New Covenant Funds
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-09025
New Covenant Funds
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
Timothy D. Barto,
Esq.
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
Registrant’s telephone number, including area code:
610-676-1000
Date of fiscal year end:
June 30, 2021
Date of reporting period: December 31, 2020
| Item 1. |
Reports to Stockholders. |
December 31, 2020
SEMI-ANNUAL REPORT
New Covenant Funds
New Covenant Growth Fund
New Covenant Income Fund
New Covenant Balanced Growth Fund
New Covenant Balanced Income Fund
Paper copies of the
Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified
by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.
You may elect to receive all future
reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the
Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-877-835-4531. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial
intermediary.
TABLE OF CONTENTS
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, 2020
New Covenant Growth
Fund
Sector Weightings†:
†Percentages are based
on total investments.
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK — 96.3% |
|
|
| United States — 96.3% |
|
|
|
|
| Communication Services — 8.5% |
|
|
|
|
|
|
|
|
| Activision Blizzard Inc |
|
|
8,807 |
|
|
$ |
818 |
|
| Alphabet Inc, Cl A * |
|
|
4,202 |
|
|
|
7,365 |
|
| Alphabet Inc, Cl C * |
|
|
4,147 |
|
|
|
7,265 |
|
| AT&T Inc |
|
|
124,429 |
|
|
|
3,579 |
|
| Bandwidth Inc, Cl A * |
|
|
74 |
|
|
|
11 |
|
| Cardlytics Inc * |
|
|
143 |
|
|
|
20 |
|
| Cars.com Inc * |
|
|
4,178 |
|
|
|
47 |
|
| CenturyLink Inc |
|
|
872 |
|
|
|
8 |
|
| Charter Communications Inc, Cl A * |
|
|
1,676 |
|
|
|
1,109 |
|
| Cinemark Holdings Inc |
|
|
2,104 |
|
|
|
37 |
|
| Cogent Communications Holdings Inc |
|
|
148 |
|
|
|
9 |
|
| Comcast Corp, Cl A |
|
|
57,606 |
|
|
|
3,019 |
|
| Electronic Arts Inc |
|
|
2,676 |
|
|
|
384 |
|
| Emerald Holding Inc |
|
|
4,781 |
|
|
|
26 |
|
| Eventbrite Inc, Cl A * |
|
|
2,537 |
|
|
|
46 |
|
| EverQuote Inc, Cl A * |
|
|
1,468 |
|
|
|
55 |
|
| EW Scripps Co/The, Cl A |
|
|
3,299 |
|
|
|
50 |
|
| Facebook Inc, Cl A * |
|
|
32,037 |
|
|
|
8,751 |
|
| Fox Corp, Cl A |
|
|
1,372 |
|
|
|
40 |
|
| IAC/InterActiveCorp * |
|
|
376 |
|
|
|
71 |
|
| IMAX Corp * |
|
|
2,244 |
|
|
|
40 |
|
| Interpublic Group of Cos Inc/The |
|
|
8,487 |
|
|
|
200 |
|
| Iridium Communications Inc * |
|
|
366 |
|
|
|
14 |
|
| John Wiley & Sons Inc, Cl A |
|
|
236 |
|
|
|
11 |
|
| Liberty Broadband Corp, Cl A * |
|
|
81 |
|
|
|
13 |
|
| Liberty Broadband Corp, Cl C * |
|
|
843 |
|
|
|
133 |
|
| Liberty Media Corp-Liberty Formula One, Cl C * |
|
|
1,355 |
|
|
|
58 |
|
| Live Nation Entertainment Inc * |
|
|
181 |
|
|
|
13 |
|
| Madison Square Garden Entertainment Corp * |
|
|
39 |
|
|
|
4 |
|
| Match Group Inc * |
|
|
1,537 |
|
|
|
232 |
|
| Meredith Corp |
|
|
1,401 |
|
|
|
27 |
|
| MSG Networks Inc * |
|
|
2,988 |
|
|
|
44 |
|
| New York Times Co/The, Cl A |
|
|
439 |
|
|
|
23 |
|
| Nexstar Media Group Inc, Cl A |
|
|
455 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK (continued) |
|
| Omnicom Group Inc |
|
|
10,137 |
|
|
$ |
632 |
|
| Pinterest, Cl A * |
|
|
2,610 |
|
|
|
172 |
|
| Scholastic Corp |
|
|
1,266 |
|
|
|
32 |
|
| Shenandoah Telecommunications Co |
|
|
222 |
|
|
|
10 |
|
| Sirius XM Holdings Inc |
|
|
7,153 |
|
|
|
46 |
|
| Spotify Technology SA * |
|
|
1,265 |
|
|
|
398 |
|
| Take-Two Interactive Software Inc * |
|
|
830 |
|
|
|
172 |
|
| TechTarget Inc * |
|
|
1,986 |
|
|
|
117 |
|
| TEGNA Inc |
|
|
3,052 |
|
|
|
43 |
|
| T-Mobile US Inc * |
|
|
5,590 |
|
|
|
754 |
|
| Twitter Inc * |
|
|
7,369 |
|
|
|
399 |
|
| Verizon Communications Inc |
|
|
57,853 |
|
|
|
3,399 |
|
| ViacomCBS Inc, Cl B |
|
|
1,000 |
|
|
|
37 |
|
| Walt Disney Co/The |
|
|
23,176 |
|
|
|
4,199 |
|
| World Wrestling Entertainment Inc, Cl A |
|
|
780 |
|
|
|
37 |
|
| Zillow Group Inc, Cl C * |
|
|
1,112 |
|
|
|
144 |
|
| Zynga Inc, Cl A * |
|
|
14,448 |
|
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Discretionary — 12.7% |
|
|
|
|
|
|
|
|
| 1-800-Flowers.com Inc, Cl A * |
|
|
3,668 |
|
|
|
95 |
|
| Aaron’s Co Inc * |
|
|
416 |
|
|
|
8 |
|
| Abercrombie & Fitch Co, Cl A |
|
|
2,970 |
|
|
|
60 |
|
| Adtalem Global Education Inc * |
|
|
1,460 |
|
|
|
50 |
|
| Advance Auto Parts Inc |
|
|
317 |
|
|
|
50 |
|
| Amazon.com Inc * |
|
|
5,729 |
|
|
|
18,659 |
|
| American Eagle Outfitters Inc |
|
|
3,416 |
|
|
|
69 |
|
| American Public Education Inc * |
|
|
1,831 |
|
|
|
56 |
|
| Aramark |
|
|
260 |
|
|
|
10 |
|
| Asbury Automotive Group Inc * |
|
|
425 |
|
|
|
62 |
|
| At Home Group Inc * |
|
|
6,757 |
|
|
|
104 |
|
| AutoNation Inc * |
|
|
970 |
|
|
|
68 |
|
| AutoZone Inc * |
|
|
235 |
|
|
|
279 |
|
| Bed Bath & Beyond Inc |
|
|
2,963 |
|
|
|
53 |
|
| Best Buy Co Inc |
|
|
14,318 |
|
|
|
1,429 |
|
| Big Lots Inc |
|
|
1,758 |
|
|
|
75 |
|
| Bloomin’ Brands Inc |
|
|
2,259 |
|
|
|
44 |
|
| Booking Holdings Inc * |
|
|
563 |
|
|
|
1,254 |
|
| Boot Barn Holdings Inc * |
|
|
1,181 |
|
|
|
51 |
|
| BorgWarner Inc |
|
|
2,278 |
|
|
|
88 |
|
| Bright Horizons Family Solutions Inc * |
|
|
76 |
|
|
|
13 |
|
| Brinker International Inc |
|
|
1,180 |
|
|
|
67 |
|
| Brunswick Corp/DE |
|
|
839 |
|
|
|
64 |
|
| Buckle Inc/The |
|
|
1,885 |
|
|
|
55 |
|
| Burlington Stores Inc * |
|
|
482 |
|
|
|
126 |
|
| Cable One Inc |
|
|
79 |
|
|
|
176 |
|
| Callaway Golf Co |
|
|
2,383 |
|
|
|
57 |
|
| Capri Holdings Ltd * |
|
|
1,319 |
|
|
|
55 |
|
| CarMax Inc * |
|
|
1,086 |
|
|
|
103 |
|
| Carnival Corp |
|
|
15,800 |
|
|
|
342 |
|
| Carter’s Inc |
|
|
471 |
|
|
|
44 |
|
| Carvana Co, Cl A * |
|
|
309 |
|
|
|
74 |
|
| Cavco Industries Inc * |
|
|
255 |
|
|
|
45 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
1 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK (continued) |
|
| Cheesecake Factory Inc/The |
|
|
1,236 |
|
|
$ |
46 |
|
| Chegg Inc * |
|
|
176 |
|
|
|
16 |
|
| Children’s Place Inc/The |
|
|
812 |
|
|
|
41 |
|
| Chipotle Mexican Grill Inc, Cl A * |
|
|
232 |
|
|
|
322 |
|
| Choice Hotels International Inc |
|
|
113 |
|
|
|
12 |
|
| Columbia Sportswear Co |
|
|
891 |
|
|
|
78 |
|
| Cooper Tire & Rubber Co |
|
|
1,668 |
|
|
|
68 |
|
| Cracker Barrel Old Country Store Inc |
|
|
323 |
|
|
|
43 |
|
| Dana Inc |
|
|
2,660 |
|
|
|
52 |
|
| Darden Restaurants Inc |
|
|
705 |
|
|
|
84 |
|
| Dave & Buster’s Entertainment Inc |
|
|
1,283 |
|
|
|
38 |
|
| Deckers Outdoor Corp * |
|
|
306 |
|
|
|
88 |
|
| Denny’s Corp * |
|
|
2,500 |
|
|
|
37 |
|
| Designer Brands Inc, Cl A |
|
|
3,316 |
|
|
|
25 |
|
| Dick’s Sporting Goods Inc |
|
|
1,054 |
|
|
|
59 |
|
| Dillard’s Inc, Cl A |
|
|
726 |
|
|
|
46 |
|
| Discovery Inc, Cl C * |
|
|
354 |
|
|
|
9 |
|
| Dollar General Corp |
|
|
2,608 |
|
|
|
548 |
|
| Dollar Tree Inc * |
|
|
1,320 |
|
|
|
143 |
|
| Domino’s Pizza Inc |
|
|
309 |
|
|
|
118 |
|
| Dorman Products Inc * |
|
|
128 |
|
|
|
11 |
|
| DR Horton Inc |
|
|
1,973 |
|
|
|
136 |
|
| eBay Inc |
|
|
24,197 |
|
|
|
1,216 |
|
| Etsy Inc * |
|
|
1,162 |
|
|
|
207 |
|
| Expedia Group Inc |
|
|
103 |
|
|
|
14 |
|
| Five Below Inc * |
|
|
410 |
|
|
|
72 |
|
| Floor & Decor Holdings Inc, Cl A * |
|
|
232 |
|
|
|
21 |
|
| Foot Locker Inc |
|
|
1,308 |
|
|
|
53 |
|
| Ford Motor Co |
|
|
28,288 |
|
|
|
249 |
|
| Fox Factory Holding Corp * |
|
|
749 |
|
|
|
79 |
|
| frontdoor Inc * |
|
|
251 |
|
|
|
13 |
|
| Gap Inc/The |
|
|
11,382 |
|
|
|
230 |
|
| General Motors Co |
|
|
11,957 |
|
|
|
498 |
|
| Gentex Corp |
|
|
440 |
|
|
|
15 |
|
| Gentherm Inc * |
|
|
1,113 |
|
|
|
73 |
|
| Genuine Parts Co |
|
|
109 |
|
|
|
11 |
|
| Goodyear Tire & Rubber Co/The |
|
|
690 |
|
|
|
7 |
|
| Graham Holdings Co, Cl B |
|
|
78 |
|
|
|
42 |
|
| Grand Canyon Education Inc * |
|
|
121 |
|
|
|
11 |
|
| Group 1 Automotive Inc |
|
|
479 |
|
|
|
63 |
|
| Grubhub Inc * |
|
|
1,289 |
|
|
|
96 |
|
| Guess? Inc |
|
|
2,341 |
|
|
|
53 |
|
| H&R Block Inc |
|
|
3,157 |
|
|
|
50 |
|
| Hanesbrands Inc |
|
|
13,319 |
|
|
|
194 |
|
| Harley-Davidson Inc |
|
|
306 |
|
|
|
11 |
|
| Hasbro Inc |
|
|
2,632 |
|
|
|
246 |
|
| Helen of Troy Ltd * |
|
|
57 |
|
|
|
13 |
|
| Hilton Grand Vacations Inc * |
|
|
3,016 |
|
|
|
95 |
|
| Hilton Worldwide Holdings Inc |
|
|
4,365 |
|
|
|
486 |
|
| Home Depot Inc/The |
|
|
14,251 |
|
|
|
3,785 |
|
| Hyatt Hotels Corp, Cl A |
|
|
135 |
|
|
|
10 |
|
| Installed Building Products Inc * |
|
|
694 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK (continued) |
|
| iRobot Corp * |
|
|
1,013 |
|
|
$ |
81 |
|
| Jack in the Box Inc |
|
|
658 |
|
|
|
61 |
|
| Johnson Outdoors Inc, Cl A |
|
|
659 |
|
|
|
74 |
|
| KB Home |
|
|
4,733 |
|
|
|
159 |
|
| Kohl’s Corp |
|
|
1,859 |
|
|
|
76 |
|
| Kontoor Brands Inc |
|
|
1,282 |
|
|
|
52 |
|
| L Brands Inc |
|
|
638 |
|
|
|
24 |
|
| La-Z-Boy Inc, Cl Z |
|
|
1,597 |
|
|
|
64 |
|
| LCI Industries |
|
|
483 |
|
|
|
63 |
|
| Lear Corp |
|
|
6,486 |
|
|
|
1,031 |
|
| Leggett & Platt Inc |
|
|
222 |
|
|
|
10 |
|
| Lennar Corp, Cl A |
|
|
651 |
|
|
|
50 |
|
| Lennar Corp, Cl B |
|
|
728 |
|
|
|
45 |
|
| LGI Homes Inc * |
|
|
127 |
|
|
|
13 |
|
| Liberty Media Corp-Liberty SiriusXM, Cl C * |
|
|
234 |
|
|
|
10 |
|
| LKQ Corp * |
|
|
317 |
|
|
|
11 |
|
| Lowe’s Cos Inc |
|
|
15,716 |
|
|
|
2,523 |
|
| M/I Homes Inc * |
|
|
1,195 |
|
|
|
53 |
|
| Macy’s Inc |
|
|
4,042 |
|
|
|
45 |
|
| Madison Square Garden Sports Corp * |
|
|
39 |
|
|
|
7 |
|
| Magnite Inc * |
|
|
1,140 |
|
|
|
35 |
|
| Malibu Boats Inc, Cl A * |
|
|
202 |
|
|
|
13 |
|
| Marriott International Inc/MD, Cl A |
|
|
3,599 |
|
|
|
475 |
|
| Marriott Vacations Worldwide Corp |
|
|
394 |
|
|
|
54 |
|
| Mattel Inc * |
|
|
14,805 |
|
|
|
258 |
|
| McDonald’s Corp |
|
|
11,361 |
|
|
|
2,438 |
|
| Meritage Homes Corp * |
|
|
794 |
|
|
|
66 |
|
| Michaels Cos Inc/The * |
|
|
7,530 |
|
|
|
98 |
|
| Mohawk Industries Inc * |
|
|
127 |
|
|
|
18 |
|
| Monro Inc |
|
|
626 |
|
|
|
33 |
|
| Murphy USA Inc |
|
|
422 |
|
|
|
55 |
|
| National Vision Holdings Inc * |
|
|
447 |
|
|
|
20 |
|
| Netflix Inc * |
|
|
5,354 |
|
|
|
2,895 |
|
| Newell Brands Inc |
|
|
605 |
|
|
|
13 |
|
| News Corp, Cl A |
|
|
829 |
|
|
|
15 |
|
| NIKE Inc, Cl B |
|
|
17,693 |
|
|
|
2,503 |
|
| Nordstrom Inc |
|
|
3,866 |
|
|
|
121 |
|
| Norwegian Cruise Line Holdings Ltd * |
|
|
14,956 |
|
|
|
380 |
|
| NVR Inc * |
|
|
13 |
|
|
|
53 |
|
| Office Depot Inc |
|
|
1,901 |
|
|
|
56 |
|
| Ollie’s Bargain Outlet Holdings Inc * |
|
|
746 |
|
|
|
61 |
|
| OneSpaWorld Holdings Ltd |
|
|
3,063 |
|
|
|
31 |
|
| O’Reilly Automotive Inc * |
|
|
677 |
|
|
|
306 |
|
| Oxford Industries Inc |
|
|
665 |
|
|
|
44 |
|
| Papa John’s International Inc |
|
|
806 |
|
|
|
68 |
|
| Peloton Interactive Inc, Cl A * |
|
|
3,058 |
|
|
|
464 |
|
| Penske Automotive Group Inc |
|
|
957 |
|
|
|
57 |
|
| PetMed Express Inc |
|
|
366 |
|
|
|
12 |
|
| Planet Fitness Inc, Cl A * |
|
|
3,228 |
|
|
|
251 |
|
| Polaris Inc |
|
|
966 |
|
|
|
92 |
|
| PulteGroup Inc |
|
|
5,125 |
|
|
|
221 |
|
| PVH Corp |
|
|
108 |
|
|
|
10 |
|
|
|
|
| 2 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Qurate Retail Inc |
|
|
1,412 |
|
|
$ |
15 |
|
| Ralph Lauren Corp, Cl A |
|
|
690 |
|
|
|
72 |
|
| RealReal Inc/The * |
|
|
2,868 |
|
|
|
56 |
|
| Rent-A-Center Inc/TX, Cl A |
|
|
1,764 |
|
|
|
68 |
|
| RH * |
|
|
224 |
|
|
|
100 |
|
| Roku Inc, Cl A * |
|
|
1,227 |
|
|
|
407 |
|
| Ross Stores Inc |
|
|
3,209 |
|
|
|
394 |
|
| Royal Caribbean Cruises Ltd |
|
|
8,804 |
|
|
|
658 |
|
| Sally Beauty Holdings Inc * |
|
|
2,794 |
|
|
|
36 |
|
| SeaWorld Entertainment Inc * |
|
|
1,594 |
|
|
|
50 |
|
| Service Corp International/US |
|
|
250 |
|
|
|
12 |
|
| Shake Shack Inc, Cl A * |
|
|
157 |
|
|
|
13 |
|
| Shutterstock Inc |
|
|
205 |
|
|
|
15 |
|
| Signet Jewelers Ltd |
|
|
2,402 |
|
|
|
65 |
|
| Six Flags Entertainment Corp |
|
|
248 |
|
|
|
8 |
|
| Sleep Number Corp * |
|
|
1,033 |
|
|
|
85 |
|
| Stamps.com Inc * |
|
|
630 |
|
|
|
124 |
|
| Standard Motor Products Inc |
|
|
943 |
|
|
|
38 |
|
| Starbucks Corp |
|
|
16,902 |
|
|
|
1,808 |
|
| Steven Madden Ltd |
|
|
1,178 |
|
|
|
42 |
|
| Stitch Fix Inc, Cl A * |
|
|
1,950 |
|
|
|
114 |
|
| Strategic Education Inc |
|
|
331 |
|
|
|
32 |
|
| Stride Inc * |
|
|
348 |
|
|
|
7 |
|
| Tapestry Inc |
|
|
2,803 |
|
|
|
87 |
|
| Target Corp |
|
|
6,577 |
|
|
|
1,161 |
|
| Taylor Morrison Home Corp, Cl A * |
|
|
12,743 |
|
|
|
327 |
|
| Tempur Sealy International Inc * |
|
|
2,272 |
|
|
|
61 |
|
| Tenneco Inc, Cl A * |
|
|
3,599 |
|
|
|
38 |
|
| Terminix Global Holdings Inc * |
|
|
303 |
|
|
|
15 |
|
| Tesla Inc * |
|
|
9,924 |
|
|
|
7,003 |
|
| Texas Roadhouse Inc, Cl A |
|
|
889 |
|
|
|
69 |
|
| Thor Industries Inc |
|
|
106 |
|
|
|
10 |
|
| Tiffany & Co |
|
|
101 |
|
|
|
13 |
|
| TJX Cos Inc/The |
|
|
14,736 |
|
|
|
1,006 |
|
| Toll Brothers Inc |
|
|
2,246 |
|
|
|
98 |
|
| TopBuild Corp * |
|
|
476 |
|
|
|
88 |
|
| Tractor Supply Co |
|
|
2,377 |
|
|
|
334 |
|
| TRI Pointe Group Inc * |
|
|
3,236 |
|
|
|
56 |
|
| TripAdvisor Inc * |
|
|
1,712 |
|
|
|
49 |
|
| Ulta Beauty Inc * |
|
|
279 |
|
|
|
80 |
|
| Under Armour Inc, Cl C * |
|
|
556 |
|
|
|
8 |
|
| Urban Outfitters Inc * |
|
|
417 |
|
|
|
11 |
|
| Vail Resorts Inc |
|
|
46 |
|
|
|
13 |
|
| VF Corp |
|
|
4,023 |
|
|
|
344 |
|
| Visteon Corp * |
|
|
551 |
|
|
|
69 |
|
| Wayfair Inc, Cl A * |
|
|
506 |
|
|
|
114 |
|
| Wendy’s Co/The |
|
|
11,419 |
|
|
|
250 |
|
| Whirlpool Corp |
|
|
638 |
|
|
|
115 |
|
| Williams-Sonoma Inc |
|
|
160 |
|
|
|
16 |
|
| Wingstop Inc |
|
|
582 |
|
|
|
77 |
|
| Winnebago Industries Inc |
|
|
191 |
|
|
|
11 |
|
| Wolverine World Wide Inc |
|
|
1,511 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Workhorse Group Inc * |
|
|
1,652 |
|
|
$ |
33 |
|
| WW International Inc * |
|
|
1,262 |
|
|
|
31 |
|
| Wyndham Destinations Inc |
|
|
4,669 |
|
|
|
209 |
|
| Wyndham Hotels & Resorts Inc |
|
|
189 |
|
|
|
11 |
|
| Yum China Holdings Inc |
|
|
1,913 |
|
|
|
109 |
|
| Yum! Brands Inc |
|
|
8,356 |
|
|
|
907 |
|
| Zumiez Inc * |
|
|
1,593 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Staples — 5.6% |
|
|
|
|
|
|
|
|
| Andersons Inc/The |
|
|
1,960 |
|
|
|
48 |
|
| Archer-Daniels-Midland Co |
|
|
4,581 |
|
|
|
231 |
|
| B&G Foods Inc |
|
|
862 |
|
|
|
24 |
|
| Beyond Meat Inc * |
|
|
535 |
|
|
|
67 |
|
| BJ’s Wholesale Club Holdings Inc * |
|
|
2,099 |
|
|
|
78 |
|
| Bunge Ltd |
|
|
1,596 |
|
|
|
105 |
|
| Calavo Growers Inc |
|
|
571 |
|
|
|
40 |
|
| Campbell Soup Co |
|
|
10,354 |
|
|
|
500 |
|
| Casey’s General Stores Inc |
|
|
319 |
|
|
|
57 |
|
| Celsius Holdings * |
|
|
3,536 |
|
|
|
178 |
|
| Chefs’ Warehouse Inc/The * |
|
|
1,366 |
|
|
|
35 |
|
| Church & Dwight Co Inc |
|
|
1,025 |
|
|
|
89 |
|
| Clorox Co/The |
|
|
2,716 |
|
|
|
548 |
|
| Coca-Cola Co/The |
|
|
48,059 |
|
|
|
2,636 |
|
| Colgate-Palmolive Co |
|
|
14,526 |
|
|
|
1,242 |
|
| Conagra Brands Inc |
|
|
14,479 |
|
|
|
525 |
|
| Costco Wholesale Corp |
|
|
5,520 |
|
|
|
2,080 |
|
| Coty Inc, Cl A |
|
|
1,026 |
|
|
|
7 |
|
| Edgewell Personal Care Co |
|
|
1,589 |
|
|
|
55 |
|
| Energizer Holdings Inc |
|
|
231 |
|
|
|
10 |
|
| Estee Lauder Cos Inc/The, Cl A |
|
|
2,390 |
|
|
|
636 |
|
| Flowers Foods Inc |
|
|
9,872 |
|
|
|
223 |
|
| Fresh Del Monte Produce Inc |
|
|
1,442 |
|
|
|
35 |
|
| General Mills Inc |
|
|
13,887 |
|
|
|
816 |
|
| Grocery Outlet Holding Corp * |
|
|
263 |
|
|
|
10 |
|
| Hain Celestial Group Inc/The * |
|
|
461 |
|
|
|
18 |
|
| Hershey Co/The |
|
|
2,295 |
|
|
|
350 |
|
| HF Foods Group Inc * |
|
|
2,213 |
|
|
|
17 |
|
| Hormel Foods Corp |
|
|
4,797 |
|
|
|
224 |
|
| Ingredion Inc |
|
|
1,110 |
|
|
|
87 |
|
| J M Smucker Co/The |
|
|
6,494 |
|
|
|
751 |
|
| Kellogg Co |
|
|
6,713 |
|
|
|
418 |
|
| Keurig Dr Pepper Inc |
|
|
16,196 |
|
|
|
518 |
|
| Kimberly-Clark Corp |
|
|
6,484 |
|
|
|
874 |
|
| Kraft Heinz Co/The |
|
|
2,811 |
|
|
|
97 |
|
| Kroger Co/The |
|
|
23,786 |
|
|
|
755 |
|
| Lamb Weston Holdings Inc |
|
|
594 |
|
|
|
47 |
|
| Lancaster Colony Corp |
|
|
319 |
|
|
|
59 |
|
| McCormick & Co Inc/MD |
|
|
5,832 |
|
|
|
558 |
|
| Medifast Inc |
|
|
71 |
|
|
|
14 |
|
| Mondelez International Inc, Cl A |
|
|
17,402 |
|
|
|
1,017 |
|
| Monster Beverage Corp * |
|
|
2,682 |
|
|
|
248 |
|
| National Beverage Corp |
|
|
172 |
|
|
|
15 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
3 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK (continued) |
|
| PepsiCo Inc |
|
|
28,432 |
|
|
$ |
4,216 |
|
| Performance Food Group Co * |
|
|
1,023 |
|
|
|
49 |
|
| Pilgrim’s Pride Corp * |
|
|
355 |
|
|
|
7 |
|
| Post Holdings Inc * |
|
|
108 |
|
|
|
11 |
|
| PriceSmart Inc |
|
|
690 |
|
|
|
63 |
|
| Procter & Gamble Co/The |
|
|
31,672 |
|
|
|
4,407 |
|
| Sanderson Farms Inc |
|
|
297 |
|
|
|
39 |
|
| SpartanNash Co |
|
|
1,252 |
|
|
|
22 |
|
| Spectrum Brands Holdings Inc |
|
|
183 |
|
|
|
14 |
|
| Sprouts Farmers Market Inc * |
|
|
4,114 |
|
|
|
83 |
|
| Sysco Corp |
|
|
18,307 |
|
|
|
1,359 |
|
| TreeHouse Foods Inc * |
|
|
237 |
|
|
|
10 |
|
| Tyson Foods Inc, Cl A |
|
|
1,004 |
|
|
|
65 |
|
| US Foods Holding Corp * |
|
|
2,211 |
|
|
|
74 |
|
| Walgreens Boots Alliance Inc |
|
|
8,946 |
|
|
|
357 |
|
| Walmart Inc |
|
|
17,426 |
|
|
|
2,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,630 |
|
|
|
|
|
|
|
|
|
|
|
| Energy — 2.0% |
|
| Antero Midstream Corp |
|
|
7,912 |
|
|
|
61 |
|
| Apache Corp |
|
|
7,933 |
|
|
|
113 |
|
| Baker Hughes Co, Cl A |
|
|
4,496 |
|
|
|
94 |
|
| Cabot Oil & Gas Corp |
|
|
3,306 |
|
|
|
54 |
|
| Cactus Inc, Cl A |
|
|
1,525 |
|
|
|
40 |
|
| ChampionX Corp * |
|
|
383 |
|
|
|
6 |
|
| Cheniere Energy Inc * |
|
|
1,265 |
|
|
|
76 |
|
| Chevron Corp |
|
|
23,561 |
|
|
|
1,990 |
|
| Cimarex Energy Co |
|
|
995 |
|
|
|
37 |
|
| CNX Resources Corp * |
|
|
6,091 |
|
|
|
66 |
|
| Concho Resources Inc |
|
|
142 |
|
|
|
8 |
|
| ConocoPhillips |
|
|
28,755 |
|
|
|
1,150 |
|
| Continental Resources Inc/OK |
|
|
337 |
|
|
|
5 |
|
| Devon Energy Corp |
|
|
8,276 |
|
|
|
131 |
|
| Diamond S Shipping Inc * |
|
|
3,276 |
|
|
|
22 |
|
| Diamondback Energy Inc |
|
|
133 |
|
|
|
6 |
|
| Dril-Quip Inc * |
|
|
1,072 |
|
|
|
32 |
|
| EOG Resources Inc |
|
|
4,528 |
|
|
|
226 |
|
| EQT Corp |
|
|
2,732 |
|
|
|
35 |
|
| Equitrans Midstream Corp |
|
|
2,185 |
|
|
|
17 |
|
| Exxon Mobil Corp |
|
|
52,096 |
|
|
|
2,147 |
|
| Frank’s International NV * |
|
|
9,174 |
|
|
|
25 |
|
| Golar LNG Ltd |
|
|
3,888 |
|
|
|
37 |
|
| Halliburton Co |
|
|
4,450 |
|
|
|
84 |
|
| Helmerich & Payne Inc |
|
|
1,494 |
|
|
|
35 |
|
| Hess Corp |
|
|
4,195 |
|
|
|
221 |
|
| HollyFrontier Corp |
|
|
3,119 |
|
|
|
81 |
|
| International Seaways Inc |
|
|
1,773 |
|
|
|
29 |
|
| Kinder Morgan Inc |
|
|
21,442 |
|
|
|
293 |
|
| Magnolia Oil & Gas Corp * |
|
|
3,984 |
|
|
|
28 |
|
| Marathon Oil Corp |
|
|
5,472 |
|
|
|
37 |
|
| Marathon Petroleum Corp |
|
|
7,000 |
|
|
|
289 |
|
| Murphy Oil Corp |
|
|
449 |
|
|
|
5 |
|
| Nabors Industries Ltd |
|
|
367 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
| COMMON STOCK (continued) |
|
| National Oilwell Varco Inc |
|
|
482 |
|
|
$ |
7 |
|
| Occidental Petroleum Corp |
|
|
8,202 |
|
|
|
142 |
|
| Oceaneering International Inc * |
|
|
3,376 |
|
|
|
27 |
|
| ONEOK Inc |
|
|
3,505 |
|
|
|
134 |
|
| Parsley Energy Inc, Cl A |
|
|
2,802 |
|
|
|
40 |
|
| Patterson-UTI Energy Inc |
|
|
4,952 |
|
|
|
26 |
|
| PBF Energy Inc, Cl A |
|
|
363 |
|
|
|
3 |
|
| Phillips 66 |
|
|
5,367 |
|
|
|
375 |
|
| Pioneer Natural Resources Co |
|
|
1,910 |
|
|
|
217 |
|
| Range Resources Corp |
|
|
2,413 |
|
|
|
16 |
|
| RPC Inc * |
|
|
10,482 |
|
|
|
33 |
|
| Schlumberger NV Ltd |
|
|
41,175 |
|
|
|
899 |
|
| Southwestern Energy Co * |
|
|
21,739 |
|
|
|
65 |
|
| Targa Resources Corp |
|
|
11,252 |
|
|
|
297 |
|
| Valero Energy Corp |
|
|
4,715 |
|
|
|
267 |
|
| Williams Cos Inc/The |
|
|
11,002 |
|
|
|
221 |
|
| WPX Energy Inc * |
|
|
3,940 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,302 |
|
|
|
|
|
|
|
|
|
|
|
| Financials — 10.8% |
|
| Aaron’s Holdings Inc * |
|
|
832 |
|
|
|
45 |
|
| Affiliated Managers Group Inc |
|
|
910 |
|
|
|
93 |
|
| Aflac Inc |
|
|
4,771 |
|
|
|
212 |
|
| AGNC Investment Corp ‡ |
|
|
2,838 |
|
|
|
44 |
|
| Alleghany Corp |
|
|
15 |
|
|
|
9 |
|
| Allegiance Bancshares Inc |
|
|
1,318 |
|
|
|
45 |
|
| Allstate Corp/The |
|
|
3,458 |
|
|
|
380 |
|
| Ally Financial Inc |
|
|
1,575 |
|
|
|
56 |
|
| American Express Co |
|
|
9,360 |
|
|
|
1,132 |
|
| American Financial Group Inc/OH |
|
|
449 |
|
|
|
39 |
|
| American Homes 4 Rent, Cl A ‡ |
|
|
1,974 |
|
|
|
59 |
|
| American International Group Inc |
|
|
6,002 |
|
|
|
227 |
|
| American National Group Inc |
|
|
421 |
|
|
|
40 |
|
| Ameriprise Financial Inc |
|
|
1,250 |
|
|
|
243 |
|
| Ameris Bancorp |
|
|
1,129 |
|
|
|
43 |
|
| AMERISAFE Inc |
|
|
743 |
|
|
|
43 |
|
| Annaly Capital Management Inc ‡ |
|
|
8,922 |
|
|
|
75 |
|
| Apollo Commercial Real Estate Finance Inc ‡ |
|
|
2,686 |
|
|
|
30 |
|
| Arch Capital Group Ltd * |
|
|
2,404 |
|
|
|
87 |
|
| Argo Group International Holdings Ltd |
|
|
750 |
|
|
|
33 |
|
| ARMOUR Residential REIT Inc ‡ |
|
|
2,854 |
|
|
|
31 |
|
| Arthur J Gallagher & Co |
|
|
743 |
|
|
|
92 |
|
| Artisan Partners Asset Management Inc, Cl A |
|
|
1,589 |
|
|
|
80 |
|
| Assetmark Financial Holdings Inc * |
|
|
1,796 |
|
|
|
43 |
|
| Associated Banc-Corp |
|
|
4,274 |
|
|
|
73 |
|
| Assurant Inc |
|
|
87 |
|
|
|
12 |
|
| Assured Guaranty Ltd |
|
|
994 |
|
|
|
31 |
|
| Athene Holding Ltd, Cl A * |
|
|
1,071 |
|
|
|
46 |
|
| Atlantic Union Bankshares Corp |
|
|
1,302 |
|
|
|
43 |
|
| Axis Capital Holdings Ltd |
|
|
825 |
|
|
|
42 |
|
| Axos Financial Inc * |
|
|
1,657 |
|
|
|
62 |
|
| Banc of California Inc |
|
|
2,959 |
|
|
|
44 |
|
| BancorpSouth Bank |
|
|
1,525 |
|
|
|
42 |
|
|
|
|
| 4 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Bank of America Corp |
|
|
97,734 |
|
|
$ |
2,962 |
|
| Bank of Hawaii Corp |
|
|
1,051 |
|
|
|
81 |
|
| Bank of Marin Bancorp |
|
|
1,079 |
|
|
|
37 |
|
| Bank of New York Mellon Corp/The |
|
|
12,656 |
|
|
|
537 |
|
| Bank of NT Butterfield & Son Ltd/The |
|
|
1,324 |
|
|
|
41 |
|
| Bank OZK |
|
|
366 |
|
|
|
11 |
|
| BankUnited Inc |
|
|
2,418 |
|
|
|
84 |
|
| Banner Corp |
|
|
851 |
|
|
|
40 |
|
| Berkshire Hathaway Inc, Cl B * |
|
|
25,070 |
|
|
|
5,813 |
|
| Berkshire Hills Bancorp Inc |
|
|
1,501 |
|
|
|
26 |
|
| BGC Partners Inc, Cl A |
|
|
8,389 |
|
|
|
34 |
|
| BlackRock Inc, Cl A |
|
|
1,878 |
|
|
|
1,355 |
|
| Blackstone Mortgage Trust Inc, Cl A ‡ |
|
|
1,347 |
|
|
|
37 |
|
| BOK Financial Corp |
|
|
568 |
|
|
|
39 |
|
| Boston Private Financial Holdings Inc |
|
|
4,112 |
|
|
|
35 |
|
| Boston Properties
Inc ‡ |
|
|
1,468 |
|
|
|
139 |
|
| Bridge Bancorp Inc |
|
|
1,467 |
|
|
|
35 |
|
| Brighthouse Financial Inc * |
|
|
268 |
|
|
|
10 |
|
| Brown & Brown Inc |
|
|
290 |
|
|
|
14 |
|
| Bryn Mawr Bank Corp |
|
|
1,221 |
|
|
|
37 |
|
| Camden National Corp |
|
|
1,097 |
|
|
|
39 |
|
| Capital One Financial Corp |
|
|
3,651 |
|
|
|
361 |
|
| Capitol Federal Financial Inc |
|
|
3,529 |
|
|
|
44 |
|
| Capstead Mortgage Corp ‡ |
|
|
6,235 |
|
|
|
36 |
|
| Cathay General Bancorp |
|
|
1,291 |
|
|
|
42 |
|
| Cboe Global Markets Inc |
|
|
99 |
|
|
|
9 |
|
| Central Pacific Financial Corp |
|
|
1,651 |
|
|
|
31 |
|
| Charles Schwab Corp/The |
|
|
14,498 |
|
|
|
769 |
|
| Chimera Investment Corp ‡ |
|
|
2,402 |
|
|
|
25 |
|
| Chubb Ltd |
|
|
6,169 |
|
|
|
950 |
|
| Cincinnati Financial Corp |
|
|
891 |
|
|
|
78 |
|
| CIT Group Inc |
|
|
1,060 |
|
|
|
38 |
|
| Citigroup Inc |
|
|
25,211 |
|
|
|
1,555 |
|
| Citizens Financial Group Inc |
|
|
2,381 |
|
|
|
85 |
|
| City Holding Co |
|
|
607 |
|
|
|
42 |
|
| CME Group Inc, Cl A |
|
|
4,726 |
|
|
|
860 |
|
| CNA Financial Corp |
|
|
253 |
|
|
|
10 |
|
| Cohen & Steers Inc |
|
|
764 |
|
|
|
57 |
|
| Colony Credit Real Estate Inc ‡ |
|
|
3,608 |
|
|
|
27 |
|
| Columbia Banking System Inc |
|
|
1,223 |
|
|
|
44 |
|
| Comerica Inc |
|
|
1,232 |
|
|
|
69 |
|
| Commerce Bancshares Inc/MO |
|
|
1,562 |
|
|
|
103 |
|
| Community Bank System Inc |
|
|
710 |
|
|
|
44 |
|
| ConnectOne Bancorp Inc |
|
|
1,891 |
|
|
|
37 |
|
| Credit Acceptance Corp * |
|
|
177 |
|
|
|
61 |
|
| Cullen/Frost Bankers Inc |
|
|
850 |
|
|
|
74 |
|
| CVB Financial Corp |
|
|
2,268 |
|
|
|
44 |
|
| Discover Financial Services |
|
|
19,417 |
|
|
|
1,758 |
|
| Eagle Bancorp Inc |
|
|
1,035 |
|
|
|
43 |
|
| East West Bancorp Inc |
|
|
1,710 |
|
|
|
87 |
|
| eHealth Inc * |
|
|
512 |
|
|
|
36 |
|
| Ellington Financial Inc ‡ |
|
|
2,748 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Enterprise Financial Services Corp |
|
|
1,063 |
|
|
$ |
37 |
|
| Equitable Holdings Inc |
|
|
432 |
|
|
|
11 |
|
| Erie Indemnity Co, Cl A |
|
|
433 |
|
|
|
106 |
|
| Essent Group Ltd |
|
|
970 |
|
|
|
42 |
|
| Evercore Inc, Cl A |
|
|
659 |
|
|
|
72 |
|
| Everest Re Group Ltd |
|
|
179 |
|
|
|
42 |
|
| FactSet Research Systems Inc |
|
|
306 |
|
|
|
102 |
|
| FB Financial Corp |
|
|
1,250 |
|
|
|
43 |
|
| Federal Agricultural Mortgage Corp, Cl C |
|
|
597 |
|
|
|
44 |
|
| Federated Hermes Inc, Cl B |
|
|
1,492 |
|
|
|
43 |
|
| Fidelity National Financial Inc |
|
|
1,063 |
