SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK — 98.7%
Bosnia and Herzegovina — 0.0%
RenaissanceRe Holdings Ltd		248	$	42
Canada — 0.1%
Lululemon Athletica Inc *		1,171		386
Cayman Islands — 0.0%
Herbalife Nutrition Ltd *		1,088		51
Ireland — 1.0%
Accenture PLC, Cl A		11,297		2,553
Jazz Pharmaceuticals PLC *		616		88
Medtronic PLC		19,976		2,076
NortonLifeLock Inc		13,065		272
Perrigo Co PLC		211		10
				4,999
Puerto Rico — 0.0%
Popular Inc		1,507		55
Switzerland — 0.0%
Garmin Ltd		1,092		103
United Kingdom — 0.1%
Healthpeak Properties Inc ‡		9,384		255
United States — 97.5%
Communication Services — 8.3%
Activision Blizzard Inc		8,807		713
Alphabet Inc, Cl A *		4,202		6,159
Alphabet Inc, Cl C *		4,147		6,094
AT&T Inc		124,429		3,547
Bandwidth Inc, Cl A *		821		143
Cardlytics Inc *		143		10
Cars.com Inc *		4,178		34
CenturyLink Inc		872		9
Charter Communications Inc, Cl A *		1,756		1,096
Cinemark Holdings Inc *		2,104		21
Cogent Communications Holdings Inc		148		9
Comcast Corp, Cl A		60,184		2,784
Electronic Arts Inc *		2,676		349
Emerald Holding Inc *		4,781		10
Eventbrite Inc, Cl A *		2,537		28
EverQuote Inc, Cl A *		1,468		57
EW Scripps Co/The, Cl A		3,299		38
Facebook Inc, Cl A *		33,518		8,778
Fox Corp, Cl A		1,372		38
IAC/InterActiveCorp *		376		45
IMAX Corp *		2,244		27
Interpublic Group of Cos Inc/The		8,487		141
Iridium Communications Inc *		366		9
John Wiley & Sons Inc, Cl A		236		7
Liberty Broadband Corp, Cl A *		107		15
Liberty Broadband Corp, Cl C *		355		51
Liberty Media Corp-Liberty Formula One, Cl C *		1,355		49

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Live Nation Entertainment Inc *		181	$	10
Madison Square Garden Entertainment Corp *		39		3
Match Group Inc *		1,537		170
Meredith Corp *		1,401		18
MSG Networks Inc *		2,988		29
New York Times Co/The, Cl A		439		19
Nexstar Media Group Inc, Cl A		455		41
Omnicom Group Inc		10,137		502
Scholastic Corp		1,266		27
Shenandoah Telecommunications Co		222		10
Sirius XM Holdings Inc		7,153		38
Spotify Technology SA *		1,265		307
Take-Two Interactive Software Inc *		830		137
TechTarget Inc *		1,986		87
TEGNA Inc		3,052		36
T-Mobile US Inc *		6,009		687
Twitter Inc *		7,369		328
Verizon Communications Inc		57,853		3,442
ViacomCBS Inc, Cl B		1,000		28
Walt Disney Co/The *		26,709		3,314
World Wrestling Entertainment Inc, Cl A		780		32
Zillow Group Inc, Cl C *		752		76
Zynga Inc, Cl A *		14,448		132
				39,734
Consumer Discretionary — 12.7%
1-800-Flowers.com Inc, Cl A *		3,668		91
Aaron’s Inc		832		47
Abercrombie & Fitch Co, Cl A *		2,970		41
Adient PLC *		2,126		37
Adtalem Global Education Inc *		1,460		36
Advance Auto Parts Inc		317		49
Amazon.com Inc *		5,987		18,851
American Eagle Outfitters Inc		3,416		51
American Public Education Inc *		1,831		52
Aptiv PLC *		3,490		320
Aramark		260		7
Asbury Automotive Group Inc *		425		41
At Home Group Inc *		6,757		100
AutoNation Inc *		970		51
AutoZone Inc *		235		277
Bed Bath & Beyond Inc *		2,963		44
Best Buy Co Inc		14,724		1,639
Big Lots Inc		1,758		78
Bloomin’ Brands Inc *		2,259		34
Booking Holdings Inc *		563		963
Boot Barn Holdings Inc *		1,181		33
BorgWarner Inc		2,278		88
Bright Horizons Family Solutions Inc *		76		12
Brinker International Inc *		1,180		50
Brunswick Corp/DE		839		49

New Covenant Funds / Quarterly Report / September 30, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Buckle Inc/The		1,885	$	38
Burlington Stores Inc *		482		99
Cable One Inc		79		149
Callaway Golf Co *		2,383		46
Capri Holdings Ltd *		1,319		24
CarMax Inc *		1,086		100
Carnival Corp *		15,800		240
Carter’s Inc *		471		41
Carvana Co, Cl A *		81		18
Cavco Industries Inc *		255		46
Cheesecake Factory Inc/The *		1,236		34
Chegg Inc *		176		13
Children’s Place Inc/The *		812		23
Chipotle Mexican Grill Inc, Cl A *		232		289
Choice Hotels International Inc *		113		10
Columbia Sportswear Co *		891		77
Cooper Tire & Rubber Co		1,668		53
Cracker Barrel Old Country Store Inc *		323		37
Dana Inc *		2,660		33
Darden Restaurants Inc		705		71
Dave & Buster’s Entertainment Inc *		1,283		19
Deckers Outdoor Corp *		306		67
Denny’s Corp *		2,500		25
Designer Brands Inc, Cl A *		3,316		18
Dick’s Sporting Goods Inc		1,054		61
Dillard’s Inc, Cl A		726		26
Discovery Inc, Cl C *		354		7
Dollar General Corp		2,608		547
Dollar Tree Inc *		878		80
Domino’s Pizza Inc		309		131
Dorman Products Inc *		677		61
DR Horton Inc		1,973		149
Dunkin’ Brands Group Inc		2,803		230
eBay Inc		24,197		1,261
Etsy Inc *		1,162		141
Expedia Group Inc *		103		9
Five Below Inc *		410		52
Floor & Decor Holdings Inc, Cl A *		232		17
Foot Locker Inc		1,308		43
Ford Motor Co *		36,252		241
Fox Factory Holding Corp *		749		56
frontdoor Inc *		251		10
Gap Inc/The		11,382		194
General Motors Co *		10,622		314
Gentex Corp		3,795		98
Gentherm Inc *		1,113		46
Genuine Parts Co		109		10
Goodyear Tire & Rubber Co/The *		690		5
Graham Holdings Co, Cl B		78		32
Grand Canyon Education Inc *		121		10
Group 1 Automotive Inc *		479		42
Grubhub Inc *		1,289		93

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Guess? Inc		2,341	$	27
H&R Block Inc		3,157		51
Hanesbrands Inc		13,319		210
Harley-Davidson Inc		306		7
Hasbro Inc		2,632		218
Helen of Troy Ltd *		304		59
Hilton Grand Vacations Inc *		3,016		63
Hilton Worldwide Holdings Inc *		4,365		372
Home Depot Inc/The		16,979		4,715
Hyatt Hotels Corp, Cl A *		135		7
Installed Building Products Inc *		694		71
iRobot Corp *		1,013		77
Jack in the Box Inc		658		52
Johnson Outdoors Inc, Cl A		659		54
K12 Inc *		348		9
KB Home		4,733		182
Kohl’s Corp *		1,859		34
Kontoor Brands Inc *		1,282		31
L Brands Inc *		638		20
La-Z-Boy Inc, Cl Z		1,597		50
LCI Industries		483		51
Lear Corp *		6,486		707
Leggett & Platt Inc		222		9
Lennar Corp, Cl A		651		53
Lennar Corp, Cl B		728		48
LGI Homes Inc *		127		15
Liberty Media Corp-Liberty SiriusXM, Cl C *		234		8
LKQ Corp *		317		9
Lowe’s Cos Inc		15,716		2,607
M/I Homes Inc *		1,195		55
Macy’s Inc *		4,042		23
Madison Square Garden Sports Corp *		39		6
Magnite Inc *		1,140		8
Malibu Boats Inc, Cl A *		202		10
Marriott International Inc/MD, Cl A *		3,599		333
Marriott Vacations Worldwide Corp *		394		36
Mattel Inc *		14,805		173
McDonald’s Corp		11,361		2,494
Meritage Homes Corp *		794		88
Michaels Cos Inc/The *		7,530		73
Mohawk Industries Inc *		127		12
Monro Inc		626		25
Murphy USA Inc *		422		54
National Vision Holdings Inc *		1,563		60
Netflix Inc *		5,596		2,798
Newell Brands Inc		605		10
News Corp, Cl A		829		12
NIKE Inc, Cl B		17,693		2,221
Nordstrom Inc *		3,866		46
Norwegian Cruise Line Holdings Ltd *		14,956		256
NVR Inc *		13		53
Office Depot Inc *		1,901		37

2 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ollie’s Bargain Outlet Holdings Inc *		746	$	65
OneSpaWorld Holdings Ltd *		3,063		20
O’Reilly Automotive Inc *		677		312
Oxford Industries Inc		665		27
Papa John’s International Inc		806		66
Peloton Interactive Inc, Cl A *		528		52
Penske Automotive Group Inc *		957		46
PetMed Express Inc		2,172		69
Planet Fitness Inc, Cl A *		3,228		199
Polaris Inc		966		91
PulteGroup Inc		5,125		237
PVH Corp *		108		6
Qurate Retail Inc *		1,412		10
Ralph Lauren Corp, Cl A *		690		47
RealReal Inc/The *		2,868		41
Rent-A-Center Inc/TX, Cl A		1,764		53
RH *		224		86
Roku Inc, Cl A *		339		64
Ross Stores Inc *		3,209		299
Royal Caribbean Cruises Ltd *		8,804		570
Sally Beauty Holdings Inc *		2,794		24
SeaWorld Entertainment Inc *		1,594		31
Service Corp International/US		250		11
ServiceMaster Global Holdings Inc *		1,327		53
Shake Shack Inc, Cl A *		157		10
Shutterstock Inc		205		11
Signet Jewelers Ltd *		2,402		45
Six Flags Entertainment Corp *		248		5
Sleep Number Corp *		1,033		51
Stamps.com Inc *		630		152
Standard Motor Products Inc *		943		42
Starbucks Corp		16,902		1,452
Steven Madden Ltd *		1,178		23
Stitch Fix Inc, Cl A *		1,950		53
Strategic Education Inc		331		30
Tapestry Inc *		2,803		44
Target Corp		6,577		1,035
Taylor Morrison Home Corp, Cl A *		12,743		313
Tempur Sealy International Inc *		568		51
Tenneco Inc, Cl A *		3,599		25
Tesla Inc *		10,195		4,374
Texas Roadhouse Inc, Cl A *		889		54
Thor Industries Inc		106		10
Tiffany & Co		483		56
TJX Cos Inc/The *		14,736		820
Toll Brothers Inc		2,246		109
TopBuild Corp *		476		81
Tractor Supply Co		2,377		341
TRI Pointe Group Inc *		3,236		59
TripAdvisor Inc *		1,712		34
Ulta Beauty Inc *		279		62
Under Armour Inc, Cl C *		556		5

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Urban Outfitters Inc *		417	$	9
Vail Resorts Inc *		46		10
VF Corp		4,023		283
Visteon Corp *		551		38
Wayfair Inc, Cl A *		506		147
Wendy’s Co/The		11,419		255
Whirlpool Corp		638		117
Williams-Sonoma Inc		160		14
Wingstop Inc		582		80
Winnebago Industries Inc		191		10
Wolverine World Wide Inc		1,511		39
Workhorse Group Inc *		1,652		42
WW International Inc *		1,262		24
Wyndham Destinations Inc		4,669		144
Wyndham Hotels & Resorts Inc		189		10
Yum China Holdings Inc *		1,913		101
Yum! Brands Inc		8,356		763
Zumiez Inc *		1,593		44
				61,232
Consumer Staples — 6.1%
Andersons Inc/The		1,960		38
Archer-Daniels-Midland Co		4,581		213
B&G Foods Inc		862		24
Beyond Meat Inc *		535		89
BJ’s Wholesale Club Holdings Inc *		2,099		87
Bunge Ltd		1,596		73
Calavo Growers Inc		571		38
Campbell Soup Co		10,354		501
Casey’s General Stores Inc		319		57
Chefs’ Warehouse Inc/The *		1,366		20
Church & Dwight Co Inc		1,025		96
Clorox Co/The		3,366		707
Coca-Cola Co/The		55,741		2,752
Colgate-Palmolive Co		14,526		1,121
Conagra Brands Inc		14,479		517
Costco Wholesale Corp		5,748		2,041
Coty Inc, Cl A *		1,026		3
Edgewell Personal Care Co *		1,589		44
Energizer Holdings Inc		231		9
Estee Lauder Cos Inc/The, Cl A		2,390		522
Flowers Foods Inc		9,872		240
Fresh Del Monte Produce Inc		1,442		33
General Mills Inc		13,887		857
Grocery Outlet Holding Corp *		263		10
Hain Celestial Group Inc/The *		461		16
Hershey Co/The		2,295		329
HF Foods Group Inc *		2,213		15
Hormel Foods Corp		4,797		235
Ingredion Inc		1,110		84
J M Smucker Co/The		6,494		750
Kellogg Co		6,713		434

New Covenant Funds / Quarterly Report / September 30, 2020 3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Keurig Dr Pepper Inc		18,064	$	499
Kimberly-Clark Corp		6,484		957
Kraft Heinz Co/The		4,224		126
Kroger Co/The		25,293		858
Lamb Weston Holdings Inc		594		39
Lancaster Colony Corp		319		57
McCormick & Co Inc/MD		2,916		566
Medifast Inc		71		12
Mondelez International Inc, Cl A		17,402		1,000
Monster Beverage Corp *		2,682		215
National Beverage Corp *		172		12
PepsiCo Inc		28,780		3,989
Performance Food Group Co *		1,023		35
Pilgrim’s Pride Corp *		355		5
Post Holdings Inc *		108		9
PriceSmart Inc		690		46
Procter & Gamble Co/The		33,306		4,629
Sanderson Farms Inc		297		35
SpartanNash Co		1,252		20
Spectrum Brands Holdings Inc		183		10
Sprouts Farmers Market Inc *		6,575		138
Sysco Corp		19,266		1,199
TreeHouse Foods Inc *		237		10
Tyson Foods Inc, Cl A		1,004		60
US Foods Holding Corp *		2,211		49
Walgreens Boots Alliance Inc		8,946		321
Walmart Inc		18,397		2,574
				29,425
Energy — 1.7%
Antero Midstream Corp		7,912		42
Apache Corp		7,933		75
Baker Hughes Co, Cl A		4,496		60
Cabot Oil & Gas Corp		3,306		57
Cactus Inc, Cl A		1,525		29
ChampionX Corp *		383		3
Cheniere Energy Inc *		1,265		59
Chevron Corp		23,942		1,724
Cimarex Energy Co		995		24
CNX Resources Corp *		6,091		57
Concho Resources Inc		142		6
ConocoPhillips		28,755		944
Continental Resources Inc/OK *		337		4
Devon Energy Corp		8,276		78
Diamond S Shipping Inc *		3,276		22
Diamondback Energy Inc		133		4
Dril-Quip Inc *		1,072		27
EOG Resources Inc		6,126		220
EQT Corp *		2,732		35
Equitrans Midstream Corp		2,185		18
Exxon Mobil Corp		54,899		1,885
Frank’s International NV *		9,174		14

