New Covenant Growth Fd (NCGFX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-09025

New Covenant Funds

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

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

Date of fiscal year end: June 30, 2021

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

December 31, 2020

SEMI-ANNUAL REPORT

New Covenant Funds

New Covenant Growth Fund

New Covenant Income Fund

New Covenant Balanced Growth Fund

New Covenant Balanced Income Fund

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

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

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	46
Disclosure of Fund Expenses	58
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements	59

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

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

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund

Sector Weightings^†:

^†Percentages are based on total investments.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 96.3%
United States — 96.3%
Communication Services — 8.5%
Activision Blizzard Inc		8,807	$	818
Alphabet Inc, Cl A *		4,202		7,365
Alphabet Inc, Cl C *		4,147		7,265
AT&T Inc		124,429		3,579
Bandwidth Inc, Cl A *		74		11
Cardlytics Inc *		143		20
Cars.com Inc *		4,178		47
CenturyLink Inc		872		8
Charter Communications Inc, Cl A *		1,676		1,109
Cinemark Holdings Inc		2,104		37
Cogent Communications Holdings Inc		148		9
Comcast Corp, Cl A		57,606		3,019
Electronic Arts Inc		2,676		384
Emerald Holding Inc		4,781		26
Eventbrite Inc, Cl A *		2,537		46
EverQuote Inc, Cl A *		1,468		55
EW Scripps Co/The, Cl A		3,299		50
Facebook Inc, Cl A *		32,037		8,751
Fox Corp, Cl A		1,372		40
IAC/InterActiveCorp *		376		71
IMAX Corp *		2,244		40
Interpublic Group of Cos Inc/The		8,487		200
Iridium Communications Inc *		366		14
John Wiley & Sons Inc, Cl A		236		11
Liberty Broadband Corp, Cl A *		81		13
Liberty Broadband Corp, Cl C *		843		133
Liberty Media Corp-Liberty Formula One, Cl C *		1,355		58
Live Nation Entertainment Inc *		181		13
Madison Square Garden Entertainment Corp *		39		4
Match Group Inc *		1,537		232
Meredith Corp		1,401		27
MSG Networks Inc *		2,988		44
New York Times Co/The, Cl A		439		23
Nexstar Media Group Inc, Cl A		455		50

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Omnicom Group Inc		10,137	$	632
Pinterest, Cl A *		2,610		172
Scholastic Corp		1,266		32
Shenandoah Telecommunications Co		222		10
Sirius XM Holdings Inc		7,153		46
Spotify Technology SA *		1,265		398
Take-Two Interactive Software Inc *		830		172
TechTarget Inc *		1,986		117
TEGNA Inc		3,052		43
T-Mobile US Inc *		5,590		754
Twitter Inc *		7,369		399
Verizon Communications Inc		57,853		3,399
ViacomCBS Inc, Cl B		1,000		37
Walt Disney Co/The		23,176		4,199
World Wrestling Entertainment Inc, Cl A		780		37
Zillow Group Inc, Cl C *		1,112		144
Zynga Inc, Cl A *		14,448		143
				44,306
Consumer Discretionary — 12.7%
1-800-Flowers.com Inc, Cl A *		3,668		95
Aaron’s Co Inc *		416		8
Abercrombie & Fitch Co, Cl A		2,970		60
Adtalem Global Education Inc *		1,460		50
Advance Auto Parts Inc		317		50
Amazon.com Inc *		5,729		18,659
American Eagle Outfitters Inc		3,416		69
American Public Education Inc *		1,831		56
Aramark		260		10
Asbury Automotive Group Inc *		425		62
At Home Group Inc *		6,757		104
AutoNation Inc *		970		68
AutoZone Inc *		235		279
Bed Bath & Beyond Inc		2,963		53
Best Buy Co Inc		14,318		1,429
Big Lots Inc		1,758		75
Bloomin’ Brands Inc		2,259		44
Booking Holdings Inc *		563		1,254
Boot Barn Holdings Inc *		1,181		51
BorgWarner Inc		2,278		88
Bright Horizons Family Solutions Inc *		76		13
Brinker International Inc		1,180		67
Brunswick Corp/DE		839		64
Buckle Inc/The		1,885		55
Burlington Stores Inc *		482		126
Cable One Inc		79		176
Callaway Golf Co		2,383		57
Capri Holdings Ltd *		1,319		55
CarMax Inc *		1,086		103
Carnival Corp		15,800		342
Carter’s Inc		471		44
Carvana Co, Cl A *		309		74
Cavco Industries Inc *		255		45

New Covenant Funds / Semi-Annual Report / December 31, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cheesecake Factory Inc/The		1,236	$	46
Chegg Inc *		176		16
Children’s Place Inc/The		812		41
Chipotle Mexican Grill Inc, Cl A *		232		322
Choice Hotels International Inc		113		12
Columbia Sportswear Co		891		78
Cooper Tire & Rubber Co		1,668		68
Cracker Barrel Old Country Store Inc		323		43
Dana Inc		2,660		52
Darden Restaurants Inc		705		84
Dave & Buster’s Entertainment Inc		1,283		38
Deckers Outdoor Corp *		306		88
Denny’s Corp *		2,500		37
Designer Brands Inc, Cl A		3,316		25
Dick’s Sporting Goods Inc		1,054		59
Dillard’s Inc, Cl A		726		46
Discovery Inc, Cl C *		354		9
Dollar General Corp		2,608		548
Dollar Tree Inc *		1,320		143
Domino’s Pizza Inc		309		118
Dorman Products Inc *		128		11
DR Horton Inc		1,973		136
eBay Inc		24,197		1,216
Etsy Inc *		1,162		207
Expedia Group Inc		103		14
Five Below Inc *		410		72
Floor & Decor Holdings Inc, Cl A *		232		21
Foot Locker Inc		1,308		53
Ford Motor Co		28,288		249
Fox Factory Holding Corp *		749		79
frontdoor Inc *		251		13
Gap Inc/The		11,382		230
General Motors Co		11,957		498
Gentex Corp		440		15
Gentherm Inc *		1,113		73
Genuine Parts Co		109		11
Goodyear Tire & Rubber Co/The		690		7
Graham Holdings Co, Cl B		78		42
Grand Canyon Education Inc *		121		11
Group 1 Automotive Inc		479		63
Grubhub Inc *		1,289		96
Guess? Inc		2,341		53
H&R Block Inc		3,157		50
Hanesbrands Inc		13,319		194
Harley-Davidson Inc		306		11
Hasbro Inc		2,632		246
Helen of Troy Ltd *		57		13
Hilton Grand Vacations Inc *		3,016		95
Hilton Worldwide Holdings Inc		4,365		486
Home Depot Inc/The		14,251		3,785
Hyatt Hotels Corp, Cl A		135		10
Installed Building Products Inc *		694		71

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
iRobot Corp *		1,013	$	81
Jack in the Box Inc		658		61
Johnson Outdoors Inc, Cl A		659		74
KB Home		4,733		159
Kohl’s Corp		1,859		76
Kontoor Brands Inc		1,282		52
L Brands Inc		638		24
La-Z-Boy Inc, Cl Z		1,597		64
LCI Industries		483		63
Lear Corp		6,486		1,031
Leggett & Platt Inc		222		10
Lennar Corp, Cl A		651		50
Lennar Corp, Cl B		728		45
LGI Homes Inc *		127		13
Liberty Media Corp-Liberty SiriusXM, Cl C *		234		10
LKQ Corp *		317		11
Lowe’s Cos Inc		15,716		2,523
M/I Homes Inc *		1,195		53
Macy’s Inc		4,042		45
Madison Square Garden Sports Corp *		39		7
Magnite Inc *		1,140		35
Malibu Boats Inc, Cl A *		202		13
Marriott International Inc/MD, Cl A		3,599		475
Marriott Vacations Worldwide Corp		394		54
Mattel Inc *		14,805		258
McDonald’s Corp		11,361		2,438
Meritage Homes Corp *		794		66
Michaels Cos Inc/The *		7,530		98
Mohawk Industries Inc *		127		18
Monro Inc		626		33
Murphy USA Inc		422		55
National Vision Holdings Inc *		447		20
Netflix Inc *		5,354		2,895
Newell Brands Inc		605		13
News Corp, Cl A		829		15
NIKE Inc, Cl B		17,693		2,503
Nordstrom Inc		3,866		121
Norwegian Cruise Line Holdings Ltd *		14,956		380
NVR Inc *		13		53
Office Depot Inc		1,901		56
Ollie’s Bargain Outlet Holdings Inc *		746		61
OneSpaWorld Holdings Ltd		3,063		31
O’Reilly Automotive Inc *		677		306
Oxford Industries Inc		665		44
Papa John’s International Inc		806		68
Peloton Interactive Inc, Cl A *		3,058		464
Penske Automotive Group Inc		957		57
PetMed Express Inc		366		12
Planet Fitness Inc, Cl A *		3,228		251
Polaris Inc		966		92
PulteGroup Inc		5,125		221
PVH Corp		108		10

2 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Qurate Retail Inc		1,412	$	15
Ralph Lauren Corp, Cl A		690		72
RealReal Inc/The *		2,868		56
Rent-A-Center Inc/TX, Cl A		1,764		68
RH *		224		100
Roku Inc, Cl A *		1,227		407
Ross Stores Inc		3,209		394
Royal Caribbean Cruises Ltd		8,804		658
Sally Beauty Holdings Inc *		2,794		36
SeaWorld Entertainment Inc *		1,594		50
Service Corp International/US		250		12
Shake Shack Inc, Cl A *		157		13
Shutterstock Inc		205		15
Signet Jewelers Ltd		2,402		65
Six Flags Entertainment Corp		248		8
Sleep Number Corp *		1,033		85
Stamps.com Inc *		630		124
Standard Motor Products Inc		943		38
Starbucks Corp		16,902		1,808
Steven Madden Ltd		1,178		42
Stitch Fix Inc, Cl A *		1,950		114
Strategic Education Inc		331		32
Stride Inc *		348		7
Tapestry Inc		2,803		87
Target Corp		6,577		1,161
Taylor Morrison Home Corp, Cl A *		12,743		327
Tempur Sealy International Inc *		2,272		61
Tenneco Inc, Cl A *		3,599		38
Terminix Global Holdings Inc *		303		15
Tesla Inc *		9,924		7,003
Texas Roadhouse Inc, Cl A		889		69
Thor Industries Inc		106		10
Tiffany & Co		101		13
TJX Cos Inc/The		14,736		1,006
Toll Brothers Inc		2,246		98
TopBuild Corp *		476		88
Tractor Supply Co		2,377		334
TRI Pointe Group Inc *		3,236		56
TripAdvisor Inc *		1,712		49
Ulta Beauty Inc *		279		80
Under Armour Inc, Cl C *		556		8
Urban Outfitters Inc *		417		11
Vail Resorts Inc		46		13
VF Corp		4,023		344
Visteon Corp *		551		69
Wayfair Inc, Cl A *		506		114
Wendy’s Co/The		11,419		250
Whirlpool Corp		638		115
Williams-Sonoma Inc		160		16
Wingstop Inc		582		77
Winnebago Industries Inc		191		11
Wolverine World Wide Inc		1,511		47

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Workhorse Group Inc *		1,652	$	33
WW International Inc *		1,262		31
Wyndham Destinations Inc		4,669		209
Wyndham Hotels & Resorts Inc		189		11
Yum China Holdings Inc		1,913		109
Yum! Brands Inc		8,356		907
Zumiez Inc *		1,593		59
				66,605
Consumer Staples — 5.6%
Andersons Inc/The		1,960		48
Archer-Daniels-Midland Co		4,581		231
B&G Foods Inc		862		24
Beyond Meat Inc *		535		67
BJ’s Wholesale Club Holdings Inc *		2,099		78
Bunge Ltd		1,596		105
Calavo Growers Inc		571		40
Campbell Soup Co		10,354		500
Casey’s General Stores Inc		319		57
Celsius Holdings *		3,536		178
Chefs’ Warehouse Inc/The *		1,366		35
Church & Dwight Co Inc		1,025		89
Clorox Co/The		2,716		548
Coca-Cola Co/The		48,059		2,636
Colgate-Palmolive Co		14,526		1,242
Conagra Brands Inc		14,479		525
Costco Wholesale Corp		5,520		2,080
Coty Inc, Cl A		1,026		7
Edgewell Personal Care Co		1,589		55
Energizer Holdings Inc		231		10
Estee Lauder Cos Inc/The, Cl A		2,390		636
Flowers Foods Inc		9,872		223
Fresh Del Monte Produce Inc		1,442		35
General Mills Inc		13,887		816
Grocery Outlet Holding Corp *		263		10
Hain Celestial Group Inc/The *		461		18
Hershey Co/The		2,295		350
HF Foods Group Inc *		2,213		17
Hormel Foods Corp		4,797		224
Ingredion Inc		1,110		87
J M Smucker Co/The		6,494		751
Kellogg Co		6,713		418
Keurig Dr Pepper Inc		16,196		518
Kimberly-Clark Corp		6,484		874
Kraft Heinz Co/The		2,811		97
Kroger Co/The		23,786		755
Lamb Weston Holdings Inc		594		47
Lancaster Colony Corp		319		59
McCormick & Co Inc/MD		5,832		558
Medifast Inc		71		14
Mondelez International Inc, Cl A		17,402		1,017
Monster Beverage Corp *		2,682		248
National Beverage Corp		172		15

New Covenant Funds / Semi-Annual Report / December 31, 2020 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
PepsiCo Inc		28,432	$	4,216
Performance Food Group Co *		1,023		49
Pilgrim’s Pride Corp *		355		7
Post Holdings Inc *		108		11
PriceSmart Inc		690		63
Procter & Gamble Co/The		31,672		4,407
Sanderson Farms Inc		297		39
SpartanNash Co		1,252		22
Spectrum Brands Holdings Inc		183		14
Sprouts Farmers Market Inc *		4,114		83
Sysco Corp		18,307		1,359
TreeHouse Foods Inc *		237		10
Tyson Foods Inc, Cl A		1,004		65
US Foods Holding Corp *		2,211		74
Walgreens Boots Alliance Inc		8,946		357
Walmart Inc		17,426		2,512
				29,630
Energy — 2.0%
Antero Midstream Corp		7,912		61
Apache Corp		7,933		113
Baker Hughes Co, Cl A		4,496		94
Cabot Oil & Gas Corp		3,306		54
Cactus Inc, Cl A		1,525		40
ChampionX Corp *		383		6
Cheniere Energy Inc *		1,265		76
Chevron Corp		23,561		1,990
Cimarex Energy Co		995		37
CNX Resources Corp *		6,091		66
Concho Resources Inc		142		8
ConocoPhillips		28,755		1,150
Continental Resources Inc/OK		337		5
Devon Energy Corp		8,276		131
Diamond S Shipping Inc *		3,276		22
Diamondback Energy Inc		133		6
Dril-Quip Inc *		1,072		32
EOG Resources Inc		4,528		226
EQT Corp		2,732		35
Equitrans Midstream Corp		2,185		17
Exxon Mobil Corp		52,096		2,147
Frank’s International NV *		9,174		25
Golar LNG Ltd		3,888		37
Halliburton Co		4,450		84
Helmerich & Payne Inc		1,494		35
Hess Corp		4,195		221
HollyFrontier Corp		3,119		81
International Seaways Inc		1,773		29
Kinder Morgan Inc		21,442		293
Magnolia Oil & Gas Corp *		3,984		28
Marathon Oil Corp		5,472		37
Marathon Petroleum Corp		7,000		289
Murphy Oil Corp		449		5
Nabors Industries Ltd		367		21

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
National Oilwell Varco Inc		482	$	7
Occidental Petroleum Corp		8,202		142
Oceaneering International Inc *		3,376		27
ONEOK Inc		3,505		134
Parsley Energy Inc, Cl A		2,802		40
Patterson-UTI Energy Inc		4,952		26
PBF Energy Inc, Cl A		363		3
Phillips 66		5,367		375
Pioneer Natural Resources Co		1,910		217
Range Resources Corp		2,413		16
RPC Inc *		10,482		33
Schlumberger NV Ltd		41,175		899
Southwestern Energy Co *		21,739		65
Targa Resources Corp		11,252		297
Valero Energy Corp		4,715		267
Williams Cos Inc/The		11,002		221
WPX Energy Inc *		3,940		32
				10,302
Financials — 10.8%
Aaron’s Holdings Inc *		832		45
Affiliated Managers Group Inc		910		93
Aflac Inc		4,771		212
AGNC Investment Corp ‡		2,838		44
Alleghany Corp		15		9
Allegiance Bancshares Inc		1,318		45
Allstate Corp/The		3,458		380
Ally Financial Inc		1,575		56
American Express Co		9,360		1,132
American Financial Group Inc/OH		449		39
American Homes 4 Rent, Cl A ‡		1,974		59
American International Group Inc		6,002		227
American National Group Inc		421		40
Ameriprise Financial Inc		1,250		243
Ameris Bancorp		1,129		43
AMERISAFE Inc		743		43
Annaly Capital Management Inc ‡		8,922		75
Apollo Commercial Real Estate Finance Inc ‡		2,686		30
Arch Capital Group Ltd *		2,404		87
Argo Group International Holdings Ltd		750		33
ARMOUR Residential REIT Inc ‡		2,854		31
Arthur J Gallagher & Co		743		92
Artisan Partners Asset Management Inc, Cl A		1,589		80
Assetmark Financial Holdings Inc *		1,796		43
Associated Banc-Corp		4,274		73
Assurant Inc		87		12
Assured Guaranty Ltd		994		31
Athene Holding Ltd, Cl A *		1,071		46
Atlantic Union Bankshares Corp		1,302		43
Axis Capital Holdings Ltd		825		42
Axos Financial Inc *		1,657		62
Banc of California Inc		2,959		44
BancorpSouth Bank		1,525		42

4 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bank of America Corp		97,734	$	2,962
Bank of Hawaii Corp		1,051		81
Bank of Marin Bancorp		1,079		37
Bank of New York Mellon Corp/The		12,656		537
Bank of NT Butterfield & Son Ltd/The		1,324		41
Bank OZK		366		11
BankUnited Inc		2,418		84
Banner Corp		851		40
Berkshire Hathaway Inc, Cl B *		25,070		5,813
Berkshire Hills Bancorp Inc		1,501		26
BGC Partners Inc, Cl A		8,389		34
BlackRock Inc, Cl A		1,878		1,355
Blackstone Mortgage Trust Inc, Cl A ‡		1,347		37
BOK Financial Corp		568		39
Boston Private Financial Holdings Inc		4,112		35
Boston Properties Inc ‡		1,468		139
Bridge Bancorp Inc		1,467		35
Brighthouse Financial Inc *		268		10
Brown & Brown Inc		290		14
Bryn Mawr Bank Corp		1,221		37
Camden National Corp		1,097		39
Capital One Financial Corp		3,651		361
Capitol Federal Financial Inc		3,529		44
Capstead Mortgage Corp ‡		6,235		36
Cathay General Bancorp		1,291		42
Cboe Global Markets Inc		99		9
Central Pacific Financial Corp		1,651		31
Charles Schwab Corp/The		14,498		769
Chimera Investment Corp ‡		2,402		25
Chubb Ltd		6,169		950
Cincinnati Financial Corp		891		78
CIT Group Inc		1,060		38
Citigroup Inc		25,211		1,555
Citizens Financial Group Inc		2,381		85
City Holding Co		607		42
CME Group Inc, Cl A		4,726		860
CNA Financial Corp		253		10
Cohen & Steers Inc		764		57
Colony Credit Real Estate Inc ‡		3,608		27
Columbia Banking System Inc		1,223		44
Comerica Inc		1,232		69
Commerce Bancshares Inc/MO		1,562		103
Community Bank System Inc		710		44
ConnectOne Bancorp Inc		1,891		37
Credit Acceptance Corp *		177		61
Cullen/Frost Bankers Inc		850		74
CVB Financial Corp		2,268		44
Discover Financial Services		19,417		1,758
Eagle Bancorp Inc		1,035		43
East West Bancorp Inc		1,710		87
eHealth Inc *		512		36
Ellington Financial Inc ‡		2,748		41