|
|
|
42 |
|
| Fifth Third Bancorp |
|
|
4,599 |
|
|
|
127 |
|
| First American Financial Corp |
|
|
814 |
|
|
|
42 |
|
| First BanCorp/Puerto Rico |
|
|
4,571 |
|
|
|
42 |
|
| First Busey Corp |
|
|
1,790 |
|
|
|
39 |
|
| First Citizens BancShares Inc/NC, Cl A |
|
|
94 |
|
|
|
54 |
|
| First Commonwealth Financial Corp |
|
|
3,365 |
|
|
|
37 |
|
| First Financial Bancorp |
|
|
1,921 |
|
|
|
34 |
|
| First Financial Bankshares Inc |
|
|
1,378 |
|
|
|
50 |
|
| First Hawaiian Inc |
|
|
3,126 |
|
|
|
74 |
|
| First Horizon National Corp |
|
|
6,041 |
|
|
|
77 |
|
| First Merchants Corp |
|
|
1,182 |
|
|
|
44 |
|
| First Midwest Bancorp Inc/IL |
|
|
2,129 |
|
|
|
34 |
|
| First Republic Bank/CA |
|
|
831 |
|
|
|
122 |
|
| FirstCash Inc |
|
|
612 |
|
|
|
43 |
|
| FNB Corp/PA |
|
|
3,907 |
|
|
|
37 |
|
| Franklin Resources Inc |
|
|
6,856 |
|
|
|
171 |
|
| Fulton Financial Corp |
|
|
2,789 |
|
|
|
35 |
|
| Genworth Financial Inc, Cl A * |
|
|
10,439 |
|
|
|
39 |
|
| German American Bancorp Inc |
|
|
1,414 |
|
|
|
47 |
|
| Globe Life Inc |
|
|
108 |
|
|
|
10 |
|
| Goldman Sachs Group Inc/The |
|
|
3,960 |
|
|
|
1,044 |
|
| Goosehead Insurance Inc, Cl A |
|
|
215 |
|
|
|
27 |
|
| Great Western Bancorp Inc |
|
|
1,390 |
|
|
|
29 |
|
| Hancock Whitney Corp |
|
|
1,142 |
|
|
|
39 |
|
| Hannon Armstrong Sustainable Infrastructure Capital Inc |
|
|
21,598 |
|
|
|
1,370 |
|
| Hanover Insurance Group Inc/The |
|
|
124 |
|
|
|
15 |
|
| HarborOne Bancorp Inc |
|
|
4,621 |
|
|
|
50 |
|
| Hartford Financial Services Group Inc/The |
|
|
4,042 |
|
|
|
198 |
|
| Heartland Financial USA Inc |
|
|
1,003 |
|
|
|
40 |
|
| Heritage Financial Corp/WA |
|
|
1,744 |
|
|
|
41 |
|
| Home BancShares Inc/AR |
|
|
2,523 |
|
|
|
49 |
|
| HomeStreet Inc |
|
|
1,465 |
|
|
|
49 |
|
| Hope Bancorp Inc |
|
|
3,233 |
|
|
|
35 |
|
| Horace Mann Educators Corp |
|
|
1,125 |
|
|
|
47 |
|
| Host Hotels & Resorts Inc ‡ |
|
|
17,568 |
|
|
|
257 |
|
| Houlihan Lokey Inc, Cl A |
|
|
192 |
|
|
|
13 |
|
| Huntington Bancshares Inc/OH |
|
|
6,282 |
|
|
|
79 |
|
| Independent Bank Corp |
|
|
580 |
|
|
|
42 |
|
| Independent Bank Group Inc |
|
|
846 |
|
|
|
53 |
|
| Intercontinental Exchange Inc |
|
|
6,879 |
|
|
|
793 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
5 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| International Bancshares Corp |
|
|
1,137 |
|
|
$ |
43 |
|
| Invesco Ltd |
|
|
18,276 |
|
|
|
319 |
|
| Invesco Mortgage Capital Inc ‡ |
|
|
3,234 |
|
|
|
11 |
|
| Investors Bancorp Inc |
|
|
4,061 |
|
|
|
43 |
|
| James River Group Holdings Ltd |
|
|
1,180 |
|
|
|
58 |
|
| Jefferies Financial Group Inc |
|
|
2,313 |
|
|
|
57 |
|
| JPMorgan Chase & Co |
|
|
43,320 |
|
|
|
5,505 |
|
| KeyCorp |
|
|
12,904 |
|
|
|
212 |
|
| Kinsale Capital Group Inc |
|
|
73 |
|
|
|
15 |
|
| KKR & Co Inc |
|
|
1,439 |
|
|
|
58 |
|
| KKR Real Estate Finance Trust Inc ‡ |
|
|
2,440 |
|
|
|
44 |
|
| Lakeland Bancorp Inc |
|
|
2,890 |
|
|
|
37 |
|
| Lazard Ltd, Cl A (A) |
|
|
2,316 |
|
|
|
98 |
|
| LendingTree Inc * |
|
|
175 |
|
|
|
48 |
|
| Lincoln National Corp |
|
|
3,621 |
|
|
|
182 |
|
| Loews Corp |
|
|
222 |
|
|
|
10 |
|
| LPL Financial Holdings Inc |
|
|
1,036 |
|
|
|
108 |
|
| M&T Bank Corp |
|
|
929 |
|
|
|
118 |
|
| Markel Corp * |
|
|
48 |
|
|
|
50 |
|
| MarketAxess Holdings Inc |
|
|
144 |
|
|
|
82 |
|
| Marsh & McLennan Cos Inc |
|
|
16,703 |
|
|
|
1,954 |
|
| Mercury General Corp |
|
|
233 |
|
|
|
12 |
|
| Meta Financial Group Inc |
|
|
1,407 |
|
|
|
51 |
|
| MetLife Inc |
|
|
5,812 |
|
|
|
273 |
|
| MFA Financial
Inc ‡ |
|
|
6,337 |
|
|
|
25 |
|
| MGIC Investment Corp |
|
|
3,455 |
|
|
|
43 |
|
| Moelis & Co, Cl A |
|
|
1,564 |
|
|
|
73 |
|
| Moody’s Corp |
|
|
1,782 |
|
|
|
517 |
|
| Morgan Stanley |
|
|
37,558 |
|
|
|
2,574 |
|
| Morningstar Inc |
|
|
67 |
|
|
|
16 |
|
| Mr Cooper Group Inc * |
|
|
3,903 |
|
|
|
121 |
|
| MSCI Inc, Cl A |
|
|
559 |
|
|
|
250 |
|
| Nasdaq Inc |
|
|
2,378 |
|
|
|
316 |
|
| Navient Corp |
|
|
3,513 |
|
|
|
34 |
|
| NBT Bancorp Inc |
|
|
1,213 |
|
|
|
39 |
|
| Nelnet Inc, Cl A |
|
|
793 |
|
|
|
56 |
|
| New Residential Investment Corp ‡ |
|
|
14,139 |
|
|
|
141 |
|
| New York Community Bancorp Inc |
|
|
951 |
|
|
|
10 |
|
| New York Mortgage Trust Inc ‡ |
|
|
7,776 |
|
|
|
29 |
|
| NMI Holdings Inc, Cl A * |
|
|
1,470 |
|
|
|
33 |
|
| Northern Trust Corp |
|
|
7,549 |
|
|
|
703 |
|
| Northfield Bancorp Inc |
|
|
2,868 |
|
|
|
35 |
|
| OFG Bancorp |
|
|
2,119 |
|
|
|
39 |
|
| Old National Bancorp/IN |
|
|
2,680 |
|
|
|
44 |
|
| Old Republic International Corp |
|
|
2,203 |
|
|
|
43 |
|
| OneMain Holdings Inc, Cl A |
|
|
258 |
|
|
|
12 |
|
| Pacific Premier Bancorp Inc |
|
|
3,188 |
|
|
|
100 |
|
| PacWest Bancorp |
|
|
1,283 |
|
|
|
33 |
|
| Palomar Holdings Inc, Cl A * |
|
|
145 |
|
|
|
13 |
|
| PennyMac Mortgage Investment Trust ‡ |
|
|
2,215 |
|
|
|
39 |
|
| People’s United Financial Inc |
|
|
5,001 |
|
|
|
65 |
|
| Pinnacle Financial Partners Inc |
|
|
1,489 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| PNC Financial Services Group Inc/The |
|
|
5,690 |
|
|
$ |
848 |
|
| PRA Group Inc * |
|
|
1,320 |
|
|
|
52 |
|
| Preferred Bank/Los Angeles CA |
|
|
845 |
|
|
|
43 |
|
| Principal Financial Group Inc |
|
|
662 |
|
|
|
33 |
|
| ProAssurance Corp |
|
|
1,351 |
|
|
|
24 |
|
| Progressive Corp/The |
|
|
6,981 |
|
|
|
690 |
|
| ProSight Global Inc * |
|
|
2,999 |
|
|
|
38 |
|
| Prosperity Bancshares Inc |
|
|
1,192 |
|
|
|
83 |
|
| Provident Financial Services Inc |
|
|
1,988 |
|
|
|
36 |
|
| Prudential Financial Inc |
|
|
16,015 |
|
|
|
1,250 |
|
| Radian Group Inc |
|
|
1,924 |
|
|
|
39 |
|
| Raymond James Financial Inc |
|
|
980 |
|
|
|
94 |
|
| Redwood Trust Inc ‡ |
|
|
2,992 |
|
|
|
26 |
|
| Regions Financial Corp |
|
|
72,286 |
|
|
|
1,165 |
|
| Reinsurance Group of America Inc, Cl A |
|
|
578 |
|
|
|
67 |
|
| Renasant Corp |
|
|
1,366 |
|
|
|
46 |
|
| RLI Corp |
|
|
545 |
|
|
|
57 |
|
| S&P Global Inc |
|
|
7,167 |
|
|
|
2,356 |
|
| S&T Bancorp Inc |
|
|
1,247 |
|
|
|
31 |
|
| Sandy Spring Bancorp Inc |
|
|
1,350 |
|
|
|
43 |
|
| Santander Consumer USA Holdings Inc |
|
|
476 |
|
|
|
10 |
|
| Seacoast Banking Corp of Florida * |
|
|
1,616 |
|
|
|
48 |
|
| Selective Insurance Group Inc |
|
|
739 |
|
|
|
50 |
|
| ServisFirst Bancshares Inc |
|
|
1,306 |
|
|
|
53 |
|
| Signature Bank/New York NY |
|
|
676 |
|
|
|
91 |
|
| Simmons First National Corp, Cl A |
|
|
1,836 |
|
|
|
40 |
|
| SLM Corp |
|
|
8,316 |
|
|
|
103 |
|
| South State Corp |
|
|
216 |
|
|
|
16 |
|
| Starwood Property Trust Inc ‡ |
|
|
2,000 |
|
|
|
39 |
|
| State Street Corp |
|
|
9,970 |
|
|
|
726 |
|
| Sterling Bancorp/DE |
|
|
2,321 |
|
|
|
42 |
|
| Stifel Financial Corp |
|
|
1,210 |
|
|
|
61 |
|
| SVB Financial Group * |
|
|
346 |
|
|
|
134 |
|
| Synchrony Financial |
|
|
4,720 |
|
|
|
164 |
|
| Synovus Financial Corp |
|
|
1,267 |
|
|
|
41 |
|
| T Rowe Price Group Inc |
|
|
2,711 |
|
|
|
410 |
|
| TCF Financial Corp |
|
|
1,085 |
|
|
|
40 |
|
| Texas Capital Bancshares Inc * |
|
|
822 |
|
|
|
49 |
|
| TFS Financial Corp |
|
|
573 |
|
|
|
10 |
|
| TPG RE Finance Trust Inc ‡ |
|
|
2,439 |
|
|
|
26 |
|
| Travelers Cos Inc/The |
|
|
2,743 |
|
|
|
385 |
|
| TriCo Bancshares |
|
|
1,219 |
|
|
|
43 |
|
| TriState Capital Holdings Inc * |
|
|
1,917 |
|
|
|
33 |
|
| Triumph Bancorp Inc * |
|
|
1,296 |
|
|
|
63 |
|
| Truist Financial Corp |
|
|
13,273 |
|
|
|
636 |
|
| Trustmark Corp |
|
|
1,410 |
|
|
|
39 |
|
| Two Harbors Investment Corp ‡ |
|
|
6,390 |
|
|
|
41 |
|
| UMB Financial Corp |
|
|
715 |
|
|
|
49 |
|
| Umpqua Holdings Corp |
|
|
2,753 |
|
|
|
42 |
|
| Univest Financial Corp |
|
|
1,820 |
|
|
|
37 |
|
| Unum Group |
|
|
1,638 |
|
|
|
38 |
|
| US Bancorp |
|
|
13,598 |
|
|
|
634 |
|
|
|
|
| 6 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Valley National Bancorp |
|
|
4,269 |
|
|
$ |
42 |
|
| Veritex Holdings Inc |
|
|
1,729 |
|
|
|
44 |
|
| Virtu Financial Inc, Cl A |
|
|
3,026 |
|
|
|
76 |
|
| Voya Financial Inc |
|
|
4,001 |
|
|
|
235 |
|
| W R Berkley Corp |
|
|
165 |
|
|
|
11 |
|
| Waddell & Reed Financial Inc, Cl A |
|
|
2,974 |
|
|
|
76 |
|
| Walker & Dunlop Inc |
|
|
749 |
|
|
|
69 |
|
| Washington Trust Bancorp Inc |
|
|
924 |
|
|
|
41 |
|
| Webster Financial Corp |
|
|
934 |
|
|
|
39 |
|
| Wells Fargo & Co |
|
|
42,500 |
|
|
|
1,283 |
|
| Westamerica BanCorp |
|
|
731 |
|
|
|
40 |
|
| Western Alliance Bancorp |
|
|
1,801 |
|
|
|
108 |
|
| Wintrust Financial Corp |
|
|
708 |
|
|
|
43 |
|
| Zions Bancorp NA |
|
|
1,771 |
|
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care — 13.5% |
|
|
|
|
|
|
|
|
| Abbott Laboratories |
|
|
33,726 |
|
|
|
3,693 |
|
| AbbVie Inc |
|
|
25,124 |
|
|
|
2,692 |
|
| ABIOMED Inc * |
|
|
332 |
|
|
|
108 |
|
| Acadia Healthcare Co Inc * |
|
|
1,517 |
|
|
|
76 |
|
| Acceleron Pharma Inc * |
|
|
123 |
|
|
|
16 |
|
| Adaptive Biotechnologies Corp * |
|
|
1,704 |
|
|
|
101 |
|
| Adverum Biotechnologies Inc * |
|
|
4,537 |
|
|
|
49 |
|
| Aerie Pharmaceuticals Inc * |
|
|
2,282 |
|
|
|
31 |
|
| Agilent Technologies Inc |
|
|
7,874 |
|
|
|
933 |
|
| Agios Pharmaceuticals Inc * |
|
|
1,062 |
|
|
|
46 |
|
| Akebia Therapeutics Inc * |
|
|
1,063 |
|
|
|
3 |
|
| Alector Inc * |
|
|
2,628 |
|
|
|
40 |
|
| Alexion Pharmaceuticals Inc * |
|
|
1,593 |
|
|
|
249 |
|
| Align Technology Inc * |
|
|
602 |
|
|
|
322 |
|
| Allakos Inc * |
|
|
378 |
|
|
|
53 |
|
| Allogene Therapeutics Inc * |
|
|
1,838 |
|
|
|
46 |
|
| Alnylam Pharmaceuticals Inc * |
|
|
1,202 |
|
|
|
156 |
|
| Amedisys Inc * |
|
|
56 |
|
|
|
16 |
|
| AmerisourceBergen Corp, Cl A |
|
|
266 |
|
|
|
26 |
|
| Amgen Inc |
|
|
11,116 |
|
|
|
2,556 |
|
| Amicus Therapeutics Inc * |
|
|
5,193 |
|
|
|
120 |
|
| AMN Healthcare Services Inc * |
|
|
832 |
|
|
|
57 |
|
| Anika Therapeutics Inc * |
|
|
920 |
|
|
|
42 |
|
| Anthem Inc |
|
|
2,728 |
|
|
|
876 |
|
| Apellis Pharmaceuticals Inc * |
|
|
1,618 |
|
|
|
93 |
|
| Apollo Medical Holdings Inc * |
|
|
2,730 |
|
|
|
50 |
|
| Arcturus Therapeutics Holdings * |
|
|
483 |
|
|
|
21 |
|
| Arcus Biosciences Inc * |
|
|
2,371 |
|
|
|
62 |
|
| Arena Pharmaceuticals Inc * |
|
|
1,077 |
|
|
|
83 |
|
| Arrowhead Pharmaceuticals Inc * |
|
|
251 |
|
|
|
19 |
|
| Assembly Biosciences Inc * |
|
|
2,159 |
|
|
|
13 |
|
| Atara Biotherapeutics Inc * |
|
|
3,254 |
|
|
|
64 |
|
| Atrion Corp |
|
|
71 |
|
|
|
46 |
|
| Avanos Medical Inc * |
|
|
301 |
|
|
|
14 |
|
| Avantor Inc * |
|
|
494 |
|
|
|
14 |
|
| Axonics Modulation Technologies Inc * |
|
|
351 |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Axsome Therapeutics Inc * |
|
|
618 |
|
|
$ |
50 |
|
| Baxter International Inc |
|
|
12,373 |
|
|
|
993 |
|
| Becton Dickinson and Co |
|
|
4,437 |
|
|
|
1,110 |
|
| BioCryst Pharmaceuticals Inc * |
|
|
14,016 |
|
|
|
104 |
|
| BioDelivery Sciences International Inc * |
|
|
7,746 |
|
|
|
32 |
|
| Biogen Inc * |
|
|
3,113 |
|
|
|
762 |
|
| Biohaven Pharmaceutical Holding Co Ltd * |
|
|
941 |
|
|
|
81 |
|
| BioMarin Pharmaceutical Inc * |
|
|
1,042 |
|
|
|
91 |
|
| Bio-Rad Laboratories Inc, Cl A * |
|
|
32 |
|
|
|
19 |
|
| Bio-Techne Corp |
|
|
53 |
|
|
|
17 |
|
| BioTelemetry Inc * |
|
|
1,100 |
|
|
|
79 |
|
| Bluebird Bio Inc * |
|
|
645 |
|
|
|
28 |
|
| Boston Scientific Corp * |
|
|
16,399 |
|
|
|
589 |
|
| Bridgebio Pharma Inc * |
|
|
1,432 |
|
|
|
102 |
|
| Bristol-Myers Squibb Co |
|
|
38,732 |
|
|
|
2,403 |
|
| Brookdale Senior Living Inc * |
|
|
7,397 |
|
|
|
33 |
|
| Bruker Corp |
|
|
233 |
|
|
|
13 |
|
| Cantel Medical Corp |
|
|
163 |
|
|
|
13 |
|
| Cara Therapeutics Inc * |
|
|
2,942 |
|
|
|
44 |
|
| Cardinal Health Inc |
|
|
2,213 |
|
|
|
118 |
|
| Catalent Inc * |
|
|
949 |
|
|
|
99 |
|
| Catalyst Pharmaceuticals Inc * |
|
|
11,416 |
|
|
|
38 |
|
| Centene Corp * |
|
|
4,805 |
|
|
|
288 |
|
| Cerner Corp |
|
|
16,243 |
|
|
|
1,275 |
|
| Change Healthcare Inc * |
|
|
3,522 |
|
|
|
66 |
|
| Charles River Laboratories International Inc * |
|
|
77 |
|
|
|
19 |
|
| Chemed Corp |
|
|
114 |
|
|
|
61 |
|
| ChemoCentryx Inc * |
|
|
2,278 |
|
|
|
141 |
|
| Cigna Corp |
|
|
4,819 |
|
|
|
1,003 |
|
| Constellation Pharmaceuticals Inc * |
|
|
1,060 |
|
|
|
30 |
|
| Cooper Cos Inc/The |
|
|
236 |
|
|
|
86 |
|
| Corcept Therapeutics Inc * |
|
|
3,878 |
|
|
|
101 |
|
| CorVel Corp * |
|
|
606 |
|
|
|
64 |
|
| Covetrus Inc * |
|
|
1,045 |
|
|
|
30 |
|
| Crinetics Pharmaceuticals Inc * |
|
|
2,310 |
|
|
|
33 |
|
| Cue Biopharma Inc * |
|
|
2,087 |
|
|
|
26 |
|
| CVS Health Corp |
|
|
28,143 |
|
|
|
1,922 |
|
| Cytokinetics Inc * |
|
|
7,134 |
|
|
|
148 |
|
| Danaher Corp |
|
|
7,616 |
|
|
|
1,692 |
|
| DaVita Inc * |
|
|
160 |
|
|
|
19 |
|
| Deciphera Pharmaceuticals Inc * |
|
|
716 |
|
|
|
41 |
|
| Denali Therapeutics Inc * |
|
|
2,631 |
|
|
|
220 |
|
| DENTSPLY SIRONA Inc |
|
|
3,113 |
|
|
|
163 |
|
| DexCom Inc * |
|
|
847 |
|
|
|
313 |
|
| Dicerna Pharmaceuticals Inc * |
|
|
1,898 |
|
|
|
42 |
|
| Dynavax Technologies Corp * |
|
|
8,733 |
|
|
|
39 |
|
| Eagle Pharmaceuticals Inc/DE * |
|
|
828 |
|
|
|
39 |
|
| Editas Medicine Inc * |
|
|
1,596 |
|
|
|
112 |
|
| Edwards Lifesciences Corp * |
|
|
8,484 |
|
|
|
774 |
|
| Eidos Therapeutics Inc * |
|
|
786 |
|
|
|
103 |
|
| Elanco Animal Health Inc * |
|
|
398 |
|
|
|
12 |
|
| Eli Lilly and Co |
|
|
11,942 |
|
|
|
2,016 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
7 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Emergent BioSolutions Inc * |
|
|
950 |
|
|
$ |
85 |
|
| Enanta Pharmaceuticals Inc * |
|
|
785 |
|
|
|
33 |
|
| Encompass Health Corp |
|
|
164 |
|
|
|
14 |
|
| Envista Holdings Corp * |
|
|
1,731 |
|
|
|
58 |
|
| Epizyme Inc * |
|
|
2,749 |
|
|
|
30 |
|
| Esperion Therapeutics Inc * |
|
|
962 |
|
|
|
25 |
|
| Evofem Biosciences Inc * |
|
|
1,811 |
|
|
|
4 |
|
| Exact Sciences Corp * |
|
|
930 |
|
|
|
123 |
|
| Exelixis Inc * |
|
|
4,344 |
|
|
|
87 |
|
| Fate Therapeutics Inc * |
|
|
3,277 |
|
|
|
298 |
|
| FibroGen Inc * |
|
|
1,053 |
|
|
|
39 |
|
| Flexion Therapeutics Inc * |
|
|
2,711 |
|
|
|
31 |
|
| G1 Therapeutics Inc * |
|
|
1,715 |
|
|
|
31 |
|
| Gilead Sciences Inc |
|
|
18,126 |
|
|
|
1,056 |
|
| Glaukos Corp * |
|
|
167 |
|
|
|
13 |
|
| Global Blood Therapeutics Inc * |
|
|
643 |
|
|
|
28 |
|
| Globus Medical Inc, Cl A * |
|
|
851 |
|
|
|
55 |
|
| Gossamer Bio Inc * |
|
|
3,279 |
|
|
|
32 |
|
| Halozyme Therapeutics Inc * |
|
|
2,641 |
|
|
|
113 |
|
| Hanger Inc * |
|
|
1,891 |
|
|
|
42 |
|
| Harpoon Therapeutics Inc * |
|
|
2,825 |
|
|
|
47 |
|
| HCA Healthcare Inc |
|
|
2,314 |
|
|
|
381 |
|
| Health Catalyst Inc * |
|
|
1,594 |
|
|
|
69 |
|
| HealthEquity Inc * |
|
|
673 |
|
|
|
47 |
|
| Henry Schein Inc * |
|
|
2,612 |
|
|
|
175 |
|
| Heron Therapeutics Inc * |
|
|
1,977 |
|
|
|
42 |
|
| Heska Corp * |
|
|
532 |
|
|
|
77 |
|
| Hill-Rom Holdings Inc |
|
|
825 |
|
|
|
81 |
|
| HMS Holdings Corp * |
|
|
1,707 |
|
|
|
63 |
|
| Hologic Inc * |
|
|
927 |
|
|
|
67 |
|
| Humana Inc |
|
|
1,256 |
|
|
|
515 |
|
| ICU Medical Inc * |
|
|
62 |
|
|
|
13 |
|
| IDEXX Laboratories Inc * |
|
|
707 |
|
|
|
353 |
|
| Illumina Inc * |
|
|
3,200 |
|
|
|
1,184 |
|
| Incyte Corp * |
|
|
1,063 |
|
|
|
92 |
|
| Innoviva Inc * |
|
|
3,557 |
|
|
|
44 |
|
| Inogen Inc * |
|
|
706 |
|
|
|
31 |
|
| Inovalon Holdings Inc, Cl A * |
|
|
464 |
|
|
|
8 |
|
| Inovio Pharmaceuticals Inc * |
|
|
2,095 |
|
|
|
18 |
|
| Insmed Inc * |
|
|
2,129 |
|
|
|
71 |
|
| Inspire Medical Systems Inc * |
|
|
110 |
|
|
|
21 |
|
| Insulet Corp * |
|
|
65 |
|
|
|
17 |
|
| Integer Holdings Corp * |
|
|
625 |
|
|
|
51 |
|
| Integra LifeSciences Holdings Corp * |
|
|
188 |
|
|
|
12 |
|
| Intercept Pharmaceuticals Inc * |
|
|
417 |
|
|
|
10 |
|
| Intra-Cellular Therapies Inc * |
|
|
3,894 |
|
|
|
124 |
|
| Intuitive Surgical Inc * |
|
|
1,403 |
|
|
|
1,148 |
|
| Invitae Corp * |
|
|
330 |
|
|
|
14 |
|
| Ionis Pharmaceuticals Inc * |
|
|
782 |
|
|
|
44 |
|
| Iovance Biotherapeutics Inc * |
|
|
1,782 |
|
|
|
83 |
|
| IQVIA Holdings Inc * |
|
|
1,378 |
|
|
|
247 |
|
| iRhythm Technologies * |
|
|
210 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Ironwood Pharmaceuticals Inc, Cl A * |
|
|
3,844 |
|
|
$ |
44 |
|
| Johnson & Johnson |
|
|
34,658 |
|
|
|
5,454 |
|
| Kadmon Holdings * |
|
|
12,254 |
|
|
|
51 |
|
| Kala Pharmaceuticals Inc * |
|
|
7,142 |
|
|
|
48 |
|
| Karuna Therapeutics Inc * |
|
|
717 |
|
|
|
73 |
|
| Karyopharm Therapeutics Inc * |
|
|
2,929 |
|
|
|
45 |
|
| Kiniksa Pharmaceuticals Ltd, Cl A * |
|
|
4,016 |
|
|
|
71 |
|
| Kodiak Sciences Inc * |
|
|
702 |
|
|
|
103 |
|
| Krystal Biotech Inc * |
|
|
823 |
|
|
|
49 |
|
| Kura Oncology Inc * |
|
|
3,438 |
|
|
|
112 |
|
| Laboratory Corp of America Holdings * |
|
|
515 |
|
|
|
105 |
|
| Lantheus Holdings Inc * |
|
|
2,408 |
|
|
|
32 |
|
| LHC Group Inc * |
|
|
57 |
|
|
|
12 |
|
| Ligand Pharmaceuticals Inc * |
|
|
462 |
|
|
|
46 |
|
| Luminex Corp |
|
|
2,284 |
|
|
|
53 |
|
| MacroGenics Inc * |
|
|
1,782 |
|
|
|
41 |
|
| Madrigal Pharmaceuticals Inc * |
|
|
531 |
|
|
|
59 |
|
| McKesson Corp |
|
|
992 |
|
|
|
173 |
|
| MEDNAX Inc * |
|
|
417 |
|
|
|
10 |
|
| Merck & Co Inc |
|
|
39,446 |
|
|
|
3,227 |
|
| Meridian Bioscience Inc * |
|
|
5,130 |
|
|
|
96 |
|
| Mettler-Toledo International Inc * |
|
|
1,494 |
|
|
|
1,703 |
|
| Mirati Therapeutics Inc * |
|
|
429 |
|
|
|
94 |
|
| Moderna Inc * |
|
|
4,368 |
|
|
|
456 |
|
| Myriad Genetics Inc * |
|
|
1,860 |
|
|
|
37 |
|
| Natera Inc * |
|
|
229 |
|
|
|
23 |
|
| National Research Corp |
|
|
779 |
|
|
|
33 |
|
| Natus Medical Inc * |
|
|
1,614 |
|
|
|
32 |
|
| Nektar Therapeutics, Cl A * |
|
|
2,328 |
|
|
|
40 |
|
| Neogen Corp * |
|
|
721 |
|
|
|
57 |
|
| Neurocrine Biosciences Inc * |
|
|
1,089 |
|
|
|
104 |
|
| Nevro Corp * |
|
|
83 |
|
|
|
14 |
|
| NextCure Inc * |
|
|
952 |
|
|
|
10 |
|
| NextGen Healthcare Inc * |
|
|
3,392 |
|
|
|
62 |
|
| Novavax Inc * |
|
|
570 |
|
|
|
64 |
|
| Ontrak * |
|
|
751 |
|
|
|
46 |
|
| Option Care Health Inc * |
|
|
648 |
|
|
|
10 |
|
| OraSure Technologies Inc * |
|
|
6,042 |
|
|
|
64 |
|
| Pennant Group Inc/The * |
|
|
1,609 |
|
|
|
93 |
|
| Penumbra Inc * |
|
|
72 |
|
|
|
13 |
|
| PerkinElmer Inc |
|
|
120 |
|
|
|
17 |
|
| Pfizer Inc |
|
|
86,529 |
|
|
|
3,185 |
|
| Phreesia Inc * |
|
|
361 |
|
|
|
20 |
|
| PRA Health Sciences Inc * |
|
|
108 |
|
|
|
14 |
|
| Premier Inc, Cl A |
|
|
2,266 |
|
|
|
79 |
|
| PTC Therapeutics Inc * |
|
|
1,021 |
|
|
|
62 |
|
| Puma Biotechnology Inc * |
|
|
5,574 |
|
|
|
57 |
|
| QIAGEN NV * |
|
|
2,338 |
|
|
|
124 |
|
| Quest Diagnostics Inc |
|
|
865 |
|
|
|
103 |
|
| Radius Health Inc * |
|
|
2,352 |
|
|
|
42 |
|
| Regeneron Pharmaceuticals Inc * |
|
|
1,105 |
|
|
|
534 |
|
| Repligen Corp * |
|
|
553 |
|
|
|
106 |
|
|
|
|
| 8 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| ResMed Inc |
|
|
2,930 |
|
|
$ |
623 |
|
| Revance Therapeutics Inc * |
|
|
3,056 |
|
|
|
87 |
|
| Rhythm Pharmaceuticals Inc * |
|
|
2,112 |
|
|
|
63 |
|
| Rubius Therapeutics Inc * |
|
|
3,679 |
|
|
|
28 |
|
| Sage Therapeutics Inc * |
|
|
516 |
|
|
|
45 |
|
| Sangamo Therapeutics Inc * |
|
|
1,002 |
|
|
|
16 |
|
| Sarepta Therapeutics Inc * |
|
|
87 |
|
|
|
15 |
|
| Scholar Rock Holding Corp * |
|
|
2,520 |
|
|
|
122 |
|
| Seagen Inc * |
|
|
750 |
|
|
|
131 |
|
| Shockwave Medical Inc * |
|
|
1,114 |
|
|
|
116 |
|
| Simulations Plus Inc |
|
|
1,477 |
|
|
|
106 |
|
| Sorrento Therapeutics Inc * |
|
|
12,406 |
|
|
|
85 |
|
| STAAR Surgical Co * |
|
|
193 |
|
|
|
15 |
|
| Stryker Corp |
|
|
3,828 |
|
|
|
938 |
|
| Supernus Pharmaceuticals Inc * |
|
|
2,174 |
|
|
|
55 |
|
| Surmodics Inc * |
|
|
1,169 |
|
|
|
51 |
|
| Syros Pharmaceuticals Inc * |
|
|
1,610 |
|
|
|
17 |
|
| Tactile Systems Technology Inc * |
|
|
728 |
|
|
|
33 |
|
| Tandem Diabetes Care Inc * |
|
|
144 |
|
|
|
14 |
|
| Teladoc Health Inc * |
|
|
1,178 |
|
|
|
236 |
|
| Teleflex Inc |
|
|
742 |
|
|
|
305 |
|
| TG Therapeutics Inc * |
|
|
4,916 |
|
|
|
256 |
|
| Theravance Biopharma Inc * |
|
|
2,200 |
|
|
|
39 |
|
| Thermo Fisher Scientific Inc |
|
|
5,343 |
|
|
|
2,489 |
|
| Translate Bio Inc * |
|
|
2,224 |
|
|
|
41 |
|
| Travere Therapeutics * |
|
|
3,434 |
|
|
|
94 |
|
| Turning Point Therapeutics Inc * |
|
|
828 |
|
|
|
101 |
|
| Twist Bioscience Corp * |
|
|
153 |
|
|
|
22 |
|
| Ultragenyx Pharmaceutical Inc * |
|
|
1,143 |
|
|
|
158 |
|
| United Therapeutics Corp * |
|
|
559 |
|
|
|
85 |
|
| UnitedHealth Group Inc |
|
|
14,586 |
|
|
|
5,115 |
|
| Universal Health Services Inc, Cl B |
|
|
80 |
|
|
|
11 |
|
| UroGen Pharma Ltd * |
|
|
1,543 |
|
|
|
28 |
|
| US Physical Therapy Inc |
|
|
428 |
|
|
|
51 |
|
| Varex Imaging Corp * |
|
|
1,631 |
|
|
|
27 |
|
| Varian Medical Systems Inc * |
|
|
1,773 |
|
|
|
310 |
|
| VBI Vaccines Inc * |
|
|
14,663 |
|
|
|
40 |
|
| Veeva Systems Inc, Cl A * |
|
|
1,157 |
|
|
|
315 |
|
| Vertex Pharmaceuticals Inc * |
|
|
3,305 |
|
|
|
781 |
|
| Viatris Inc, Cl W * |
|
|
11,343 |
|
|
|
213 |
|
| Viking Therapeutics Inc * |
|
|
6,150 |
|
|
|
35 |
|
| Waters Corp * |
|
|
395 |
|
|
|
98 |
|
| West Pharmaceutical Services Inc |
|
|
1,875 |
|
|
|
531 |
|
| Zimmer Biomet Holdings Inc |
|
|
3,501 |
|
|
|
539 |
|
| Zoetis Inc, Cl A |
|
|
6,022 |
|
|
|
997 |
|
| Zogenix Inc * |
|
|
947 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrials — 8.1% |
|
|
|
|
|
|
|
|
| 3M Co |
|
|
10,841 |
|
|
|
1,895 |
|
| A O Smith Corp |
|
|
1,708 |
|
|
|
94 |
|
| AAON Inc |
|
|
192 |
|
|
|
13 |
|
| AAR Corp |
|
|
1,101 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| ABM Industries Inc |
|
|
1,349 |
|
|
$ |
51 |
|
| ACCO Brands Corp |
|
|
5,214 |
|
|
|
44 |
|
| Acuity Brands Inc |
|
|
84 |
|
|
|
10 |
|
| ADT Inc |
|
|
6,039 |
|
|
|
47 |
|
| AECOM * |
|
|
6,633 |
|
|
|
330 |
|
| AGCO Corp |
|
|
149 |
|
|
|
15 |
|
| Air Lease Corp, Cl A |
|
|
1,053 |
|
|
|
47 |
|
| Alamo Group Inc |
|
|
424 |
|
|
|
59 |
|
| Alaska Air Group Inc |
|
|
10,133 |
|
|
|
527 |
|
| Allison Transmission Holdings Inc |
|
|
1,870 |
|
|
|
81 |
|
| Altra Industrial Motion Corp |
|
|
260 |
|
|
|
14 |
|
| AMERCO |
|
|
136 |
|
|
|
62 |
|
| American Airlines Group Inc |
|
|
405 |
|
|
|
6 |
|
| American Woodmark Corp * |
|
|
461 |
|
|
|
43 |
|
| AMETEK Inc |
|
|
1,369 |
|
|
|
166 |
|
| Apogee Enterprises Inc |
|
|
1,229 |
|
|
|
39 |
|
| Applied Industrial Technologies Inc |
|
|
745 |
|
|
|
58 |
|
| ArcBest Corp |
|
|
336 |
|
|
|
14 |
|
| Arcosa Inc |
|
|
1,128 |
|
|
|
62 |
|
| Argan Inc |
|
|
1,315 |
|
|
|
58 |
|
| Armstrong World Industries Inc |
|
|
979 |
|
|
|
73 |
|
| ASGN Inc * |
|
|
723 |
|
|
|
60 |
|
| Astec Industries Inc |
|
|
204 |
|
|
|
12 |
|
| Avis Budget Group Inc * |
|
|
2,276 |
|
|
|
85 |
|
| Axon Enterprise Inc * |
|
|
1,934 |
|
|
|
237 |
|
| AZZ Inc |
|
|
1,071 |
|
|
|
51 |
|
| Barnes Group Inc |
|
|
807 |
|
|
|
41 |
|
| Bloom Energy Corp, Cl A * |
|
|
2,773 |
|
|
|
79 |
|
| Brady Corp, Cl A |
|
|
873 |
|
|
|
46 |
|
| Brink’s Co/The |
|
|
540 |
|
|
|
39 |
|
| Carlisle Cos Inc |
|
|
311 |
|
|
|
49 |
|
| Carrier Global Corp |
|
|
6,184 |
|
|
|
233 |
|
| CBIZ Inc * |
|
|
1,805 |
|
|
|
48 |
|
| CH Robinson Worldwide Inc |
|
|
148 |
|
|
|
14 |
|
| Chart Industries Inc * |
|
|
142 |
|
|
|
17 |
|
| Cintas Corp |
|
|
1,907 |
|
|
|
674 |
|
| CIRCOR International Inc * |
|
|
1,110 |
|
|
|
43 |
|
| Clean Harbors Inc * |
|
|
137 |
|
|
|
10 |
|
| Colfax Corp * |
|
|
1,455 |
|
|
|
56 |
|
| Comfort Systems USA Inc |
|
|
988 |
|
|
|
52 |
|
| Construction Partners Inc, Cl A * |
|
|
2,838 |
|
|
|
83 |
|
| Copa Holdings SA, Cl A |
|
|
469 |
|
|
|
36 |
|
| Copart Inc * |
|
|
1,284 |
|
|
|
163 |
|
| CoStar Group Inc * |
|
|
326 |
|
|
|
301 |
|
| Covanta Holding Corp |
|
|
3,388 |
|
|
|
44 |
|
| Crane Co |
|
|
135 |
|
|
|
10 |
|
| CSW Industrials Inc |
|
|
116 |
|
|
|
13 |
|
| CSX Corp |
|
|
9,694 |
|
|
|
880 |
|
| Cummins Inc |
|
|
3,179 |
|
|
|
722 |
|
| Curtiss-Wright Corp |
|
|
1,789 |
|
|
|
208 |
|
| Deere & Co |
|
|
4,735 |
|
|
|
1,274 |
|
| Delta Air Lines Inc |
|
|
38,313 |
|
|
|
1,541 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
9 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Deluxe Corp |
|
|
981 |
|
|
$ |
29 |
|
| Donaldson Co Inc |
|
|
202 |
|
|
|
11 |
|
| Dover Corp |
|
|
103 |
|
|
|
13 |
|
| Dycom Industries Inc * |
|
|
1,064 |
|
|
|
80 |
|
| EMCOR Group Inc |
|
|
565 |
|
|
|
52 |
|
| Emerson Electric Co |
|
|
6,592 |
|
|
|
530 |
|
| EnerSys |
|
|
664 |
|
|
|
55 |
|
| EnPro Industries Inc |
|
|
738 |
|
|
|
56 |
|
| Equifax Inc |
|
|
535 |
|
|
|
103 |
|
| ESCO Technologies Inc |
|
|
568 |
|
|
|
59 |
|
| Expeditors International of Washington Inc |
|
|
1,163 |
|
|
|
111 |
|
| Exponent Inc |
|
|
727 |
|
|
|
65 |
|
| Fastenal Co |
|
|
5,056 |
|
|
|
247 |
|
| Federal Signal Corp |
|
|
1,560 |
|
|
|
52 |
|
| FedEx Corp |
|
|
3,239 |
|
|
|
841 |
|
| Flowserve Corp |
|
|
239 |
|
|
|
9 |
|
| Fluor Corp |
|
|
4,373 |
|
|
|
70 |
|
| Forrester Research Inc * |
|
|
1,169 |
|
|
|
49 |
|
| Fortune Brands Home & Security Inc |
|
|
174 |
|
|
|
15 |
|
| Forward Air Corp |
|
|
727 |
|
|
|
56 |
|
| Franklin Electric Co Inc |
|
|
897 |
|
|
|
62 |
|
| FTI Consulting Inc * |
|
|
443 |
|
|
|
50 |
|
| Generac Holdings Inc * |
|
|
89 |
|
|
|
20 |
|
| General Electric Co |
|
|
96,317 |
|
|
|
1,040 |
|
| Gibraltar Industries Inc * |
|
|
164 |
|
|
|
12 |
|
| Graco Inc |