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Golar LNG Ltd *		3,888	$	24
Halliburton Co		4,450		54
Helmerich & Payne Inc		1,494		22
Hess Corp		4,195		172
HollyFrontier Corp		3,119		61
International Seaways Inc		1,773		26
Kinder Morgan Inc		21,442		264
Magnolia Oil & Gas Corp *		3,984		21
Marathon Oil Corp		5,472		22
Marathon Petroleum Corp		7,000		205
Murphy Oil Corp		449		4
Nabors Industries Ltd *		367		9
National Oilwell Varco Inc *		482		4
Noble Energy Inc		6,179		53
Occidental Petroleum Corp		8,202		82
Oceaneering International Inc *		3,376		12
ONEOK Inc		3,505		91
Parsley Energy Inc, Cl A		2,802		26
Patterson-UTI Energy Inc		4,952		14
PBF Energy Inc, Cl A *		363		2
Phillips 66		5,367		278
Pioneer Natural Resources Co		1,910		164
Range Resources Corp *		2,413		16
RPC Inc *		10,482		28
Schlumberger NV		41,175		641
Southwestern Energy Co *		21,739		51
Targa Resources Corp		11,252		158
Valero Energy Corp		4,715		204
Williams Cos Inc/The		11,002		216
WPX Energy Inc *		3,940		19
				8,330
Financials — 10.2%
Affiliated Managers Group Inc		910		62
Aflac Inc		6,398		233
AGNC Investment Corp ‡		2,838		39
Alleghany Corp *		15		8
Allegiance Bancshares Inc		1,318		31
Allstate Corp/The		3,458		326
Ally Financial Inc		1,575		39
American Express Co		9,360		938
American Financial Group Inc/OH		449		30
American Homes 4 Rent, Cl A ‡		1,974		56
American International Group Inc		4,494		124
American National Group Inc		421		28
Ameriprise Financial Inc		1,250		193
Ameris Bancorp		1,129		26
AMERISAFE Inc		743		43
Annaly Capital Management Inc ‡		8,922		64
Aon PLC, Cl A		2,247		464
Apollo Commercial Real Estate Finance Inc ‡		2,686		24
Arch Capital Group Ltd *		2,404		70

4 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Argo Group International Holdings Ltd		750	$	26
ARMOUR Residential REIT Inc ‡		2,854		27
Arthur J Gallagher & Co		743		78
Artisan Partners Asset Management Inc, Cl A		1,589		62
Assetmark Financial Holdings Inc *		1,796		39
Associated Banc-Corp		4,274		54
Assurant Inc		87		11
Assured Guaranty Ltd		994		21
Athene Holding Ltd, Cl A *		1,071		36
Atlantic Union Bankshares Corp		1,302		28
Axis Capital Holdings Ltd		825		36
Axos Financial Inc *		1,657		39
Banc of California Inc		2,959		30
BancorpSouth Bank		1,525		30
Bank of America Corp		100,949		2,432
Bank of Hawaii Corp		1,051		53
Bank of Marin Bancorp		1,079		31
Bank of New York Mellon Corp/The		12,656		435
Bank of NT Butterfield & Son Ltd/The		1,324		29
Bank OZK		366		8
BankUnited Inc		2,418		53
Banner Corp		851		27
Berkshire Hathaway Inc, Cl B *		26,624		5,669
Berkshire Hills Bancorp Inc		1,501		15
BGC Partners Inc, Cl A		8,389		20
BlackRock Inc, Cl A		1,878		1,058
Blackstone Mortgage Trust Inc, Cl A ‡		1,347		30
BOK Financial Corp		568		29
Boston Private Financial Holdings Inc		4,112		23
Bridge Bancorp Inc		1,467		26
Brighthouse Financial Inc *		268		7
Brown & Brown Inc		290		13
Bryn Mawr Bank Corp		1,221		30
Camden National Corp		1,097		33
Capital One Financial Corp		4,592		330
Capitol Federal Financial Inc		3,529		33
Capstead Mortgage Corp ‡		6,235		35
Cathay General Bancorp		1,291		28
Cboe Global Markets Inc		99		9
Central Pacific Financial Corp		1,651		22
Charles Schwab Corp/The		13,043		473
Chimera Investment Corp ‡		2,402		20
Chubb Ltd		6,169		716
Cincinnati Financial Corp		891		69
CIT Group Inc		1,060		19
Citigroup Inc		25,211		1,087
Citizens Financial Group Inc		2,381		60
City Holding Co		607		35
CME Group Inc, Cl A		4,726		791
CNA Financial Corp		253		8
Cohen & Steers Inc		764		43
Colony Credit Real Estate Inc *‡		3,608		18

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Columbia Banking System Inc		1,223	$	29
Comerica Inc		1,232		47
Commerce Bancshares Inc/MO		1,488		84
Community Bank System Inc		710		39
ConnectOne Bancorp Inc		1,891		27
Credit Acceptance Corp *		177		60
Cullen/Frost Bankers Inc		850		54
CVB Financial Corp		2,268		38
Discover Financial Services		26,226		1,515
E*TRADE Financial Corp		1,729		87
Eagle Bancorp Inc		1,035		28
East West Bancorp Inc		1,710		56
eHealth Inc *		512		40
Ellington Financial Inc ‡		2,748		34
Enterprise Financial Services Corp		1,063		29
Equitable Holdings Inc		432		8
Erie Indemnity Co, Cl A		433		91
Essent Group Ltd		970		36
Evercore Inc, Cl A		659		43
Everest Re Group Ltd		179		35
FactSet Research Systems Inc		306		102
FB Financial Corp		1,250		31
Federal Agricultural Mortgage Corp, Cl C		597		38
Federated Hermes Inc, Cl B		1,492		32
Fidelity National Financial Inc		1,063		33
Fifth Third Bancorp		4,599		98
First American Financial Corp		814		41
First BanCorp/Puerto Rico		4,571		24
First Busey Corp		1,790		28
First Citizens BancShares Inc/NC, Cl A		94		30
First Commonwealth Financial Corp		3,365		26
First Financial Bancorp		1,921		23
First Financial Bankshares Inc		1,378		38
First Hawaiian Inc		3,126		45
First Horizon National Corp		6,041		57
First Merchants Corp		1,182		27
First Midwest Bancorp Inc/IL		2,129		23
First Republic Bank/CA		831		91
FirstCash Inc		612		35
FNB Corp/PA		3,907		26
Franklin Resources Inc		6,856		140
Fulton Financial Corp		2,789		26
Genworth Financial Inc, Cl A *		10,439		35
German American Bancorp Inc		1,414		38
Globe Life Inc		108		9
Goldman Sachs Group Inc/The		3,960		796
Goosehead Insurance Inc, Cl A *		215		19
Great Western Bancorp Inc		1,390		17
Hancock Whitney Corp		1,142		21
Hannon Armstrong Sustainable Infrastructure Capital Inc		30,657		1,296
Hanover Insurance Group Inc/The		694		65

New Covenant Funds / Quarterly Report / September 30, 2020 5

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
HarborOne Bancorp Inc		4,621	$	37
Hartford Financial Services Group Inc/The		4,042		149
Heartland Financial USA Inc		1,003		30
Heritage Financial Corp/WA		1,744		32
Home BancShares Inc/AR		2,523		38
HomeStreet Inc		1,465		38
Hope Bancorp Inc		3,233		25
Horace Mann Educators Corp		1,125		38
Houlihan Lokey Inc, Cl A		1,032		61
Huntington Bancshares Inc/OH		6,282		58
Independent Bank Corp		580		30
Independent Bank Group Inc		846		37
Intercontinental Exchange Inc		6,879		688
International Bancshares Corp		1,137		30
Invesco Ltd		18,276		209
Invesco Mortgage Capital Inc ‡		3,234		9
Investors Bancorp Inc		4,061		29
James River Group Holdings Ltd		1,180		53
Jefferies Financial Group Inc		2,313		42
JPMorgan Chase & Co		52,401		5,045
KeyCorp		12,904		154
Kinsale Capital Group Inc		73		14
KKR & Co Inc ‡		1,439		49
KKR Real Estate Finance Trust Inc		2,440		40
Lakeland Bancorp Inc		2,890		29
Lazard Ltd, Cl A (A)		2,316		77
LendingTree Inc *		175		54
Lincoln National Corp		3,621		113
Loews Corp		222		8
LPL Financial Holdings Inc		1,036		79
M&T Bank Corp		929		86
Markel Corp *		48		47
MarketAxess Holdings Inc		58		28
Marsh & McLennan Cos Inc		16,703		1,916
Mercury General Corp		233		10
Meta Financial Group Inc		1,407		27
MetLife Inc		7,024		261
MFA Financial Inc ‡		6,337		17
MGIC Investment Corp		3,455		31
Moelis & Co, Cl A		1,564		55
Moody’s Corp		1,782		516
Morgan Stanley		35,755		1,729
Morningstar Inc		1,261		203
Mr Cooper Group Inc *		3,903		87
MSCI Inc, Cl A		1,669		595
Nasdaq Inc		2,378		292
Navient Corp		3,513		30
NBT Bancorp Inc		1,213		33
Nelnet Inc, Cl A		793		48
New Residential Investment Corp ‡		14,139		112
New York Community Bancorp Inc		951		8
New York Mortgage Trust Inc ‡		7,776		20

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
NMI Holdings Inc, Cl A *		1,470	$	26
Northern Trust Corp		7,549		589
Northfield Bancorp Inc		2,868		26
OFG Bancorp		2,119		26
Old National Bancorp/IN		2,680		34
Old Republic International Corp		2,203		32
OneMain Holdings Inc, Cl A		258		8
Pacific Premier Bancorp Inc		3,188		64
PacWest Bancorp		1,283		22
Palomar Holdings Inc, Cl A *		929		97
PennyMac Mortgage Investment Trust ‡		2,215		36
People’s United Financial Inc		5,001		52
Pinnacle Financial Partners Inc		1,489		53
PNC Financial Services Group Inc/The		5,690		625
PRA Group Inc *		1,320		53
Preferred Bank/Los Angeles CA		845		27
Principal Financial Group Inc		662		27
ProAssurance Corp		1,351		21
Progressive Corp/The		6,981		661
ProSight Global Inc *		2,999		34
Prosperity Bancshares Inc		1,192		62
Provident Financial Services Inc		1,988		24
Prudential Financial Inc		16,015		1,017
Radian Group Inc		1,924		28
Raymond James Financial Inc		980		71
Redwood Trust Inc ‡		2,992		22
Regions Financial Corp		72,286		833
Reinsurance Group of America Inc, Cl A		578		55
Renasant Corp		1,366		31
RLI Corp		545		46
S&P Global Inc		7,167		2,584
S&T Bancorp Inc		1,247		22
Sandy Spring Bancorp Inc		1,350		31
Santander Consumer USA Holdings Inc		476		9
Seacoast Banking Corp of Florida *		1,616		29
Selective Insurance Group Inc		739		38
ServisFirst Bancshares Inc		1,306		44
Signature Bank/New York NY		676		56
Simmons First National Corp, Cl A		1,836		29
SLM Corp		8,316		67
South State Corp		1,155		56
Starwood Property Trust Inc ‡		2,000		30
State Street Corp		9,970		592
Sterling Bancorp/DE		2,321		24
Stifel Financial Corp		807		41
SVB Financial Group *		346		83
Synchrony Financial		4,720		124
Synovus Financial Corp		1,267		27
T Rowe Price Group Inc		2,711		348
TCF Financial Corp		1,085		25
TD Ameritrade Holding Corp		221		9
Texas Capital Bancshares Inc *		822		26

6 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
TFS Financial Corp		573	$	8
TPG RE Finance Trust Inc ‡		2,439		21
Travelers Cos Inc/The		2,743		297
TriCo Bancshares		1,219		30
TriState Capital Holdings Inc *		1,917		25
Triumph Bancorp Inc *		1,296		40
Truist Financial Corp		16,871		642
Trustmark Corp		1,410		30
Two Harbors Investment Corp ‡		6,390		33
UMB Financial Corp		715		35
Umpqua Holdings Corp		2,753		29
Universal Insurance Holdings Inc		1,696		23
Univest Financial Corp		1,820		26
Unum Group		1,638		28
US Bancorp		20,106		721
Valley National Bancorp		4,269		29
Veritex Holdings Inc		1,729		29
Virtu Financial Inc, Cl A		3,026		70
Voya Financial Inc		4,001		192
W R Berkley Corp		165		10
Waddell & Reed Financial Inc, Cl A		2,974		44
Walker & Dunlop Inc		749		40
Washington Trust Bancorp Inc		924		28
Webster Financial Corp		934		25
Wells Fargo & Co		45,866		1,078
Westamerica BanCorp		731		40
Western Alliance Bancorp		1,801		57
Willis Towers Watson PLC		907		189
Wintrust Financial Corp		708		28
Zions Bancorp NA		1,771		52
				49,163
Health Care — 14.1%
Abbott Laboratories		35,040		3,813
AbbVie Inc		25,124		2,201
ABIOMED Inc *		332		92
Acadia Healthcare Co Inc *		1,517		45
Acceleron Pharma Inc *		123		14
Adaptive Biotechnologies Corp *		1,704		83
Adverum Biotechnologies Inc *		4,537		47
Aerie Pharmaceuticals Inc *		2,282		27
Agilent Technologies Inc		7,874		795
Agios Pharmaceuticals Inc *		1,062		37
Aimmune Therapeutics Inc *		1,579		54
Akebia Therapeutics Inc *		1,063		3
Alector Inc *		2,628		28
Alexion Pharmaceuticals Inc *		1,593		182
Align Technology Inc *		602		197
Alkermes PLC *		2,433		40
Allakos Inc *		378		31
Allogene Therapeutics Inc *		1,838		69
Alnylam Pharmaceuticals Inc *		1,202		175

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Amedisys Inc *		56	$	13
AmerisourceBergen Corp, Cl A		266		26
Amgen Inc		11,116		2,825
Amicus Therapeutics Inc *		5,193		73
AMN Healthcare Services Inc *		832		49
Anika Therapeutics Inc *		920		33
Anthem Inc		2,728		733
Apellis Pharmaceuticals Inc *		1,618		49
Apollo Medical Holdings Inc *		2,730		49
Arcus Biosciences Inc *		2,371		41
Arena Pharmaceuticals Inc *		1,077		81
Arrowhead Pharmaceuticals Inc *		251		11
Assembly Biosciences Inc *		2,159		35
Atara Biotherapeutics Inc *		3,254		42
Atrion Corp		71		44
Avanos Medical Inc *		1,561		52
Avantor Inc *		2,699		61
Axonics Modulation Technologies Inc *		351		18
Axsome Therapeutics Inc *		618		44
Baxter International Inc		12,373		995
Becton Dickinson and Co		4,437		1,032
BioCryst Pharmaceuticals Inc *		26,852		92
BioDelivery Sciences International Inc *		7,746		29
Biogen Inc *		3,113		883
Biohaven Pharmaceutical Holding Co Ltd *		941		61
BioMarin Pharmaceutical Inc *		1,042		79
Bio-Rad Laboratories Inc, Cl A *		32		16
BioSpecifics Technologies Corp *		871		46
Bio-Techne Corp		53		13
BioTelemetry Inc *		1,100		50
Bluebird Bio Inc *		645		35
Boston Scientific Corp *		16,399		627
Bridgebio Pharma Inc *		1,432		54
Bristol-Myers Squibb Co		38,732		2,335
Brookdale Senior Living Inc *		7,397		19
Bruker Corp		233		9
Cantel Medical Corp *		163		7
Cara Therapeutics Inc *		2,942		37
Cardinal Health Inc		2,213		104
Catalent Inc *		949		81
Catalyst Pharmaceuticals Inc *		11,416		34
Centene Corp *		4,805		280
Cerner Corp		16,243		1,174
Change Healthcare Inc *		3,522		51
Charles River Laboratories International Inc *		77		17
Chemed Corp		114		55
ChemoCentryx Inc *		2,278		125
Cigna Corp		4,819		816
Constellation Pharmaceuticals Inc *		1,060		21
Cooper Cos Inc/The		236		80
Corbus Pharmaceuticals Holdings Inc *		1,468		3
Corcept Therapeutics Inc *		3,878		67