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Enterprise Financial Services Corp		1,063	$	37
Equitable Holdings Inc		432		11
Erie Indemnity Co, Cl A		433		106
Essent Group Ltd		970		42
Evercore Inc, Cl A		659		72
Everest Re Group Ltd		179		42
FactSet Research Systems Inc		306		102
FB Financial Corp		1,250		43
Federal Agricultural Mortgage Corp, Cl C		597		44
Federated Hermes Inc, Cl B		1,492		43
Fidelity National Financial Inc		1,063		42
Fifth Third Bancorp		4,599		127
First American Financial Corp		814		42
First BanCorp/Puerto Rico		4,571		42
First Busey Corp		1,790		39
First Citizens BancShares Inc/NC, Cl A		94		54
First Commonwealth Financial Corp		3,365		37
First Financial Bancorp		1,921		34
First Financial Bankshares Inc		1,378		50
First Hawaiian Inc		3,126		74
First Horizon National Corp		6,041		77
First Merchants Corp		1,182		44
First Midwest Bancorp Inc/IL		2,129		34
First Republic Bank/CA		831		122
FirstCash Inc		612		43
FNB Corp/PA		3,907		37
Franklin Resources Inc		6,856		171
Fulton Financial Corp		2,789		35
Genworth Financial Inc, Cl A *		10,439		39
German American Bancorp Inc		1,414		47
Globe Life Inc		108		10
Goldman Sachs Group Inc/The		3,960		1,044
Goosehead Insurance Inc, Cl A		215		27
Great Western Bancorp Inc		1,390		29
Hancock Whitney Corp		1,142		39
Hannon Armstrong Sustainable Infrastructure Capital Inc		21,598		1,370
Hanover Insurance Group Inc/The		124		15
HarborOne Bancorp Inc		4,621		50
Hartford Financial Services Group Inc/The		4,042		198
Heartland Financial USA Inc		1,003		40
Heritage Financial Corp/WA		1,744		41
Home BancShares Inc/AR		2,523		49
HomeStreet Inc		1,465		49
Hope Bancorp Inc		3,233		35
Horace Mann Educators Corp		1,125		47
Host Hotels & Resorts Inc ‡		17,568		257
Houlihan Lokey Inc, Cl A		192		13
Huntington Bancshares Inc/OH		6,282		79
Independent Bank Corp		580		42
Independent Bank Group Inc		846		53
Intercontinental Exchange Inc		6,879		793

New Covenant Funds / Semi-Annual Report / December 31, 2020 5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
International Bancshares Corp		1,137	$	43
Invesco Ltd		18,276		319
Invesco Mortgage Capital Inc ‡		3,234		11
Investors Bancorp Inc		4,061		43
James River Group Holdings Ltd		1,180		58
Jefferies Financial Group Inc		2,313		57
JPMorgan Chase & Co		43,320		5,505
KeyCorp		12,904		212
Kinsale Capital Group Inc		73		15
KKR & Co Inc		1,439		58
KKR Real Estate Finance Trust Inc ‡		2,440		44
Lakeland Bancorp Inc		2,890		37
Lazard Ltd, Cl A (A)		2,316		98
LendingTree Inc *		175		48
Lincoln National Corp		3,621		182
Loews Corp		222		10
LPL Financial Holdings Inc		1,036		108
M&T Bank Corp		929		118
Markel Corp *		48		50
MarketAxess Holdings Inc		144		82
Marsh & McLennan Cos Inc		16,703		1,954
Mercury General Corp		233		12
Meta Financial Group Inc		1,407		51
MetLife Inc		5,812		273
MFA Financial Inc ‡		6,337		25
MGIC Investment Corp		3,455		43
Moelis & Co, Cl A		1,564		73
Moody’s Corp		1,782		517
Morgan Stanley		37,558		2,574
Morningstar Inc		67		16
Mr Cooper Group Inc *		3,903		121
MSCI Inc, Cl A		559		250
Nasdaq Inc		2,378		316
Navient Corp		3,513		34
NBT Bancorp Inc		1,213		39
Nelnet Inc, Cl A		793		56
New Residential Investment Corp ‡		14,139		141
New York Community Bancorp Inc		951		10
New York Mortgage Trust Inc ‡		7,776		29
NMI Holdings Inc, Cl A *		1,470		33
Northern Trust Corp		7,549		703
Northfield Bancorp Inc		2,868		35
OFG Bancorp		2,119		39
Old National Bancorp/IN		2,680		44
Old Republic International Corp		2,203		43
OneMain Holdings Inc, Cl A		258		12
Pacific Premier Bancorp Inc		3,188		100
PacWest Bancorp		1,283		33
Palomar Holdings Inc, Cl A *		145		13
PennyMac Mortgage Investment Trust ‡		2,215		39
People’s United Financial Inc		5,001		65
Pinnacle Financial Partners Inc		1,489		96

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
PNC Financial Services Group Inc/The		5,690	$	848
PRA Group Inc *		1,320		52
Preferred Bank/Los Angeles CA		845		43
Principal Financial Group Inc		662		33
ProAssurance Corp		1,351		24
Progressive Corp/The		6,981		690
ProSight Global Inc *		2,999		38
Prosperity Bancshares Inc		1,192		83
Provident Financial Services Inc		1,988		36
Prudential Financial Inc		16,015		1,250
Radian Group Inc		1,924		39
Raymond James Financial Inc		980		94
Redwood Trust Inc ‡		2,992		26
Regions Financial Corp		72,286		1,165
Reinsurance Group of America Inc, Cl A		578		67
Renasant Corp		1,366		46
RLI Corp		545		57
S&P Global Inc		7,167		2,356
S&T Bancorp Inc		1,247		31
Sandy Spring Bancorp Inc		1,350		43
Santander Consumer USA Holdings Inc		476		10
Seacoast Banking Corp of Florida *		1,616		48
Selective Insurance Group Inc		739		50
ServisFirst Bancshares Inc		1,306		53
Signature Bank/New York NY		676		91
Simmons First National Corp, Cl A		1,836		40
SLM Corp		8,316		103
South State Corp		216		16
Starwood Property Trust Inc ‡		2,000		39
State Street Corp		9,970		726
Sterling Bancorp/DE		2,321		42
Stifel Financial Corp		1,210		61
SVB Financial Group *		346		134
Synchrony Financial		4,720		164
Synovus Financial Corp		1,267		41
T Rowe Price Group Inc		2,711		410
TCF Financial Corp		1,085		40
Texas Capital Bancshares Inc *		822		49
TFS Financial Corp		573		10
TPG RE Finance Trust Inc ‡		2,439		26
Travelers Cos Inc/The		2,743		385
TriCo Bancshares		1,219		43
TriState Capital Holdings Inc *		1,917		33
Triumph Bancorp Inc *		1,296		63
Truist Financial Corp		13,273		636
Trustmark Corp		1,410		39
Two Harbors Investment Corp ‡		6,390		41
UMB Financial Corp		715		49
Umpqua Holdings Corp		2,753		42
Univest Financial Corp		1,820		37
Unum Group		1,638		38
US Bancorp		13,598		634

6 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Valley National Bancorp		4,269	$	42
Veritex Holdings Inc		1,729		44
Virtu Financial Inc, Cl A		3,026		76
Voya Financial Inc		4,001		235
W R Berkley Corp		165		11
Waddell & Reed Financial Inc, Cl A		2,974		76
Walker & Dunlop Inc		749		69
Washington Trust Bancorp Inc		924		41
Webster Financial Corp		934		39
Wells Fargo & Co		42,500		1,283
Westamerica BanCorp		731		40
Western Alliance Bancorp		1,801		108
Wintrust Financial Corp		708		43
Zions Bancorp NA		1,771		77
				56,739
Health Care — 13.5%
Abbott Laboratories		33,726		3,693
AbbVie Inc		25,124		2,692
ABIOMED Inc *		332		108
Acadia Healthcare Co Inc *		1,517		76
Acceleron Pharma Inc *		123		16
Adaptive Biotechnologies Corp *		1,704		101
Adverum Biotechnologies Inc *		4,537		49
Aerie Pharmaceuticals Inc *		2,282		31
Agilent Technologies Inc		7,874		933
Agios Pharmaceuticals Inc *		1,062		46
Akebia Therapeutics Inc *		1,063		3
Alector Inc *		2,628		40
Alexion Pharmaceuticals Inc *		1,593		249
Align Technology Inc *		602		322
Allakos Inc *		378		53
Allogene Therapeutics Inc *		1,838		46
Alnylam Pharmaceuticals Inc *		1,202		156
Amedisys Inc *		56		16
AmerisourceBergen Corp, Cl A		266		26
Amgen Inc		11,116		2,556
Amicus Therapeutics Inc *		5,193		120
AMN Healthcare Services Inc *		832		57
Anika Therapeutics Inc *		920		42
Anthem Inc		2,728		876
Apellis Pharmaceuticals Inc *		1,618		93
Apollo Medical Holdings Inc *		2,730		50
Arcturus Therapeutics Holdings *		483		21
Arcus Biosciences Inc *		2,371		62
Arena Pharmaceuticals Inc *		1,077		83
Arrowhead Pharmaceuticals Inc *		251		19
Assembly Biosciences Inc *		2,159		13
Atara Biotherapeutics Inc *		3,254		64
Atrion Corp		71		46
Avanos Medical Inc *		301		14
Avantor Inc *		494		14
Axonics Modulation Technologies Inc *		351		17

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Axsome Therapeutics Inc *		618	$	50
Baxter International Inc		12,373		993
Becton Dickinson and Co		4,437		1,110
BioCryst Pharmaceuticals Inc *		14,016		104
BioDelivery Sciences International Inc *		7,746		32
Biogen Inc *		3,113		762
Biohaven Pharmaceutical Holding Co Ltd *		941		81
BioMarin Pharmaceutical Inc *		1,042		91
Bio-Rad Laboratories Inc, Cl A *		32		19
Bio-Techne Corp		53		17
BioTelemetry Inc *		1,100		79
Bluebird Bio Inc *		645		28
Boston Scientific Corp *		16,399		589
Bridgebio Pharma Inc *		1,432		102
Bristol-Myers Squibb Co		38,732		2,403
Brookdale Senior Living Inc *		7,397		33
Bruker Corp		233		13
Cantel Medical Corp		163		13
Cara Therapeutics Inc *		2,942		44
Cardinal Health Inc		2,213		118
Catalent Inc *		949		99
Catalyst Pharmaceuticals Inc *		11,416		38
Centene Corp *		4,805		288
Cerner Corp		16,243		1,275
Change Healthcare Inc *		3,522		66
Charles River Laboratories International Inc *		77		19
Chemed Corp		114		61
ChemoCentryx Inc *		2,278		141
Cigna Corp		4,819		1,003
Constellation Pharmaceuticals Inc *		1,060		30
Cooper Cos Inc/The		236		86
Corcept Therapeutics Inc *		3,878		101
CorVel Corp *		606		64
Covetrus Inc *		1,045		30
Crinetics Pharmaceuticals Inc *		2,310		33
Cue Biopharma Inc *		2,087		26
CVS Health Corp		28,143		1,922
Cytokinetics Inc *		7,134		148
Danaher Corp		7,616		1,692
DaVita Inc *		160		19
Deciphera Pharmaceuticals Inc *		716		41
Denali Therapeutics Inc *		2,631		220
DENTSPLY SIRONA Inc		3,113		163
DexCom Inc *		847		313
Dicerna Pharmaceuticals Inc *		1,898		42
Dynavax Technologies Corp *		8,733		39
Eagle Pharmaceuticals Inc/DE *		828		39
Editas Medicine Inc *		1,596		112
Edwards Lifesciences Corp *		8,484		774
Eidos Therapeutics Inc *		786		103
Elanco Animal Health Inc *		398		12
Eli Lilly and Co		11,942		2,016

New Covenant Funds / Semi-Annual Report / December 31, 2020 7

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Emergent BioSolutions Inc *		950	$	85
Enanta Pharmaceuticals Inc *		785		33
Encompass Health Corp		164		14
Envista Holdings Corp *		1,731		58
Epizyme Inc *		2,749		30
Esperion Therapeutics Inc *		962		25
Evofem Biosciences Inc *		1,811		4
Exact Sciences Corp *		930		123
Exelixis Inc *		4,344		87
Fate Therapeutics Inc *		3,277		298
FibroGen Inc *		1,053		39
Flexion Therapeutics Inc *		2,711		31
G1 Therapeutics Inc *		1,715		31
Gilead Sciences Inc		18,126		1,056
Glaukos Corp *		167		13
Global Blood Therapeutics Inc *		643		28
Globus Medical Inc, Cl A *		851		55
Gossamer Bio Inc *		3,279		32
Halozyme Therapeutics Inc *		2,641		113
Hanger Inc *		1,891		42
Harpoon Therapeutics Inc *		2,825		47
HCA Healthcare Inc		2,314		381
Health Catalyst Inc *		1,594		69
HealthEquity Inc *		673		47
Henry Schein Inc *		2,612		175
Heron Therapeutics Inc *		1,977		42
Heska Corp *		532		77
Hill-Rom Holdings Inc		825		81
HMS Holdings Corp *		1,707		63
Hologic Inc *		927		67
Humana Inc		1,256		515
ICU Medical Inc *		62		13
IDEXX Laboratories Inc *		707		353
Illumina Inc *		3,200		1,184
Incyte Corp *		1,063		92
Innoviva Inc *		3,557		44
Inogen Inc *		706		31
Inovalon Holdings Inc, Cl A *		464		8
Inovio Pharmaceuticals Inc *		2,095		18
Insmed Inc *		2,129		71
Inspire Medical Systems Inc *		110		21
Insulet Corp *		65		17
Integer Holdings Corp *		625		51
Integra LifeSciences Holdings Corp *		188		12
Intercept Pharmaceuticals Inc *		417		10
Intra-Cellular Therapies Inc *		3,894		124
Intuitive Surgical Inc *		1,403		1,148
Invitae Corp *		330		14
Ionis Pharmaceuticals Inc *		782		44
Iovance Biotherapeutics Inc *		1,782		83
IQVIA Holdings Inc *		1,378		247
iRhythm Technologies *		210		50

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ironwood Pharmaceuticals Inc, Cl A *		3,844	$	44
Johnson & Johnson		34,658		5,454
Kadmon Holdings *		12,254		51
Kala Pharmaceuticals Inc *		7,142		48
Karuna Therapeutics Inc *		717		73
Karyopharm Therapeutics Inc *		2,929		45
Kiniksa Pharmaceuticals Ltd, Cl A *		4,016		71
Kodiak Sciences Inc *		702		103
Krystal Biotech Inc *		823		49
Kura Oncology Inc *		3,438		112
Laboratory Corp of America Holdings *		515		105
Lantheus Holdings Inc *		2,408		32
LHC Group Inc *		57		12
Ligand Pharmaceuticals Inc *		462		46
Luminex Corp		2,284		53
MacroGenics Inc *		1,782		41
Madrigal Pharmaceuticals Inc *		531		59
McKesson Corp		992		173
MEDNAX Inc *		417		10
Merck & Co Inc		39,446		3,227
Meridian Bioscience Inc *		5,130		96
Mettler-Toledo International Inc *		1,494		1,703
Mirati Therapeutics Inc *		429		94
Moderna Inc *		4,368		456
Myriad Genetics Inc *		1,860		37
Natera Inc *		229		23
National Research Corp		779		33
Natus Medical Inc *		1,614		32
Nektar Therapeutics, Cl A *		2,328		40
Neogen Corp *		721		57
Neurocrine Biosciences Inc *		1,089		104
Nevro Corp *		83		14
NextCure Inc *		952		10
NextGen Healthcare Inc *		3,392		62
Novavax Inc *		570		64
Ontrak *		751		46
Option Care Health Inc *		648		10
OraSure Technologies Inc *		6,042		64
Pennant Group Inc/The *		1,609		93
Penumbra Inc *		72		13
PerkinElmer Inc		120		17
Pfizer Inc		86,529		3,185
Phreesia Inc *		361		20
PRA Health Sciences Inc *		108		14
Premier Inc, Cl A		2,266		79
PTC Therapeutics Inc *		1,021		62
Puma Biotechnology Inc *		5,574		57
QIAGEN NV *		2,338		124
Quest Diagnostics Inc		865		103
Radius Health Inc *		2,352		42
Regeneron Pharmaceuticals Inc *		1,105		534
Repligen Corp *		553		106

8 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ResMed Inc		2,930	$	623
Revance Therapeutics Inc *		3,056		87
Rhythm Pharmaceuticals Inc *		2,112		63
Rubius Therapeutics Inc *		3,679		28
Sage Therapeutics Inc *		516		45
Sangamo Therapeutics Inc *		1,002		16
Sarepta Therapeutics Inc *		87		15
Scholar Rock Holding Corp *		2,520		122
Seagen Inc *		750		131
Shockwave Medical Inc *		1,114		116
Simulations Plus Inc		1,477		106
Sorrento Therapeutics Inc *		12,406		85
STAAR Surgical Co *		193		15
Stryker Corp		3,828		938
Supernus Pharmaceuticals Inc *		2,174		55
Surmodics Inc *		1,169		51
Syros Pharmaceuticals Inc *		1,610		17
Tactile Systems Technology Inc *		728		33
Tandem Diabetes Care Inc *		144		14
Teladoc Health Inc *		1,178		236
Teleflex Inc		742		305
TG Therapeutics Inc *		4,916		256
Theravance Biopharma Inc *		2,200		39
Thermo Fisher Scientific Inc		5,343		2,489
Translate Bio Inc *		2,224		41
Travere Therapeutics *		3,434		94
Turning Point Therapeutics Inc *		828		101
Twist Bioscience Corp *		153		22
Ultragenyx Pharmaceutical Inc *		1,143		158
United Therapeutics Corp *		559		85
UnitedHealth Group Inc		14,586		5,115
Universal Health Services Inc, Cl B		80		11
UroGen Pharma Ltd *		1,543		28
US Physical Therapy Inc		428		51
Varex Imaging Corp *		1,631		27
Varian Medical Systems Inc *		1,773		310
VBI Vaccines Inc *		14,663		40
Veeva Systems Inc, Cl A *		1,157		315
Vertex Pharmaceuticals Inc *		3,305		781
Viatris Inc, Cl W *		11,343		213
Viking Therapeutics Inc *		6,150		35
Waters Corp *		395		98
West Pharmaceutical Services Inc		1,875		531
Zimmer Biomet Holdings Inc		3,501		539
Zoetis Inc, Cl A		6,022		997
Zogenix Inc *		947		19
				70,593
Industrials — 8.1%
3M Co		10,841		1,895
A O Smith Corp		1,708		94
AAON Inc		192		13
AAR Corp		1,101		40

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ABM Industries Inc		1,349	$	51
ACCO Brands Corp		5,214		44
Acuity Brands Inc		84		10
ADT Inc		6,039		47
AECOM *		6,633		330
AGCO Corp		149		15
Air Lease Corp, Cl A		1,053		47
Alamo Group Inc		424		59
Alaska Air Group Inc		10,133		527
Allison Transmission Holdings Inc		1,870		81
Altra Industrial Motion Corp		260		14
AMERCO		136		62
American Airlines Group Inc		405		6
American Woodmark Corp *		461		43
AMETEK Inc		1,369		166
Apogee Enterprises Inc		1,229		39
Applied Industrial Technologies Inc		745		58
ArcBest Corp		336		14
Arcosa Inc		1,128		62
Argan Inc		1,315		58
Armstrong World Industries Inc		979		73
ASGN Inc *		723		60
Astec Industries Inc		204		12
Avis Budget Group Inc *		2,276		85
Axon Enterprise Inc *		1,934		237
AZZ Inc		1,071		51
Barnes Group Inc		807		41
Bloom Energy Corp, Cl A *		2,773		79
Brady Corp, Cl A		873		46
Brink’s Co/The		540		39
Carlisle Cos Inc		311		49
Carrier Global Corp		6,184		233
CBIZ Inc *		1,805		48
CH Robinson Worldwide Inc		148		14
Chart Industries Inc *		142		17
Cintas Corp		1,907		674
CIRCOR International Inc *		1,110		43
Clean Harbors Inc *		137		10
Colfax Corp *		1,455		56
Comfort Systems USA Inc		988		52
Construction Partners Inc, Cl A *		2,838		83
Copa Holdings SA, Cl A		469		36
Copart Inc *		1,284		163
CoStar Group Inc *		326		301
Covanta Holding Corp		3,388		44
Crane Co		135		10
CSW Industrials Inc		116		13
CSX Corp		9,694		880
Cummins Inc		3,179		722
Curtiss-Wright Corp		1,789		208
Deere & Co		4,735		1,274
Delta Air Lines Inc		38,313		1,541