|
|
223 |
|
|
|
16 |
|
| GrafTech International Ltd |
|
|
954 |
|
|
|
10 |
|
| Granite Construction Inc |
|
|
1,780 |
|
|
|
48 |
|
| Great Lakes Dredge & Dock Corp * |
|
|
4,289 |
|
|
|
56 |
|
| Greenbrier Cos Inc/The |
|
|
1,583 |
|
|
|
58 |
|
| Hawaiian Holdings Inc |
|
|
1,619 |
|
|
|
29 |
|
| Healthcare Services Group Inc |
|
|
2,050 |
|
|
|
58 |
|
| HEICO Corp |
|
|
4,884 |
|
|
|
647 |
|
| HEICO Corp, Cl A |
|
|
4,700 |
|
|
|
550 |
|
| Helios Technologies Inc |
|
|
1,091 |
|
|
|
58 |
|
| Herc Holdings Inc * |
|
|
1,012 |
|
|
|
67 |
|
| Herman Miller Inc |
|
|
1,053 |
|
|
|
36 |
|
| Hexcel Corp |
|
|
4,105 |
|
|
|
199 |
|
| Hillenbrand Inc |
|
|
1,501 |
|
|
|
60 |
|
| HNI Corp |
|
|
1,268 |
|
|
|
44 |
|
| Honeywell International Inc |
|
|
10,659 |
|
|
|
2,267 |
|
| Howmet Aerospace Inc |
|
|
7,379 |
|
|
|
211 |
|
| Hubbell Inc, Cl B |
|
|
78 |
|
|
|
12 |
|
| IAA Inc * |
|
|
253 |
|
|
|
16 |
|
| ICF International Inc |
|
|
545 |
|
|
|
41 |
|
| IDEX Corp |
|
|
68 |
|
|
|
14 |
|
| IHS Markit Ltd |
|
|
3,273 |
|
|
|
294 |
|
| Illinois Tool Works Inc |
|
|
10,512 |
|
|
|
2,143 |
|
| Ingersoll Rand Inc * |
|
|
355 |
|
|
|
16 |
|
| Insperity Inc |
|
|
592 |
|
|
|
48 |
|
| Interface Inc, Cl A |
|
|
2,949 |
|
|
|
31 |
|
| ITT Inc |
|
|
1,404 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Jacobs Engineering Group Inc |
|
|
1,091 |
|
|
$ |
119 |
|
| JB Hunt Transport Services Inc |
|
|
437 |
|
|
|
60 |
|
| JetBlue Airways Corp * |
|
|
4,688 |
|
|
|
68 |
|
| John Bean Technologies Corp |
|
|
439 |
|
|
|
50 |
|
| Kadant Inc |
|
|
475 |
|
|
|
67 |
|
| Kaman Corp |
|
|
743 |
|
|
|
42 |
|
| Kansas City Southern |
|
|
1,741 |
|
|
|
355 |
|
| KAR Auction Services Inc |
|
|
2,303 |
|
|
|
43 |
|
| Kelly Services Inc, Cl A |
|
|
2,214 |
|
|
|
46 |
|
| Kennametal Inc |
|
|
1,343 |
|
|
|
49 |
|
| Kforce Inc |
|
|
1,239 |
|
|
|
52 |
|
| Kirby Corp * |
|
|
1,032 |
|
|
|
53 |
|
| Knight-Swift Transportation Holdings Inc, Cl A |
|
|
1,357 |
|
|
|
57 |
|
| Knoll Inc |
|
|
1,853 |
|
|
|
27 |
|
| Korn Ferry |
|
|
1,193 |
|
|
|
52 |
|
| Landstar System Inc |
|
|
432 |
|
|
|
58 |
|
| Lennox International Inc |
|
|
44 |
|
|
|
12 |
|
| Lincoln Electric Holdings Inc |
|
|
1,027 |
|
|
|
119 |
|
| Lindsay Corp |
|
|
523 |
|
|
|
67 |
|
| Lyft Inc, Cl A * |
|
|
240 |
|
|
|
12 |
|
| Macquarie Infrastructure Corp |
|
|
266 |
|
|
|
10 |
|
| ManpowerGroup Inc |
|
|
3,586 |
|
|
|
323 |
|
| Marten Transport Ltd |
|
|
3,469 |
|
|
|
60 |
|
| Masco Corp |
|
|
6,315 |
|
|
|
347 |
|
| Matson Inc |
|
|
1,273 |
|
|
|
73 |
|
| Maxar Technologies Inc |
|
|
6,794 |
|
|
|
262 |
|
| McGrath RentCorp |
|
|
666 |
|
|
|
45 |
|
| Mercury Systems Inc * |
|
|
2,386 |
|
|
|
210 |
|
| Meritor Inc * |
|
|
2,088 |
|
|
|
58 |
|
| Middleby Corp/The * |
|
|
103 |
|
|
|
13 |
|
| MRC Global Inc * |
|
|
3,597 |
|
|
|
24 |
|
| MSA Safety Inc |
|
|
392 |
|
|
|
59 |
|
| MSC Industrial Direct Co Inc, Cl A |
|
|
1,115 |
|
|
|
94 |
|
| Nordson Corp |
|
|
600 |
|
|
|
121 |
|
| Norfolk Southern Corp |
|
|
2,430 |
|
|
|
577 |
|
| NOW Inc * |
|
|
4,359 |
|
|
|
31 |
|
| NV5 Global Inc * |
|
|
202 |
|
|
|
16 |
|
| Old Dominion Freight Line Inc |
|
|
400 |
|
|
|
78 |
|
| Omega Flex Inc |
|
|
70 |
|
|
|
10 |
|
| Oshkosh Corp |
|
|
2,762 |
|
|
|
238 |
|
| Otis Worldwide Corp |
|
|
1,821 |
|
|
|
123 |
|
| Owens Corning |
|
|
4,958 |
|
|
|
376 |
|
| PACCAR Inc |
|
|
2,133 |
|
|
|
184 |
|
| PAE * |
|
|
5,932 |
|
|
|
54 |
|
| Parker-Hannifin Corp |
|
|
1,231 |
|
|
|
335 |
|
| Parsons Corp * |
|
|
1,198 |
|
|
|
44 |
|
| Pitney Bowes Inc |
|
|
11,792 |
|
|
|
73 |
|
| Plug Power Inc * |
|
|
1,263 |
|
|
|
43 |
|
| Proto Labs Inc * |
|
|
91 |
|
|
|
14 |
|
| Quanta Services Inc |
|
|
2,291 |
|
|
|
165 |
|
| Raven Industries Inc |
|
|
1,437 |
|
|
|
48 |
|
|
|
|
| 10 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| RBC Bearings Inc * |
|
|
320 |
|
|
$ |
57 |
|
| Regal Beloit Corp |
|
|
1,068 |
|
|
|
131 |
|
| Republic Services Inc, Cl A |
|
|
842 |
|
|
|
81 |
|
| Resideo Technologies Inc * |
|
|
448 |
|
|
|
10 |
|
| Robert Half International Inc |
|
|
806 |
|
|
|
50 |
|
| Rockwell Automation Inc |
|
|
1,620 |
|
|
|
406 |
|
| Rollins Inc |
|
|
3,532 |
|
|
|
138 |
|
| Roper Technologies Inc |
|
|
861 |
|
|
|
371 |
|
| Ryder System Inc |
|
|
1,425 |
|
|
|
88 |
|
| Saia Inc * |
|
|
96 |
|
|
|
17 |
|
| Schneider National Inc, Cl B |
|
|
521 |
|
|
|
11 |
|
| Shyft Group Inc/The |
|
|
2,836 |
|
|
|
80 |
|
| Simpson Manufacturing Co Inc |
|
|
643 |
|
|
|
60 |
|
| Snap-on Inc |
|
|
318 |
|
|
|
54 |
|
| Southwest Airlines Co |
|
|
3,131 |
|
|
|
146 |
|
| SP Plus Corp * |
|
|
1,169 |
|
|
|
34 |
|
| Spirit AeroSystems Holdings Inc, Cl A |
|
|
9,098 |
|
|
|
356 |
|
| Spirit Airlines Inc * |
|
|
1,221 |
|
|
|
30 |
|
| SPX Corp * |
|
|
999 |
|
|
|
54 |
|
| SPX FLOW Inc * |
|
|
1,044 |
|
|
|
61 |
|
| Stanley Black & Decker Inc |
|
|
1,349 |
|
|
|
241 |
|
| Steelcase Inc, Cl A |
|
|
2,620 |
|
|
|
36 |
|
| Stericycle Inc * |
|
|
179 |
|
|
|
12 |
|
| Sunrun Inc * |
|
|
405 |
|
|
|
28 |
|
| Teledyne Technologies Inc * |
|
|
878 |
|
|
|
344 |
|
| Tennant Co |
|
|
639 |
|
|
|
45 |
|
| Terex Corp |
|
|
1,651 |
|
|
|
58 |
|
| Tetra Tech Inc |
|
|
564 |
|
|
|
65 |
|
| Timken Co/The |
|
|
204 |
|
|
|
16 |
|
| Toro Co/The |
|
|
1,175 |
|
|
|
111 |
|
| TPI Composites Inc * |
|
|
472 |
|
|
|
25 |
|
| TransDigm Group Inc * |
|
|
1,732 |
|
|
|
1,072 |
|
| TransUnion |
|
|
135 |
|
|
|
13 |
|
| Trex Co Inc * |
|
|
1,134 |
|
|
|
95 |
|
| TriMas Corp * |
|
|
1,583 |
|
|
|
50 |
|
| Trinity Industries Inc |
|
|
511 |
|
|
|
13 |
|
| Triumph Group Inc |
|
|
1,853 |
|
|
|
23 |
|
| TrueBlue Inc * |
|
|
2,106 |
|
|
|
39 |
|
| Uber Technologies Inc * |
|
|
14,661 |
|
|
|
748 |
|
| UFP Industries Inc |
|
|
196 |
|
|
|
11 |
|
| UniFirst Corp/MA |
|
|
235 |
|
|
|
50 |
|
| Union Pacific Corp |
|
|
12,488 |
|
|
|
2,600 |
|
| United Airlines Holdings Inc * |
|
|
2,850 |
|
|
|
123 |
|
| United Parcel Service Inc, Cl B |
|
|
8,932 |
|
|
|
1,504 |
|
| United Rentals Inc * |
|
|
1,692 |
|
|
|
392 |
|
| Univar Solutions Inc * |
|
|
476 |
|
|
|
9 |
|
| US Ecology Inc |
|
|
900 |
|
|
|
33 |
|
| Valmont Industries Inc |
|
|
76 |
|
|
|
13 |
|
| Verisk Analytics Inc, Cl A |
|
|
1,729 |
|
|
|
359 |
|
| Virgin Galactic Holdings Inc * |
|
|
4,426 |
|
|
|
105 |
|
| Wabash National Corp |
|
|
3,217 |
|
|
|
55 |
|
| Waste Management Inc |
|
|
6,467 |
|
|
|
763 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Watsco Inc |
|
|
537 |
|
|
$ |
122 |
|
| Watts Water Technologies Inc, Cl A |
|
|
507 |
|
|
|
62 |
|
| Welbilt Inc * |
|
|
3,137 |
|
|
|
41 |
|
| WESCO International Inc * |
|
|
3,661 |
|
|
|
287 |
|
| Westinghouse Air Brake Technologies Corp |
|
|
465 |
|
|
|
34 |
|
| WillScot Mobile Mini Holdings Corp, Cl A * |
|
|
590 |
|
|
|
14 |
|
| Woodward Inc |
|
|
139 |
|
|
|
17 |
|
| WW Grainger Inc |
|
|
3,913 |
|
|
|
1,598 |
|
| XPO Logistics Inc * |
|
|
1,396 |
|
|
|
166 |
|
| Xylem Inc/NY |
|
|
15,912 |
|
|
|
1,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Information Technology — 26.7% |
|
|
|
|
|
|
|
|
| 2U Inc * |
|
|
871 |
|
|
|
35 |
|
| 8x8 Inc * |
|
|
2,725 |
|
|
|
94 |
|
| ACI Worldwide Inc * |
|
|
1,373 |
|
|
|
53 |
|
| Adobe Inc * |
|
|
9,281 |
|
|
|
4,642 |
|
| ADTRAN Inc |
|
|
979 |
|
|
|
14 |
|
| Advanced Energy Industries Inc * |
|
|
725 |
|
|
|
70 |
|
| Advanced Micro Devices Inc * |
|
|
14,318 |
|
|
|
1,313 |
|
| Agilysys Inc * |
|
|
323 |
|
|
|
12 |
|
| Akamai Technologies Inc * |
|
|
7,949 |
|
|
|
835 |
|
| Akoustis Technologies Inc * |
|
|
6,091 |
|
|
|
74 |
|
| Alarm.com Holdings Inc * |
|
|
1,192 |
|
|
|
123 |
|
| Alliance Data Systems Corp |
|
|
1,335 |
|
|
|
99 |
|
| Altair Engineering Inc, Cl A * |
|
|
269 |
|
|
|
16 |
|
| Alteryx Inc, Cl A * |
|
|
70 |
|
|
|
8 |
|
| Ambarella Inc * |
|
|
160 |
|
|
|
15 |
|
| Amdocs Ltd |
|
|
3,632 |
|
|
|
258 |
|
| Amkor Technology Inc |
|
|
3,864 |
|
|
|
58 |
|
| Amphenol Corp, Cl A |
|
|
2,340 |
|
|
|
306 |
|
| Analog Devices Inc |
|
|
4,564 |
|
|
|
674 |
|
| Anaplan Inc * |
|
|
217 |
|
|
|
16 |
|
| ANSYS Inc * |
|
|
683 |
|
|
|
248 |
|
| Appian Corp, Cl A * |
|
|
1,246 |
|
|
|
202 |
|
| Apple Inc |
|
|
218,768 |
|
|
|
29,028 |
|
| Applied Materials Inc |
|
|
10,761 |
|
|
|
929 |
|
| Arista Networks Inc * |
|
|
768 |
|
|
|
223 |
|
| Arrow Electronics Inc * |
|
|
2,550 |
|
|
|
248 |
|
| Aspen Technology Inc * |
|
|
413 |
|
|
|
54 |
|
| Autodesk Inc * |
|
|
3,559 |
|
|
|
1,087 |
|
| Automatic Data Processing Inc |
|
|
12,646 |
|
|
|
2,228 |
|
| Avaya Holdings Corp * |
|
|
4,140 |
|
|
|
79 |
|
| Avnet Inc |
|
|
1,892 |
|
|
|
66 |
|
| Axcelis Technologies Inc * |
|
|
2,104 |
|
|
|
61 |
|
| Badger Meter Inc |
|
|
775 |
|
|
|
73 |
|
| Belden Inc |
|
|
900 |
|
|
|
38 |
|
| Benchmark Electronics Inc |
|
|
1,447 |
|
|
|
39 |
|
| Bill.com Holdings Inc * |
|
|
995 |
|
|
|
136 |
|
| Black Knight Inc * |
|
|
1,569 |
|
|
|
139 |
|
| Blackbaud Inc |
|
|
629 |
|
|
|
36 |
|
| Blackline Inc * |
|
|
185 |
|
|
|
25 |
|
| Booz Allen Hamilton Holding Corp, Cl A |
|
|
677 |
|
|
|
59 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
11 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Bottomline Technologies DE Inc * |
|
|
943 |
|
|
$ |
50 |
|
| Box Inc, Cl A * |
|
|
539 |
|
|
|
10 |
|
| Broadcom Inc |
|
|
5,340 |
|
|
|
2,338 |
|
| Broadridge Financial Solutions Inc |
|
|
720 |
|
|
|
110 |
|
| Brooks Automation Inc |
|
|
207 |
|
|
|
14 |
|
| Cadence Design Systems Inc * |
|
|
2,046 |
|
|
|
279 |
|
| Cass Information Systems Inc |
|
|
865 |
|
|
|
34 |
|
| CDK Global Inc |
|
|
1,636 |
|
|
|
85 |
|
| CDW Corp/DE |
|
|
806 |
|
|
|
106 |
|
| Cerence Inc * |
|
|
493 |
|
|
|
50 |
|
| Ceridian HCM Holding Inc * |
|
|
792 |
|
|
|
84 |
|
| Ciena Corp * |
|
|
1,223 |
|
|
|
65 |
|
| Cirrus Logic Inc * |
|
|
640 |
|
|
|
53 |
|
| Cisco Systems Inc |
|
|
68,588 |
|
|
|
3,069 |
|
| Citrix Systems Inc |
|
|
1,980 |
|
|
|
258 |
|
| Cloudera Inc * |
|
|
4,481 |
|
|
|
62 |
|
| Cloudflare, Cl A * |
|
|
1,190 |
|
|
|
90 |
|
| CMC Materials |
|
|
373 |
|
|
|
56 |
|
| Cognex Corp |
|
|
203 |
|
|
|
16 |
|
| Cognizant Technology Solutions Corp, Cl A |
|
|
8,315 |
|
|
|
681 |
|
| Coherent Inc * |
|
|
626 |
|
|
|
94 |
|
| Cohu Inc |
|
|
2,351 |
|
|
|
90 |
|
| CommScope Holding Co Inc * |
|
|
7,086 |
|
|
|
95 |
|
| CommVault Systems Inc * |
|
|
1,095 |
|
|
|
61 |
|
| Concentrix * |
|
|
387 |
|
|
|
38 |
|
| CoreLogic Inc/United States |
|
|
271 |
|
|
|
21 |
|
| Cornerstone OnDemand Inc * |
|
|
862 |
|
|
|
38 |
|
| Corning Inc |
|
|
6,104 |
|
|
|
220 |
|
| Coupa Software Inc * |
|
|
970 |
|
|
|
329 |
|
| Cree Inc * |
|
|
248 |
|
|
|
26 |
|
| Crowdstrike Holdings Inc, Cl A * |
|
|
1,523 |
|
|
|
323 |
|
| CSG Systems International Inc |
|
|
965 |
|
|
|
43 |
|
| CTS Corp |
|
|
1,735 |
|
|
|
60 |
|
| Datadog Inc, Cl A * |
|
|
460 |
|
|
|
45 |
|
| Dell Technologies Inc, Cl C * |
|
|
4,108 |
|
|
|
301 |
|
| Diebold Nixdorf Inc * |
|
|
4,695 |
|
|
|
50 |
|
| Digital Turbine Inc * |
|
|
6,346 |
|
|
|
359 |
|
| DocuSign Inc, Cl A * |
|
|
1,618 |
|
|
|
360 |
|
| Dolby Laboratories Inc, Cl A |
|
|
731 |
|
|
|
71 |
|
| Domo Inc, Cl B * |
|
|
297 |
|
|
|
19 |
|
| Dropbox Inc, Cl A * |
|
|
2,914 |
|
|
|
65 |
|
| DXC Technology Co |
|
|
5,395 |
|
|
|
139 |
|
| Dynatrace Inc * |
|
|
465 |
|
|
|
20 |
|
| Ebix Inc |
|
|
1,517 |
|
|
|
58 |
|
| EchoStar Corp, Cl A * |
|
|
1,124 |
|
|
|
24 |
|
| Elastic NV * |
|
|
183 |
|
|
|
27 |
|
| Enphase Energy Inc * |
|
|
792 |
|
|
|
139 |
|
| Entegris Inc |
|
|
980 |
|
|
|
94 |
|
| Envestnet Inc * |
|
|
717 |
|
|
|
59 |
|
| EPAM Systems Inc * |
|
|
1,434 |
|
|
|
514 |
|
| Euronet Worldwide Inc * |
|
|
74 |
|
|
|
11 |
|
| Everbridge Inc * |
|
|
1,814 |
|
|
|
270 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| EVERTEC Inc |
|
|
1,569 |
|
|
$ |
62 |
|
| ExlService Holdings Inc * |
|
|
711 |
|
|
|
60 |
|
| Extreme Networks Inc * |
|
|
6,878 |
|
|
|
47 |
|
| F5 Networks Inc * |
|
|
578 |
|
|
|
102 |
|
| Fair Isaac Corp * |
|
|
299 |
|
|
|
153 |
|
| Fastly Inc, Cl A * |
|
|
905 |
|
|
|
79 |
|
| Fidelity National Information Services Inc |
|
|
7,874 |
|
|
|
1,114 |
|
| FireEye Inc * |
|
|
5,502 |
|
|
|
127 |
|
| First Solar Inc * |
|
|
3,538 |
|
|
|
350 |
|
| Fiserv Inc * |
|
|
6,758 |
|
|
|
769 |
|
| Five9 Inc * |
|
|
93 |
|
|
|
16 |
|
| FleetCor Technologies Inc * |
|
|
277 |
|
|
|
76 |
|
| FLIR Systems Inc |
|
|
1,671 |
|
|
|
73 |
|
| FormFactor Inc * |
|
|
353 |
|
|
|
15 |
|
| Fortinet Inc * |
|
|
269 |
|
|
|
40 |
|
| Genpact Ltd |
|
|
6,870 |
|
|
|
284 |
|
| Global Payments Inc |
|
|
2,965 |
|
|
|
639 |
|
| Globant SA * |
|
|
271 |
|
|
|
59 |
|
| GoDaddy Inc, Cl A * |
|
|
1,102 |
|
|
|
91 |
|
| Guidewire Software Inc * |
|
|
109 |
|
|
|
14 |
|
| Hackett Group Inc/The |
|
|
3,129 |
|
|
|
45 |
|
| HubSpot Inc * |
|
|
322 |
|
|
|
128 |
|
| Ichor Holdings Ltd * |
|
|
1,480 |
|
|
|
45 |
|
| II-VI Inc * |
|
|
224 |
|
|
|
17 |
|
| Infinera Corp * |
|
|
6,579 |
|
|
|
69 |
|
| Inphi Corp * |
|
|
86 |
|
|
|
14 |
|
| Inseego Corp * |
|
|
7,132 |
|
|
|
110 |
|
| Insight Enterprises Inc * |
|
|
754 |
|
|
|
57 |
|
| Intel Corp |
|
|
58,531 |
|
|
|
2,916 |
|
| Intelligent Systems Corp * |
|
|
1,128 |
|
|
|
45 |
|
| InterDigital Inc |
|
|
917 |
|
|
|
56 |
|
| International Business Machines Corp |
|
|
13,123 |
|
|
|
1,652 |
|
| Intuit Inc |
|
|
3,714 |
|
|
|
1,411 |
|
| IPG Photonics Corp * |
|
|
558 |
|
|
|
125 |
|
| Itron Inc * |
|
|
588 |
|
|
|
56 |
|
| J2 Global Inc * |
|
|
540 |
|
|
|
53 |
|
| Jabil Inc |
|
|
6,948 |
|
|
|
295 |
|
| Jack Henry & Associates Inc |
|
|
636 |
|
|
|
103 |
|
| Juniper Networks Inc |
|
|
7,826 |
|
|
|
176 |
|
| KBR Inc |
|
|
1,640 |
|
|
|
51 |
|
| Keysight Technologies Inc * |
|
|
12,701 |
|
|
|
1,678 |
|
| KLA Corp |
|
|
1,904 |
|
|
|
493 |
|
| Knowles Corp * |
|
|
2,314 |
|
|
|
43 |
|
| Lam Research Corp |
|
|
3,493 |
|
|
|
1,650 |
|
| Lattice Semiconductor Corp * |
|
|
369 |
|
|
|
17 |
|
| Littelfuse Inc |
|
|
60 |
|
|
|
15 |
|
| Lumentum Holdings Inc * |
|
|
660 |
|
|
|
63 |
|
| Manhattan Associates Inc * |
|
|
1,278 |
|
|
|
134 |
|
| Marvell Technology Group Ltd |
|
|
4,705 |
|
|
|
224 |
|
| Mastercard Inc, Cl A |
|
|
12,929 |
|
|
|
4,615 |
|
| Maxim Integrated Products Inc |
|
|
3,740 |
|
|
|
332 |
|
| MAXIMUS Inc |
|
|
682 |
|
|
|
50 |
|
|
|
|
| 12 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Medallia Inc * |
|
|
1,562 |
|
|
$ |
52 |
|
| Microchip Technology Inc |
|
|
1,615 |
|
|
|
223 |
|
| Micron Technology Inc * |
|
|
11,609 |
|
|
|
873 |
|
| Microsoft Corp |
|
|
108,220 |
|
|
|
24,070 |
|
| MicroStrategy Inc, Cl A * |
|
|
69 |
|
|
|
27 |
|
| MKS Instruments Inc |
|
|
103 |
|
|
|
15 |
|
| MongoDB Inc, Cl A * |
|
|
574 |
|
|
|
206 |
|
| Monolithic Power Systems Inc |
|
|
64 |
|
|
|
23 |
|
| National Instruments Corp |
|
|
2,353 |
|
|
|
103 |
|
| NCR Corp * |
|
|
334 |
|
|
|
13 |
|
| NetApp Inc |
|
|
2,936 |
|
|
|
194 |
|
| NetScout Systems Inc * |
|
|
2,073 |
|
|
|
57 |
|
| New Relic Inc * |
|
|
749 |
|
|
|
49 |
|
| NIC Inc |
|
|
2,268 |
|
|
|
59 |
|
| Novanta Inc * |
|
|
98 |
|
|
|
12 |
|
| Nuance Communications Inc * |
|
|
2,832 |
|
|
|
125 |
|
| Nutanix Inc, Cl A * |
|
|
359 |
|
|
|
11 |
|
| NVIDIA Corp |
|
|
9,892 |
|
|
|
5,166 |
|
| Okta Inc, Cl A * |
|
|
812 |
|
|
|
206 |
|
| ON Semiconductor Corp * |
|
|
9,649 |
|
|
|
316 |
|
| Oracle Corp |
|
|
34,708 |
|
|
|
2,245 |
|
| OSI Systems Inc * |
|
|
497 |
|
|
|
46 |
|
| PagerDuty Inc * |
|
|
1,821 |
|
|
|
76 |
|
| Palo Alto Networks Inc * |
|
|
675 |
|
|
|
240 |
|
| Paychex Inc |
|
|
2,612 |
|
|
|
243 |
|
| Paycom Software Inc * |
|
|
194 |
|
|
|
88 |
|
| Paylocity Holding Corp * |
|
|
417 |
|
|
|
86 |
|
| PayPal Holdings Inc * |
|
|
18,658 |
|
|
|
4,370 |
|
| Paysign Inc * |
|
|
4,721 |
|
|
|
22 |
|
| Pegasystems Inc |
|
|
150 |
|
|
|
20 |
|
| Perficient Inc * |
|
|
1,142 |
|
|
|
54 |
|
| Perspecta Inc |
|
|
1,895 |
|
|
|
46 |
|
| Photronics Inc * |
|
|
3,197 |
|
|
|
36 |
|
| Plantronics Inc |
|
|
1,930 |
|
|
|
52 |
|
| Plexus Corp * |
|
|
633 |
|
|
|
49 |
|
| Pluralsight Inc, Cl A * |
|
|
2,621 |
|
|
|
55 |
|
| Power Integrations Inc |
|
|
196 |
|
|
|
16 |
|
| Progress Software Corp |
|
|
1,206 |
|
|
|
54 |
|
| Proofpoint Inc * |
|
|
98 |
|
|
|
13 |
|
| PROS Holdings Inc * |
|
|
818 |
|
|
|
41 |
|
| PTC Inc * |
|
|
677 |
|
|
|
81 |
|
| Pure Storage Inc, Cl A * |
|
|
685 |
|
|
|
15 |
|
| Qorvo Inc * |
|
|
100 |
|
|
|
17 |
|
| QUALCOMM Inc |
|
|
17,833 |
|
|
|
2,717 |
|
| Qualys Inc * |
|
|
591 |
|
|
|
72 |
|
| Rambus Inc * |
|
|
3,633 |
|
|
|
63 |
|
| Rapid7 Inc * |
|
|
892 |
|
|
|
80 |
|
| RealPage Inc * |
|
|
211 |
|
|
|
18 |
|
| RingCentral Inc, Cl A * |
|
|
699 |
|
|
|
265 |
|
| Rogers Corp * |
|
|
392 |
|
|
|
61 |
|
| Sabre Corp |
|
|
506 |
|
|
|
6 |
|
| salesforce.com Inc * |
|
|
17,125 |
|
|
|
3,811 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Sanmina Corp * |
|
|
1,459 |
|
|
$ |
46 |
|
| ScanSource Inc * |
|
|
1,292 |
|
|
|
34 |
|
| Semtech Corp * |
|
|
1,000 |
|
|
|
72 |
|
| ServiceNow Inc * |
|
|
2,243 |
|
|
|
1,235 |
|
| Silicon Laboratories Inc * |
|
|
437 |
|
|
|
56 |
|
| Skyworks Solutions Inc |
|
|
747 |
|
|
|
114 |
|
| Smartsheet Inc, Cl A * |
|
|
266 |
|
|
|
18 |
|
| SolarEdge Technologies * |
|
|
210 |
|
|
|
67 |
|
| SolarWinds Corp * |
|
|
634 |
|
|
|
9 |
|
| Splunk Inc * |
|
|
1,357 |
|
|
|
231 |
|
| SPS Commerce Inc * |
|
|
152 |
|
|
|
16 |
|
| Square Inc, Cl A * |
|
|
4,127 |
|
|
|
898 |
|
| Switch Inc, Cl A |
|
|
779 |
|
|
|
13 |
|
| Synaptics Inc * |
|
|
142 |
|
|
|
14 |
|
| SYNNEX Corp |
|
|
387 |
|
|
|
31 |
|
| Synopsys Inc * |
|
|
1,083 |
|
|
|
281 |
|
| Teradata Corp * |
|
|
4,437 |
|
|
|
100 |
|
| Teradyne Inc |
|
|
4,784 |
|
|
|
574 |
|
| Texas Instruments Inc |
|
|
13,483 |
|
|
|
2,213 |
|
| Trade Desk Inc/The, Cl A * |
|
|
829 |
|
|
|
664 |
|
| Trimble Inc * |
|
|
2,035 |
|
|
|
136 |
|
| TTEC Holdings Inc |
|
|
202 |
|
|
|
15 |
|
| TTM Technologies Inc * |
|
|
3,357 |
|
|
|
46 |
|
| Tucows Inc, Cl A * |
|
|
834 |
|
|
|
62 |
|
| Twilio Inc, Cl A * |
|
|
2,168 |
|
|
|
734 |
|
| Tyler Technologies Inc * |
|
|
393 |
|
|
|
172 |
|
| Ubiquiti Inc |
|
|
48 |
|
|
|
13 |
|
| Unisys Corp * |
|
|
689 |
|
|
|
14 |
|
| Universal Display Corp |
|
|
521 |
|
|
|
120 |
|
| Upland Software Inc * |
|
|
255 |
|
|
|
12 |
|
| Varonis Systems Inc * |
|
|
109 |
|
|
|
18 |
|
| Verint Systems Inc * |
|
|
947 |
|
|
|
64 |
|
| VeriSign Inc * |
|
|
802 |
|
|
|
174 |
|
| Verra Mobility Corp, Cl A * |
|
|
3,479 |
|
|
|
47 |
|
| ViaSat Inc * |
|
|
693 |
|
|
|
23 |
|
| Viavi Solutions Inc * |
|
|
3,355 |
|
|
|
50 |
|
| Virtusa Corp * |
|
|
1,123 |
|
|
|
57 |
|
| Visa Inc, Cl A |
|
|
25,571 |
|
|
|
5,593 |
|
| VMware Inc, Cl A * |
|
|
1,343 |
|
|
|
188 |
|
| Western Digital Corp |
|
|
2,423 |
|
|
|
134 |
|
| Western Union Co/The |
|
|
425 |
|
|
|
9 |
|
| WEX Inc * |
|
|
55 |
|
|
|
11 |
|
| Workday Inc, Cl A * |
|
|
2,079 |
|
|
|
498 |
|
| Workiva Inc, Cl A * |
|
|
1,224 |
|
|
|
112 |
|
| Xerox Holdings Corp |
|
|
7,073 |
|
|
|
164 |
|
| Xilinx Inc |
|
|
2,632 |
|
|
|
373 |
|
| Xperi Holding Corp |
|
|
2,351 |
|
|
|
49 |
|
| Zebra Technologies Corp, Cl A * |
|
|
438 |
|
|
|
168 |
|
| Zendesk Inc * |
|
|
152 |
|
|
|
22 |
|
| Zoom Video Communications Inc, Cl A * |
|
|
2,174 |
|
|
|
733 |
|
| Zscaler Inc * |
|
|
470 |
|
|
|
94 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
13 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Zuora Inc, Cl A * |
|
|
3,498 |
|
|
$ |
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Materials — 2.8% |
|
|
|
|
|
|
|
|
| Air Products and Chemicals Inc |
|
|
4,688 |
|
|
|
1,281 |
|
| Albemarle Corp |
|
|
167 |
|
|
|
25 |
|
| Alcoa Corp * |
|
|
5,657 |
|
|
|
130 |
|
| Allegheny Technologies Inc * |
|
|
2,362 |
|
|
|
40 |
|
| AptarGroup Inc |
|
|
1,944 |
|
|
|
266 |
|
| Arconic Corp * |
|
|
1,844 |
|
|
|
55 |
|
| Ashland Global Holdings Inc |
|
|
152 |
|
|
|
12 |
|
| Avery Dennison Corp |
|
|
88 |
|
|
|
14 |
|
| Axalta Coating Systems Ltd * |
|
|
7,963 |
|
|
|
227 |
|
| Balchem Corp |
|
|
488 |
|
|
|
56 |
|
| Ball Corp |
|
|
14,154 |
|
|
|
1,319 |
|
| Berry Global Group Inc * |
|
|
4,123 |
|
|
|
232 |
|
| Cabot Corp |
|
|
238 |
|
|
|
11 |
|
| Carpenter Technology Corp |
|
|
1,006 |
|
|
|
29 |
|
| Celanese Corp, Cl A |
|
|
93 |
|
|
|
12 |
|
| CF Industries Holdings Inc |
|
|
1,066 |
|
|
|
41 |
|
| Chase Corp |
|
|
421 |
|
|
|
43 |
|
| Chemours Co/The |
|
|
2,832 |
|
|
|
70 |
|
| Cleveland-Cliffs Inc |
|
|
11,888 |
|
|
|
173 |
|
| Coeur Mining Inc * |
|
|
6,945 |
|
|
|
72 |
|
| Compass Minerals International Inc |
|
|
851 |
|
|
|
52 |
|
| Corteva Inc |
|
|
4,455 |
|
|
|
172 |
|
| Crown Holdings Inc * |
|
|
6,925 |
|
|
|
694 |
|
| Domtar Corp |
|
|
298 |
|
|
|
9 |
|
| Dow Inc |
|
|
5,519 |
|
|
|
306 |
|
| DuPont de Nemours Inc |
|
|
6,954 |
|
|
|
494 |
|
| Eagle Materials Inc |
|
|
126 |
|
|
|
13 |
|
| Eastman Chemical Co |
|
|
9,101 |
|
|
|
913 |
|
| Ecolab Inc |
|
|
2,293 |
|
|
|
496 |
|
| Element Solutions Inc |
|
|
1,023 |
|
|
|
18 |
|
| FMC Corp |
|
|
2,400 |
|
|
|
276 |
|
| Freeport-McMoRan Inc |
|
|
27,003 |
|
|
|
703 |
|
| Glatfelter |
|
|
2,740 |
|
|
|
45 |
|
| Graphic Packaging Holding Co |
|
|
681 |
|
|
|
12 |
|
| Greif Inc, Cl A |
|
|
1,122 |
|
|
|
53 |
|
| HB Fuller Co |
|
|
976 |
|
|
|
51 |
|
| Huntsman Corp |
|
|
475 |
|
|
|
12 |
|
| Ingevity Corp * |
|
|
563 |
|
|
|
43 |
|
| Innospec Inc |
|
|
499 |
|
|
|
45 |
|
| International Flavors & Fragrances Inc |
|
|
2,307 |
|
|
|
251 |
|
| International Paper Co |
|
|
785 |
|
|
|
39 |
|
| Kraton Corp * |
|
|
2,033 |
|
|
|
56 |
|
| Livent Corp * |
|
|
5,807 |
|
|
|
109 |
|
| Louisiana-Pacific Corp |
|
|
1,740 |
|
|
|
65 |
|
| LyondellBasell Industries NV, Cl A |
|
|
2,182 |
|
|
|
200 |
|
| Martin Marietta Materials Inc |
|
|
397 |
|
|
|
113 |
|
| Minerals Technologies Inc |
|
|
880 |
|
|
|
55 |
|
| Mosaic Co/The |
|
|
3,590 |
|
|
|
83 |
|
| Neenah Inc |
|
|
693 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Newmont Corp |
|
|
27,433 |
|
|
$ |
1,643 |
|
| Novagold Resources Inc * |
|
|
1,266 |
|
|
|
12 |
|
| Nucor Corp |
|
|
1,510 |
|
|
|
80 |
|
| Packaging Corp of America |
|
|
101 |
|
|
|
14 |
|
| PPG Industries Inc |
|
|
2,274 |
|
|
|
328 |
|
| Quaker Chemical Corp |
|
|
55 |
|
|
|
14 |
|
| Reliance Steel & Aluminum Co |
|
|
412 |
|
|
|
49 |
|
| Royal Gold Inc |
|
|
437 |
|
|
|
46 |
|
| Scotts Miracle-Gro Co/The |
|
|
163 |
|
|
|
32 |
|
| Sealed Air Corp |
|
|
293 |
|
|
|
13 |
|
| Sensient Technologies Corp |
|
|
779 |
|
|
|
57 |
|
| Sherwin-Williams Co/The |
|
|
2,066 |
|
|
|
1,518 |
|
| Sonoco Products Co |
|
|
185 |
|
|
|
11 |
|
| Southern Copper Corp |
|
|
272 |
|
|
|
18 |
|
| Steel Dynamics Inc |
|
|
2,648 |
|
|
|
98 |
|
| Stepan Co |
|
|
510 |
|
|
|
61 |
|
| Summit Materials Inc, Cl A * |
|
|
2,136 |
|
|
|
43 |
|
| Trinseo SA |
|
|
1,345 |
|
|
|
69 |
|
| United States Lime & Minerals Inc |
|
|
581 |
|
|
|
66 |
|
| United States Steel Corp |
|
|
3,709 |
|
|
|
62 |
|
| Valvoline Inc |
|
|
11,216 |
|
|
|
260 |
|
| Verso Corp |
|
|
2,760 |
|
|
|
33 |
|
| Vulcan Materials Co |
|
|
665 |
|
|
|
99 |
|
| Warrior Met Coal Inc |
|
|
2,378 |
|
|
|
51 |
|
| Westlake Chemical Corp |
|
|
718 |
|
|
|
59 |
|
| Westrock Co |
|
|
3,989 |
|
|
|
174 |
|
| Worthington Industries Inc |
|
|
1,149 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate — 3.2% |
|
|
|
|
|
|
|
|
| Acadia Realty
Trust ‡ |
|
|
1,946 |
|
|
|
28 |
|
| Agree Realty
Corp ‡ |
|
|
736 |
|
|
|
49 |
|
| Alexander & Baldwin Inc ‡ |
|
|
2,342 |
|
|
|
40 |
|
| Alexandria Real Estate Equities Inc ‡ |
|
|
1,497 |
|
|
|
267 |
|
| American Campus Communities Inc ‡ |
|
|
252 |
|
|
|
11 |
|
| American Finance Trust Inc ‡ |
|
|
3,743 |
|
|
|
28 |
|
| American Tower Corp, Cl A ‡ |
|
|
5,189 |
|
|
|
1,165 |
|
| Apartment Income
REIT ‡ |
|
|
1,711 |
|
|
|
66 |
|
| Apartment Investment and Management, Cl A ‡ |
|
|
1,711 |
|
|
|
9 |
|
| Apple Hospitality REIT Inc ‡ |
|
|
718 |
|
|
|
9 |
|
| AvalonBay Communities Inc ‡ |
|
|
3,261 |
|
|
|
523 |
|
| Brandywine Realty Trust ‡ |
|
|
14,492 |
|
|
|
173 |
|
| Brixmor Property Group Inc ‡ |
|
|
4,703 |
|
|
|
78 |
|
| Camden Property
Trust ‡ |
|
|
125 |
|
|
|
12 |
|
| CareTrust REIT
Inc ‡ |
|
|
2,438 |
|
|
|
54 |
|
| CBRE Group Inc, Cl A * |
|
|
26,520 |
|
|
|
1,663 |
|
| Colony Capital
Inc ‡ |
|
|
41,643 |
|
|
|
200 |
|
| Columbia Property Trust Inc ‡ |
|
|
565 |
|
|
|
8 |
|
| Community Healthcare Trust Inc ‡ |
|
|
1,136 |
|
|
|
53 |
|
| Corporate Office Properties Trust ‡ |
|
|
7,752 |
|
|
|
202 |
|
| Cousins Properties Inc ‡ |
|
|
289 |
|
|
|
10 |
|
| Crown Castle International Corp ‡ |
|
|
4,368 |
|
|
|
695 |
|
|
|
|
| 14 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
|
CubeSmart ‡ |
|
|
377 |
|
|
$ |
13 |
|
| CyrusOne
Inc ‡ |
|
|
181 |
|
|
|
13 |
|
| DiamondRock Hospitality Co ‡ |
|
|
4,575 |
|
|
|
38 |
|
| Digital Realty Trust Inc ‡ |
|
|
2,674 |
|
|
|
373 |
|
| Diversified Healthcare Trust ‡ |
|
|
6,702 |
|
|
|
28 |
|
| Douglas Emmett
Inc ‡ |
|
|
2,338 |
|
|
|
68 |
|
| Duke Realty
Corp ‡ |
|
|
2,798 |
|
|
|
112 |
|
| Empire State Realty Trust Inc, Cl A ‡ |
|
|
5,592 |
|
|
|
52 |
|
| EPR
Properties ‡ |
|
|
735 |
|
|
|
24 |
|
| Equinix
Inc ‡ |
|
|
1,035 |
|
|
|
739 |
|
| Equity
Commonwealth ‡ |
|
|
846 |
|
|
|
23 |
|
| Equity LifeStyle Properties Inc ‡ |
|
|
167 |
|
|
|
11 |
|
| Equity
Residential ‡ |