New Covenant Funds / Quarterly Report / September 30, 2020 7

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CorVel Corp *		606	$	52
Covetrus Inc *		1,045		25
Crinetics Pharmaceuticals Inc *		2,310		36
Cue Biopharma Inc *		2,087		31
CVS Health Corp		28,143		1,644
Cytokinetics Inc *		7,134		154
Danaher Corp		8,116		1,748
DaVita Inc *		160		14
Deciphera Pharmaceuticals Inc *		716		37
Denali Therapeutics Inc *		2,631		94
DENTSPLY SIRONA Inc		3,113		136
DexCom Inc *		847		349
Dicerna Pharmaceuticals Inc *		1,898		34
Dynavax Technologies Corp *		8,733		38
Eagle Pharmaceuticals Inc/DE *		828		35
Editas Medicine Inc *		1,596		45
Edwards Lifesciences Corp *		8,484		677
Eidos Therapeutics Inc *		786		40
Elanco Animal Health Inc *		398		11
Eli Lilly and Co		11,942		1,768
Emergent BioSolutions Inc *		950		98
Enanta Pharmaceuticals Inc *		785		36
Encompass Health Corp		164		11
Envista Holdings Corp *		1,731		43
Epizyme Inc *		2,749		33
Esperion Therapeutics Inc *		962		36
Evofem Biosciences Inc *		1,811		4
Exact Sciences Corp *		930		95
Exelixis Inc *		4,344		106
Fate Therapeutics Inc *		3,277		131
FibroGen Inc *		1,053		43
Flexion Therapeutics Inc *		2,711		28
G1 Therapeutics Inc *		1,715		20
Gilead Sciences Inc		18,126		1,145
Glaukos Corp *		167		8
Global Blood Therapeutics Inc *		643		35
Globus Medical Inc, Cl A *		851		42
Gossamer Bio Inc *		3,279		41
Halozyme Therapeutics Inc *		2,641		69
Hanger Inc *		1,891		30
Harpoon Therapeutics Inc *		2,825		48
HCA Healthcare Inc *		2,314		288
Health Catalyst Inc *		1,594		58
HealthEquity Inc *		673		35
Henry Schein Inc *		2,612		154
Heron Therapeutics Inc *		1,977		29
Heska Corp *		532		53
Hill-Rom Holdings Inc		825		69
HMS Holdings Corp *		1,707		41
Hologic Inc *		927		62
Horizon Therapeutics Plc *		1,437		112
Humana Inc		1,529		633

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
ICU Medical Inc *		62	$	11
IDEXX Laboratories Inc *		707		278
Illumina Inc *		3,200		989
Immunomedics Inc *		267		23
Incyte Corp *		1,063		95
Innoviva Inc *		3,557		37
Inogen Inc *		706		20
Inovalon Holdings Inc, Cl A *		464		12
Inovio Pharmaceuticals Inc *		2,095		24
Insmed Inc *		2,129		68
Inspire Medical Systems Inc *		110		14
Insulet Corp *		65		15
Integer Holdings Corp *		625		37
Integra LifeSciences Holdings Corp *		188		9
Intercept Pharmaceuticals Inc *		417		17
Intra-Cellular Therapies Inc *		3,894		100
Intuitive Surgical Inc *		1,403		995
Invitae Corp *		330		14
Ionis Pharmaceuticals Inc *		782		37
Iovance Biotherapeutics Inc *		1,782		59
IQVIA Holdings Inc *		1,378		217
Ironwood Pharmaceuticals Inc, Cl A *		3,844		35
Johnson & Johnson		40,148		5,977
Kala Pharmaceuticals Inc *		7,142		54
Karuna Therapeutics Inc *		717		55
Karyopharm Therapeutics Inc *		2,929		43
Kiniksa Pharmaceuticals Ltd, Cl A *		4,016		62
Kodiak Sciences Inc *		702		42
Krystal Biotech Inc *		823		35
Kura Oncology Inc *		3,438		105
Laboratory Corp of America Holdings *		515		97
Lantheus Holdings Inc *		2,408		30
LHC Group Inc *		57		12
Ligand Pharmaceuticals Inc *		462		44
LivaNova PLC *		657		30
Livongo Health Inc *		1,898		266
Luminex Corp		2,284		60
MacroGenics Inc *		1,782		45
Madrigal Pharmaceuticals Inc *		531		63
McKesson Corp		1,078		161
MEDNAX Inc *		417		7
Merck & Co Inc		39,446		3,272
Meridian Bioscience Inc *		5,130		87
Mettler-Toledo International Inc *		1,565		1,511
Mirati Therapeutics Inc *		429		71
Moderna Inc *		4,368		309
Mylan NV *		607		9
MyoKardia Inc *		751		102
Myriad Genetics Inc *		1,860		24
Natera Inc *		229		17
National Research Corp *		779		38
Natus Medical Inc *		1,614		28

8 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Nektar Therapeutics, Cl A *		2,328	$	39
Neogen Corp *		721		56
Neurocrine Biosciences Inc *		1,089		105
Nevro Corp *		83		12
NextCure Inc *		952		8
NextGen Healthcare Inc *		3,392		43
Novavax Inc *		570		62
Option Care Health Inc *		648		9
OraSure Technologies Inc *		6,042		74
Pennant Group Inc/The *		1,609		62
Penumbra Inc *		72		14
PerkinElmer Inc		120		15
Pfizer Inc		86,529		3,176
Phreesia Inc *		361		12
PRA Health Sciences Inc *		108		11
Premier Inc, Cl A		2,266		74
PTC Therapeutics Inc *		1,021		48
Puma Biotechnology Inc *		5,574		56
QIAGEN NV *		2,338		122
Quest Diagnostics Inc		865		99
Radius Health Inc *		2,352		27
Regeneron Pharmaceuticals Inc *		1,105		619
Repligen Corp *		553		82
ResMed Inc		2,930		502
Retrophin Inc *		3,434		63
Revance Therapeutics Inc *		3,056		77
Rhythm Pharmaceuticals Inc *		2,112		46
Rubius Therapeutics Inc *		3,679		18
Sage Therapeutics Inc *		516		32
Sangamo Therapeutics Inc *		1,002		9
Sarepta Therapeutics Inc *		87		12
Scholar Rock Holding Corp *		2,520		45
Seattle Genetics Inc *		750		147
Shockwave Medical Inc *		1,114		84
Simulations Plus Inc		1,477		111
Sorrento Therapeutics Inc *		12,406		138
STAAR Surgical Co *		193		11
STERIS PLC		1,661		293
Stryker Corp		3,932		819
Supernus Pharmaceuticals Inc *		2,174		45
Surmodics Inc *		1,169		45
Syros Pharmaceuticals Inc *		1,610		14
Tactile Systems Technology Inc *		728		27
Tandem Diabetes Care Inc *		144		16
Teladoc Health Inc *		55		12
Teleflex Inc		742		253
TG Therapeutics Inc *		4,916		132
Theravance Biopharma Inc *		2,200		33
Thermo Fisher Scientific Inc		5,343		2,359
Translate Bio Inc *		2,224		30
Turning Point Therapeutics Inc *		828		72
Twist Bioscience Corp *		1,681		128

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ultragenyx Pharmaceutical Inc *		1,143	$	94
United Therapeutics Corp *		559		56
UnitedHealth Group Inc		17,164		5,351
Universal Health Services Inc, Cl B *		80		9
UroGen Pharma Ltd *		1,543		30
US Physical Therapy Inc *		428		37
Varex Imaging Corp *		1,631		21
Varian Medical Systems Inc *		1,773		305
VBI Vaccines Inc *		14,663		42
Veeva Systems Inc, Cl A *		1,157		325
Vertex Pharmaceuticals Inc *		3,305		899
Viking Therapeutics Inc *		6,150		36
Waters Corp *		395		77
West Pharmaceutical Services Inc		1,875		515
Wright Medical Group NV *		1,682		51
Zimmer Biomet Holdings Inc		3,501		477
Zoetis Inc, Cl A		6,022		996
Zogenix Inc *		947		17
				67,641
Industrials — 8.4%
3M Co		10,841		1,736
A O Smith Corp		1,708		90
AAON Inc		997		60
AAR Corp *		1,101		21
ABM Industries Inc		1,349		49
ACCO Brands Corp		5,214		30
Acuity Brands Inc		84		9
ADT Inc		6,039		49
AECOM *		6,633		278
AGCO Corp		149		11
Air Lease Corp, Cl A		1,053		31
Alamo Group Inc		424		46
Alaska Air Group Inc *		10,133		371
Allegion plc		855		85
Allison Transmission Holdings Inc		1,870		66
Altra Industrial Motion Corp		1,437		53
AMERCO *		136		48
American Airlines Group Inc *		405		5
American Woodmark Corp *		461		36
AMETEK Inc		1,369		136
Apogee Enterprises Inc		1,229		26
Applied Industrial Technologies Inc		745		41
ArcBest Corp		1,766		55
Arcosa Inc		1,128		50
Argan Inc		1,315		55
Armstrong World Industries Inc		979		67
ASGN Inc *		723		46
Astec Industries Inc		1,175		64
Avis Budget Group Inc *		2,276		60
Axon Enterprise Inc *		1,934		175
AZZ Inc		1,071		37

New Covenant Funds / Quarterly Report / September 30, 2020 9

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Barnes Group Inc		807	$	29
Bloom Energy Corp, Cl A *		2,773		50
Brady Corp, Cl A		873		35
Brink’s Co/The		540		22
Carlisle Cos Inc		311		38
Carrier Global Corp		4,900		150
CBIZ Inc *		1,805		41
CH Robinson Worldwide Inc		148		15
Chart Industries Inc *		807		57
Cimpress PLC *		398		30
Cintas Corp		1,907		635
CIRCOR International Inc *		1,110		30
Clean Harbors Inc *		137		8
Colfax Corp *		1,455		46
Comfort Systems USA Inc		988		51
Construction Partners Inc, Cl A *		2,838		52
Copa Holdings SA, Cl A *		469		24
Copart Inc *		1,284		135
CoStar Group Inc *		326		277
Covanta Holding Corp		3,388		26
Crane Co		135		7
CSW Industrials Inc		645		50
CSX Corp		9,694		753
Cummins Inc		3,179		671
Curtiss-Wright Corp		1,789		167
Deere & Co		4,735		1,049
Delta Air Lines Inc *		39,597		1,211
Deluxe Corp		981		25
Donaldson Co Inc		202		9
Dover Corp		2,207		239
Dycom Industries Inc *		1,064		56
Eaton Corp PLC		13,217		1,349
EMCOR Group Inc		565		38
Emerson Electric Co		6,592		432
EnerSys		664		45
EnPro Industries Inc		738		42
Equifax Inc		276		43
ESCO Technologies Inc		568		46
Expeditors International of Washington Inc		1,163		105
Exponent Inc		727		52
Fastenal Co		6,120		276
Federal Signal Corp		1,560		46
FedEx Corp		3,239		815
Flowserve Corp		239		7
Fluor Corp *		4,373		39
Forrester Research Inc *		1,169		38
Fortune Brands Home & Security Inc		174		15
Forward Air Corp		727		42
Franklin Electric Co Inc		897		53
FTI Consulting Inc *		443		47
Gates Industrial Corp PLC *		886		10
Generac Holdings Inc *		89		17

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
General Electric Co		121,638	$	758
Gibraltar Industries Inc *		959		62
Graco Inc		223		14
GrafTech International Ltd		954		7
Granite Construction Inc		1,780		31
Great Lakes Dredge & Dock Corp *		4,289		41
Greenbrier Cos Inc/The		1,583		47
Hawaiian Holdings Inc *		1,619		21
HD Supply Holdings Inc *		1,986		82
Healthcare Services Group Inc		2,050		44
HEICO Corp		4,884		511
HEICO Corp, Cl A		4,197		372
Helios Technologies Inc		1,091		40
Herc Holdings Inc *		1,012		40
Herman Miller Inc		1,053		32
Hexcel Corp *		4,105		138
Hillenbrand Inc		1,501		43
HNI Corp		1,268		40
Honeywell International Inc		10,659		1,755
Howmet Aerospace Inc *		7,379		123
Hubbell Inc, Cl B		682		93
IAA Inc *		253		13
ICF International Inc		545		34
IDEX Corp		68		12
IHS Markit Ltd		3,910		307
Illinois Tool Works Inc		10,512		2,031
Ingersoll Rand Inc *		355		13
Insperity Inc		592		39
Interface Inc, Cl A		2,949		18
ITT Inc		1,404		83
Jacobs Engineering Group Inc		1,091		101
JB Hunt Transport Services Inc		437		55
JetBlue Airways Corp *		4,688		53
John Bean Technologies Corp		439		40
Johnson Controls International plc		22,116		903
Kadant Inc		475		52
Kaman Corp		743		29
Kansas City Southern		1,741		315
KAR Auction Services Inc *		2,303		33
Kelly Services Inc, Cl A *		2,214		38
Kennametal Inc		1,343		39
Kforce Inc		1,239		40
Kirby Corp *		1,032		37
Knight-Swift Transportation Holdings Inc, Cl A		1,357		55
Knoll Inc		1,853		22
Korn Ferry		1,193		35
Landstar System Inc		432		54
Lennox International Inc		44		12
Lincoln Electric Holdings Inc		1,027		95
Lindsay Corp		523		51
Lyft Inc, Cl A *		240		7

10 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Macquarie Infrastructure Corp *		266	$	7
ManpowerGroup Inc		3,586		263
Marten Transport Ltd		3,469		57
Masco Corp		6,315		348
Matson Inc		1,273		51
Maxar Technologies Inc		6,794		169
McGrath RentCorp		666		40
Mercury Systems Inc *		2,386		185
Meritor Inc *		2,088		44
Middleby Corp/The *		103		9
MRC Global Inc *		3,597		15
MSA Safety Inc		392		53
MSC Industrial Direct Co Inc, Cl A		1,115		71
Nielsen Holdings PLC		7,584		108
Nordson Corp		600		115
Norfolk Southern Corp		3,218		689
NOW Inc *		4,359		20
NV5 Global Inc *		1,080		57
nVent Electric PLC		457		8
Old Dominion Freight Line Inc		400		72
Omega Flex Inc		448		70
Oshkosh Corp		2,762		203
Otis Worldwide Corp		2,746		171
Owens Corning		4,958		341
PACCAR Inc		2,133		182
Parker-Hannifin Corp		1,231		249
Parsons Corp *		1,198		40
Pentair PLC		4,928		226
Pitney Bowes Inc		11,792		63
Plug Power Inc *		1,263		17
Proto Labs Inc *		491		64
Quanta Services Inc		2,291		121
Raven Industries Inc *		1,437		31
RBC Bearings Inc *		320		39
Regal Beloit Corp		1,068		100
Republic Services Inc, Cl A		842		79
Resideo Technologies Inc *		448		5
Robert Half International Inc		806		43
Rockwell Automation Inc		1,620		357
Rollins Inc		2,355		128
Roper Technologies Inc		1,565		618
Ryder System Inc		1,425		60
Saia Inc *		96		12
Schneider National Inc, Cl B		521		13
Sensata Technologies Holding PLC *		4,273		184
Shyft Group Inc/The		2,836		54
Simpson Manufacturing Co Inc		643		62
Snap-on Inc		318		47
Southwest Airlines Co *		3,131		117
SP Plus Corp *		1,169		21
Spirit AeroSystems Holdings Inc, Cl A		9,098		172
Spirit Airlines Inc *		1,221		20

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SPX Corp *		999	$	46
SPX FLOW Inc *		1,044		45
Stanley Black & Decker Inc		1,349		219
Steelcase Inc, Cl A		2,620		26
Stericycle Inc *		179		11
Teledyne Technologies Inc *		878		272
Tennant Co		639		39
Terex Corp *		1,651		32
Tetra Tech Inc		564		54
Timken Co/The		204		11
Toro Co/The		1,175		99
TPI Composites Inc *		472		14
Trane Technologies PLC		1,779		216
TransDigm Group Inc *		1,732		823
TransUnion		2,713		228
Trex Co Inc *		1,134		81
TriMas Corp *		1,583		36
Trinity Industries Inc		511		10
Triumph Group Inc *		1,853		12
TrueBlue Inc *		2,106		33
Uber Technologies Inc *		13,731		501
UFP Industries Inc		196		11
UniFirst Corp/MA		235		44
Union Pacific Corp		12,488		2,458
United Airlines Holdings Inc *		2,850		99
United Parcel Service Inc, Cl B		9,414		1,569
United Rentals Inc *		1,692		295
Univar Solutions Inc *		476		8
US Ecology Inc *		900		29
Valmont Industries Inc		76		9
Verisk Analytics Inc, Cl A		1,729		320
Virgin Galactic Holdings Inc *		4,426		85
Vivint Solar Inc *		737		31
Wabash National Corp		3,217		38
Waste Management Inc		6,467		732
Watsco Inc		537		125
Watts Water Technologies Inc, Cl A		507		51
Welbilt Inc *		3,137		19
WESCO International Inc *		3,661		161
Westinghouse Air Brake Technologies Corp		465		29
WillScot Mobile Mini Holdings Corp, Cl A *		3,162		53
Woodward Inc		769		62
WW Grainger Inc		4,161		1,485
XPO Logistics Inc *		1,396		118
Xylem Inc/NY		16,416		1,381
				40,651
Information Technology — 26.8%
2U Inc *		871		29
8x8 Inc *		2,725		42
ACI Worldwide Inc *		1,373		36
Adobe Inc *		9,606		4,711