New Covenant Funds / Semi-Annual Report / December 31, 2020 9

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Deluxe Corp		981	$	29
Donaldson Co Inc		202		11
Dover Corp		103		13
Dycom Industries Inc *		1,064		80
EMCOR Group Inc		565		52
Emerson Electric Co		6,592		530
EnerSys		664		55
EnPro Industries Inc		738		56
Equifax Inc		535		103
ESCO Technologies Inc		568		59
Expeditors International of Washington Inc		1,163		111
Exponent Inc		727		65
Fastenal Co		5,056		247
Federal Signal Corp		1,560		52
FedEx Corp		3,239		841
Flowserve Corp		239		9
Fluor Corp		4,373		70
Forrester Research Inc *		1,169		49
Fortune Brands Home & Security Inc		174		15
Forward Air Corp		727		56
Franklin Electric Co Inc		897		62
FTI Consulting Inc *		443		50
Generac Holdings Inc *		89		20
General Electric Co		96,317		1,040
Gibraltar Industries Inc *		164		12
Graco Inc		223		16
GrafTech International Ltd		954		10
Granite Construction Inc		1,780		48
Great Lakes Dredge & Dock Corp *		4,289		56
Greenbrier Cos Inc/The		1,583		58
Hawaiian Holdings Inc		1,619		29
Healthcare Services Group Inc		2,050		58
HEICO Corp		4,884		647
HEICO Corp, Cl A		4,700		550
Helios Technologies Inc		1,091		58
Herc Holdings Inc *		1,012		67
Herman Miller Inc		1,053		36
Hexcel Corp		4,105		199
Hillenbrand Inc		1,501		60
HNI Corp		1,268		44
Honeywell International Inc		10,659		2,267
Howmet Aerospace Inc		7,379		211
Hubbell Inc, Cl B		78		12
IAA Inc *		253		16
ICF International Inc		545		41
IDEX Corp		68		14
IHS Markit Ltd		3,273		294
Illinois Tool Works Inc		10,512		2,143
Ingersoll Rand Inc *		355		16
Insperity Inc		592		48
Interface Inc, Cl A		2,949		31
ITT Inc		1,404		108

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Jacobs Engineering Group Inc		1,091	$	119
JB Hunt Transport Services Inc		437		60
JetBlue Airways Corp *		4,688		68
John Bean Technologies Corp		439		50
Kadant Inc		475		67
Kaman Corp		743		42
Kansas City Southern		1,741		355
KAR Auction Services Inc		2,303		43
Kelly Services Inc, Cl A		2,214		46
Kennametal Inc		1,343		49
Kforce Inc		1,239		52
Kirby Corp *		1,032		53
Knight-Swift Transportation Holdings Inc, Cl A		1,357		57
Knoll Inc		1,853		27
Korn Ferry		1,193		52
Landstar System Inc		432		58
Lennox International Inc		44		12
Lincoln Electric Holdings Inc		1,027		119
Lindsay Corp		523		67
Lyft Inc, Cl A *		240		12
Macquarie Infrastructure Corp		266		10
ManpowerGroup Inc		3,586		323
Marten Transport Ltd		3,469		60
Masco Corp		6,315		347
Matson Inc		1,273		73
Maxar Technologies Inc		6,794		262
McGrath RentCorp		666		45
Mercury Systems Inc *		2,386		210
Meritor Inc *		2,088		58
Middleby Corp/The *		103		13
MRC Global Inc *		3,597		24
MSA Safety Inc		392		59
MSC Industrial Direct Co Inc, Cl A		1,115		94
Nordson Corp		600		121
Norfolk Southern Corp		2,430		577
NOW Inc *		4,359		31
NV5 Global Inc *		202		16
Old Dominion Freight Line Inc		400		78
Omega Flex Inc		70		10
Oshkosh Corp		2,762		238
Otis Worldwide Corp		1,821		123
Owens Corning		4,958		376
PACCAR Inc		2,133		184
PAE *		5,932		54
Parker-Hannifin Corp		1,231		335
Parsons Corp *		1,198		44
Pitney Bowes Inc		11,792		73
Plug Power Inc *		1,263		43
Proto Labs Inc *		91		14
Quanta Services Inc		2,291		165
Raven Industries Inc		1,437		48

10 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
RBC Bearings Inc *		320	$	57
Regal Beloit Corp		1,068		131
Republic Services Inc, Cl A		842		81
Resideo Technologies Inc *		448		10
Robert Half International Inc		806		50
Rockwell Automation Inc		1,620		406
Rollins Inc		3,532		138
Roper Technologies Inc		861		371
Ryder System Inc		1,425		88
Saia Inc *		96		17
Schneider National Inc, Cl B		521		11
Shyft Group Inc/The		2,836		80
Simpson Manufacturing Co Inc		643		60
Snap-on Inc		318		54
Southwest Airlines Co		3,131		146
SP Plus Corp *		1,169		34
Spirit AeroSystems Holdings Inc, Cl A		9,098		356
Spirit Airlines Inc *		1,221		30
SPX Corp *		999		54
SPX FLOW Inc *		1,044		61
Stanley Black & Decker Inc		1,349		241
Steelcase Inc, Cl A		2,620		36
Stericycle Inc *		179		12
Sunrun Inc *		405		28
Teledyne Technologies Inc *		878		344
Tennant Co		639		45
Terex Corp		1,651		58
Tetra Tech Inc		564		65
Timken Co/The		204		16
Toro Co/The		1,175		111
TPI Composites Inc *		472		25
TransDigm Group Inc *		1,732		1,072
TransUnion		135		13
Trex Co Inc *		1,134		95
TriMas Corp *		1,583		50
Trinity Industries Inc		511		13
Triumph Group Inc		1,853		23
TrueBlue Inc *		2,106		39
Uber Technologies Inc *		14,661		748
UFP Industries Inc		196		11
UniFirst Corp/MA		235		50
Union Pacific Corp		12,488		2,600
United Airlines Holdings Inc *		2,850		123
United Parcel Service Inc, Cl B		8,932		1,504
United Rentals Inc *		1,692		392
Univar Solutions Inc *		476		9
US Ecology Inc		900		33
Valmont Industries Inc		76		13
Verisk Analytics Inc, Cl A		1,729		359
Virgin Galactic Holdings Inc *		4,426		105
Wabash National Corp		3,217		55
Waste Management Inc		6,467		763

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Watsco Inc		537	$	122
Watts Water Technologies Inc, Cl A		507		62
Welbilt Inc *		3,137		41
WESCO International Inc *		3,661		287
Westinghouse Air Brake Technologies Corp		465		34
WillScot Mobile Mini Holdings Corp, Cl A *		590		14
Woodward Inc		139		17
WW Grainger Inc		3,913		1,598
XPO Logistics Inc *		1,396		166
Xylem Inc/NY		15,912		1,620
				42,556
Information Technology — 26.7%
2U Inc *		871		35
8x8 Inc *		2,725		94
ACI Worldwide Inc *		1,373		53
Adobe Inc *		9,281		4,642
ADTRAN Inc		979		14
Advanced Energy Industries Inc *		725		70
Advanced Micro Devices Inc *		14,318		1,313
Agilysys Inc *		323		12
Akamai Technologies Inc *		7,949		835
Akoustis Technologies Inc *		6,091		74
Alarm.com Holdings Inc *		1,192		123
Alliance Data Systems Corp		1,335		99
Altair Engineering Inc, Cl A *		269		16
Alteryx Inc, Cl A *		70		8
Ambarella Inc *		160		15
Amdocs Ltd		3,632		258
Amkor Technology Inc		3,864		58
Amphenol Corp, Cl A		2,340		306
Analog Devices Inc		4,564		674
Anaplan Inc *		217		16
ANSYS Inc *		683		248
Appian Corp, Cl A *		1,246		202
Apple Inc		218,768		29,028
Applied Materials Inc		10,761		929
Arista Networks Inc *		768		223
Arrow Electronics Inc *		2,550		248
Aspen Technology Inc *		413		54
Autodesk Inc *		3,559		1,087
Automatic Data Processing Inc		12,646		2,228
Avaya Holdings Corp *		4,140		79
Avnet Inc		1,892		66
Axcelis Technologies Inc *		2,104		61
Badger Meter Inc		775		73
Belden Inc		900		38
Benchmark Electronics Inc		1,447		39
Bill.com Holdings Inc *		995		136
Black Knight Inc *		1,569		139
Blackbaud Inc		629		36
Blackline Inc *		185		25
Booz Allen Hamilton Holding Corp, Cl A		677		59

New Covenant Funds / Semi-Annual Report / December 31, 2020 11

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bottomline Technologies DE Inc *		943	$	50
Box Inc, Cl A *		539		10
Broadcom Inc		5,340		2,338
Broadridge Financial Solutions Inc		720		110
Brooks Automation Inc		207		14
Cadence Design Systems Inc *		2,046		279
Cass Information Systems Inc		865		34
CDK Global Inc		1,636		85
CDW Corp/DE		806		106
Cerence Inc *		493		50
Ceridian HCM Holding Inc *		792		84
Ciena Corp *		1,223		65
Cirrus Logic Inc *		640		53
Cisco Systems Inc		68,588		3,069
Citrix Systems Inc		1,980		258
Cloudera Inc *		4,481		62
Cloudflare, Cl A *		1,190		90
CMC Materials		373		56
Cognex Corp		203		16
Cognizant Technology Solutions Corp, Cl A		8,315		681
Coherent Inc *		626		94
Cohu Inc		2,351		90
CommScope Holding Co Inc *		7,086		95
CommVault Systems Inc *		1,095		61
Concentrix *		387		38
CoreLogic Inc/United States		271		21
Cornerstone OnDemand Inc *		862		38
Corning Inc		6,104		220
Coupa Software Inc *		970		329
Cree Inc *		248		26
Crowdstrike Holdings Inc, Cl A *		1,523		323
CSG Systems International Inc		965		43
CTS Corp		1,735		60
Datadog Inc, Cl A *		460		45
Dell Technologies Inc, Cl C *		4,108		301
Diebold Nixdorf Inc *		4,695		50
Digital Turbine Inc *		6,346		359
DocuSign Inc, Cl A *		1,618		360
Dolby Laboratories Inc, Cl A		731		71
Domo Inc, Cl B *		297		19
Dropbox Inc, Cl A *		2,914		65
DXC Technology Co		5,395		139
Dynatrace Inc *		465		20
Ebix Inc		1,517		58
EchoStar Corp, Cl A *		1,124		24
Elastic NV *		183		27
Enphase Energy Inc *		792		139
Entegris Inc		980		94
Envestnet Inc *		717		59
EPAM Systems Inc *		1,434		514
Euronet Worldwide Inc *		74		11
Everbridge Inc *		1,814		270

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
EVERTEC Inc		1,569	$	62
ExlService Holdings Inc *		711		60
Extreme Networks Inc *		6,878		47
F5 Networks Inc *		578		102
Fair Isaac Corp *		299		153
Fastly Inc, Cl A *		905		79
Fidelity National Information Services Inc		7,874		1,114
FireEye Inc *		5,502		127
First Solar Inc *		3,538		350
Fiserv Inc *		6,758		769
Five9 Inc *		93		16
FleetCor Technologies Inc *		277		76
FLIR Systems Inc		1,671		73
FormFactor Inc *		353		15
Fortinet Inc *		269		40
Genpact Ltd		6,870		284
Global Payments Inc		2,965		639
Globant SA *		271		59
GoDaddy Inc, Cl A *		1,102		91
Guidewire Software Inc *		109		14
Hackett Group Inc/The		3,129		45
HubSpot Inc *		322		128
Ichor Holdings Ltd *		1,480		45
II-VI Inc *		224		17
Infinera Corp *		6,579		69
Inphi Corp *		86		14
Inseego Corp *		7,132		110
Insight Enterprises Inc *		754		57
Intel Corp		58,531		2,916
Intelligent Systems Corp *		1,128		45
InterDigital Inc		917		56
International Business Machines Corp		13,123		1,652
Intuit Inc		3,714		1,411
IPG Photonics Corp *		558		125
Itron Inc *		588		56
J2 Global Inc *		540		53
Jabil Inc		6,948		295
Jack Henry & Associates Inc		636		103
Juniper Networks Inc		7,826		176
KBR Inc		1,640		51
Keysight Technologies Inc *		12,701		1,678
KLA Corp		1,904		493
Knowles Corp *		2,314		43
Lam Research Corp		3,493		1,650
Lattice Semiconductor Corp *		369		17
Littelfuse Inc		60		15
Lumentum Holdings Inc *		660		63
Manhattan Associates Inc *		1,278		134
Marvell Technology Group Ltd		4,705		224
Mastercard Inc, Cl A		12,929		4,615
Maxim Integrated Products Inc		3,740		332
MAXIMUS Inc		682		50

12 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Medallia Inc *		1,562	$	52
Microchip Technology Inc		1,615		223
Micron Technology Inc *		11,609		873
Microsoft Corp		108,220		24,070
MicroStrategy Inc, Cl A *		69		27
MKS Instruments Inc		103		15
MongoDB Inc, Cl A *		574		206
Monolithic Power Systems Inc		64		23
National Instruments Corp		2,353		103
NCR Corp *		334		13
NetApp Inc		2,936		194
NetScout Systems Inc *		2,073		57
New Relic Inc *		749		49
NIC Inc		2,268		59
Novanta Inc *		98		12
Nuance Communications Inc *		2,832		125
Nutanix Inc, Cl A *		359		11
NVIDIA Corp		9,892		5,166
Okta Inc, Cl A *		812		206
ON Semiconductor Corp *		9,649		316
Oracle Corp		34,708		2,245
OSI Systems Inc *		497		46
PagerDuty Inc *		1,821		76
Palo Alto Networks Inc *		675		240
Paychex Inc		2,612		243
Paycom Software Inc *		194		88
Paylocity Holding Corp *		417		86
PayPal Holdings Inc *		18,658		4,370
Paysign Inc *		4,721		22
Pegasystems Inc		150		20
Perficient Inc *		1,142		54
Perspecta Inc		1,895		46
Photronics Inc *		3,197		36
Plantronics Inc		1,930		52
Plexus Corp *		633		49
Pluralsight Inc, Cl A *		2,621		55
Power Integrations Inc		196		16
Progress Software Corp		1,206		54
Proofpoint Inc *		98		13
PROS Holdings Inc *		818		41
PTC Inc *		677		81
Pure Storage Inc, Cl A *		685		15
Qorvo Inc *		100		17
QUALCOMM Inc		17,833		2,717
Qualys Inc *		591		72
Rambus Inc *		3,633		63
Rapid7 Inc *		892		80
RealPage Inc *		211		18
RingCentral Inc, Cl A *		699		265
Rogers Corp *		392		61
Sabre Corp		506		6
salesforce.com Inc *		17,125		3,811

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sanmina Corp *		1,459	$	46
ScanSource Inc *		1,292		34
Semtech Corp *		1,000		72
ServiceNow Inc *		2,243		1,235
Silicon Laboratories Inc *		437		56
Skyworks Solutions Inc		747		114
Smartsheet Inc, Cl A *		266		18
SolarEdge Technologies *		210		67
SolarWinds Corp *		634		9
Splunk Inc *		1,357		231
SPS Commerce Inc *		152		16
Square Inc, Cl A *		4,127		898
Switch Inc, Cl A		779		13
Synaptics Inc *		142		14
SYNNEX Corp		387		31
Synopsys Inc *		1,083		281
Teradata Corp *		4,437		100
Teradyne Inc		4,784		574
Texas Instruments Inc		13,483		2,213
Trade Desk Inc/The, Cl A *		829		664
Trimble Inc *		2,035		136
TTEC Holdings Inc		202		15
TTM Technologies Inc *		3,357		46
Tucows Inc, Cl A *		834		62
Twilio Inc, Cl A *		2,168		734
Tyler Technologies Inc *		393		172
Ubiquiti Inc		48		13
Unisys Corp *		689		14
Universal Display Corp		521		120
Upland Software Inc *		255		12
Varonis Systems Inc *		109		18
Verint Systems Inc *		947		64
VeriSign Inc *		802		174
Verra Mobility Corp, Cl A *		3,479		47
ViaSat Inc *		693		23
Viavi Solutions Inc *		3,355		50
Virtusa Corp *		1,123		57
Visa Inc, Cl A		25,571		5,593
VMware Inc, Cl A *		1,343		188
Western Digital Corp		2,423		134
Western Union Co/The		425		9
WEX Inc *		55		11
Workday Inc, Cl A *		2,079		498
Workiva Inc, Cl A *		1,224		112
Xerox Holdings Corp		7,073		164
Xilinx Inc		2,632		373
Xperi Holding Corp		2,351		49
Zebra Technologies Corp, Cl A *		438		168
Zendesk Inc *		152		22
Zoom Video Communications Inc, Cl A *		2,174		733
Zscaler Inc *		470		94

New Covenant Funds / Semi-Annual Report / December 31, 2020 13

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zuora Inc, Cl A *		3,498	$	49
				139,692
Materials — 2.8%
Air Products and Chemicals Inc		4,688		1,281
Albemarle Corp		167		25
Alcoa Corp *		5,657		130
Allegheny Technologies Inc *		2,362		40
AptarGroup Inc		1,944		266
Arconic Corp *		1,844		55
Ashland Global Holdings Inc		152		12
Avery Dennison Corp		88		14
Axalta Coating Systems Ltd *		7,963		227
Balchem Corp		488		56
Ball Corp		14,154		1,319
Berry Global Group Inc *		4,123		232
Cabot Corp		238		11
Carpenter Technology Corp		1,006		29
Celanese Corp, Cl A		93		12
CF Industries Holdings Inc		1,066		41
Chase Corp		421		43
Chemours Co/The		2,832		70
Cleveland-Cliffs Inc		11,888		173
Coeur Mining Inc *		6,945		72
Compass Minerals International Inc		851		52
Corteva Inc		4,455		172
Crown Holdings Inc *		6,925		694
Domtar Corp		298		9
Dow Inc		5,519		306
DuPont de Nemours Inc		6,954		494
Eagle Materials Inc		126		13
Eastman Chemical Co		9,101		913
Ecolab Inc		2,293		496
Element Solutions Inc		1,023		18
FMC Corp		2,400		276
Freeport-McMoRan Inc		27,003		703
Glatfelter		2,740		45
Graphic Packaging Holding Co		681		12
Greif Inc, Cl A		1,122		53
HB Fuller Co		976		51
Huntsman Corp		475		12
Ingevity Corp *		563		43
Innospec Inc		499		45
International Flavors & Fragrances Inc		2,307		251
International Paper Co		785		39
Kraton Corp *		2,033		56
Livent Corp *		5,807		109
Louisiana-Pacific Corp		1,740		65
LyondellBasell Industries NV, Cl A		2,182		200
Martin Marietta Materials Inc		397		113
Minerals Technologies Inc		880		55
Mosaic Co/The		3,590		83
Neenah Inc		693		38

