New Covenant Growth Fd (NCGFX) NPORT-P New Covenant Growth Fund (Sep 2021 report)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK — 96.7%
United States — 96.7%
Communication Services — 9.8%
Activision Blizzard Inc		8,807	$	681
Alphabet Inc, Cl A *		4,202		11,234
Alphabet Inc, Cl C *		3,854		10,272
AMC Entertainment Holdings, Cl A *		2,754		105
AT&T Inc		119,675		3,232
Bandwidth Inc, Cl A *		74		7
Cable One Inc		79		143
Cardlytics Inc *		761		64
Cars.com Inc *		4,178		53
Charter Communications Inc, Cl A *		1,268		922
Cinemark Holdings Inc *		4,289		82
Clear Channel Outdoor Holdings, Cl A *		17,605		48
Cogent Communications Holdings Inc		148		10
Comcast Corp, Cl A		53,083		2,969
Discovery Inc, Cl C *		354		9
EchoStar Corp, Cl A *		1,124		29
Electronic Arts Inc		2,676		381
Emerald Holding Inc *		4,781		21
Eventbrite Inc, Cl A *		2,537		48
EverQuote Inc, Cl A *		1,468		27
EW Scripps Co/The, Cl A		3,299		59
Facebook Inc, Cl A *		29,751		10,097
Fox Corp, Cl A		1,372		55
fuboTV *		3,908		94
IAC *		376		49
IMAX Corp *		2,244		43
Interpublic Group of Cos Inc/The		8,487		311
Iridium Communications Inc *		366		15
John Wiley & Sons Inc, Cl A		236		12
Liberty Broadband Corp, Cl A *		81		14
Liberty Broadband Corp, Cl C *		343		59
Liberty Media Corp-Liberty Formula One, Cl C *		1,355		70
Liberty Media Corp-Liberty SiriusXM, Cl C *		234		11
Live Nation Entertainment Inc *		181		16
LiveOne Inc *		14,750		44
Lumen Technologies		872		11
Madison Square Garden Entertainment Corp *		1,768		128
Madison Square Garden Sports Corp *		39		7
Magnite Inc *		2,551		71
Match Group Inc *		1,841		289
Meredith Corp *		1,401		78
Netflix Inc *		5,059		3,088
New York Times Co/The, Cl A		439		22
News Corp, Cl A		829		19
Nexstar Media Group Inc, Cl A		455		69
Omnicom Group Inc		10,137		734
Pinterest, Cl A *		3,339		170
Roku Inc, Cl A *		818		256

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Scholastic Corp		1,266	$	45
Shenandoah Telecommunications Co		222		7
Sirius XM Holdings Inc		7,153		44
Skillz, Cl A *		3,639		36
Spotify Technology SA *		1,265		285
Take-Two Interactive Software Inc *		830		128
TechTarget Inc *		1,986		164
TEGNA Inc		3,052		60
T-Mobile US Inc *		5,586		714
TripAdvisor Inc *		1,712		58
Twitter Inc *		7,369		445
Verizon Communications Inc		57,853		3,125
ViacomCBS Inc, Cl B		7,304		289
Vimeo *		610		18
Walt Disney Co/The		21,958		3,715
World Wrestling Entertainment Inc, Cl A		780		44
Zillow Group Inc, Cl C *		1,112		98
Zynga Inc, Cl A *		14,448		109
				55,612
Consumer Discretionary — 11.8%
1-800-Flowers.com Inc, Cl A *		3,668		112
2U Inc *		871		29
Aaron’s Co Inc		416		11
Abercrombie & Fitch Co, Cl A *		2,970		112
Adtalem Global Education Inc *		1,460		55
Advance Auto Parts Inc		317		66
Amazon.com Inc *		5,442		17,877
American Eagle Outfitters Inc		3,416		88
American Public Education Inc *		1,831		47
Aramark		260		9
Asbury Automotive Group Inc *		425		84
AutoNation Inc *		970		118
AutoZone Inc *		235		399
Bath & Body Works		638		40
Bed Bath & Beyond Inc *		517		9
Best Buy Co Inc		14,318		1,514
Big Lots Inc		1,758		76
Bloomin’ Brands Inc *		2,259		57
Booking Holdings Inc *		563		1,337
Boot Barn Holdings Inc *		1,181		105
BorgWarner Inc		321		14
Bright Horizons Family Solutions Inc *		76		11
Brinker International Inc *		1,180		58
Brunswick Corp/DE		839		80
Buckle Inc/The		1,885		75
Burlington Stores Inc *		482		137
Callaway Golf Co *		2,383		66
Canoo *		5,091		39
Capri Holdings Ltd *		1,319		64
CarMax Inc *		1,086		139
Carnival Corp *		15,800		395
Carter’s Inc		471		46

New Covenant Funds/ Quarterly Report /September 30, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Carvana Co, Cl A *		309	$	93
Cavco Industries Inc *		255		60
Cheesecake Factory Inc/The *		1,236		58
Chegg Inc *		176		12
Children’s Place Inc/The *		812		61
Chipotle Mexican Grill Inc, Cl A *		232		422
Choice Hotels International Inc		113		14
Columbia Sportswear Co		891		85
Cracker Barrel Old Country Store Inc		323		45
Dana Inc		2,660		59
Darden Restaurants Inc		705		107
Dave & Buster’s Entertainment Inc *		1,283		49
Deckers Outdoor Corp *		306		110
Denny’s Corp *		2,500		41
Designer Brands Inc, Cl A *		3,316		46
Dick’s Sporting Goods Inc		1,054		126
Dillard’s Inc, Cl A		726		125
Dollar General Corp		2,608		553
Dollar Tree Inc *		1,320		126
Domino’s Pizza Inc		309		147
DoorDash, Cl A *		523		108
Dorman Products Inc *		128		12
DR Horton Inc		1,973		166
eBay Inc		20,542		1,431
Etsy Inc *		1,162		242
Expedia Group Inc *		389		64
Fisker *		2,626		38
Five Below Inc *		410		73
Floor & Decor Holdings Inc, Cl A *		232		28
Foot Locker Inc		1,308		60
Ford Motor Co		32,028		454
Fox Factory Holding Corp *		749		108
Frontdoor *		251		11
Gap Inc/The		11,382		258
General Motors Co *		13,058		688
Gentex Corp		440		14
Gentherm Inc *		184		15
Genuine Parts Co		109		13
Goodyear Tire & Rubber Co/The *		989		18
Graham Holdings Co, Cl B		78		46
Grand Canyon Education Inc *		121		11
Group 1 Automotive Inc		86		16
GrowGeneration *		2,599		64
Guess? Inc		2,341		49
H&R Block Inc		3,157		79
Hanesbrands Inc		13,319		229
Harley-Davidson Inc		306		11
Hasbro Inc		2,632		235
Helen of Troy Ltd *		57		13
Hilton Grand Vacations Inc *		3,016		143
Hilton Worldwide Holdings Inc *		3,186		421
Home Depot Inc/The		13,012		4,271

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Hyatt Hotels Corp, Cl A *		135	$	10
Installed Building Products Inc		694		74
iRobot Corp *		1,013		80
Jack in the Box Inc		658		64
Johnson Outdoors Inc, Cl A		659		70
KB Home		4,733		184
Kohl’s Corp		1,859		88
Kontoor Brands Inc		1,282		64
La-Z-Boy Inc, Cl Z		1,597		51
LCI Industries		483		65
Lear Corp		6,486		1,015
Leggett & Platt Inc		222		10
Lennar Corp, Cl A		651		61
Lennar Corp, Cl B		728		57
LGI Homes Inc *		127		18
LKQ Corp		317		16
Lowe’s Cos Inc		13,635		2,766
M/I Homes Inc *		198		11
Macy’s Inc		4,042		91
Malibu Boats Inc, Cl A *		202		14
Marriott International Inc/MD, Cl A *		3,599		533
Marriott Vacations Worldwide Corp		394		62
Mattel Inc *		14,805		275
McDonald’s Corp		11,361		2,739
Meritage Homes Corp *		794		77
Mohawk Industries Inc *		127		23
Monro Inc		626		36
Murphy USA Inc		422		71
National Vision Holdings Inc *		447		25
Newell Brands Inc		605		13
NIKE Inc, Cl B		17,693		2,570
Nordstrom Inc *		3,866		102
Norwegian Cruise Line Holdings Ltd *		14,956		399
NVR Inc *		13		62
Office Depot Inc *		283		11
Ollie’s Bargain Outlet Holdings Inc *		212		13
OneSpaWorld Holdings Ltd *		3,063		31
O’Reilly Automotive Inc *		677		414
Oxford Industries Inc		665		60
Papa John’s International Inc		806		102
Peloton Interactive Inc, Cl A *		3,058		266
Penske Automotive Group Inc		957		96
PetMed Express Inc		366		10
Planet Fitness Inc, Cl A *		3,228		254
Polaris Inc		966		116
PulteGroup Inc		5,125		235
PVH Corp		108		11
Qurate Retail Inc		1,412		14
Ralph Lauren Corp, Cl A		690		77
RealReal Inc/The *		5,091		67
Rent-A-Center Inc/TX, Cl A		1,764		99
RH *		224		149

2 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Ross Stores Inc		3,209	$	349
Royal Caribbean Cruises Ltd *		8,804		783
Sally Beauty Holdings Inc *		2,794		47
SeaWorld Entertainment Inc *		251		14
Service Corp International/US		250		15
Shake Shack Inc, Cl A *		157		12
Shutterstock Inc		205		23
Signet Jewelers Ltd		2,402		190
Six Flags Entertainment Corp *		248		11
Sleep Number Corp *		1,033		97
Stamps.com Inc *		630		208
Standard Motor Products Inc		943		41
Starbucks Corp		16,902		1,864
Steven Madden Ltd		1,178		47
Stitch Fix Inc, Cl A *		1,021		41
Strategic Education Inc		331		23
Stride Inc *		348		13
Tapestry Inc		2,803		104
Target Corp		6,577		1,505
Taylor Morrison Home Corp, Cl A *		12,743		329
Tempur Sealy International Inc		2,272		105
Tenneco Inc, Cl A *		3,599		51
Terminix Global Holdings Inc *		303		13
Tesla Inc *		9,761		7,569
Texas Roadhouse Inc, Cl A		889		81
Thor Industries Inc		106		13
TJX Cos Inc/The		14,736		972
Toll Brothers Inc		2,246		124
TopBuild Corp *		476		98
Tractor Supply Co		2,377		482
Travel + Leisure		4,669		255
Tri Pointe Homes *		3,236		68
Ulta Beauty Inc *		279		101
Under Armour Inc, Cl C *		556		10
Urban Outfitters Inc *		417		12
Vail Resorts Inc		46		15
VF Corp		4,023		270
Victoria’s Secret *		212		12
Visteon Corp *		551		52
Vroom *		3,337		74
Wayfair Inc, Cl A *		320		82
Wendy’s Co/The		11,419		248
Whirlpool Corp		638		130
Williams-Sonoma Inc		160		28
Wingstop Inc		582		95
Winnebago Industries Inc		191		14
Wolverine World Wide Inc		1,511		45
Workhorse Group Inc *		4,879		37
WW International Inc *		1,262		23
Wyndham Hotels & Resorts Inc		189		15
Yum China Holdings Inc		1,913		111
Yum! Brands Inc		8,356		1,022

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Zumiez Inc *		1,593	$	63
				66,824
Consumer Staples — 5.0%
Andersons Inc/The		1,960		60
Archer-Daniels-Midland Co		4,581		275
B&G Foods Inc		862		26
Beyond Meat Inc *		166		17
BJ’s Wholesale Club Holdings Inc *		2,099		115
Bunge Ltd		1,596		130
Calavo Growers Inc		571		22
Campbell Soup Co		10,354		433
Casey’s General Stores Inc		65		12
Celsius Holdings *		2,688		242
Chefs’ Warehouse Inc/The *		1,366		45
Church & Dwight Co Inc		1,025		85
Clorox Co/The		2,716		450
Coca-Cola Co/The		44,340		2,327
Colgate-Palmolive Co		14,526		1,098
Conagra Brands Inc		14,479		490
Costco Wholesale Corp		5,038		2,264
Coty Inc, Cl A *		1,026		8
Edgewell Personal Care Co		310		11
Energizer Holdings Inc		231		9
Estee Lauder Cos Inc/The, Cl A		2,390		717
Flowers Foods Inc		9,872		233
Fresh Del Monte Produce Inc		1,442		46
General Mills Inc		13,887		831
Grocery Outlet Holding Corp *		263		6
Hain Celestial Group Inc/The *		461		20
Hershey Co/The		2,295		388
HF Foods Group Inc *		2,213		13
Hormel Foods Corp		4,797		197
Ingredion Inc		1,110		99
J M Smucker Co/The		6,494		779
Kellogg Co		6,713		429
Keurig Dr Pepper Inc		16,196		553
Kimberly-Clark Corp		6,484		859
Kraft Heinz Co/The		1,168		43
Kroger Co/The		17,094		691
Lamb Weston Holdings Inc		594		36
McCormick & Co Inc/MD		5,832		473
MedAvail Holdings *		31,022		91
Medifast Inc		71		14
Mondelez International Inc, Cl A		17,402		1,012
Monster Beverage Corp *		1,999		178
National Beverage Corp		344		18
PepsiCo Inc		27,467		4,131
Performance Food Group Co *		1,023		48
Pilgrim’s Pride Corp *		355		10
Post Holdings Inc *		108		12
PriceSmart Inc		179		14
Procter & Gamble Co/The		29,250		4,089