|
|
3,485 |
|
|
|
207 |
|
| Essential Properties Realty Trust Inc ‡ |
|
|
2,028 |
|
|
|
43 |
|
| Essex Property Trust Inc ‡ |
|
|
454 |
|
|
|
108 |
|
| Extra Space Storage Inc ‡ |
|
|
811 |
|
|
|
94 |
|
| Federal Realty Investment Trust ‡ |
|
|
664 |
|
|
|
56 |
|
| First Industrial Realty Trust Inc ‡ |
|
|
1,226 |
|
|
|
52 |
|
| Four Corners Property Trust Inc ‡ |
|
|
1,848 |
|
|
|
55 |
|
| Franklin Street Properties Corp ‡ |
|
|
5,897 |
|
|
|
26 |
|
| Gaming and Leisure Properties Inc ‡ |
|
|
283 |
|
|
|
12 |
|
| Global Net Lease
Inc ‡ |
|
|
2,484 |
|
|
|
43 |
|
| Healthcare Realty Trust Inc ‡ |
|
|
1,555 |
|
|
|
46 |
|
| Healthcare Trust of America Inc, Cl A ‡ |
|
|
392 |
|
|
|
11 |
|
| Healthpeak Properties Inc ‡ |
|
|
9,384 |
|
|
|
284 |
|
| Highwoods Properties Inc ‡ |
|
|
247 |
|
|
|
10 |
|
| Howard Hughes Corp/The * |
|
|
795 |
|
|
|
63 |
|
| Hudson Pacific Properties Inc ‡ |
|
|
2,475 |
|
|
|
59 |
|
| Industrial Logistics Properties Trust ‡ |
|
|
2,389 |
|
|
|
56 |
|
| Invitation Homes
Inc ‡ |
|
|
398 |
|
|
|
12 |
|
| Iron Mountain
Inc ‡ |
|
|
5,996 |
|
|
|
177 |
|
| JBG SMITH
Properties ‡ |
|
|
2,065 |
|
|
|
65 |
|
| Jones Lang LaSalle Inc |
|
|
1,270 |
|
|
|
188 |
|
| Kennedy-Wilson Holdings Inc |
|
|
2,254 |
|
|
|
40 |
|
| Kilroy Realty
Corp ‡ |
|
|
4,516 |
|
|
|
259 |
|
| Kimco Realty
Corp ‡ |
|
|
4,679 |
|
|
|
70 |
|
| Kite Realty Group Trust ‡ |
|
|
2,741 |
|
|
|
41 |
|
| Lamar Advertising Co, Cl A ‡ |
|
|
1,059 |
|
|
|
88 |
|
| Lexington Realty Trust ‡ |
|
|
4,761 |
|
|
|
51 |
|
| Life Storage
Inc ‡ |
|
|
110 |
|
|
|
13 |
|
| LTC Properties
Inc ‡ |
|
|
1,142 |
|
|
|
44 |
|
| Macerich
Co/The ‡ |
|
|
5,508 |
|
|
|
59 |
|
| Marcus & Millichap Inc * |
|
|
1,380 |
|
|
|
51 |
|
| Medical Properties Trust Inc ‡ |
|
|
2,513 |
|
|
|
55 |
|
| Mid-America Apartment Communities Inc ‡ |
|
|
97 |
|
|
|
12 |
|
| Monmouth Real Estate Investment Corp ‡ |
|
|
3,365 |
|
|
|
58 |
|
| National Health Investors Inc ‡ |
|
|
635 |
|
|
|
44 |
|
| National Retail Properties Inc ‡ |
|
|
975 |
|
|
|
40 |
|
| Newmark Group Inc, Cl A |
|
|
3,753 |
|
|
|
27 |
|
| Office Properties Income Trust ‡ |
|
|
1,618 |
|
|
|
37 |
|
| Omega Healthcare Investors Inc ‡ |
|
|
1,229 |
|
|
|
45 |
|
| Outfront Media
Inc ‡ |
|
|
1,951 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Paramount Group
Inc ‡ |
|
|
5,922 |
|
|
$ |
53 |
|
| Park Hotels & Resorts Inc ‡ |
|
|
1,996 |
|
|
|
34 |
|
| Pebblebrook Hotel Trust ‡ |
|
|
1,899 |
|
|
|
36 |
|
| Physicians Realty Trust ‡ |
|
|
2,753 |
|
|
|
49 |
|
| Piedmont Office Realty Trust Inc, Cl A ‡ |
|
|
2,333 |
|
|
|
38 |
|
| PotlatchDeltic
Corp ‡ |
|
|
1,174 |
|
|
|
59 |
|
| Prologis
Inc ‡ |
|
|
20,608 |
|
|
|
2,054 |
|
| Public
Storage ‡ |
|
|
1,177 |
|
|
|
272 |
|
| QTS Realty Trust Inc, Cl A ‡ |
|
|
981 |
|
|
|
61 |
|
| Rayonier
Inc ‡ |
|
|
1,593 |
|
|
|
47 |
|
| RE/MAX Holdings Inc, Cl A |
|
|
1,292 |
|
|
|
47 |
|
| Realogy Holdings Corp * |
|
|
4,621 |
|
|
|
61 |
|
| Realty Income
Corp ‡ |
|
|
1,402 |
|
|
|
87 |
|
| Redfin Corp * |
|
|
458 |
|
|
|
31 |
|
| Regency Centers
Corp ‡ |
|
|
28,376 |
|
|
|
1,294 |
|
| Retail Opportunity Investments Corp ‡ |
|
|
2,907 |
|
|
|
39 |
|
| Retail Properties of America Inc, Cl A ‡ |
|
|
876 |
|
|
|
7 |
|
| Rexford Industrial Realty Inc ‡ |
|
|
1,114 |
|
|
|
55 |
|
| RLJ Lodging
Trust ‡ |
|
|
2,849 |
|
|
|
40 |
|
| RMR Group Inc/The, Cl A |
|
|
1,095 |
|
|
|
42 |
|
| RPT
Realty ‡ |
|
|
3,429 |
|
|
|
30 |
|
| Ryman Hospitality Properties Inc ‡ |
|
|
577 |
|
|
|
39 |
|
| Sabra Health Care REIT Inc ‡ |
|
|
2,410 |
|
|
|
42 |
|
| Safehold
Inc ‡ |
|
|
226 |
|
|
|
16 |
|
| SBA Communications Corp, Cl A ‡ |
|
|
994 |
|
|
|
280 |
|
| Service Properties Trust ‡ |
|
|
483 |
|
|
|
5 |
|
| Simon Property Group Inc ‡ |
|
|
3,706 |
|
|
|
316 |
|
| SITE Centers
Corp ‡ |
|
|
3,734 |
|
|
|
38 |
|
| SL Green Realty
Corp ‡ |
|
|
2,476 |
|
|
|
147 |
|
| Spirit Realty Capital Inc ‡ |
|
|
237 |
|
|
|
9 |
|
| St Joe Co/The |
|
|
460 |
|
|
|
19 |
|
| STAG Industrial
Inc ‡ |
|
|
1,647 |
|
|
|
52 |
|
| STORE Capital
Corp ‡ |
|
|
2,555 |
|
|
|
87 |
|
| Summit Hotel Properties Inc ‡ |
|
|
4,173 |
|
|
|
38 |
|
| Sunstone Hotel Investors Inc ‡ |
|
|
3,516 |
|
|
|
40 |
|
| Tanger Factory Outlet Centers Inc ‡ |
|
|
3,357 |
|
|
|
33 |
|
| Terreno Realty
Corp ‡ |
|
|
941 |
|
|
|
55 |
|
| UDR
Inc ‡ |
|
|
250 |
|
|
|
10 |
|
| Uniti Group
Inc ‡ |
|
|
1,247 |
|
|
|
15 |
|
| Urban Edge
Properties ‡ |
|
|
2,679 |
|
|
|
35 |
|
| Urstadt Biddle Properties Inc, Cl A ‡ |
|
|
2,126 |
|
|
|
30 |
|
| Ventas
Inc ‡ |
|
|
3,279 |
|
|
|
161 |
|
| VEREIT
Inc ‡ |
|
|
2,043 |
|
|
|
77 |
|
| VICI Properties
Inc ‡ |
|
|
2,012 |
|
|
|
51 |
|
| Vornado Realty
Trust ‡ |
|
|
2,903 |
|
|
|
108 |
|
| Washington Real Estate Investment Trust ‡ |
|
|
1,705 |
|
|
|
37 |
|
| Weingarten Realty Investors ‡ |
|
|
2,933 |
|
|
|
64 |
|
| Welltower
Inc ‡ |
|
|
4,270 |
|
|
|
276 |
|
| Weyerhaeuser
Co ‡ |
|
|
17,005 |
|
|
|
570 |
|
| WP Carey
Inc ‡ |
|
|
149 |
|
|
|
10 |
|
| Xenia Hotels & Resorts Inc ‡ |
|
|
2,347 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
15 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Growth Fund (Concluded)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
|
|
|
| Utilities — 2.4% |
|
|
|
|
|
|
|
|
| AES Corp/The |
|
|
5,282 |
|
|
$ |
124 |
|
| ALLETE Inc |
|
|
620 |
|
|
|
38 |
|
| Alliant Energy Corp |
|
|
213 |
|
|
|
11 |
|
| Ameren Corp |
|
|
506 |
|
|
|
40 |
|
| American Electric Power Co Inc |
|
|
5,930 |
|
|
|
494 |
|
| American States Water Co |
|
|
580 |
|
|
|
46 |
|
| American Water Works Co Inc |
|
|
2,717 |
|
|
|
417 |
|
| Atmos Energy Corp |
|
|
461 |
|
|
|
44 |
|
| Avangrid Inc |
|
|
1,720 |
|
|
|
78 |
|
| CenterPoint Energy Inc |
|
|
434 |
|
|
|
9 |
|
| Clearway Energy Inc, Cl C |
|
|
456 |
|
|
|
15 |
|
| CMS Energy Corp |
|
|
20,708 |
|
|
|
1,263 |
|
| Consolidated Edison Inc |
|
|
3,086 |
|
|
|
223 |
|
| Dominion Energy Inc |
|
|
8,988 |
|
|
|
676 |
|
| DTE Energy Co |
|
|
1,633 |
|
|
|
198 |
|
| Duke Energy Corp |
|
|
7,493 |
|
|
|
686 |
|
| Edison International |
|
|
3,288 |
|
|
|
207 |
|
| Entergy Corp |
|
|
2,276 |
|
|
|
227 |
|
| Essential Utilities Inc |
|
|
331 |
|
|
|
16 |
|
| Evergy Inc |
|
|
180 |
|
|
|
10 |
|
| Eversource Energy |
|
|
10,983 |
|
|
|
950 |
|
| Exelon Corp |
|
|
11,090 |
|
|
|
468 |
|
| FirstEnergy Corp |
|
|
3,181 |
|
|
|
97 |
|
| Hawaiian Electric Industries Inc |
|
|
249 |
|
|
|
9 |
|
| IDACORP Inc |
|
|
108 |
|
|
|
10 |
|
| MDU Resources Group Inc |
|
|
386 |
|
|
|
10 |
|
| MGE Energy Inc |
|
|
631 |
|
|
|
44 |
|
| National Fuel Gas Co |
|
|
245 |
|
|
|
10 |
|
| New Jersey Resources Corp |
|
|
1,111 |
|
|
|
40 |
|
| NextEra Energy Inc |
|
|
27,072 |
|
|
|
2,089 |
|
| NiSource Inc |
|
|
419 |
|
|
|
10 |
|
| Northwest Natural Holding Co |
|
|
699 |
|
|
|
32 |
|
| NRG Energy Inc |
|
|
2,300 |
|
|
|
86 |
|
| OGE Energy Corp |
|
|
261 |
|
|
|
8 |
|
| Ormat Technologies Inc |
|
|
644 |
|
|
|
58 |
|
| PG&E Corp * |
|
|
692 |
|
|
|
9 |
|
| Pinnacle West Capital Corp |
|
|
2,640 |
|
|
|
211 |
|
| PNM Resources Inc |
|
|
975 |
|
|
|
47 |
|
| Portland General Electric Co |
|
|
894 |
|
|
|
38 |
|
| PPL Corp |
|
|
7,025 |
|
|
|
198 |
|
| Public Service Enterprise Group Inc |
|
|
5,257 |
|
|
|
307 |
|
| Sempra Energy |
|
|
2,048 |
|
|
|
261 |
|
| SJW Group |
|
|
716 |
|
|
|
50 |
|
| South Jersey Industries Inc |
|
|
1,556 |
|
|
|
34 |
|
| Southern Co/The |
|
|
13,370 |
|
|
|
821 |
|
| Sunnova Energy International Inc * |
|
|
717 |
|
|
|
32 |
|
| UGI Corp |
|
|
253 |
|
|
|
9 |
|
| Vistra Corp |
|
|
2,088 |
|
|
|
41 |
|
| WEC Energy Group Inc |
|
|
1,983 |
|
|
|
183 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
Market Value
($ Thousands) |
|
|
|
| COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Xcel Energy Inc |
|
|
21,147 |
|
|
$ |
1,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,394 |
|
|
|
|
|
|
|
|
|
|
| Total Common Stock
(Cost $291,444) ($ Thousands) |
|
|
|
|
|
|
504,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| FOREIGN COMMON STOCK — 2.7% |
|
|
|
|
|
|
|
|
|
|
|
| Bosnia and Herzegovina — 0.0% |
|
|
|
|
|
|
|
|
| RenaissanceRe Holdings Ltd |
|
|
248 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canada — 0.1% |
|
|
|
|
|
|
|
|
| Lululemon Athletica Inc * |
|
|
1,171 |
|
|
|
408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cayman Islands — 0.0% |
|
|
|
|
|
|
|
|
| Herbalife Nutrition Ltd * |
|
|
1,088 |
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ireland — 1.1% |
|
|
|
|
|
|
|
|
| Accenture PLC, Cl A |
|
|
11,297 |
|
|
|
2,951 |
|
| Jazz Pharmaceuticals PLC * |
|
|
616 |
|
|
|
102 |
|
| Medtronic PLC |
|
|
19,976 |
|
|
|
2,340 |
|
| NortonLifeLock Inc |
|
|
13,065 |
|
|
|
271 |
|
| Perrigo Co PLC |
|
|
211 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Puerto Rico — 0.0% |
|
|
|
|
|
|
|
|
| Popular Inc |
|
|
1,507 |
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Switzerland — 0.0% |
|
|
|
|
|
|
|
|
| Garmin Ltd |
|
|
122 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| United Kingdom — 1.5% |
|
|
|
|
|
|
|
|
| Adient PLC * |
|
|
2,126 |
|
|
|
74 |
|
| Alkermes PLC * |
|
|
2,433 |
|
|
|
49 |
|
| Allegion PLC |
|
|
855 |
|
|
|
100 |
|
| Amcor PLC |
|
|
4,821 |
|
|
|
57 |
|
| Aon PLC, Cl A |
|
|
2,247 |
|
|
|
475 |
|
| Aptiv PLC |
|
|
3,490 |
|
|
|
455 |
|
| Atlassian Corp PLC, Cl A * |
|
|
920 |
|
|
|
215 |
|
| Cardtronics PLC * |
|
|
1,198 |
|
|
|
42 |
|
| Cimpress PLC * |
|
|
398 |
|
|
|
35 |
|
| Cushman & Wakefield PLC * |
|
|
2,593 |
|
|
|
38 |
|
| Eaton Corp PLC |
|
|
13,217 |
|
|
|
1,588 |
|
| Gates Industrial Corp PLC * |
|
|
886 |
|
|
|
11 |
|
| Horizon Therapeutics PLC * |
|
|
1,437 |
|
|
|
105 |
|
| Johnson Controls International PLC |
|
|
22,116 |
|
|
|
1,030 |
|
| Linde PLC |
|
|
8,150 |
|
|
|
2,148 |
|
| LivaNova PLC * |
|
|
657 |
|
|
|
43 |
|
| Nielsen Holdings PLC |
|
|
7,584 |
|
|
|
158 |
|
| nVent Electric PLC |
|
|
457 |
|
|
|
11 |
|
| Pentair PLC |
|
|
245 |
|
|
|
13 |
|
| Sensata Technologies Holding PLC * |
|
|
4,273 |
|
|
|
225 |
|
| STERIS PLC |
|
|
1,661 |
|
|
|
315 |
|
| Trane Technologies PLC |
|
|
1,779 |
|
|
|
258 |
|
| Tronox Holdings PLC |
|
|
4,385 |
|
|
|
64 |
|
|
|
|
| 16 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
|
| FOREIGN COMMON STOCK (continued) |
|
|
|
|
|
|
|
|
| Willis Towers Watson PLC |
|
|
907 |
|
|
$ |
191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,700 |
|
|
|
|
|
|
|
|
|
|
| Total Foreign Common Stock
(Cost $8,595) ($ Thousands) |
|
|
|
|
|
|
13,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CASH EQUIVALENT — 0.6% |
|
|
|
|
|
|
|
|
| SEI Daily Income Trust, Government
Fund,
Cl F
0.010%**† |
|
|
3,310,573 |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
| Total Cash Equivalent
(Cost $3,311) ($ Thousands) |
|
|
|
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities — 99.6%
(Cost $303,350) ($ Thousands) |
|
|
|
|
|
$ |
521,303 |
|
|
|
|
|
|
|
|
|
|
A list of the open futures contracts held by the Fund
at December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| Type of Contract |
|
Number of
Contracts Long |
|
|
Expiration
Date |
|
|
Notional Amount
(Thousands) |
|
|
Value
(Thousands) |
|
|
Unrealized
Appreciation (Thousands) |
|
| Russell 2000 Index E-MINI |
|
|
4 |
|
|
|
Mar-2021 |
|
|
$ |
387 |
|
|
$ |
394 |
|
|
$ |
7 |
|
| S&P 500 Index E-MINI |
|
|
17 |
|
|
|
Mar-2021 |
|
|
|
3,101 |
|
|
|
3,187 |
|
|
|
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,488 |
|
|
$ |
3,581 |
|
|
$ |
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended December 31, 2020, the total amount of all the open future contracts, as presented in the
table above, are representative of the volume of activity for this derivative type during the period.
The futures contracts are considered to have interest
rate risk associated with them.
| |
Percentages are based on Net Assets of $523,380 ($ Thousands). |
| ‡ |
Real Estate Investment Trust. |
| * |
Non-income producing security. |
| ** |
The rate reported is the 7-day effective yield as of December 31, 2020. |
| † |
Investment in Affiliated Security (see Note 3). |
| (A) |
Security is a Master Limited Partnership. At December 31, 2020, such securities amounted to $98 ($ Thousands),
or 0.0% of the Net Assets of the Fund (See Note 2). |
Cl — Class
Ltd. — Limited
MSCI — Morgan Stanley Capital International
PLC— Public Limited Company
REIT— Real Estate investment
Trust
S&P — Standard & Poor’s
The following is a list of the levels of inputs used as of December 31, 2020 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 |
|
|
504,018 |
|
|
|
– |
|
|
|
– |
|
|
|
504,018 |
|
| Foreign Common Stock |
|
|
13,974 |
|
|
|
– |
|
|
|
– |
|
|
|
13,974 |
|
| Cash Equivalent |
|
|
3,311 |
|
|
|
– |
|
|
|
– |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities |
|
|
521,303 |
|
|
|
– |
|
|
|
– |
|
|
|
521,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments |
|
Level 1
($) |
|
|
Level 2
($) |
|
|
Level 3
($) |
|
|
Total
($) |
|
| Futures Contracts* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized Appreciation |
|
|
93 |
|
|
|
– |
|
|
|
– |
|
|
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Other Financial Instruments |
|
|
93 |
|
|
|
– |
|
|
|
– |
|
|
|
93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Futures contracts are valued at the unrealized appreciation on the instrument. |
For the period ended December 31, 2020, 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 period ended December 31, 2020 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Security Description |
|
Value
6/30/2020 |
|
Purchases at Cost |
|
Proceeds from
Sales |
|
Realized Gain/
(Loss) |
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Value
12/31/2020 |
|
Shares |
|
Income |
|
Capital Gains |
| SEI Daily Income Trust, Government Fund, Cl F |
|
$6,613 |
|
$28,155 |
|
$(31,457) |
|
$— |
|
$— |
|
$3,311 |
|
3,310,573 |
|
$— |
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
17 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund
|
|
|
|
|
| Sector Weightings†: |
|
†Percentages based on total investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES — 43.1% |
|
|
| Agency Mortgage-Backed Obligations — 34.7% |
|
| FHLMC |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.500%, 12/01/2035 to 09/01/2039 |
|
$ |
630 |
|
|
|
|
|
|
$ |
709 |
|
| 6.000%, 03/01/2035 |
|
|
969 |
|
|
|
|
|
|
|
1,164 |
|
| 5.500%, 12/01/2036 to 12/01/2038 |
|
|
217 |
|
|
|
|
|
|
|
253 |
|
| 5.000%, 05/01/2022 to 03/01/2050 |
|
|
1,121 |
|
|
|
|
|
|
|
1,277 |
|
| 4.500%, 06/01/2038 to 05/01/2050 |
|
|
6,574 |
|
|
|
|
|
|
|
7,247 |
|
| 4.000%, 07/01/2037 to 03/01/2050 |
|
|
2,595 |
|
|
|
|
|
|
|
2,832 |
|
| 3.500%, 11/01/2042 to 05/01/2050 |
|
|
4,755 |
|
|
|
|
|
|
|
5,129 |
|
| 3.000%, 09/01/2032 to 04/01/2050 |
|
|
5,616 |
|
|
|
|
|
|
|
5,994 |
|
| 2.500%, 08/01/2030 to 06/01/2050 |
|
|
2,642 |
|
|
|
|
|
|
|
2,798 |
|
| 2.000%, 10/01/2032 |
|
|
361 |
|
|
|
|
|
|
|
377 |
|
| 0.761%, 09/25/2027 |
|
|
7,998 |
|
|
|
|
|
|
|
361 |
|
| FHLMC CMO, Ser 2011-3947, Cl SG, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.791%, VAR LIBOR USD 1 Month+5.950%, 10/15/2041 |
|
|
171 |
|
|
|
|
|
|
|
31 |
|
| FHLMC CMO, Ser 2012-4057, Cl UI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 05/15/2027 |
|
|
102 |
|
|
|
|
|
|
|
5 |
|
| FHLMC CMO, Ser 2012-4085, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 06/15/2027 |
|
|
215 |
|
|
|
|
|
|
|
12 |
|
| FHLMC CMO, Ser 2012-4099, Cl ST, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.342%, VAR LIBOR USD 1 Month+6.000%, 08/15/2042 |
|
|
92 |
|
|
|
|
|
|
|
17 |
|
| FHLMC CMO, Ser 2013-4194, Cl BI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 04/15/2043 |
|
|
102 |
|
|
|
|
|
|
|
10 |
|
| FHLMC CMO, Ser 2013-4203, Cl PS, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.091%, VAR LIBOR USD 1 Month+6.250%, 09/15/2042 |
|
|
137 |
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| FHLMC CMO, Ser 2014-4310, Cl SA, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.791%, VAR LIBOR USD 1 Month+5.950%, 02/15/2044 |
|
$ |
37 |
|
|
|
|
|
|
$ |
7 |
|
| FHLMC CMO, Ser 2014-4335, Cl SW, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.841%, VAR LIBOR USD 1 Month+6.000%, 05/15/2044 |
|
|
76 |
|
|
|
|
|
|
|
16 |
|
| FHLMC CMO, Ser 2014-4415, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.257%, 04/15/2041 (A) |
|
|
38 |
|
|
|
|
|
|
|
2 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.513%, 02/25/2035 (A) |
|
|
2,299 |
|
|
|
|
|
|
|
374 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.513%, 05/25/2035 (A) |
|
|
2,188 |
|
|
|
|
|
|
|
374 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.962%, 09/25/2030 (A) |
|
|
5,739 |
|
|
|
|
|
|
|
463 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K121, Cl X1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.029%, 10/25/2030 (A) |
|
|
3,700 |
|
|
|
|
|
|
|
313 |
|
| FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.334%, 07/25/2035 (A) |
|
|
340 |
|
|
|
|
|
|
|
52 |
|
| FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.700%, VAR ICE LIBOR USD 1 Month+5.550%, 07/25/2028 |
|
|
302 |
|
|
|
|
|
|
|
315 |
|
| FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA3, Cl M2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.648%, VAR ICE LIBOR USD 1 Month+2.500%, 03/25/2030 |
|
|
250 |
|
|
|
|
|
|
|
253 |
|
| FHLMC, Ser 2016-353, Cl S1, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.841%, VAR LIBOR USD 1 Month+6.000%, 12/15/2046 |
|
|
119 |
|
|
|
|
|
|
|
27 |
|
| FHLMC, Ser 2018-4813, Cl CJ |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 08/15/2048 |
|
|
86 |
|
|
|
|
|
|
|
89 |
|
| FHLMC, Ser 2020-5010, Cl JI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 09/25/2050 |
|
|
197 |
|
|
|
|
|
|
|
25 |
|
| FHLMC, Ser 2020-5010, Cl IK, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 09/25/2050 |
|
|
98 |
|
|
|
|
|
|
|
12 |
|
| FHLMC, Ser 2020-5013, Cl IN, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 09/25/2050 |
|
|
99 |
|
|
|
|
|
|
|
13 |
|
| FHLMC, Ser 2020-5018, Cl MI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.000%, 10/25/2050 |
|
|
99 |
|
|
|
|
|
|
|
13 |
|
| FNMA |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.000%, 11/01/2037 to 11/01/2038 |
|
|
27 |
|
|
|
|
|
|
|
31 |
|
| 6.500%, 01/01/2038 to 05/01/2040 |
|
|
172 |
|
|
|
|
|
|
|
198 |
|
| 6.000%, 07/01/2037 to 07/01/2041 |
|
|
105 |
|
|
|
|
|
|
|
126 |
|
| 5.500%, 02/01/2035 |
|
|
100 |
|
|
|
|
|
|
|
118 |
|
| 5.000%, 11/01/2025 to 03/01/2050 |
|
|
5,227 |
|
|
|
|
|
|
|
5,848 |
|
| 4.500%, 02/01/2035 to 08/01/2058 |
|
|
6,279 |
|
|
|
|
|
|
|
6,943 |
|
| 4.000%, 06/01/2025 to 06/01/2057 |
|
|
11,172 |
|
|
|
|
|
|
|
12,187 |
|
|
|
|
| 18 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| 3.893%, VAR US Treas
Yield Curve Rate T Note |
|
|
|
|
|
|
|
|
|
|
|
|
| Const Mat 1 Yr+2.268%, 01/01/2036 |
|
$ |
23 |
|
|
|
|
|
|
$ |
23 |
|
| 3.700%, VAR ICE LIBOR USD 12 Month+1.700%, 03/01/2036 |
|
|
20 |
|
|
|
|
|
|
|
20 |
|
| 3.500%, 04/01/2033 to 03/01/2057 |
|
|
14,362 |
|
|
|
|
|
|
|
15,485 |
|
| 3.374%, VAR ICE LIBOR USD 12 Month+1.432%, 05/01/2043 |
|
|
151 |
|
|
|
|
|
|
|
156 |
|
| 3.000%, 12/01/2036 to 11/01/2050 |
|
|
11,919 |
|
|
|
|
|
|
|
12,737 |
|
| 2.790%, 08/01/2029 |
|
|
200 |
|
|
|
|
|
|
|
225 |
|
| 2.500%, 06/01/2028 to 10/01/2050 |
|
|
4,253 |
|
|
|
|
|
|
|
4,491 |
|
| 2.260%, 04/01/2030 |
|
|
99 |
|
|
|
|
|
|
|
107 |
|
| 2.000%, 11/01/2040 to 08/01/2050 |
|
|
3,292 |
|
|
|
|
|
|
|
3,427 |
|
| 1.500%, 12/01/2035 |
|
|
100 |
|
|
|
|
|
|
|
103 |
|
| FNMA CMO, Ser 2003-W2, Cl 2A9 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.900%, 07/25/2042 |
|
|
396 |
|
|
|
|
|
|
|
462 |
|
| FNMA CMO, Ser 2012-93, Cl UI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 09/25/2027 |
|
|
293 |
|
|
|
|
|
|
|
17 |
|
| FNMA CMO, Ser 2014-47, Cl AI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.359%, 08/25/2044 (A) |
|
|
95 |
|
|
|
|
|
|
|
6 |
|
| FNMA CMO, Ser 2015-55, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.232%, 08/25/2055 (A) |
|
|
24 |
|
|
|
|
|
|
|
1 |
|
| FNMA CMO, Ser 2015-56, Cl AS, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.002%, VAR LIBOR USD 1
Month+6.150%, 08/25/2045 |
|
|
49 |
|
|
|
|
|
|
|
11 |
|
| FNMA Connecticut Avenue Securities,
Ser 2014-C04, Cl 1M2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.527%, VAR ICE LIBOR USD 1 Month+4.900%, 11/25/2024 |
|
|
187 |
|
|
|
|
|
|
|
192 |
|
| FNMA TBA |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 01/01/2050 to 02/01/2050 |
|
|
3,500 |
|
|
|
|
|
|
|
3,688 |
|
| 2.000%, 01/14/2050 to 02/11/2050 |
|
|
6,000 |
|
|
|
|
|
|
|
6,225 |
|
| 1.500%, 01/15/2036 |
|
|
2,000 |
|
|
|
|
|
|
|
2,058 |
|
| FNMA, Ser 2005-29, Cl ZA |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.500%, 04/25/2035 |
|
|
124 |
|
|
|
|
|
|
|
145 |
|
| FNMA, Ser 2012-101, Cl BI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.000%, 09/25/2027 |
|
|
9 |
|
|
|
|
|
|
|
– |
|
| FNMA, Ser 2013-54, Cl BS, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.002%, VAR LIBOR
USD 1 Month+6.150%, 06/25/2043 |
|
|
38 |
|
|
|
|
|
|
|
8 |
|
| FNMA, Ser 2017-76, Cl SB, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.952%, VAR LIBOR
USD 1 Month+6.100%, 10/25/2057 |
|
|
216 |
|
|
|
|
|
|
|
44 |
|
| FNMA, Ser 2017-85, Cl SC, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 6.052%, VAR LIBOR
USD 1 Month+6.200%, 11/25/2047 |
|
|
54 |
|
|
|
|
|
|
|
11 |
|
| FNMA, Ser 2019-M19, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.560%, 09/25/2029 |
|
|
389 |
|
|
|
|
|
|
|
427 |
|
| FNMA, Ser 2019-M23, Cl 3A3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.720%, 10/25/2031 (A) |
|
|
100 |
|
|
|
|
|
|
|
108 |
|
| FNMA, Ser 2019-M4, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.610%, 02/25/2031 |
|
|
80 |
|
|
|
|
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| FNMA, Ser 2019-M6, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.450%, 01/01/2029 |
|
$ |
170 |
|
|
|
|
|
|
$ |
196 |
|
| FNMA, Ser 2020-47, Cl GZ |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.000%, 07/25/2050 |
|
|
101 |
|
|
|
|
|
|
|
102 |
|
| FNMA, Ser 2020-56, Cl DI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 08/25/2050 |
|
|
98 |
|
|
|
|
|
|
|
14 |
|
| FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.370%, 02/25/2028 (A) |
|
|
692 |
|
|
|
|
|
|
|
747 |
|
| FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.610%, 10/25/2028 (A) |
|
|
1,010 |
|
|
|
|
|
|
|
1,092 |
|
| GNMA |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.500%, 02/20/2037 to 01/15/2039 |
|
|
91 |
|
|
|
|
|
|
|
105 |
|
| 5.000%, 12/20/2038 to 01/20/2049 |
|
|
813 |
|
|
|
|
|
|
|
917 |
|
| 4.600%, 09/15/2034 |
|
|
1,581 |
|
|
|
|
|
|
|
1,771 |
|
| 4.500%, 05/20/2040 to 03/20/2050 |
|
|
3,058 |
|
|
|
|
|
|
|
3,364 |
|
| 4.000%, 01/15/2041 to 07/20/2050 |
|
|
3,337 |
|
|
|
|
|
|
|
3,615 |
|
| 3.500%, 06/20/2044 to 05/15/2050 |
|
|
1,700 |
|
|
|
|
|
|
|
1,847 |
|
| 3.000%, 09/15/2042 to 12/20/2050 |
|
|
2,017 |
|
|
|
|
|
|
|
2,131 |
|
| 2.500%, 02/20/2027 to 12/20/2050 |
|
|
553 |
|
|
|
|
|
|
|
581 |
|
| GNMA CMO, Ser 2012-34, Cl SA, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.403%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042 |
|
|
27 |
|
|
|
|
|
|
|
7 |
|
| GNMA CMO, Ser 2012-66, Cl CI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 02/20/2038 |
|
|
28 |
|
|
|
|
|
|
|
1 |
|
| GNMA CMO, Ser 2012-H18, Cl NA |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.254%, VAR ICE LIBOR USD 1 Month+0.520%, 08/20/2062 |
|
|
135 |
|
|
|
|
|
|
|
136 |
|
| GNMA CMO, Ser 2012-H30, Cl GA |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.084%, VAR ICE LIBOR USD 1 Month+0.350%, 12/20/2062 |
|
|
617 |
|
|
|
|
|
|
|
617 |
|
| GNMA CMO, Ser 2013-85, Cl IA, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.690%, 03/16/2047 (A) |
|
|
1,579 |
|
|
|
|
|
|
|
29 |
|
| GNMA CMO, Ser 2013-95, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.538%, 04/16/2047 (A) |
|
|
1,316 |
|
|
|
|
|
|
|
28 |
|
| GNMA CMO, Ser 2013-H01, Cl TA |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.234%, VAR ICE LIBOR USD 1 Month+0.500%, 01/20/2063 |
|
|
3 |
|
|
|
|
|
|
|
3 |
|
| GNMA CMO, Ser 2013-H08, Cl BF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.134%, VAR ICE LIBOR USD 1 Month+0.400%, 03/20/2063 |
|
|
548 |
|
|
|
|
|
|
|
547 |
|
| GNMA CMO, Ser 2014-105, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.954%, 06/16/2054 (A) |
|
|
70 |
|
|
|
|
|
|
|
4 |
|
| GNMA CMO, Ser 2014-186, Cl IO, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.735%, 08/16/2054 (A) |
|
|
813 |
|
|
|
|
|
|
|
26 |
|
| GNMA CMO, Ser 2015-H20, Cl FA |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.610%, VAR ICE LIBOR USD 1 Month+0.470%, 08/20/2065 |
|
|
247 |
|
|
|
|
|
|
|
247 |
|
| GNMA TBA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 01/15/2043 |
|
|
400 |
|
|
|
|
|
|
|
418 |
|
| 2.500%, 01/21/2050 to 02/20/2050 |
|
|
2,000 |
|
|
|
|
|
|
|
2,115 |
|
| 2.000%, 01/21/2050 to 04/20/2050 |
|
|
2,100 |
|
|
|
|
|
|
|
2,195 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