New Covenant Funds / Quarterly Report / September 30, 2020 11

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
ADTRAN Inc		5,303	$	54
Advanced Energy Industries Inc *		725		46
Advanced Micro Devices Inc *		14,318		1,174
Agilysys Inc *		323		8
Akamai Technologies Inc *		7,949		879
Akoustis Technologies Inc *		6,091		50
Alarm.com Holdings Inc *		1,192		66
Alliance Data Systems Corp		1,335		56
Altair Engineering Inc, Cl A *		1,454		61
Alteryx Inc, Cl A *		70		8
Ambarella Inc *		160		8
Amdocs Ltd		3,632		208
Amkor Technology Inc *		3,864		43
Amphenol Corp, Cl A		2,558		277
Analog Devices Inc		4,564		533
Anaplan Inc *		217		14
ANSYS Inc *		683		223
Appian Corp, Cl A *		1,246		81
Apple Inc		231,776		26,842
Applied Materials Inc		10,761		640
Arista Networks Inc *		768		159
Arrow Electronics Inc *		2,550		201
Aspen Technology Inc *		413		52
Atlassian Corp PLC, Cl A *		920		167
Autodesk Inc *		3,559		822
Automatic Data Processing Inc		12,646		1,764
Avaya Holdings Corp *		4,140		63
Avnet Inc		1,892		49
Axcelis Technologies Inc *		2,104		46
Badger Meter Inc		775		51
Belden Inc		900		28
Benchmark Electronics Inc		1,447		29
Black Knight Inc *		1,569		137
Blackbaud Inc *		629		35
Blackline Inc *		185		17
Booz Allen Hamilton Holding Corp, Cl A		1,402		116
Bottomline Technologies DE Inc *		943		40
Box Inc, Cl A *		539		9
Broadcom Inc		6,023		2,194
Broadridge Financial Solutions Inc		720		95
Brooks Automation Inc		207		10
Cabot Microelectronics Corp		373		53
Cadence Design Systems Inc *		2,046		218
Cardtronics PLC *		1,198		24
Cass Information Systems Inc		865		35
CDK Global Inc		1,636		71
CDW Corp/DE		806		96
Cerence Inc *		493		24
Ceridian HCM Holding Inc *		792		65
Ciena Corp *		1,223		49
Cirrus Logic Inc *		640		43
Cisco Systems Inc		68,588		2,702

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Citrix Systems Inc		1,980	$	273
Cloudera Inc *		4,481		49
Cognex Corp		203		13
Cognizant Technology Solutions Corp, Cl A		8,315		577
Coherent Inc *		626		69
Cohu Inc *		2,351		40
CommScope Holding Co Inc *		7,086		64
CommVault Systems Inc *		1,095		45
CoreLogic Inc/United States		271		18
Cornerstone OnDemand Inc *		862		31
Corning Inc		6,104		198
Coupa Software Inc *		970		266
Cree Inc *		248		16
Crowdstrike Holdings Inc, Cl A *		787		108
CSG Systems International Inc		965		40
CTS Corp		1,735		38
Dell Technologies Inc, Cl C *		4,108		278
Diebold Nixdorf Inc *		4,695		36
Digital Turbine Inc *		6,346		208
DocuSign Inc, Cl A *		1,618		348
Dolby Laboratories Inc, Cl A		731		48
Domo Inc, Cl B *		297		11
Dropbox Inc, Cl A *		2,914		56
DXC Technology Co *		5,395		96
Dynatrace Inc *		465		19
Ebix Inc		1,517		31
EchoStar Corp, Cl A *		1,124		28
Elastic NV *		183		20
Enphase Energy Inc *		202		17
Entegris Inc		980		73
Envestnet Inc *		717		55
EPAM Systems Inc *		1,434		464
Euronet Worldwide Inc *		74		7
Everbridge Inc *		1,814		228
EVERTEC Inc		1,569		54
ExlService Holdings Inc *		711		47
Extreme Networks Inc *		6,878		28
F5 Networks Inc *		578		71
Fair Isaac Corp *		299		127
Fastly Inc, Cl A *		905		85
Fidelity National Information Services Inc		7,874		1,159
FireEye Inc *		5,502		68
First Solar Inc *		3,538		234
Fiserv Inc *		6,758		696
Five9 Inc *		93		12
FleetCor Technologies Inc *		729		174
FLIR Systems Inc		1,671		60
FormFactor Inc *		353		9
Fortinet Inc *		928		109
Genpact Ltd		6,870		268
Global Payments Inc		2,965		527
Globant SA *		271		49

12 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
GoDaddy Inc, Cl A *		1,102	$	84
Guidewire Software Inc *		109		11
Hackett Group Inc/The		3,129		35
HubSpot Inc *		322		94
Ichor Holdings Ltd *		1,480		32
II-VI Inc *		224		9
Infinera Corp *		6,579		41
Inphi Corp *		86		10
Inseego Corp *		7,132		74
Insight Enterprises Inc *		754		43
Intel Corp		67,438		3,492
Intelligent Systems Corp *		1,128		44
InterDigital Inc		917		52
International Business Machines Corp		13,123		1,597
Intuit Inc		3,714		1,212
IPG Photonics Corp *		558		95
Itron Inc *		588		36
J2 Global Inc *		540		37
Jabil Inc		6,948		238
Jack Henry & Associates Inc		636		103
Juniper Networks Inc		7,826		168
KBR Inc		1,640		37
Keysight Technologies Inc *		12,701		1,255
KLA Corp		1,904		369
Knowles Corp *		2,314		34
Lam Research Corp		3,493		1,159
Lattice Semiconductor Corp *		369		11
Littelfuse Inc		60		11
Lumentum Holdings Inc *		660		50
Manhattan Associates Inc *		1,278		122
Marvell Technology Group Ltd		4,705		187
Mastercard Inc, Cl A		12,929		4,372
Maxim Integrated Products Inc *		3,740		253
MAXIMUS Inc		682		47
Medallia Inc *		1,562		43
Microchip Technology Inc		1,615		166
Micron Technology Inc *		13,124		616
Microsoft Corp		112,888		23,744
MicroStrategy Inc, Cl A *		339		51
MKS Instruments Inc		103		11
MongoDB Inc, Cl A *		574		133
Monolithic Power Systems Inc		64		18
National Instruments Corp		2,353		84
NCR Corp *		334		7
NetApp Inc		2,936		129
NetScout Systems Inc *		2,073		45
New Relic Inc *		749		42
NIC Inc		2,268		45
Novanta Inc *		547		58
Nuance Communications Inc *		2,832		94
Nutanix Inc, Cl A *		359		8
NVIDIA Corp		9,892		5,354

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Okta Inc, Cl A *		812	$	174
ON Semiconductor Corp *		9,649		209
Oracle Corp		34,708		2,072
OSI Systems Inc *		497		39
PagerDuty Inc *		1,821		49
Palo Alto Networks Inc *		541		132
Paychex Inc		2,612		208
Paycom Software Inc *		194		60
Paylocity Holding Corp *		417		67
PayPal Holdings Inc *		18,658		3,676
Paysign Inc *		4,721		27
Pegasystems Inc		150		18
Perficient Inc *		1,142		49
Perspecta Inc		1,895		37
Photronics Inc *		3,197		32
Plantronics Inc *		1,930		23
Plexus Corp *		633		45
Pluralsight Inc, Cl A *		2,621		45
Power Integrations Inc		196		11
Progress Software Corp		1,206		44
Proofpoint Inc *		98		10
PROS Holdings Inc *		818		26
PTC Inc *		677		56
Pure Storage Inc, Cl A *		685		11
Qorvo Inc *		100		13
QUALCOMM Inc		17,833		2,099
Qualys Inc *		591		58
Rambus Inc *		3,633		50
Rapid7 Inc *		892		55
RealPage Inc *		211		12
RingCentral Inc, Cl A *		699		192
Rogers Corp *		392		38
Sabre Corp *		506		3
salesforce.com *		17,511		4,401
Sanmina Corp *		1,459		39
ScanSource Inc *		1,292		26
Semtech Corp *		1,000		53
ServiceNow Inc *		2,269		1,100
Silicon Laboratories Inc *		437		43
Skyworks Solutions Inc		2,779		404
Smartsheet Inc, Cl A *		266		13
SolarWinds Corp *		634		13
Splunk Inc *		1,357		255
SPS Commerce Inc *		152		12
Square Inc, Cl A *		3,911		636
Switch Inc, Cl A		779		12
Synaptics Inc *		142		11
SYNNEX Corp *		387		54
Synopsys Inc *		1,083		232
Teradata Corp *		4,437		101
Teradyne Inc		4,784		380
Texas Instruments Inc		13,483		1,925

New Covenant Funds / Quarterly Report / September 30, 2020 13

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Trade Desk Inc/The, Cl A *		829	$	430
Trimble Inc *		2,035		99
TTEC Holdings Inc		202		11
TTM Technologies Inc *		3,357		38
Tucows Inc, Cl A *		834		57
Twilio Inc, Cl A *		2,168		536
Tyler Technologies Inc *		393		137
Ubiquiti Inc		263		44
Unisys Corp *		689		7
Universal Display Corp		521		94
Upland Software Inc *		1,378		52
Varonis Systems Inc *		109		13
Verint Systems Inc *		947		46
VeriSign Inc *		802		164
Verra Mobility Corp, Cl A *		3,479		34
ViaSat Inc *		693		24
Viavi Solutions Inc *		3,355		39
Virtusa Corp *		1,123		55
Visa Inc, Cl A		29,770		5,953
VMware Inc, Cl A *		1,343		193
Western Digital Corp *		2,423		89
Western Union Co/The		425		9
WEX Inc *		55		8
Workday Inc, Cl A *		2,079		447
Workiva Inc, Cl A *		1,224		68
Xerox Holdings Corp		7,073		133
Xilinx Inc		2,632		274
Xperi Holding Corp		2,351		27
Zebra Technologies Corp, Cl A *		438		111
Zendesk Inc *		152		16
Zoom Video Communications Inc, Cl A *		1,888		888
Zscaler Inc *		88		12
Zuora Inc, Cl A *		3,498		36
				128,754
Materials — 3.2%
Air Products and Chemicals Inc		4,688		1,396
Albemarle Corp		167		15
Alcoa Corp *		5,657		66
Allegheny Technologies Inc *		2,362		21
Amcor PLC		4,821		53
AptarGroup Inc		1,944		220
Arconic Corp *		1,844		35
Ashland Global Holdings Inc		152		11
Avery Dennison Corp		88		11
Axalta Coating Systems Ltd *		7,963		177
Balchem Corp		488		48
Ball Corp		14,154		1,176
Berry Global Group Inc *		4,123		199
Cabot Corp		238		9
Carpenter Technology Corp		1,006		18
Celanese Corp, Cl A		93		10

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
CF Industries Holdings Inc		1,066	$	33
Chase Corp		421		40
Chemours Co/The		2,832		59
Cleveland-Cliffs Inc *		11,888		76
Coeur Mining Inc *		6,945		51
Compass Minerals International Inc		851		50
Corteva Inc		3,194		92
Crown Holdings Inc *		6,925		532
Domtar Corp *		298		8
Dow Inc		6,685		315
DuPont de Nemours Inc		7,322		406
Eagle Materials Inc *		126		11
Eastman Chemical Co		9,101		711
Ecolab Inc		3,153		630
Element Solutions Inc *		1,023		11
FMC Corp		2,400		254
Freeport-McMoRan Inc *		31,087		486
Graphic Packaging Holding Co		681		10
Greif Inc, Cl A		1,122		41
HB Fuller Co		976		45
Huntsman Corp		475		11
Ingevity Corp *		563		28
Innospec Inc		499		32
International Flavors & Fragrances Inc		2,307		282
International Paper Co		785		32
Kraton Corp *		2,033		36
Linde PLC		8,150		1,941
Livent Corp *		5,807		52
Louisiana-Pacific Corp		1,740		51
LyondellBasell Industries NV, Cl A		2,182		154
Martin Marietta Materials Inc		397		93
Minerals Technologies Inc		880		45
Mosaic Co/The		3,590		66
Neenah Inc		693		26
Newmont Corp		29,273		1,857
Novagold Resources Inc *		1,266		15
Nucor Corp		1,510		68
P H Glatfelter Co		2,740		38
Packaging Corp of America		101		11
PPG Industries Inc		2,274		278
Quaker Chemical Corp		309		56
Reliance Steel & Aluminum Co		412		42
Royal Gold Inc		437		53
Scotts Miracle-Gro Co/The		163		25
Sealed Air Corp		293		11
Sensient Technologies Corp		779		45
Sherwin-Williams Co/The		2,451		1,708
Sonoco Products Co		185		9
Southern Copper Corp		272		12
Steel Dynamics Inc		2,648		76
Stepan Co		510		56
Summit Materials Inc, Cl A *		2,136		35

14 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Trinseo SA		1,345	$	34
Tronox Holdings PLC		4,385		34
United States Lime & Minerals Inc		581		52
United States Steel Corp		3,709		27
Valvoline Inc		11,216		214
Verso Corp		2,760		22
Vulcan Materials Co		665		90
Warrior Met Coal Inc		2,378		41
Westlake Chemical Corp		718		45
Westrock Co		3,989		139
Worthington Industries Inc		1,149		47
				15,315
Real Estate — 3.3%
Acadia Realty Trust *‡		1,946		20
Agree Realty Corp ‡		736		47
Alexander & Baldwin Inc *‡		2,342		26
Alexandria Real Estate Equities Inc ‡		1,497		240
American Campus Communities Inc ‡		252		9
American Finance Trust Inc ‡		3,743		23
American Tower Corp, Cl A ‡		6,167		1,491
Apartment Investment and Management Co, Cl A ‡		1,721		58
Apple Hospitality REIT Inc *‡		718		7
AvalonBay Communities Inc ‡		3,261		487
Boston Properties Inc ‡		1,468		118
Brandywine Realty Trust ‡		14,492		150
Brixmor Property Group Inc *‡		4,703		55
Camden Property Trust ‡		850		76
CareTrust REIT Inc ‡		2,438		43
CBRE Group Inc, Cl A *		29,020		1,363
Colony Capital Inc *‡		41,643		114
Columbia Property Trust Inc ‡		565		6
Community Healthcare Trust Inc ‡		1,136		53
Corporate Office Properties Trust ‡		7,752		184
Cousins Properties Inc ‡		289		8
Crown Castle International Corp ‡		4,746		790
CubeSmart ‡		377		12
Cushman & Wakefield PLC *		2,593		27
CyrusOne Inc ‡		181		13
DiamondRock Hospitality Co *‡		4,575		23
Digital Realty Trust Inc ‡		2,674		392
Diversified Healthcare Trust ‡		6,702		24
Douglas Emmett Inc ‡		2,338		59
Duke Realty Corp ‡		2,798		103
Empire State Realty Trust Inc, Cl A *‡		5,592		34
EPR Properties *‡		735		20
Equinix Inc ‡		1,035		787
Equity Commonwealth ‡		2,677		71
Equity LifeStyle Properties Inc ‡		167		10
Equity Residential ‡		3,485		179
Essential Properties Realty Trust Inc ‡		2,028		37