New Covenant Funds/ Quarterly Report /September 30, 2021 3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sanderson Farms Inc		297	$	56
SpartanNash Co		1,252		27
Spectrum Brands Holdings Inc		183		18
Sprouts Farmers Market Inc *		623		14
Sysco Corp		17,657		1,386
TreeHouse Foods Inc *		237		9
Tyson Foods Inc, Cl A		859		68
US Foods Holding Corp *		2,211		77
Walgreens Boots Alliance Inc		8,946		421
Walmart Inc		16,581		2,311
				28,536
Energy — 2.6%
Altus Midstream, Cl A		815		56
Antero Midstream Corp		7,912		82
APA		7,933		170
Baker Hughes Co, Cl A		4,496		111
Cactus Inc, Cl A		1,525		57
Callon Petroleum *		2,548		125
ChampionX Corp *		383		9
Cheniere Energy Inc		1,265		124
Chevron Corp		22,705		2,303
Cimarex Energy Co		995		87
Clean Energy Fuels *		4,579		37
CNX Resources Corp *		6,091		77
ConocoPhillips		28,962		1,963
Continental Resources Inc/OK		337		16
Coterra Energy		3,306		72
Devon Energy Corp		1,847		65
Diamondback Energy Inc		133		13
Dril-Quip Inc *		1,072		27
DT Midstream		405		19
EOG Resources Inc		4,528		363
EQT Corp *		2,732		56
Equitrans Midstream Corp		2,185		22
Exxon Mobil Corp		53,141		3,126
Frank’s International NV *		9,174		27
Gevo *		6,754		45
Golar LNG Ltd *		3,888		50
Halliburton Co		4,450		96
Helmerich & Payne Inc		1,494		41
Hess Corp		4,195		328
HollyFrontier Corp		3,119		103
International Seaways Inc		3,587		65
Kinder Morgan Inc		21,442		359
Kosmos Energy Ltd *		44,503		132
Magnolia Oil & Gas Corp, Cl A		3,984		71
Marathon Oil Corp		5,472		75
Marathon Petroleum Corp		7,000		433
Murphy Oil Corp		449	��	11
Nabors Industries Ltd *		367		35
NOV *		482		6
Occidental Petroleum Corp		8,202		243

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Oceaneering International Inc *		3,376	$	45
ONEOK Inc		3,505		203
Patterson-UTI Energy Inc		4,952		45
PBF Energy Inc, Cl A *		3,466		45
Phillips 66		5,367		376
Pioneer Natural Resources Co		2,260		376
Range Resources Corp *		2,413		54
RPC Inc *		10,482		51
Schlumberger NV Ltd		39,202		1,162
SM Energy		5,146		136
Southwestern Energy Co *		21,739		120
Targa Resources Corp		11,252		554
Tellurian *		11,904		47
Valero Energy Corp		4,715		333
Williams Cos Inc/The		11,002		285
				14,932
Financials — 11.9%
Affiliated Managers Group Inc		910		137
Aflac Inc		3,214		168
AGNC Investment Corp ‡		2,838		45
Alleghany Corp *		15		9
Allegiance Bancshares Inc		1,318		50
Allstate Corp/The		3,458		440
Ally Financial Inc		1,575		80
American Express Co		9,360		1,568
American Financial Group Inc/OH		449		56
American International Group Inc		5,725		314
American National Group Inc		91		17
Ameriprise Financial Inc		1,250		330
Ameris Bancorp		1,129		59
AMERISAFE Inc		743		42
Annaly Capital Management Inc ‡		8,922		75
Apollo Commercial Real Estate Finance Inc ‡		2,686		40
Arch Capital Group Ltd *		2,404		92
Argo Group International Holdings Ltd		750		39
ARMOUR Residential REIT Inc ‡		2,854		31
Arthur J Gallagher & Co		718		107
Artisan Partners Asset Management Inc, Cl A		1,589		78
AssetMark Financial Holdings *		1,796		45
Associated Banc-Corp		4,274		91
Assurant Inc		87		14
Assured Guaranty Ltd		994		46
Athene Holding Ltd, Cl A *		1,071		74
Atlantic Union Bankshares Corp		1,302		48
Axis Capital Holdings Ltd		825		38
Axos Financial Inc *		310		16
BancorpSouth Bank		1,525		45
Bank of America Corp		88,591		3,761
Bank of Hawaii Corp		1,051		86
Bank of Marin Bancorp		1,079		41
Bank of New York Mellon Corp/The		12,656		656

4 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bank of NT Butterfield & Son Ltd/The		1,324	$	47
Bank OZK		366		16
BankUnited Inc		2,418		101
Banner Corp		851		47
Berkshire Hathaway Inc, Cl B *		22,579		6,163
Berkshire Hills Bancorp Inc		1,501		40
BGC Partners Inc, Cl A		8,389		44
BlackRock Inc, Cl A		1,878		1,575
Blackstone		6,514		758
Blackstone Mortgage Trust Inc, Cl A ‡		1,347		41
BOK Financial Corp		568		51
Brighthouse Financial Inc *		268		12
Brown & Brown Inc		290		16
Camden National Corp		1,097		52
Capital One Financial Corp		3,914		634
Capitol Federal Financial Inc		3,529		40
Capstead Mortgage Corp ‡		6,235		42
Cathay General Bancorp		1,291		53
Cboe Global Markets Inc		99		12
Central Pacific Financial Corp		1,651		42
Charles Schwab Corp/The		16,432		1,197
Chimera Investment Corp ‡		2,402		36
Chubb Ltd		6,169		1,070
Cincinnati Financial Corp		891		102
CIT Group Inc		1,060		55
Citigroup Inc		24,313		1,706
Citizens Financial Group Inc		2,381		112
City Holding Co		607		47
CME Group Inc, Cl A		4,726		914
CNA Financial Corp		253		11
Cohen & Steers Inc		764		64
Comerica Inc		1,232		99
Commerce Bancshares Inc/MO		1,562		109
Community Bank System Inc		710		49
ConnectOne Bancorp Inc		1,891		57
Credit Acceptance Corp *		177		104
Cullen/Frost Bankers Inc		850		101
Dime Community Bancshares		1,467		48
Discover Financial Services		11,838		1,454
Eagle Bancorp Inc		1,035		59
East West Bancorp Inc		1,710		133
eHealth Inc *		512		21
Ellington Financial Inc ‡		2,748		50
Enterprise Financial Services Corp		1,063		48
Equitable Holdings Inc		432		13
Erie Indemnity Co, Cl A		433		77
Essent Group Ltd		970		43
Evercore Inc, Cl A		659		88
Everest Re Group Ltd		179		45
FactSet Research Systems Inc		306		121
FB Financial Corp		1,250		54
Federal Agricultural Mortgage Corp, Cl C		597		65

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Federated Hermes Inc, Cl B		1,492	$	48
Fidelity National Financial Inc		1,063		48
Fifth Third Bancorp		4,599		195
First American Financial Corp		814		55
First BanCorp/Puerto Rico		4,571		60
First Busey Corp		1,790		44
First Citizens BancShares Inc/NC, Cl A		94		79
First Commonwealth Financial Corp		3,365		46
First Financial Bancorp		1,921		45
First Financial Bankshares Inc		1,378		63
First Hawaiian Inc		3,126		92
First Horizon National Corp		6,041		98
First Merchants Corp		1,182		49
First Midwest Bancorp Inc/IL		2,129		40
First Republic Bank/CA		831		160
FirstCash Inc		612		54
FNB Corp/PA		3,907		45
Franklin Resources Inc		6,856		204
Fulton Financial Corp		2,789		43
Genworth Financial Inc, Cl A *		10,439		39
German American Bancorp Inc		1,414		55
Globe Life Inc		108		10
Goldman Sachs Group Inc/The		3,960		1,497
Goosehead Insurance Inc, Cl A		215		33
Great Western Bancorp Inc		1,390		45
Hancock Whitney Corp		1,142		54
Hannon Armstrong Sustainable Infrastructure Capital Inc		20,833		1,114
Hanover Insurance Group Inc/The		124		16
HarborOne Bancorp Inc		4,621		65
Hartford Financial Services Group Inc/The		1,006		71
Heartland Financial USA Inc		1,003		48
Heritage Financial Corp/WA		1,744		44
Home BancShares Inc/AR		2,523		59
HomeStreet Inc		309		13
Hope Bancorp Inc		3,233		47
Horace Mann Educators Corp		1,125		45
Houlihan Lokey Inc, Cl A		192		18
Huntington Bancshares Inc/OH		9,540		147
Independent Bank Corp		580		44
Independent Bank Group Inc		846		60
Intercontinental Exchange Inc		6,879		790
Invesco Ltd		18,276		441
Invesco Mortgage Capital Inc ‡		3,234		10
Investors Bancorp Inc		4,061		61
James River Group Holdings Ltd		1,180		44
Jefferies Financial Group Inc		2,313		86
JPMorgan Chase & Co		35,943		5,883
KeyCorp		12,904		279
Kinsale Capital Group Inc		73		12
KKR & Co Inc		3,222		196
KKR Real Estate Finance Trust Inc ‡		2,440		51

New Covenant Funds/ Quarterly Report /September 30, 2021 5

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Lakeland Bancorp Inc		2,890	$	51
Lazard Ltd, Cl A (A)		2,316		106
Lemonade *		1,665		112
LendingTree Inc *		175		24
Lincoln National Corp		3,621		249
Loews Corp		222		12
LPL Financial Holdings Inc		1,036		162
M&T Bank Corp		929		139
MarketAxess Holdings Inc		144		61
Marsh & McLennan Cos Inc		16,368		2,479
Mercury General Corp		233		13
Meta Financial Group Inc		266		14
MetLife Inc		6,576		406
MFA Financial Inc ‡		6,337		29
MGIC Investment Corp		3,455		52
Moelis & Co, Cl A		1,564		97
Moody’s Corp		1,782		633
Morgan Stanley		32,617		3,174
Morningstar Inc		67		17
Mr Cooper Group Inc *		3,903		161
MSCI Inc, Cl A		635		386
Nasdaq Inc		2,378		459
NBT Bancorp Inc		1,213		44
Nelnet Inc, Cl A		793		63
New Residential Investment Corp ‡		14,139		155
New York Community Bancorp Inc		951		12
New York Mortgage Trust Inc ‡		7,776		33
NMI Holdings Inc, Cl A *		1,470		33
Northern Trust Corp		7,549		814
Northfield Bancorp Inc		2,868		49
OFG Bancorp		2,119		53
Old National Bancorp/IN		2,680		45
OneMain Holdings Inc, Cl A		258		14
Pacific Premier Bancorp Inc		3,188		132
PacWest Bancorp		1,283		58
Palomar Holdings Inc, Cl A *		145		12
People’s United Financial Inc		5,001		87
Pinnacle Financial Partners Inc		1,489		140
PNC Financial Services Group Inc/The		5,690		1,113
PRA Group Inc *		1,320		56
Preferred Bank/Los Angeles CA		845		56
Principal Financial Group Inc		662		43
ProAssurance Corp		1,351		32
PROG Holdings Inc		832		35
Progressive Corp/The		6,231		563
Prosperity Bancshares Inc		1,192		85
Provident Financial Services Inc		1,988		47
Prudential Financial Inc		16,015		1,685
Radian Group Inc		1,924		44
Raymond James Financial Inc		1,470		136
Redwood Trust Inc ‡		2,992		39
Regions Financial Corp		72,286		1,540

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Reinsurance Group of America Inc, Cl A		578	$	64
Renasant Corp		1,366		49
RLI Corp		545		55
S&P Global Inc		6,514		2,768
S&T Bancorp Inc		1,247		37
Sandy Spring Bancorp Inc		1,350		62
Santander Consumer USA Holdings Inc		476		20
Seacoast Banking Corp of Florida		1,616		55
Selective Insurance Group Inc		739		56
ServisFirst Bancshares Inc		1,306		102
Signature Bank/New York NY		676		184
Silvergate Capital, Cl A *		716		83
SLM Corp		8,316		146
SouthState		216		16
Starwood Property Trust Inc ‡		2,000		49
State Street Corp		9,970		845
Sterling Bancorp/DE		2,321		58
Stifel Financial Corp		245		17
SVB Financial Group *		439		284
Synchrony Financial		4,720		231
Synovus Financial Corp		1,267		56
T Rowe Price Group Inc		2,711		533
Texas Capital Bancshares Inc *		822		49
TFS Financial Corp		573		11
TPG RE Finance Trust Inc ‡		2,439		30
Travelers Cos Inc/The		2,743		417
TriCo Bancshares		1,219		53
TriState Capital Holdings Inc *		1,917		40
Triumph Bancorp Inc *		1,296		130
Truist Financial Corp		14,236		835
Trustmark Corp		1,410		45
Two Harbors Investment Corp ‡		6,390		40
UMB Financial Corp		715		69
Umpqua Holdings Corp		2,753		56
Univest Financial Corp		1,820		50
Unum Group		1,638		41
US Bancorp		14,131		840
Valley National Bancorp		4,269		57
Veritex Holdings Inc		1,729		68
Virtu Financial Inc, Cl A		3,026		74
W R Berkley Corp		165		12
Walker & Dunlop Inc		749		85
Washington Trust Bancorp Inc		924		49
Webster Financial Corp		934		51
Wells Fargo & Co		47,265		2,194
Westamerica BanCorp		731		41
Western Alliance Bancorp		1,801		196
Wintrust Financial Corp		708		57
Zions Bancorp NA		1,771		110
				67,045
Health Care — 13.0%
Abbott Laboratories		27,119		3,204

6 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
AbbVie Inc		25,124	$	2,710
ABIOMED Inc *		332		108
Acadia Healthcare Co Inc *		220		14
Acceleron Pharma Inc *		123		21
Accolade *		956		40
AdaptHealth, Cl A *		2,632		61
Adaptive Biotechnologies Corp *		1,704		58
Adverum Biotechnologies Inc *		4,537		10
Aerie Pharmaceuticals Inc *		2,282		26
Agilent Technologies Inc		7,874		1,240
Agios Pharmaceuticals Inc *		1,062		49
Akebia Therapeutics Inc *		1,063		3
Alector Inc *		2,628		60
Align Technology Inc *		691		460
Allakos Inc *		378		40
Allogene Therapeutics Inc *		1,838		47
Alnylam Pharmaceuticals Inc *		1,202		227
Amedisys Inc *		56		8
American Well, Cl A *		10,093		92
AmerisourceBergen Corp, Cl A		266		32
Amgen Inc		9,045		1,923
Amicus Therapeutics Inc *		5,193		50
AMN Healthcare Services Inc *		832		95
Anika Therapeutics Inc *		920		39
Anthem Inc		2,728		1,017
Apellis Pharmaceuticals Inc *		246		8
Apollo Medical Holdings Inc *		2,152		196
Applied Molecular Transport *		2,130		55
Arcturus Therapeutics Holdings *		483		23
Arcus Biosciences Inc *		2,371		83
Arena Pharmaceuticals Inc *		1,077		64
Arrowhead Pharmaceuticals Inc *		251		16
Arvinas Inc *		1,298		107
Atara Biotherapeutics Inc *		3,254		58
Atrion Corp		71		50
Avanos Medical Inc *		301		9
Avantor Inc *		1,656		68
Axonics Inc *		351		23
Axsome Therapeutics Inc *		618		20
Baxter International Inc		12,373		995
Becton Dickinson and Co		4,437		1,091
BioCryst Pharmaceuticals Inc *		5,296		76
BioDelivery Sciences International Inc *		7,746		28
Biogen Inc *		2,874		813
Biohaven Pharmaceutical Holding Co Ltd *		941		131
BioMarin Pharmaceutical Inc *		1,042		81
Bionano Genomics *		6,993		38
Bio-Rad Laboratories Inc, Cl A *		32		24
Bio-Techne Corp		53		26
Bluebird Bio Inc *		645		12
Boston Scientific Corp *		16,399		712
Bridgebio Pharma Inc *		241		11