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Newmont Corp		27,433	$	1,643
Novagold Resources Inc *		1,266		12
Nucor Corp		1,510		80
Packaging Corp of America		101		14
PPG Industries Inc		2,274		328
Quaker Chemical Corp		55		14
Reliance Steel & Aluminum Co		412		49
Royal Gold Inc		437		46
Scotts Miracle-Gro Co/The		163		32
Sealed Air Corp		293		13
Sensient Technologies Corp		779		57
Sherwin-Williams Co/The		2,066		1,518
Sonoco Products Co		185		11
Southern Copper Corp		272		18
Steel Dynamics Inc		2,648		98
Stepan Co		510		61
Summit Materials Inc, Cl A *		2,136		43
Trinseo SA		1,345		69
United States Lime & Minerals Inc		581		66
United States Steel Corp		3,709		62
Valvoline Inc		11,216		260
Verso Corp		2,760		33
Vulcan Materials Co		665		99
Warrior Met Coal Inc		2,378		51
Westlake Chemical Corp		718		59
Westrock Co		3,989		174
Worthington Industries Inc		1,149		59
				14,493
Real Estate — 3.2%
Acadia Realty Trust ‡		1,946		28
Agree Realty Corp ‡		736		49
Alexander & Baldwin Inc ‡		2,342		40
Alexandria Real Estate Equities Inc ‡		1,497		267
American Campus Communities Inc ‡		252		11
American Finance Trust Inc ‡		3,743		28
American Tower Corp, Cl A ‡		5,189		1,165
Apartment Income REIT ‡		1,711		66
Apartment Investment and Management, Cl A ‡		1,711		9
Apple Hospitality REIT Inc ‡		718		9
AvalonBay Communities Inc ‡		3,261		523
Brandywine Realty Trust ‡		14,492		173
Brixmor Property Group Inc ‡		4,703		78
Camden Property Trust ‡		125		12
CareTrust REIT Inc ‡		2,438		54
CBRE Group Inc, Cl A *		26,520		1,663
Colony Capital Inc ‡		41,643		200
Columbia Property Trust Inc ‡		565		8
Community Healthcare Trust Inc ‡		1,136		53
Corporate Office Properties Trust ‡		7,752		202
Cousins Properties Inc ‡		289		10
Crown Castle International Corp ‡		4,368		695

14 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CubeSmart ‡		377	$	13
CyrusOne Inc ‡		181		13
DiamondRock Hospitality Co ‡		4,575		38
Digital Realty Trust Inc ‡		2,674		373
Diversified Healthcare Trust ‡		6,702		28
Douglas Emmett Inc ‡		2,338		68
Duke Realty Corp ‡		2,798		112
Empire State Realty Trust Inc, Cl A ‡		5,592		52
EPR Properties ‡		735		24
Equinix Inc ‡		1,035		739
Equity Commonwealth ‡		846		23
Equity LifeStyle Properties Inc ‡		167		11
Equity Residential ‡		3,485		207
Essential Properties Realty Trust Inc ‡		2,028		43
Essex Property Trust Inc ‡		454		108
Extra Space Storage Inc ‡		811		94
Federal Realty Investment Trust ‡		664		56
First Industrial Realty Trust Inc ‡		1,226		52
Four Corners Property Trust Inc ‡		1,848		55
Franklin Street Properties Corp ‡		5,897		26
Gaming and Leisure Properties Inc ‡		283		12
Global Net Lease Inc ‡		2,484		43
Healthcare Realty Trust Inc ‡		1,555		46
Healthcare Trust of America Inc, Cl A ‡		392		11
Healthpeak Properties Inc ‡		9,384		284
Highwoods Properties Inc ‡		247		10
Howard Hughes Corp/The *		795		63
Hudson Pacific Properties Inc ‡		2,475		59
Industrial Logistics Properties Trust ‡		2,389		56
Invitation Homes Inc ‡		398		12
Iron Mountain Inc ‡		5,996		177
JBG SMITH Properties ‡		2,065		65
Jones Lang LaSalle Inc		1,270		188
Kennedy-Wilson Holdings Inc		2,254		40
Kilroy Realty Corp ‡		4,516		259
Kimco Realty Corp ‡		4,679		70
Kite Realty Group Trust ‡		2,741		41
Lamar Advertising Co, Cl A ‡		1,059		88
Lexington Realty Trust ‡		4,761		51
Life Storage Inc ‡		110		13
LTC Properties Inc ‡		1,142		44
Macerich Co/The ‡		5,508		59
Marcus & Millichap Inc *		1,380		51
Medical Properties Trust Inc ‡		2,513		55
Mid-America Apartment Communities Inc ‡		97		12
Monmouth Real Estate Investment Corp ‡		3,365		58
National Health Investors Inc ‡		635		44
National Retail Properties Inc ‡		975		40
Newmark Group Inc, Cl A		3,753		27
Office Properties Income Trust ‡		1,618		37
Omega Healthcare Investors Inc ‡		1,229		45
Outfront Media Inc ‡		1,951		38

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Paramount Group Inc ‡		5,922	$	53
Park Hotels & Resorts Inc ‡		1,996		34
Pebblebrook Hotel Trust ‡		1,899		36
Physicians Realty Trust ‡		2,753		49
Piedmont Office Realty Trust Inc, Cl A ‡		2,333		38
PotlatchDeltic Corp ‡		1,174		59
Prologis Inc ‡		20,608		2,054
Public Storage ‡		1,177		272
QTS Realty Trust Inc, Cl A ‡		981		61
Rayonier Inc ‡		1,593		47
RE/MAX Holdings Inc, Cl A		1,292		47
Realogy Holdings Corp *		4,621		61
Realty Income Corp ‡		1,402		87
Redfin Corp *		458		31
Regency Centers Corp ‡		28,376		1,294
Retail Opportunity Investments Corp ‡		2,907		39
Retail Properties of America Inc, Cl A ‡		876		7
Rexford Industrial Realty Inc ‡		1,114		55
RLJ Lodging Trust ‡		2,849		40
RMR Group Inc/The, Cl A		1,095		42
RPT Realty ‡		3,429		30
Ryman Hospitality Properties Inc ‡		577		39
Sabra Health Care REIT Inc ‡		2,410		42
Safehold Inc ‡		226		16
SBA Communications Corp, Cl A ‡		994		280
Service Properties Trust ‡		483		5
Simon Property Group Inc ‡		3,706		316
SITE Centers Corp ‡		3,734		38
SL Green Realty Corp ‡		2,476		147
Spirit Realty Capital Inc ‡		237		9
St Joe Co/The		460		19
STAG Industrial Inc ‡		1,647		52
STORE Capital Corp ‡		2,555		87
Summit Hotel Properties Inc ‡		4,173		38
Sunstone Hotel Investors Inc ‡		3,516		40
Tanger Factory Outlet Centers Inc ‡		3,357		33
Terreno Realty Corp ‡		941		55
UDR Inc ‡		250		10
Uniti Group Inc ‡		1,247		15
Urban Edge Properties ‡		2,679		35
Urstadt Biddle Properties Inc, Cl A ‡		2,126		30
Ventas Inc ‡		3,279		161
VEREIT Inc ‡		2,043		77
VICI Properties Inc ‡		2,012		51
Vornado Realty Trust ‡		2,903		108
Washington Real Estate Investment Trust ‡		1,705		37
Weingarten Realty Investors ‡		2,933		64
Welltower Inc ‡		4,270		276
Weyerhaeuser Co ‡		17,005		570
WP Carey Inc ‡		149		10
Xenia Hotels & Resorts Inc ‡		2,347		36
				16,708

New Covenant Funds / Semi-Annual Report / December 31, 2020 15

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Growth Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Utilities — 2.4%
AES Corp/The		5,282	$	124
ALLETE Inc		620		38
Alliant Energy Corp		213		11
Ameren Corp		506		40
American Electric Power Co Inc		5,930		494
American States Water Co		580		46
American Water Works Co Inc		2,717		417
Atmos Energy Corp		461		44
Avangrid Inc		1,720		78
CenterPoint Energy Inc		434		9
Clearway Energy Inc, Cl C		456		15
CMS Energy Corp		20,708		1,263
Consolidated Edison Inc		3,086		223
Dominion Energy Inc		8,988		676
DTE Energy Co		1,633		198
Duke Energy Corp		7,493		686
Edison International		3,288		207
Entergy Corp		2,276		227
Essential Utilities Inc		331		16
Evergy Inc		180		10
Eversource Energy		10,983		950
Exelon Corp		11,090		468
FirstEnergy Corp		3,181		97
Hawaiian Electric Industries Inc		249		9
IDACORP Inc		108		10
MDU Resources Group Inc		386		10
MGE Energy Inc		631		44
National Fuel Gas Co		245		10
New Jersey Resources Corp		1,111		40
NextEra Energy Inc		27,072		2,089
NiSource Inc		419		10
Northwest Natural Holding Co		699		32
NRG Energy Inc		2,300		86
OGE Energy Corp		261		8
Ormat Technologies Inc		644		58
PG&E Corp *		692		9
Pinnacle West Capital Corp		2,640		211
PNM Resources Inc		975		47
Portland General Electric Co		894		38
PPL Corp		7,025		198
Public Service Enterprise Group Inc		5,257		307
Sempra Energy		2,048		261
SJW Group		716		50
South Jersey Industries Inc		1,556		34
Southern Co/The		13,370		821
Sunnova Energy International Inc *		717		32
UGI Corp		253		9
Vistra Corp		2,088		41
WEC Energy Group Inc		1,983		183

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Xcel Energy Inc		21,147	$	1,410
				12,394
Total Common Stock (Cost $291,444) ($ Thousands)				504,018
FOREIGN COMMON STOCK — 2.7%
Bosnia and Herzegovina — 0.0%
RenaissanceRe Holdings Ltd		248		41
Canada — 0.1%
Lululemon Athletica Inc *		1,171		408
Cayman Islands — 0.0%
Herbalife Nutrition Ltd *		1,088		52
Ireland — 1.1%
Accenture PLC, Cl A		11,297		2,951
Jazz Pharmaceuticals PLC *		616		102
Medtronic PLC		19,976		2,340
NortonLifeLock Inc		13,065		271
Perrigo Co PLC		211		9
				5,673
Puerto Rico — 0.0%
Popular Inc		1,507		85
Switzerland — 0.0%
Garmin Ltd		122		15
United Kingdom — 1.5%
Adient PLC *		2,126		74
Alkermes PLC *		2,433		49
Allegion PLC		855		100
Amcor PLC		4,821		57
Aon PLC, Cl A		2,247		475
Aptiv PLC		3,490		455
Atlassian Corp PLC, Cl A *		920		215
Cardtronics PLC *		1,198		42
Cimpress PLC *		398		35
Cushman & Wakefield PLC *		2,593		38
Eaton Corp PLC		13,217		1,588
Gates Industrial Corp PLC *		886		11
Horizon Therapeutics PLC *		1,437		105
Johnson Controls International PLC		22,116		1,030
Linde PLC		8,150		2,148
LivaNova PLC *		657		43
Nielsen Holdings PLC		7,584		158
nVent Electric PLC		457		11
Pentair PLC		245		13
Sensata Technologies Holding PLC *		4,273		225
STERIS PLC		1,661		315
Trane Technologies PLC		1,779		258
Tronox Holdings PLC		4,385		64

16 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Willis Towers Watson PLC		907	$	191
				7,700
Total Foreign Common Stock (Cost $8,595) ($ Thousands)				13,974
CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Cl F     0.010%**†		3,310,573		3,311
Total Cash Equivalent (Cost $3,311) ($ Thousands)				3,311
Total Investments in Securities — 99.6% (Cost $303,350) ($ Thousands)			$	521,303

A list of the open futures contracts held by the Fund at December 31, 2020 are as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)
Russell 2000 Index E-MINI		4		Mar-2021	$	387	$	394	$	7
S&P 500 Index E-MINI		17		Mar-2021		3,101		3,187		86
					$	3,488	$	3,581	$	93

For the period ended December 31, 2020, the total amount of all the open future contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

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

Percentages are based on Net Assets of $523,380 ($ Thousands).

^‡  Real Estate Investment Trust.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of December 31, 2020.

† Investment in Affiliated Security (see Note 3).

(A) Security is a Master Limited Partnership. At December 31, 2020, such securities amounted to $98 ($ Thousands), or 0.0% of the Net Assets of the Fund (See Note 2).

Cl — Class

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC— Public Limited Company

REIT— Real Estate investment Trust

S&P — Standard & Poor’s

The following is a list of the levels of inputs used as of December 31, 2020 in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Common Stock		504,018		–		–		504,018
Foreign Common Stock		13,974		–		–		13,974
Cash Equivalent		3,311		–		–		3,311
Total Investments in Securities		521,303		–		–		521,303

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		93		–		–		93
Total Other Financial Instruments		93		–		–		93

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

For the period ended December 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the Fund’s transactions with affiliates for the period ended December 31, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 12/31/2020	Shares	Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$6,613	$28,155	$(31,457)	$—	$—	$3,311	3,310,573	$—	$—

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 17

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund

Sector Weightings^†:

^†Percentages based on total investments.

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 43.1%
Agency Mortgage-Backed Obligations — 34.7%
FHLMC
6.500%, 12/01/2035 to 09/01/2039	$	630	$	709
6.000%, 03/01/2035		969		1,164
5.500%, 12/01/2036 to 12/01/2038		217		253
5.000%, 05/01/2022 to 03/01/2050		1,121		1,277
4.500%, 06/01/2038 to 05/01/2050		6,574		7,247
4.000%, 07/01/2037 to 03/01/2050		2,595		2,832
3.500%, 11/01/2042 to 05/01/2050		4,755		5,129
3.000%, 09/01/2032 to 04/01/2050		5,616		5,994
2.500%, 08/01/2030 to 06/01/2050		2,642		2,798
2.000%, 10/01/2032		361		377
0.761%, 09/25/2027		7,998		361
FHLMC CMO, Ser 2011-3947, Cl SG, IO
5.791%, VAR LIBOR USD 1 Month+5.950%, 10/15/2041		171		31
FHLMC CMO, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		102		5
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		215		12
FHLMC CMO, Ser 2012-4099, Cl ST, IO
4.342%, VAR LIBOR USD 1 Month+6.000%, 08/15/2042		92		17
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		102		10
FHLMC CMO, Ser 2013-4203, Cl PS, IO
6.091%, VAR LIBOR USD 1 Month+6.250%, 09/15/2042		137		19

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2014-4310, Cl SA, IO
5.791%, VAR LIBOR USD 1 Month+5.950%, 02/15/2044	$	37	$	7
FHLMC CMO, Ser 2014-4335, Cl SW, IO
5.841%, VAR LIBOR USD 1 Month+6.000%, 05/15/2044		76		16
FHLMC CMO, Ser 2014-4415, Cl IO, IO
2.257%, 04/15/2041 (A)		38		2
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.513%, 02/25/2035 (A)		2,299		374
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO
1.513%, 05/25/2035 (A)		2,188		374
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
0.962%, 09/25/2030 (A)		5,739		463
FHLMC Multifamily Structured Pass-Through Certificates, Ser K121, Cl X1, IO
1.029%, 10/25/2030 (A)		3,700		313
FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO
1.334%, 07/25/2035 (A)		340		52
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M3
5.700%, VAR ICE LIBOR USD 1 Month+5.550%, 07/25/2028		302		315
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA3, Cl M2
2.648%, VAR ICE LIBOR USD 1 Month+2.500%, 03/25/2030		250		253
FHLMC, Ser 2016-353, Cl S1, IO
5.841%, VAR LIBOR USD 1 Month+6.000%, 12/15/2046		119		27
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		86		89
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		197		25
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		98		12
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		99		13
FHLMC, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		99		13
FNMA
7.000%, 11/01/2037 to 11/01/2038		27		31
6.500%, 01/01/2038 to 05/01/2040		172		198
6.000%, 07/01/2037 to 07/01/2041		105		126
5.500%, 02/01/2035		100		118
5.000%, 11/01/2025 to 03/01/2050		5,227		5,848
4.500%, 02/01/2035 to 08/01/2058		6,279		6,943
4.000%, 06/01/2025 to 06/01/2057		11,172		12,187

18 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.893%, VAR US Treas Yield Curve Rate T Note
Const Mat 1 Yr+2.268%, 01/01/2036	$	23	$	23
3.700%, VAR ICE LIBOR USD 12 Month+1.700%, 03/01/2036		20		20
3.500%, 04/01/2033 to 03/01/2057		14,362		15,485
3.374%, VAR ICE LIBOR USD 12 Month+1.432%, 05/01/2043		151		156
3.000%, 12/01/2036 to 11/01/2050		11,919		12,737
2.790%, 08/01/2029		200		225
2.500%, 06/01/2028 to 10/01/2050		4,253		4,491
2.260%, 04/01/2030		99		107
2.000%, 11/01/2040 to 08/01/2050		3,292		3,427
1.500%, 12/01/2035		100		103
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		396		462
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		293		17
FNMA CMO, Ser 2014-47, Cl AI, IO
2.359%, 08/25/2044 (A)		95		6
FNMA CMO, Ser 2015-55, Cl IO, IO
2.232%, 08/25/2055 (A)		24		1
FNMA CMO, Ser 2015-56, Cl AS, IO
6.002%, VAR LIBOR USD 1 Month+6.150%, 08/25/2045		49		11
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 1M2
6.527%, VAR ICE LIBOR USD 1 Month+4.900%, 11/25/2024		187		192
FNMA TBA
2.500%, 01/01/2050 to 02/01/2050		3,500		3,688
2.000%, 01/14/2050 to 02/11/2050		6,000		6,225
1.500%, 01/15/2036		2,000		2,058
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		124		145
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		9		–
FNMA, Ser 2013-54, Cl BS, IO
6.002%, VAR LIBOR USD 1 Month+6.150%, 06/25/2043		38		8
FNMA, Ser 2017-76, Cl SB, IO
5.952%, VAR LIBOR USD 1 Month+6.100%, 10/25/2057		216		44
FNMA, Ser 2017-85, Cl SC, IO
6.052%, VAR LIBOR USD 1 Month+6.200%, 11/25/2047		54		11
FNMA, Ser 2019-M19, Cl A2
2.560%, 09/25/2029		389		427
FNMA, Ser 2019-M23, Cl 3A3
2.720%, 10/25/2031 (A)		100		108
FNMA, Ser 2019-M4, Cl A2
3.610%, 02/25/2031		80		96

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA, Ser 2019-M6, Cl A2
3.450%, 01/01/2029	$	170	$	196
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		101		102
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		98		14
FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F
3.370%, 02/25/2028 (A)		692		747
FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F
3.610%, 10/25/2028 (A)		1,010		1,092
GNMA
5.500%, 02/20/2037 to 01/15/2039		91		105
5.000%, 12/20/2038 to 01/20/2049		813		917
4.600%, 09/15/2034		1,581		1,771
4.500%, 05/20/2040 to 03/20/2050		3,058		3,364
4.000%, 01/15/2041 to 07/20/2050		3,337		3,615
3.500%, 06/20/2044 to 05/15/2050		1,700		1,847
3.000%, 09/15/2042 to 12/20/2050		2,017		2,131
2.500%, 02/20/2027 to 12/20/2050		553		581
GNMA CMO, Ser 2012-34, Cl SA, IO
4.403%, VAR LIBOR USD 1 Month+6.050%, 03/20/2042		27		7
GNMA CMO, Ser 2012-66, Cl CI, IO
3.500%, 02/20/2038		28		1
GNMA CMO, Ser 2012-H18, Cl NA
2.254%, VAR ICE LIBOR USD 1 Month+0.520%, 08/20/2062		135		136
GNMA CMO, Ser 2012-H30, Cl GA
2.084%, VAR ICE LIBOR USD 1 Month+0.350%, 12/20/2062		617		617
GNMA CMO, Ser 2013-85, Cl IA, IO
0.690%, 03/16/2047 (A)		1,579		29
GNMA CMO, Ser 2013-95, Cl IO, IO
0.538%, 04/16/2047 (A)		1,316		28
GNMA CMO, Ser 2013-H01, Cl TA
2.234%, VAR ICE LIBOR USD 1 Month+0.500%, 01/20/2063		3		3
GNMA CMO, Ser 2013-H08, Cl BF
2.134%, VAR ICE LIBOR USD 1 Month+0.400%, 03/20/2063		548		547
GNMA CMO, Ser 2014-105, Cl IO, IO
0.954%, 06/16/2054 (A)		70		4
GNMA CMO, Ser 2014-186, Cl IO, IO
0.735%, 08/16/2054 (A)		813		26
GNMA CMO, Ser 2015-H20, Cl FA
0.610%, VAR ICE LIBOR USD 1 Month+0.470%, 08/20/2065		247		247
GNMA TBA
3.000%, 01/15/2043		400		418
2.500%, 01/21/2050 to 02/20/2050		2,000		2,115
2.000%, 01/21/2050 to 04/20/2050		2,100		2,195