19 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| GNMA, Ser 2013-107, Cl AD |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.694%, 11/16/2047 (A) |
|
$ |
86 |
|
|
|
|
|
|
$ |
91 |
|
| GNMA, Ser 2013-H21, Cl FB |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.840%, VAR ICE LIBOR USD 1 Month+0.700%, 09/20/2063 |
|
|
428 |
|
|
|
|
|
|
|
431 |
|
| GNMA, Ser 2015-167, Cl OI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.000%, 04/16/2045 |
|
|
78 |
|
|
|
|
|
|
|
11 |
|
| GNMA, Ser 2019-28, Cl AB |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.150%, 06/16/2060 |
|
|
64 |
|
|
|
|
|
|
|
68 |
|
| GNMA, Ser 2020-123, Cl NI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 08/20/2050 |
|
|
99 |
|
|
|
|
|
|
|
14 |
|
| GNMA, Ser 2020-127, Cl IN, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 08/20/2050 |
|
|
99 |
|
|
|
|
|
|
|
13 |
|
| GNMA, Ser 2020-129, Cl IE, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 09/20/2050 |
|
|
99 |
|
|
|
|
|
|
|
14 |
|
| GNMA, Ser 2020-160, Cl YI, IO |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 10/20/2050 |
|
|
199 |
|
|
|
|
|
|
|
28 |
|
| GNMA, Ser 2020-H04, Cl FP |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.640%, VAR ICE LIBOR USD 1 Month+0.500%, 06/20/2069 |
|
|
182 |
|
|
|
|
|
|
|
183 |
|
| GNMA, Ser 2020-H09, Cl FL |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.302%, VAR ICE LIBOR USD 1 Month+1.150%, 05/20/2070 |
|
|
100 |
|
|
|
|
|
|
|
105 |
|
| GNMA, Ser 2020-H13, Cl FM |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.552%, VAR ICE LIBOR USD 1 Month+0.400%, 08/20/2070 |
|
|
377 |
|
|
|
|
|
|
|
377 |
|
| GNMA, Ser 2020-H13, Cl FA |
|
|
|
|
|
|
|
|
|
|
|
|
| 0.602%, VAR ICE LIBOR USD 1 Month+0.450%, 07/20/2070 |
|
|
595 |
|
|
|
|
|
|
|
596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Agency Mortgage-Backed Obligations — 8.4% |
|
| 280 Park Avenue Mortgage Trust, Ser 2017- 280P, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.039%, VAR ICE LIBOR USD 1 Month+0.880%, 09/15/2034 (B) |
|
|
130 |
|
|
|
|
|
|
|
130 |
|
| Atrium Hotel Portfolio Trust, Ser 2017-ATRM, Cl C |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.809%, VAR ICE LIBOR USD 1 Month+1.650%, 12/15/2036 (B) |
|
|
410 |
|
|
|
|
|
|
|
361 |
|
| Benchmark Mortgage Trust, Ser 2019-B15, Cl A5 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.928%, 12/15/2072 |
|
|
481 |
|
|
|
|
|
|
|
534 |
|
| BX Commercial Mortgage Trust, Ser 2019- XL, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.079%, VAR ICE LIBOR USD 1 Month+0.920%, 10/15/2036 (B) |
|
|
1,049 |
|
|
|
|
|
|
|
1,051 |
|
| CIM Trust, Ser 2020-INV1, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 04/25/2050 (A)(B) |
|
|
465 |
|
|
|
|
|
|
|
477 |
|
| Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.251%, 05/10/2035 (B) |
|
|
190 |
|
|
|
|
|
|
|
199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.017%, 10/10/2047 |
|
$ |
100 |
|
|
|
|
|
|
$ |
110 |
|
| Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.512%, 12/10/2049 |
|
|
810 |
|
|
|
|
|
|
|
883 |
|
| COMM Mortgage Trust, Ser 2012-CR5, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.771%, 12/10/2045 |
|
|
700 |
|
|
|
|
|
|
|
724 |
|
| COMM Mortgage Trust, Ser 2012-CR5, Cl AM |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.223%, 12/10/2045 (B) |
|
|
590 |
|
|
|
|
|
|
|
613 |
|
| COMM Mortgage Trust, Ser 2013-CR8, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.334%, 06/10/2046 |
|
|
565 |
|
|
|
|
|
|
|
596 |
|
| Commercial Mortgage Trust, Ser 2013-CR12, Cl C |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.076%, 10/10/2046 (A) |
|
|
10 |
|
|
|
|
|
|
|
10 |
|
| Commercial Mortgage Trust, Ser 2013-CR12, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.762%, 10/10/2046 (A) |
|
|
20 |
|
|
|
|
|
|
|
20 |
|
| Commercial Mortgage Trust, Ser 2013-CR12, Cl AM |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.300%, 10/10/2046 |
|
|
20 |
|
|
|
|
|
|
|
21 |
|
| Credit Suisse Mortgage Trust, Ser 2019- NQM1, Cl A3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.064%, 10/25/2059 (B) |
|
|
356 |
|
|
|
|
|
|
|
365 |
|
| CSMC Trust, Ser 2018-J1, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 02/25/2048 (A)(B) |
|
|
792 |
|
|
|
|
|
|
|
809 |
|
| CSMC, Ser 2014-USA, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.185%, 09/15/2037 (B) |
|
|
470 |
|
|
|
|
|
|
|
475 |
|
| DBUBS Mortgage Trust, Ser 2011-LC2A, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.537%, 07/10/2044 (B) |
|
|
788 |
|
|
|
|
|
|
|
792 |
|
| Flagstar Mortgage Trust, Ser 2018-2, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 04/25/2048 (A)(B) |
|
|
102 |
|
|
|
|
|
|
|
103 |
|
| GS Mortage-Backed Securities Trust, Ser 2020-PJ1, Cl A6 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 05/25/2050 (A)(B) |
|
|
389 |
|
|
|
|
|
|
|
395 |
|
| GS Mortgage Securities Trust, Ser 2013- GC16, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 5.161%, 11/10/2046 (A) |
|
|
80 |
|
|
|
|
|
|
|
85 |
|
| GS Mortgage Securities Trust, Ser 2015- GC30, Cl A3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.119%, 05/10/2050 |
|
|
996 |
|
|
|
|
|
|
|
1,071 |
|
| GS Mortgage Securities Trust, Ser 2018- SRP5, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.481%, 06/09/2021 |
|
|
430 |
|
|
|
|
|
|
|
361 |
|
| GS Mortgage Securities Trust, Ser 2018- SRP5, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.281%, 06/09/2021 |
|
|
620 |
|
|
|
|
|
|
|
523 |
|
| GS Mortgage Securities Trust, Ser 2019- GC39, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.457%, 05/10/2052 |
|
|
520 |
|
|
|
|
|
|
|
557 |
|
| GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.750%, 10/25/2057 (B) |
|
|
292 |
|
|
|
|
|
|
|
312 |
|
|
|
|
| 20 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 10/25/2050 (A)(B) |
|
$ |
700 |
|
|
|
|
|
|
$ |
719 |
|
| JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.927%, 11/15/2045 (A) |
|
|
210 |
|
|
|
|
|
|
|
230 |
|
| JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.891%, 01/15/2047 (A) |
|
|
30 |
|
|
|
|
|
|
|
32 |
|
| JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.554%, 09/15/2047 (A) |
|
|
80 |
|
|
|
|
|
|
|
74 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.507%, 05/15/2045 |
|
|
1,030 |
|
|
|
|
|
|
|
1,062 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-LC9, Cl AS |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.353%, 12/15/2047 (B) |
|
|
380 |
|
|
|
|
|
|
|
390 |
|
| JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.909%, VAR ICE LIBOR USD 1 Month+3.750%, 05/15/2028 (B) |
|
|
129 |
|
|
|
|
|
|
|
115 |
|
| JPMorgan Mortgage Trust, Ser 2015-5, Cl A9 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.099%, 05/25/2045 (A)(B) |
|
|
57 |
|
|
|
|
|
|
|
58 |
|
| JPMorgan Mortgage Trust, Ser 2016-1, Cl A5 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 05/25/2046 (A)(B) |
|
|
31 |
|
|
|
|
|
|
|
31 |
|
| JPMorgan Mortgage Trust, Ser 2018-3, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 09/25/2048 (A)(B) |
|
|
355 |
|
|
|
|
|
|
|
365 |
|
| JPMorgan Mortgage Trust, Ser 2018-4, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 10/25/2048 (A)(B) |
|
|
122 |
|
|
|
|
|
|
|
125 |
|
| JPMorgan Mortgage Trust, Ser 2018-5, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 10/25/2048 (A)(B) |
|
|
230 |
|
|
|
|
|
|
|
235 |
|
| MAD Mortgage Trust, Ser 2017-330M, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.188%, 08/15/2034 (A)(B) |
|
|
220 |
|
|
|
|
|
|
|
228 |
|
| Metlife Securitization Trust, Ser 2020-INV1, Cl A2A |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.500%, 05/25/2050 (A)(B) |
|
|
775 |
|
|
|
|
|
|
|
805 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.176%, 08/15/2045 |
|
|
1,475 |
|
|
|
|
|
|
|
1,521 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.102%, 05/15/2046 |
|
|
714 |
|
|
|
|
|
|
|
749 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.732%, 05/15/2048 |
|
|
473 |
|
|
|
|
|
|
|
530 |
|
| Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.354%, 11/15/2052 |
|
|
615 |
|
|
|
|
|
|
|
677 |
|
| Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.244%, 03/15/2045 |
|
|
220 |
|
|
|
|
|
|
|
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| Morgan Stanley Capital I Trust, Ser 2019- BPR, Cl A |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.559%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (B) |
|
$ |
320 |
|
|
|
|
|
|
$ |
308 |
|
| MSCG Trust, Ser 2015-ALDR, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.462%, 06/07/2035 (A)(B) |
|
|
410 |
|
|
|
|
|
|
|
404 |
|
| Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.655%, 08/15/2036 (B) |
|
|
410 |
|
|
|
|
|
|
|
391 |
|
| New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 12/25/2057 (A)(B) |
|
|
240 |
|
|
|
|
|
|
|
252 |
|
| New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 12/25/2058 (A)(B) |
|
|
299 |
|
|
|
|
|
|
|
315 |
|
| New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.250%, 09/25/2059 (A)(B) |
|
|
227 |
|
|
|
|
|
|
|
251 |
|
| New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.000%, 09/25/2059 (A)(B) |
|
|
227 |
|
|
|
|
|
|
|
252 |
|
| New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.492%, 09/25/2059 (A)(B) |
|
|
398 |
|
|
|
|
|
|
|
406 |
|
| New Residential Mortgage Loan Trust, Ser 2019-RPL3, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.750%, 07/25/2059 (A)(B) |
|
|
311 |
|
|
|
|
|
|
|
327 |
|
| Residential Mortgage Loan Trust, Ser 2019- 3, Cl A3 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.044%, 09/25/2059 (A)(B) |
|
|
299 |
|
|
|
|
|
|
|
299 |
|
| Residential Mortgage Loan Trust, Ser 2019- 3, Cl A2 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.941%, 09/25/2059 (A)(B) |
|
|
299 |
|
|
|
|
|
|
|
302 |
|
| Residential Mortgage Loan Trust, Ser 2020- 2, Cl A1 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1.654%, 05/25/2060 (A)(B) |
|
|
474 |
|
|
|
|
|
|
|
478 |
|
| Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 07/25/2058 |
|
|
793 |
|
|
|
|
|
|
|
861 |
|
| Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 08/25/2058 |
|
|
671 |
|
|
|
|
|
|
|
731 |
|
| Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.000%, 02/25/2059 |
|
|
1,258 |
|
|
|
|
|
|
|
1,342 |
|
| Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA |
|
|
|
|
|
|
|
|
|
|
|
|
| 2.000%, 11/25/2059 |
|
|
496 |
|
|
|
|
|
|
|
511 |
|
| Sequoia Mortgage Trust, Ser 2017-1, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 02/25/2047 (A)(B) |
|
|
342 |
|
|
|
|
|
|
|
345 |
|
| Sequoia Mortgage Trust, Ser 2017-5, Cl A4 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.500%, 08/25/2047 (A)(B) |
|
|
257 |
|
|
|
|
|
|
|
258 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
21 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
| MORTGAGE-BACKED SECURITIES (continued) |
|
| Sequoia Mortgage Trust, Ser 2017-6, Cl A4 |
|
|
|
|
|
|
|
|
| 3.500%, 09/25/2047 (A)(B) |
|
$ |
105 |
|
|
$ |
105 |
|
| Sequoia Mortgage Trust, Ser 2020-4, Cl A2 |
|
|
|
|
|
|
|
|
| 2.500%, 11/25/2050 (A)(B) |
|
|
528 |
|
|
|
551 |
|
| Shops at Crystals Trust, Ser 2016-CSTL, Cl A |
|
|
|
|
|
|
|
|
| 3.126%, 07/05/2036 (B) |
|
|
100 |
|
|
|
100 |
|
| UBS-BAMLL Trust, Ser 2012-WRM, Cl A |
|
|
|
|
|
|
|
|
| 3.663%, 06/10/2030 (B) |
|
|
116 |
|
|
|
117 |
|
| UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4 |
|
|
|
|
|
|
|
|
| 3.525%, 05/10/2063 |
|
|
631 |
|
|
|
650 |
|
| UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, Cl XA, IO |
|
|
|
|
|
|
|
|
| 1.307%, 05/10/2063 (A)(B) |
|
|
322 |
|
|
|
5 |
|
| Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl NXS3 |
|
|
|
|
|
|
|
|
| 3.371%, 09/15/2057 |
|
|
153 |
|
|
|
164 |
|
| WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4 |
|
|
|
|
|
|
|
|
| 4.902%, 06/15/2044 (A)(B) |
|
|
1,796 |
|
|
|
1,806 |
|
| WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl XA, IO |
|
|
|
|
|
|
|
|
| 1.339%, 06/15/2045 (A)(B) |
|
|
1,038 |
|
|
|
12 |
|
| WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS |
|
|
|
|
|
|
|
|
| 3.311%, 03/15/2045 |
|
|
160 |
|
|
|
167 |
|
| WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO |
|
|
|
|
|
|
|
|
| 1.194%, 05/15/2045 (A)(B) |
|
|
1,042 |
|
|
|
23 |
|
| WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO |
|
|
|
|
|
|
|
|
| 0.569%, 10/15/2057 (A) |
|
|
1,018 |
|
|
|
18 |
|
| WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B |
|
|
|
|
|
|
|
|
| 4.380%, 10/15/2057 (A) |
|
|
270 |
|
|
|
294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,791 |
|
|
|
|
|
|
|
|
|
|
| Total Mortgage-Backed Securities (Cost $159,325) ($ Thousands) |
|
|
|
|
|
|
162,884 |
|
|
|
|
|
|
|
|
|
|
|
| CORPORATE OBLIGATIONS — 23.8% |
|
|
| Communication Services — 2.7% |
|
| Alphabet |
|
|
|
|
|
|
|
|
| 2.050%, 08/15/2050 |
|
|
70 |
|
|
|
67 |
|
| 1.100%, 08/15/2030 |
|
|
40 |
|
|
|
39 |
|
| 0.800%, 08/15/2027 |
|
|
30 |
|
|
|
30 |
|
| 0.450%, 08/15/2025 |
|
|
20 |
|
|
|
20 |
|
| AT&T |
|
|
|
|
|
|
|
|
| 4.250%, 03/01/2027 |
|
|
150 |
|
|
|
176 |
|
| 4.125%, 02/17/2026 |
|
|
408 |
|
|
|
472 |
|
| 3.914%, 11/27/2022 (B)(C) |
|
|
2,000 |
|
|
|
1,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
|
|
|
Market Value
($ Thousands) |
|
|
| CORPORATE OBLIGATIONS (continued) |
|
| 3.000%, 06/30/2022 |
|
$ |
10 |
|
|
|
|
|
|
$ |
10 |
|
| 2.300%, 06/01/2027 |
|
|
120 |
|
|
|
|
|
|
|
128 |
|
| Charter Communications Operating |
|
| 5.050%, 03/30/2029 |
|
|
20 |
|
|
|
|
|
|
|
24 |
|
| 4.908%, 07/23/2025 |
|
|
390 |
|
|
|
|
|
|
|
453 |
|
| 4.800%, 03/01/2050 |
|
|
40 |
|
|
|
|
|
|
|
48 |
|
| 3.750%, 02/15/2028 |
|
|
120 |
|
|
|
|
|
|
|
135 |
|
| Comcast |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.700%, 10/15/2048 |
|
|
20 |
|
|
|
|
|
|
|
28 |
|
| 4.150%, 10/15/2028 |
|
|
80 |
|
|
|
|
|
|
|
96 |
|
| 3.950%, 10/15/2025 |
|
|
210 |
|
|
|
|
|
|
|
241 |
|
| 3.750%, 04/01/2040 |
|
|
20 |
|
|
|
|
|
|
|
24 |
|
| 3.450%, 02/01/2050 |
|
|
70 |
|
|
|
|
|
|
|
83 |
|
| 3.400%, 04/01/2030 |
|
|
40 |
|
|
|
|
|
|
|
46 |
|
| 3.300%, 04/01/2027 |
|
|
30 |
|
|
|
|
|
|
|
34 |
|
| 3.250%, 11/01/2039 |
|
|
30 |
|
|
|
|
|
|
|
34 |
|
| 3.150%, 03/01/2026 |
|
|
30 |
|
|
|
|
|
|
|
34 |
|
| 3.100%, 04/01/2025 |
|
|
10 |
|
|
|
|
|
|
|
11 |
|
| Comcast Cable Communications Holdings |
|
| 9.455%, 11/15/2022 |
|
|
1,116 |
|
|
|
|
|
|
|
1,306 |
|
| Cox Communications |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.250%, 12/15/2022 (B) |
|
|
859 |
|
|
|
|
|
|
|
905 |
|
| Fox |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.709%, 01/25/2029 |
|
|
40 |
|
|
|
|
|
|
|
49 |
|
| Sprint Spectrum |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.360%, 09/20/2021 (B) |
|
|
144 |
|
|
|
|
|
|
|
146 |
|
| TCI Communications |
|
|
|
|
|
|
|
|
|
|
|
|
| 7.875%, 02/15/2026 |
|
|
240 |
|
|
|
|
|
|
|
323 |
|
| T-Mobile USA |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.875%, 04/15/2030 (B) |
|
|
170 |
|
|
|
|
|
|
|
197 |
|
| 3.750%, 04/15/2027 (B) |
|
|
20 |
|
|
|
|
|
|
|
23 |
|
| 3.500%, 04/15/2025 (B) |
|
|
369 |
|
|
|
|
|
|
|
408 |
|
| 2.550%, 02/15/2031 (B) |
|
|
40 |
|
|
|
|
|
|
|
42 |
|
| 2.050%, 02/15/2028 (B) |
|
|
20 |
|
|
|
|
|
|
|
21 |
|
| Verizon Communications |
|
|
|
|
|
|
|
|
|
|
|
|
| 4.862%, 08/21/2046 |
|
|
40 |
|
|
|
|
|
|
|
54 |
|
| 4.329%, 09/21/2028 |
|
|
435 |
|
|
|
|
|
|
|
524 |
|
| 4.125%, 08/15/2046 |
|
|
40 |
|
|
|
|
|
|
|
49 |
|
| 4.000%, 03/22/2050 |
|
|
40 |
|
|
|
|
|
|
|
48 |
|
| 3.875%, 02/08/2029 |
|
|
30 |
|
|
|
|
|
|
|
35 |
|
| 3.850%, 11/01/2042 |
|
|
10 |
|
|
|
|
|
|
|
12 |
|
| 3.376%, 02/15/2025 |
|
|
282 |
|
|
|
|
|
|
|
313 |
|
| 3.000%, 03/22/2027 |
|
|
120 |
|
|
|
|
|
|
|
133 |
|
| 2.650%, 11/20/2040 |
|
|
300 |
|
|
|
|
|
|
|
303 |
|
| 2.625%, 08/15/2026 |
|
|
513 |
|
|
|
|
|
|
|
562 |
|
| 0.850%, 11/20/2025 |
|
|
50 |
|
|
|
|
|
|
|
50 |
|
| Viacom |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.875%, 04/01/2024 |
|
|
20 |
|
|
|
|
|
|
|
22 |
|
| Walt Disney |
|
|
|
|
|
|
|
|
|
|
|
|
| 3.350%, 03/24/2025 |
|
|
469 |
|
|
|
|
|
|
|
520 |
|
|
|
|
| 22 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
| CORPORATE OBLIGATIONS (continued) |
|
| 3.000%, 09/15/2022 |
|
$ |
30 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,292 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Discretionary — 1.3% |
|
| Amazon.com |
|
|
|
|
|
|
|
|
| 4.250%, 08/22/2057 |
|
|
10 |
|
|
|
14 |
|
| 3.150%, 08/22/2027 |
|
|
470 |
|
|
|
535 |
|
| 1.200%, 06/03/2027 |
|
|
20 |
|
|
|
20 |
|
| Cargill |
|
|
|
|
|
|
|
|
| 1.375%, 07/23/2023 (B) |
|
|
70 |
|
|
|
72 |
|
| Dollar General |
|
|
|
|
|
|
|
|
| 3.250%, 04/15/2023 |
|
|
10 |
|
|
|
11 |
|
| Ferguson Finance |
|
|
|
|
|
|
|
|
| 3.250%, 06/02/2030 (B) |
|
|
851 |
|
|
|
949 |
|
| General Motors |
|
|
|
|
|
|
|
|
| 5.400%, 10/02/2023 |
|
|
576 |
|
|
|
645 |
|
| General Motors Financial |
|
|
|
|
|
|
|
|
| 4.150%, 06/19/2023 |
|
|
600 |
|
|
|
646 |
|
| 3.700%, 05/09/2023 |
|
|
190 |
|
|
|
201 |
|
| Home Depot |
|
|
|
|
|
|
|
|
| 3.900%, 12/06/2028 |
|
|
10 |
|
|
|
12 |
|
| 3.900%, 06/15/2047 |
|
|
10 |
|
|
|
13 |
|
| 3.350%, 04/15/2050 |
|
|
50 |
|
|
|
60 |
|
| 3.300%, 04/15/2040 |
|
|
40 |
|
|
|
47 |
|
| 2.500%, 04/15/2027 |
|
|
450 |
|
|
|
494 |
|
| Lowe’s |
|
|
|
|
|
|
|
|
| 4.500%, 04/15/2030 |
|
|
30 |
|
|
|
37 |
|
| McDonald’s MTN |
|
|
|
|
|
|
|
|
| 4.200%, 04/01/2050 |
|
|
70 |
|
|
|
90 |
|
| 3.700%, 01/30/2026 |
|
|
10 |
|
|
|
11 |
|
| 3.625%, 09/01/2049 |
|
|
10 |
|
|
|
12 |
|
| 3.500%, 03/01/2027 |
|
|
20 |
|
|
|
23 |
|
| 3.500%, 07/01/2027 |
|
|
10 |
|
|
|
11 |
|
| 3.350%, 04/01/2023 |
|
|
280 |
|
|
|
298 |
|
| 3.300%, 07/01/2025 |
|
|
50 |
|
|
|
56 |
|
| 1.450%, 09/01/2025 |
|
|
10 |
|
|
|
10 |
|
| Newell Brands |
|
|
|
|
|
|
|
|
| 4.350%, 04/01/2023 |
|
|
53 |
|
|
|
55 |
|
| NIKE |
|
|
|
|
|
|
|
|
| 3.375%, 03/27/2050 |
|
|
30 |
|
|
|
37 |
|
| 2.750%, 03/27/2027 |
|
|
40 |
|
|
|
44 |
|
| 2.400%, 03/27/2025 |
|
|
355 |
|
|
|
383 |
|
| Target |
|
|
|
|
|
|
|
|
| 2.250%, 04/15/2025 |
|
|
80 |
|
|
|
86 |
|
| TJX |
|
|
|
|
|
|
|
|
| 3.500%, 04/15/2025 |
|
|
50 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,928 |
|
|
|
|
|
|
|
|
|
|
|
| Consumer Staples — 0.5% |
|
| Coca-Cola |
|
|
|
|
|
|
|
|
| 3.375%, 03/25/2027 |
|
|
30 |
|
|
|
34 |
|
| 2.950%, 03/25/2025 |
|
|
40 |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
| CORPORATE OBLIGATIONS (continued) |
|
| 2.600%, 06/01/2050 |
|
$ |
20 |
|
|
$ |
21 |
|
| 2.500%, 03/15/2051 |
|
|
30 |
|
|
|
31 |
|
| 1.450%, 06/01/2027 |
|
|
80 |
|
|
|
83 |
|
| Costco Wholesale |
|
|
|
|
|
|
|
|
| 1.600%, 04/20/2030 |
|
|
90 |
|
|
|
92 |
|
| 1.375%, 06/20/2027 |
|
|
120 |
|
|
|
124 |
|
| Hershey |
|
|
|
|
|
|
|
|
| 0.900%, 06/01/2025 |
|
|
20 |
|
|
|
20 |
|
| Kimberly-Clark |
|
|
|
|
|
|
|
|
| 3.100%, 03/26/2030 |
|
|
20 |
|
|
|
23 |
|
| Mars |
|
|
|
|
|
|
|
|
| 3.200%, 04/01/2030 (B) |
|
|
30 |
|
|
|
35 |
|
| 2.700%, 04/01/2025 (B) |
|
|
60 |
|
|
|
65 |
|
| Mondelez International |
|
|
|
|
|
|
|
|
| 2.125%, 04/13/2023 |
|
|
30 |
|
|
|
31 |
|
| 1.500%, 05/04/2025 |
|
|
80 |
|
|
|
83 |
|
| PepsiCo |
|
|
|
|
|
|
|
|
| 3.875%, 03/19/2060 |
|
|
20 |
|
|
|
27 |
|
| 3.625%, 03/19/2050 |
|
|
30 |
|
|
|
38 |
|
| 3.000%, 08/25/2021 |
|
|
290 |
|
|
|
295 |
|
| 2.750%, 03/05/2022 |
|
|
80 |
|
|
|
82 |
|
| 2.625%, 03/19/2027 |
|
|
10 |
|
|
|
11 |
|
| 2.250%, 03/19/2025 |
|
|
331 |
|
|
|
354 |
|
| 1.625%, 05/01/2030 |
|
|
70 |
|
|
|
72 |
|
| 0.750%, 05/01/2023 |
|
|
80 |
|
|
|
81 |
|
| Procter & Gamble |
|
|
|
|
|
|
|
|
| 3.000%, 03/25/2030 |
|
|
40 |
|
|
|
46 |
|
| 2.800%, 03/25/2027 |
|
|
10 |
|
|
|
11 |
|
| Walmart |
|
|
|
|
|
|
|
|
| 3.550%, 06/26/2025 |
|
|
20 |
|
|
|
23 |
|
| 3.400%, 06/26/2023 |
|
|
30 |
|
|
|
32 |
|
| 3.050%, 07/08/2026 |
|
|
100 |
|
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Energy — 2.8% |
|
|
|
|
|
|
|
|
| Apache |
|
|
|
|
|
|
|
|
| 3.250%, 04/15/2022 |
|
|
616 |
|
|
|
621 |
|
| Berkshire Hathaway Energy |
|
|
|
|
|
|
|
|
| 3.700%, 07/15/2030 (B) |
|
|
140 |
|
|
|
166 |
|
| BP Capital Markets America |
|
|
|
|
|
|
|
|
| 3.790%, 02/06/2024 |
|
|
80 |
|
|
|
87 |
|
| 3.633%, 04/06/2030 |
|
|
50 |
|
|
|
58 |
|
| 3.410%, 02/11/2026 |
|
|
90 |
|
|
|
101 |
|
| 3.216%, 11/28/2023 |
|
|
90 |
|
|
|
96 |
|
| 3.119%, 05/04/2026 |
|
|
170 |
|
|
|
188 |
|
| 2.937%, 04/06/2023 |
|
|
281 |
|
|
|
297 |
|
| Cameron LNG |
|
|
|
|
|
|
|
|
| 2.902%, 07/15/2031 (B) |
|
|
60 |
|
|
|
66 |
|
| Chevron |
|
|
|
|
|
|
|
|
| 2.100%, 05/16/2021 |
|
|
130 |
|
|
|
131 |
|
| 1.995%, 05/11/2027 |
|
|
40 |
|
|
|
42 |
|
| 1.554%, 05/11/2025 |
|
|
70 |
|
|
|
73 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
23 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| Cimarex Energy |
|
|
|
|
|
|
|
|
| 4.375%, 06/01/2024 |
|
$ |
50 |
|
|
$ |
55 |
|
| 4.375%, 03/15/2029 |
|
|
50 |
|
|
|
57 |
|
| 3.900%, 05/15/2027 |
|
|
160 |
|
|
|
176 |
|
| Concho Resources |
|
|
|
|
|
|
|
|
| 4.300%, 08/15/2028 |
|
|
30 |
|
|
|
35 |
|
| 3.750%, 10/01/2027 |
|
|
160 |
|
|
|
183 |
|
| Continental Resources |
|
|
|
|
|
|
|
|
| 5.000%, 09/15/2022 |
|
|
90 |
|
|
|
90 |
|
| 3.800%, 06/01/2024 |
|
|
190 |
|
|
|
196 |
|
| Devon Energy |
|
|
|
|
|
|
|
|
| 5.850%, 12/15/2025 |
|
|
210 |
|
|
|
247 |
|
| Diamondback Energy |
|
|
|
|
|
|
|
|
| 5.375%, 05/31/2025 |
|
|
50 |
|
|
|
52 |
|
| 3.250%, 12/01/2026 |
|
|
30 |
|
|
|
32 |
|
| 2.875%, 12/01/2024 |
|
|
290 |
|
|
|
305 |
|
| Energy Transfer Operating |
|
|
|
|
|
|
|
|
| 4.950%, 06/15/2028 |
|
|
10 |
|
|
|
11 |
|
| 3.750%, 05/15/2030 |
|
|
160 |
|
|
|
173 |
|
| 2.900%, 05/15/2025 |
|
|
40 |
|
|
|
42 |
|
| Energy Transfer Partners |
|
|
|
|
|
|
|
|
| 4.500%, 11/01/2023 |
|
|
60 |
|
|
|
65 |
|
| Enterprise Products Operating |
|
|
|
|
|
|
|
|
| 4.150%, 10/16/2028 |
|
|
140 |
|
|
|
167 |
|
| 3.950%, 02/15/2027 |
|
|
150 |
|
|
|
173 |
|
| 3.900%, 02/15/2024 |
|
|
457 |
|
|
|
500 |
|
| 3.125%, 07/31/2029 |
|
|
60 |
|
|
|
66 |
|
| 2.800%, 01/31/2030 |
|
|
170 |
|
|
|
184 |
|
| EOG Resources |
|
|
|
|
|
|
|
|
| 4.375%, 04/15/2030 |
|
|
190 |
|
|
|
231 |
|
| 4.150%, 01/15/2026 |
|
|
160 |
|
|
|
186 |
|
| Exxon Mobil |
|
|
|
|
|
|
|
|
| 4.327%, 03/19/2050 |
|
|
30 |
|
|
|
39 |
|
| 3.043%, 03/01/2026 |
|
|
150 |
|
|
|
166 |
|
| 2.992%, 03/19/2025 |
|
|
758 |
|
|
|
830 |
|
| 1.571%, 04/15/2023 |
|
|
20 |
|
|
|
21 |
|
| Halliburton |
|
|
|
|
|
|
|
|
| 3.250%, 11/15/2021 |
|
|
180 |
|
|
|
183 |
|
| Kinder Morgan |
|
|
|
|
|
|
|
|
| 4.300%, 06/01/2025 |
|
|
60 |
|
|
|
68 |
|
| Kinder Morgan Energy Partners |
|
|
|
|
|
|
|
|
| 3.500%, 03/01/2021 |
|
|
30 |
|
|
|
30 |
|
| MidAmerican Energy |
|
|
|
|
|
|
|
|
| 3.650%, 04/15/2029 |
|
|
140 |
|
|
|
166 |
|
| MPLX |
|
|
|
|
|
|
|
|
| 4.800%, 02/15/2029 |
|
|
50 |
|
|
|
60 |
|
| 4.125%, 03/01/2027 |
|
|
110 |
|
|
|
127 |
|
| 4.000%, 03/15/2028 |
|
|
40 |
|
|
|
46 |
|
| Noble Energy |
|
|
|
|
|
|
|
|
| 3.850%, 01/15/2028 |
|
|
30 |
|
|
|
35 |
|
| 3.250%, 10/15/2029 |
|
|
80 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| Occidental Petroleum |
|
|
|
|
|
|
|
|
| 5.550%, 03/15/2026 |
|
$ |
170 |
|
|
$ |
177 |
|
| 4.574%, 10/10/2036 (C) |
|
|
2,000 |
|
|
|
920 |
|
| 3.400%, 04/15/2026 |
|
|
80 |
|
|
|
76 |
|
| 3.200%, 08/15/2026 |
|
|
130 |
|
|
|
122 |
|
| 3.000%, 02/15/2027 |
|
|
130 |
|
|
|
116 |
|
| Phillips 66 |
|
|
|
|
|
|
|
|
| 3.700%, 04/06/2023 |
|
|
582 |
|
|
|
623 |
|
| Phillips 66 Partners |
|
|
|
|
|
|
|
|
| 2.450%, 12/15/2024 |
|
|
413 |
|
|
|
433 |
|
| Schlumberger Holdings |
|
|
|
|
|
|
|
|
| 3.900%, 05/17/2028 (B) |
|
|
456 |
|
|
|
515 |
|
| Tennessee Gas Pipeline |
|
|
|
|
|
|
|
|
| 2.900%, 03/01/2030 (B) |
|
|
160 |
|
|
|
171 |
|
| Western Midstream Operating |
|
|
|
|
|
|
|
|
| 5.050%, 02/01/2030 |
|
|
20 |
|
|
|
22 |
|
| 4.100%, 02/01/2025 |
|
|
30 |
|
|
|
31 |
|
| 2.074%, VAR ICE LIBOR USD
3 Month+1.850%, 01/13/2023 |
|
|
20 |
|
|
|
20 |
|
| Williams |
|
|
|
|
|
|
|
|
| 3.750%, 06/15/2027 |
|
|
390 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financials — 8.7% |
|
|
|
|
|
|
|
|
| American Express |
|
|
|
|
|
|
|
|
| 3.400%, 02/27/2023 |
|
|
972 |
|
|
|
1,034 |
|
| 2.650%, 12/02/2022 |
|
|
264 |
|
|
|
276 |
|
| American Honda Finance MTN |
|
|
|
|
|
|
|
|
| 0.875%, 07/07/2023 |
|
|
846 |
|
|
|
856 |
|
| American International Group |
|
|
|
|
|
|
|
|
| 2.500%, 06/30/2025 |
|
|
40 |
|
|
|
43 |
|
| Bank of America |
|
|
|
|
|
|
|
|
| 3.419%, VAR ICE LIBOR USD
3 Month+1.040%, 12/20/2028 |
|
|
234 |
|
|
|
264 |
|
| 3.004%, VAR ICE LIBOR USD
3 Month+0.790%, 12/20/2023 |
|
|
258 |
|
|
|
272 |
|
| 2.592%, VAR United States Secured
Overnight Financing Rate+2.150%, 04/29/2031 |
|
|
180 |
|
|
|
193 |
|
| Bank of America MTN |
|
|
|
|
|
|
|
|
| 4.450%, 03/03/2026 |
|
|
678 |
|
|
|
790 |
|
| 4.250%, 10/22/2026 |
|
|
10 |
|
|
|
12 |
|
| 4.200%, 08/26/2024 |
|
|
210 |
|
|
|
235 |
|
| 4.125%, 01/22/2024 |
|
|
370 |
|
|
|
410 |
|
| 4.100%, 07/24/2023 |
|
|
280 |
|
|
|
306 |
|
| 4.083%, VAR ICE LIBOR USD
3 Month+3.150%, 03/20/2051 |
|
|
40 |
|
|
|
51 |
|
| 4.000%, 04/01/2024 |
|
|
440 |
|
|
|
488 |
|
| 4.000%, 01/22/2025 |
|
|
80 |
|
|
|
90 |
|
| 3.974%, VAR ICE LIBOR USD
3 Month+1.210%, 02/07/2030 |
|
|
80 |
|
|
|
94 |
|
|
|
|
| 24 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| 3.593%, VAR ICE LIBOR USD
3 Month+1.370%, 07/21/2028 |
|
$ |
210 |
|
|
$ |
239 |
|
| 3.550%, VAR ICE LIBOR USD