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Bristol-Myers Squibb Co		38,732	$	2,292
Brookdale Senior Living Inc *		7,397		47
Bruker Corp		233		18
Cara Therapeutics Inc *		2,942		45
Cardinal Health Inc		2,213		109
CareDx *		6,310		400
Cassava Sciences *		614		38
Castle Biosciences *		730		49
Catalent Inc *		949		126
Catalyst Pharmaceuticals Inc *		11,416		61
Centene Corp *		4,805		299
Cerner Corp		16,243		1,145
Change Healthcare Inc *		3,522		74
Charles River Laboratories International Inc *		77		32
Chemed Corp		114		53
ChemoCentryx Inc *		2,278		39
Cigna Corp		4,819		965
Cooper Cos Inc/The		236		98
Corcept Therapeutics Inc *		3,878		76
CorVel Corp *		125		23
Covetrus Inc *		1,045		19
Crinetics Pharmaceuticals Inc *		2,310		49
CryoPort *		871		58
Cue Biopharma Inc *		2,087		30
CVS Health Corp		28,143		2,388
Cytokinetics Inc *		7,134		255
Danaher Corp		7,191		2,189
DaVita Inc *		160		19
Deciphera Pharmaceuticals Inc *		716		24
Denali Therapeutics Inc *		2,631		133
DENTSPLY SIRONA Inc		3,113		181
Dexcom *		847		463
Dicerna Pharmaceuticals Inc *		1,898		38
Dynavax Technologies Corp *		8,733		168
Editas Medicine Inc, Cl A *		1,596		66
Edwards Lifesciences Corp *		8,484		960
Elanco Animal Health Inc *		398		13
Eli Lilly and Co		11,234		2,596
Emergent BioSolutions Inc *		950		48
Enanta Pharmaceuticals Inc *		785		45
Encompass Health Corp		164		12
Envista Holdings Corp *		317		13
Epizyme Inc *		2,749		14
Esperion Therapeutics Inc *		962		12
Exact Sciences Corp *		930		89
Exelixis Inc *		4,344		92
Fate Therapeutics Inc *		3,277		194
FibroGen Inc *		1,053		11
Flexion Therapeutics Inc *		2,711		17
Forte Biosciences *		61,361		182
Fulgent Genetics *		853		77

New Covenant Funds/ Quarterly Report /September 30, 2021 7

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
G1 Therapeutics Inc *		1,715	$	23
Gilead Sciences Inc		18,126		1,266
Glaukos Corp *		167		8
Global Blood Therapeutics Inc *		643		16
Globus Medical Inc, Cl A *		179		14
Gossamer Bio Inc *		3,279		41
Halozyme Therapeutics Inc *		2,641		107
Hanger Inc *		1,891		42
Harpoon Therapeutics Inc *		720		6
HCA Healthcare Inc		2,314		562
Health Catalyst Inc *		1,594		80
HealthEquity Inc *		673		44
Henry Schein Inc *		2,612		199
Heron Therapeutics Inc *		1,977		21
Heska Corp *		69		18
Hill-Rom Holdings Inc		825		124
Hologic Inc *		927		68
Humana Inc		1,127		439
ICU Medical Inc *		62		14
IDEXX Laboratories Inc *		707		440
IGM Biosciences *		1,084		71
Illumina Inc *		3,200		1,298
Inari Medical *		1,029		83
Incyte Corp *		1,063		73
Innoviva Inc *		3,557		59
Inogen Inc *		706		30
Inovalon Holdings Inc, Cl A *		464		19
Inovio Pharmaceuticals Inc *		2,095		15
Insmed Inc *		2,129		59
Inspire Medical Systems Inc *		110		26
Insulet Corp *		65		18
Integer Holdings Corp *		625		56
Integra LifeSciences Holdings Corp *		188		13
Intellia Therapeutics *		1,231		165
Intercept Pharmaceuticals Inc *		417		6
Intra-Cellular Therapies Inc *		3,894		145
Intuitive Surgical Inc *		1,403		1,395
Invitae Corp *		330		9
Ionis Pharmaceuticals Inc *		782		26
Iovance Biotherapeutics Inc *		8,304		205
IQVIA Holdings Inc *		1,378		330
iRhythm Technologies *		210		12
Ironwood Pharmaceuticals Inc, Cl A *		3,844		50
Johnson & Johnson		31,839		5,142
Kadmon Holdings *		12,254		107
Kala Pharmaceuticals Inc *		7,142		19
Karuna Therapeutics Inc *		717		88
Karyopharm Therapeutics Inc *		2,929		17
Kiniksa Pharmaceuticals Ltd, Cl A *		4,016		46
Kodiak Sciences Inc *		1,218		117
Krystal Biotech Inc *		823		43
Kura Oncology Inc *		3,438		64

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
Laboratory Corp of America Holdings *		515	$	145
Lantheus Holdings Inc *		2,408		62
LHC Group Inc *		57		9
Ligand Pharmaceuticals Inc *		462		64
MacroGenics Inc *		1,782		37
Madrigal Pharmaceuticals Inc *		531		42
McKesson Corp		655		131
MEDNAX Inc *		417		12
Merck & Co Inc		39,446		2,963
Meridian Bioscience Inc *		5,130		99
Mettler-Toledo International Inc *		1,016		1,399
Mirati Therapeutics Inc *		429		76
Moderna Inc *		4,368		1,681
Myriad Genetics Inc *		1,860		60
Natera Inc *		229		26
National Research Corp		779		33
Natus Medical Inc *		1,614		40
Nektar Therapeutics, Cl A *		2,328		42
Neogen Corp *		300		13
Neurocrine Biosciences Inc *		1,089		104
Nevro Corp *		83		10
NextGen Healthcare Inc *		3,392		48
Novavax Inc *		816		169
Novocure *		224		26
Ontrak *		751		8
Option Care Health Inc *		648		16
OraSure Technologies Inc *		6,042		68
Organon		3,944		129
Pennant Group Inc/The *		1,609		45
Penumbra Inc *		72		19
PerkinElmer Inc		120		21
Pfizer Inc		73,662		3,168
Phreesia Inc *		361		22
Premier Inc, Cl A		2,266		88
Protagonist Therapeutics *		1,083		19
PTC Therapeutics Inc *		1,021		38
Puma Biotechnology Inc *		5,574		39
QIAGEN NV *		2,338		121
Quest Diagnostics Inc		865		126
Reata Pharmaceuticals Inc, Cl A *		537		54
Regeneron Pharmaceuticals Inc *		1,105		669
Repligen Corp *		553		160
ResMed Inc		2,930		772
Revance Therapeutics Inc *		3,056		85
Rhythm Pharmaceuticals Inc *		687		9
Rocket Pharmaceuticals *		932		28
Rubius Therapeutics Inc *		3,679		66
Sage Therapeutics Inc *		516		23
Sangamo Therapeutics Inc *		1,002		9
Sarepta Therapeutics Inc *		87		8
Scholar Rock Holding Corp *		2,520		83
Seagen Inc *		750		127

8 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Senseonics Holdings *		13,850	$	47
Shockwave Medical Inc *		2,006		413
Simulations Plus Inc		1,477		58
Sorrento Therapeutics Inc *		12,406		95
STAAR Surgical Co *		193		25
Stryker Corp		3,529		931
Supernus Pharmaceuticals Inc *		2,174		58
Surmodics Inc *		1,169		65
Syros Pharmaceuticals Inc *		1,610		7
Tactile Systems Technology Inc *		728		32
Tandem Diabetes Care Inc *		144		17
Teladoc Health Inc *		399		51
Teleflex Inc		742		279
TG Therapeutics Inc *		4,916		164
Theravance Biopharma Inc *		2,200		16
Thermo Fisher Scientific Inc		4,827		2,758
Travere Therapeutics *		3,434		83
Turning Point Therapeutics Inc *		828		55
Twist Bioscience Corp *		606		65
Ultragenyx Pharmaceutical Inc *		1,143		103
United Therapeutics Corp *		559		103
UnitedHealth Group Inc		11,278		4,407
Universal Health Services Inc, Cl B		80		11
UroGen Pharma Ltd *		1,543		26
US Physical Therapy Inc		428		47
Varex Imaging Corp *		1,631		46
VBI Vaccines Inc *		14,663		46
Veeva Systems Inc, Cl A *		1,157		333
Vertex Pharmaceuticals Inc *		3,305		599
Viatris Inc, Cl W *		1,277		17
Viking Therapeutics Inc *		6,150		39
Waters Corp *		395		141
West Pharmaceutical Services Inc		1,875		796
Zentalis Pharmaceuticals *		2,422		161
Zimmer Biomet Holdings Inc		3,501		512
Zoetis Inc, Cl A		6,022		1,169
Zogenix Inc *		947		14
				73,334
Industrials — 7.7%
3M Co		10,841		1,902
A O Smith Corp		1,708		104
AAON Inc		192		12
AAR Corp *		1,101		36
ABM Industries Inc		1,349		61
ACCO Brands Corp		5,214		45
Acuity Brands Inc		84		15
ADT Inc		6,039		49
AECOM *		6,633		419
AGCO Corp		149		18
Air Lease Corp, Cl A		1,053		41
Alamo Group Inc		86		12
Alaska Air Group Inc *		9,238		541

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Allison Transmission Holdings Inc		1,870	$	66
Altra Industrial Motion Corp		260		14
AMERCO		28		18
American Airlines Group Inc *		405		8
American Woodmark Corp *		461		30
AMETEK Inc		1,369		170
Apogee Enterprises Inc		1,229		46
Applied Industrial Technologies Inc		745		67
ArcBest Corp		336		27
Arcosa Inc		1,128		57
Argan Inc		1,315		57
Armstrong World Industries Inc		161		15
ASGN Inc *		146		16
Astec Industries Inc		204		11
Avis Budget Group Inc *		2,276		265
Axon Enterprise Inc *		1,678		294
AZZ Inc		1,071		57
Barnes Group Inc		807		34
Blink Charging *		1,491		43
Bloom Energy Corp, Cl A *		4,597		86
Booz Allen Hamilton Holding Corp, Cl A		677		54
Brady Corp, Cl A		873		44
Brink’s Co/The		540		34
Carlisle Cos Inc		311		62
Carrier Global Corp		6,184		320
CBIZ Inc *		1,805		58
CH Robinson Worldwide Inc		148		13
Chart Industries Inc *		142		27
Cintas Corp		1,907		726
CIRCOR International Inc *		1,110		37
Clean Harbors Inc *		137		14
Colfax Corp *		1,455		67
Comfort Systems USA Inc		988		70
Construction Partners Inc, Cl A *		391		13
Copa Holdings SA, Cl A *		469		38
Copart Inc *		1,284		178
CoStar Group Inc *		3,260		281
Covanta Holding Corp		3,388		68
Crane Co		135		13
CSW Industrials Inc		116		15
CSX Corp		29,082		865
Cummins Inc		3,179		714
Curtiss-Wright Corp		1,789		226
Deere & Co		4,735		1,587
Delta Air Lines Inc *		35,179		1,499
Deluxe Corp		981		35
Donaldson Co Inc		202		12
Dover Corp		103		16
Dycom Industries Inc *		1,064		76
EMCOR Group Inc		565		65
Emerson Electric Co		6,592		621
EnerSys		664		49

New Covenant Funds/ Quarterly Report /September 30, 2021 9

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
EnPro Industries Inc		738	$	64
Equifax Inc		535		136
ESCO Technologies Inc		568		44
Expeditors International of Washington Inc		1,163		139
Exponent Inc		135		15
Fastenal Co		1,966		101
Federal Signal Corp		1,560		60
FedEx Corp		3,239		710
Flowserve Corp		239		8
Fluor Corp *		4,373		70
Forrester Research Inc *		1,169		58
Fortune Brands Home & Security Inc		174		16
Forward Air Corp		144		12
Franklin Electric Co Inc		180		14
FTI Consulting Inc *		443		60
FuelCell Energy *		8,509		57
Generac Holdings Inc *		203		83
General Electric		11,119		1,146
Gibraltar Industries Inc *		164		11
Graco Inc		223		16
GrafTech International Ltd		954		10
Granite Construction Inc		1,780		70
Great Lakes Dredge & Dock Corp *		4,289		65
Greenbrier Cos Inc/The		1,583		68
GXO Logistics *		1,041		82
Hawaiian Holdings Inc *		1,619		35
Healthcare Services Group Inc		422		11
HEICO Corp		4,351		574
HEICO Corp, Cl A		3,200		379
Helios Technologies Inc		1,091		90
Herc Holdings Inc		1,012		165
Herman Miller Inc		1,645		62
Hexcel Corp *		4,105		244
Hillenbrand Inc		300		13
HNI Corp		1,268		47
Honeywell International Inc		10,659		2,263
Howmet Aerospace Inc		7,379		230
Hubbell Inc, Cl B		78		14
Hyliion Holdings *		4,149		35
IAA Inc *		253		14
ICF International Inc		545		49
IDEX Corp		68		14
IHS Markit Ltd		2,622		306
Illinois Tool Works Inc		10,063		2,079
Ingersoll Rand Inc		355		18
Insperity Inc		592		66
Interface Inc, Cl A		2,949		45
ITT Inc		1,404		120
Jacobs Engineering Group Inc		1,091		145
JB Hunt Transport Services Inc		437		73
JetBlue Airways Corp *		837		13
John Bean Technologies Corp		439		62