New Covenant Funds / Semi-Annual Report / December 31, 2020 19

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 2013-107, Cl AD
2.694%, 11/16/2047 (A)	$	86	$	91
GNMA, Ser 2013-H21, Cl FB
0.840%, VAR ICE LIBOR USD 1 Month+0.700%, 09/20/2063		428		431
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		78		11
GNMA, Ser 2019-28, Cl AB
3.150%, 06/16/2060		64		68
GNMA, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		99		14
GNMA, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		99		13
GNMA, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		99		14
GNMA, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		199		28
GNMA, Ser 2020-H04, Cl FP
0.640%, VAR ICE LIBOR USD 1 Month+0.500%, 06/20/2069		182		183
GNMA, Ser 2020-H09, Cl FL
1.302%, VAR ICE LIBOR USD 1 Month+1.150%, 05/20/2070		100		105
GNMA, Ser 2020-H13, Cl FM
0.552%, VAR ICE LIBOR USD 1 Month+0.400%, 08/20/2070		377		377
GNMA, Ser 2020-H13, Cl FA
0.602%, VAR ICE LIBOR USD 1 Month+0.450%, 07/20/2070		595		596
				131,093
Non-Agency Mortgage-Backed Obligations — 8.4%
280 Park Avenue Mortgage Trust, Ser 2017- 280P, Cl A
1.039%, VAR ICE LIBOR USD 1 Month+0.880%, 09/15/2034 (B)		130		130
Atrium Hotel Portfolio Trust, Ser 2017-ATRM, Cl C
1.809%, VAR ICE LIBOR USD 1 Month+1.650%, 12/15/2036 (B)		410		361
Benchmark Mortgage Trust, Ser 2019-B15, Cl A5
2.928%, 12/15/2072		481		534
BX Commercial Mortgage Trust, Ser 2019- XL, Cl A
1.079%, VAR ICE LIBOR USD 1 Month+0.920%, 10/15/2036 (B)		1,049		1,051
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050 (A)(B)		465		477
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A
3.251%, 05/10/2035 (B)		190		199

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS
4.017%, 10/10/2047	$	100	$	110
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049		810		883
COMM Mortgage Trust, Ser 2012-CR5, Cl A4
2.771%, 12/10/2045		700		724
COMM Mortgage Trust, Ser 2012-CR5, Cl AM
3.223%, 12/10/2045 (B)		590		613
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		565		596
Commercial Mortgage Trust, Ser 2013-CR12, Cl C
5.076%, 10/10/2046 (A)		10		10
Commercial Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046 (A)		20		20
Commercial Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		20		21
Credit Suisse Mortgage Trust, Ser 2019- NQM1, Cl A3
3.064%, 10/25/2059 (B)		356		365
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(B)		792		809
CSMC, Ser 2014-USA, Cl B
4.185%, 09/15/2037 (B)		470		475
DBUBS Mortgage Trust, Ser 2011-LC2A, Cl A4
4.537%, 07/10/2044 (B)		788		792
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048 (A)(B)		102		103
GS Mortage-Backed Securities Trust, Ser 2020-PJ1, Cl A6
3.500%, 05/25/2050 (A)(B)		389		395
GS Mortgage Securities Trust, Ser 2013- GC16, Cl B
5.161%, 11/10/2046 (A)		80		85
GS Mortgage Securities Trust, Ser 2015- GC30, Cl A3
3.119%, 05/10/2050		996		1,071
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl B
4.481%, 06/09/2021		430		361
GS Mortgage Securities Trust, Ser 2018- SRP5, Cl A
3.281%, 06/09/2021		620		523
GS Mortgage Securities Trust, Ser 2019- GC39, Cl A2
3.457%, 05/10/2052		520		557
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057 (B)		292		312

20 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
3.000%, 10/25/2050 (A)(B)	$	700	$	719
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B
4.927%, 11/15/2045 (A)		210		230
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B
4.891%, 01/15/2047 (A)		30		32
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.554%, 09/15/2047 (A)		80		74
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3
3.507%, 05/15/2045		1,030		1,062
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-LC9, Cl AS
3.353%, 12/15/2047 (B)		380		390
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D
3.909%, VAR ICE LIBOR USD 1 Month+3.750%, 05/15/2028 (B)		129		115
JPMorgan Mortgage Trust, Ser 2015-5, Cl A9
3.099%, 05/25/2045 (A)(B)		57		58
JPMorgan Mortgage Trust, Ser 2016-1, Cl A5
3.500%, 05/25/2046 (A)(B)		31		31
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048 (A)(B)		355		365
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048 (A)(B)		122		125
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048 (A)(B)		230		235
MAD Mortgage Trust, Ser 2017-330M, Cl A
3.188%, 08/15/2034 (A)(B)		220		228
Metlife Securitization Trust, Ser 2020-INV1, Cl A2A
2.500%, 05/25/2050 (A)(B)		775		805
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/2045		1,475		1,521
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl A4
3.102%, 05/15/2046		714		749
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/2048		473		530
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052		615		677
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4
3.244%, 03/15/2045		220		223

Description	Face Amount (Thousands)			Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust, Ser 2019- BPR, Cl A
1.559%, VAR ICE LIBOR USD 1 Month+1.400%, 05/15/2036 (B)	$	320		$	308
MSCG Trust, Ser 2015-ALDR, Cl A2			��
3.462%, 06/07/2035 (A)(B)		410			404
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B
3.655%, 08/15/2036 (B)		410			391
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057 (A)(B)		240			252
New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B
3.500%, 12/25/2058 (A)(B)		299			315
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059 (A)(B)		227			251
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059 (A)(B)		227			252
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059 (A)(B)		398			406
New Residential Mortgage Loan Trust, Ser 2019-RPL3, Cl A1
2.750%, 07/25/2059 (A)(B)		311			327
Residential Mortgage Loan Trust, Ser 2019- 3, Cl A3
3.044%, 09/25/2059 (A)(B)		299			299
Residential Mortgage Loan Trust, Ser 2019- 3, Cl A2
2.941%, 09/25/2059 (A)(B)		299			302
Residential Mortgage Loan Trust, Ser 2020- 2, Cl A1
1.654%, 05/25/2060 (A)(B)		474			478
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		793			861
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		671			731
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		1,258			1,342
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		496			511
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		342			345
Sequoia Mortgage Trust, Ser 2017-5, Cl A4
3.500%, 08/25/2047 (A)(B)		257			258

New Covenant Funds / Semi-Annual Report / December 31, 2020 21

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust, Ser 2017-6, Cl A4
3.500%, 09/25/2047 (A)(B)	$	105	$	105
Sequoia Mortgage Trust, Ser 2020-4, Cl A2
2.500%, 11/25/2050 (A)(B)		528		551
Shops at Crystals Trust, Ser 2016-CSTL, Cl A
3.126%, 07/05/2036 (B)		100		100
UBS-BAMLL Trust, Ser 2012-WRM, Cl A
3.663%, 06/10/2030 (B)		116		117
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4
3.525%, 05/10/2063		631		650
UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, Cl XA, IO
1.307%, 05/10/2063 (A)(B)		322		5
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl NXS3
3.371%, 09/15/2057		153		164
WFRBS Commercial Mortgage Trust, Ser 2011-C4, Cl A4
4.902%, 06/15/2044 (A)(B)		1,796		1,806
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl XA, IO
1.339%, 06/15/2045 (A)(B)		1,038		12
WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS
3.311%, 03/15/2045		160		167
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.194%, 05/15/2045 (A)(B)		1,042		23
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.569%, 10/15/2057 (A)		1,018		18
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.380%, 10/15/2057 (A)		270		294
				31,791
Total Mortgage-Backed Securities (Cost $159,325) ($ Thousands)				162,884
CORPORATE OBLIGATIONS — 23.8%
Communication Services — 2.7%
Alphabet
2.050%, 08/15/2050		70		67
1.100%, 08/15/2030		40		39
0.800%, 08/15/2027		30		30
0.450%, 08/15/2025		20		20
AT&T
4.250%, 03/01/2027		150		176
4.125%, 02/17/2026		408		472
3.914%, 11/27/2022 (B)(C)		2,000		1,983

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.000%, 06/30/2022	$	10	$	10
2.300%, 06/01/2027		120		128
Charter Communications Operating
5.050%, 03/30/2029		20		24
4.908%, 07/23/2025		390		453
4.800%, 03/01/2050		40		48
3.750%, 02/15/2028		120		135
Comcast
4.700%, 10/15/2048		20		28
4.150%, 10/15/2028		80		96
3.950%, 10/15/2025		210		241
3.750%, 04/01/2040		20		24
3.450%, 02/01/2050		70		83
3.400%, 04/01/2030		40		46
3.300%, 04/01/2027		30		34
3.250%, 11/01/2039		30		34
3.150%, 03/01/2026		30		34
3.100%, 04/01/2025		10		11
Comcast Cable Communications Holdings
9.455%, 11/15/2022		1,116		1,306
Cox Communications
3.250%, 12/15/2022 (B)		859		905
Fox
4.709%, 01/25/2029		40		49
Sprint Spectrum
3.360%, 09/20/2021 (B)		144		146
TCI Communications
7.875%, 02/15/2026		240		323
T-Mobile USA
3.875%, 04/15/2030 (B)		170		197
3.750%, 04/15/2027 (B)		20		23
3.500%, 04/15/2025 (B)		369		408
2.550%, 02/15/2031 (B)		40		42
2.050%, 02/15/2028 (B)		20		21
Verizon Communications
4.862%, 08/21/2046		40		54
4.329%, 09/21/2028		435		524
4.125%, 08/15/2046		40		49
4.000%, 03/22/2050		40		48
3.875%, 02/08/2029		30		35
3.850%, 11/01/2042		10		12
3.376%, 02/15/2025		282		313
3.000%, 03/22/2027		120		133
2.650%, 11/20/2040		300		303
2.625%, 08/15/2026		513		562
0.850%, 11/20/2025		50		50
Viacom
3.875%, 04/01/2024		20		22
Walt Disney
3.350%, 03/24/2025		469		520

22 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.000%, 09/15/2022	$	30	$	31
				10,292
Consumer Discretionary — 1.3%
Amazon.com
4.250%, 08/22/2057		10		14
3.150%, 08/22/2027		470		535
1.200%, 06/03/2027		20		20
Cargill
1.375%, 07/23/2023 (B)		70		72
Dollar General
3.250%, 04/15/2023		10		11
Ferguson Finance
3.250%, 06/02/2030 (B)		851		949
General Motors
5.400%, 10/02/2023		576		645
General Motors Financial
4.150%, 06/19/2023		600		646
3.700%, 05/09/2023		190		201
Home Depot
3.900%, 12/06/2028		10		12
3.900%, 06/15/2047		10		13
3.350%, 04/15/2050		50		60
3.300%, 04/15/2040		40		47
2.500%, 04/15/2027		450		494
Lowe’s
4.500%, 04/15/2030		30		37
McDonald’s MTN
4.200%, 04/01/2050		70		90
3.700%, 01/30/2026		10		11
3.625%, 09/01/2049		10		12
3.500%, 03/01/2027		20		23
3.500%, 07/01/2027		10		11
3.350%, 04/01/2023		280		298
3.300%, 07/01/2025		50		56
1.450%, 09/01/2025		10		10
Newell Brands
4.350%, 04/01/2023		53		55
NIKE
3.375%, 03/27/2050		30		37
2.750%, 03/27/2027		40		44
2.400%, 03/27/2025		355		383
Target
2.250%, 04/15/2025		80		86
TJX
3.500%, 04/15/2025		50		56
				4,928
Consumer Staples — 0.5%
Coca-Cola
3.375%, 03/25/2027		30		34
2.950%, 03/25/2025		40		44

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.600%, 06/01/2050	$	20	$	21
2.500%, 03/15/2051		30		31
1.450%, 06/01/2027		80		83
Costco Wholesale
1.600%, 04/20/2030		90		92
1.375%, 06/20/2027		120		124
Hershey
0.900%, 06/01/2025		20		20
Kimberly-Clark
3.100%, 03/26/2030		20		23
Mars
3.200%, 04/01/2030 (B)		30		35
2.700%, 04/01/2025 (B)		60		65
Mondelez International
2.125%, 04/13/2023		30		31
1.500%, 05/04/2025		80		83
PepsiCo
3.875%, 03/19/2060		20		27
3.625%, 03/19/2050		30		38
3.000%, 08/25/2021		290		295
2.750%, 03/05/2022		80		82
2.625%, 03/19/2027		10		11
2.250%, 03/19/2025		331		354
1.625%, 05/01/2030		70		72
0.750%, 05/01/2023		80		81
Procter & Gamble
3.000%, 03/25/2030		40		46
2.800%, 03/25/2027		10		11
Walmart
3.550%, 06/26/2025		20		23
3.400%, 06/26/2023		30		32
3.050%, 07/08/2026		100		113
				1,871
Energy — 2.8%
Apache
3.250%, 04/15/2022		616		621
Berkshire Hathaway Energy
3.700%, 07/15/2030 (B)		140		166
BP Capital Markets America
3.790%, 02/06/2024		80		87
3.633%, 04/06/2030		50		58
3.410%, 02/11/2026		90		101
3.216%, 11/28/2023		90		96
3.119%, 05/04/2026		170		188
2.937%, 04/06/2023		281		297
Cameron LNG
2.902%, 07/15/2031 (B)		60		66
Chevron
2.100%, 05/16/2021		130		131
1.995%, 05/11/2027		40		42
1.554%, 05/11/2025		70		73

New Covenant Funds / Semi-Annual Report / December 31, 2020 23

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Cimarex Energy
4.375%, 06/01/2024	$	50	$	55
4.375%, 03/15/2029		50		57
3.900%, 05/15/2027		160		176
Concho Resources
4.300%, 08/15/2028		30		35
3.750%, 10/01/2027		160		183
Continental Resources
5.000%, 09/15/2022		90		90
3.800%, 06/01/2024		190		196
Devon Energy
5.850%, 12/15/2025		210		247
Diamondback Energy
5.375%, 05/31/2025		50		52
3.250%, 12/01/2026		30		32
2.875%, 12/01/2024		290		305
Energy Transfer Operating
4.950%, 06/15/2028		10		11
3.750%, 05/15/2030		160		173
2.900%, 05/15/2025		40		42
Energy Transfer Partners
4.500%, 11/01/2023		60		65
Enterprise Products Operating
4.150%, 10/16/2028		140		167
3.950%, 02/15/2027		150		173
3.900%, 02/15/2024		457		500
3.125%, 07/31/2029		60		66
2.800%, 01/31/2030		170		184
EOG Resources
4.375%, 04/15/2030		190		231
4.150%, 01/15/2026		160		186
Exxon Mobil
4.327%, 03/19/2050		30		39
3.043%, 03/01/2026		150		166
2.992%, 03/19/2025		758		830
1.571%, 04/15/2023		20		21
Halliburton
3.250%, 11/15/2021		180		183
Kinder Morgan
4.300%, 06/01/2025		60		68
Kinder Morgan Energy Partners
3.500%, 03/01/2021		30		30
MidAmerican Energy
3.650%, 04/15/2029		140		166
MPLX
4.800%, 02/15/2029		50		60
4.125%, 03/01/2027		110		127
4.000%, 03/15/2028		40		46
Noble Energy
3.850%, 01/15/2028		30		35
3.250%, 10/15/2029		80		92

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Occidental Petroleum
5.550%, 03/15/2026	$	170	$	177
4.574%, 10/10/2036 (C)		2,000		920
3.400%, 04/15/2026		80		76
3.200%, 08/15/2026		130		122
3.000%, 02/15/2027		130		116
Phillips 66
3.700%, 04/06/2023		582		623
Phillips 66 Partners
2.450%, 12/15/2024		413		433
Schlumberger Holdings
3.900%, 05/17/2028 (B)		456		515
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		160		171
Western Midstream Operating
5.050%, 02/01/2030		20		22
4.100%, 02/01/2025		30		31
2.074%, VAR ICE LIBOR USD 3 Month+1.850%, 01/13/2023		20		20
Williams
3.750%, 06/15/2027		390		445
				10,686
Financials — 8.7%
American Express
3.400%, 02/27/2023		972		1,034
2.650%, 12/02/2022		264		276
American Honda Finance MTN
0.875%, 07/07/2023		846		856
American International Group
2.500%, 06/30/2025		40		43
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month+1.040%, 12/20/2028		234		264
3.004%, VAR ICE LIBOR USD 3 Month+0.790%, 12/20/2023		258		272
2.592%, VAR United States Secured Overnight Financing Rate+2.150%, 04/29/2031		180		193
Bank of America MTN
4.450%, 03/03/2026		678		790
4.250%, 10/22/2026		10		12
4.200%, 08/26/2024		210		235
4.125%, 01/22/2024		370		410
4.100%, 07/24/2023		280		306
4.083%, VAR ICE LIBOR USD 3 Month+3.150%, 03/20/2051		40		51
4.000%, 04/01/2024		440		488
4.000%, 01/22/2025		80		90
3.974%, VAR ICE LIBOR USD 3 Month+1.210%, 02/07/2030		80		94

24 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.593%, VAR ICE LIBOR USD 3 Month+1.370%, 07/21/2028	$	210	$	239
3.550%, VAR ICE LIBOR USD 3 Month+0.780%, 03/05/2024		80		85
3.500%, 04/19/2026		130		147
3.300%, 01/11/2023		60		64
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		900
1.600%, 04/24/2025		40		42
Blackstone Holdings Finance
1.600%, 03/30/2031 (B)		590		587
Capital One Financial
3.300%, 10/30/2024		480		527
Charles Schwab
3.850%, 05/21/2025		110		125
Citigroup
8.125%, 07/15/2039		12		21
5.500%, 09/13/2025		150		180
5.300%, 05/06/2044		31		44
4.650%, 07/30/2045		28		38
4.450%, 09/29/2027		120		142
4.412%, VAR United States Secured Overnight Financing Rate+3.914%, 03/31/2031		100		121
4.400%, 06/10/2025		160		183
4.300%, 11/20/2026		40		47
4.125%, 07/25/2028		40		47
4.075%, VAR ICE LIBOR USD 3 Month+1.192%, 04/23/2 029		240		282
4.050%, 07/30/2022		40		42
3.668%, VAR ICE LIBOR USD 3 Month+1.390%, 07/24/2028		340		385
3.500%, 05/15/2023		100		107
3.400%, 05/01/2026		354		398
3.200%, 10/21/2026		287		321
3.106%, VAR United States Secured Overnight Financing Rate+2.750%, 04/08/2026		150		164
2.572%, VAR United States Secured Overnight Financing Rate+2.107%, 06/03/2031		200		213
1.678%, VAR United States Secured Overnight Financing Rate+1.667%, 05/15/2024		903		930
Equitable Financial Life Global Funding
1.400%, 07/07/2025 (B)		673		691
Ferguson Finance
4.500%, 10/24/2028 (B)		459		550
Goldman Sachs Group
5.750%, 01/24/2022		662		700
4.250%, 10/21/2025		90		103
4.223%, VAR ICE LIBOR USD 3 Month+1.301%, 05/01/2029		550		653

