub-Advisory Agreements.

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

58 New Covenant Funds / Semi-Annual Report / December 31, 2019

the nature, extent and quality of services provided by the Sub-Advisers to the Funds and the resources of the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the renewal of the Sub-Advisory Agreements.

Performance. In determining whether to renew the Sub-Advisory Agreements, 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. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Sub-Adviser was sufficient to support renewal of the Sub-Advisory Agreement.

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

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

Economies of Scale. The Trustees considered whether any economies of scale were being realized by the Sub-Advisers and their 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. 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 and the Sub-Advisers with respect to economies of scale.

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

New Covenant Funds / Semi-Annual Report / December 31, 2019 59

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NEW COVENANT FUNDS SEMI-ANNUAL REPORT DECEMBER 31, 2019

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

Christine Reynolds

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

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

NCF-F-004 (12/19)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 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 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act 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 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

	New Covenant Funds
By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO

Date: March 6, 2020

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

By	/s/ Robert A. Nesher
	Robert A. Nesher
	President & CEO

Date: March 6, 2020

By	/s/ James J. Hoffmayer
	James J. Hoffmayer
	Controller & CFO

Date: March 6, 2020