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kadant Inc		475	$	97
Kaman Corp		743		26
Kansas City Southern		1,741		471
KAR Auction Services Inc *		2,303		38
KBR Inc		1,640		65
Kelly Services Inc, Cl A		2,214		42
Kennametal Inc		1,343		46
Kforce Inc		444		26
Kirby Corp *		1,032		49
Knight-Swift Transportation Holdings Inc, Cl A		1,357		69
Korn Ferry		1,193		86
Landstar System Inc		83		13
Lennox International Inc		44		13
Lincoln Electric Holdings Inc		1,027		132
Lindsay Corp		91		14
Lyft Inc, Cl A *		240		13
ManpowerGroup Inc		3,586		388
Marten Transport Ltd		3,469		54
Masco Corp		6,315		351
Matson Inc		1,273		103
Maxar Technologies Inc		10,873		308
McGrath RentCorp		666		48
Mercury Systems Inc *		4,897		232
Meritor Inc *		2,088		44
Middleby Corp/The *		103		18
Moog Inc, Cl A		3,238		247
MRC Global Inc *		3,597		26
MSA Safety Inc		392		57
MSC Industrial Direct Co Inc, Cl A		1,115		89
Nordson Corp		600		143
Norfolk Southern Corp		2,628		629
NOW Inc *		4,359		33
NV5 Global Inc *		202		20
Old Dominion Freight Line Inc		374		107
Omega Flex Inc		70		10
Oshkosh Corp		2,762		283
Otis Worldwide Corp		2,457		202
Owens Corning		4,958		424
PACCAR Inc		1,403		111
PAE *		5,932		35
Parker-Hannifin Corp		1,231		344
Parsons Corp *		1,198		40
Pitney Bowes Inc		11,792		85
Plug Power Inc *		4,368		112
Proto Labs Inc *		91		6
Quanta Services Inc		2,291		261
Raven Industries Inc		1,437		83
RBC Bearings Inc *		320		68
Regal Rexnord		1,068		161
Republic Services Inc, Cl A		599		72
Resideo Technologies Inc *		448		11

10 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Robert Half International Inc		806	$	81
Rockwell Automation Inc		1,620		476
Rollins Inc		3,532		125
Roper Technologies Inc		745		332
Ryder System Inc		1,425		118
Saia Inc *		96		23
Schneider National Inc, Cl B		521		12
Shoals Technologies Group, Cl A *		3,675		102
Shyft Group Inc/The		429		16
Simpson Manufacturing Co Inc		643		69
Snap-on Inc		318		66
Southwest Airlines Co *		3,222		166
SP Plus Corp *		1,169		36
Spirit AeroSystems Holdings Inc, Cl A		9,098		402
Spirit Airlines Inc *		1,221		32
SPX Corp *		999		53
SPX FLOW Inc		203		15
Stanley Black & Decker Inc		1,349		236
Steelcase Inc, Cl A		2,620		33
Stericycle Inc *		179		12
Sunrun Inc *		1,979		87
Team *		20,250		61
Tennant Co		639		47
Terex Corp		341		14
Tetra Tech Inc		564		84
Timken Co/The		204		13
Toro Co/The		1,175		114
TPI Composites Inc *		472		16
TransDigm Group Inc *		1,492		932
TransUnion		135		15
Trex Co Inc *		1,134		116
Trinity Industries Inc		511		14
Triumph Group Inc *		1,853		35
TrueBlue Inc *		2,106		57
Uber Technologies Inc *		15,289		685
UFP Industries Inc		196		13
UniFirst Corp/MA		235		50
Union Pacific Corp		11,000		2,156
United Airlines Holdings Inc *		289		14
United Parcel Service Inc, Cl B		7,862		1,432
United Rentals Inc *		1,692		594
Univar Solutions Inc *		476		11
US Ecology Inc *		900		29
Valmont Industries Inc		76		18
Verisk Analytics Inc, Cl A		1,729		346
Virgin Galactic Holdings Inc *		6,746		171
Wabash National Corp		3,217		49
Waste Management Inc		6,467		966
Watsco Inc		52		14
Watts Water Technologies Inc, Cl A		507		85
Welbilt Inc *		3,137		73
WESCO International Inc *		3,661		422

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Westinghouse Air Brake Technologies Corp		465	$	40
WillScot Mobile Mini Holdings Corp, Cl A *		590		19
Woodward Inc		139		16
WW Grainger Inc		3,615		1,421
XPO Logistics Inc *		1,041		83
Xylem Inc/NY		13,846		1,712
				43,648
Information Technology — 26.8%
8x8 Inc *		2,725		64
ACI Worldwide Inc *		1,373		42
Adobe Inc *		8,432		4,855
ADTRAN Inc		979		18
Advanced Energy Industries Inc		725		64
Advanced Micro Devices Inc *		14,318		1,473
Agilysys Inc *		323		17
Akamai Technologies Inc *		7,949		831
Akoustis Technologies Inc *		2,669		26
Alarm.com Holdings Inc *		1,192		93
Alliance Data Systems Corp		1,335		135
Altair Engineering Inc, Cl A *		269		19
Alteryx Inc, Cl A *		635		46
Ambarella Inc *		160		25
Amdocs Ltd		3,632		275
Amkor Technology Inc		3,864		96
Amphenol Corp, Cl A		4,016		294
Analog Devices Inc		5,627		942
Anaplan Inc *		217		13
ANSYS Inc *		683		233
Appian Corp, Cl A *		1,246		115
Apple Inc		199,628		28,247
Applied Materials Inc		10,761		1,385
Arista Networks Inc *		768		264
Arrow Electronics Inc *		2,550		286
Aspen Technology Inc *		413		51
Autodesk Inc *		3,559		1,015
Automatic Data Processing Inc		12,646		2,528
Avaya Holdings Corp *		4,140		82
Avnet Inc		325		12
Axcelis Technologies Inc *		2,104		99
Badger Meter Inc		775		78
Belden Inc		900		52
Benchmark Electronics Inc		1,447		39
Bill.com Holdings Inc *		1,644		439
Black Knight Inc *		1,569		113
Blackbaud Inc *		629		44
Blackline Inc *		185		22
Bottomline Technologies DE Inc *		943		37
Box Inc, Cl A *		539		13
Broadcom Inc		4,587		2,224
Broadridge Financial Solutions Inc		720		120
Brooks Automation Inc		207		21
Cadence Design Systems Inc *		2,046		310

New Covenant Funds/ Quarterly Report /September 30, 2021 11

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cass Information Systems Inc		865	$	36
CDK Global Inc		1,636		70
CDW Corp/DE		806		147
Cerence Inc *		493		47
Ceridian HCM Holding Inc *		792		89
Ciena Corp *		1,223		63
Cirrus Logic Inc *		640		53
Cisco Systems Inc		64,863		3,530
Citrix Systems Inc		100		11
Cloudera Inc *		4,481		72
Cloudflare, Cl A *		1,190		134
CMC Materials		373		46
Cognex Corp		203		16
Cognizant Technology Solutions Corp, Cl A		8,315		617
Coherent Inc *		626		157
Cohu Inc *		2,351		75
CommScope Holding Co Inc *		7,086		96
CommVault Systems Inc *		219		17
Concentrix		387		69
Cornerstone OnDemand Inc *		862		49
Corning Inc		6,104		223
Coupa Software Inc *		970		213
Cree Inc *		248		20
Crowdstrike Holdings Inc, Cl A *		1,523		374
CSG Systems International Inc		965		47
CTS Corp		1,735		54
Datadog Inc, Cl A *		939		133
Dell Technologies Inc, Cl C *		4,108		427
Diebold Nixdorf Inc *		4,695		47
Digital Turbine Inc *		4,674		321
DocuSign Inc, Cl A *		1,618		417
Dolby Laboratories Inc, Cl A		731		64
Domo Inc, Cl B *		297		25
Dropbox Inc, Cl A *		2,914		85
DXC Technology Co *		5,395		181
Dynatrace Inc *		465		33
Ebix Inc		299		8
Elastic NV *		183		27
Enphase Energy Inc *		2,963		444
Entegris Inc		980		123
Envestnet Inc *		717		58
EPAM Systems Inc *		1,434		818
Euronet Worldwide Inc *		74		9
Everbridge Inc *		1,814		274
EVERTEC Inc		1,569		72
ExlService Holdings Inc *		136		17
Extreme Networks Inc *		6,878		68
F5 Networks Inc *		578		115
Fair Isaac Corp *		299		119
Fastly Inc, Cl A *		905		37
Fidelity National Information Services Inc		7,874		958
FireEye Inc *		5,502		98

Description	Shares		Market Value   ($ Thousands)
COMMON STOCK (continued)
First Solar Inc *		3,538	$	338
Fiserv Inc *		5,664		615
Five9 Inc *		93		15
FleetCor Technologies Inc *		277		72
FormFactor Inc *		353		13
Fortinet Inc *		907		265
Gartner *		159		48
Genpact Ltd		6,870		326
Global Payments Inc		2,965		467
Globant SA *		271		76
GoDaddy Inc, Cl A *		1,102		77
Guidewire Software Inc *		109		13
Hackett Group Inc/The		3,129		61
HubSpot Inc *		322		218
Ichor Holdings Ltd *		486		20
II-VI Inc *		224		13
Infinera Corp *		6,579		55
Inseego Corp *		7,132		48
Insight Enterprises Inc *		132		12
Intel Corp		53,557		2,853
Intelligent Systems Corp *		1,128		46
InterDigital Inc		917		62
International Business Machines Corp		13,123		1,823
Intuit Inc		3,714		2,004
IPG Photonics Corp *		558		88
Itron Inc *		588		45
J2 Global Inc *		540		74
Jabil Inc		6,948		406
Jack Henry & Associates Inc		636		104
Juniper Networks Inc		7,826		215
Keysight Technologies Inc *		11,074		1,819
KLA Corp		1,904		637
Knowles Corp *		2,314		43
Lam Research Corp		3,493		1,988
Lattice Semiconductor Corp *		369		24
Littelfuse Inc		60		16
Lumentum Holdings Inc *		660		55
Manhattan Associates Inc *		1,278		196
Marathon Digital Holdings *		3,468		110
Marvell Technology		6,584		397
Mastercard Inc, Cl A		12,405		4,313
Maximus		682		57
Medallia Inc *		1,562		53
Microchip Technology Inc		1,641		252
Micron Technology Inc		10,634		755
Microsoft Corp		101,033		28,483
MicroStrategy Inc, Cl A *		69		40
MicroVision *		2,858		32
MKS Instruments Inc		103		16
MongoDB Inc, Cl A *		574		271
Monolithic Power Systems Inc		64		31
N-Able *		317		4

12 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
National Instruments Corp		2,353	$	92
NCR Corp *		334		13
NetApp Inc		2,936		264
NetScout Systems Inc *		2,073		56
NortonLifeLock Inc		13,065		331
Novanta Inc *		98		15
Nuance Communications Inc *		2,832		156
Nutanix Inc, Cl A *		359		14
NVIDIA Corp		37,360		7,740
NXP Semiconductors NV		2,171		425
Okta Inc, Cl A *		812		193
ON Semiconductor Corp *		9,649		442
Oracle Corp		24,339		2,121
OSI Systems Inc *		497		47
PagerDuty Inc *		1,821		75
Palantir Technologies, Cl A *		12,031		289
Palo Alto Networks Inc *		675		323
Paychex Inc		2,612		294
Paycom Software Inc *		194		96
Paylocity Holding Corp *		417		117
PayPal Holdings Inc *		16,718		4,350
Pegasystems Inc		150		19
Perficient Inc *		1,142		132
Photronics Inc *		3,197		44
Plantronics Inc *		1,930		50
Power Integrations Inc		196		19
Priority Technology Holdings *		10,659		71
Progress Software Corp		1,206		59
PROS Holdings Inc *		818		29
PTC Inc *		677		81
Pure Storage Inc, Cl A *		685		17
Qorvo Inc *		100		17
QUALCOMM Inc		17,833		2,300
Qualys Inc *		591		66
Rambus Inc *		3,633		81
Rapid7 Inc *		892		101
RingCentral Inc, Cl A *		699		152
Riot Blockchain *		3,379		87
Rogers Corp *		392		73
Sabre Corp *		506		6
salesforce.com Inc *		17,125		4,645
Sanmina Corp *		1,459		56
ScanSource Inc *		1,292		45
Semtech Corp *		1,000		78
ServiceNow Inc *		2,243		1,396
Silicon Laboratories Inc *		437		61
Skyworks Solutions Inc		747		123
Smartsheet Inc, Cl A *		266		18
Snowflake, Cl A *		1,591		481
SolarWinds		317		5
Splunk Inc *		1,357		196
Sprout Social, Cl A *		832		101

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
SPS Commerce Inc *		152	$	25
Square Inc, Cl A *		4,127		990
Switch Inc, Cl A		779		20
Synaptics Inc *		142		25
SYNNEX Corp		387		40
Synopsys Inc *		1,083		324
Teledyne Technologies Inc *		997		428
Teradata Corp *		4,437		254
Teradyne Inc		4,784		522
Texas Instruments Inc		13,483		2,592
Trade Desk Inc/The, Cl A *		8,290		583
Trimble Inc *		2,035		167
TTEC Holdings Inc		202		19
Tucows Inc, Cl A *		170		13
Twilio Inc, Cl A *		2,168		692
Tyler Technologies Inc *		393		180
Ubiquiti Inc		48		14
Unisys Corp *		689		17
Universal Display Corp		521		89
Upland Software Inc *		255		9
Varonis Systems Inc, Cl B *		327		20
Verint Systems Inc *		947		42
VeriSign Inc *		802		164
Verra Mobility Corp, Cl A *		3,479		52
ViaSat Inc *		693		38
Viavi Solutions Inc *		3,355		53
Visa Inc, Cl A		21,522		4,794
VMware Inc, Cl A *		1,343		200
Western Digital Corp *		2,423		137
Western Union Co/The		425		9
WEX Inc *		55		10
Workday Inc, Cl A *		2,079		520
Workiva Inc, Cl A *		1,224		173
Xerox Holdings Corp		4,697		95
Xilinx Inc		2,632		397
Xperi Holding Corp		2,351		44
Zebra Technologies Corp, Cl A *		438		226
Zendesk Inc *		152		18
Zoom Video Communications Inc, Cl A *		2,001		523
Zscaler Inc *		786		206
Zuora Inc, Cl A *		3,498		58
				151,368
Materials — 2.5%
Air Products and Chemicals Inc		4,688		1,201
Albemarle Corp		384		84
Alcoa Corp *		5,657		277
Allegheny Technologies Inc *		2,362		39
AptarGroup Inc		1,944		232
Arconic Corp *		1,844		58
Ashland Global Holdings Inc		152		14
Avery Dennison Corp		88		18
Axalta Coating Systems Ltd *		7,963		232