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.800%, 03/15/2030	$	530	$	624
3.691%, VAR ICE LIBOR USD 3 Month+1.510%, 06/05/2028		400		461
3.500%, 04/01/2025		80		89
3.500%, 11/16/2026		90		101
Goldman Sachs Group MTN
4.000%, 03/03/2024		420		464
Guardian Life Global Funding
1.100%, 06/23/2025 (B)		30		30
JPMorgan Chase
4.452%, VAR ICE LIBOR USD 3 Month+1.330%, 12/05/2029		200		244
4.203%, VAR ICE LIBOR USD 3 Month+1.260%, 07/23/2029		773		924
4.023%, VAR ICE LIBOR USD 3 Month+1.000%, 12/05/2024		230		253
4.005%, VAR ICE LIBOR USD 3 Month+1.120%, 04/23/2029		100		117
3.875%, 09/10/2024		290		325
2.522%, VAR United States Secured Overnight Financing Rate+2.040%, 04/22/2031		190		204
2.083%, VAR United States Secured Overnight Financing Rate+1.850%, 04/22/2026		130		137
1.514%, VAR United States Secured Overnight Financing Rate+1.455%, 06/01/2024		210		216
KKR Group Finance VI
3.750%, 07/01/2029 (B)		1,149		1,337
Liberty Mutual Group
4.569%, 02/01/2029 (B)		321		394
4.250%, 06/15/2023 (B)		91		99
Lincoln National
3.400%, 01/15/2031		451		517
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (B)		220		223
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month+1.140%, 01/24/2029		150		174
3.750%, 02/25/2023		1,110		1,190
3.622%, VAR United States Secured Overnight Financing Rate+3.120%, 04/01/2031		475		553
2.699%, VAR United States Secured Overnight Financing Rate+1.143%, 01/22/2031		100		109
2.188%, VAR United States Secured Overnight Financing Rate+1.990%, 04/28/2026		200		211
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025		1,060		1,152

New Covenant Funds / Semi-Annual Report / December 31, 2020 25

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National Securities Clearing
1.500%, 04/23/2025 (B)	$	1,046	$	1,083
1.200%, 04/23/2023 (B)		250		255
New York Life Global Funding
0.950%, 06/24/2025 (B)		60		61
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		944		1,047
Penske Truck Leasing Lp
3.900%, 02/01/2024 (B)		965		1,054
Principal Life Global Funding II
1.250%, 06/23/2025 (B)		20		20
State Street
3.152%, VAR United States Secured Overnight Financing Rate+2.650%, 03/30/2031		50		57
US Bancorp
3.375%, 02/05/2024		540		588
1.450%, 05/12/2025		160		166
USAA Capital
2.125%, 05/01/2030 (B)		150		158
USAA Capital MTN
2.625%, 06/01/2021 (B)		350		353
Wells Fargo
3.069%, 01/24/2023		808		831
3.000%, 10/23/2026		190		211
2.188%, VAR United States Secured Overnight Financing Rate+2.000%, 04/30/2026		130		137
Wells Fargo MTN
5.013%, VAR ICE LIBOR USD 3 Month+4.240%, 04/04/2051		380		540
4.900%, 11/17/2045		30		40
4.600%, 04/01/2021		480		485
4.478%, VAR ICE LIBOR USD 3 Month+3.770%, 04/04/2031		130		159
4.300%, 07/22/2027		200		234
3.750%, 01/24/2024		540		590
3.450%, 02/13/2023		120		127
2.393%, VAR United States Secured Overnight Financing Rate+2.100%, 06/02/2028		90		96
1.654%, VAR United States Secured Overnight Financing Rate+1.600%, 06/02/2024		160		164
				33,096
Health Care — 2.9%
Abbott Laboratories
3.400%, 11/30/2023		175		190
AbbVie
4.250%, 11/21/2049		30		38
3.800%, 03/15/2025		40		45
3.750%, 11/14/2023		20		22

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.600%, 05/14/2025	$	10	$	11
3.450%, 03/15/2022		120		124
3.200%, 11/21/2029		40		45
2.950%, 11/21/2026		20		22
2.600%, 11/21/2024		140		150
2.300%, 11/21/2022		1,046		1,084
Adventist Health System
2.433%, 09/01/2024		431		447
Aetna
2.800%, 06/15/2023		20		21
Anthem
3.125%, 05/15/2022		340		353
Baylor Scott & White Holdings
1.947%, 11/15/2021		1,226		1,235
Becton Dickinson
4.685%, 12/15/2044		40		52
3.734%, 12/15/2024		24		27
3.363%, 06/06/2024		210		228
Bristol-Myers Squibb
3.875%, 08/15/2025		150		171
3.550%, 08/15/2022		60		63
3.400%, 07/26/2029		50		58
3.200%, 06/15/2026		120		135
2.900%, 07/26/2024		240		260
2.600%, 05/16/2022		80		82
2.250%, 08/15/2021		70		71
Cigna
4.375%, 10/15/2028		200		242
4.125%, 11/15/2025		50		58
3.750%, 07/15/2023		30		32
3.500%, 06/15/2024		160		175
3.400%, 09/17/2021		60		61
CommonSpirit Health
4.200%, 08/01/2023		473		511
CVS Health
5.050%, 03/25/2048		60		81
4.300%, 03/25/2028		220		262
3.875%, 07/20/2025		95		108
3.625%, 04/01/2027		180		205
3.350%, 03/09/2021		32		32
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		1,092		1,342
Eli Lilly
2.350%, 05/15/2022		170		175
Gilead Sciences
2.500%, 09/01/2023		50		53
Humana
4.500%, 04/01/2025		10		11
3.150%, 12/01/2022		240		251
2.900%, 12/15/2022		290		303
Johnson & Johnson
0.950%, 09/01/2027		100		100

26 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
0.550%, 09/01/2025	$	50	$	50
Merck
1.450%, 06/24/2030		50		51
0.750%, 02/24/2026		80		81
Pfizer
2.625%, 04/01/2030		100		112
1.700%, 05/28/2030		50		52
0.800%, 05/28/2025		110		112
SSM Health Care
3.688%, 06/01/2023		644		688
Thermo Fisher Scientific
4.133%, 03/25/2025		463		526
UnitedHealth Group
4.450%, 12/15/2048		10		14
4.250%, 06/15/2048		10		13
3.875%, 12/15/2028		30		36
3.750%, 07/15/2025		30		34
3.500%, 06/15/2023		20		21
2.875%, 12/15/2021		50		51
2.375%, 10/15/2022		10		10
2.000%, 05/15/2030		30		32
1.250%, 01/15/2026		20		21
				10,840
Industrials — 1.8%
3M
3.700%, 04/15/2050		150		186
2.375%, 08/26/2029		30		32
Aviation Capital Group
4.125%, 08/01/2025 (B)		160		168
Burlington Northern and Santa Fe Railway Pass-Through Trust, Ser 2002-2
5.140%, 01/15/2021		–		–
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		14
Carrier Global
2.700%, 02/15/2031		10		11
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		590		597
Deere
3.750%, 04/15/2050		30		39
3.100%, 04/15/2030		10		11
Delta Air Lines Pass-Through Trust, Ser 2015- 1, Cl AA
3.625%, 07/30/2027		515		529
Delta Air Lines Pass-Through Trust, Ser 2019- 1, Cl AA
3.204%, 04/25/2024		621		638
Eaton
2.750%, 11/02/2022		450		470

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
FedEx
3.800%, 05/15/2025	$	722	$	815
General Electric
4.350%, 05/01/2050		40		49
4.250%, 05/01/2040		30		36
3.625%, 05/01/2030		30		34
3.450%, 05/01/2027		100		113
General Electric MTN
6.875%, 01/10/2039		30		44
Honeywell International
1.350%, 06/01/2025		50		52
International Lease Finance
5.875%, 08/15/2022		400		432
Republic Services
3.200%, 03/15/2025		180		197
Ryder System MTN
3.350%, 09/01/2025		836		929
Union Pacific
3.950%, 09/10/2028		20		24
3.750%, 07/15/2025		20		23
United Airlines Pass-Through Trust, Ser 2014- 1, Cl A
4.000%, 04/11/2026		656		664
United Parcel Service
3.900%, 04/01/2025		354		400
Waste Management
3.500%, 05/15/2024		120		131
				6,638
Information Technology — 1.6%
Adobe
2.300%, 02/01/2030		210		227
Apple
3.350%, 02/09/2027		210		240
2.900%, 09/12/2027		110		123
2.450%, 08/04/2026		70		76
1.125%, 05/11/2025		130		134
Broadcom
4.700%, 04/15/2025		180		206
4.110%, 09/15/2028		515		589
3.150%, 11/15/2025		140		153
2.250%, 11/15/2023		100		104
Intel
4.750%, 03/25/2050		20		28
4.600%, 03/25/2040		10		13
3.700%, 07/29/2025		30		34
Juniper Networks
1.200%, 12/10/2025		570		577
Mastercard
3.850%, 03/26/2050		10		13
3.375%, 04/01/2024		190		208

New Covenant Funds / Semi-Annual Report / December 31, 2020 27

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Micron Technology
2.497%, 04/24/2023	$	70	$	73
Microsoft
3.300%, 02/06/2027		90		103
2.400%, 02/06/2022		150		153
1.550%, 08/08/2021		110		111
NVIDIA
3.700%, 04/01/2060		90		116
3.500%, 04/01/2040		130		156
3.500%, 04/01/2050		290		352
2.850%, 04/01/2030		90		101
Oracle
2.500%, 10/15/2022		130		135
2.500%, 04/01/2025		738		793
PayPal Holdings
1.650%, 06/01/2025		60		63
1.350%, 06/01/2023		571		585
salesforce.com
3.700%, 04/11/2028		150		177
3.250%, 04/11/2023		70		75
Texas Instruments
1.750%, 05/04/2030		40		41
Visa
4.300%, 12/14/2045		10		14
3.150%, 12/14/2025		110		123
1.900%, 04/15/2027		60		64
				5,960
Real Estate — 0.2%
Digital Realty Trust
3.600%, 07/01/2029		815		934
Utilities — 1.3%
Aquarion
4.000%, 08/15/2024 (B)		227		248
Commonwealth Edison
3.700%, 08/15/2028		468		552
Duke Energy
3.550%, 09/15/2021		170		173
2.400%, 08/15/2022		150		155
Duke Energy Florida
3.200%, 01/15/2027		440		491
FirstEnergy
4.250%, 03/15/2023		380		401
2.850%, 07/15/2022		330		335
1.600%, 01/15/2026		30		29
Northern States Power
7.125%, 07/01/2025		1,190		1,518
Pacific Gas and Electric
2.100%, 08/01/2027		130		132
1.750%, 06/16/2022		100		100

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Public Service Enterprise Group
2.875%, 06/15/2024	$	713	$	768
				4,902
Total Corporate Obligations (Cost $83,572) ($ Thousands)				90,147
U.S. TREASURY OBLIGATIONS — 16.8%
U.S. Treasury Bills
0.110%, 04/29/2021 (C)		2,660		2,659
0.100%, 01/05/2021 (C)		370		370
0.090%, 05/04/2021 (C)		2,390		2,389
0.090%, 02/18/2021 (C)		2,020		2,020
0.084%, 05/18/2021 (C)		1,160		1,160
0.055%, 03/04/2021 (C)		3,678		3,678
U.S. Treasury Bonds
2.000%, 02/15/2050		850		923
1.625%, 11/15/2050		560		558
1.375%, 11/15/2040		920		910
1.375%, 08/15/2050		2,990		2,800
1.250%, 05/15/2050		3,970		3,602
1.125%, 08/15/2040		1,060		1,004
U.S. Treasury Inflation-Protected Securities
2.125%, 02/15/2040		301		466
2.125%, 02/15/2041		143		224
1.750%, 01/15/2028		87		107
1.375%, 02/15/2044		547		788
1.000%, 02/15/2046		396		539
1.000%, 02/15/2048		465		646
1.000%, 02/15/2049		486		685
0.750%, 02/15/2042		472		601
0.750%, 02/15/2045		188		242
0.125%, 10/15/2024		3,357		3,600
0.125%, 04/15/2025		181		195
0.125%, 01/15/2030		776		866
U.S. Treasury Notes
0.875%, 11/15/2030		370		369
0.625%, 11/30/2027		1,410		1,410
0.625%, 12/31/2027		1,390		1,388
0.625%, 08/15/2030		4,222		4,116
0.500%, 08/31/2027		1,290		1,282
0.500%, 10/31/2027		1,320		1,310
0.375%, 04/30/2025		20		20
0.375%, 11/30/2025		320		320
0.250%, 05/31/2025		8,800		8,783
0.250%, 06/30/2025		260		259
0.250%, 07/31/2025		10,938		10,906
0.250%, 08/31/2025		730		728
0.250%, 09/30/2025		10		10

28 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
0.125%, 08/31/2022	$	1,810	$	1,810
Total U.S. Treasury Obligations
(Cost $63,080) ($ Thousands)				63,743
ASSET-BACKED SECURITIES — 8.2%
Automotive — 2.0%
Avis Budget Rental Car Funding AESOP, Ser 2017-2A, Cl A
2.970%, 03/20/2024 (B)		310		322
Avis Budget Rental Car Funding AESOP, Ser 2019-2A, Cl A
3.350%, 09/22/2025 (B)		320		342
Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (B)		440		448
Capital One Prime Auto Receivables Trust, Ser 2019-2, Cl A4
1.960%, 02/18/2025		1,662		1,715
Ford Credit Auto Owner Trust, Ser 2020- REV2, Cl A
1.060%, 04/15/2033 (B)		1,144		1,155
Honda Auto Receivables Owner Trust, Ser 2019-2, Cl A3
2.520%, 06/21/2023		572		583
NextGear Floorplan Master Owner Trust, Ser 2019-1A, Cl A2
3.210%, 02/15/2024 (B)		1,182		1,219
NextGear Floorplan Master Owner Trust, Ser 2019-2A, Cl A2
2.070%, 10/15/2024 (B)		556		572
World Omni Auto Receivables Trust, Ser 2019-B, Cl A3
2.590%, 07/15/2024		1,299		1,321
				7,677
Home — 0.2%
Citifinancial Mortgage Securities, Ser 2004- 1, Cl AF4
5.070%, 04/25/2034		178		185
Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5
3.627%, VAR ICE LIBOR USD 1 Month+3.000%, 07/25/2034 (B)		390		399
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
1.927%, VAR ICE LIBOR USD 1 Month+0.300%, 05/25/2037 (B)		195		179

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
New Century Home Equity Loan Trust, Ser 2003-A, Cl A
2.347%, VAR ICE LIBOR USD 1 Month+0.720%, 10/25/2033 (B)	$	76	$	75
				838
Other Asset-Backed Securities — 6.0%
AEP Texas Restoration Funding, Ser 2019-1, Cl A2
2.294%, 08/01/2031		1,646		1,767
American Tower Trust, Ser 2013-13, Cl 2A
3.070%, 03/15/2048 (B)		620		632
Ameriquest Mortgage Securities Asset- Backed Pass-Through Certificates,
Ser 2005-R7, Cl M2
2.127%, VAR ICE LIBOR USD 1 Month+0.750%, 09/25/2035		210		209
AMSR Trust, Ser 2020-SFR4, Cl A
1.355%, 11/17/2037 (B)		463		467
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/07/2049 (B)		299		295
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (B)		523		533
Citigroup Mortgage Loan Trust, Ser 2007- WFH3, Cl A3
1.877%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/2037		157		156
Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
1.799%, VAR ICE LIBOR USD 1 Month+0.140%, 07/15/2036		269		247
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (B)		427		438
Domino’s Pizza Master Issuer, Ser 2017-1A, Cl A2I
1.465%, VAR ICE LIBOR USD 3 Month+1.250%, 07/25/2047 (B)		690		690
DRB Prime Student Loan Trust, Ser 2015-B, Cl A1
2.048%, VAR ICE LIBOR USD 1 Month+1.900%, 10/27/2031 (B)		67		67
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (B)		896		900
Invitation Homes Trust, Ser 2018-SFR1, Cl A
0.853%, VAR ICE LIBOR USD 1 Month+0.700%, 03/17/2037 (B)		890		883
MMAF Equipment Finance, Ser 2018-A, Cl A3
3.200%, 09/12/2022 (B)		873		882
Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1
2.482%, VAR ICE LIBOR USD 1 Month+0.855%, 07/25/2034		443		431

New Covenant Funds / Semi-Annual Report / December 31, 2020 29

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Ser 2016-6A, Cl A3
2.927%, VAR ICE LIBOR USD 1 Month+1.300%, 03/25/2066 (B)	$	900	$	918
Navient Student Loan Trust, Ser 2019-BA, Cl A2A 3.390%, 12/15/2059 (B)		180		189
Progress Residential Trust, Ser 2018-SFR3, Cl A
3.880%, 10/17/2035 (B)		639		652
Progress Residential Trust, Ser 2019-SFR2, Cl A
3.147%, 05/17/2036 (B)		300		310
RAAC Series Trust, Ser 2005-SP3, Cl M2
2.427%, VAR ICE LIBOR USD 1 Month+1.200%, 12/25/2035		308		307
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		339		361
SBA Small Business Investment, Ser 2019- 10A, Cl 1
3.113%, 03/10/2029		176		187
SLC Student Loan Trust, Ser 2010-1, Cl A
1.082%, VAR ICE LIBOR USD 3 Month+0.875%, 11/25/2042		227		228
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
0.507%, VAR ICE LIBOR USD 3 Month+0.290%, 06/15/2039		240		230
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
1.417%, VAR ICE LIBOR USD 3 Month+1.200%, 12/15/2033 (B)		125		123
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2
4.540%, 02/25/2044 (B)		465		498
Store Master Funding I-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		375		391
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (B)		324		325
Towd Point Mortgage Trust, Ser 2015-5, Cl A1B
2.750%, 05/25/2055 (A)(B)		78		78
Tricon American Homes Trust, Ser 2019- SFR1, Cl A
2.750%, 03/17/2038 (B)		272		286
Tricon American Homes, Ser 2020-SFR1, Cl A
1.499%, 07/17/2038 (B)		531		537
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		232		246
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		234		257

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031	$	143	$	152
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		639		691
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		742		792
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		751		804
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		412		442
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		431		461
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		572		611
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		1,142		1,265
United States Small Business Administration, Ser 2018-20J, Cl 1
3.770%, 10/01/2038		601		675
United States Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		58		62
Vantage Data Centers, Ser 2020-2A, Cl A2
1.992%, 09/15/2045 (B)		1,000		1,006
Verizon Owner Trust, Ser 2019-B, Cl A1A
2.330%, 12/20/2023		624		636
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		328		348
				22,665
Total Asset-Backed Securities (Cost $30,274) ($ Thousands)				31,180
FOREIGN BONDS — 6.8%
Anglo American Capital
3.625%, 09/11/2024 (B)		200		218
ArcelorMittal
4.550%, 03/11/2026		100		113
3.600%, 07/16/2024		180		194
Banco Santander
3.125%, 02/23/2023		200		211
2.746%, 05/28/2025		200		213
1.344%, 04/12/2023		200		202

30 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)		Market Value ($ Thousands)
FOREIGN BONDS (continued)
Bank of Montreal MTN
1.850%, 05/01/2025	$	130	$	136
Bank of Nova Scotia
1.625%, 05/01/2023		584		601
1.300%, 06/11/2025		70		72
Barclays Bank
10.179%, 06/12/2021 (B)		370		385
1.700%, 05/12/2022		200		204
BHP Billiton Finance USA
2.875%, 02/24/2022		10		10
BMW US Capital
1.850%, 09/15/2021 (B)		20		20
BNP Paribas
5.198%, 01/10/2030 (B)		200		248
4.705%, 01/10/2025 (B)		270		300
4.400%, 08/14/2028 (B)		200		237
BP Capital Markets PLC
3.561%, 11/01/2021		230		236
3.535%, 11/04/2024		20		22
3.062%, 03/17/2022		20		21
BPCE MTN
3.000%, 05/22/2022 (B)		640		662
CNOOC Finance
3.500%, 05/05/2025		330		355
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		571
3.950%, 11/09/2022		670		711
3.875%, 09/26/2023 (B)		595		649
Credit Suisse Group
4.194%, 04/01/2031 (B)		250		294
Credit Suisse NY
2.950%, 04/09/2025		250		274
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		52
Danske Bank
5.000%, 01/12/2022 (B)		200		209
3.001%, 09/20/2022 (B)		200		203
1.226%, 06/22/2024 (B)		200		202
Ecopetrol
5.375%, 06/26/2026		140		161
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		223
Glencore Funding
4.125%, 05/30/2023 (B)		890		962
4.125%, 03/12/2024 (B)		60		66
HSBC Holdings PLC
4.583%, 06/19/2029		400		473
Intesa Sanpaolo
5.017%, 06/26/2024 (B)		200		219
3.375%, 01/12/2023 (B)		200		209
3.125%, 07/14/2022 (B)		200		207