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Essex Property Trust Inc ‡		454	$	91
Extra Space Storage Inc ‡		811		87
Federal Realty Investment Trust ‡		664		49
First Industrial Realty Trust Inc ‡		1,226		49
Four Corners Property Trust Inc ‡		1,848		47
Franklin Street Properties Corp ‡		5,897		22
Gaming and Leisure Properties Inc ‡		281		10
Global Net Lease Inc ‡		2,484		39
Healthcare Realty Trust Inc ‡		1,555		47
Healthcare Trust of America Inc, Cl A ‡		392		10
Highwoods Properties Inc ‡		247		8
Host Hotels & Resorts Inc *‡		17,568		190
Howard Hughes Corp/The *		795		46
Hudson Pacific Properties Inc ‡		2,475		54
Industrial Logistics Properties Trust ‡		2,389		52
Invitation Homes Inc ‡		398		11
Iron Mountain Inc ‡		5,996		161
JBG SMITH Properties ‡		2,065		55
Jones Lang LaSalle Inc *		1,270		121
Kennedy-Wilson Holdings Inc		2,254		33
Kilroy Realty Corp ‡		4,516		235
Kimco Realty Corp ‡		4,679		53
Kite Realty Group Trust ‡		2,741		32
Lamar Advertising Co, Cl A ‡		1,059		70
Lexington Realty Trust ‡		4,761		50
Life Storage Inc ‡		110		12
LTC Properties Inc ‡		1,142		40
Macerich Co/The ‡		5,508		37
Marcus & Millichap Inc *		1,380		38
Medical Properties Trust Inc ‡		2,513		44
Mid-America Apartment Communities Inc ‡		772		89
Monmouth Real Estate Investment Corp ‡		3,365		47
National Health Investors Inc ‡		635		38
National Retail Properties Inc ‡		975		34
Newmark Group Inc, Cl A		3,753		16
Office Properties Income Trust ‡		1,618		34
Omega Healthcare Investors Inc ‡		1,229		37
Outfront Media Inc *‡		1,951		28
Paramount Group Inc ‡		5,922		42
Park Hotels & Resorts Inc *‡		1,996		20
Pebblebrook Hotel Trust ‡		1,899		24
Physicians Realty Trust ‡		2,753		49
Piedmont Office Realty Trust Inc, Cl A ‡		2,333		32
PotlatchDeltic Corp ‡		1,174		49
Prologis Inc ‡		20,608		2,074
Public Storage ‡		1,177		262
QTS Realty Trust Inc, Cl A ‡		981		62
Rayonier Inc ‡		1,593		42
RE/MAX Holdings Inc, Cl A		1,292		42
Realogy Holdings Corp *		4,621		44
Realty Income Corp ‡		2,296		139
Redfin Corp *		458		23

New Covenant Funds / Quarterly Report / September 30, 2020 15

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Regency Centers Corp ‡		28,376	$	1,079
Retail Opportunity Investments Corp *‡		2,907		30
Retail Properties of America Inc, Cl A ‡		876		5
Rexford Industrial Realty Inc ‡		1,114		51
RLJ Lodging Trust ‡		2,849		25
RMR Group Inc/The, Cl A		1,095		30
RPT Realty *‡		3,429		19
Ryman Hospitality Properties Inc *‡		577		21
Sabra Health Care REIT Inc ‡		2,410		33
Safehold Inc ‡		226		14
SBA Communications Corp, Cl A ‡		994		317
Service Properties Trust ‡		483		4
Simon Property Group Inc ‡		3,706		240
SITE Centers Corp *‡		3,734		27
SL Green Realty Corp ‡		2,476		115
Spirit Realty Capital Inc ‡		237		8
St Joe Co/The *		2,464		51
STAG Industrial Inc ‡		1,647		50
STORE Capital Corp ‡		2,555		70
Summit Hotel Properties Inc *‡		4,173		22
Sunstone Hotel Investors Inc *‡		3,516		28
Tanger Factory Outlet Centers Inc *‡		3,357		20
Taubman Centers Inc *‡		1,690		56
Terreno Realty Corp ‡		941		52
UDR Inc ‡		250		8
Uniti Group Inc ‡		6,587		69
Universal Health Realty Income Trust ‡		439		25
Urban Edge Properties *‡		2,679		26
Urstadt Biddle Properties Inc, Cl A ‡		2,126		20
Ventas Inc ‡		3,279		138
VEREIT Inc ‡		10,217		66
VICI Properties Inc ‡		2,012		47
Vornado Realty Trust ‡		2,903		98
Washington Real Estate Investment Trust ‡		1,705		34
Weingarten Realty Investors ‡		2,933		50
Welltower Inc ‡		4,270		235
Weyerhaeuser Co *‡		17,005		485
WP Carey Inc ‡		149		10
Xenia Hotels & Resorts Inc *‡		2,347		21
				15,878
Utilities — 2.7%
AES Corp/The		5,282		96
ALLETE Inc		620		32
Alliant Energy Corp		213		11
Ameren Corp		1,172		93
American Electric Power Co Inc		5,930		485
American States Water Co		580		43
American Water Works Co Inc		2,717		394
Atmos Energy Corp		461		44
Avangrid Inc		1,720		87
CenterPoint Energy Inc		434		8

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Clearway Energy Inc, Cl C		456	$	12
CMS Energy Corp		20,708		1,272
Consolidated Edison Inc		3,086		240
Dominion Energy Inc		8,988		709
DTE Energy Co		6,262		720
Duke Energy Corp		9,540		845
Edison International		3,288		167
Entergy Corp		2,276		224
Essential Utilities Inc		331		13
Evergy Inc		180		9
Eversource Energy		10,983		918
Exelon Corp		11,090		397
FirstEnergy Corp		4,900		141
Hawaiian Electric Industries Inc		249		8
IDACORP Inc		108		9
MDU Resources Group Inc		386		9
MGE Energy Inc		631		40
National Fuel Gas Co		245		10
New Jersey Resources Corp		1,111		30
NextEra Energy Inc		6,768		1,879
NiSource Inc		419		9
Northwest Natural Holding Co		699		32
NRG Energy Inc		2,300		71
OGE Energy Corp		261		8
Ormat Technologies Inc		644		38
PG&E Corp *		692		6
Pinnacle West Capital Corp		2,640		197
PNM Resources Inc		975		40
Portland General Electric Co		894		32
PPL Corp		7,025		191
Public Service Enterprise Group Inc		5,257		289
Sempra Energy		3,086		365
SJW Group		716		44
South Jersey Industries Inc		1,556		30
Southern Co/The		13,370		725
Sunnova Energy International Inc *		717		22
UGI Corp		253		8
Vistra Corp		2,088		39
WEC Energy Group Inc		2,491		241
Xcel Energy Inc		21,147		1,459
				12,791
				468,914
Total Common Stock (Cost $313,481) ($ Thousands)				474,805

16 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Growth Fund (Concluded)

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		4,493,215	$	4,493
Total Cash Equivalent (Cost $4,493) ($ Thousands)				4,493
Total Investments in Securities — 99.6% (Cost $317,974) ($ Thousands)			$	479,298

A list of the open futures held by the Fund at September 30, 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		9		Dec-2020	$	667	$	677	$	10
S&P 500 Index E-MINI		25		Dec-2020		4,150		4,190		40
					$	4,817	$	4,867	$	50

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

Percentages are based on Net Assets of $481,084 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2020.

^†  Investment in Affiliated Security.

^‡  Real Estate Investment Trust.

(A) Security is a Master Limited Partnership. At September 30, 2020, such securities amounted to $77 ($ Thousands), or 0.0% of the Net Assets of the Fund.

Cl — Class

Ltd. — Limited

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers and Automated Quotations

PLC — Public Limited Company

REIT — Real Estate investment Trust

S&P— Standard & Poor’s

The following is a list of the level of inputs used as of September 30, 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		474,805		–		–		474,805
Cash Equivalent		4,493		–		–		4,493
Total Investments in Securities		479,298		–		–		479,298
Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		50		–		–		50
Total Other Financial Instruments		50		–		–		50

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

For the period ended September 30, 2020, there were no transfers in or out of Level 3.

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

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 ($ Thousands):

Security Description	Value at 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2020	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$ 6,613	$15,403	$(17,523)	$—	$—	$4,493	4,493,215	$—	$—

New Covenant Funds / Quarterly Report / September 30, 2020 17

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES — 38.9%
Agency Mortgage-Backed Obligations — 30.8%
FHLMC
6.500%, 09/01/2039	$	28	$	33
5.500%, 12/01/2036 to 12/01/2038		229		268
5.000%, 12/01/2020 to 03/01/2050		1,185		1,338
4.500%, 06/01/2038 to 04/01/2050		5,394		5,921
4.000%, 07/01/2037 to 03/01/2050		2,903		3,170
3.500%, 11/01/2042 to 05/01/2050		4,701		5,048
3.000%, 09/01/2032 to 03/01/2050		4,789		5,086
2.500%, 08/01/2030 to 06/01/2050		2,765		2,922
2.000%, 10/01/2032		397		412
FHLMC CMO, Ser 2011-3947, Cl SG, IO
5.798%, VAR LIBOR USD 1 Month+5.950%, 10/15/2041		197		35
FHLMC CMO, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		111		6
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		235		13
FHLMC CMO, Ser 2012-4099, Cl ST, IO
5.848%, VAR LIBOR USD 1 Month+6.000%, 08/15/2042		101		18
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		109		11
FHLMC CMO, Ser 2013-4203, Cl PS, IO
6.098%, VAR LIBOR USD 1 Month+6.250%, 09/15/2042		145		22
FHLMC CMO, Ser 2014-4310, Cl SA, IO
5.798%, VAR LIBOR USD 1 Month+5.950%, 02/15/2044		41		7
FHLMC CMO, Ser 2014-4335, Cl SW, IO
5.295%, VAR LIBOR USD 1 Month+6.000%, 05/15/2044		84		17
FHLMC CMO, Ser 2014-4415, Cl IO, IO
2.865%, 04/15/2041 (A)		41		3
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1517, Cl X1, IO
1.331%, 07/25/2035 (A)		340		49
FHLMC Multifamily Structured Pass-Through Certificates, Ser K091, Cl A2
3.505%, 03/25/2029		120		142
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M3
5.725%, VAR ICE LIBOR USD 1 Month+5.550%, 07/25/2028		305		324
FHLMC, Ser 2016-353, Cl S1, IO
5.848%, VAR LIBOR USD 1 Month+6.000%, 12/15/2046		128		28
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		115		119
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		100		13

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050	$	199	$	25
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		100		12
FNMA
7.000%, 11/01/2037 to 11/01/2038		27		31
6.500%, 01/01/2038 to 05/01/2040		180		208
6.000%, 07/01/2037 to 07/01/2041		108		129
5.500%, 02/01/2035		106		125
5.000%, 01/01/2021 to 03/01/2050		5,900		6,524
4.893%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+2.268%, 01/01/2036		23		23
4.500%, 02/01/2035 to 04/01/2056		7,078		7,808
4.174%, VAR ICE LIBOR USD 12 Month+1.700%, 03/01/2036		20		21
4.075%, VAR ICE LIBOR USD 12 Month+1.432%, 05/01/2043		179		185
4.000%, 06/01/2025 to 03/01/2050		12,433		13,568
3.500%, 04/01/2033 to 03/01/2057		12,379		13,400
3.000%, 12/01/2036 to 09/01/2050		6,018		6,397
2.790%, 08/01/2029		200		226
2.500%, 06/01/2028 to 08/01/2035		2,548		2,683
2.260%, 04/01/2030		99		108
2.000%, 08/01/2050		1,841		1,912
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		408		477
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		318		19
FNMA CMO, Ser 2014-47, Cl AI, IO
2.212%, 08/25/2044 (A)		102		7
FNMA CMO, Ser 2015-55, Cl IO, IO
1.900%, 08/25/2055 (A)		26		1
FNMA CMO, Ser 2015-56, Cl AS, IO
5.203%, VAR LIBOR USD 1 Month+6.150%, 08/25/2045		52		13
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 1M2
5.048%, VAR ICE LIBOR USD 1 Month+4.900%, 11/25/2024		208		215
FNMA TBA
2.000%, 10/14/2169 to 10/19/2169		5,800		6,008
1.500%, 10/19/2169		800		819
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		128		151
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		10		1
FNMA, Ser 2013-54, Cl BS, IO
6.002%, VAR LIBOR USD 1 Month+6.150%, 06/25/2043		42		9

18 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA, Ser 2017-76, Cl SB, IO
5.952%, VAR LIBOR USD 1 Month+6.100%, 10/25/2057	$	236	$	54
FNMA, Ser 2017-85, Cl SC, IO
5.253%, VAR LIBOR USD 1 Month+6.200%, 11/25/2047		59		12
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		101		101
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		100		13
FNMA, Ser M19, Cl A2
2.560%, 09/25/2029		389		430
FNMA, Ser M23, Cl 3A3
2.720%, 10/25/2031 (A)		100		108
FNMA, Ser M4, Cl A2
3.610%, 02/25/2031		80		96
FNMA, Ser M6, Cl A2
3.450%, 01/01/2029		170		197
FRESB Mortgage Trust, Ser SB48, Cl A10F
3.370%, 02/25/2028 (A)		694		750
FRESB Mortgage Trust, Ser SB58, Cl A10F
3.610%, 10/25/2028 (A)		1,018		1,103
GNMA
5.500%, 02/20/2037 to 01/15/2039		100		117
5.000%, 12/20/2038 to 01/20/2049		906		1,017
4.600%, 09/15/2034		1,670		1,858
4.500%, 05/20/2040 to 03/20/2050		3,476		3,811
4.000%, 01/15/2041 to 11/20/2049		2,579		2,796
3.500%, 06/20/2044 to 05/15/2050		1,878		2,020
3.000%, 09/15/2042 to 01/20/2050		751		788
2.500%, 02/20/2027		501		522
GNMA CMO, Ser 186, Cl IO, IO
0.699%, 08/16/2054 (A)		929		33
GNMA CMO, Ser 2012-34, Cl SA, IO
5.894%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042		29		7
GNMA CMO, Ser 2012-66, Cl CI, IO
3.500%, 02/20/2038		37		1
GNMA CMO, Ser 2012-H18, Cl NA
0.675%, VAR ICE LIBOR USD 1 Month+0.520%, 08/20/2062		145		145
GNMA CMO, Ser 2012-H30, Cl GA
0.505%, VAR ICE LIBOR USD 1 Month+0.350%, 12/20/2062		663		662
GNMA CMO, Ser 2013-H01, Cl TA
0.655%, VAR ICE LIBOR USD 1 Month+0.500%, 01/20/2063		4		4
GNMA CMO, Ser 2013-H08, Cl BF
0.555%, VAR ICE LIBOR USD 1 Month+0.400%, 03/20/2063		615		615
GNMA CMO, Ser 2014-105, Cl IO, IO
0.901%, 06/16/2054 (A)		838		29

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2015-H20, Cl FA
0.625%, VAR ICE LIBOR USD 1 Month+0.470%, 08/20/2065	$	254	$	254
GNMA CMO, Ser 85, Cl IA, IO
0.680%, 03/16/2047 (A)		2,368		66
GNMA CMO, Ser 95, Cl IO, IO
0.541%, 04/16/2047 (A)		1,338		38
GNMA TBA
3.000%, 10/01/2042		1,800		1,885
2.500%, 02/20/2046		1,000		1,050
2.000%, 10/21/2169		1,000		1,039
GNMA, Ser 107, Cl AD
2.695%, 11/16/2047 (A)		87		92
GNMA, Ser 2013-H21, Cl FB
0.855%, VAR ICE LIBOR USD 1 Month+0.700%, 09/20/2063		452		454
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		84		12
GNMA, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		100		14
GNMA, Ser 2020-H04, Cl FP
0.655%, VAR ICE LIBOR USD 1 Month+0.500%, 06/20/2069		189		190
GNMA, Ser 2020-H09, Cl FL
1.306%, VAR ICE LIBOR USD 1 Month+1.150%, 05/20/2070		100		105
GNMA, Ser 2020-H13, Cl FM
0.556%, VAR ICE LIBOR USD 1 Month+0.400%, 08/20/2070		393		393
GNMA, Ser 2020-H13, Cl FA
0.606%, VAR ICE LIBOR USD 1 Month+0.450%, 07/20/2070		600		600
GNMA, Ser 28, Cl AB
3.150%, 06/16/2060		71		75
				109,666
Non-Agency Mortgage-Backed Obligations — 8.1%
280 Park Avenue Mortgage Trust, Ser 280P, Cl A
1.032%, VAR ICE LIBOR USD 1 Month+0.880%, 09/15/2034 (B)		130		130
Atrium Hotel Portfolio Trust, Ser ATRM, Cl C
2.355%, VAR ICE LIBOR USD 1 Month+1.650%, 12/15/2036 (B)		410		370
BX Commercial Mortgage Trust, Ser XL, Cl A
1.625%, VAR ICE LIBOR USD 1 Month+0.920%, 10/15/2036 (B)		1,049		1,049
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050 (A)(B)		528		543
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS
4.017%, 10/10/2047		100		109