New Covenant Funds/ Quarterly Report /September 30, 2021 13

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Balchem Corp		107	$	16
Ball Corp		14,154		1,273
Berry Global Group Inc *		4,123		251
Cabot Corp		238		12
Carpenter Technology Corp		1,006		33
Celanese Corp, Cl A		93		14
CF Industries Holdings Inc		1,066		60
Chemours Co/The		2,832		82
Cleveland-Cliffs Inc *		11,888		236
Coeur Mining Inc *		6,945		43
Compass Minerals International Inc		851		55
Corteva Inc		2,736		115
Crown Holdings Inc		6,925		698
Domtar Corp *		298		16
Dow Inc		6,392		368
DuPont de Nemours Inc		3,772		256
Eagle Materials Inc		126		17
Eastman Chemical Co		9,101		917
Ecolab Inc		2,293		478
FMC Corp		2,400		220
Freeport-McMoRan Inc		27,003		878
Graphic Packaging Holding Co		681		13
Greif Inc, Cl A		1,122		72
HB Fuller Co		976		63
Huntsman Corp		475		14
Ingevity Corp *		563		40
Innospec Inc		499		42
International Flavors & Fragrances Inc		2,307		308
International Paper Co		360		20
Kraton Corp *		2,033		93
Livent Corp *		5,807		134
Louisiana-Pacific Corp		1,740		107
LyondellBasell Industries NV, Cl A		2,182		205
Martin Marietta Materials Inc		397		136
Minerals Technologies Inc		182		13
Mosaic Co/The		3,590		128
Neenah Inc		693		32
Newmont Corp		21,956		1,192
Novagold Resources Inc *		1,266		9
Nucor Corp		1,510		149
Packaging Corp of America		101		14
PPG Industries Inc		2,274		325
Quaker Chemical Corp		55		13
Reliance Steel & Aluminum Co		412		59
Scotts Miracle-Gro Co/The		163		24
Sealed Air Corp		293		16
Sensient Technologies Corp		161		15
Sherwin-Williams Co/The		5,279		1,477
Sonoco Products Co		185		11
Southern Copper Corp		272		15
Steel Dynamics Inc		2,648		155
Stepan Co		138		16

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Summit Materials Inc, Cl A *		2,136	$	68
TriMas Corp		1,583		51
Trinseo SA		1,345		73
United States Lime & Minerals Inc		98		12
United States Steel Corp		3,709		81
Valvoline Inc		11,216		350
Verso Corp		2,760		57
Vulcan Materials Co		665		112
Warrior Met Coal Inc		2,378		55
Westlake Chemical Corp		137		12
Westrock Co		3,989		199
Worthington Industries Inc		1,149		61
				14,234
Real Estate — 3.5%
Acadia Realty Trust ‡		1,946		40
Agree Realty Corp ‡		736		49
Alexander & Baldwin Inc ‡		2,342		55
Alexandria Real Estate Equities Inc ‡		1,497		286
American Campus Communities Inc ‡		252		12
American Finance Trust Inc ‡		3,743		30
American Homes 4 Rent, Cl A ‡		375		14
American Tower Corp, Cl A ‡		5,189		1,377
Apartment Income REIT ‡		304		15
Apartment Investment and Management, Cl A ‡		1,711		12
Apple Hospitality REIT Inc ‡		718		11
AvalonBay Communities Inc ‡		3,261		723
Boston Properties Inc ‡		1,468		159
Brandywine Realty Trust ‡		14,492		195
Brixmor Property Group Inc ‡		4,703		104
Camden Property Trust ‡		125		18
CareTrust REIT Inc ‡		2,438		50
CBRE Group Inc, Cl A *		20,326		1,979
Columbia Property Trust Inc ‡		565		11
Community Healthcare Trust Inc ‡		1,136		51
Corporate Office Properties Trust ‡		7,752		209
Cousins Properties Inc ‡		289		11
Crown Castle International Corp ‡		4,174		723
CubeSmart ‡		377		18
CyrusOne Inc ‡		181		14
DiamondRock Hospitality Co *‡		4,575		43
Digital Realty Trust Inc ‡		2,674		386
Diversified Healthcare Trust ‡		6,702		23
Douglas Emmett Inc ‡		448		14
Duke Realty Corp ‡		2,798		134
Empire State Realty Trust Inc, Cl A ‡		5,592		56
EPR Properties ‡		735		36
Equinix Inc ‡		1,035		818
Equity Commonwealth *‡		846		22
Equity LifeStyle Properties Inc ‡		167		13
Equity Residential ‡		3,485		282
Essential Properties Realty Trust Inc ‡		2,028		57

14 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Essex Property Trust Inc ‡		454	$	145
eXp World Holdings		2,641		105
Extra Space Storage Inc ‡		811		136
Federal Realty Investment Trust ‡		664		78
First Industrial Realty Trust Inc ‡		263		14
Four Corners Property Trust Inc ‡		1,848		50
Franklin Street Properties Corp ‡		5,897		27
Gaming and Leisure Properties Inc ‡		283		13
Global Net Lease Inc ‡		2,484		40
Healthcare Trust of America Inc, Cl A ‡		392		12
Healthpeak Properties Inc ‡		9,384		314
Highwoods Properties Inc ‡		247		11
Host Hotels & Resorts Inc *‡		17,568		287
Howard Hughes Corp/The *		795		70
Hudson Pacific Properties Inc ‡		2,475		65
Industrial Logistics Properties Trust ‡		2,389		61
Innovative Industrial Properties, Cl A ‡		275		64
Invitation Homes Inc ‡		398		15
Iron Mountain Inc ‡		5,996		261
JBG SMITH Properties ‡		2,065		61
Jones Lang LaSalle Inc *		1,270		315
Kilroy Realty Corp ‡		4,516		299
Kimco Realty Corp ‡		5,716		119
Kite Realty Group Trust ‡		2,741		56
Lamar Advertising Co, Cl A ‡		1,059		120
Lexington Realty Trust ‡		4,761		61
Life Storage Inc ‡		165		19
LTC Properties Inc ‡		1,142		36
Macerich Co/The ‡		5,508		92
Marcus & Millichap Inc *		1,380		56
Medical Properties Trust Inc ‡		2,513		50
Mid-America Apartment Communities Inc ‡		97		18
Monmouth Real Estate Investment Corp ‡		3,365		63
National Health Investors Inc ‡		635		34
Newmark Group Inc, Cl A		3,753		54
Office Properties Income Trust ‡		1,618		41
Omega Healthcare Investors Inc ‡		1,229		37
Outfront Media Inc ‡		1,951		49
Paramount Group Inc ‡		5,922		53
Park Hotels & Resorts Inc *‡		1,996		38
Pebblebrook Hotel Trust ‡		1,899		43
Physicians Realty Trust ‡		2,753		49
Piedmont Office Realty Trust Inc, Cl A ‡		2,333		41
PotlatchDeltic Corp ‡		231		12
Prologis Inc ‡		20,608		2,585
Public Storage ‡		1,177		350
Rayonier Inc ‡		1,593		57
RE/MAX Holdings Inc, Cl A		1,292		40
Realogy Holdings Corp *		4,621		81
Realty Income Corp ‡		1,039		67
Redfin Corp *		458		23
Regency Centers Corp ‡		23,989		1,615

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Retail Properties of America Inc, Cl A ‡		876	$	11
Rexford Industrial Realty Inc ‡		241		14
RLJ Lodging Trust ‡		2,849		42
RMR Group Inc/The, Cl A		1,095		37
RPT Realty ‡		3,429		44
Ryman Hospitality Properties Inc *‡		577		48
Sabra Health Care REIT Inc ‡		2,410		35
Safehold Inc ‡		226		16
SBA Communications Corp, Cl A ‡		684		226
Service Properties Trust ‡		483		5
Simon Property Group Inc ‡		3,706		482
SITE Centers Corp ‡		3,734		58
SL Green Realty ‡		2,472		175
Spirit Realty Capital Inc ‡		237		11
St Joe Co/The		460		19
STAG Industrial Inc ‡		359		14
STORE Capital Corp ‡		2,555		82
Summit Hotel Properties Inc *‡		4,173		40
Tanger Factory Outlet Centers Inc ‡		3,357		55
UDR Inc ‡		250		13
Uniti Group Inc ‡		1,247		15
Urban Edge Properties ‡		2,679		49
Urstadt Biddle Properties Inc, Cl A ‡		2,126		40
Ventas Inc ‡		3,279		181
VEREIT Inc ‡		2,043		92
VICI Properties Inc ‡		2,012		57
Vornado Realty Trust ‡		2,903		122
Washington Real Estate Investment Trust ‡		1,705		42
Welltower Inc ‡		4,270		352
Weyerhaeuser Co ‡		17,005		605
WP Carey Inc ‡		149		11
Xenia Hotels & Resorts Inc *‡		2,347		42
				19,487
Utilities — 2.1%
AES Corp/The		5,282		121
ALLETE Inc		620		37
Alliant Energy Corp		213		12
Ameren Corp		506		41
American Electric Power Co Inc		5,930		481
American States Water Co		580		50
American Water Works Co Inc		2,717		459
Atmos Energy Corp		461		41
Avangrid Inc		1,720		84
CenterPoint Energy Inc		434		11
Clearway Energy Inc, Cl C		456		14
CMS Energy Corp		20,708		1,237
Consolidated Edison Inc		3,086		224
Dominion Energy Inc		7,027		513
DTE Energy Co		811		91
Duke Energy Corp		7,493		731
Edison International		3,288		182
Entergy Corp		2,276		226

New Covenant Funds/ Quarterly Report /September 30, 2021 15

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Continued)

Description	Shares		Market Value     ($ Thousands)
COMMON STOCK (continued)
Essential Utilities Inc		331	$	15
Evergy Inc		180		11
Eversource Energy		10,983		898
Exelon Corp		11,090		536
FirstEnergy Corp		419		15
Hawaiian Electric Industries Inc		249		10
IDACORP Inc		108		11
MDU Resources Group Inc		386		11
MGE Energy Inc		631		46
National Fuel Gas Co		245		13
New Jersey Resources Corp		1,111		39
NextEra Energy Inc		27,072		2,126
NiSource Inc		419		10
Northwest Natural Holding Co		699		32
NRG Energy Inc		323		13
OGE Energy Corp		261		9
Ormat Technologies Inc		644		43
PG&E Corp *		692		7
Pinnacle West Capital Corp		2,640		191
PNM Resources Inc		975		48
Portland General Electric Co		894		42
PPL Corp		908		25
Public Service Enterprise Group Inc		5,257		320
Sempra Energy		2,048		259
SJW Group		716		47
South Jersey Industries Inc		1,556		33
Southern Co/The		13,370		828
Sunnova Energy International Inc *		4,480		148
UGI Corp		253		11
Vistra Corp		2,088		36
WEC Energy Group Inc		1,160		102
Xcel Energy Inc		21,147		1,322
				11,812
Total Common Stock (Cost $281,146) ($ Thousands)				546,832
FOREIGN COMMON STOCK — 2.3%
Bosnia and Herzegovina — 0.0%
RenaissanceRe Holdings Ltd		248		35
Canada — 0.1%
Lululemon Athletica Inc*		1,171		474
Cayman Islands — 0.0%
Herbalife Nutrition Ltd*		1,088		46
Ireland — 1.1%
Accenture PLC, Cl A		11,297		3,614
Jazz Pharmaceuticals PLC *		616		80
Medtronic PLC		19,976		2,504
Perrigo Co PLC		211		10
				6,208

Description	Shares		Market Value     ($ Thousands)
FOREIGN COMMON STOCK (continued)
Puerto Rico — 0.0%
Popular Inc		1,507	$	117
Switzerland — 0.0%
Garmin Ltd		418		65
United Kingdom — 1.1%
Adient PLC *		732		30
Alkermes PLC *		2,433		75
Allegion PLC		855		113
Amcor PLC		4,821		56
Aon PLC, Cl A		2,247		642
Aptiv PLC *		3,490		520
Atlassian Corp PLC, Cl A *		1,043		408
Cimpress PLC *		398		35
Cushman & Wakefield PLC *		2,593		48
Eaton Corp PLC		13,217		1,974
Gates Industrial Corp PLC *		886		14
Horizon Therapeutics PLC *		1,437		157
Johnson Controls International PLC		8,308		566
LivaNova PLC *		657		52
Nielsen Holdings PLC		7,584		145
nVent Electric PLC		457		15
Pentair PLC		245		18
Sensata Technologies Holding PLC *		4,273		234
STERIS PLC		1,716		351
Trane Technologies PLC		1,779		307
Tronox Holdings PLC		4,385		108
Willis Towers Watson PLC		907		211
				6,079
Total Foreign Common Stock (Cost $6,435) ($ Thousands)				13,024
CASH EQUIVALENT — 0.2%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		1,431,888		1,432
Total Cash Equivalent (Cost $1,432) ($ Thousands)				1,432
Total Investments in Securities — 99.2% (Cost $289,013) ($ Thousands)			$	561,288

16 New Covenant Funds/ Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Growth Fund (Concluded)

A list of the open futures held by the Fund at September 30, 2021 are as follows:

Type of Contract	Number of       Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
Long Contracts
Russell 2000 Index E-MINI		2		Dec-2021	$	223	$	220	$	(3	)
S&P 500 Index E-MINI		6		Dec-2021		1,329		1,289		(40	)
					$	1,552	$	1,509	$	(43	)

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

Percentages are based on Net Assets of $565,687 ($ Thousands).

^†  Investment in Affiliated Security.

^‡  Real Estate Investment Trust.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2021.

(A) Security is a Master Limited Partnership. At September 30, 2021, such securities amounted to $106 ($ Thousands), or 0.0% of the Net Assets of the Fund.