3 Month+0.780%, 03/05/2024 |
|
|
80 |
|
|
|
85 |
|
| 3.500%, 04/19/2026 |
|
|
130 |
|
|
|
147 |
|
| 3.300%, 01/11/2023 |
|
|
60 |
|
|
|
64 |
|
| Bank of New York Mellon MTN |
|
|
|
|
|
|
|
|
| 3.300%, 08/23/2029 |
|
|
790 |
|
|
|
900 |
|
| 1.600%, 04/24/2025 |
|
|
40 |
|
|
|
42 |
|
| Blackstone Holdings Finance |
|
|
|
|
|
|
|
|
| 1.600%, 03/30/2031 (B) |
|
|
590 |
|
|
|
587 |
|
| Capital One Financial |
|
|
|
|
|
|
|
|
| 3.300%, 10/30/2024 |
|
|
480 |
|
|
|
527 |
|
| Charles Schwab |
|
|
|
|
|
|
|
|
| 3.850%, 05/21/2025 |
|
|
110 |
|
|
|
125 |
|
| Citigroup |
|
|
|
|
|
|
|
|
| 8.125%, 07/15/2039 |
|
|
12 |
|
|
|
21 |
|
| 5.500%, 09/13/2025 |
|
|
150 |
|
|
|
180 |
|
| 5.300%, 05/06/2044 |
|
|
31 |
|
|
|
44 |
|
| 4.650%, 07/30/2045 |
|
|
28 |
|
|
|
38 |
|
| 4.450%, 09/29/2027 |
|
|
120 |
|
|
|
142 |
|
| 4.412%, VAR United States Secured
Overnight Financing Rate+3.914%, 03/31/2031 |
|
|
100 |
|
|
|
121 |
|
| 4.400%, 06/10/2025 |
|
|
160 |
|
|
|
183 |
|
| 4.300%, 11/20/2026 |
|
|
40 |
|
|
|
47 |
|
| 4.125%, 07/25/2028 |
|
|
40 |
|
|
|
47 |
|
| 4.075%, VAR ICE LIBOR USD
3 Month+1.192%, 04/23/2 029 |
|
|
240 |
|
|
|
282 |
|
| 4.050%, 07/30/2022 |
|
|
40 |
|
|
|
42 |
|
| 3.668%, VAR ICE LIBOR USD
3 Month+1.390%, 07/24/2028 |
|
|
340 |
|
|
|
385 |
|
| 3.500%, 05/15/2023 |
|
|
100 |
|
|
|
107 |
|
| 3.400%, 05/01/2026 |
|
|
354 |
|
|
|
398 |
|
| 3.200%, 10/21/2026 |
|
|
287 |
|
|
|
321 |
|
| 3.106%, VAR United States Secured
Overnight Financing Rate+2.750%, 04/08/2026 |
|
|
150 |
|
|
|
164 |
|
| 2.572%, VAR United States Secured
Overnight Financing Rate+2.107%, 06/03/2031 |
|
|
200 |
|
|
|
213 |
|
| 1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/2024 |
|
|
903 |
|
|
|
930 |
|
| Equitable Financial Life Global Funding |
|
|
|
|
|
|
|
|
| 1.400%, 07/07/2025 (B) |
|
|
673 |
|
|
|
691 |
|
| Ferguson Finance |
|
|
|
|
|
|
|
|
| 4.500%, 10/24/2028 (B) |
|
|
459 |
|
|
|
550 |
|
| Goldman Sachs Group |
|
|
|
|
|
|
|
|
| 5.750%, 01/24/2022 |
|
|
662 |
|
|
|
700 |
|
| 4.250%, 10/21/2025 |
|
|
90 |
|
|
|
103 |
|
| 4.223%, VAR ICE LIBOR USD
3 Month+1.301%, 05/01/2029 |
|
|
550 |
|
|
|
653 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| 3.800%, 03/15/2030 |
|
$ |
530 |
|
|
$ |
624 |
|
| 3.691%, VAR ICE LIBOR USD
3 Month+1.510%, 06/05/2028 |
|
|
400 |
|
|
|
461 |
|
| 3.500%, 04/01/2025 |
|
|
80 |
|
|
|
89 |
|
| 3.500%, 11/16/2026 |
|
|
90 |
|
|
|
101 |
|
| Goldman Sachs Group MTN |
|
|
|
|
|
|
|
|
| 4.000%, 03/03/2024 |
|
|
420 |
|
|
|
464 |
|
| Guardian Life Global Funding |
|
|
|
|
|
|
|
|
| 1.100%, 06/23/2025 (B) |
|
|
30 |
|
|
|
30 |
|
| JPMorgan Chase |
|
|
|
|
|
|
|
|
| 4.452%, VAR ICE LIBOR USD
3 Month+1.330%, 12/05/2029 |
|
|
200 |
|
|
|
244 |
|
| 4.203%, VAR ICE LIBOR USD
3 Month+1.260%, 07/23/2029 |
|
|
773 |
|
|
|
924 |
|
| 4.023%, VAR ICE LIBOR USD
3 Month+1.000%, 12/05/2024 |
|
|
230 |
|
|
|
253 |
|
| 4.005%, VAR ICE LIBOR USD
3 Month+1.120%, 04/23/2029 |
|
|
100 |
|
|
|
117 |
|
| 3.875%, 09/10/2024 |
|
|
290 |
|
|
|
325 |
|
| 2.522%, VAR United States Secured
Overnight Financing Rate+2.040%, 04/22/2031 |
|
|
190 |
|
|
|
204 |
|
| 2.083%, VAR United States Secured
Overnight Financing Rate+1.850%, 04/22/2026 |
|
|
130 |
|
|
|
137 |
|
| 1.514%, VAR United States Secured
Overnight Financing Rate+1.455%, 06/01/2024 |
|
|
210 |
|
|
|
216 |
|
| KKR Group Finance VI |
|
|
|
|
|
|
|
|
| 3.750%, 07/01/2029 (B) |
|
|
1,149 |
|
|
|
1,337 |
|
| Liberty Mutual Group |
|
|
|
|
|
|
|
|
| 4.569%, 02/01/2029 (B) |
|
|
321 |
|
|
|
394 |
|
| 4.250%, 06/15/2023 (B) |
|
|
91 |
|
|
|
99 |
|
| Lincoln National |
|
|
|
|
|
|
|
|
| 3.400%, 01/15/2031 |
|
|
451 |
|
|
|
517 |
|
| MassMutual Global Funding II MTN |
|
|
|
|
|
|
|
|
| 0.850%, 06/09/2023 (B) |
|
|
220 |
|
|
|
223 |
|
| Morgan Stanley MTN |
|
|
|
|
|
|
|
|
| 3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029 |
|
|
150 |
|
|
|
174 |
|
| 3.750%, 02/25/2023 |
|
|
1,110 |
|
|
|
1,190 |
|
| 3.622%, VAR United States Secured
Overnight Financing Rate+3.120%, 04/01/2031 |
|
|
475 |
|
|
|
553 |
|
| 2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/2031 |
|
|
100 |
|
|
|
109 |
|
| 2.188%, VAR United States Secured
Overnight Financing Rate+1.990%, 04/28/2026 |
|
|
200 |
|
|
|
211 |
|
| National Rural Utilities Cooperative Finance |
|
|
|
|
|
|
|
|
| 2.850%, 01/27/2025 |
|
|
1,060 |
|
|
|
1,152 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
25 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| National Securities Clearing |
|
|
|
|
|
|
|
|
| 1.500%, 04/23/2025 (B) |
|
$ |
1,046 |
|
|
$ |
1,083 |
|
| 1.200%, 04/23/2023 (B) |
|
|
250 |
|
|
|
255 |
|
| New York Life Global Funding |
|
|
|
|
|
|
|
|
| 0.950%, 06/24/2025 (B) |
|
|
60 |
|
|
|
61 |
|
| Peachtree Corners Funding Trust |
|
|
|
|
|
|
|
|
| 3.976%, 02/15/2025 (B) |
|
|
944 |
|
|
|
1,047 |
|
| Penske Truck Leasing Lp |
|
|
|
|
|
|
|
|
| 3.900%, 02/01/2024 (B) |
|
|
965 |
|
|
|
1,054 |
|
| Principal Life Global Funding II |
|
|
|
|
|
|
|
|
| 1.250%, 06/23/2025 (B) |
|
|
20 |
|
|
|
20 |
|
| State Street |
|
|
|
|
|
|
|
|
| 3.152%, VAR United States Secured
Overnight Financing Rate+2.650%, 03/30/2031 |
|
|
50 |
|
|
|
57 |
|
| US Bancorp |
|
|
|
|
|
|
|
|
| 3.375%, 02/05/2024 |
|
|
540 |
|
|
|
588 |
|
| 1.450%, 05/12/2025 |
|
|
160 |
|
|
|
166 |
|
| USAA Capital |
|
|
|
|
|
|
|
|
| 2.125%, 05/01/2030 (B) |
|
|
150 |
|
|
|
158 |
|
| USAA Capital MTN |
|
|
|
|
|
|
|
|
| 2.625%, 06/01/2021 (B) |
|
|
350 |
|
|
|
353 |
|
| Wells Fargo |
|
|
|
|
|
|
|
|
| 3.069%, 01/24/2023 |
|
|
808 |
|
|
|
831 |
|
| 3.000%, 10/23/2026 |
|
|
190 |
|
|
|
211 |
|
| 2.188%, VAR United States Secured
Overnight Financing Rate+2.000%, 04/30/2026 |
|
|
130 |
|
|
|
137 |
|
| Wells Fargo MTN |
|
|
|
|
|
|
|
|
| 5.013%, VAR ICE LIBOR USD 3
Month+4.240%, 04/04/2051 |
|
|
380 |
|
|
|
540 |
|
| 4.900%, 11/17/2045 |
|
|
30 |
|
|
|
40 |
|
| 4.600%, 04/01/2021 |
|
|
480 |
|
|
|
485 |
|
| 4.478%, VAR ICE LIBOR USD 3
Month+3.770%, 04/04/2031 |
|
|
130 |
|
|
|
159 |
|
| 4.300%, 07/22/2027 |
|
|
200 |
|
|
|
234 |
|
| 3.750%, 01/24/2024 |
|
|
540 |
|
|
|
590 |
|
| 3.450%, 02/13/2023 |
|
|
120 |
|
|
|
127 |
|
| 2.393%, VAR United States Secured
Overnight Financing Rate+2.100%, 06/02/2028 |
|
|
90 |
|
|
|
96 |
|
| 1.654%, VAR United States Secured
Overnight Financing Rate+1.600%, 06/02/2024 |
|
|
160 |
|
|
|
164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Health Care — 2.9% |
|
|
|
|
|
|
|
|
| Abbott Laboratories |
|
|
|
|
|
|
|
|
| 3.400%, 11/30/2023 |
|
|
175 |
|
|
|
190 |
|
| AbbVie |
|
|
|
|
|
|
|
|
| 4.250%, 11/21/2049 |
|
|
30 |
|
|
|
38 |
|
| 3.800%, 03/15/2025 |
|
|
40 |
|
|
|
45 |
|
| 3.750%, 11/14/2023 |
|
|
20 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| 3.600%, 05/14/2025 |
|
$ |
10 |
|
|
$ |
11 |
|
| 3.450%, 03/15/2022 |
|
|
120 |
|
|
|
124 |
|
| 3.200%, 11/21/2029 |
|
|
40 |
|
|
|
45 |
|
| 2.950%, 11/21/2026 |
|
|
20 |
|
|
|
22 |
|
| 2.600%, 11/21/2024 |
|
|
140 |
|
|
|
150 |
|
| 2.300%, 11/21/2022 |
|
|
1,046 |
|
|
|
1,084 |
|
| Adventist Health System |
|
|
|
|
|
|
|
|
| 2.433%, 09/01/2024 |
|
|
431 |
|
|
|
447 |
|
| Aetna |
|
|
|
|
|
|
|
|
| 2.800%, 06/15/2023 |
|
|
20 |
|
|
|
21 |
|
| Anthem |
|
|
|
|
|
|
|
|
| 3.125%, 05/15/2022 |
|
|
340 |
|
|
|
353 |
|
| Baylor Scott & White Holdings |
|
|
|
|
|
|
|
|
| 1.947%, 11/15/2021 |
|
|
1,226 |
|
|
|
1,235 |
|
| Becton Dickinson |
|
|
|
|
|
|
|
|
| 4.685%, 12/15/2044 |
|
|
40 |
|
|
|
52 |
|
| 3.734%, 12/15/2024 |
|
|
24 |
|
|
|
27 |
|
| 3.363%, 06/06/2024 |
|
|
210 |
|
|
|
228 |
|
| Bristol-Myers Squibb |
|
|
|
|
|
|
|
|
| 3.875%, 08/15/2025 |
|
|
150 |
|
|
|
171 |
|
| 3.550%, 08/15/2022 |
|
|
60 |
|
|
|
63 |
|
| 3.400%, 07/26/2029 |
|
|
50 |
|
|
|
58 |
|
| 3.200%, 06/15/2026 |
|
|
120 |
|
|
|
135 |
|
| 2.900%, 07/26/2024 |
|
|
240 |
|
|
|
260 |
|
| 2.600%, 05/16/2022 |
|
|
80 |
|
|
|
82 |
|
| 2.250%, 08/15/2021 |
|
|
70 |
|
|
|
71 |
|
| Cigna |
|
|
|
|
|
|
|
|
| 4.375%, 10/15/2028 |
|
|
200 |
|
|
|
242 |
|
| 4.125%, 11/15/2025 |
|
|
50 |
|
|
|
58 |
|
| 3.750%, 07/15/2023 |
|
|
30 |
|
|
|
32 |
|
| 3.500%, 06/15/2024 |
|
|
160 |
|
|
|
175 |
|
| 3.400%, 09/17/2021 |
|
|
60 |
|
|
|
61 |
|
| CommonSpirit Health |
|
|
|
|
|
|
|
|
| 4.200%, 08/01/2023 |
|
|
473 |
|
|
|
511 |
|
| CVS Health |
|
|
|
|
|
|
|
|
| 5.050%, 03/25/2048 |
|
|
60 |
|
|
|
81 |
|
| 4.300%, 03/25/2028 |
|
|
220 |
|
|
|
262 |
|
| 3.875%, 07/20/2025 |
|
|
95 |
|
|
|
108 |
|
| 3.625%, 04/01/2027 |
|
|
180 |
|
|
|
205 |
|
| 3.350%, 03/09/2021 |
|
|
32 |
|
|
|
32 |
|
| CVS Pass-Through Trust |
|
|
|
|
|
|
|
|
| 7.507%, 01/10/2032 (B) |
|
|
1,092 |
|
|
|
1,342 |
|
| Eli Lilly |
|
|
|
|
|
|
|
|
| 2.350%, 05/15/2022 |
|
|
170 |
|
|
|
175 |
|
| Gilead Sciences |
|
|
|
|
|
|
|
|
| 2.500%, 09/01/2023 |
|
|
50 |
|
|
|
53 |
|
| Humana |
|
|
|
|
|
|
|
|
| 4.500%, 04/01/2025 |
|
|
10 |
|
|
|
11 |
|
| 3.150%, 12/01/2022 |
|
|
240 |
|
|
|
251 |
|
| 2.900%, 12/15/2022 |
|
|
290 |
|
|
|
303 |
|
| Johnson & Johnson |
|
|
|
|
|
|
|
|
| 0.950%, 09/01/2027 |
|
|
100 |
|
|
|
100 |
|
|
|
|
| 26 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| 0.550%, 09/01/2025 |
|
$ |
50 |
|
|
$ |
50 |
|
| Merck |
|
|
|
|
|
|
|
|
| 1.450%, 06/24/2030 |
|
|
50 |
|
|
|
51 |
|
| 0.750%, 02/24/2026 |
|
|
80 |
|
|
|
81 |
|
| Pfizer |
|
|
|
|
|
|
|
|
| 2.625%, 04/01/2030 |
|
|
100 |
|
|
|
112 |
|
| 1.700%, 05/28/2030 |
|
|
50 |
|
|
|
52 |
|
| 0.800%, 05/28/2025 |
|
|
110 |
|
|
|
112 |
|
| SSM Health Care |
|
|
|
|
|
|
|
|
| 3.688%, 06/01/2023 |
|
|
644 |
|
|
|
688 |
|
| Thermo Fisher Scientific |
|
|
|
|
|
|
|
|
| 4.133%, 03/25/2025 |
|
|
463 |
|
|
|
526 |
|
| UnitedHealth Group |
|
|
|
|
|
|
|
|
| 4.450%, 12/15/2048 |
|
|
10 |
|
|
|
14 |
|
| 4.250%, 06/15/2048 |
|
|
10 |
|
|
|
13 |
|
| 3.875%, 12/15/2028 |
|
|
30 |
|
|
|
36 |
|
| 3.750%, 07/15/2025 |
|
|
30 |
|
|
|
34 |
|
| 3.500%, 06/15/2023 |
|
|
20 |
|
|
|
21 |
|
| 2.875%, 12/15/2021 |
|
|
50 |
|
|
|
51 |
|
| 2.375%, 10/15/2022 |
|
|
10 |
|
|
|
10 |
|
| 2.000%, 05/15/2030 |
|
|
30 |
|
|
|
32 |
|
| 1.250%, 01/15/2026 |
|
|
20 |
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Industrials — 1.8% |
|
|
|
|
|
|
|
|
| 3M |
|
|
|
|
|
|
|
|
| 3.700%, 04/15/2050 |
|
|
150 |
|
|
|
186 |
|
| 2.375%, 08/26/2029 |
|
|
30 |
|
|
|
32 |
|
| Aviation Capital Group |
|
|
|
|
|
|
|
|
| 4.125%, 08/01/2025 (B) |
|
|
160 |
|
|
|
168 |
|
| Burlington Northern and Santa Fe Railway
Pass-Through Trust, Ser 2002-2 |
|
|
|
|
|
|
|
|
| 5.140%, 01/15/2021 |
|
|
– |
|
|
|
– |
|
| Burlington Northern Santa Fe |
|
|
|
|
|
|
|
|
| 4.550%, 09/01/2044 |
|
|
10 |
|
|
|
14 |
|
| Carrier Global |
|
|
|
|
|
|
|
|
| 2.700%, 02/15/2031 |
|
|
10 |
|
|
|
11 |
|
| Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A |
|
|
|
|
|
|
|
|
| 4.000%, 10/29/2024 |
|
|
590 |
|
|
|
597 |
|
| Deere |
|
|
|
|
|
|
|
|
| 3.750%, 04/15/2050 |
|
|
30 |
|
|
|
39 |
|
| 3.100%, 04/15/2030 |
|
|
10 |
|
|
|
11 |
|
| Delta Air Lines Pass-Through Trust, Ser 2015- 1, Cl AA |
|
|
|
|
|
|
|
|
| 3.625%, 07/30/2027 |
|
|
515 |
|
|
|
529 |
|
| Delta Air Lines Pass-Through Trust, Ser 2019- 1, Cl AA |
|
|
|
|
|
|
|
|
| 3.204%, 04/25/2024 |
|
|
621 |
|
|
|
638 |
|
| Eaton |
|
|
|
|
|
|
|
|
| 2.750%, 11/02/2022 |
|
|
450 |
|
|
|
470 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| FedEx |
|
|
|
|
|
|
|
|
| 3.800%, 05/15/2025 |
|
$ |
722 |
|
|
$ |
815 |
|
| General Electric |
|
|
|
|
|
|
|
|
| 4.350%, 05/01/2050 |
|
|
40 |
|
|
|
49 |
|
| 4.250%, 05/01/2040 |
|
|
30 |
|
|
|
36 |
|
| 3.625%, 05/01/2030 |
|
|
30 |
|
|
|
34 |
|
| 3.450%, 05/01/2027 |
|
|
100 |
|
|
|
113 |
|
| General Electric MTN |
|
|
|
|
|
|
|
|
| 6.875%, 01/10/2039 |
|
|
30 |
|
|
|
44 |
|
| Honeywell International |
|
|
|
|
|
|
|
|
| 1.350%, 06/01/2025 |
|
|
50 |
|
|
|
52 |
|
| International Lease Finance |
|
|
|
|
|
|
|
|
| 5.875%, 08/15/2022 |
|
|
400 |
|
|
|
432 |
|
| Republic Services |
|
|
|
|
|
|
|
|
| 3.200%, 03/15/2025 |
|
|
180 |
|
|
|
197 |
|
| Ryder System MTN |
|
|
|
|
|
|
|
|
| 3.350%, 09/01/2025 |
|
|
836 |
|
|
|
929 |
|
| Union Pacific |
|
|
|
|
|
|
|
|
| 3.950%, 09/10/2028 |
|
|
20 |
|
|
|
24 |
|
| 3.750%, 07/15/2025 |
|
|
20 |
|
|
|
23 |
|
| United Airlines Pass-Through Trust, Ser 2014- 1, Cl A |
|
|
|
|
|
|
|
|
| 4.000%, 04/11/2026 |
|
|
656 |
|
|
|
664 |
|
| United Parcel Service |
|
|
|
|
|
|
|
|
| 3.900%, 04/01/2025 |
|
|
354 |
|
|
|
400 |
|
| Waste Management |
|
|
|
|
|
|
|
|
| 3.500%, 05/15/2024 |
|
|
120 |
|
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Information Technology — 1.6% |
|
|
|
|
|
|
|
|
| Adobe |
|
|
|
|
|
|
|
|
| 2.300%, 02/01/2030 |
|
|
210 |
|
|
|
227 |
|
| Apple |
|
|
|
|
|
|
|
|
| 3.350%, 02/09/2027 |
|
|
210 |
|
|
|
240 |
|
| 2.900%, 09/12/2027 |
|
|
110 |
|
|
|
123 |
|
| 2.450%, 08/04/2026 |
|
|
70 |
|
|
|
76 |
|
| 1.125%, 05/11/2025 |
|
|
130 |
|
|
|
134 |
|
| Broadcom |
|
|
|
|
|
|
|
|
| 4.700%, 04/15/2025 |
|
|
180 |
|
|
|
206 |
|
| 4.110%, 09/15/2028 |
|
|
515 |
|
|
|
589 |
|
| 3.150%, 11/15/2025 |
|
|
140 |
|
|
|
153 |
|
| 2.250%, 11/15/2023 |
|
|
100 |
|
|
|
104 |
|
| Intel |
|
|
|
|
|
|
|
|
| 4.750%, 03/25/2050 |
|
|
20 |
|
|
|
28 |
|
| 4.600%, 03/25/2040 |
|
|
10 |
|
|
|
13 |
|
| 3.700%, 07/29/2025 |
|
|
30 |
|
|
|
34 |
|
| Juniper Networks |
|
|
|
|
|
|
|
|
| 1.200%, 12/10/2025 |
|
|
570 |
|
|
|
577 |
|
| Mastercard |
|
|
|
|
|
|
|
|
| 3.850%, 03/26/2050 |
|
|
10 |
|
|
|
13 |
|
| 3.375%, 04/01/2024 |
|
|
190 |
|
|
|
208 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
27 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| Micron Technology |
|
|
|
|
|
|
|
|
| 2.497%, 04/24/2023 |
|
$ |
70 |
|
|
$ |
73 |
|
| Microsoft |
|
|
|
|
|
|
|
|
| 3.300%, 02/06/2027 |
|
|
90 |
|
|
|
103 |
|
| 2.400%, 02/06/2022 |
|
|
150 |
|
|
|
153 |
|
| 1.550%, 08/08/2021 |
|
|
110 |
|
|
|
111 |
|
| NVIDIA |
|
|
|
|
|
|
|
|
| 3.700%, 04/01/2060 |
|
|
90 |
|
|
|
116 |
|
| 3.500%, 04/01/2040 |
|
|
130 |
|
|
|
156 |
|
| 3.500%, 04/01/2050 |
|
|
290 |
|
|
|
352 |
|
| 2.850%, 04/01/2030 |
|
|
90 |
|
|
|
101 |
|
| Oracle |
|
|
|
|
|
|
|
|
| 2.500%, 10/15/2022 |
|
|
130 |
|
|
|
135 |
|
| 2.500%, 04/01/2025 |
|
|
738 |
|
|
|
793 |
|
| PayPal Holdings |
|
|
|
|
|
|
|
|
| 1.650%, 06/01/2025 |
|
|
60 |
|
|
|
63 |
|
| 1.350%, 06/01/2023 |
|
|
571 |
|
|
|
585 |
|
| salesforce.com |
|
|
|
|
|
|
|
|
| 3.700%, 04/11/2028 |
|
|
150 |
|
|
|
177 |
|
| 3.250%, 04/11/2023 |
|
|
70 |
|
|
|
75 |
|
| Texas Instruments |
|
|
|
|
|
|
|
|
| 1.750%, 05/04/2030 |
|
|
40 |
|
|
|
41 |
|
| Visa |
|
|
|
|
|
|
|
|
| 4.300%, 12/14/2045 |
|
|
10 |
|
|
|
14 |
|
| 3.150%, 12/14/2025 |
|
|
110 |
|
|
|
123 |
|
| 1.900%, 04/15/2027 |
|
|
60 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Real Estate — 0.2% |
|
|
|
|
|
|
|
|
| Digital Realty Trust |
|
|
|
|
|
|
|
|
| 3.600%, 07/01/2029 |
|
|
815 |
|
|
|
934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utilities — 1.3% |
|
|
|
|
|
|
|
|
| Aquarion |
|
|
|
|
|
|
|
|
| 4.000%, 08/15/2024 (B) |
|
|
227 |
|
|
|
248 |
|
| Commonwealth Edison |
|
|
|
|
|
|
|
|
| 3.700%, 08/15/2028 |
|
|
468 |
|
|
|
552 |
|
| Duke Energy |
|
|
|
|
|
|
|
|
| 3.550%, 09/15/2021 |
|
|
170 |
|
|
|
173 |
|
| 2.400%, 08/15/2022 |
|
|
150 |
|
|
|
155 |
|
| Duke Energy Florida |
|
|
|
|
|
|
|
|
| 3.200%, 01/15/2027 |
|
|
440 |
|
|
|
491 |
|
| FirstEnergy |
|
|
|
|
|
|
|
|
| 4.250%, 03/15/2023 |
|
|
380 |
|
|
|
401 |
|
| 2.850%, 07/15/2022 |
|
|
330 |
|
|
|
335 |
|
| 1.600%, 01/15/2026 |
|
|
30 |
|
|
|
29 |
|
| Northern States Power |
|
|
|
|
|
|
|
|
| 7.125%, 07/01/2025 |
|
|
1,190 |
|
|
|
1,518 |
|
| Pacific Gas and Electric |
|
|
|
|
|
|
|
|
| 2.100%, 08/01/2027 |
|
|
130 |
|
|
|
132 |
|
| 1.750%, 06/16/2022 |
|
|
100 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| CORPORATE OBLIGATIONS (continued) |
|
| Public Service Enterprise Group |
|
|
|
|
|
|
|
|
| 2.875%, 06/15/2024 |
|
$ |
713 |
|
|
$ |
768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,902 |
|
|
|
|
|
|
|
|
|
|
| Total Corporate Obligations
(Cost $83,572) ($ Thousands) |
|
|
|
|
|
|
90,147 |
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. TREASURY OBLIGATIONS — 16.8% |
|
|
|
|
|
| U.S. Treasury Bills |
|
|
|
|
|
|
|
|
| 0.110%, 04/29/2021 (C) |
|
|
2,660 |
|
|
|
2,659 |
|
| 0.100%, 01/05/2021 (C) |
|
|
370 |
|
|
|
370 |
|
| 0.090%, 05/04/2021 (C) |
|
|
2,390 |
|
|
|
2,389 |
|
| 0.090%, 02/18/2021 (C) |
|
|
2,020 |
|
|
|
2,020 |
|
| 0.084%, 05/18/2021 (C) |
|
|
1,160 |
|
|
|
1,160 |
|
| 0.055%, 03/04/2021 (C) |
|
|
3,678 |
|
|
|
3,678 |
|
| U.S. Treasury Bonds |
|
|
|
|
|
|
|
|
| 2.000%, 02/15/2050 |
|
|
850 |
|
|
|
923 |
|
| 1.625%, 11/15/2050 |
|
|
560 |
|
|
|
558 |
|
| 1.375%, 11/15/2040 |
|
|
920 |
|
|
|
910 |
|
| 1.375%, 08/15/2050 |
|
|
2,990 |
|
|
|
2,800 |
|
| 1.250%, 05/15/2050 |
|
|
3,970 |
|
|
|
3,602 |
|
| 1.125%, 08/15/2040 |
|
|
1,060 |
|
|
|
1,004 |
|
| U.S. Treasury Inflation-Protected Securities |
|
|
|
|
|
| 2.125%, 02/15/2040 |
|
|
301 |
|
|
|
466 |
|
| 2.125%, 02/15/2041 |
|
|
143 |
|
|
|
224 |
|
| 1.750%, 01/15/2028 |
|
|
87 |
|
|
|
107 |
|
| 1.375%, 02/15/2044 |
|
|
547 |
|
|
|
788 |
|
| 1.000%, 02/15/2046 |
|
|
396 |
|
|
|
539 |
|
| 1.000%, 02/15/2048 |
|
|
465 |
|
|
|
646 |
|
| 1.000%, 02/15/2049 |
|
|
486 |
|
|
|
685 |
|
| 0.750%, 02/15/2042 |
|
|
472 |
|
|
|
601 |
|
| 0.750%, 02/15/2045 |
|
|
188 |
|
|
|
242 |
|
| 0.125%, 10/15/2024 |
|
|
3,357 |
|
|
|
3,600 |
|
| 0.125%, 04/15/2025 |
|
|
181 |
|
|
|
195 |
|
| 0.125%, 01/15/2030 |
|
|
776 |
|
|
|
866 |
|
| U.S. Treasury Notes |
|
|
|
|
|
|
|
|
| 0.875%, 11/15/2030 |
|
|
370 |
|
|
|
369 |
|
| 0.625%, 11/30/2027 |
|
|
1,410 |
|
|
|
1,410 |
|
| 0.625%, 12/31/2027 |
|
|
1,390 |
|
|
|
1,388 |
|
| 0.625%, 08/15/2030 |
|
|
4,222 |
|
|
|
4,116 |
|
| 0.500%, 08/31/2027 |
|
|
1,290 |
|
|
|
1,282 |
|
| 0.500%, 10/31/2027 |
|
|
1,320 |
|
|
|
1,310 |
|
| 0.375%, 04/30/2025 |
|
|
20 |
|
|
|
20 |
|
| 0.375%, 11/30/2025 |
|
|
320 |
|
|
|
320 |
|
| 0.250%, 05/31/2025 |
|
|
8,800 |
|
|
|
8,783 |
|
| 0.250%, 06/30/2025 |
|
|
260 |
|
|
|
259 |
|
| 0.250%, 07/31/2025 |
|
|
10,938 |
|
|
|
10,906 |
|
| 0.250%, 08/31/2025 |
|
|
730 |
|
|
|
728 |
|
| 0.250%, 09/30/2025 |
|
|
10 |
|
|
|
10 |
|
|
|
|
| 28 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| U.S. TREASURY OBLIGATIONS (continued) |
|
| 0.125%, 08/31/2022 |
|
$ |
1,810 |
|
|
$ |
1,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total U.S. Treasury Obligations |
|
|
|
|
|
|
|
|
| (Cost $63,080) ($ Thousands) |
|
|
|
|
|
|
63,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSET-BACKED SECURITIES — 8.2% |
|
|
|
|
|
|
|
|
|
|
|
| Automotive — 2.0% |
|
|
|
|
|
|
|
|
| Avis Budget Rental Car Funding AESOP, Ser 2017-2A, Cl A |
|
|
|
|
|
|
|
|
| 2.970%, 03/20/2024 (B) |
|
|
310 |
|
|
|
322 |
|
| Avis Budget Rental Car Funding AESOP, Ser 2019-2A, Cl A |
|
|
|
|
|
|
|
|
| 3.350%, 09/22/2025 (B) |
|
|
320 |
|
|
|
342 |
|
| Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A |
|
|
|
|
|
|
|
|
| 2.020%, 02/20/2027 (B) |
|
|
440 |
|
|
|
448 |
|
| Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A4 |
|
|
|
|
|
|
|
|
| 1.960%, 02/18/2025 |
|
|
1,662 |
|
|
|
1,715 |
|
| Ford Credit Auto Owner Trust, Ser 2020- REV2, Cl A |
|
|
|
|
|
|
|
|
| 1.060%, 04/15/2033 (B) |
|
|
1,144 |
|
|
|
1,155 |
|
| Honda Auto Receivables Owner Trust, Ser 2019-2, Cl A3 |
|
|
|
|
|
|
|
|
| 2.520%, 06/21/2023 |
|
|
572 |
|
|
|
583 |
|
| NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2 |
|
|
|
|
|
|
|
|
| 3.210%, 02/15/2024 (B) |
|
|
1,182 |
|
|
|
1,219 |
|
| NextGear Floorplan Master Owner Trust, Ser 2019-2A, Cl A2 |
|
|
|
|
|
|
|
|
| 2.070%, 10/15/2024 (B) |
|
|
556 |
|
|
|
572 |
|
| World Omni Auto Receivables Trust, Ser 2019-B, Cl A3 |
|
|
|
|
|
|
|
|
| 2.590%, 07/15/2024 |
|
|
1,299 |
|
|
|
1,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Home — 0.2% |
|
|
|
|
|
|
|
|
| Citifinancial Mortgage Securities, Ser 2004- 1, Cl AF4 |
|
|
|
|
|
|
|
|
| 5.070%, 04/25/2034 |
|
|
178 |
|
|
|
185 |
|
| Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5 |
|
|
|
|
|
|
|
|
| 3.627%, VAR ICE LIBOR USD 1 Month+3.000%, 07/25/2034 (B) |
|
|
390 |
|
|
|
399 |
|
| Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1 |
|
|
|
|
|
|
|
|
| 1.927%, VAR ICE LIBOR USD 1 Month+0.300%, 05/25/2037 (B) |
|
|
195 |
|
|
|
179 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| ASSET-BACKED SECURITIES (continued) |
|
| New Century Home Equity Loan Trust, Ser 2003-A, Cl A |
|
|
|
|
|
|
|
|
| 2.347%, VAR ICE LIBOR USD 1 Month+0.720%, 10/25/2033 (B) |
|
$ |
76 |
|
|
$ |
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
838 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Asset-Backed Securities — 6.0% |
|
|
|
|
|
| AEP Texas Restoration Funding, Ser 2019-1, Cl A2 |
|
|
|
|
|
|
|
|
| 2.294%, 08/01/2031 |
|
|
1,646 |
|
|
|
1,767 |
|
| American Tower Trust, Ser 2013-13, Cl 2A |
|
|
|
|
|
|
|
|
| 3.070%, 03/15/2048 (B) |
|
|
620 |
|
|
|
632 |
|
| Ameriquest Mortgage Securities Asset- Backed Pass-Through Certificates, |
|
|
|
|
|
|
|
|
| Ser 2005-R7, Cl M2 |
|
|
|
|
|
|
|
|
| 2.127%, VAR ICE LIBOR USD 1 Month+0.750%, 09/25/2035 |
|
|
210 |
|
|
|
209 |
|
| AMSR Trust, Ser 2020-SFR4, Cl A |
|
|
|
|
|
|
|
|
| 1.355%, 11/17/2037 (B) |
|
|
463 |
|
|
|
467 |
|
| Applebee’s Funding, Ser 2019-1A, Cl A2I |
|
|
|
|
|
|
|
|
| 4.194%, 06/07/2049 (B) |
|
|
299 |
|
|
|
295 |
|
| CF Hippolyta, Ser 2020-1, Cl A1 |
|
|
|
|
|
|
|
|
| 1.690%, 07/15/2060 (B) |
|
|
523 |
|
|
|
533 |
|
| Citigroup Mortgage Loan Trust, Ser 2007- WFH3, Cl A3 |
|
|
|
|
|
|
|
|
| 1.877%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/2037 |
|
|
157 |
|
|
|
156 |
|
| Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A |
|
|
|
|
|
|
|
|
| 1.799%, VAR ICE LIBOR USD 1 Month+0.140%, 07/15/2036 |
|
|
269 |
|
|
|
247 |
|
| DB Master Finance, Ser 2017-1A, Cl A2I |
|
|
|
|
|
|
|
|
| 3.629%, 11/20/2047 (B) |
|
|
427 |
|
|
|
438 |
|
| Domino’s Pizza Master Issuer, Ser 2017-1A, Cl A2I |
|
|
|
|
|
|
|
|
| 1.465%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B) |
|
|
690 |
|
|
|
690 |
|
| DRB Prime Student Loan Trust, Ser 2015-B, Cl A1 |
|
|
|
|
|
|
|
|
| 2.048%, VAR ICE LIBOR USD 1 Month+1.900%, 10/27/2031 (B) |
|
|
67 |
|
|
|
67 |
|
| FirstKey Homes Trust, Ser 2020-SFR2, Cl A |
|
|
|
|
|
|
|
|
| 1.266%, 10/19/2037 (B) |
|
|
896 |
|
|
|
900 |
|
| Invitation Homes Trust, Ser 2018-SFR1, Cl A |
|
|
|
|
|
|
|
|
| 0.853%, VAR ICE LIBOR USD 1 Month+0.700%, 03/17/2037 (B) |
|
|
890 |
|
|
|
883 |
|
| MMAF Equipment Finance, Ser 2018-A, Cl A3 |
|
|
|
|
|
|
|
|
| 3.200%, 09/12/2022 (B) |
|
|
873 |
|
|
|
882 |
|
| Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1 |
|
|
|
|
|
|
|
|
| 2.482%, VAR ICE LIBOR USD 1 Month+0.855%, 07/25/2034 |
|
|
443 |
|
|
|
431 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
29 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
| ASSET-BACKED SECURITIES (continued) |
|
|
|
|
|
| Navient Student Loan Trust, Ser 2016-6A, Cl A3 |
|
|
|
|
|
|
|
|
| 2.927%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2066 (B) |
|
$ |
900 |
|
|
$ |
918 |
|
| Navient Student Loan Trust, Ser 2019-BA, Cl A2A 3.390%, 12/15/2059 (B) |
|
|
180 |
|
|
|
189 |
|
| Progress Residential Trust, Ser 2018-SFR3, Cl A |
|
|
|
|
|
|
|
|
| 3.880%, 10/17/2035 (B) |
|
|
639 |
|
|
|
652 |
|
| Progress Residential Trust, Ser 2019-SFR2, Cl A |
|
|
|
|
|
|
|
|
| 3.147%, 05/17/2036 (B) |
|
|
300 |
|
|
|
310 |
|
| RAAC Series Trust, Ser 2005-SP3, Cl M2 |
|
|
|
|
|
|
|
|
| 2.427%, VAR ICE LIBOR USD 1 Month+1.200%, 12/25/2035 |
|
|
308 |
|
|
|
307 |
|
| Sabey Data Center Issuer, Ser 2020-1, Cl A2 |
|
|
|
|
|
|
|
|
| 3.812%, 04/20/2045 (B) |
|
|
339 |
|
|
|
361 |
|
| SBA Small Business Investment, Ser 2019- 10A, Cl 1 |
|
|
|
|
|
|
|
|
| 3.113%, 03/10/2029 |
|
|
176 |
|
|
|
187 |
|
| SLC Student Loan Trust, Ser 2010-1, Cl A |
|
|
|
|
|
|
|
|
| 1.082%, VAR ICE LIBOR USD 3 Month+0.875%, 11/25/2042 |
|
|
227 |
|
|
|
228 |
|
| SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5 |
|
|
|
|
|
|
|
|
| 0.507%, VAR ICE LIBOR USD 3 Month+0.290%, 06/15/2039 |
|
|
240 |
|
|
|
230 |
|
| SLM Student Loan Trust, Ser 2003-7A, Cl A5A |
|
|
|
|
|
|
|
|
| 1.417%, VAR ICE LIBOR USD 3 Month+1.200%, 12/15/2033 (B) |
|
|
125 |
|
|
|
123 |
|
| Stack Infrastructure Issuer, Ser 2019-1A, Cl A2 |
|
|
|
|
|
|
|
|
| 4.540%, 02/25/2044 (B) |
|
|
465 |
|
|
|
498 |
|
| Store Master Funding I-VII, Ser 2018-1A, Cl A1 |
|
|
|
|
|
|
|
|
| 3.960%, 10/20/2048 (B) |
|
|
375 |
|
|
|
391 |
|
| Store Master Funding I-VII, Ser 2019-1, Cl A1 |
|
|
|
|
|
|
|
|
| 2.820%, 11/20/2049 (B) |
|
|
324 |
|
|
|
325 |
|
| Towd Point Mortgage Trust, Ser 2015-5, Cl A1B |
|
|
|
|
|
|
|
|
| 2.750%, 05/25/2055 (A)(B) |
|
|
78 |
|
|
|
78 |
|
| Tricon American Homes Trust, Ser 2019- SFR1, Cl A |
|
|
|
|
|
|
|
|
| 2.750%, 03/17/2038 (B) |
|
|
272 |
|
|
|
286 |
|
| Tricon American Homes, Ser 2020-SFR1, Cl A |
|
|
|
|
|
|
|
|
| 1.499%, 07/17/2038 (B) |
|
|
531 |
|
|
|
537 |
|
| United States Small Business Administration, Ser 2010-20H, Cl 1 |
|
|
|
|
|
|
|
|
| 3.520%, 08/01/2030 |
|
|
232 |
|
|
|
246 |
|
| United States Small Business Administration, Ser 2011-20B, Cl 1 |
|
|
|
|
|
|
|
|
| 4.220%, 02/01/2031 |
|
|
234 |
|
|
|
257 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
|
| ASSET-BACKED SECURITIES (continued) |
|
|
|
|
|
| United States Small Business Administration, Ser 2011-20J, Cl 1 |
|
|
|
|
|
|
|
|