New Covenant Funds / Quarterly Report / September 30, 2020 19

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049	$	810	$	884
Citigroup Commercial Mortgage Trust, Ser 375P, Cl A
3.251%, 05/10/2035 (B)		190		198
COMM Mortgage Trust, Ser CR5, Cl AM
3.223%, 12/10/2045 (B)		590		611
COMM Mortgage Trust, Ser CR5, Cl A4
2.771%, 12/10/2045		700		723
COMM Mortgage Trust, Ser CR8, Cl A4
3.334%, 06/10/2046		565		591
Commercial Mortgage Trust, Ser 2013-CR12, Cl C
5.241%, 10/10/2046 (A)		10		10
Commercial Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		20		22
Commercial Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046 (A)		20		20
Credit Suisse Mortgage Trust, Ser 2019- NQM1, Cl A3
3.064%, 10/25/2059 (B)		356		364
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(B)		922		957
CSMC, Ser USA, Cl B
4.185%, 09/15/2037 (B)		470		423
DBUBS Mortgage Trust, Ser LC2A, Cl A4
4.537%, 07/10/2044 (B)		917		928
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048 (A)(B)		143		145
GS Mortage-Backed Securities Trust, Ser 2020-PJ1, Cl A6
3.500%, 05/25/2050 (A)(B)		569		579
GS Mortgage Securities Trust, Ser 2013- GC16, Cl B
5.161%, 11/10/2046 (A)		80		84
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl A
3.281%, 06/09/2021		620		498
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl B
4.481%, 06/09/2021		430		345
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057 (B)		314		334
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
3.000%, 08/25/2050 (A)(B)		783		802

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B
4.927%, 11/15/2045 (A)	$	210	$	221
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B
5.055%, 01/15/2047 (A)		30		32
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.706%, 09/15/2047 (A)		80		71
JPMorgan Chase Commercial Mortgage Securities Trust, Ser C6, Cl A3
3.507%, 05/15/2045		1,071		1,108
JPMorgan Chase Commercial Mortgage Securities Trust, Ser FL7, Cl D
4.455%, VAR ICE LIBOR USD 1 Month+3.750%, 05/15/2028 (B)		129		127
JPMorgan Chase Commercial Mortgage Securities Trust, Ser LC9, Cl AS
3.353%, 12/15/2047 (B)		380		389
JPMorgan Mortgage Trust, Ser 2015-5, Cl A9
2.633%, 05/25/2045 (A)(B)		64		66
JPMorgan Mortgage Trust, Ser 2016-1, Cl A5
3.500%, 05/25/2046 (A)(B)		135		136
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048 (A)(B)		449		461
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048 (A)(B)		157		161
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(B)		302		310
MAD Mortgage Trust, Ser 330M, Cl A
3.082%, 08/15/2034 (A)(B)		220		228
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C24, Cl A4
3.732%, 05/15/2048		473		528
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C34, Cl ASB
3.354%, 11/15/2052		615		677
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C5, Cl A4
3.176%, 08/15/2045		1,475		1,525
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C9, Cl A4
3.102%, 05/15/2046		714		747
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4
3.244%, 03/15/2045		220		224
Morgan Stanley Capital I Trust, Ser BPR, Cl A
2.105%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (B)		320		306
MSCG Trust, Ser ALDR, Cl A2
3.577%, 06/07/2035 (A)(B)		410		403

20 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Natixis Commercial Mortgage Securities Trust, Ser FAME, Cl B
3.655%, 08/15/2036 (B)	$	410	$	387
New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B
3.500%, 12/25/2058 (A)(B)		319		339
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059 (A)(B)		456		464
Residential Mortgage Loan Trust, Ser 2019- 3, Cl A3
3.044%, 09/25/2059 (A)(B)		299		298
Residential Mortgage Loan Trust, Ser 2019- 3, Cl A2
2.941%, 09/25/2059 (A)(B)		299		301
Residential Mortgage Loan Trust, Ser 2020- 2, Cl A1
1.654%, 05/25/2060 (A)(B)		524		527
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		829		895
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		706		768
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		735		784
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		514		530
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		441		445
Sequoia Mortgage Trust, Ser 2017-5, Cl A4
3.500%, 08/25/2047 (A)(B)		351		356
Sequoia Mortgage Trust, Ser 2017-6, Cl A4
3.500%, 09/25/2047 (A)(B)		159		160
Shops at Crystals Trust, Ser CSTL, Cl A
3.126%, 07/05/2036 (B)		100		99
Towd Point Mortgage Trust, Ser 2015-5, Cl A1B
2.750%, 05/25/2055 (A)(B)		108		109
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
1.451%, 05/10/2063 (A)(B)		324		6
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl NXS3
3.371%, 09/15/2057		160		169

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl XA, IO
1.470%, 06/15/2045 (A)(B)	$	1,056	$	15
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.327%, 05/15/2045 (A)(B)		1,050		26
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.711%, 10/15/2057 (A)		1,041		19
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.525%, 10/15/2057 (A)		270		293
WFRBS Commercial Mortgage Trust, Ser C11, Cl AS
3.311%, 03/15/2045		160		167
WFRBS Commercial Mortgage Trust, Ser C2, Cl A4
4.869%, 02/15/2044 (A)(B)		677		681
WFRBS Commercial Mortgage Trust, Ser C4, Cl A4
4.902%, 06/15/2044 (A)(B)		1,796		1,820
				28,864
Total Mortgage-Backed Securities (Cost $135,479) ($ Thousands)				138,530
CORPORATE OBLIGATIONS — 31.7%
Communication Services — 2.9%
Alphabet
2.050%, 08/15/2050		70		66
1.100%, 08/15/2030		40		40
0.800%, 08/15/2027		30		30
0.450%, 08/15/2025		20		20
AT&T
4.250%, 03/01/2027		150		174
4.125%, 02/17/2026		408		468
3.882%, 11/27/2022 (B)(C)		2,000		1,972
3.000%, 06/30/2022		10		10
2.300%, 06/01/2027		120		126
Charter Communications Operating
5.050%, 03/30/2029		20		24
4.908%, 07/23/2025		310		358
4.800%, 03/01/2050		40		46
3.750%, 02/15/2028		20		22
Comcast
4.700%, 10/15/2048		20		27
4.150%, 10/15/2028		80		96
3.950%, 10/15/2025		210		241
3.750%, 04/01/2040		20		23
3.450%, 02/01/2050		70		79
3.400%, 04/01/2030		40		46

New Covenant Funds / Quarterly Report / September 30, 2020 21

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.300%, 04/01/2027	$	30	$	34
3.250%, 11/01/2039		30		33
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		1,329
Cox Communications
3.250%, 12/15/2022 (B)		859		905
Fox
4.709%, 01/25/2029		40		48
Sprint Spectrum
3.360%, 09/20/2021 (B)		193		195
TCI Communications
7.875%, 02/15/2026		240		324
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		275
T-Mobile USA
3.875%, 04/15/2030 (B)		170		193
3.750%, 04/15/2027 (B)		20		22
3.500%, 04/15/2025 (B)		289		317
2.550%, 02/15/2031 (B)		40		41
2.050%, 02/15/2028 (B)		20		21
Verizon Communications
4.862%, 08/21/2046		40		55
4.329%, 09/21/2028		435		527
4.125%, 08/15/2046		40		49
4.000%, 03/22/2050		40		49
3.875%, 02/08/2029		30		36
3.850%, 11/01/2042		10		12
3.376%, 02/15/2025		282		314
3.000%, 03/22/2027		20		22
2.625%, 08/15/2026		513		561
Viacom
3.875%, 04/01/2024		20		22
Vodafone Group PLC
3.750%, 01/16/2024		410		448
Walt Disney
3.350%, 03/24/2025		469		522
3.000%, 09/15/2022		30		32
				10,299
Consumer Discretionary — 1.3%
Amazon.com
4.250%, 08/22/2057		10		14
3.150%, 08/22/2027		470		536
1.200%, 06/03/2027		20		20
BMW US Capital
1.850%, 09/15/2021 (B)		20		20
Cargill
1.375%, 07/23/2023 (B)		70		72
Dollar General
3.250%, 04/15/2023		10		11

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Motors
5.400%, 10/02/2023	$	576	$	635
General Motors Financial
4.150%, 06/19/2023		600		637
3.700%, 11/24/2020		80		80
3.700%, 05/09/2023		190		199
2.450%, 11/06/2020		30		30
Home Depot
3.900%, 12/06/2028		10		12
3.900%, 06/15/2047		10		12
3.350%, 04/15/2050		50		58
3.300%, 04/15/2040		40		45
2.500%, 04/15/2027		450		489
KazMunayGas National JSC
5.375%, 04/24/2030 (B)		400		467
Lowe’s
5.125%, 04/15/2050		50		69
5.000%, 04/15/2040		30		39
4.500%, 04/15/2030		30		37
McDonald’s MTN
4.200%, 04/01/2050		70		85
3.700%, 01/30/2026		20		23
3.625%, 09/01/2049		10		11
3.500%, 03/01/2027		20		23
3.350%, 04/01/2023		280		299
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		35
2.750%, 03/27/2027		40		44
2.400%, 03/27/2025		355		381
Target
2.650%, 09/15/2030		100		112
2.250%, 04/15/2025		80		86
TJX
3.500%, 04/15/2025		50		56
				4,758
Consumer Staples — 0.7%
Coca-Cola
3.375%, 03/25/2027		30		35
2.950%, 03/25/2025		40		44
2.600%, 06/01/2050		20		20
2.500%, 03/15/2051		30		30
1.450%, 06/01/2027		80		82
Costco Wholesale
1.600%, 04/20/2030		90		92
1.375%, 06/20/2027		120		123
Hershey
0.900%, 06/01/2025		20		20

22 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Kimberly-Clark
3.100%, 03/26/2030	$	20	$	23
Mars
3.200%, 04/01/2030 (B)		30		34
2.700%, 04/01/2025 (B)		60		65
Mondelez International
2.125%, 04/13/2023		30		31
1.500%, 05/04/2025		80		82
PepsiCo
3.875%, 03/19/2060		20		25
3.625%, 03/19/2050		30		36
3.000%, 08/25/2021		290		297
2.750%, 03/05/2022		80		83
2.625%, 03/19/2027		10		11
2.250%, 03/19/2025		331		355
1.625%, 05/01/2030		70		72
0.750%, 05/01/2023		80		81
Procter & Gamble
3.550%, 03/25/2040		50		61
3.000%, 03/25/2030		40		46
2.800%, 03/25/2027		10		11
2.450%, 03/25/2025		339		367
Walmart
3.550%, 06/26/2025		20		23
3.400%, 06/26/2023		30		32
3.050%, 07/08/2026		100		112
				2,293
Energy — 3.2%
Apache
3.250%, 04/15/2022		616		607
Berkshire Hathaway Energy
3.700%, 07/15/2030 (B)		140		165
BP Capital Markets America
3.790%, 02/06/2024		80		88
3.633%, 04/06/2030		50		57
3.410%, 02/11/2026		40		45
3.216%, 11/28/2023		90		97
3.119%, 05/04/2026		170		188
2.937%, 04/06/2023		281		297
BP Capital Markets PLC
3.535%, 11/04/2024		20		22
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		72
Cimarex Energy
4.375%, 06/01/2024		50		54
4.375%, 03/15/2029		50		52
3.900%, 05/15/2027		160		161

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Concho Resources
4.300%, 08/15/2028	$	30	$	33
3.750%, 10/01/2027		160		173
Continental Resources
5.000%, 09/15/2022		90		89
3.800%, 06/01/2024		190		175
Devon Energy
5.850%, 12/15/2025		210		235
Diamondback Energy
5.375%, 05/31/2025		50		52
3.250%, 12/01/2026		30		30
2.875%, 12/01/2024		290		294
Energy Transfer Operating
4.950%, 06/15/2028		10		11
3.750%, 05/15/2030		160		155
2.900%, 05/15/2025		40		40
Energy Transfer Partners
4.500%, 11/01/2023		60		64
Enterprise Products Operating
4.150%, 10/16/2028		140		164
3.950%, 02/15/2027		100		115
3.900%, 02/15/2024		457		498
3.125%, 07/31/2029		60		65
2.800%, 01/31/2030		170		181
EOG Resources
4.375%, 04/15/2030		30		35
4.150%, 01/15/2026		160		183
Exxon Mobil
4.327%, 03/19/2050		30		38
3.043%, 03/01/2026		150		166
2.992%, 03/19/2025		758		831
1.571%, 04/15/2023		717		737
Halliburton
3.250%, 11/15/2021		180		184
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		167
MPLX
4.800%, 02/15/2029		50		57
4.125%, 03/01/2027		110		121
4.000%, 03/15/2028		40		43
Noble Energy
3.850%, 01/15/2028		30		34
3.250%, 10/15/2029		80		88
Occidental Petroleum
5.550%, 03/15/2026		170		154
4.525%, 10/10/2036 (C)		2,000		880
3.400%, 04/15/2026		80		64
3.200%, 08/15/2026		130		103

New Covenant Funds / Quarterly Report / September 30, 2020 23

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.125%, 02/15/2022	$	100	$	94
3.000%, 02/15/2027		130		102
Phillips 66
3.700%, 04/06/2023		582		623
Phillips 66 Partners
2.450%, 12/15/2024		413		425
Schlumberger Holdings
3.900%, 05/17/2028 (B)		456		491
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		320
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		160		166
Western Midstream Operating
5.050%, 02/01/2030		20		19
4.100%, 02/01/2025		30		29
2.116%, VAR ICE LIBOR USD 3 Month+1.850%, 01/13/2023		20		19
Williams
3.750%, 06/15/2027		390		428
				11,217
Financials — 13.6%
American Express
3.400%, 02/27/2023		972		1,036
2.650%, 12/02/2022		264		277
American Honda Finance MTN
0.875%, 07/07/2023		846		853
American International Group
2.500%, 06/30/2025		40		43
Anglo American Capital
3.625%, 09/11/2024 (B)		200		215
Banco Santander
2.746%, 05/28/2025		200		210
1.386%, VAR ICE LIBOR USD 3 Month+1.120%, 04/12/2023		200		201
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		234		260
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		258		271
2.592%, VAR United States Secured Overnight Financing Rate+2.150%, 04/29/2031		80		85
Bank of America MTN
4.450%, 03/03/2026		678		782
4.250%, 10/22/2026		10		12
4.200%, 08/26/2024		210		234
4.125%, 01/22/2024		370		410
4.100%, 07/24/2023		280		307
4.083%, VAR ICE LIBOR USD 3 Month+3.150%, 03/20/2051		40		50
4.000%, 04/01/2024		440		488

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 01/22/2025	$	80	$	89
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/2030		80		93
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028		210		236
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		80		85
3.500%, 04/19/2026		130		145
3.300%, 01/11/2023		60		64
Bank of Montreal MTN
1.850%, 05/01/2025		130		136
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		905
1.600%, 04/24/2025		40		42
Bank of Nova Scotia
1.625%, 05/01/2023		584		599
1.300%, 06/11/2025		70		72
Barclays Bank
2.650%, 01/11/2021		1,199		1,204
1.700%, 05/12/2022		200		203
Blackstone Holdings Finance
1.600%, 03/30/2031 (B)		590		583
BNP Paribas
5.198%, VAR ICE LIBOR USD 3 Month+2.567%, 01/10/2030 (B)		200		247
4.705%, VAR ICE LIBOR USD 3 Month+2.235%, 01/10/2025 (B)		270		299
4.400%, 08/14/2028 (B)		200		234
BPCE MTN
3.000%, 05/22/2022 (B)		640		662
Capital One Financial
3.300%, 10/30/2024		480		520
Charles Schwab
3.850%, 05/21/2025		110		125
Citigroup
8.125%, 07/15/2039		12		21
5.500%, 09/13/2025		150		178
5.300%, 05/06/2044		31		41
4.650%, 07/30/2045		28		37
4.450%, 09/29/2027		120		139
4.412%, VAR United States Secured Overnight Financing Rate+3.914%, 03/31/2031		100		120
4.400%, 06/10/2025		160		181
4.300%, 11/20/2026		40		46
4.125%, 07/25/2028		40		46
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/2029		240		278
4.050%, 07/30/2022		40		42
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		340		382
3.500%, 05/15/2023		100		107