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 level of inputs used as of September 30, 2021, 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		546,832			–		–		546,832
Foreign Common Stock		13,024			–		–		13,024
Cash Equivalent		1,432			–		–		1,432
Total Investments in Securities		561,288			–		–		561,288
Other Financial Instruments	Level 1     ($)			Level 2     ($)		Level 3     ($)		Total     ($)
Futures Contracts*
Unrealized Depreciation		(43	)		–		–		(43	)
Total Other Financial Instruments		(43	)		–		–		(43	)

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

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended September 30, 2021 ($ Thousands):

Security Description	Value at 6/30/2021	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2021	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$7,003	$12,755	$(18,326)	$ —	$ —	$1,432	1,431,888	$ —	$ —

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

New Covenant Funds/ Quarterly Report /September 30, 2021 17

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 37.9%
Agency Mortgage-Backed Obligations — 29.1%
FHLMC
6.500%, 12/01/2035 to 09/01/2039	$	530	$	597
6.000%, 03/01/2035		836		981
5.500%, 12/01/2036 to 12/01/2038		161		187
5.000%, 05/01/2022 to 01/01/2049		763		864
4.500%, 06/01/2038 to 07/01/2049		4,308		4,749
4.000%, 07/01/2037 to 03/01/2050		1,705		1,875
3.500%, 04/01/2033 to 02/01/2051		3,500		3,764
3.000%, 09/01/2032 to 08/01/2050		4,954		5,282
2.753%, VAR ICE LIBOR USD 12 Month + 1.651%, 01/01/2049		375		389
2.558%, VAR ICE LIBOR USD 12
Month + 1.630%, 09/01/2047		495		517
2.500%, 08/01/2030 to 07/01/2051		5,466		5,670
2.000%, 10/01/2032 to 06/01/2051		1,725		1,747
1.931%, VAR ICE LIBOR USD 12 Month + 1.596%, 06/01/2047		589		613
1.500%, 03/01/2051		2		2
FHLMC CMO, Ser 2011-3947, Cl SG, IO
5.866%, 10/15/2041 (A)		116		18
FHLMC CMO, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		70		3
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		154		7
FHLMC CMO, Ser 2012-4099, Cl ST, IO
5.916%, 08/15/2042 (A)		64		11
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		71		8
FHLMC CMO, Ser 2013-4203, Cl PS, IO
6.166%, 09/15/2042 (A)		99		13
FHLMC CMO, Ser 2014-4310, Cl SA, IO
5.866%, 02/15/2044 (A)		29		5
FHLMC CMO, Ser 2014-4335, Cl SW, IO
5.916%, 05/15/2044 (A)		56		10
FHLMC CMO, Ser 2014-4415, Cl IO, IO
1.643%, 04/15/2041 (A)		28		2
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.639%, 02/25/2035 (A)		2,296		358
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO
1.630%, 05/25/2035 (A)		848		140
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
1.054%, 09/25/2030 (A)		5,730		429
FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO
1.447%, 07/25/2035 (A)		240		35
FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO
0.845%, 09/25/2027 (A)		7,984		324

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2016-DNA1, Cl M3
5.636%, VAR ICE LIBOR USD 1 Month + 5.550%, 07/25/2028	$	246	$	258
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2017-DNA3, Cl M2
2.586%, VAR ICE LIBOR USD 1 Month + 2.500%, 03/25/2030		250		256
FHLMC, Ser 2014-334, Cl S7, IO
6.016%, 08/15/2044 (A)		30		6
FHLMC, Ser 2016-353, Cl S1, IO
5.916%, 12/15/2046 (A)		96		17
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		44		45
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		166		22
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		276		41
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		95		14
FHLMC, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		94		12
FNMA
7.000%, 11/01/2037 to 11/01/2038		22		24
6.500%, 01/01/2038 to 05/01/2040		138		161
6.000%, 07/01/2037 to 07/01/2041		90		106
5.500%, 02/01/2035		81		94
5.000%, 11/01/2025 to 12/01/2049		3,291		3,666
4.500%, 02/01/2035 to 08/01/2058		6,162		6,795
4.000%, 06/01/2025 to 06/01/2057		9,304		10,158
3.500%, 04/01/2033 to 03/01/2057		9,437		10,156
3.000%, 07/01/2035 to 04/01/2051		13,944		14,776
2.790%, 08/01/2029		200		216
2.500%, 08/01/2035 to 09/01/2051		7,278		7,610
2.393%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.268%, 01/01/2036		22		22
2.260%, 04/01/2030		97		102
2.075%, VAR ICE LIBOR USD 12 Month + 1.700%, 03/01/2036		19		19
2.000%, 07/01/2031 to 08/01/2051		10,278		10,403
1.770%, VAR ICE LIBOR USD 12 Month + 1.428%, 05/01/2043		150		156
1.500%, 12/01/2035		93		94
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		352		404
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		218		11
FNMA CMO, Ser 2014-47, Cl AI, IO
1.663%, 08/25/2044 (A)		75		4
FNMA CMO, Ser 2015-55, Cl IO, IO
1.435%, 08/25/2055 (A)		20		1

New Covenant Funds/ Quarterly Report /September 30, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2015-56, Cl AS, IO
6.064%, VAR LIBOR USD 1 Month + 6.150%, 08/25/2045	$	40	$	10
FNMA Connecticut Avenue Securities, Ser 2014-C04, Cl 1M2
4.986%, VAR ICE LIBOR USD 1 Month + 4.900%, 11/25/2024		126		131
FNMA Interest, Ser 2012-409, Cl C18, IO
4.000%, 04/25/2042		13		2
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		108		123
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		6		–
FNMA, Ser 2013-124, Cl SB, IO
5.864%, 12/25/2043 (A)		33		6
FNMA, Ser 2013-26, Cl HI, IO
3.000%, 04/25/2032		10		–
FNMA, Ser 2013-54, Cl BS, IO
6.064%, 06/25/2043 (A)		29		6
FNMA, Ser 2013-73, Cl IA, IO
3.000%, 09/25/2032		47		3
FNMA, Ser 2017-76, Cl SB, IO
6.014%, 10/25/2057 (A)		170		35
FNMA, Ser 2017-85, Cl SC, IO
6.114%, 11/25/2047 (A)		88		16
FNMA, Ser 2019-M19, Cl A2
2.560%, 09/25/2029		89		94
FNMA, Ser 2019-M23, Cl 3A3
2.720%, 10/25/2031 (A)		100		108
FNMA, Ser 2019-M6, Cl A2
3.450%, 01/01/2029		70		78
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		103		95
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		90		14
FNMA, Ser 2021-1, Cl IG, IO
2.500%, 02/25/2051		193		28
FNMA, Ser 2021-61, Cl KI, IO
2.500%, 04/25/2049		600		83
FRESB Mortgage Trust, Ser 2018-SB48,Cl A10F
3.370%, 02/25/2028 (A)		598		625
FRESB Mortgage Trust, Ser 2019-SB58,Cl A10F
3.610%, 10/25/2028 (A)		911		962
GNMA
5.500%, 02/20/2037 to 01/15/2039		78		90
5.000%, 12/20/2038 to 10/20/2047		501		566
4.600%, 09/15/2034		1,243		1,410
4.500%, 05/20/2040 to 12/20/2050		2,304		2,521
4.000%, 01/15/2041 to 11/20/2049		1,979		2,150
3.500%, 06/20/2044 to 11/20/2050		2,057		2,193

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 09/15/2042 to 07/20/2051	$	773	$	813
2.500%, 02/20/2027 to 01/20/2051		1,798		1,879
2.000%, 12/20/2050 to 03/20/2051		477		484
GNMA CMO, Ser 2012-34, Cl SA, IO
5.963%, 03/20/2042 (A)		23		5
GNMA CMO, Ser 2012-66, Cl CI, IO
3.500%, 02/20/2038		8		–
GNMA CMO, Ser 2012-H18, Cl NA
0.610%, VAR ICE LIBOR USD 1 Month + 0.520%, 08/20/2062		108		109
GNMA CMO, Ser 2012-H30, Cl GA
0.440%, VAR ICE LIBOR USD 1 Month + 0.350%, 12/20/2062		545		545
GNMA CMO, Ser 2013-85, Cl IA, IO
0.279%, 03/16/2047 (A)		958		11
GNMA CMO, Ser 2013-95, Cl IO, IO
0.522%, 04/16/2047 (A)		997		18
GNMA CMO, Ser 2013-H01, Cl TA
0.590%, VAR ICE LIBOR USD 1 Month + 0.500%, 01/20/2063		2		2
GNMA CMO, Ser 2013-H08, Cl BF
0.490%, VAR ICE LIBOR USD 1 Month + 0.400%, 03/20/2063		424		425
GNMA CMO, Ser 2014-105, Cl IO, IO
0.204%, 06/16/2054 (A)		69		3
GNMA CMO, Ser 2014-186, Cl IO, IO
0.550%, 08/16/2054 (A)		508		11
GNMA CMO, Ser 2015-H20, Cl FA
0.560%, VAR ICE LIBOR USD 1 Month + 0.470%, 08/20/2065		223		224
GNMA TBA
3.000%, 10/01/2042		400		418
2.500%, 10/15/2051		300		310
2.000%, 10/15/2051		700		710
GNMA, Ser 2013-107, Cl AD
2.768%, 11/16/2047 (A)		55		57
GNMA, Ser 2013-H21, Cl FB
0.790%, VAR ICE LIBOR USD 1 Month + 0.700%, 09/20/2063		349		351
GNMA, Ser 2015-167, Cl OI,
IO 4.000%, 04/16/2045		62		10
GNMA, Ser 2019-28, Cl AB
3.150%, 06/16/2060		23		23
GNMA, Ser 2020-123, Cl NI,IO
2.500%, 08/20/2050		94		13
GNMA, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		94		13
GNMA, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		95		13
GNMA, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		190		26

2 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 2020-181, Cl WI, IO
2.000%, 12/20/2050	$	473	$	51
GNMA, Ser 2020-H04, Cl FP
0.590%, VAR ICE LIBOR USD 1 Month + 0.500%, 06/20/2069		165		166
GNMA, Ser 2020-H09, Cl FL
1.237%, VAR ICE LIBOR USD 1 Month + 1.150%, 05/20/2070		89		93
GNMA, Ser 2020-H13, Cl FA
0.537%, VAR ICE LIBOR USD 1 Month + 0.450%, 07/20/2070		532		535
GNMA, Ser 2020-H13, Cl FM
0.487%, VAR ICE LIBOR USD 1 Month + 0.400%, 08/20/2070		321		322
UMBS TBA
3.000%, 11/15/2042 to 10/15/2051		500		523
2.500%, 10/15/2051 to 11/15/2051		3,200		3,295
2.000%, 10/15/2051 to 11/15/2051		4,300		4,305
1.500%, 10/15/2036		1,100		1,111
				122,472
Non-Agency Mortgage-Backed Obligations — 8.8%
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A
0.964%, VAR ICE LIBOR USD 1 Month + 0.880%, 09/15/2034 (B)		130		130
Atrium Hotel Portfolio Trust, Ser 2017-ATRM, Cl C
1.734%, VAR ICE LIBOR USD 1 Month + 1.650%, 12/15/2036 (B)		410		409
BANK, Ser 2021-BN36, Cl A5
2.470%, 09/15/2064		644		661
BBCMS Mortgage Trust, Ser 2021-C9, Cl A5
2.299%, 02/15/2054		563		571
Benchmark Mortgage Trust, Ser 2019-B12,Cl A5
3.116%, 08/15/2052		703		758
Benchmark Mortgage Trust, Ser 2019-B15,Cl A5
2.928%, 12/15/2072		481		512
Benchmark Mortgage Trust, Ser 2021-B26,Cl A3
2.391%, 06/15/2054		604		624
BPR Trust, Ser 2021-TY, Cl B
1.250%, VAR ICE LIBOR USD 1 Month + 1.150%, 09/25/2038 (B)		370		370
BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1
0.970%, 03/25/2060 (A)(B)		95		96

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
1.004%, VAR ICE LIBOR USD 1 Month + 0.920%, 10/15/2036 (B)	$	976	$	978
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl A
0.800%, VAR ICE LIBOR USD 1 Month + 0.700%, 09/15/2036 (B)		635		635
Cascade MH Asset Trust, Ser 2021-MH1,Cl A1
1.753%, 02/25/2046 (B)		95		94
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050 (A)(B)		264		268
Citigroup Commercial Mortgage Trust,Ser 2013-375P, Cl A
3.251%, 05/10/2035 (B)		190		197
Citigroup Commercial Mortgage Trust,Ser 2014-GC25, Cl AS
4.017%, 10/10/2047		100		108
Citigroup Commercial Mortgage Trust,Ser 2016-P6, Cl AAB
3.512%, 12/10/2049		810		863
COMM Mortgage Trust, Ser 2012-CR5, Cl AM
3.223%, 12/10/2045 (B)		590		604
COMM Mortgage Trust, Ser 2012-CR5, Cl A4
2.771%, 12/10/2045		700		716
COMM Mortgage Trust, Ser 2013-CR12,Cl AM
4.300%, 10/10/2046		20		21
COMM Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046 (A)		20		21
COMM Mortgage Trust, Ser 2013-CR12, Cl C
5.249%, 10/10/2046 (A)		10		10
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		99		101
Credit Suisse Mortgage Trust, Ser 2019-NQM1, Cl A3
3.064%, 10/25/2059 (B)		356		361
CSMC LLC, Ser 2014-USA, Cl B
4.185%, 09/15/2037 (B)		470		478
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048 (A)(B)		430		441
CSMC Trust, Ser 2021-NQM3, Cl A3
1.632%, 04/25/2066 (A)(B)		275		276
CSMC Trust, Ser 2021-NQM5, Cl A1
0.938%, 05/25/2066 (A)(B)		189		188
CSMC Trust, Ser 2021-RPL3, Cl A1
2.000%, 01/25/2060 (A)(B)		341		347
CSMC Trust, Ser 2021-RPL3, Cl M3
3.882%, 01/25/2060 (A)(B)		120		130
CSMC Trust, Ser 2021-RPL6, Cl A1
2.000%, 10/25/2060 (A)(B)		187		190