Description	Face Amount (Thousands)		Market Value ($ Thousands)
FOREIGN BONDS (continued)
KazMunayGas National JSC
5.375%, 04/24/2030 (B)	$	400	$	493
Lloyds Banking Group
2.858%, 03/17/2023		434		446
1.326%, 06/15/2023		360		364
Macquarie Bank
2.300%, 01/22/2025 (B)		1,188		1,262
Macquarie Group MTN
4.150%, 03/27/2024 (B)		495		532
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		554
Natwest Group
4.519%, 06/25/2024		290		317
4.269%, 03/22/2025		200		221
Nutrien
1.900%, 05/13/2023		501		518
NXP BV
4.625%, 06/01/2023 (B)		479		524
2.700%, 05/01/2025 (B)		40		43
OCP
4.500%, 10/22/2025 (B)		400		435
ORIX
4.050%, 01/16/2024		365		400
Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		443
Petrobras Global Finance BV
6.850%, 06/05/2115		150		187
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		461
Petroleos Mexicanos
4.875%, 01/18/2024		190		200
Royal Bank of Canada MTN
1.600%, 04/17/2023		120		123
1.150%, 06/10/2025		70		72
Santander UK Group Holdings PLC
3.571%, 01/10/2023		200		206
Shell International Finance BV
3.250%, 05/11/2025		150		166
3.250%, 04/06/2050		110		125
2.875%, 05/10/2026		90		99
2.750%, 04/06/2030		40		44
2.375%, 04/06/2025		548		588
1.750%, 09/12/2021		690		697
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		318
SMBC Aviation Capital Finance DAC
4.125%, 07/15/2023 (B)		200		214
Southern Copper
3.500%, 11/08/2022		130		137
Svenska Handelsbanken MTN
3.350%, 05/24/2021		250		253

New Covenant Funds / Semi-Annual Report / December 31, 2020 31

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
FOREIGN BONDS (continued)
Swedbank
1.300%, 06/02/2023 (B)	$	200	$	204
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		276
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		30
Teva Pharmaceutical Finance Netherlands III BV
2.200%, 07/21/2021		227		226
Toronto-Dominion Bank MTN
1.150%, 06/12/2025		918		937
0.750%, 06/12/2023		130		131
TSMC Global
0.750%, 09/28/2025 (B)		200		199
UBS
1.750%, 04/21/2022 (B)		611		622
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		634		733
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		293
3.491%, 05/23/2023 (B)		390		406
Vale Overseas
6.875%, 11/21/2036		148		217
6.250%, 08/10/2026		240		297
Vodafone Group PLC
3.750%, 01/16/2024		310		339
Total Foreign Bonds (Cost $23,853) ($ Thousands)				25,697
SOVEREIGN DEBT — 2.8%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (B)		490		507
Colombia Government International Bond
5.625%, 02/26/2044		280		363
5.200%, 05/15/2049		310		393
3.125%, 04/15/2031		220		233
Indonesia Government International Bond MTN
5.125%, 01/15/2045 (B)		200		258
3.850%, 07/18/2027 (B)		200		228
3.750%, 04/25/2022		370		385
Kuwait International Government Bond
3.500%, 03/20/2027 (B)		210		239
Mexico Government International Bond
4.000%, 10/02/2023		610		668
3.600%, 01/30/2025		380		423
Panama Government International Bond
6.700%, 01/26/2036		190		282
4.300%, 04/29/2053		300		380

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Peruvian Government International Bond
6.550%, 03/14/2037	$	250	$	379
5.625%, 11/18/2050		310		488
Poland Government International Bond
5.125%, 04/21/2021		440		447
4.000%, 01/22/2024		450		498
Province of Quebec Canada
2.625%, 02/13/2023		500		525
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,278
Qatar Government International Bond
3.250%, 06/02/2026		620		690
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030		114		132
5.875%, 09/16/2043		400		577
5.625%, 04/04/2042		400		556
Uruguay Government International Bond
4.375%, 01/23/2031		390		478
Total Sovereign Debt (Cost $9,102) ($ Thousands)				10,407
MUNICIPAL BONDS — 1.4%
California — 0.1%
San Jose, Financing Authority, RB
1.311%, 06/01/2026		540		540
Florida — 0.4%
Florida State, Board of Administration Finance, Ser A, RB
2.638%, 07/01/2021		420		424
1.258%, 07/01/2025		1,000		1,023
				1,447
Michigan — 0.2%
Michigan State, Finance Authority, RB
Callable 03/01/2024 @ 100
2.988%, 09/01/2049 (D)		755		805
Missouri — 0.2%
University of Missouri, System Facilities, RB Callable 10/01/2025 @ 100
1.714%, 11/01/2025		725		757
New Jersey — 0.0%
New Jersey State, Transportation Trust Fund Authority, RB
2.551%, 06/15/2023		125		130

32 New Covenant Funds / Semi-Annual Report / December 31, 2020

Description	Face Amount (Thousands)			Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York — 0.2%
New York State, Urban Development, RB
3.350%, 03/15/2026	$	665		$	750
Wisconsin — 0.3%
Wisconsin State, Ser A, RB, AGM
5.700%, 05/01/2026		795			935
Total Municipal Bonds (Cost $5,106) ($ Thousands)					5,364
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%
FHLB DN
0.097%, 01/29/2021 (C)		270			270
FHLMC
2.375%, 01/13/2022		1,090			1,115
Tennessee Valley Authority
3.875%, 02/15/2021		790			793
Total U.S. Government Agency Obligations (Cost $2,155) ($ Thousands)					2,178
		Shares
CASH EQUIVALENT — 2.2%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		8,222,042			8,222
Total Cash Equivalent (Cost $8,222) ($ Thousands)					8,222
Total Investments in Securities — 105.7% (Cost $384,689) ($ Thousands)				$	399,822
		Contracts
PURCHASED OPTION* — 0.0%
Total Purchased Option (E) (Cost $3) ($ Thousands)		5		$	2
WRITTEN OPTIONS* — 0.0%
Total Written Options (E) (Premiums Received $23) ($ Thousands)		(31	)	$	(16	)

New Covenant Funds / Semi-Annual Report / December 31, 2020 33

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Income Fund (Concluded)

A list of open options contracts held by the Fund at December 31, 2020 is as follows:

Description	Number of Contracts			Notional Amount (Thousands) ‡			Exercise Price		Expiration Date		Value         (Thousands)
PURCHASED OPTION — 0.0%
Put Options
February 2021, U.S. 10-Year Future Option *		5		$	3			$138.00		1/16/2021	$	2
Total Purchased Option				$	3						$	2
WRITTEN OPTIONS — 0.0%
Put Options
February 2021, U.S. 10-Year Future Option *		(10	)	$	(3	)		137.00		01/16/21	$	(2	)
February 2021, U.S. Bond Future Option*		(3	)		(2	)		170.00		01/16/21		(1	)
					(5	)						(3	)
Call Options
February 2021, U.S. 10-Year Future *		(6	)	$	(2	)		138.25		01/16/21	$	(2	)
February 2021, U.S. Bond Future Option*		(4	)		(7	)		176.00		01/16/21		(2	)
February 2021, U.S. Bond Future Option*		(8	)		(9	)		174.00		01/16/21		(9	)
					(18	)						(13	)
Total Written Options				$	(23	)					$	(16	)

^‡  Represents Cost

A list of the open futures contracts held by the Fund at December 31, 2020 are as follows:

Type of Contract	Number of Contracts Long (Short)		Expiration Date		Notional Amount (Thousands)			Value (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
U.S. 2-Year Treasury Note		147		Apr-2021	$	32,449		$	32,484		$	35
U.S. 5-Year Treasury Note		285		Apr-2021		35,868			35,957			89
U.S. 10-Year Treasury Note		(132)		Mar-2021		(18,204	)		(18,226	)		(22)
U.S. Long Treasury Bond		(202)		Mar-2021		(35,294	)		(34,984	)		310
U.S. Ultra Long Treasury Bond		22		Mar-2021		4,732			4,698			(34)
Ultra 10-Year U.S. Treasury Note		14		Mar-2021		2,196			2,189			(7)
					$	21,747		$	22,118		$	371

For the period ended December 31, 2020, the total amount of all open future contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

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

Percentages are based on Net Assets of $378,304 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of December 31, 2020.

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

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

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions.

On December 31, 2020, the value of these securities amounted to $62,699 ($ Thousands), representing 16.6% of the Net Assets of the Fund.

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

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

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

AGM— Assured Guaranty Municipal

Cl — Class

CMO — Collateralized Mortgage Obligation

DAC — Designated Activity Company

DN — Discount Note

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE— Intercontinental Exchange

IO — Interest Only — face amount represents notional amount.

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PLC — Public Limited Company

34 New Covenant Funds / Semi-Annual Report / December 31, 2020

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

USD — United States Dollar

VAR — Variable Rate

The following is a list of the levels of inputs used as of December 31, 2020 in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

Investments in Securities	Level 1       ($)		Level 2       ($)		Level 3     ($)		Total     ($)
Mortgage-Backed Securities		–		162,884		–		162,884
Corporate Obligations		–		90,147		–		90,147
U.S. Treasury Obligations		–		63,743		–		63,743
Asset-Backed Securities		–		31,180		–		31,180
Foreign Bonds		–		25,697		–		25,697
Sovereign Debt		–		10,407		–		10,407
Municipal Bonds		–		5,364		–		5,364
U.S. Government Agency Obligations		–		2,178		–		2,178
Cash Equivalent		8,222		–		–		8,222
Total Investments in Securities		8,222		391,600		–		399,822

Other Financial Instruments	Level 1       ($)			Level 2       ($)		Level 3     ($)		Total     ($)
Purchased Options		2			–		–		2
Written Options		(16	)		–		–		(16	)
Futures Contracts*
Unrealized Appreciation		434			–		–		434
Unrealized Depreciation		(63	)		–		–		(63	)
Total Other Financial Instruments		357			–		–		357

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

For the period ended December 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 12/31/2020	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$9,707	$99,317	$(100,802)	$—	$—	$8,222	8,222,042	$1	$—

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 35

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Balanced Growth Fund

Sector Weightings^†:

^†Percentages are based on total investments.

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.2%
Equity Fund — 60.4%
New Covenant Growth Fund †		3,896,007	$	201,930
Total Equity Fund (Cost $105,239) ($ Thousands)				201,930
Fixed Income Fund — 38.8%
New Covenant Income Fund †		5,351,442		129,880
Total Fixed Income Fund (Cost $123,719) ($ Thousands)				129,880

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 0.7%
SEI Daily Income Trust, Government Fund, Cl F     0.010%**†		2,398,315	$	2,398
Total Cash Equivalent (Cost $2,398) ($ Thousands)				2,398
Total Investments in Securities — 99.9% (Cost $231,356) ($ Thousands)			$	334,208

Percentages are based on a Net Assets of $334,538 ($ Thousands).

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

** The rate reported is the 7-day effective yield as of December 31, 2020.

Cl — Class

As of December 31, 2020, all of the Fund’s investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended December 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain	Change in Unrealized Appreciation/ (Depreciation)	Value 12/31/2020	Shares	Income	Capital Gains
New Covenant Growth Fund	$178,467	$12,597	$(23,115)	$5,926	$28,055	$201,930	3,896,007	$1,417	$6,192
New Covenant Income Fund	113,632	23,553	(6,954)	(18)	(333)	129,880	5,351,442	1,103	1,469
SEI Daily Income Trust, Government Fund, Cl F	3,298	8,622	(9,522)	—	—	2,398	2,398,315	—	—
Totals	$295,397	$44,772	$(39,591)	$5,908	$27,722	$334,208		$2,520	$7,661

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

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

36 New Covenant Funds / Semi-Annual Report / December 31, 2020

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

New Covenant Balanced Income Fund

Sector Weightings†:

^†Percentages are based on total investments.

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.5%
Fixed Income Fund — 64.1%
New Covenant Income Fund †		2,248,316	$	54,567
Total Fixed Income Fund (Cost $52,010) ($ Thousands)				54,567
Equity Fund — 35.4%
New Covenant Growth Fund †		582,227		30,177
Total Equity Fund (Cost $13,294) ($ Thousands)				30,177

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Government Fund, Cl F     0.010%**†		431,301	$	431
Total Cash Equivalent (Cost $431) ($ Thousands)				431
Total Investments in Securities — 100.0% (Cost $65,735) ($ Thousands)			$	85,175

Percentages are based on Net Assets of $85,170 ($ Thousands).

† Investment in Affiliated Security (see Note 3).

** Rate shown is the 7-day effective yield as of December 31, 2020.

Cl — Class

As of December 31, 2020, all of the Fund’s investments were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended December 31, 2020, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended December 31, 2020 ($ Thousands):

Security Description	Value 6/30/2020	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value 12/31/2020	Shares	Income	Capital Gains
New Covenant Income Fund	$50,030	$7,307	$(2,635)	$(6)	$(129)	$54,567	2,248,316	$474	$621
New Covenant Growth Fund	27,937	2,287	(5,301)	1,811	3,443	30,177	582,227	215	944
SEI Daily Income Trust, Government Fund, Cl F	754	5,794	(6,117)	—	—	431	431,301	—	—
Totals	$78,721	$15,388	$(14,053)	$1,805	$3,314	$85,175		$689	$1,565

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 37

STATEMENTS OF ASSETS AND LIABILITIES ($ THOUSANDS) (Unaudited)

December 31, 2020

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Assets:
Investments, at value†	$	517,992		$	391,600		$	—		$	—
Affiliated investments, at value††		3,311			8,222			334,208			85,175
Options purchased, at value †††		—			2			—			—
Cash and cash equivalents		1,763			16			—			—
Dividends and interest receivable		392			1,680			185			79
Cash pledged as collateral for futures contracts		212			822			—			—
Foreign tax reclaim receivable		87			28			—			—
Receivable for fund shares sold		22			80			305			17
Receivable for variation margin on futures contracts		21			36			—			—
Receivable for investment securities sold		—			8,263			—			—
Prepaid expenses		22			16			14			4
Total Assets		523,822			410,765			334,712			85,275
Liabilities:
Options written, at value †††		—			16			—			—
Investment advisory fees payable		105			91			—			—
Administration fees payable		81			61			23			7
Social witness and licensing fees payable		66			46			—			—
Shareholder servicing fees payable		44			32			—			—
Payable for fund shares redeemed		38			229			86			79
Trustees’ fees payable		2			2			1			—
CCO fees payable		1			—			—			—
Payable for investment securities purchased		—			31,327			—			—
Income distribution payable		—			481			—			—
Payable for variation margin on futures contracts		—			84			—			—
Accrued expense payable		105			92			64			19
Total Liabilities		442			32,461			174			105
Net Assets	$	523,380		$	378,304		$	334,538		$	85,170
† Cost of investments	$	300,039		$	376,467		$	—		$	—
†† Cost of affiliated investments		3,311			8,222			231,356			65,735
††† Cost (premiums received)		—			(20	)		—			—
Net Assets:
Paid-in Capital — (unlimited authorization — par value $0.001)	$	301,231		$	363,879		$	235,290		$	66,718
Total distributable earnings		222,149			14,425			99,248			18,452
Net Assets	$	523,380		$	378,304		$	334,538		$	85,170
Net Asset Value, Offering and Redemption Price Per Share	$	51.83		$	24.27		$	113.50		$	22.88
		(523,379,714 ÷			(378,303,934 ÷			(334,538,345 ÷			(85,170,141 ÷
		10,098,782 shares	)		15,586,205 shares	)		2,947,516 shares	)		3,722,924 shares	)

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

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

38 New Covenant Funds / Semi-Annual Report / December 31, 2020

STATEMENTS OF OPERATIONS ($ THOUSANDS) (Unaudited)

For the period ended December 31, 2020

	Growth Fund			Income Fund			Balanced Growth Fund			Balanced Income Fund
Investment Income:
Dividend income	$	3,912		$	—		$	—		$	—
Dividend income from affiliated registered investment company		—			1			2,520			689
Interest income		1			3,896			—			—
Total Investment Income		3,913			3,897			2,520			689
Expenses:
Investment advisory fees		1,155			763			—			—
Administration fees		492			363			237			62
Social witness and licensing fees		369			273			—			—
Shareholder servicing fees		246			182			—			—
Trustee fees		5			3			3			1
Chief compliance officer fees		1			1			1			—
Transfer agent fees		40			30			26			7
Professional fees		34			25			22			6
Registration fees		23			17			15			3
Printing fees		21			16			14			4
Custodian fees		5			10			7			2
Other expenses		16			58			2			1
Total Expenses		2,407			1,741			327			86
Less:
Waiver of investment advisory fees		(586	)		(261	)		—			—
Waiver of administration fees		(47	)		(23	)		(118	)		(22	)
Net Expenses		1,774			1,457			209			64
Net Investment Income		2,139			2,440			2,311			625
Net Realized and Change in Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		9,993			1,893			—			—
Affiliated investments		—			—			5,908			1,805
Written and purchased options		—			109			—			—
Capital gain distributions received from affiliated investment		—			—			7,661			1,565
Futures contracts		1,882			390			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		92,414			1,258			—			—
Affiliated investments		—			—			27,722			3,314
Written and purchased options		—			6			—			—
Futures contracts		(29	)		534			—			—
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		4			—			—			—
Net Increase in Net Assets Resulting from Operations	$	106,403		$	6,630		$	43,602		$	7,309

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 39

STATEMENTS OF CHANGES IN NET ASSETS ($ THOUSANDS)

For the period ended December 31, 2020 (Unaudited) and the year ended June 30, 2020

	Growth Fund						Income Fund
	07/01/20 to 12/31/20			07/01/19 to 06/30/20			07/01/20 to 12/31/20			07/01/19 to 06/30/20
Operations:
Net investment income	$	2,139		$	5,277		$	2,440		$	6,674
Net realized gain from investments, affiliated investments, written and purchased options and futures contracts		11,875			13,067			2,392			5,392
Net change in unrealized appreciation on investments, affiliated investments, written and purchased options and futures contracts		92,385			17,773			1,798			6,775
Net change in unrealized appreciation on foreign currency transactions and translation of other assets and liabilities denominated in foreign currency		4			—			—			—
Net increase in net assets resulting from operations		106,403			36,117			6,630			18,841
Distributions:
Total distributions		(19,770	)		(25,032	)		(7,564	)		(7,695	)
Capital Share Transactions:
Proceeds from shares issued		10,827			57,107			55,296			54,297
Reinvestment of dividends & distributions		16,120			19,985			4,414			775
Cost of shares redeemed		(51,693	)		(75,642	)		(16,685	)		(60,503	)
Increase (decrease) in net assets derived from capital share transactions		(24,746	)		1,450			43,025			(5,431	)
Net increase in net assets		61,887			12,535			42,091			5,715
Net Assets:
Beginning of Period		461,493			448,958			336,213			330,498
End of Period	$	523,380		$	461,493		$	378,304		$	336,213
Share Transactions:
Shares issued		229			1,471			2,262			2,282
Shares issued in lieu of dividends and distributions		318			453			182			33
Shares redeemed		(1,072	)		(1,776	)		(683	)		(2,551	)
Increase (decrease) in net assets derived from share transactions		(525	)		148			1,761			(236	)

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

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

40 New Covenant Funds / Semi-Annual Report / December 31, 2020

	Balanced Growth Fund						Balanced Income Fund
	07/01/20 to 12/31/20			07/01/19 to 06/30/20			07/01/20 to 12/31/20			07/01/19 to 06/30/20
Operations:
Net investment income	$	2,311		$	4,315		$	625		$	1,351
Net realized gain from investments, affiliated investments and futures contracts		5,908			4,763			1,805			466
Capital gain distributions received from affiliated investments		7,661			7,788			1,565			1,204
Net change in unrealized appreciation on investments, affiliated investments and futures contracts		27,722			4,485			3,314			2,374
Net increase in net assets resulting from operations		43,602			21,351			7,309			5,395
Distributions:
Total distributions		(19,430	)		(17,049	)		(4,215	)		(3,179	)
Capital Share Transactions:
Proceeds from shares issued		8,936			12,711			4,198			5,066
Reinvestment of dividends & distributions		17,834			15,444			3,457			2,578
Cost of shares redeemed		(11,885	)		(30,798	)		(4,369	)		(9,518	)
Increase (decrease) in net assets derived from capital share transactions		14,885			(2,643	)		3,286			(1,874	)
Net increase in net assets		39,057			1,659			6,380			342
Net Assets:
Beginning of Period		295,481			293,822			78,790			78,448
End of Period	$	334,538		$	295,481		$	85,170		$	78,790
Share Transactions:
Shares issued		80			122			184			237
Shares issued in lieu of dividends and distributions		159			150			151			120
Shares redeemed		(106	)		(297	)		(191	)		(442	)
Increase (decrease) in net assets derived from share transactions		133			(25	)		144			(85	)

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

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 41

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2020 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Growth Fund
	2020@		2020		2019		2018		2017		2016
Net Asset Value, Beginning of Period		$43.44		$42.86		$43.17		$40.15		$34.23		$38.28
Investment Activities:
Net investment income(1)		0.21		0.51		0.50		0.46		0.27		0.27
Net realized and unrealized gains (losses) on securities and foreign currency transactions(1)		10.18		2.56		2.28		5.34		5.91		(1.67)
Total from investment activities		10.39		3.07		2.78		5.80		6.18		(1.40)
Dividends and Distributions from:
Net investment income		(0.36)		(0.50)		(0.50)		(0.39)		(0.26)		(0.21)
Net realized gains		(1.64)		(1.99)		(2.59)		(2.39)		–		(2.44)
Total dividends and distributions		(2.00)		(2.49)		(3.09)		(2.78)		(0.26)		(2.65)
Net Asset Value, End of Period		$51.83		$43.44		$42.86		$43.17		$40.15		$34.23
Total Return†		24.08%		7.18%		7.21%		14.74%		18.12%		(3.68)%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$523,380		$461,493		$448,958		$428,674		$412,229		$394,943
Ratio of net expenses to average net assets		0.72%		0.72%		0.85%		0.87%		0.95%		1.02%
Ratio of expenses to average net assets, excluding waivers		0.98%		0.99%		1.12%		1.12%		1.13%		1.14%
Ratio of net investment income to average net assets		0.87%		1.19%		1.19%		1.08%		0.73%		0.76%
Portfolio turnover rate		2%		19%		47%		24%		50%		103%

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

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

@ For the six month period ended December 31, 2020. All ratios for the period have been annualized.