24 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.400%, 05/01/2026	$	354	$	393
3.200%, 10/21/2026		287		317
3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/2026		50		54
2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/2031		200		210
1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/2024		903		925
Cooperatieve Rabobank UA
3.950%, 11/09/2022		670		712
3.875%, 09/26/2023 (B)		595		650
Credit Suisse Group
4.194%, VAR United States Secured Overnight Financing Rate+3.730%, 04/01/2031 (B)		250		289
Credit Suisse NY
2.950%, 04/09/2025		250		273
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		52
Danske Bank
5.000%, 01/12/2022 (B)		200		210
3.001%, VAR ICE LIBOR USD 3 Month+1.249%, 09/20/2022 (B)		200		204
1.226%, 06/22/2024 (B)		200		202
Equitable Financial Life Global Funding
1.400%, 07/07/2025 (B)		673		687
Ferguson Finance
4.500%, 10/24/2028 (B)		459		532
Goldman Sachs Group
5.750%, 01/24/2022		662		707
4.250%, 10/21/2025		90		102
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029		550		641
3.800%, 03/15/2030		530		614
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028		300		336
3.500%, 04/01/2025		80		88
3.500%, 11/16/2026		90		100
Goldman Sachs Group MTN
4.000%, 03/03/2024		420		462
Guardian Life Global Funding
1.100%, 06/23/2025 (B)		30		30
HSBC Holdings PLC
4.583%, VAR ICE LIBOR USD 3 Month+1.535%, 06/19/2029		400		461
Intesa Sanpaolo
3.375%, 01/12/2023 (B)		200		208

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
JPMorgan Chase
4.452%, VAR ICE LIBOR USD 3 Month+1.330%, 12/05/2029	$	200	$	240
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/2029		773		915
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024		230		252
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		116
3.875%, 09/10/2024		290		322
2.522%, VAR United States Secured Overnight Financing Rate+2.040%, 04/22/2031		110		117
2.083%, VAR United States Secured Overnight Financing Rate+1.850%, 04/22/2026		130		136
1.514%, VAR United States Secured Overnight Financing Rate+1.455%, 06/01/2024		210		214
KKR Group Finance VI
3.750%, 07/01/2029 (B)		1,149		1,322
Liberty Mutual Group
4.569%, 02/01/2029 (B)		321		387
4.250%, 06/15/2023 (B)		91		100
Lincoln National
3.400%, 01/15/2031		451		500
Lloyds Banking Group
2.858%, VAR ICE LIBOR USD 3 Month+1.249%, 03/17/2023		434		446
1.326%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+1.100%, 06/15/2023		360		362
Macquarie Bank
2.300%, 01/22/2025 (B)		1,188		1,258
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (B)		220		222
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		553
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		150		171
3.750%, 02/25/2023		1,110		1,191
3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/2031		475		546
2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/2031		100		106
2.188%, VAR United States Secured Overnight Financing Rate+1.990%, 04/28/2026		200		209

New Covenant Funds / Quarterly Report / September 30, 2020 25

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025	$	1,060	$	1,155
National Securities Clearing
1.500%, 04/23/2025 (B)		1,046		1,078
1.200%, 04/23/2023 (B)		250		254
New York Life Global Funding
0.950%, 06/24/2025 (B)		60		61
ORIX
4.050%, 01/16/2024		365		399
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		944		1,039
Penske Truck Leasing Lp
3.900%, 02/01/2024 (B)		965		1,051
Principal Life Global Funding II
2.625%, 11/19/2020 (B)		570		572
1.250%, 06/23/2025 (B)		20		20
Royal Bank of Canada MTN
2.150%, 10/26/2020		70		70
1.600%, 04/17/2023		120		123
1.150%, 06/10/2025		70		71
Royal Bank of Scotland Group PLC
4.519%, VAR ICE LIBOR USD 3 Month+1.550%, 06/25/2024		290		313
4.269%, VAR ICE LIBOR USD 3 Month+1.762%, 03/22/2025		200		217
Santander UK Group Holdings PLC
3.571%, 01/10/2023		200		207
SMBC Aviation Capital Finance DAC
4.125%, 07/15/2023 (B)		200		211
State Street
3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/2031 (B)		50		57
Svenska Handelsbanken MTN
3.350%, 05/24/2021		250		255
Swedbank
1.300%, 06/02/2023 (B)		200		204
Toronto-Dominion Bank MTN
1.150%, 06/12/2025		918		933
0.750%, 06/12/2023		130		131
UBS
1.750%, 04/21/2022 (B)		611		622
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		634		732
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		290
3.491%, 05/23/2023 (B)		390		407
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

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
USAA Capital MTN
2.625%, 06/01/2021 (B)	$	350	$	355
Wells Fargo
3.069%, 01/24/2023		808		833
3.000%, 10/23/2026		190		208
2.188%, VAR United States Secured Overnight Financing Rate+2.000%, 04/30/2026		130		136
Wells Fargo MTN
5.013%, VAR ICE LIBOR USD 3 Month+4.240%, 04/04/2051		380		520
4.900%, 11/17/2045		30		38
4.600%, 04/01/2021		480		490
4.478%, VAR ICE LIBOR USD 3 Month+3.770%, 04/04/2031		50		61
4.300%, 07/22/2027		200		229
3.750%, 01/24/2024		540		587
3.450%, 02/13/2023		120		127
2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/2028		90		94
1.654%, VAR United States Secured Overnight Financing Rate+1.600%, 06/02/2024		160		163
				48,264
Health Care — 3.0%
Abbott Laboratories
3.400%, 11/30/2023		175		190
AbbVie
4.250%, 11/21/2049 (B)		30		36
3.800%, 03/15/2025 (B)		40		44
3.750%, 11/14/2023		20		22
3.600%, 05/14/2025		10		11
3.450%, 03/15/2022 (B)		120		124
3.200%, 11/21/2029 (B)		40		44
2.950%, 11/21/2026 (B)		20		22
2.600%, 11/21/2024 (B)		140		148
2.300%, 11/21/2022 (B)		1,046		1,082
Adventist Health System
2.433%, 09/01/2024		431		446
Aetna
2.800%, 06/15/2023		20		21
Anthem
3.125%, 05/15/2022		340		355
Baylor Scott & White Holdings
1.947%, 11/15/2021		1,226		1,237
Becton Dickinson
4.685%, 12/15/2044		40		49
3.734%, 12/15/2024		24		27
3.363%, 06/06/2024		210		227

26 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bristol-Myers Squibb
3.875%, 08/15/2025	$	150	$	171
3.550%, 08/15/2022		60		64
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		83
2.250%, 08/15/2021		70		71
Cigna
4.375%, 10/15/2028		120		143
4.125%, 11/15/2025		50		57
3.750%, 07/15/2023		30		33
3.500%, 06/15/2024		160		175
3.400%, 09/17/2021		60		62
CommonSpirit Health
4.200%, 08/01/2023		473		510
CVS Health
5.050%, 03/25/2048		60		77
4.300%, 03/25/2028		80		94
3.875%, 07/20/2025		95		107
3.625%, 04/01/2027		180		202
3.350%, 03/09/2021		32		32
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		1,108		1,383
Eli Lilly
2.350%, 05/15/2022		170		175
Gilead Sciences
2.500%, 09/01/2023		50		52
Humana
4.500%, 04/01/2025		10		11
3.150%, 12/01/2022		240		252
2.900%, 12/15/2022		290		303
Johnson & Johnson
0.950%, 09/01/2027		100		100
0.550%, 09/01/2025		50		50
Merck
1.450%, 06/24/2030		50		51
0.750%, 02/24/2026		80		80
Pfizer
2.625%, 04/01/2030		100		112
1.700%, 05/28/2030		50		52
0.800%, 05/28/2025		110		111
SSM Health Care
3.688%, 06/01/2023		644		697
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		29
Thermo Fisher Scientific
4.133%, 03/25/2025		463		527
UnitedHealth Group
4.450%, 12/15/2048		10		13
4.250%, 06/15/2048		10		13
3.875%, 12/15/2028		30		36

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.750%, 07/15/2025	$	30	$	34
3.500%, 06/15/2023		20		22
2.875%, 12/15/2021		50		52
2.375%, 10/15/2022		10		10
2.000%, 05/15/2030		30		31
1.250%, 01/15/2026		20		21
				10,636
Industrials — 2.4%
3M
3.700%, 04/15/2050		150		182
2.375%, 08/26/2029		30		32
AerCap Ireland Capital DAC
4.500%, 05/15/2021		310		316
American Airlines, Ser 2016-3, Cl A
3.250%, 10/15/2028		1,056		824
American Airlines Pass-Through Trust, Ser 2013-2, Cl A
4.950%, 01/15/2023		257		220
Aviation Capital Group
4.125%, 08/01/2025 (B)		160		153
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		13
Carrier Global
2.700%, 02/15/2031 (B)		20		21
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		612		588
Deere
3.750%, 04/15/2050		30		38
3.100%, 04/15/2030		10		11
Delta Air Lines Pass-Through Trust, Ser 2015- 1, Cl AA
3.625%, 07/30/2027		515		516
Delta Air Lines Pass-Through Trust, Ser 2019- 1, Cl AA
3.204%, 04/25/2024		621		619
Eaton
2.750%, 11/02/2022		450		472
FedEx
3.800%, 05/15/2025		722		817
General Electric
4.350%, 05/01/2050		40		41
4.250%, 05/01/2040		30		30
3.625%, 05/01/2030		30		31
3.450%, 05/01/2027		20		21
General Electric MTN
6.875%, 01/10/2039		30		39

New Covenant Funds / Quarterly Report / September 30, 2020 27

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Honeywell International
1.350%, 06/01/2025	$	50	$	52
International Lease Finance
5.875%, 08/15/2022		400		428
Nutrien
1.900%, 05/13/2023		501		517
Republic Services
3.200%, 03/15/2025		180		198
Ryder System MTN
3.350%, 09/01/2025		836		917
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		682		669
United Parcel Service
3.900%, 04/01/2025		398		453
Waste Management
3.500%, 05/15/2024		120		131
				8,396
Information Technology — 2.2%
Adobe
2.300%, 02/01/2030		210		226
Apple
3.350%, 02/09/2027		210		240
2.900%, 09/12/2027		110		123
2.450%, 08/04/2026		70		76
2.000%, 11/13/2020		80		80
1.125%, 05/11/2025		130		133
Broadcom
4.700%, 04/15/2025		180		205
4.110%, 09/15/2028		515		581
3.150%, 11/15/2025		140		152
2.250%, 11/15/2023		100		104
Diamond 1 Finance
4.420%, 06/15/2021 (B)		106		109
Intel
4.950%, 03/25/2060		30		44
4.750%, 03/25/2050		160		220
4.600%, 03/25/2040		10		13
3.700%, 07/29/2025		30		34
Mastercard
3.850%, 03/26/2050		10		13
3.375%, 04/01/2024		190		209
Micron Technology
2.497%, 04/24/2023		70		73
Microsoft
3.300%, 02/06/2027		90		103
2.400%, 02/06/2022		150		154
1.550%, 08/08/2021		110		111

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NVIDIA
3.700%, 04/01/2060	$	90	$	107
3.500%, 04/01/2040		130		152
3.500%, 04/01/2050		330		386
2.850%, 04/01/2030		40		45
NXP BV
4.625%, 06/01/2023 (B)		479		524
2.700%, 05/01/2025 (B)		40		42
Oracle
2.500%, 10/15/2022		130		136
2.500%, 04/01/2025		738		791
PayPal Holdings
1.650%, 06/01/2025		60		62
1.350%, 06/01/2023		571		583
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
TSMC Global
0.750%, 09/28/2025 (B)		200		198
Visa
4.300%, 12/14/2045		10		13
3.150%, 12/14/2025		110		123
2.200%, 12/14/2020		300		301
1.900%, 04/15/2027		879		934
				7,693
Materials — 0.6%
ArcelorMittal
4.550%, 03/11/2026		100		108
3.600%, 07/16/2024		180		189
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		210
Glencore Funding
4.125%, 05/30/2023 (B)		890		954
4.125%, 03/12/2024 (B)		110		119
4.000%, 03/27/2027 (B)		110		120
Southern Copper
3.500%, 11/08/2022		130		136
Vale Overseas
6.250%, 08/10/2026		140		166
				2,002
Real Estate — 0.4%
American Tower Trust, Ser 2013-13, Cl 2A
3.070%, 03/15/2048 (B)		620		633
Digital Realty Trust
3.600%, 07/01/2029		815		935
				1,568

28 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Utilities — 1.6%
Aquarion
4.000%, 08/15/2024 (B)	$	227	$	248
Commonwealth Edison
3.700%, 08/15/2028		468		544
Duke Energy
3.550%, 09/15/2021		170		174
2.400%, 08/15/2022		150		155
Duke Energy Florida
3.200%, 01/15/2027		440		496
FirstEnergy
4.250%, 03/15/2023		380		403
2.850%, 07/15/2022		330		338
1.600%, 01/15/2026		30		30
NextEra Energy Capital Holdings
2.403%, 09/01/2021		513		523
Northern States Power
7.125%, 07/01/2025		1,190		1,507
Pacific Gas and Electric
2.100%, 08/01/2027		130		126
1.750%, 06/16/2022		100		100
Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		433
Public Service Enterprise Group
2.875%, 06/15/2024		713		763
				5,840
Total Corporate Obligations (Cost $106,043) ($ Thousands)				112,966
U.S. TREASURY OBLIGATIONS — 14.5%
U.S. Treasury Bills (C)
0.180%, 10/15/2020		1,510		1,510
0.167%, 10/08/2020		310		310
0.155%, 10/22/2020		2,450		2,450
0.140%, 10/20/2020		1,680		1,680
0.122%, 02/25/2021		2,366		2,365
0.100%, 11/03/2020		820		820
0.100%, 12/03/2020		280		280
0.100%, 01/05/2021		370		370
0.097%, 10/27/2020		810		810
0.097%, 12/08/2020		350		350
U.S. Treasury Bonds
2.000%, 02/15/2050		850		964
1.375%, 08/15/2050		1,660		1,629
1.250%, 05/15/2050		2,570		2,443
U.S. Treasury Inflation-Protected Securities
2.375%, 01/15/2025		179		208
2.125%, 02/15/2040		300		460
2.125%, 02/15/2041		142		221
1.750%, 01/15/2028		87		105

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
1.375%, 02/15/2044	$	545	$	776
1.000%, 02/15/2046		394		532
1.000%, 02/15/2048		462		639
1.000%, 02/15/2049		2,039		2,849
0.750%, 02/15/2042		470		592
0.750%, 02/15/2045		187		238
0.125%, 10/15/2024		3,341		3,546
0.125%, 01/15/2030		772		854
U.S. Treasury Notes
0.625%, 05/15/2030		422		421
0.625%, 08/15/2030		3,168		3,152
0.500%, 08/31/2027		1,290		1,294
0.375%, 03/31/2022		730		733
0.375%, 04/30/2025		20		20
0.250%, 05/31/2025		8,807		8,808
0.250%, 06/30/2025		2,429		2,428
0.250%, 07/31/2025		2,729		2,727
0.250%, 08/31/2025		730		729
0.125%, 06/30/2022		1,727		1,727
0.125%, 07/31/2022		735		735
0.125%, 08/31/2022		1,810		1,810
Total U.S. Treasury Obligations (Cost $50,085) ($ Thousands)				51,585
ASSET-BACKED SECURITIES — 8.4%
Automotive — 1.8%
Avis Budget Rental Car Funding AESOP, Ser 2017-2A, Cl A
2.970%, 03/20/2024 (B)		310		320
Avis Budget Rental Car Funding AESOP, Ser 2019-2A, Cl A
3.350%, 09/22/2025 (B)		320		338
Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (B)		440		444
Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A4
1.960%, 02/18/2025		1,662		1,719
Honda Auto Receivables Owner Trust, Ser 2019-2, Cl A3
2.520%, 06/21/2023		572		586
NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2
3.210%, 02/15/2024 (B)		1,182		1,225
NextGear Floorplan Master Owner Trust, Ser 2019-2A, Cl A2
2.070%, 10/15/2024 (B)		556		557