New Covenant Funds / Quarterly Report /September 30, 2021 3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048 (A)(B)	$	26	$	26
GS Mortage-Backed Securities Trust,Ser 2020-PJ1, Cl A6
3.500%, 05/25/2050 (A)(B)		17		17
GS Mortgage Securities II, Ser 2018-SRP5,Cl B
2.834%, VAR ICE LIBOR USD 1 Month + 2.750%, 09/15/2031 (B)		430		340
GS Mortgage Securities II, Ser 2018-SRP5,Cl A
1.634%, VAR ICE LIBOR USD 1 Month + 1.550%, 09/15/2031 (B)		620		546
GS Mortgage Securities Trust, Ser 2013-GC16, Cl B
5.161%, 11/10/2046 (A)		80		85
GS Mortgage Securities Trust, Ser 2014-GC24, Cl A5
3.931%, 09/10/2047		511		552
GS Mortgage Securities Trust, Ser 2015-GC30, Cl A3
3.119%, 05/10/2050		980		1,034
GS Mortgage Securities Trust, Ser 2019-GC39, Cl A2
3.457%, 05/10/2052		520		545
GS Mortgage-Backed Securities Trust,Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057 (B)		221		230
GS Mortgage-Backed Securities Trust,Ser 2020-INV1, Cl A14
2.976%, 10/25/2050 (A)(B)		396		403
HarborView Mortgage Loan Trust,Ser 2005-9, Cl 2A1B
0.827%, VAR ICE LIBOR USD 1 Month
+ 0.740%, 06/20/2035		176		177
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B
4.927%, 11/15/2045 (A)		210		225
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B
5.049%, 01/15/2047 (A)		30		32
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.705%, 09/15/2047 (A)		80		79
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5
3.672%, 11/15/2047		578		618
JPMDB Commercial Mortgage Securities Trust, Ser 2019-COR6, Cl A4
3.057%, 11/13/2052		537		575

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-C6, Cl A3
3.507%, 05/15/2045	$	1,030	$	1,042
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-LC9, Cl AS
3.353%, 12/15/2047 (B)		380		388
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D
3.834%, VAR ICE LIBOR USD 1 Month + 3.750%, 05/15/2028 (B)		129		119
JPMorgan Mortgage Trust, Ser 2015-5,Cl A9
2.445%, 05/25/2045 (A)(B)		43		43
JPMorgan Mortgage Trust, Ser 2018-3,Cl A1
3.500%, 09/25/2048 (A)(B)		156		157
JPMorgan Mortgage Trust, Ser 2018-5,Cl A1
3.500%, 10/25/2048 (A)(B)		113		115
JPMorgan Mortgage Trust, Ser 2021-3,Cl A3
2.500%, 07/01/2051 (A)(B)		813		824
MAD Mortgage Trust, Ser 2017-330M, Cl A
3.294%, 08/15/2034 (A)(B)		220		224
Metlife Securitization Trust, Ser 2020-INV1,Cl A2A
2.500%, 05/25/2050 (A)(B)		456		462
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/2045		1,475		1,492
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl A4
3.102%, 05/15/2046		714		737
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/2048		473		515
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5
3.635%, 10/15/2048		510		555
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052		615		661
Morgan Stanley Capital I Trust, Ser 2012-C4, Cl A4
3.244%, 03/15/2045		50		50
Morgan Stanley Capital I Trust, Ser 2015-UBS8, Cl A4
3.809%, 12/15/2048		732		797
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
1.484%, VAR ICE LIBOR USD 1 Month + 1.400%, 05/15/2036 (B)		320		317

4 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
MSCG Trust, Ser 2015-ALDR, Cl A2
3.577%, 06/07/2035 (A)(B)	$	410	$	422
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B
3.655%, 08/15/2036 (B)		410		410
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057 (A)(B)		240		251
New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B
3.500%, 12/25/2058 (A)(B)		243		255
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059 (A)(B)		218		235
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059 (A)(B)		218		235
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059 (A)(B)		213		215
New Residential Mortgage Loan Trust, Ser 2019-RPL3, Cl A1
2.750%, 07/25/2059 (A)(B)		256		264
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1
1.156%, 11/27/2056 (A)(B)		170		170
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056 (A)(B)		110		110
OBX Trust, Ser 2021-NQM2, Cl A3
1.563%, 05/25/2061 (A)(B)		317		318
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061 (A)(B)		385		386
OBX Trust, Ser 2021-NQM3, Cl A1
1.054%, 07/25/2061 (A)(B)		200		200
PRKCM Trust, Ser 2021-AFC1, Cl A1
1.510%, 07/25/2056 (A)(B)		250		250
Provident Funding Mortgage Trust, Ser 2021-INV1, Cl A1
2.500%, 08/25/2051 (A)(B)		616		628
Residential Mortgage Loan Trust, Ser 2019-3, Cl A2
2.941%, 09/25/2059 (A)(B)		185		187
Residential Mortgage Loan Trust, Ser 2019-3, Cl A3
3.044%, 09/25/2059 (A)(B)		185		187
Residential Mortgage Loan Trust, Ser 2020-2, Cl A1
1.654%, 05/25/2060 (A)(B)		258		259
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		717		751

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058	$	613	$	643
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		551		578
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		1,019		1,061
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		398		404
Sequoia Mortgage Trust, Ser 2017-1, Cl A4
3.500%, 02/25/2047 (A)(B)		11		11
Sequoia Mortgage Trust, Ser 2020-4, Cl A2
2.500%, 11/25/2050 (A)(B)		406		413
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051 (A)(B)		864		875
Shops at Crystals Trust, Ser 2016-CSTL, Cl A
3.126%, 07/05/2036 (B)		100		104
SLG Office Trust, Ser 2021-OVA, Cl A
2.585%, 07/15/2041 (B)		510		527
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		640
UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, Cl XA, IO
1.430%, 05/10/2063 (A)(B)		313		2
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl ASB
3.371%, 09/15/2057		133		140
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl XA, IO
1.449%, 06/15/2045 (A)(B)		1,010		3
WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS
3.311%, 03/15/2045		160		164
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.316%, 05/15/2045 (A)(B)		1,014		14
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.709%, 10/15/2057 (A)		980		14

New Covenant Funds / Quarterly Report /September 30, 2021 5

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.533%, 10/15/2057 (A)	$	270	$	291
				36,874
Total Mortgage-Backed Securities (Cost $157,887) ($ Thousands)				159,346
U.S. TREASURY OBLIGATIONS — 22.8%
U.S. Treasury Bonds
2.875%, 05/15/2049		170		199
2.375%, 05/15/2051		890		950
2.250%, 08/15/2049		280		290
2.000%, 02/15/2050		850		835
2.000%, 08/15/2051		440		432
1.875%, 02/15/2041		1,544		1,510
1.875%, 02/15/2051		3,240		3,090
1.625%, 11/15/2050		1,400		1,258
1.375%, 11/15/2040		880		790
1.375%, 08/15/2050		3,760		3,173
1.250%, 05/15/2050		3,970		3,248
1.125%, 08/15/2040		1,060		912
U.S. Treasury Inflation-Protected Securities
1.750%, 01/15/2028		91		110
1.375%, 02/15/2044		328		450
0.125%, 10/15/2024		1,850		1,979
0.125%, 01/15/2030		948		1,041
U.S. Treasury Notes
1.625%, 05/15/2031		2,540		2,570
1.250%, 03/31/2028		1,280		1,280
1.250%, 04/30/2028		3,590		3,587
1.250%, 05/31/2028		1,700		1,697
1.250%, 06/30/2028		140		140
1.250%, 09/30/2028		1,520		1,514
1.125%, 08/31/2028		1,790		1,769
1.125%, 02/15/2031		6,058		5,868
0.750%, 04/30/2026		7,028		6,974
0.750%, 05/31/2026		14,130		14,011
0.750%, 01/31/2028		2,800		2,719
0.625%, 07/31/2026		4,196		4,129
0.625%, 11/30/2027		1,410		1,362
0.625%, 12/31/2027		1,760		1,698
0.375%, 04/15/2024		3,869		3,865
0.375%, 04/30/2025		20		20
0.375%, 11/30/2025		290		284
0.375%, 01/31/2026		10,166		9,948
0.250%, 05/15/2024		260		259
0.250%, 05/31/2025		8,800		8,651
0.250%, 06/30/2025		260		255
0.250%, 08/31/2025		730		715

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
0.250%, 09/30/2025	$	10	$	10
0.125%, 08/31/2022		970		970
0.125%, 04/30/2023		1,282		1,280
Total U.S. Treasury Obligations (Cost $97,404) ($ Thousands)				95,842
CORPORATE OBLIGATIONS — 21.9%
Communication Services — 2.5%
Alphabet
2.050%, 08/15/2050		70		61
1.100%, 08/15/2030		40		38
0.800%, 08/15/2027		30		29
0.450%, 08/15/2025		20		20
AT&T
4.250%, 03/01/2027		150		170
4.015%, 11/27/2022 (B)(C)		2,000		1,986
3.000%, 06/30/2022		10		10
2.550%, 12/01/2033		472		464
2.300%, 06/01/2027		120		124
1.650%, 02/01/2028		400		397
Charter Communications Operating
5.050%, 03/30/2029		220		258
4.908%, 07/23/2025		490		551
4.800%, 03/01/2050		40		45
3.750%, 02/15/2028		120		131
Comcast
4.150%, 10/15/2028		80		92
3.950%, 10/15/2025		210		233
3.750%, 04/01/2040		20		23
3.450%, 02/01/2050		40		42
3.400%, 04/01/2030		140		154
3.300%, 04/01/2027		30		33
3.250%, 11/01/2039		30		32
3.150%, 03/01/2026		30		32
3.100%, 04/01/2025		10		11
2.937%, 11/01/2056 (B)		27		26
2.800%, 01/15/2051		30		28
Fox
4.709%, 01/25/2029		30		35
Juniper Networks
1.200%, 12/10/2025		570		566
TCI Communications
7.875%, 02/15/2026		240		306
T-Mobile USA
3.875%, 04/15/2030		170		188
3.750%, 04/15/2027		20		22
3.500%, 04/15/2025		369		398
2.550%, 02/15/2031		190		191
2.050%, 02/15/2028		20		20

6 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Verizon Communications
4.862%, 08/21/2046	$	40	$	51
4.329%, 09/21/2028		435		500
4.125%, 08/15/2046		40		46
4.000%, 03/22/2050		40		45
3.875%, 02/08/2029		30		34
3.850%, 11/01/2042		10		11
3.000%, 03/22/2027		120		129
2.650%, 11/20/2040		300		282
2.625%, 08/15/2026		513		543
2.550%, 03/21/2031		1,414		1,431
2.355%, 03/15/2032 (B)		437		432
2.100%, 03/22/2028		90		91
Viacom
3.875%, 04/01/2024		20		21
Walt Disney
3.350%, 03/24/2025		286		309
3.000%, 09/15/2022		30		31
				10,672
Consumer Discretionary — 1.1%
Amazon.com
4.250%, 08/22/2057		10		13
3.150%, 08/22/2027		470		517
1.200%, 06/03/2027		20		20
American Honda Finance MTN
0.875%, 07/07/2023		846		853
Dollar General
3.250%, 04/15/2023		10		10
Ferguson Finance
4.500%, 10/24/2028 (B)		459		528
3.250%, 06/02/2030 (B)		851		909
General Motors Financial
3.700%, 05/09/2023		190		198
Home Depot
3.900%, 12/06/2028		10		11
3.900%, 06/15/2047		10		12
3.350%, 04/15/2050		50		54
3.300%, 04/15/2040		40		43
2.500%, 04/15/2027		450		478
Lowe’s
4.500%, 04/15/2030		30		35
1.700%, 09/15/2028		80		79
McDonald’s MTN
4.200%, 04/01/2050		70		83
3.800%, 04/01/2028		200		224
3.700%, 01/30/2026		10		11
3.625%, 09/01/2049		10		11
3.500%, 03/01/2027		20		22
3.500%, 07/01/2027		10		11
3.350%, 04/01/2023		280		292
3.300%, 07/01/2025		50		54

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.450%, 09/01/2025	$	10	$	10
Newell Brands
4.350%, 04/01/2023		53		55
NIKE
3.375%, 03/27/2050		30		34
2.750%, 03/27/2027		40		43
2.400%, 03/27/2025		40		42
Target
2.250%, 04/15/2025		80		83
				4,735
Consumer Staples — 0.6%
Cargill
1.375%, 07/23/2023 (B)		70		71
Coca-Cola
3.375%, 03/25/2027		30		33
2.600%, 06/01/2050		10		9
1.450%, 06/01/2027		80		81
Costco Wholesale
1.600%, 04/20/2030		90		88
1.375%, 06/20/2027		120		121
Hershey
0.900%, 06/01/2025		20		20
Kimberly-Clark
3.100%, 03/26/2030		20		22
Kroger
7.700%, 06/01/2029		565		774
Mars
3.200%, 04/01/2030 (B)		30		33
2.700%, 04/01/2025 (B)		60		63
Mondelez International
1.500%, 05/04/2025		180		183
PepsiCo
3.875%, 03/19/2060		20		24
3.625%, 03/19/2050		30		34
2.750%, 03/05/2022		80		81
2.625%, 03/19/2027		10		11
2.250%, 03/19/2025		331		345
1.625%, 05/01/2030		70		69
0.750%, 05/01/2023		80		81
Procter & Gamble
3.000%, 03/25/2030		40		44
2.800%, 03/25/2027		10		11
Walmart
1.800%, 09/22/2031		160		159
				2,357
Energy — 2.6%
Apache
3.250%, 04/15/2022		616		617
Berkshire Hathaway Energy
3.700%, 07/15/2030		140		158