| 2.760%, 10/01/2031 |
|
$ |
143 |
|
|
$ |
152 |
|
| United States Small Business Administration, Ser 2013-20K, Cl 1 |
|
|
|
|
|
|
|
|
| 3.380%, 11/01/2033 |
|
|
639 |
|
|
|
691 |
|
| United States Small Business Administration, Ser 2014-20F, Cl 1 |
|
|
|
|
|
|
|
|
| 2.990%, 06/01/2034 |
|
|
742 |
|
|
|
792 |
|
| United States Small Business Administration, Ser 2015-20C, Cl 1 |
|
|
|
|
|
|
|
|
| 2.720%, 03/01/2035 |
|
|
751 |
|
|
|
804 |
|
| United States Small Business Administration, Ser 2015-20E, Cl 1 |
|
|
|
|
|
|
|
|
| 2.770%, 05/01/2035 |
|
|
412 |
|
|
|
442 |
|
| United States Small Business Administration, Ser 2015-20K, Cl 1 |
|
|
|
|
|
|
|
|
| 2.700%, 11/01/2035 |
|
|
431 |
|
|
|
461 |
|
| United States Small Business Administration, Ser 2017-20J, Cl 1 |
|
|
|
|
|
|
|
|
| 2.850%, 10/01/2037 |
|
|
572 |
|
|
|
611 |
|
| United States Small Business Administration, Ser 2018-20E, Cl 1 |
|
|
|
|
|
|
|
|
| 3.500%, 05/01/2038 |
|
|
1,142 |
|
|
|
1,265 |
|
| United States Small Business Administration, Ser 2018-20J, Cl 1 |
|
|
|
|
|
|
|
|
| 3.770%, 10/01/2038 |
|
|
601 |
|
|
|
675 |
|
| United States Small Business Administration, Ser 2019-25G, Cl 1 |
|
|
|
|
|
|
|
|
| 2.690%, 07/01/2044 |
|
|
58 |
|
|
|
62 |
|
| Vantage Data Centers, Ser 2020-2A, Cl A2 |
|
|
|
|
|
|
|
|
| 1.992%, 09/15/2045 (B) |
|
|
1,000 |
|
|
|
1,006 |
|
| Verizon Owner Trust, Ser 2019-B, Cl A1A |
|
|
|
|
|
|
|
|
| 2.330%, 12/20/2023 |
|
|
624 |
|
|
|
636 |
|
| Wendy’s Funding, Ser 2019-1A, Cl A2I |
|
|
|
|
|
|
|
|
| 3.783%, 06/15/2049 (B) |
|
|
328 |
|
|
|
348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,665 |
|
|
|
|
|
|
|
|
|
|
| Total Asset-Backed Securities (Cost $30,274) ($ Thousands) |
|
|
|
|
|
|
31,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| FOREIGN BONDS — 6.8% |
|
|
|
|
|
|
|
|
| Anglo American Capital |
|
|
|
|
|
|
|
|
| 3.625%, 09/11/2024 (B) |
|
|
200 |
|
|
|
218 |
|
| ArcelorMittal |
|
|
|
|
|
|
|
|
| 4.550%, 03/11/2026 |
|
|
100 |
|
|
|
113 |
|
| 3.600%, 07/16/2024 |
|
|
180 |
|
|
|
194 |
|
| Banco Santander |
|
|
|
|
|
|
|
|
| 3.125%, 02/23/2023 |
|
|
200 |
|
|
|
211 |
|
| 2.746%, 05/28/2025 |
|
|
200 |
|
|
|
213 |
|
| 1.344%, 04/12/2023 |
|
|
200 |
|
|
|
202 |
|
|
|
|
| 30 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| FOREIGN BONDS (continued) |
|
| Bank of Montreal MTN |
|
|
|
|
|
|
|
|
| 1.850%, 05/01/2025 |
|
$ |
130 |
|
|
$ |
136 |
|
| Bank of Nova Scotia |
|
|
|
|
|
|
|
|
| 1.625%, 05/01/2023 |
|
|
584 |
|
|
|
601 |
|
| 1.300%, 06/11/2025 |
|
|
70 |
|
|
|
72 |
|
| Barclays Bank |
|
|
|
|
|
|
|
|
| 10.179%, 06/12/2021 (B) |
|
|
370 |
|
|
|
385 |
|
| 1.700%, 05/12/2022 |
|
|
200 |
|
|
|
204 |
|
| BHP Billiton Finance USA |
|
|
|
|
|
|
|
|
| 2.875%, 02/24/2022 |
|
|
10 |
|
|
|
10 |
|
| BMW US Capital |
|
|
|
|
|
|
|
|
| 1.850%, 09/15/2021 (B) |
|
|
20 |
|
|
|
20 |
|
| BNP Paribas |
|
|
|
|
|
|
|
|
| 5.198%, 01/10/2030 (B) |
|
|
200 |
|
|
|
248 |
|
| 4.705%, 01/10/2025 (B) |
|
|
270 |
|
|
|
300 |
|
| 4.400%, 08/14/2028 (B) |
|
|
200 |
|
|
|
237 |
|
| BP Capital Markets PLC |
|
|
|
|
|
|
|
|
| 3.561%, 11/01/2021 |
|
|
230 |
|
|
|
236 |
|
| 3.535%, 11/04/2024 |
|
|
20 |
|
|
|
22 |
|
| 3.062%, 03/17/2022 |
|
|
20 |
|
|
|
21 |
|
| BPCE MTN |
|
|
|
|
|
|
|
|
| 3.000%, 05/22/2022 (B) |
|
|
640 |
|
|
|
662 |
|
| CNOOC Finance |
|
|
|
|
|
|
|
|
| 3.500%, 05/05/2025 |
|
|
330 |
|
|
|
355 |
|
| Cooperatieve Rabobank UA |
|
|
|
|
|
|
|
|
| 4.375%, 08/04/2025 |
|
|
500 |
|
|
|
571 |
|
| 3.950%, 11/09/2022 |
|
|
670 |
|
|
|
711 |
|
| 3.875%, 09/26/2023 (B) |
|
|
595 |
|
|
|
649 |
|
| Credit Suisse Group |
|
|
|
|
|
|
|
|
| 4.194%, 04/01/2031 (B) |
|
|
250 |
|
|
|
294 |
|
| Credit Suisse NY |
|
|
|
|
|
|
|
|
| 2.950%, 04/09/2025 |
|
|
250 |
|
|
|
274 |
|
| Daiwa Securities Group |
|
|
|
|
|
|
|
|
| 3.129%, 04/19/2022 (B) |
|
|
50 |
|
|
|
52 |
|
| Danske Bank |
|
|
|
|
|
|
|
|
| 5.000%, 01/12/2022 (B) |
|
|
200 |
|
|
|
209 |
|
| 3.001%, 09/20/2022 (B) |
|
|
200 |
|
|
|
203 |
|
| 1.226%, 06/22/2024 (B) |
|
|
200 |
|
|
|
202 |
|
| Ecopetrol |
|
|
|
|
|
|
|
|
| 5.375%, 06/26/2026 |
|
|
140 |
|
|
|
161 |
|
| Equate Petrochemical BV MTN |
|
|
|
|
|
|
|
|
| 4.250%, 11/03/2026 (B) |
|
|
200 |
|
|
|
223 |
|
| Glencore Funding |
|
|
|
|
|
|
|
|
| 4.125%, 05/30/2023 (B) |
|
|
890 |
|
|
|
962 |
|
| 4.125%, 03/12/2024 (B) |
|
|
60 |
|
|
|
66 |
|
| HSBC Holdings PLC |
|
|
|
|
|
|
|
|
| 4.583%, 06/19/2029 |
|
|
400 |
|
|
|
473 |
|
| Intesa Sanpaolo |
|
|
|
|
|
|
|
|
| 5.017%, 06/26/2024 (B) |
|
|
200 |
|
|
|
219 |
|
| 3.375%, 01/12/2023 (B) |
|
|
200 |
|
|
|
209 |
|
| 3.125%, 07/14/2022 (B) |
|
|
200 |
|
|
|
207 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
| FOREIGN BONDS (continued) |
|
| KazMunayGas National JSC |
|
|
|
|
|
|
|
|
| 5.375%, 04/24/2030 (B) |
|
$ |
400 |
|
|
$ |
493 |
|
| Lloyds Banking Group |
|
|
|
|
|
|
|
|
| 2.858%, 03/17/2023 |
|
|
434 |
|
|
|
446 |
|
| 1.326%, 06/15/2023 |
|
|
360 |
|
|
|
364 |
|
| Macquarie Bank |
|
|
|
|
|
|
|
|
| 2.300%, 01/22/2025 (B) |
|
|
1,188 |
|
|
|
1,262 |
|
| Macquarie Group MTN |
|
|
|
|
|
|
|
|
| 4.150%, 03/27/2024 (B) |
|
|
495 |
|
|
|
532 |
|
| Mitsubishi UFJ Financial Group |
|
|
|
|
|
|
|
|
| 3.407%, 03/07/2024 |
|
|
510 |
|
|
|
554 |
|
| Natwest Group |
|
|
|
|
|
|
|
|
| 4.519%, 06/25/2024 |
|
|
290 |
|
|
|
317 |
|
| 4.269%, 03/22/2025 |
|
|
200 |
|
|
|
221 |
|
| Nutrien |
|
|
|
|
|
|
|
|
| 1.900%, 05/13/2023 |
|
|
501 |
|
|
|
518 |
|
| NXP BV |
|
|
|
|
|
|
|
|
| 4.625%, 06/01/2023 (B) |
|
|
479 |
|
|
|
524 |
|
| 2.700%, 05/01/2025 (B) |
|
|
40 |
|
|
|
43 |
|
| OCP |
|
|
|
|
|
|
|
|
| 4.500%, 10/22/2025 (B) |
|
|
400 |
|
|
|
435 |
|
| ORIX |
|
|
|
|
|
|
|
|
| 4.050%, 01/16/2024 |
|
|
365 |
|
|
|
400 |
|
| Perusahaan Listrik Negara MTN |
|
|
|
|
|
|
|
|
| 5.450%, 05/21/2028 (B) |
|
|
370 |
|
|
|
443 |
|
| Petrobras Global Finance BV |
|
|
|
|
|
|
|
|
| 6.850%, 06/05/2115 |
|
|
150 |
|
|
|
187 |
|
| Petroleos del Peru |
|
|
|
|
|
|
|
|
| 4.750%, 06/19/2032 (B) |
|
|
400 |
|
|
|
461 |
|
| Petroleos Mexicanos |
|
|
|
|
|
|
|
|
| 4.875%, 01/18/2024 |
|
|
190 |
|
|
|
200 |
|
| Royal Bank of Canada MTN |
|
|
|
|
|
|
|
|
| 1.600%, 04/17/2023 |
|
|
120 |
|
|
|
123 |
|
| 1.150%, 06/10/2025 |
|
|
70 |
|
|
|
72 |
|
| Santander UK Group Holdings PLC |
|
|
|
|
|
|
|
|
| 3.571%, 01/10/2023 |
|
|
200 |
|
|
|
206 |
|
| Shell International Finance BV |
|
|
|
|
|
|
|
|
| 3.250%, 05/11/2025 |
|
|
150 |
|
|
|
166 |
|
| 3.250%, 04/06/2050 |
|
|
110 |
|
|
|
125 |
|
| 2.875%, 05/10/2026 |
|
|
90 |
|
|
|
99 |
|
| 2.750%, 04/06/2030 |
|
|
40 |
|
|
|
44 |
|
| 2.375%, 04/06/2025 |
|
|
548 |
|
|
|
588 |
|
| 1.750%, 09/12/2021 |
|
|
690 |
|
|
|
697 |
|
| Sinopec Group Overseas Development |
|
|
|
|
|
|
|
|
| 4.375%, 04/10/2024 (B) |
|
|
290 |
|
|
|
318 |
|
| SMBC Aviation Capital Finance DAC |
|
|
|
|
|
|
|
|
| 4.125%, 07/15/2023 (B) |
|
|
200 |
|
|
|
214 |
|
| Southern Copper |
|
|
|
|
|
|
|
|
| 3.500%, 11/08/2022 |
|
|
130 |
|
|
|
137 |
|
| Svenska Handelsbanken MTN |
|
|
|
|
|
|
|
|
| 3.350%, 05/24/2021 |
|
|
250 |
|
|
|
253 |
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
31 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Continued)
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
| FOREIGN BONDS (continued) |
|
|
|
|
|
|
|
|
| Swedbank |
|
|
|
|
|
|
|
|
| 1.300%, 06/02/2023 (B) |
|
$ |
200 |
|
|
$ |
204 |
|
| Tencent Holdings MTN |
|
|
|
|
|
|
|
|
| 3.595%, 01/19/2028 (B) |
|
|
250 |
|
|
|
276 |
|
| Teva Pharmaceutical Finance BV |
|
|
|
|
|
|
|
|
| 2.950%, 12/18/2022 |
|
|
30 |
|
|
|
30 |
|
| Teva Pharmaceutical Finance Netherlands III BV |
|
|
|
|
|
|
|
|
| 2.200%, 07/21/2021 |
|
|
227 |
|
|
|
226 |
|
| Toronto-Dominion Bank MTN |
|
|
|
|
|
|
|
|
| 1.150%, 06/12/2025 |
|
|
918 |
|
|
|
937 |
|
| 0.750%, 06/12/2023 |
|
|
130 |
|
|
|
131 |
|
| TSMC Global |
|
|
|
|
|
|
|
|
| 0.750%, 09/28/2025 (B) |
|
|
200 |
|
|
|
199 |
|
| UBS |
|
|
|
|
|
|
|
|
| 1.750%, 04/21/2022 (B) |
|
|
611 |
|
|
|
622 |
|
| UBS Group Funding Jersey |
|
|
|
|
|
|
|
|
| 4.125%, 04/15/2026 (B) |
|
|
634 |
|
|
|
733 |
|
| UBS Group Funding Switzerland |
|
|
|
|
|
|
|
|
| 4.253%, 03/23/2028 (B) |
|
|
250 |
|
|
|
293 |
|
| 3.491%, 05/23/2023 (B) |
|
|
390 |
|
|
|
406 |
|
| Vale Overseas |
|
|
|
|
|
|
|
|
| 6.875%, 11/21/2036 |
|
|
148 |
|
|
|
217 |
|
| 6.250%, 08/10/2026 |
|
|
240 |
|
|
|
297 |
|
| Vodafone Group PLC |
|
|
|
|
|
|
|
|
| 3.750%, 01/16/2024 |
|
|
310 |
|
|
|
339 |
|
|
|
|
|
|
|
|
|
|
| Total Foreign Bonds
(Cost $23,853) ($ Thousands) |
|
|
|
|
|
|
25,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| SOVEREIGN DEBT — 2.8% |
|
|
|
|
|
|
|
|
| Abu Dhabi Government International Bond |
|
|
|
|
|
|
|
|
| 2.500%, 10/11/2022 (B) |
|
|
490 |
|
|
|
507 |
|
| Colombia Government International Bond |
|
|
|
|
|
|
|
|
| 5.625%, 02/26/2044 |
|
|
280 |
|
|
|
363 |
|
| 5.200%, 05/15/2049 |
|
|
310 |
|
|
|
393 |
|
| 3.125%, 04/15/2031 |
|
|
220 |
|
|
|
233 |
|
| Indonesia Government International Bond MTN |
|
|
|
|
|
|
|
|
| 5.125%, 01/15/2045 (B) |
|
|
200 |
|
|
|
258 |
|
| 3.850%, 07/18/2027 (B) |
|
|
200 |
|
|
|
228 |
|
| 3.750%, 04/25/2022 |
|
|
370 |
|
|
|
385 |
|
| Kuwait International Government Bond |
|
|
|
|
|
|
|
|
| 3.500%, 03/20/2027 (B) |
|
|
210 |
|
|
|
239 |
|
| Mexico Government International Bond |
|
|
|
|
|
|
|
|
| 4.000%, 10/02/2023 |
|
|
610 |
|
|
|
668 |
|
| 3.600%, 01/30/2025 |
|
|
380 |
|
|
|
423 |
|
| Panama Government International Bond |
|
|
|
|
|
|
|
|
| 6.700%, 01/26/2036 |
|
|
190 |
|
|
|
282 |
|
| 4.300%, 04/29/2053 |
|
|
300 |
|
|
|
380 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
Market Value
($ Thousands) |
|
|
|
| SOVEREIGN DEBT (continued) |
|
|
|
|
|
|
|
|
| Peruvian Government International Bond |
|
|
|
|
|
|
|
|
| 6.550%, 03/14/2037 |
|
$ |
250 |
|
|
$ |
379 |
|
| 5.625%, 11/18/2050 |
|
|
310 |
|
|
|
488 |
|
| Poland Government International Bond |
|
|
|
|
|
|
|
|
| 5.125%, 04/21/2021 |
|
|
440 |
|
|
|
447 |
|
| 4.000%, 01/22/2024 |
|
|
450 |
|
|
|
498 |
|
| Province of Quebec Canada |
|
|
|
|
|
|
|
|
| 2.625%, 02/13/2023 |
|
|
500 |
|
|
|
525 |
|
| Province of Quebec Canada, Ser A MTN |
|
|
|
|
|
|
|
|
| 6.350%, 01/30/2026 |
|
|
1,010 |
|
|
|
1,278 |
|
| Qatar Government International Bond |
|
|
|
|
|
|
|
|
| 3.250%, 06/02/2026 |
|
|
620 |
|
|
|
690 |
|
| Russian Foreign Bond - Eurobond |
|
|
|
|
|
|
|
|
| 7.500%, 03/31/2030 |
|
|
114 |
|
|
|
132 |
|
| 5.875%, 09/16/2043 |
|
|
400 |
|
|
|
577 |
|
| 5.625%, 04/04/2042 |
|
|
400 |
|
|
|
556 |
|
| Uruguay Government International Bond |
|
|
|
|
|
|
|
|
| 4.375%, 01/23/2031 |
|
|
390 |
|
|
|
478 |
|
|
|
|
|
|
|
|
|
|
| Total Sovereign Debt
(Cost $9,102) ($ Thousands) |
|
|
|
|
|
|
10,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| MUNICIPAL BONDS — 1.4% |
|
|
|
|
|
|
|
|
|
|
|
| California — 0.1% |
|
|
|
|
|
|
|
|
| San Jose, Financing Authority, RB |
|
|
|
|
|
|
|
|
| 1.311%, 06/01/2026 |
|
|
540 |
|
|
|
540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Florida — 0.4% |
|
|
|
|
|
|
|
|
| Florida State, Board of Administration Finance, Ser A, RB |
|
|
|
|
|
|
|
|
| 2.638%, 07/01/2021 |
|
|
420 |
|
|
|
424 |
|
| 1.258%, 07/01/2025 |
|
|
1,000 |
|
|
|
1,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Michigan — 0.2% |
|
|
|
|
|
|
|
|
| Michigan State, Finance Authority, RB |
|
|
|
|
|
|
|
|
| Callable 03/01/2024 @ 100 |
|
|
|
|
|
|
|
|
| 2.988%, 09/01/2049 (D) |
|
|
755 |
|
|
|
805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Missouri — 0.2% |
|
|
|
|
|
|
|
|
| University of Missouri, System Facilities, RB Callable 10/01/2025 @ 100 |
|
|
|
|
|
|
|
|
| 1.714%, 11/01/2025 |
|
|
725 |
|
|
|
757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| New Jersey — 0.0% |
|
|
|
|
|
|
|
|
| New Jersey State, Transportation Trust Fund Authority, RB |
|
|
|
|
|
|
|
|
| 2.551%, 06/15/2023 |
|
|
125 |
|
|
|
130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 32 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Face Amount
(Thousands) |
|
|
Market Value
($ Thousands) |
|
|
|
| MUNICIPAL BONDS (continued) |
|
|
|
|
|
|
|
|
|
|
|
| New York — 0.2% |
|
|
|
|
|
|
|
|
| New York State, Urban Development, RB |
|
|
|
|
|
|
|
|
| 3.350%, 03/15/2026 |
|
$ |
665 |
|
|
$ |
750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wisconsin — 0.3% |
|
|
|
|
|
|
|
|
| Wisconsin State, Ser A, RB, AGM |
|
|
|
|
|
|
|
|
| 5.700%, 05/01/2026 |
|
|
795 |
|
|
|
935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds
(Cost $5,106) ($ Thousands) |
|
|
|
|
|
|
5,364 |
|
|
|
|
|
|
|
|
|
|
|
| U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6% |
|
|
|
|
| FHLB DN |
|
|
|
|
|
|
|
|
| 0.097%, 01/29/2021 (C) |
|
|
270 |
|
|
|
270 |
|
|
|
|
| FHLMC |
|
|
|
|
|
|
|
|
| 2.375%, 01/13/2022 |
|
|
1,090 |
|
|
|
1,115 |
|
| Tennessee Valley Authority |
|
|
|
|
|
|
|
|
| 3.875%, 02/15/2021 |
|
|
790 |
|
|
|
793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total U.S. Government Agency Obligations
(Cost $2,155) ($ Thousands) |
|
|
|
|
|
|
2,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
| CASH EQUIVALENT — 2.2% |
|
|
|
|
|
|
|
|
| SEI Daily Income Trust, Government Fund,
Cl F |
|
|
|
|
|
|
|
|
| 0.010%**† |
|
|
8,222,042 |
|
|
|
8,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cash Equivalent
(Cost $8,222) ($ Thousands) |
|
|
|
|
|
|
8,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities — 105.7%
(Cost $384,689) ($ Thousands) |
|
|
|
|
|
$ |
399,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
|
|
|
|
|
|
|
| PURCHASED OPTION* — 0.0% |
|
|
|
|
|
|
|
|
|
|
|
| Total Purchased Option (E)
(Cost $3) ($ Thousands) |
|
|
5 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| WRITTEN OPTIONS* — 0.0% |
|
|
|
|
|
|
|
|
|
|
|
| Total Written Options (E)
(Premiums Received $23) ($ Thousands) |
|
|
(31 |
) |
|
$ |
(16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
33 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Income Fund (Concluded)
A list of open options contracts held by the Fund at December 31, 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Description |
|
Number of Contracts |
|
|
Notional Amount
(Thousands) ‡ |
|
Exercise Price |
|
|
Expiration Date |
|
|
Value
(Thousands) |
|
|
|
|
|
|
| PURCHASED OPTION — 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| February 2021, U.S. 10-Year Future Option * |
|
|
5 |
|
|
$ |
3 |
|
|
|
$138.00 |
|
|
|
1/16/2021 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Purchased Option |
|
|
|
|
|
$ |
3 |
|
|
|
|
|
|
|
|
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| WRITTEN OPTIONS — 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Put Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| February 2021, U.S. 10-Year Future Option * |
|
|
(10 |
) |
|
$ |
(3 |
) |
|
|
137.00 |
|
|
|
01/16/21 |
|
|
$ |
(2 |
) |
| February 2021, U.S. Bond Future Option* |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
170.00 |
|
|
|
01/16/21 |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Call Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| February 2021, U.S. 10-Year Future * |
|
|
(6 |
) |
|
$ |
(2 |
) |
|
|
138.25 |
|
|
|
01/16/21 |
|
|
$ |
(2 |
) |
| February 2021, U.S. Bond Future Option* |
|
|
(4 |
) |
|
|
(7 |
) |
|
|
176.00 |
|
|
|
01/16/21 |
|
|
|
(2 |
) |
| February 2021, U.S. Bond Future Option* |
|
|
(8 |
) |
|
|
(9 |
) |
|
|
174.00 |
|
|
|
01/16/21 |
|
|
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Written Options |
|
|
|
|
|
$ |
(23 |
) |
|
|
|
|
|
|
|
|
|
$ |
(16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A list of the open futures contracts held by the Fund at December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
| Type of Contract |
|
Number of
Contracts Long
(Short) |
|
|
Expiration
Date |
|
|
Notional Amount
(Thousands) |
|
|
Value
(Thousands) |
|
|
Unrealized Appreciation
(Depreciation) (Thousands) |
|
| U.S. 2-Year Treasury Note |
|
|
147 |
|
|
|
Apr-2021 |
|
|
$ |
32,449 |
|
|
$ |
32,484 |
|
|
$ |
35 |
|
| U.S. 5-Year Treasury Note |
|
|
285 |
|
|
|
Apr-2021 |
|
|
|
35,868 |
|
|
|
35,957 |
|
|
|
89 |
|
| U.S. 10-Year Treasury Note |
|
|
(132) |
|
|
|
Mar-2021 |
|
|
|
(18,204 |
) |
|
|
(18,226 |
) |
|
|
(22) |
|
| U.S. Long Treasury Bond |
|
|
(202) |
|
|
|
Mar-2021 |
|
|
|
(35,294 |
) |
|
|
(34,984 |
) |
|
|
310 |
|
| U.S. Ultra Long Treasury Bond |
|
|
22 |
|
|
|
Mar-2021 |
|
|
|
4,732 |
|
|
|
4,698 |
|
|
|
(34) |
|
| Ultra 10-Year U.S. Treasury Note |
|
|
14 |
|
|
|
Mar-2021 |
|
|
|
2,196 |
|
|
|
2,189 |
|
|
|
(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
21,747 |
|
|
$ |
22,118 |
|
|
$ |
371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended December 31, 2020, the total amount of all open future contracts, as presented in the table
above, are representative of the volume of activity for this derivative type during the period.
The futures contracts are considered to have
interest rate risk associated with them.
| |
Percentages are based on Net Assets of $378,304 ($ Thousands). |
| * |
Non-income producing security. |
| ** |
The rate reported is the 7-day effective yield as of December 31, 2020. |
| † |
Investment in Affiliated Security (see Note 3). |
| (A) |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current
interest rates and prepayments on the underlying pool of assets. |
| (B) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration normally to qualified institutions. |
| |
On December 31, 2020, the value of these securities amounted to $62,699 ($ Thousands), representing 16.6% of
the Net Assets of the Fund. |
| (C) |
Zero coupon security. The rate shown on the Schedule of Investments is the security’s effective yield at the
time of purchase. |
| (D) |
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
DAC — Designated
Activity Company
DN — Discount Note
FHLB — Federal Home Loan Bank
FHLMC — Federal Home Loan Mortgage Corporation
FNMA — Federal National
Mortgage Association
GNMA — Government National Mortgage Association
ICE— Intercontinental Exchange
IO — Interest Only — face amount
represents notional amount.
LIBOR — London Interbank Offered Rate
MTN —
Medium Term Note
PLC — Public Limited Company
|
|
|
| 34 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
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, 2020 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 |
|
|
– |
|
|
|
162,884 |
|
|
|
– |
|
|
|
162,884 |
|
| Corporate Obligations |
|
|
– |
|
|
|
90,147 |
|
|
|
– |
|
|
|
90,147 |
|
| U.S. Treasury Obligations |
|
|
– |
|
|
|
63,743 |
|
|
|
– |
|
|
|
63,743 |
|
| Asset-Backed Securities |
|
|
– |
|
|
|
31,180 |
|
|
|
– |
|
|
|
31,180 |
|
| Foreign Bonds |
|
|
– |
|
|
|
25,697 |
|
|
|
– |
|
|
|
25,697 |
|
| Sovereign Debt |
|
|
– |
|
|
|
10,407 |
|
|
|
– |
|
|
|
10,407 |
|
| Municipal Bonds |
|
|
– |
|
|
|
5,364 |
|
|
|
– |
|
|
|
5,364 |
|
| U.S. Government Agency Obligations |
|
|
– |
|
|
|
2,178 |
|
|
|
– |
|
|
|
2,178 |
|
| Cash Equivalent |
|
|
8,222 |
|
|
|
– |
|
|
|
– |
|
|
|
8,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities |
|
|
8,222 |
|
|
|
391,600 |
|
|
|
– |
|
|
|
399,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments |
|
Level 1
($) |
|
Level 2
($) |
|
Level 3
($) |
|
Total
($) |
| Purchased Options |
|
|
2 |
|
|
|
– |
|
|
|
– |
|
|
|
2 |
|
| Written Options |
|
|
(16 |
) |
|
|
– |
|
|
|
– |
|
|
|
(16 |
) |
| Futures Contracts* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized Appreciation |
|
|
434 |
|
|
|
– |
|
|
|
– |
|
|
|
434 |
|
| Unrealized Depreciation |
|
|
(63 |
) |
|
|
– |
|
|
|
– |
|
|
|
(63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Other Financial Instruments |
|
|
357 |
|
|
|
– |
|
|
|
– |
|
|
|
357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
|
For the period ended December 31, 2020, 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, 2020 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security Description |
|
Value
6/30/2020 |
|
Purchases at Cost |
|
Proceeds from
Sales |
|
Realized Gain/
(Loss) |
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Value
12/31/2020 |
|
Shares |
|
Dividend Income |
|
Capital Gains |
| SEI Daily Income Trust, Government Fund, Cl F |
|
$9,707 |
|
$99,317 |
|
$(100,802) |
|
$— |
|
$— |
|
$8,222 |
|
8,222,042 |
|
$1 |
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—” are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
35 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Balanced Growth Fund
Sector Weightings†:
†Percentages are based on total investments.
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
| AFFILIATED INVESTMENT FUNDS — 99.2% |
|
|
|
|
|
|
|
|
| Equity Fund — 60.4% |
|
|
|
|
|
|
|
|
| New Covenant Growth Fund † |
|
|
3,896,007 |
|
|
$ |
201,930 |
|
|
|
|
|
|
|
|
|
|
| Total Equity Fund
(Cost $105,239) ($ Thousands) |
|
|
|
|
|
|
201,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed Income Fund — 38.8% |
|
|
|
|
|
|
|
|
| New Covenant Income Fund † |
|
|
5,351,442 |
|
|
|
129,880 |
|
|
|
|
|
|
|
|
|
|
| Total Fixed Income Fund
(Cost $123,719) ($ Thousands) |
|
|
|
|
|
|
129,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
|
| CASH EQUIVALENT — 0.7% |
|
|
|
|
|
|
|
|
| SEI Daily Income Trust, Government Fund, Cl F
0.010%**† |
|
|
2,398,315 |
|
|
$ |
2,398 |
|
|
|
|
|
|
|
|
|
|
| Total Cash Equivalent
(Cost $2,398) ($ Thousands) |
|
|
|
|
|
|
2,398 |
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities — 99.9%
(Cost $231,356)
($ Thousands) |
|
|
$ |
334,208 |
|
|
|
|
|
|
|
|
|
|
Percentages are based on a Net Assets of $334,538 ($ Thousands).
| † |
Investment in Affiliated Security (see Note 3). |
| ** |
The rate reported is the 7-day effective yield as of December 31, 2020. |
Cl — Class
As of December 31, 2020, 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,
2020, 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, 2020 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security Description |
|
Value
6/30/2020 |
|
Purchases at Cost |
|
Proceeds from
Sales |
|
Realized Gain |
|
Change
in
Unrealized
Appreciation/ (Depreciation) |
|
Value
12/31/2020 |
|
Shares |
|
Income |
|
Capital Gains |
| New Covenant Growth Fund |
|
$178,467 |
|
$12,597 |
|
$(23,115) |
|
$5,926 |
|
$28,055 |
|
$201,930 |
|
3,896,007 |
|
$1,417 |
|
$6,192 |
| New Covenant Income Fund |
|
113,632 |
|
23,553 |
|
(6,954) |
|
(18) |
|
(333) |
|
129,880 |
|
5,351,442 |
|
1,103 |
|
1,469 |
| SEI Daily Income Trust, Government Fund, Cl F |
|
3,298 |
|
8,622 |
|
(9,522) |
|
— |
|
— |
|
2,398 |
|
2,398,315 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$295,397 |
|
$44,772 |
|
$(39,591) |
|
$5,908 |
|
$27,722 |
|
$334,208 |
|
|
|
$2,520 |
|
$7,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
Amounts designated as “—” are either $0 or have been rounded to $0.
|
|
|
| 36 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
New Covenant Balanced Income Fund
Sector
Weightings†:
†Percentages are based on total investments.
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
| AFFILIATED INVESTMENT FUNDS — 99.5% |
|
|
|
|
|
|
|
|
| Fixed Income Fund — 64.1% |
|
|
|
|
|
|
|
|
| New Covenant Income Fund † |
|
|
2,248,316 |
|
|
$ |
54,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Fixed Income Fund
(Cost $52,010) ($ Thousands) |
|
|
|
|
|
|
54,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Fund — 35.4% |
|
|
|
|
|
|
|
|
| New Covenant Growth Fund † |
|
|
582,227 |
|
|
|
30,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Equity Fund
(Cost $13,294) ($ Thousands) |
|
|
|
|
|
|
30,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Description |
|
Shares |
|
|
Market Value
($ Thousands) |
|
|
| CASH EQUIVALENT — 0.5% |
|
|
|
|
|
| SEI Daily Income Trust, Government Fund, Cl F
0.010%**† |
|
|
431,301 |
|
|
$ |
431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Cash Equivalent
(Cost $431) ($ Thousands) |
|
|
|
|
|
|
431 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments in Securities — 100.0%
(Cost $65,735)
($ Thousands) |
|
|
$ |
85,175 |
|
|
|
|
|
|
|
|
|
|
| |
Percentages are based on Net Assets of $85,170 ($ Thousands). |
| † |
Investment in Affiliated Security (see Note 3). |
| ** |
Rate shown is the 7-day effective yield as of December 31, 2020. |
Cl — Class
As of December 31, 2020, 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,
2020, 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, 2020 ($ Thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security Description |
|
Value 6/30/2020 |
|
Purchases at Cost |
|
Proceeds from
Sales |
|
Realized Gain/
(Loss) |
|
Change
in
Unrealized
Appreciation/ (Depreciation) |
|
Value
12/31/2020 |
|
Shares |
|
Income |
|
Capital Gains |
| New Covenant Income Fund |
|
$50,030 |
|
$7,307 |
|
$(2,635) |
|
$(6) |
|
$(129) |
|
$54,567 |
|
2,248,316 |
|
$474 |
|
$621 |
| New Covenant Growth Fund |
|
27,937 |
|
2,287 |
|
(5,301) |
|
1,811 |
|
3,443 |
|
30,177 |
|
582,227 |
|
215 |
|
944 |
| SEI Daily Income Trust, Government Fund, Cl F |
|
754 |
|
5,794 |
|
(6,117) |
|
— |
|
— |
|
431 |
|
431,301 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$78,721 |
|
$15,388 |
|
$(14,053) |
|
$1,805 |
|
$3,314 |
|
$85,175 |
|
|
|
$689 |
|
$1,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements.