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

The accompanying notes are an integral part of the financial statements

42 New Covenant Funds / Semi-Annual Report / December 31, 2020

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2020 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Income Fund
	2020@			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period		$24.32			$23.50			$22.62			$23.21			$23.58			$23.09
Investment Activities:
Net investment income(1)		0.16			0.48			0.52			0.45			0.37			0.40
Net realized and unrealized gains (losses) on securities (1)		0.29			0.89			0.92			(0.57	)		(0.31	)		0.51
Total from investment activities		0.45			1.37			1.44			(0.12	)		0.06			0.91
Dividends and Distributions from:
Net investment income		(0.22	)		(0.55	)		(0.56	)		(0.47	)		(0.43	)		(0.42	)
Net realized gains		(0.28	)		–			–			–			–			–
Total dividends and distributions		(0.50	)		(0.55	)		(0.56	)		(0.47	)		(0.43	)		(0.42	)
Net Asset Value, End of Period		$24.27			$24.32			$23.50			$22.62			$23.21			$23.58
Total Return†		1.86%			5.91%			6.46%			(0.54	)%		0.27%			4.00%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	378,304		$	336,213		$	330,498		$	318,955		$	305,157		$	297,165
Ratio of net expenses to average net assets		0.80%			0.80%			0.80%			0.80%			0.80%			0.80%
Ratio of expenses to average net assets, excluding waivers		0.96%			0.96%			0.95%			0.95%			0.95%			0.98%
Ratio of net investment income to average net assets		1.34%			2.01%			2.29%			1.95%			1.58%			1.71%
Portfolio turnover rate		52%			144%			188%			210%			140%			202%

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

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

@ For the six month period ended December 31, 2020. All ratios for the period have been annualized.

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 43

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2020 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Balanced Growth Fund
	2020@			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period		$104.95			$103.45			$102.94			$96.48			$90.32			$101.71
Investment Activities:
Net investment income(1)		0.82			1.53			1.58			1.23			0.94			0.88
Net realized and unrealized gains (losses) on securities (1)		14.62			6.09			5.21			6.86			8.44			(1.63	)
Total from investment activities		15.44			7.62			6.79			8.09			9.38			(0.75	)
Dividends and Distributions from:
Net investment income		(1.57	)		(1.95	)		(1.83	)		(0.90	)		(0.94	)		(1.72	)
Net realized gains		(5.32	)		(4.17	)		(4.45	)		(0.73	)		(2.28	)		(8.92	)
Total dividends and distributions		(6.89	)		(6.12	)		(6.28	)		(1.63	)		(3.22	)		(10.64	)
Net Asset Value, End of Period		$113.50			$104.95			$103.45			$102.94			$96.48			$90.32
Total Return†		14.87%			7.57%			7.12%			8.45%			10.59%			(0.50)%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)	$	334,538		$	295,481		$	293,822		$	290,444		$	285,970		$	284,430
Ratio of net expenses to average net assets		0.13%			0.13%			0.13%			0.13%			0.14%			0.14%
Ratio of expenses to average net assets, excluding waivers		0.21%			0.21%			0.21%			0.21%			0.23%			0.27%
Ratio of net investment income to average net assets		1.46%			1.49%			1.56%			1.22%			1.01%			0.94%
Portfolio turnover rate		10%			22%			16%			11%			4%			14%

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

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

@ For the six month period ended December 31, 2020. All ratios for the period have been annualized.

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

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

44 New Covenant Funds / Semi-Annual Report / December 31, 2020

FINANCIAL HIGHLIGHTS

For the period ended December 31, 2020 (Unaudited) and years ended June 30,

For a Share Outstanding Throughout the Period

	Balanced Income Fund
	2020@			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period		$22.01			$21.41			$21.23			$20.74			$20.06			$21.20
Investment Activities:
Net investment income(1)		0.17			0.38			0.39			0.31			0.25			0.24
Net realized and unrealized gains (losses) on securities (1)		1.86			1.11			0.96			0.63			0.95			0.02
Total from investment activities		2.03			1.49			1.35			0.94			1.20			0.26
Dividends and Distributions from:
Net investment income		(0.43	)		(0.40	)		(0.42	)		(0.29	)		(0.25	)		(0.31	)
Net realized gains		(0.73	)		(0.49	)		(0.75	)		(0.16	)		(0.27	)		(1.09	)
Total dividends and distributions		(1.16	)		(0.89	)		(1.17	)		(0.45	)		(0.52	)		(1.40	)
Net Asset Value, End of Period		$22.88			$22.01			$21.41			$21.23			$20.74			$20.06
Total Return†		9.30%			7.14%			6.76%			4.57%			6.11%			1.41%
Supplemental Data and Ratios:
Net assets, end of period ($ Thousands)		$85,170			$78,790			$78,448			$77,329			$79,100			$77,945
Ratio of net expenses to average net assets		0.15%			0.15%			0.15%			0.15%			0.19%			0.20%
Ratio of expenses to average net assets, excluding waivers		0.21%			0.21%			0.20%			0.21%			0.23%			0.27%
Ratio of net investment income to average net assets		1.51%			1.76%			1.86%			1.48%			1.25%			1.19%
Portfolio turnover rate		10%			19%			11%			10%			5%			17%

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

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

@ For the six month period ended December 31, 2020. All ratios for the period have been annualized.

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 45

NOTES TO FINANCIAL STATEMENTS (Unaudited)

December 31, 2020

1. ORGANIZATION

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

The objectives of the Funds are as follows:

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

46 New Covenant Funds / Semi-Annual Report / December 31, 2020

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

The Growth Fund holds international securities that also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by this Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Growth Fund will value the non-U.S. securities that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

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

Futures cleared through a central clearing house (“centrally cleared futures”) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures is provided by an independent source. On days when there is excessive volume, market volatility or the future does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures position.

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

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 47

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2020

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

The valuation techniques used by the Funds to measure fair value during the period ended December 31, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the period ended December 31, 2020, there have been no significant changes to the Trust’s fair valuation methodologies. For details of the investment classifications reference the Schedules of Investments.

Securities Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

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

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

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

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

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

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

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

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

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

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

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

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

48 New Covenant Funds / Semi-Annual Report / December 31, 2020

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of December 31, 2020, if applicable.

Options Writing/Purchasing — To the extent consistent with its investment objective and strategies, a Fund may invest in financial options contracts for the purpose of hedging its existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair market value caused by changes in prevailing market interest rates. A Fund may also invest in financial option contracts to enhance its returns. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option is a Fund may give up the opportunity for profit if the market price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is a Fund may pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Forward Treasury Commitments — To the extent consistent with its investment objective and strategies, the Growth Fund and Income Fund may invest in commitments to purchase U.S. Treasury securities on an extended settlement basis. Such transactions involve the commitment to purchase a security with payment and delivery taking place in the future, sometimes a month or more after the transaction date. The Funds account for such transactions as purchases and sales and record an unrealized gain or loss each day equal to the difference between the cost of the purchase commitment and the current market value. Realized gains or losses are recorded upon closure or settlement of such commitments. No interest is earned prior to settlement of the transaction. These instruments are subject to market fluctuation due to changes in interest rates and the market value at the time of settlement could be higher or lower than the purchase price. A Fund may incur losses due to changes in the value of the underlying treasury securities from interest rate fluctuations or as a result of counterparty nonperformance. These transactions may increase the overall investment exposure for a Fund (and so may also create investment leverage) and involve a risk of loss if the value of the securities declines prior to the settlement date.

Master Limited Partnerships — To the extent consistent with its investment objective and strategies, a Fund may invest in entities commonly referred to as “MLPs” that are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, for- wards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. Federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

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

New Covenant Funds / Semi-Annual Report / December 31, 2020 49

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2020

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

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

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

Investment Advisory Agreement — The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement (“Agreement”) with SEI Investments Management Corporation (the “Adviser”). Under the Agreement, the Adviser is responsible for the investment management of the Funds and receives an annual advisory fee of 0.47% for the Growth Fund and 0.42% for the Income Fund. The Adviser does not receive an advisory fee for the Balanced Growth Fund and Balanced Income Fund. The Adviser has voluntarily agreed to waive a portion of its fee so that the total annual expenses of the Growth and Income Funds, exclusive of acquired fund fees and expenses, will not exceed certain voluntary expense limitations adopted by the Adviser. Accordingly, effective April 1, 2017, the voluntary expense limitation is 0.80% for the Income Fund. The voluntary expense limitation for the Growth Fund was 0.87% until May 13, 2019 when the voluntary expense limitation was changed to 0.72%.

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

50 New Covenant Funds / Semi-Annual Report / December 31, 2020

advisory fee. The sub-advisory fees are based on the assets of the Fund allocated to the sub-adviser for which the sub- adviser is responsible for making investment decisions.

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

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

Shareholder Service Plan and Agreement—The Trust entered into a Shareholder Service Plan and Agreement (the “Agreement”) with the Distributor. Per the Agreement, a Fund is authorized to make payments to certain entities which may include investment advisors, banks, trust companies and other types of organizations (“Authorized Service Providers”) for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized Service Providers for its clients or other parties with whom they have a servicing relationship. Under the terms of the Agreement, the Growth Fund and the Income Funds are authorized to pay an Authorized Service Provider a shareholder servicing fee at an annual rate of up to 0.10% of the average daily net asset value of the Growth Fund and Income Fund, respectively, which fee will be computed daily and paid monthly, for providing certain administrative services to Fund shareholders with whom the Authorized Service Provider has a servicing relationship.

Distribution Agreement — The Trust issues shares of the Funds pursuant to a Distribution Agreement with SEI Investments Distribution Co. (the “Distributor”), a wholly-owned subsidiary of SEI Investments Company (“SEI”). The Funds do not compensate the Distributor in its capacity as principal distributor.

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

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

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

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

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

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

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

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (the ‘‘Program’’) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the ‘‘SEI Funds’’). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable

New Covenant Funds / Semi-Annual Report / December 31, 2020 51

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2020

to the lending fund than an investment in overnight repurchase agreements (‘‘Repo Rate’’), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (‘‘Bank Loan Rate’’). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. During the period ended December 31, 2020, the Trust did not participate in interfund lending.

4. DERIVATIVE TRANSACTIONS

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

To reduce counterparty risk with respect to Over The Counter (“OTC”) transactions, the Funds have entered into master netting arrangements, established within the Funds’ ISDA master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities and therefore disclose these derivative assets and derivative liabilities on a gross basis. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

Cash with a total market value of $212 and 822 ($ Thousands) for the Growth Fund and Income Fund, respectively, has been pledged as collateral for exchange-traded derivative instruments as of December 31, 2020.

For the period ended December 31, 2020, the Funds held only interest rate risk derivatives. Additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities, and Statements of Operations.

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale and maturities of securities, excluding U.S. government and other short-term investments, for the period ended December 31, 2020, were as follows:

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Growth Fund
Purchases	$	—	$	7,242	$	7,242
Sales		—		43,607		43,607
Income Fund
Purchases		212,367		21,876		234,243
Sales		159,250		24,498		183,748
Balanced Growth Fund
Purchases		—		36,150		36,150
Sales		—		30,069		30,069

52 New Covenant Funds / Semi-Annual Report / December 31, 2020

	U.S. Gov’t ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Balanced Income Fund
Purchases		—		9,594		9,594
Sales		—		7,936		7,936

6. FEDERAL TAX INFORMATION

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

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

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

		Ordinary Income ($ Thousands)		Long Term Capital Gains ($ Thousands)		Total Taxable Deductions ($ Thousands)		Total Distributions Paid ($ Thousands)
Growth Fund	2020	$	5,915	$	19,117	$	25,032	$	25,032
	2019		5,700		25,395		31,095		31,095
Income Fund	2020		7,695		—		7,695		7,695
	2019		7,780		—		7,780		7,780
Balanced Growth Fund	2020		7,282		9,767		17,049		17,049
	2019		5,632		12,003		17,635		17,635
Balanced Income Fund	2020		1,809		1,370		3,179		3,179
	2019		1,606		2,554		4,160		4,160

As of June 30, 2020, the components of distributable earnings (accumulated losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		��	Capital Loss Carryforwards ($ Thousands)		Post- October Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)		Other Temporary Differences ($ Thousands)		Total Distributable Earnings (Accumulated Losses) ($  Thousands)
Growth Fund	$	2,663	$	8,820		$	—	$	—	$	124,030	$	3	$	135,516
Income Fund		3,377		—			—		—		13,840		(1,858)		15,359
Balanced Growth Fund		617		11,699			—		—		62,761		(1)		75,076
Balanced Income Fund		394		1,178			—		—		13,784		2		15,358

During the year ended June 30, 2020, the Income Fund utilized capital loss carryforwards to offset capital gains of $1,950 ($ Thousands).

For Federal income tax purposes, the cost of securities owned at June 30, 2020, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales, MLP basis adjustments and basis adjustments from investments in registered investment companies which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

New Covenant Funds / Semi-Annual Report / December 31, 2020 53

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2020

The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at December 31, 2020 was as follows:

	Federal Tax Cost     ($ Thousands)		Appreciated Securities     ($ Thousands)		Depreciated Securities     ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Growth Fund	$	303,350	$	236,451	$	(18,498	)	$	217,953
Income Fund		384,689		16,501		(1,368	)		15,133
Balanced Growth Fund		231,356		102,852		—			102,852
Balanced Income Fund		65,735		19,440		—			19,440

Management has analyzed the Funds’ tax positions taken on Federal income tax returns for all open tax years and has concluded that as of June 30, 2020, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATIONS/RISKS

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

Asset Allocation Risk — The risk that SIMC’s decisions regarding the allocation of Fund assets to the Growth Fund and Income Fund will not anticipate market trends successfully.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

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

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

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

54 New Covenant Funds / Semi-Annual Report / December 31, 2020

Markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

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

Fixed Income Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Sovereign Debt Securities Risk — The risks that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate environment may present greater interest rate risk, because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Investment Style Risk — The risk that the equity securities in which the Fund invests may underperform other segments of the equity markets or the equity markets as a whole.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments

New Covenant Funds / Semi-Annual Report / December 31, 2020 55

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Concluded)

December 31, 2020

of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund’s performance.

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

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

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

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

U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

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

56 New Covenant Funds / Semi-Annual Report / December 31, 2020

8. CONCENTRATION OF SHAREHOLDERS

On December 31, 2020, the number of shareholders below held the following percentage of the outstanding shares of the Funds. These shareholders are affiliated with the Funds.

	# of Shareholders	% of Outstanding Shares
Growth Fund	3	77.03%
Income Fund	3	84.29%
Balanced Growth Fund	1	0.00%
Balanced Income Fund	1	0.00%

9. ACCOUNTING PRONOUNCEMENT

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management elected to early adopt the removal and modifications of certain disclosures and delay the adoption of additional disclosures until the effective date.

10. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of December 31, 2020.

New Covenant Funds / Semi-Annual Report / December 31, 2020 57

DISCLOSURE OF FUND EXPENSES (Unaudited)

December 31, 2020

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (June 30, 2020 to December 31, 2020).

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

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

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

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

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

	Beginning Account Value 7/1/2020	Ending Account Value 12/31/20	Annualized Expense Ratios	Expenses Paid During Period*
Growth Fund
Actual Fund Return	$1,000.00	$1,240.80	0.72%	$4.04
Hypothetical 5% Return	$1,000.00	$1,021.60	0.72%	$3.65
Income Fund
Actual Fund Return	$1,000.00	$1,018.60	0.80%	$4.05
Hypothetical 5% Return	$1,000.00	$1,021.20	0.80%	$4.05
Balanced Growth Fund†
Actual Fund Return	$1,000.00	$1,148.70	0.13%	$0.71
Hypothetical 5% Return	$1,000.00	$1,024.55	0.13%	$0.67
Balanced Income Fund†
Actual Fund Return	$1,000.00	$1,093.00	0.15%	$0.79
Hypothetical 5% Return	$1,000.00	$1,024.45	0.15%	$0.77

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

† Excludes expenses of the underlying affiliated investment companies.

58 New Covenant Funds / Semi-Annual Report / December 31, 2020

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

New Covenant Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

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

Each Sub-Advisory Agreement was renewed at meetings of the Board held during the course of the Trust’s fiscal year on September 14-16, 2020 and December 7-9, 2020. In each case, the Board’s renewal was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the

New Covenant Funds / Semi-Annual Report / December 31, 2020 59

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

Sub-Advisory Agreements.

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

Performance. In determining whether to renew the Sub-Advisory Agreements, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/ or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the renewal of the Sub-Advisory Agreements, the Board considered the performance of each Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Sub-Adviser was sufficient to support the renewal of the Sub-Advisory Agreement.

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

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

Economies of Scale. The Trustees considered whether any economies of scale were being realized by the Sub-Advisers in connection with the Fund as Fund assets grow, and, if so, whether the benefits of such economies of scale were passed along to the Funds or Funds’ shareholders through a graduated investment advisory fee schedule or other means. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the sub-advisory fees were reasonable in light of the information that was provided by the Sub-Advisers with respect to economies of scale.

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

60 New Covenant Funds / Semi-Annual Report / December 31, 2020

NEW COVENANT FUNDS SEMI-ANNUAL REPORT DECEMBER 31, 2020

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget E. Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

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

For more information call

New Covenant Fund

877-835-4531

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

NCF-F-004 (12/20)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

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

Date: March 8, 2021

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

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

Date: March 8, 2021

By	/s/ Peter A. Rodriguez
	Peter A. Rodriguez
	Controller & CFO

Date: March 8, 2021