New Covenant Funds / Quarterly Report / September 30, 2020 29

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
ASSET-BACKED SECURITIES (continued)
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3
2.590%, 07/15/2024	$	1,299	$	1,330
				6,519
Home — 0.2%
Citifinancial Mortgage Securities, Ser 2004- 1, Cl AF4
5.070%, 04/25/2034		187		195
Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5
3.148%, VAR ICE LIBOR USD 1 Month+3.000%, 07/25/2034 (B)		390		400
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
0.448%, VAR ICE LIBOR USD 1 Month+0.300%, 05/25/2037 (B)		199		181
New Century Home Equity Loan Trust, Ser 2003-A, Cl A
0.868%, VAR ICE LIBOR USD 1 Month+0.720%, 10/25/2033 (B)		80		77
				853
Other Asset-Backed Securities — 6.4%
AEP Texas Restoration Funding, Ser 2019-1, Cl A2
2.294%, 08/01/2031		1,646		1,723
Ameriquest Mortgage Securities Asset- Backed Pass-Through Certificates, Ser 2005-R7, Cl M2
0.648%, VAR ICE LIBOR USD 1 Month+0.500%, 09/25/2035		242		242
AMSR Trust, Ser 2020-SFR4, Cl A
1.355%, 11/17/2037 (B)		463		463
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (B)		300		278
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (B)		548		554
Citigroup Mortgage Loan Trust, Ser 2007- WFH3, Cl A3
0.398%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/2037		184		182
Countrywide Asset-Backed Certificates, Ser 2007-13, Cl 2A2M
1.398%, VAR ICE LIBOR USD 1 Month+1.250%, 10/25/2047		142		142
Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
0.292%, VAR ICE LIBOR USD 1 Month+0.140%, 07/15/2036		284		260

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
ASSET-BACKED SECURITIES (continued)
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (B)	$	428	$	441
Domino’s Pizza Master Issuer, Ser 2017-1A, Cl A2I
1.495%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B)		691		692
DRB Prime Student Loan Trust, Ser 2015-B, Cl A1
2.048%, VAR ICE LIBOR USD 1 Month+1.900%, 10/27/2031 (B)		72		73
Education Loan Asset-Backed Trust, Ser 2013-1, Cl A2
0.948%, VAR ICE LIBOR USD 1 Month+0.800%, 04/26/2032 (B)		500		497
Invitation Homes Trust, Ser 2018-SFR1, Cl A
0.851%, VAR ICE LIBOR USD 1 Month+0.700%, 03/17/2037 (B)		1,328		1,314
MMAF Equipment Finance, Ser 2018-A, Cl A3
3.200%, 09/12/2022 (B)		1,079		1,091
Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1
1.003%, VAR ICE LIBOR USD 1 Month+0.855%, 07/25/2034		453		437
Navient Student Loan Trust, Ser 2016-6A, Cl A3
1.448%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2066 (B)		900		907
Progress Residential Trust, Ser 2018-SFR3, Cl A
3.880%, 10/17/2035 (B)		639		658
Progress Residential Trust, Ser 2019-SFR2, Cl A
3.147%, 05/17/2036 (B)		300		310
RAAC Series Trust, Ser 2005-SP3, Cl M2
0.948%, VAR ICE LIBOR USD 1 Month+0.800%, 12/25/2035		379		377
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		339		351
SBA Small Business Investment, Ser 2019- 10A, Cl 1
3.113%, 03/10/2029		176		188
SLC Student Loan Trust, Ser 2010-1, Cl A
1.125%, VAR ICE LIBOR USD 3 Month+0.875%, 11/25/2042		237		236
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
0.540%, VAR ICE LIBOR USD 3 Month+0.290%, 06/15/2039		250		238
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
1.450%, VAR ICE LIBOR USD 3 Month+1.200%, 12/15/2033 (B)		129		126

30 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2
4.540%, 02/25/2044 (B)	$	466	$	502
Store Master Funding I-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		376		392
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (B)		325		328
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		532
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		232		247
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		234		258
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		155		165
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		706		768
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		800		853
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		751		811
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		451		487
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		468		505
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		623		665
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		1,211		1,340
United States Small Business Administration, Ser 2018-20J, Cl 1
3.770%, 10/01/2038		616		693
United States Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		58		63
Vantage Data Centers, Ser 2020-2A, Cl A2
1.992%, 09/15/2045 (B)		912		912
Verizon Owner Trust, Ser 2019-B, Cl A1A
2.330%, 12/20/2023		624		639

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)	$	332	$	352
				22,578
Total Asset-Backed Securities (Cost $29,128) ($ Thousands)				29,950
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		348
5.200%, 05/15/2049		310		373
3.125%, 04/15/2031		220		226
Indonesia Government International Bond MTN
5.125%, 01/15/2045 (B)		200		251
3.850%, 07/18/2027 (B)		200		225
3.750%, 04/25/2022		370		385
Kuwait International Government Bond
3.500%, 03/20/2027 (B)		210		236
Mexico Government International Bond
4.000%, 10/02/2023		610		663
3.600%, 01/30/2025		380		409
Panama Government International Bond
6.700%, 01/26/2036		190		276
4.300%, 04/29/2053		300		368
Peruvian Government International Bond
6.550%, 03/14/2037		250		378
5.625%, 11/18/2050		310		493
Poland Government International Bond
5.125%, 04/21/2021		440		451
4.000%, 01/22/2024		450		501
Province of Quebec Canada
2.625%, 02/13/2023		500		526
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,291
Qatar Government International Bond
3.250%, 06/02/2026		370		407
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030		132		152
5.875%, 09/16/2043		400		554
5.625%, 04/04/2042		400		535
Uruguay Government International Bond
4.375%, 01/23/2031		390		464
Total Sovereign Debt (Cost $8,856) ($ Thousands)				10,019

New Covenant Funds / Quarterly Report / September 30, 2020 31

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.6%
FHLB DN (C)
0.094%, 11/25/2020	$	180	$	180
0.089%, 10/21/2020		360		360
FHLMC
6.500%, 12/01/2035		640		721
6.000%, 03/01/2035		1,017		1,206
5.000%, 10/01/2048		44		48
3.000%, 11/01/2043		543		577
2.375%, 01/13/2022		1,090		1,121
FNMA
4.500%, 09/01/2057		199		227
4.000%, 02/01/2056		63		71
4.000%, 06/01/2057		67		75
3.500%, 10/01/2047		872		922
3.500%, 07/01/2048		301		319
3.500%, 02/01/2049		75		82
3.000%, 03/01/2046		1,100		1,194
3.000%, 05/01/2046		73		78
3.000%, 07/01/2046		123		132
3.000%, 10/01/2046		198		214
3.000%, 11/01/2046		732		768
3.000%, 09/01/2047		299		321
Tennessee Valley Authority
3.875%, 02/15/2021		790		801
Total U.S. Government Agency Obligations (Cost $8,900) ($ Thousands)				9,417
FOREIGN BONDS — 1.8%
Banco Santander
3.125%, 02/23/2023		200		210
Banco Santander Chile
2.500%, 12/15/2020 (B)		240		240
Barclays Bank
10.179%, 06/12/2021 (B)		370		389
BHP Billiton Finance USA
2.875%, 02/24/2022		10		10
BP Capital Markets
3.062%, 03/17/2022		20		21
BP Capital Markets PLC
3.561%, 11/01/2021		230		238
CNOOC Finance
3.500%, 05/05/2025		330		362
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		567
Ecopetrol
5.375%, 06/26/2026		140		155
HSBC Holdings PLC
4.250%, 08/18/2025		230		250
Intesa Sanpaolo
5.017%, 06/26/2024 (B)		200		210

Description	Face Amount (Thousands)		Market Value   ($ Thousands)
FOREIGN BONDS (continued)
3.125%, 07/14/2022 (B)	$	200	$	206
OCP
4.500%, 10/22/2025 (B)		400		422
Petrobras Global Finance BV
6.850%, 06/05/2115		150		160
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		433
Petroleos Mexicanos
4.875%, 01/18/2024		190		188
Shell International Finance BV
3.250%, 05/11/2025		150		166
3.250%, 04/06/2050		110		117
2.875%, 05/10/2026		40		44
2.750%, 04/06/2030		40		44
2.375%, 04/06/2025		548		584
2.250%, 11/10/2020		360		361
1.750%, 09/12/2021		690		699
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 07/21/2021		227		225
Vale Overseas
6.875%, 11/21/2036		48		62
Total Foreign Bonds (Cost $5,970) ($ Thousands)				6,363
MUNICIPAL BONDS — 1.4%
Florida — 0.4%
Florida State, Board of Administration Finance, Ser A, RB
2.638%, 07/01/2021		420		428
1.258%, 07/01/2025		1,000		1,016
				1,444
Michigan — 0.2%
Michigan State, Finance Authority, RB Callable 03/01/2024 @ 100
2.988%, 09/01/2049 (D)		755		810
Missouri — 0.2%
University of Missouri, System Facilities, RB Callable 10/01/2025 @ 100
1.714%, 11/01/2025		725		758
New Jersey — 0.1%
New Jersey State, Transportation Trust Fund Authority, RB
2.551%, 06/15/2023		125		126

32 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

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		$	740
Wisconsin — 0.3%
Wisconsin State, Ser A, RB, AGM
5.700%, 05/01/2026		795			940
Total Municipal Bonds (Cost $4,570) ($ Thousands)					4,818
	Shares
CASH EQUIVALENT — 2.1%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		7,327,800			7,328
Total Cash Equivalent (Cost $7,328) ($ Thousands)					7,328
Total Investments in Securities — 104.2% (Cost $356,359) ($ Thousands)				$	370,976
	Contracts
PURCHASED OPTIONS* — 0.0%
Total Purchased Options (E) (Cost $42) ($ Thousands)		37		$	32
WRITTEN OPTIONS* — 0.0%
Total Written Options (E) (Premiums Received $9) ($ Thousands)		(8	)	$	(5	)

A list of open option contracts held by the Fund at September 30, 2020 are as follows:

Description	Number of Contracts		Notional Amount (Thousands)		Exercise Price		Expiration Date		Value       (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
November 2020, U.S. Bond Future Option*		8	$	7		$175.00		10/17/2020	$	7
November 2020, U.S. Bond Future Option		4		5		176.00		10/17/2020		5
November 2020, U.S. Bond Future Option*		4		2		174.00		10/17/2020		2
				14						14
Call Options
November 2020, U.S. Bond Future Option*		9		9		177.00		10/17/2020		9
November 2020, U.S. Bond Future Option*		8		5		178.00		10/17/2020		5

New Covenant Funds / Quarterly Report / September 30, 2020 33

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value       (Thousands)
PURCHASED OPTIONS (continued)
November 2020, U.S. Bond Future Option*		4		$	4			$177.50		10/17/2020	$	4
					18							18
Total Purchased Options				$	32						$	32
WRITTEN OPTIONS — 0.0%
Put Options
November 2020, U.S. Bond Future Option*		(4	)	$	(1	)		173.00		10/17/20	$	(1	)
December 2020, U.S. Bond Future Option *		(4	)		(4	)		171.00		11/21/20		(4	)
Total Written Options				$	(5	)					$	(5	)

A list of the open futures contracts held by the Fund at September 30, 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. 10-Year Treasury Note		(124	)		Dec-2020	$	(17,283	)	$	(17,302	)	$	(19	)
U.S. 2-Year Treasury Note		142			Jan-2021		31,367			31,376			9
U.S. 5-Year Treasury Note		290			Jan-2021		36,504			36,549			45
U.S. Long Treasury Bond		(178	)		Dec-2020		(31,618	)		(31,378	)		240
U.S. Ultra Long Treasury Bond		17			Dec-2020		3,818			3,771			(47	)
Ultra 10-Year U.S. Treasury Note		14			Dec-2020		2,241			2,239			(2	)
						$	25,029		$	25,255		$	226

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

Percentages are based on Net Assets of $356,147 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2020.

^†  Investment in Affiliated Security.

(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 September 30, 2020, the value of these securities amounted to $62,054 ($ Thousands), representing 17.4% 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.

ABS — Asset-Backed Security

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.

JSC — Joint-Stock Company

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — United States Dollar

VAR — Variable Rate

34 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Income Fund (Continued)

The following is a list of the level of inputs used as of September 30, 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		–			138,530		–		138,530
Corporate Obligations		–			112,966		–		112,966
U.S. Treasury Obligations		–			51,585		–		51,585
Asset-Backed Securities		–			29,950		–		29,950
Sovereign Debt		–			10,019		–		10,019
U.S. Government Agency Obligations		–			9,417		–		9,417
Foreign Bonds		–			6,363		–		6,363
Municipal Bonds		–			4,818		–		4,818
Cash Equivalent		7,328			–		–		7,328
Total Investments in Securities		7,328			363,648		–		370,976
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Purchased Options	$	32		$	—	$	—	$	32
Written Options		(5	)		—		—		(5	)
Futures Contracts *
Unrealized Appreciation		294			—		—		294
Unrealized Depreciation		(68	)		—		—		(68	)
Total Other Financial Instruments	$	253		$	—	$	—	$	253

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

For the period ended September 30, 2020, there were no transfers in or out of Level 3.

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

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 ($ Thousands):

Security Description	Value at 6/30/2020	Purchases at   Cost	Proceeds from   Sales	Realized Gain/   (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2020	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$9,707	$49,911	$(52,290)	$—	$—	$7,328	7,327,800	$—	$—

New Covenant Funds / Quarterly Report / September 30, 2020 35

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Balanced Income Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.5%
Fixed Income Fund — 63.4%
New Covenant Income Fund †		2,096,881	$	51,248
Total Fixed Income Fund (Cost $48,314) ($ Thousands)				51,248
Equity Fund — 35.1%
New Covenant Growth Fund †		601,092		28,371
Total Equity Fund (Cost $13,786) ($ Thousands)				28,371

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		1,143,972	$	1,144
Total Cash Equivalent (Cost $1,144) ($ Thousands)				1,144
Total Investments in Securities — 99.9% (Cost $63,244) ($ Thousands)			$	80,763

Percentages are based on Net Assets of $80,832 ($ Thousands).

** Rate shown is the 7-day effective yield as of September 30, 2020.

^†  Investment in Affiliated Security.

Cl — Class

As of September 30, 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 September 30, 2020, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized   Appreciation	Value 9/30/2020	Shares	Dividend Income	Capital Gains
New Covenant Income Fund	$50,030	$2,355	$(1,383)	$(2)	$248	$51,248	2,096,881	$237	$—
New Covenant Growth Fund	27,937	500	(2,482)	1,270	1,146	28,371	601,092	67	—
SEI Daily Income Trust, Government Fund, Cl F	754	2,490	(2,100)	—	—	1,144	1,143,972	—	—
Totals	$78,721	$5,345	$(5,965)	$1,268	$1,394	$80,763		$304	$—

36 New Covenant Funds / Quarterly Report / September 30, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

New Covenant Balanced Growth Fund

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.4%
Equity Fund — 60.5%
New Covenant Growth Fund †		3,963,205	$	187,063
Total Equity Fund (Cost $105,669) ($ Thousands)				187,063
Fixed Income Fund — 38.9%
New Covenant Income Fund †		4,914,518		120,111
Total Fixed Income Fund (Cost $113,054) ($ Thousands)				120,111

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		1,970,681	$	1,971
Total Cash Equivalent (Cost $1,971) ($ Thousands)				1,971
Total Investments in Securities — 100.0% (Cost $220,694) ($ Thousands)			$	309,145

Percentages are based on Net Assets of $309,184 ($ Thousands).

** Rate shown is the 7-day effective yield as of September 30, 2020.

^†  Investment in Affiliated Security.

Cl — Class

As of September 30, 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 September 30, 2020, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

The following is a summary of the transactions with affiliates for the period ended September 30, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from   Sales	Realized Gain/   (Loss)	Change in Unrealized   Appreciation	Value 9/30/2020	Shares	Dividend Income	Capital Gains
New Covenant Growth Fund	$178,467	$3,160	$(9,976)	$2,653	$12,759	$187,063	3,963,205	$427	$—
New Covenant Income Fund	113,632	9,269	(3,346)	(7)	563	120,111	4,914,518	546	—
SEI Daily Income Trust, Government Fund, Cl F	3,298	3,607	(4,934)	—	—	1,971	1,970,681	—	—
Totals	$295,397	$16,036	$(18,256)	$2,646	$13,322	$309,145		$973	$—

New Covenant Funds / Quarterly Report / September 30, 2020 37