Amounts designated as “—” are either $0 or have been rounded to $0.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
37 |
STATEMENTS OF ASSETS AND LIABILITIES ($ THOUSANDS) (Unaudited)
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Growth Fund |
|
Income Fund |
|
Balanced Growth
Fund |
|
Balanced Income
Fund |
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at
value† |
|
$ |
517,992 |
|
|
$ |
391,600 |
|
|
$ |
— |
|
|
$ |
— |
|
| Affiliated investments, at value†† |
|
|
3,311 |
|
|
|
8,222 |
|
|
|
334,208 |
|
|
|
85,175 |
|
| Options purchased, at value
††† |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
| Cash and cash equivalents |
|
|
1,763 |
|
|
|
16 |
|
|
|
— |
|
|
|
— |
|
| Dividends and interest receivable |
|
|
392 |
|
|
|
1,680 |
|
|
|
185 |
|
|
|
79 |
|
| Cash pledged as collateral for futures contracts |
|
|
212 |
|
|
|
822 |
|
|
|
— |
|
|
|
— |
|
| Foreign tax reclaim receivable |
|
|
87 |
|
|
|
28 |
|
|
|
— |
|
|
|
— |
|
| Receivable for fund shares sold |
|
|
22 |
|
|
|
80 |
|
|
|
305 |
|
|
|
17 |
|
| Receivable for variation margin on futures contracts |
|
|
21 |
|
|
|
36 |
|
|
|
— |
|
|
|
— |
|
| Receivable for investment securities sold |
|
|
— |
|
|
|
8,263 |
|
|
|
— |
|
|
|
— |
|
| Prepaid expenses |
|
|
22 |
|
|
|
16 |
|
|
|
14 |
|
|
|
4 |
|
| Total Assets |
|
|
523,822 |
|
|
|
410,765 |
|
|
|
334,712 |
|
|
|
85,275 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Options written, at value
††† |
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
— |
|
| Investment advisory fees payable |
|
|
105 |
|
|
|
91 |
|
|
|
— |
|
|
|
— |
|
| Administration fees payable |
|
|
81 |
|
|
|
61 |
|
|
|
23 |
|
|
|
7 |
|
| Social witness and licensing fees payable |
|
|
66 |
|
|
|
46 |
|
|
|
— |
|
|
|
— |
|
| Shareholder servicing fees payable |
|
|
44 |
|
|
|
32 |
|
|
|
— |
|
|
|
— |
|
| Payable for fund shares redeemed |
|
|
38 |
|
|
|
229 |
|
|
|
86 |
|
|
|
79 |
|
| Trustees’ fees payable |
|
|
2 |
|
|
|
2 |
|
|
|
1 |
|
|
|
— |
|
| CCO fees payable |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investment securities purchased |
|
|
— |
|
|
|
31,327 |
|
|
|
— |
|
|
|
— |
|
| Income distribution payable |
|
|
— |
|
|
|
481 |
|
|
|
— |
|
|
|
— |
|
| Payable for variation margin on futures contracts |
|
|
— |
|
|
|
84 |
|
|
|
— |
|
|
|
— |
|
| Accrued expense payable |
|
|
105 |
|
|
|
92 |
|
|
|
64 |
|
|
|
19 |
|
| Total Liabilities |
|
|
442 |
|
|
|
32,461 |
|
|
|
174 |
|
|
|
105 |
|
| Net Assets |
|
$ |
523,380 |
|
|
$ |
378,304 |
|
|
$ |
334,538 |
|
|
$ |
85,170 |
|
|
† Cost of investments |
|
$ |
300,039 |
|
|
$ |
376,467 |
|
|
$ |
— |
|
|
$ |
— |
|
| †† Cost of affiliated investments |
|
|
3,311 |
|
|
|
8,222 |
|
|
|
231,356 |
|
|
|
65,735 |
|
| ††† Cost (premiums received) |
|
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
|
— |
|
| Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in Capital — (unlimited authorization — par value $0.001) |
|
$ |
301,231 |
|
|
$ |
363,879 |
|
|
$ |
235,290 |
|
|
$ |
66,718 |
|
| Total distributable earnings |
|
|
222,149 |
|
|
|
14,425 |
|
|
|
99,248 |
|
|
|
18,452 |
|
| Net Assets |
|
$ |
523,380 |
|
|
$ |
378,304 |
|
|
$ |
334,538 |
|
|
$ |
85,170 |
|
| Net Asset Value, Offering and Redemption Price Per Share |
|
$ |
51.83 |
|
|
$ |
24.27 |
|
|
$ |
113.50 |
|
|
$ |
22.88 |
|
|
|
|
(523,379,714 ÷ |
|
|
|
(378,303,934 ÷ |
|
|
|
(334,538,345 ÷ |
|
|
|
(85,170,141 ÷ |
|
|
|
|
10,098,782 shares |
) |
|
|
15,586,205 shares |
) |
|
|
2,947,516 shares |
) |
|
|
3,722,924 shares |
) |
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
| 38 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
STATEMENTS OF OPERATIONS ($ THOUSANDS) (Unaudited)
For the period ended December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Growth Fund |
|
Income Fund |
|
Balanced Growth
Fund |
|
Balanced Income
Fund |
| Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
3,912 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Dividend income from affiliated registered investment company |
|
|
— |
|
|
|
1 |
|
|
|
2,520 |
|
|
|
689 |
|
| Interest income |
|
|
1 |
|
|
|
3,896 |
|
|
|
— |
|
|
|
— |
|
| Total Investment Income |
|
|
3,913 |
|
|
|
3,897 |
|
|
|
2,520 |
|
|
|
689 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
1,155 |
|
|
|
763 |
|
|
|
— |
|
|
|
— |
|
| Administration fees |
|
|
492 |
|
|
|
363 |
|
|
|
237 |
|
|
|
62 |
|
| Social witness and licensing fees |
|
|
369 |
|
|
|
273 |
|
|
|
— |
|
|
|
— |
|
| Shareholder servicing fees |
|
|
246 |
|
|
|
182 |
|
|
|
— |
|
|
|
— |
|
| Trustee fees |
|
|
5 |
|
|
|
3 |
|
|
|
3 |
|
|
|
1 |
|
| Chief compliance officer fees |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
| Transfer agent fees |
|
|
40 |
|
|
|
30 |
|
|
|
26 |
|
|
|
7 |
|
| Professional fees |
|
|
34 |
|
|
|
25 |
|
|
|
22 |
|
|
|
6 |
|
| Registration fees |
|
|
23 |
|
|
|
17 |
|
|
|
15 |
|
|
|
3 |
|
| Printing fees |
|
|
21 |
|
|
|
16 |
|
|
|
14 |
|
|
|
4 |
|
| Custodian fees |
|
|
5 |
|
|
|
10 |
|
|
|
7 |
|
|
|
2 |
|
| Other expenses |
|
|
16 |
|
|
|
58 |
|
|
|
2 |
|
|
|
1 |
|
| Total Expenses |
|
|
2,407 |
|
|
|
1,741 |
|
|
|
327 |
|
|
|
86 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Waiver of investment advisory fees |
|
|
(586 |
) |
|
|
(261 |
) |
|
|
— |
|
|
|
— |
|
| Waiver of administration fees |
|
|
(47 |
) |
|
|
(23 |
) |
|
|
(118 |
) |
|
|
(22 |
) |
| Net Expenses |
|
|
1,774 |
|
|
|
1,457 |
|
|
|
209 |
|
|
|
64 |
|
| Net Investment Income |
|
|
2,139 |
|
|
|
2,440 |
|
|
|
2,311 |
|
|
|
625 |
|
| Net Realized and Change in Unrealized Gain (Loss) on Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
9,993 |
|
|
|
1,893 |
|
|
|
— |
|
|
|
— |
|
| Affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
5,908 |
|
|
|
1,805 |
|
| Written and purchased options |
|
|
— |
|
|
|
109 |
|
|
|
— |
|
|
|
— |
|
| Capital gain distributions received from affiliated investment |
|
|
— |
|
|
|
— |
|
|
|
7,661 |
|
|
|
1,565 |
|
| Futures contracts |
|
|
1,882 |
|
|
|
390 |
|
|
|
— |
|
|
|
— |
|
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
92,414 |
|
|
|
1,258 |
|
|
|
— |
|
|
|
— |
|
| Affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
27,722 |
|
|
|
3,314 |
|
| Written and purchased options |
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
| Futures contracts |
|
|
(29 |
) |
|
|
534 |
|
|
|
— |
|
|
|
— |
|
| Foreign currency transactions and translation of other assets
and liabilities denominated in foreign currencies |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net Increase in Net Assets Resulting from
Operations |
|
$ |
106,403 |
|
|
$ |
6,630 |
|
|
$ |
43,602 |
|
|
$ |
7,309 |
|
Amounts designated as “—” are $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
39 |
STATEMENTS OF CHANGES IN NET ASSETS ($ THOUSANDS)
For the period ended December 31, 2020 (Unaudited) and the year ended June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Growth Fund |
|
Income Fund |
| |
|
07/01/20 to
12/31/20 |
|
07/01/19 to
06/30/20 |
|
07/01/20 to
12/31/20 |
|
07/01/19 to
06/30/20 |
| Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
2,139 |
|
|
$ |
5,277 |
|
|
$ |
2,440 |
|
|
$ |
6,674 |
|
| Net realized gain from investments, affiliated investments, written and purchased options and futures
contracts |
|
|
11,875 |
|
|
|
13,067 |
|
|
|
2,392 |
|
|
|
5,392 |
|
| Net change in unrealized appreciation on investments, affiliated investments, written and
purchased options and futures contracts |
|
|
92,385 |
|
|
|
17,773 |
|
|
|
1,798 |
|
|
|
6,775 |
|
| Net change in unrealized appreciation on foreign currency
transactions and translation of other assets and liabilities denominated in foreign currency |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net increase in net assets resulting from
operations |
|
|
106,403 |
|
|
|
36,117 |
|
|
|
6,630 |
|
|
|
18,841 |
|
| Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total distributions |
|
|
(19,770 |
) |
|
|
(25,032 |
) |
|
|
(7,564 |
) |
|
|
(7,695 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares issued |
|
|
10,827 |
|
|
|
57,107 |
|
|
|
55,296 |
|
|
|
54,297 |
|
| Reinvestment of dividends & distributions |
|
|
16,120 |
|
|
|
19,985 |
|
|
|
4,414 |
|
|
|
775 |
|
| Cost of shares redeemed |
|
|
(51,693 |
) |
|
|
(75,642 |
) |
|
|
(16,685 |
) |
|
|
(60,503 |
) |
| Increase (decrease) in net assets derived from capital
share transactions |
|
|
(24,746 |
) |
|
|
1,450 |
|
|
|
43,025 |
|
|
|
(5,431 |
) |
| Net increase in net assets |
|
|
61,887 |
|
|
|
12,535 |
|
|
|
42,091 |
|
|
|
5,715 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
461,493 |
|
|
|
448,958 |
|
|
|
336,213 |
|
|
|
330,498 |
|
| End of Period |
|
$ |
523,380 |
|
|
$ |
461,493 |
|
|
$ |
378,304 |
|
|
$ |
336,213 |
|
| Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued |
|
|
229 |
|
|
|
1,471 |
|
|
|
2,262 |
|
|
|
2,282 |
|
| Shares issued in lieu of dividends and distributions |
|
|
318 |
|
|
|
453 |
|
|
|
182 |
|
|
|
33 |
|
| Shares redeemed |
|
|
(1,072 |
) |
|
|
(1,776 |
) |
|
|
(683 |
) |
|
|
(2,551 |
) |
| Increase (decrease) in net assets derived from share
transactions |
|
|
(525 |
) |
|
|
148 |
|
|
|
1,761 |
|
|
|
(236 |
) |
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, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balanced Growth Fund |
|
Balanced Income
Fund |
| |
|
07/01/20 to
12/31/20 |
|
07/01/19 to
06/30/20 |
|
07/01/20 to
12/31/20 |
|
07/01/19 to
06/30/20 |
| Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
$ |
2,311 |
|
|
$ |
4,315 |
|
|
$ |
625 |
|
|
$ |
1,351 |
|
| Net realized gain from investments, affiliated investments and futures contracts |
|
|
5,908 |
|
|
|
4,763 |
|
|
|
1,805 |
|
|
|
466 |
|
| Capital gain distributions received from affiliated investments |
|
|
7,661 |
|
|
|
7,788 |
|
|
|
1,565 |
|
|
|
1,204 |
|
| Net change in unrealized appreciation on investments,
affiliated investments and futures contracts |
|
|
27,722 |
|
|
|
4,485 |
|
|
|
3,314 |
|
|
|
2,374 |
|
| Net increase in net assets resulting from
operations |
|
|
43,602 |
|
|
|
21,351 |
|
|
|
7,309 |
|
|
|
5,395 |
|
| Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total distributions |
|
|
(19,430 |
) |
|
|
(17,049 |
) |
|
|
(4,215 |
) |
|
|
(3,179 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from shares issued |
|
|
8,936 |
|
|
|
12,711 |
|
|
|
4,198 |
|
|
|
5,066 |
|
| Reinvestment of dividends & distributions |
|
|
17,834 |
|
|
|
15,444 |
|
|
|
3,457 |
|
|
|
2,578 |
|
| Cost of shares redeemed |
|
|
(11,885 |
) |
|
|
(30,798 |
) |
|
|
(4,369 |
) |
|
|
(9,518 |
) |
| Increase (decrease) in net assets derived from capital
share transactions |
|
|
14,885 |
|
|
|
(2,643 |
) |
|
|
3,286 |
|
|
|
(1,874 |
) |
| Net increase in net assets |
|
|
39,057 |
|
|
|
1,659 |
|
|
|
6,380 |
|
|
|
342 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
295,481 |
|
|
|
293,822 |
|
|
|
78,790 |
|
|
|
78,448 |
|
| End of Period |
|
$ |
334,538 |
|
|
$ |
295,481 |
|
|
$ |
85,170 |
|
|
$ |
78,790 |
|
| Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares issued |
|
|
80 |
|
|
|
122 |
|
|
|
184 |
|
|
|
237 |
|
| Shares issued in lieu of dividends and distributions |
|
|
159 |
|
|
|
150 |
|
|
|
151 |
|
|
|
120 |
|
| Shares redeemed |
|
|
(106 |
) |
|
|
(297 |
) |
|
|
(191 |
) |
|
|
(442 |
) |
| Increase (decrease) in net assets derived from share
transactions |
|
|
133 |
|
|
|
(25 |
) |
|
|
144 |
|
|
|
(85 |
) |
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, 2020 |
|
41 |
FINANCIAL HIGHLIGHTS
For the period ended December 31, 2020 (Unaudited) and years ended June 30,
For a Share Outstanding Throughout the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2020@ |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Net Asset Value, Beginning of Period |
|
|
$43.44 |
|
|
|
$42.86 |
|
|
|
$43.17 |
|
|
|
$40.15 |
|
|
|
$34.23 |
|
|
|
$38.28 |
|
| Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(1) |
|
|
0.21 |
|
|
|
0.51 |
|
|
|
0.50 |
|
|
|
0.46 |
|
|
|
0.27 |
|
|
|
0.27 |
|
| Net realized and unrealized gains (losses) on securities and
foreign currency transactions(1) |
|
|
10.18 |
|
|
|
2.56 |
|
|
|
2.28 |
|
|
|
5.34 |
|
|
|
5.91 |
|
|
|
(1.67) |
|
| Total from investment activities |
|
|
10.39 |
|
|
|
3.07 |
|
|
|
2.78 |
|
|
|
5.80 |
|
|
|
6.18 |
|
|
|
(1.40) |
|
| Dividends and Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.36) |
|
|
|
(0.50) |
|
|
|
(0.50) |
|
|
|
(0.39) |
|
|
|
(0.26) |
|
|
|
(0.21) |
|
| Net realized gains |
|
|
(1.64) |
|
|
|
(1.99) |
|
|
|
(2.59) |
|
|
|
(2.39) |
|
|
|
– |
|
|
|
(2.44) |
|
| Total dividends and distributions |
|
|
(2.00) |
|
|
|
(2.49) |
|
|
|
(3.09) |
|
|
|
(2.78) |
|
|
|
(0.26) |
|
|
|
(2.65) |
|
| Net Asset Value, End of Period |
|
|
$51.83 |
|
|
|
$43.44 |
|
|
|
$42.86 |
|
|
|
$43.17 |
|
|
|
$40.15 |
|
|
|
$34.23 |
|
| Total
Return† |
|
|
24.08% |
|
|
|
7.18% |
|
|
|
7.21% |
|
|
|
14.74% |
|
|
|
18.12% |
|
|
|
(3.68)% |
|
| Supplemental Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period ($ Thousands) |
|
|
$523,380 |
|
|
|
$461,493 |
|
|
|
$448,958 |
|
|
|
$428,674 |
|
|
|
$412,229 |
|
|
|
$394,943 |
|
| Ratio of net expenses to average net assets |
|
|
0.72% |
|
|
|
0.72% |
|
|
|
0.85% |
|
|
|
0.87% |
|
|
|
0.95% |
|
|
|
1.02% |
|
| Ratio of expenses to average net assets, excluding waivers |
|
|
0.98% |
|
|
|
0.99% |
|
|
|
1.12% |
|
|
|
1.12% |
|
|
|
1.13% |
|
|
|
1.14% |
|
| Ratio of net investment income to average net assets |
|
|
0.87% |
|
|
|
1.19% |
|
|
|
1.19% |
|
|
|
1.08% |
|
|
|
0.73% |
|
|
|
0.76% |
|
| Portfolio turnover rate |
|
|
2% |
|
|
|
19% |
|
|
|
47% |
|
|
|
24% |
|
|
|
50% |
|
|
|
103% |
|
| † |
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, 2020. 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
|
|
|
| 42 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
FINANCIAL HIGHLIGHTS
For
the period ended December 31, 2020 (Unaudited) and years ended June 30,
For a Share Outstanding Throughout the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2020@ |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
2016 |
| Net Asset Value, Beginning of Period |
|
|
$24.32 |
|
|
|
$23.50 |
|
|
|
$22.62 |
|
|
|
$23.21 |
|
|
|
$23.58 |
|
|
|
$23.09 |
|
| Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(1) |
|
|
0.16 |
|
|
|
0.48 |
|
|
|
0.52 |
|
|
|
0.45 |
|
|
|
0.37 |
|
|
|
0.40 |
|
| Net realized and unrealized gains (losses) on securities
(1) |
|
|
0.29 |
|
|
|
0.89 |
|
|
|
0.92 |
|
|
|
(0.57 |
) |
|
|
(0.31 |
) |
|
|
0.51 |
|
| Total from investment
activities |
|
|
0.45 |
|
|
|
1.37 |
|
|
|
1.44 |
|
|
|
(0.12 |
) |
|
|
0.06 |
|
|
|
0.91 |
|
| Dividends and Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.22 |
) |
|
|
(0.55 |
) |
|
|
(0.56 |
) |
|
|
(0.47 |
) |
|
|
(0.43 |
) |
|
|
(0.42 |
) |
| Net realized gains |
|
|
(0.28 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total dividends and distributions |
|
|
(0.50 |
) |
|
|
(0.55 |
) |
|
|
(0.56 |
) |
|
|
(0.47 |
) |
|
|
(0.43 |
) |
|
|
(0.42 |
) |
| Net Asset Value, End of
Period |
|
|
$24.27 |
|
|
|
$24.32 |
|
|
|
$23.50 |
|
|
|
$22.62 |
|
|
|
$23.21 |
|
|
|
$23.58 |
|
| Total
Return† |
|
|
1.86% |
|
|
|
5.91% |
|
|
|
6.46% |
|
|
|
(0.54 |
)% |
|
|
0.27% |
|
|
|
4.00% |
|
| Supplemental Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period ($ Thousands) |
|
$ |
378,304 |
|
|
$ |
336,213 |
|
|
$ |
330,498 |
|
|
$ |
318,955 |
|
|
$ |
305,157 |
|
|
$ |
297,165 |
|
| 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 |
|
|
0.96% |
|
|
|
0.96% |
|
|
|
0.95% |
|
|
|
0.95% |
|
|
|
0.95% |
|
|
|
0.98% |
|
| Ratio of net investment income to average net assets |
|
|
1.34% |
|
|
|
2.01% |
|
|
|
2.29% |
|
|
|
1.95% |
|
|
|
1.58% |
|
|
|
1.71% |
|
| Portfolio turnover rate |
|
|
52% |
|
|
|
144% |
|
|
|
188% |
|
|
|
210% |
|
|
|
140% |
|
|
|
202% |
|
| † |
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, 2020. All ratios for the period have been annualized.
|
The accompanying notes are an integral part of the financial statements.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
43 |
FINANCIAL HIGHLIGHTS
For
the period ended December 31, 2020 (Unaudited) and years ended June 30,
For a Share Outstanding Throughout the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balanced Growth Fund |
|
|
|
|
|
|
|
|
|
|
| |
|
2020@ |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Net Asset Value, Beginning of Period |
|
|
$104.95 |
|
|
|
$103.45 |
|
|
|
$102.94 |
|
|
|
$96.48 |
|
|
|
$90.32 |
|
|
|
$101.71 |
|
| Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(1) |
|
|
0.82 |
|
|
|
1.53 |
|
|
|
1.58 |
|
|
|
1.23 |
|
|
|
0.94 |
|
|
|
0.88 |
|
| Net realized and unrealized gains (losses) on securities
(1) |
|
|
14.62 |
|
|
|
6.09 |
|
|
|
5.21 |
|
|
|
6.86 |
|
|
|
8.44 |
|
|
|
(1.63 |
) |
| Total from investment
activities |
|
|
15.44 |
|
|
|
7.62 |
|
|
|
6.79 |
|
|
|
8.09 |
|
|
|
9.38 |
|
|
|
(0.75 |
) |
| Dividends and Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(1.57 |
) |
|
|
(1.95 |
) |
|
|
(1.83 |
) |
|
|
(0.90 |
) |
|
|
(0.94 |
) |
|
|
(1.72 |
) |
| Net realized gains |
|
|
(5.32 |
) |
|
|
(4.17 |
) |
|
|
(4.45 |
) |
|
|
(0.73 |
) |
|
|
(2.28 |
) |
|
|
(8.92 |
) |
| Total dividends and distributions |
|
|
(6.89 |
) |
|
|
(6.12 |
) |
|
|
(6.28 |
) |
|
|
(1.63 |
) |
|
|
(3.22 |
) |
|
|
(10.64 |
) |
|
Net Asset Value, End of Period |
|
|
$113.50 |
|
|
|
$104.95 |
|
|
|
$103.45 |
|
|
|
$102.94 |
|
|
|
$96.48 |
|
|
|
$90.32 |
|
| Total
Return† |
|
|
14.87% |
|
|
|
7.57% |
|
|
|
7.12% |
|
|
|
8.45% |
|
|
|
10.59% |
|
|
|
(0.50)% |
|
| Supplemental Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period ($ Thousands) |
|
$ |
334,538 |
|
|
$ |
295,481 |
|
|
$ |
293,822 |
|
|
$ |
290,444 |
|
|
$ |
285,970 |
|
|
$ |
284,430 |
|
| Ratio of net expenses to average net assets |
|
|
0.13% |
|
|
|
0.13% |
|
|
|
0.13% |
|
|
|
0.13% |
|
|
|
0.14% |
|
|
|
0.14% |
|
| Ratio of expenses to average net assets, excluding waivers |
|
|
0.21% |
|
|
|
0.21% |
|
|
|
0.21% |
|
|
|
0.21% |
|
|
|
0.23% |
|
|
|
0.27% |
|
| Ratio of net investment income to average net assets |
|
|
1.46% |
|
|
|
1.49% |
|
|
|
1.56% |
|
|
|
1.22% |
|
|
|
1.01% |
|
|
|
0.94% |
|
| Portfolio turnover rate |
|
|
10% |
|
|
|
22% |
|
|
|
16% |
|
|
|
11% |
|
|
|
4% |
|
|
|
14% |
|
| † |
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, 2020. 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, 2020 |
FINANCIAL HIGHLIGHTS
For
the period ended December 31, 2020 (Unaudited) and years ended June 30,
For a Share Outstanding Throughout the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balanced Income Fund |
|
|
|
|
|
|
|
|
|
|
| |
|
2020@ |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Net Asset Value, Beginning of Period |
|
|
$22.01 |
|
|
|
$21.41 |
|
|
|
$21.23 |
|
|
|
$20.74 |
|
|
|
$20.06 |
|
|
|
$21.20 |
|
| Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income(1) |
|
|
0.17 |
|
|
|
0.38 |
|
|
|
0.39 |
|
|
|
0.31 |
|
|
|
0.25 |
|
|
|
0.24 |
|
| Net realized and unrealized gains (losses) on securities (1) |
|
|
1.86 |
|
|
|
1.11 |
|
|
|
0.96 |
|
|
|
0.63 |
|
|
|
0.95 |
|
|
|
0.02 |
|
| Total from investment activities |
|
|
2.03 |
|
|
|
1.49 |
|
|
|
1.35 |
|
|
|
0.94 |
|
|
|
1.20 |
|
|
|
0.26 |
|
| Dividends and Distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income |
|
|
(0.43 |
) |
|
|
(0.40 |
) |
|
|
(0.42 |
) |
|
|
(0.29 |
) |
|
|
(0.25 |
) |
|
|
(0.31 |
) |
| Net realized gains |
|
|
(0.73 |
) |
|
|
(0.49 |
) |
|
|
(0.75 |
) |
|
|
(0.16 |
) |
|
|
(0.27 |
) |
|
|
(1.09 |
) |
| Total dividends and
distributions |
|
|
(1.16 |
) |
|
|
(0.89 |
) |
|
|
(1.17 |
) |
|
|
(0.45 |
) |
|
|
(0.52 |
) |
|
|
(1.40 |
) |
| Net Asset Value, End of
Period |
|
|
$22.88 |
|
|
|
$22.01 |
|
|
|
$21.41 |
|
|
|
$21.23 |
|
|
|
$20.74 |
|
|
|
$20.06 |
|
| Total
Return† |
|
|
9.30% |
|
|
|
7.14% |
|
|
|
6.76% |
|
|
|
4.57% |
|
|
|
6.11% |
|
|
|
1.41% |
|
| Supplemental Data and Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net assets, end of period ($ Thousands) |
|
|
$85,170 |
|
|
|
$78,790 |
|
|
|
$78,448 |
|
|
|
$77,329 |
|
|
|
$79,100 |
|
|
|
$77,945 |
|
| Ratio of net expenses to average net assets |
|
|
0.15% |
|
|
|
0.15% |
|
|
|
0.15% |
|
|
|
0.15% |
|
|
|
0.19% |
|
|
|
0.20% |
|
| Ratio of expenses to average net assets, excluding waivers |
|
|
0.21% |
|
|
|
0.21% |
|
|
|
0.20% |
|
|
|
0.21% |
|
|
|
0.23% |
|
|
|
0.27% |
|
| Ratio of net investment income to average net assets |
|
|
1.51% |
|
|
|
1.76% |
|
|
|
1.86% |
|
|
|
1.48% |
|
|
|
1.25% |
|
|
|
1.19% |
|
| Portfolio turnover rate |
|
|
10% |
|
|
|
19% |
|
|
|
11% |
|
|
|
10% |
|
|
|
5% |
|
|
|
17% |
|
| † |
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, 2020. All ratios for the period have been annualized.
|
The accompanying notes are an integral part of the financial statements.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
45 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
December 31, 2020
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.
|
|
|
| 46 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
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.)
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
47 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020
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, 2020 maximized the use of observable inputs and minimized the
use of unobservable inputs.
For the period ended December 31, 2020, 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.
|
|
|
| 48 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
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, 2020, 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
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
49 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020
transactions involve a commitment by those Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the
customary settlement period. When delayed delivery purchases are outstanding, the Funds will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, that Fund assumes the
rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Those Funds may dispose of or renegotiate a delayed delivery
transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When those Funds have sold a security on a delayed delivery basis, that Fund does not participate in
future gains and losses with respect to the security.
Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders quarterly for the Growth Fund, Balanced Growth Fund and Balanced Income Fund; declared and paid monthly for the Income Fund. Dividends and
distributions are recorded on the ex-dividend date. Any net realized capital gains will be distributed at least annually by the Funds.
Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT
investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or
reclassified to capital gains. The actual amounts of 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 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 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
|
|
|
| 50 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
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”). The Funds do not compensate the Distributor in its capacity as
principal distributor.
Social Witness Services and License Agreement — The
Trust retained New Covenant Trust Company (“NCTC”) to ensure that each Fund continues to invest consistent with social witness principles adopted by the General Assembly of the Presbyterian Church (U.S.A.). No less than annually, NCTC will
provide the Trust with an updated list of issuers in which the Funds will be prohibited from investing.
NCTC will distribute to the Trust proxy voting
guidelines and shareholder advocacy services for the Funds that NCTC deems to be consistent with social witness principles adopted by the General Assembly of the Presbyterian Church (U.S.A.). The Trust also engages NCTC to vote Fund proxies
consistent with such proxy voting guidelines. NCTC shall monitor and review and, as necessary, amend the Proxy Voting Guidelines periodically to ensure that they remain consistent with the social witness principles.
NCTC also grants to the Trust a non-exclusive right and license to use and refer to the trade name, trademark and/ or service mark rights to the name “New Covenant
Funds” and the phrase “Funds with a Mission”, in the name of the Trust and each Fund, and in connection with the offering, marketing, promotion, management and operation of the Trust and the Funds.
In consideration of the services provided by NCTC, the Growth Fund and the Income Fund will each pay to NCTC a fee at an annual rate of 0.15% of the average daily net
asset value of the shares of such Fund, which fee will be computed daily and paid monthly.
Payment to Affiliates — Certain officers and/or interested trustees of the Trust are also officers of the Distributor, the Adviser, the Administrator or NCTC. The Trust pays each unaffiliated Trustee an annual fee for attendance at
quarterly and interim board meetings. Compensation of officers and affiliated Trustees of the Trust is paid by the Adviser, the Administrator or NCTC.
A
portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser,
sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.
Investment in Affiliated Security — The Funds may invest excess cash in the SEI Daily Income Trust (SDIT) Government Fund, an affiliated money market fund. The Balanced
Funds invest in the Growth Fund and Income Fund.
Interfund Lending — The
SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the
‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund
loans may be made only when the rate of interest to be charged is more favorable
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
51 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020
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, 2020, 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.
Cash with a total market value of $212 and
822 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of December 31, 2020.
For the period ended December 31, 2020, the Funds held only interest rate risk derivatives. Additional information can be found on the Schedules of Investments,
Statements of Assets and Liabilities, and Statements of Operations.
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, 2020, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
U.S. Gov’t
($ Thousands) |
|
|
Other
($ Thousands) |
|
|
Total
($ Thousands) |
|
| Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
$ |
— |
|
|
$ |
7,242 |
|
|
$ |
7,242 |
|
| Sales |
|
|
— |
|
|
|
43,607 |
|
|
|
43,607 |
|
| Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
|
212,367 |
|
|
|
21,876 |
|
|
|
234,243 |
|
| Sales |
|
|
159,250 |
|
|
|
24,498 |
|
|
|
183,748 |
|
| Balanced Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
|
— |
|
|
|
36,150 |
|
|
|
36,150 |
|
| Sales |
|
|
— |
|
|
|
30,069 |
|
|
|
30,069 |
|
|
|
|
| 52 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
U.S. Gov’t
($ Thousands) |
|
|
Other
($ Thousands) |
|
|
Total
($ Thousands) |
|
| Balanced Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
|
— |
|
|
|
9,594 |
|
|
|
9,594 |
|
| Sales |
|
|
— |
|
|
|
7,936 |
|
|
|
7,936 |
|
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 |
|
|
2020 |
|
|
$ |
5,915 |
|
|
$ |
19,117 |
|
|
$ |
25,032 |
|
|
$ |
25,032 |
|
|
|
|
2019 |
|
|
|
5,700 |
|
|
|
25,395 |
|
|
|
31,095 |
|
|
|
31,095 |
|
| Income Fund |
|
|
2020 |
|
|
|
7,695 |
|
|
|
— |
|
|
|
7,695 |
|
|
|
7,695 |
|
|
|
|
2019 |
|
|
|
7,780 |
|
|
|
— |
|
|
|
7,780 |
|
|
|
7,780 |
|
| Balanced Growth Fund |
|
|
2020 |
|
|
|
7,282 |
|
|
|
9,767 |
|
|
|
17,049 |
|
|
|
17,049 |
|
|
|
|
2019 |
|
|
|
5,632 |
|
|
|
12,003 |
|
|
|
17,635 |
|
|
|
17,635 |
|
| Balanced Income Fund |
|
|
2020 |
|
|
|
1,809 |
|
|
|
1,370 |
|
|
|
3,179 |
|
|
|
3,179 |
|
|
|
|
2019 |
|
|
|
1,606 |
|
|
|
2,554 |
|
|
|
4,160 |
|
|
|
4,160 |
|
As of June 30, 2020, the components of distributable earnings (accumulated losses) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Undistributed
Ordinary
Income
($ Thousands) |
|
|
Undistributed
Long-Term
Capital Gain
($ Thousands) |
|
|
Capital
Loss
Carryforwards
($ Thousands) |
|
|
Post-
October
Losses
($ Thousands) |
|
|
Unrealized
Appreciation
(Depreciation)
($ Thousands) |
|
|
Other
Temporary
Differences
($ Thousands) |
|
|
Total
Distributable
Earnings
(Accumulated
Losses)
($
Thousands) |
|
| Growth Fund |
|
$ |
2,663 |
|
|
$ |
8,820 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
124,030 |
|
|
$ |
3 |
|
|
$ |
135,516 |
|
| Income Fund |
|
|
3,377 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,840 |
|
|
|
(1,858) |
|
|
|
15,359 |
|
| Balanced Growth Fund |
|
|
617 |
|
|
|
11,699 |
|
|
|
— |
|
|
|
— |
|
|
|
62,761 |
|
|
|
(1) |
|
|
|
75,076 |
|
| Balanced Income Fund |
|
|
394 |
|
|
|
1,178 |
|
|
|
— |
|
|
|
— |
|
|
|
13,784 |
|
|
|
2 |
|
|
|
15,358 |
|
During the year ended June 30, 2020, the Income Fund utilized capital loss carryforwards to offset capital gains of $1,950 ($
Thousands).
For Federal income tax purposes, the cost of securities owned at June 30, 2020, 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.
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
53 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
December 31, 2020
The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at December 31, 2020 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Federal
Tax Cost
($ Thousands) |
|
|
Appreciated
Securities
($ Thousands) |
|
|
Depreciated
Securities
($ Thousands) |
|
Net Unrealized
Appreciation (Depreciation)
($ Thousands) |
|
| Growth Fund |
|
$ |
303,350 |
|
|
$ |
236,451 |
|
|
$ |
(18,498 |
) |
|
$ |
217,953 |
|
| Income Fund |
|
|
384,689 |
|
|
|
16,501 |
|
|
|
(1,368 |
) |
|
|
15,133 |
|
| Balanced Growth Fund |
|
|
231,356 |
|
|
|
102,852 |
|
|
|
— |
|
|
|
102,852 |
|
| Balanced Income Fund |
|
|
65,735 |
|
|
|
19,440 |
|
|
|
— |
|
|
|
19,440 |
|
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, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations
have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
7. CONCENTRATIONS/RISKS
In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The
Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is
considered remote.
Asset Allocation Risk — The risk that SIMC’s decisions
regarding the allocation of 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.
Economic Risks of Global Health Events
— Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the
markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of
non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.
Equity Market Risk — The risk that the market value of a security may move up and
down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.
|
|
|
| 54 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other
developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics,
pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.
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. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause
broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that
such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.
Foreign
Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency
movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely
to occur in these countries.
Foreign Sovereign Debt Securities Risk — The
risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints,
cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and
(iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.
Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the
value of fixed income securities, including U.S. Government securities, in which the Fund invests. 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
|
|
|
| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
55 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)
December 31, 2020
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 (OTC). OTC stocks may trade less frequently and in smaller
volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.
Social-Witness
Principles/Socially Responsible Investing Risk — The Fund considers 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 still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the
U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and
instrumentalities if it is not obligated by law to do so.
The Balanced Growth Fund and Balanced Income Fund invest their assets primarily in the Growth Fund
and the Income Fund. By investing primarily in shares of these Funds, shareholders of the Balanced Funds indirectly pay a portion of the operating expenses, management fees and brokerage costs of the underlying Funds as well as their own operating
expenses. Thus, shareholders of the Balanced Funds may indirectly pay slightly higher total operating expenses and other costs than they would pay by directly owning shares of the Growth Fund and Income Fund. A change in the asset allocation of
either Balanced Fund could increase or reduce the fees and expenses actually borne by investors in that Fund. The Balanced Funds are also subject to rebalancing risk. Rebalancing activities, while undertaken to maintain a Fund’s investment
risk-to- reward ratio, may cause the Fund to under-perform other funds with similar investment objectives. For the Balanced Growth Fund, it is possible after rebalancing from equities into a greater percentage of fixed-income securities, that
equities will outperform fixed income investments. For the Balanced Income Fund, it is possible that after rebalancing from fixed-income securities into a greater percentage of equity securities, that fixed-income securities will outperform equity
investments. The performance of the Balanced Growth Fund and the Balanced Income Fund depends on the performance of the underlying Funds in which they invest.
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| 56 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
8. CONCENTRATION OF SHAREHOLDERS
On December 31, 2020, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with
the Funds.
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|
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| |
|
# of Shareholders |
|
% of Outstanding Shares |
| Growth Fund |
|
3 |
|
77.03% |
| Income Fund |
|
3 |
|
84.29% |
| Balanced Growth Fund |
|
1 |
|
0.00% |
| Balanced Income Fund |
|
1 |
|
0.00% |
9. 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.
10. SUBSEQUENT EVENTS
Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on
this evaluation, no disclosures and/or adjustments were required to the financial statements as of December 31, 2020.
|
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| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
57 |
DISCLOSURE OF FUND EXPENSES (Unaudited)
December 31, 2020
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 (June 30, 2020 to December 31, 2020).
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.
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| |
|
Beginning
Account Value
7/1/2020 |
|
Ending
Account Value
12/31/20 |
|
Annualized
Expense Ratios |
|
Expenses
Paid During
Period* |
| Growth Fund |
|
|
|
|
|
|
|
|
| Actual Fund Return |
|
$1,000.00 |
|
$1,240.80 |
|
0.72% |
|
$4.04 |
| Hypothetical 5% Return |
|
$1,000.00 |
|
$1,021.60 |
|
0.72% |
|
$3.65 |
| Income Fund |
|
|
|
|
|
|
|
|
| Actual Fund Return |
|
$1,000.00 |
|
$1,018.60 |
|
0.80% |
|
$4.05 |
| Hypothetical 5% Return |
|
$1,000.00 |
|
$1,021.20 |
|
0.80% |
|
$4.05 |
| Balanced Growth Fund† |
|
|
|
|
|
|
|
|
| Actual Fund Return |
|
$1,000.00 |
|
$1,148.70 |
|
0.13% |
|
$0.71 |
| Hypothetical 5% Return |
|
$1,000.00 |
|
$1,024.55 |
|
0.13% |
|
$0.67 |
| Balanced Income Fund† |
|
|
|
|
|
|
|
|
| Actual Fund Return |
|
$1,000.00 |
|
$1,093.00 |
|
0.15% |
|
$0.79 |
| Hypothetical 5% Return |
|
$1,000.00 |
|
$1,024.45 |
|
0.15% |
|
$0.77 |
| * |
Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown). |
| † |
Excludes expenses of the underlying affiliated investment companies. |
|
|
|
| 58 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS
(Unaudited)
New Covenant Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory
agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory
Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the
“Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete
portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates
quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be
specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the
“Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or
renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the
initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and
Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably
necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are
required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.
Consistent with these responsibilities, the Board
calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these
meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to
the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information
that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory
Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with
representatives of SIMC and the Sub-Advisers.
Specifically, during the first half of the Trust’s fiscal year, the Board requested and received written
materials from SIMC and the Sub-Advisers regarding: (i) the quality of each Sub-Adviser’s investment management and other services; (ii) each Sub-Adviser’s investment management personnel; (iii) each Sub-Adviser’s
operations and financial condition; (iv) each Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the sub-advisory fees that SIMC pays each Sub-Adviser, compared with
fees each charge to comparable accounts; (vi) the level of each Sub-Adviser’s profitability from their Fund-related operations; (vii) each Sub-Adviser’s compliance program, including a description of material compliance matters
and material compliance violations; (viii) each Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (ix) each Sub-Adviser’s expertise and resources in domestic and/or international financial
markets; and (x) the Funds’ performance over various periods of time.
Each Sub-Advisory Agreement was renewed at meetings of the Board held during the
course of the Trust’s fiscal year on September 14-16, 2020 and December 7-9, 2020. 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
|
|
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| New Covenant Funds / Semi-Annual Report / December 31, 2020 |
|
59 |
BOARD OF TRUSTEES CONSIDERATIONS IN APPROVING THE ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Concluded)
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, 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 the Sub-Advisory Agreements, the Board considered the performance of each Sub-Adviser relative to appropriate
indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Sub-Adviser was sufficient to support the renewal of 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 in connection with the Fund as Fund assets grow, and, if so, whether the benefits of such economies of scale were passed along
to the Funds or Funds’ shareholders through a graduated investment advisory fee schedule or other means. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis.
Based on this evaluation, the Board determined that the sub-advisory fees were reasonable in light of the information that was provided by the Sub-Advisers with respect to economies of scale.
Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the
assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the renewal, 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.
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| 60 |
|
New Covenant Funds / Semi-Annual Report / December 31, 2020 |
NEW COVENANT FUNDS SEMI-ANNUAL REPORT DECEMBER 31, 2020
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
Peter A. Rodriguez
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 (12/20)
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.
(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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under
the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.
(b) There were no changes in the
Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
Registrant’s internal control over financial reporting.
| Item 12. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
|
Not applicable.
(a)(1)
Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the principal
financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.
(b)
Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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New Covenant Funds |
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| By |
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/s/ Robert A. Nesher |
|
|
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Robert A. Nesher |
|
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President & CEO |
Date: March 8, 2021
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.
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| By |
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/s/ Robert A. Nesher |
|
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Robert A. Nesher |
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President & CEO |
Date: March 8, 2021
|
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| By |
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/s/ Peter A. Rodriguez |
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Peter A. Rodriguez |
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Controller & CFO |
Date: March 8, 2021