New Covenant Funds / Quarterly Report /September 30, 2021 7

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
BP Capital Markets America
3.790%, 02/06/2024	$	80	$	86
3.633%, 04/06/2030		50		56
3.410%, 02/11/2026		90		98
3.216%, 11/28/2023		90		95
3.119%, 05/04/2026		170		184
Cameron LNG
2.902%, 07/15/2031 (B)		60		64
Chevron
1.995%, 05/11/2027		40		41
1.554%, 05/11/2025		70		71
Chevron USA
3.850%, 01/15/2028		30		34
3.250%, 10/15/2029		80		88
Cimarex Energy
4.375%, 06/01/2024		160		172
4.375%, 03/15/2029		240		271
3.900%, 05/15/2027		160		175
ConocoPhillips
4.300%, 08/15/2028 (B)		30		34
3.750%, 10/01/2027 (B)		160		179
Continental Resources
3.800%, 06/01/2024		190		200
Devon Energy
5.850%, 12/15/2025		210		243
5.250%, 10/15/2027 (B)		64		68
5.000%, 06/15/2045		70		82
4.500%, 01/15/2030 (B)		32		35
Diamondback Energy
3.500%, 12/01/2029		20		21
3.250%, 12/01/2026		30		32
3.125%, 03/24/2031		40		41
2.875%, 12/01/2024		290		304
Energy Transfer
4.950%, 06/15/2028		10		11
4.500%, 11/01/2023		60		64
3.750%, 05/15/2030		160		173
2.900%, 05/15/2025		140		147
Enterprise Products Operating
4.800%, 02/01/2049		30		37
4.200%, 01/31/2050		10		11
4.150%, 10/16/2028		140		159
3.950%, 02/15/2027		150		167
3.950%, 01/31/2060		10		11
3.900%, 02/15/2024		457		488
3.700%, 01/31/2051		80		85
3.125%, 07/31/2029		210		225
2.800%, 01/31/2030		170		178
EOG Resources
4.375%, 04/15/2030		190		222
4.150%, 01/15/2026		160		178

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Exxon Mobil
4.327%, 03/19/2050	$	30	$	37
3.043%, 03/01/2026		150		162
2.992%, 03/19/2025		270		288
2.610%, 10/15/2030		100		105
1.571%, 04/15/2023		10		10
Kinder Morgan
5.550%, 06/01/2045		20		25
4.300%, 06/01/2025		60		66
MidAmerican Energy
3.650%, 04/15/2029		140		157
MPLX
5.200%, 03/01/2047		30		36
5.200%, 12/01/2047		50		61
4.800%, 02/15/2029		50		58
4.125%, 03/01/2027		110		123
4.000%, 03/15/2028		40		44
Occidental Petroleum
5.550%, 03/15/2026		170		189
4.725%, 10/10/2036 (C)		2,000		1,085
3.400%, 04/15/2026		80		82
3.200%, 08/15/2026		130		133
3.000%, 02/15/2027		130		130
Phillips 66
3.700%, 04/06/2023		582		610
Pioneer Natural Resources
2.150%, 01/15/2031		40		39
1.900%, 08/15/2030		70		67
1.125%, 01/15/2026		50		49
0.750%, 01/15/2024		120		120
Schlumberger Holdings
3.900%, 05/17/2028 (B)		456		503
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		160		165
Transcontinental Gas Pipe Line
3.250%, 05/15/2030		100		107
Western Midstream Operating
5.300%, 02/01/2030		20		22
4.350%, 02/01/2025		30		32
2.229%, VAR ICE LIBOR USD 3 Month + 2.100%, 01/13/2023		20		20
Williams
5.100%, 09/15/2045		70		87
4.900%, 01/15/2045		90		108
3.750%, 06/15/2027		390		429
3.500%, 11/15/2030		20		22
				10,776
Financials — 6.8%
American Express
2.650%, 12/02/2022		264		271

8 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American International Group
2.500%, 06/30/2025	$	40	$	42
Aviation Capital Group
4.125%, 08/01/2025 (B)		160		172
1.950%, 01/30/2026 (B)		567		565
Bank of America
3.419%, VAR ICE LIBOR USD 3 Month + 1.040%, 12/20/2028		234		254
3.004%, VAR ICE LIBOR USD 3 Month + 0.790%, 12/20/2023		258		266
2.592%, VAR United States Secured Overnight Financing Rate +
2.150%, 04/29/2031		380		388
1.734%, VAR United States Secured Overnight Financing Rate + 0.960%, 07/22/2027		2,006		2,014
Bank of America MTN
4.250%, 10/22/2026		10		11
4.200%, 08/26/2024		210		230
4.125%, 01/22/2024		370		400
4.100%, 07/24/2023		280		299
4.083%, VAR ICE LIBOR USD 3 Month + 3.150%, 03/20/2051		40		47
4.000%, 04/01/2024		440		476
4.000%, 01/22/2025		80		87
3.974%, VAR ICE LIBOR USD 3 Month + 1.210%, 02/07/2030		80		90
3.593%, VAR ICE LIBOR USD 3 Month + 1.370%, 07/21/2028		210		230
3.550%, VAR ICE LIBOR USD 3 Month + 0.780%, 03/05/2024		80		83
3.500%, 04/19/2026		130		142
3.300%, 01/11/2023		60		62
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		866
1.600%, 04/24/2025		40		41
Blackstone Holdings Finance
1.600%, 03/30/2031 (B)		590		557
Capital One Financial
3.300%, 10/30/2024		480		515
Carlyle Finance Subsidiary
3.500%, 09/19/2029 (B)		716		769
Charles Schwab
3.850%, 05/21/2025		110		120
Citigroup
8.125%, 07/15/2039		12		21
5.500%, 09/13/2025		450		519
5.300%, 05/06/2044		31		41
4.650%, 07/30/2045		28		36
4.450%, 09/29/2027		120		136

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.412%, VAR United States Secured Overnight Financing Rate + 3.914%, 03/31/2031	$	100	$	115
4.400%, 06/10/2025		160		177
4.300%, 11/20/2026		40		45
4.125%, 07/25/2028		40		45
4.075%, VAR ICE LIBOR USD 3 Month + 1.192%, 04/23/2029		240		269
4.050%, 07/30/2022		40		41
3.668%, VAR ICE LIBOR USD 3 Month + 1.390%, 07/24/2028		340		374
3.500%, 05/15/2023		100		105
3.400%, 05/01/2026		354		385
3.200%, 10/21/2026		287		309
3.106%, VAR United States Secured Overnight Financing Rate + 2.842%, 04/08/2026		150		159
2.572%, VAR United States Secured Overnight Financing Rate + 2.107%, 06/03/2031		200		204
1.678%, VAR United States Secured Overnight Financing Rate + 1.667%, 05/15/2024		903		921
Equitable Financial Life Global Funding
1.400%, 07/07/2025 (B)		673		677
Goldman Sachs Group
4.250%, 10/21/2025		190		210
4.223%, VAR ICE LIBOR USD 3 Month + 1.301%, 05/01/2029		650		735
3.691%, VAR ICE LIBOR USD 3 Month + 1.510%, 06/05/2028		400		440
3.500%, 04/01/2025		80		86
3.500%, 11/16/2026		90		97
Goldman Sachs Group MTN
4.000%, 03/03/2024		420		452
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		230
4.203%, VAR ICE LIBOR USD 3 Month + 1.260%, 07/23/2029		773		879
4.023%, VAR ICE LIBOR USD 3 Month + 1.000%, 12/05/2024		230		246
4.005%, VAR ICE LIBOR USD 3 Month + 1.120%, 04/23/2029		100		112
3.875%, 09/10/2024		290		315
2.522%, VAR United States Secured Overnight Financing Rate + 2.040%, 04/22/2031		190		194

New Covenant Funds / Quarterly Report /September 30, 2021 9

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.083%, VAR United States Secured Overnight Financing Rate + 1.850%, 04/22/2026	$	130	$	134
1.514%, VAR United States Secured Overnight Financing Rate + 1.455%, 06/01/2024		210		214
KKR Group Finance VI
3.750%, 07/01/2029 (B)		1,149		1,276
Lincoln National
3.400%, 01/15/2031		451		490
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (B)		220		222
Moody’s
2.000%, 08/19/2031		1,000		979
Morgan Stanley MTN
3.772%, VAR ICE LIBOR USD 3 Month + 1.140%, 01/24/2029		150		166
3.750%, 02/25/2023		1,110		1,161
3.622%, VAR United States Secured Overnight Financing Rate + 3.120%, 04/01/2031		475		524
2.699%, VAR United States Secured Overnight Financing Rate + 1.143%, 01/22/2031		200		206
2.188%, VAR United States Secured Overnight Financing Rate + 1.990%, 04/28/2026		400		413
New York Life Global Funding
0.950%, 06/24/2025 (B)		60		60
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)		944		1,025
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		55
Truist Financial MTN
1.267%, VAR United States Secured Overnight Financing Rate + 0.609%, 03/02/2027		686		684
US Bancorp
3.375%, 02/05/2024		540		574
1.450%, 05/12/2025		160		163
USAA Capital
2.125%, 05/01/2030 (B)		150		151
Wells Fargo
3.000%, 10/23/2026		190		204
2.188%, VAR United States Secured Overnight Financing Rate + 2.000%, 04/30/2026		130		134

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wells Fargo MTN
5.013%, VAR United States Secured Overnight Financing Rate + 4.502%, 04/04/2051	$	380	$	510
4.900%, 11/17/2045		30		38
4.478%, VAR United States Secured Overnight Financing Rate + 4.032%, 04/04/2031		130		151
4.300%, 07/22/2027		200		227
3.750%, 01/24/2024		540		577
3.450%, 02/13/2023		120		125
2.879%, VAR United States Secured Overnight Financing Rate + 1.432%, 10/30/2030		100		104
2.393%, VAR United States Secured Overnight Financing Rate + 2.100%, 06/02/2028		290		299
1.654%, VAR United States Secured Overnight Financing Rate + 1.600%, 06/02/2024		160		163
				28,651
Health Care — 2.7%
Abbott Laboratories
3.400%, 11/30/2023		175		186
AbbVie
4.250%, 11/21/2049		30		36
3.800%, 03/15/2025		40		43
3.750%, 11/14/2023		20		21
3.600%, 05/14/2025		10		11
3.450%, 03/15/2022		120		121
3.200%, 11/21/2029		40		43
2.950%, 11/21/2026		20		21
2.600%, 11/21/2024		140		147
2.300%, 11/21/2022		1,046		1,068
Adventist Health System
2.433%, 09/01/2024		431		444
Aetna
2.800%, 06/15/2023		20		21
Anthem
3.125%, 05/15/2022		340		346
Baylor Scott & White Holdings
1.947%, 11/15/2021		1,226		1,227
Becton Dickinson
4.685%, 12/15/2044		40		50
3.734%, 12/15/2024		7		8
3.363%, 06/06/2024		186		198
Bristol-Myers Squibb
3.875%, 08/15/2025		71		78
3.550%, 08/15/2022		60		62
3.400%, 07/26/2029		50		55
3.200%, 06/15/2026		120		131

10 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.900%, 07/26/2024	$	154	$	164
2.600%, 05/16/2022		80		81
Cigna
4.375%, 10/15/2028		400		462
4.125%, 11/15/2025		200		222
3.750%, 07/15/2023		16		17
3.500%, 06/15/2024		160		171
1.250%, 03/15/2026		725		724
CommonSpirit Health
4.200%, 08/01/2023		473		502
CVS Health
5.050%, 03/25/2048		60		77
4.300%, 03/25/2028		164		187
3.875%, 07/20/2025		95		104
3.625%, 04/01/2027		180		198
2.125%, 09/15/2031		60		59
1.750%, 08/21/2030		200		192
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)		1,047		1,318
Eli Lilly
2.350%, 05/15/2022		170		172
Gilead Sciences
2.500%, 09/01/2023		50		52
Humana
4.500%, 04/01/2025		10		11
3.150%, 12/01/2022		240		246
2.900%, 12/15/2022		290		298
Johnson & Johnson
0.950%, 09/01/2027		100		98
0.550%, 09/01/2025		50		50
Merck
1.450%, 06/24/2030		50		48
0.750%, 02/24/2026		80		79
Pfizer
2.625%, 04/01/2030		100		106
1.700%, 05/28/2030		50		49
0.800%, 05/28/2025		110		110
SSM Health Care
3.688%, 06/01/2023		644		673
Thermo Fisher Scientific
4.133%, 03/25/2025		463		509
UnitedHealth Group
4.450%, 12/15/2048		10		13
4.250%, 06/15/2048		10		12
3.875%, 12/15/2028		30		34
3.750%, 07/15/2025		30		33
3.500%, 06/15/2023		20		21
2.875%, 12/15/2021		50		50
2.375%, 10/15/2022		10		10
2.000%, 05/15/2030		30		30

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.250%, 01/15/2026	$	20	$	20
				11,519
Industrials – 1.6%
3M
3.700%, 04/15/2050		150		171
2.375%, 08/26/2029		30		31
Air Lease
3.375%, 07/01/2025		100		106
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		13
Carlisle
2.200%, 03/01/2032		634		615
Carrier Global
2.700%, 02/15/2031		10		10
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		568		598
Deere
3.750%, 04/15/2050		30		36
3.100%, 04/15/2030		10		11
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		486		521
Delta Air Lines Pass-Through Trust, Ser 2019-1, Cl AA
3.204%, 04/25/2024		621		655
Eaton
2.750%, 11/02/2022		450		462
General Electric
3.625%, 05/01/2030		330		367
3.450%, 05/01/2027		400		439
General Electric MTN
6.875%, 01/10/2039		4		6
Honeywell International
1.350%, 06/01/2025		50		51
International Lease Finance
5.875%, 08/15/2022		400		418
Penske Truck Leasing LP
3.900%, 02/01/2024 (B)		965		1,029
Republic Services
3.200%, 03/15/2025		180		192
Ryder System MTN
3.350%, 09/01/2025		836		901
Union Pacific
3.750%, 07/15/2025		20		22
2.891%, 04/06/2036 (B)		20		21
				6,675
Information Technology – 1.3%
Adobe
2.300%, 02/01/2030		210		217

New Covenant Funds / Quarterly Report /September 30, 2021 11

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Apple
3.350%, 02/09/2027	$	210	$	232
2.900%, 09/12/2027		110		119
2.450%, 08/04/2026		70		74
1.125%, 05/11/2025		130		131
Broadcom
4.700%, 04/15/2025		180		201
4.110%, 09/15/2028		515		573
3.150%, 11/15/2025		240		257
Intel
4.750%, 03/25/2050		10		13
3.700%, 07/29/2025		30		33
1.600%, 08/12/2028		50		50
Mastercard
3.850%, 03/26/2050		10		12
3.375%, 04/01/2024		60		64
Micron Technology
2.497%, 04/24/2023		70		72
Microsoft
3.300%, 02/06/2027		90		100
2.400%, 02/06/2022		150		151
NVIDIA
3.700%, 04/01/2060		90		105
3.500%, 04/01/2040		130		144
3.500%, 04/01/2050		290		325
2.850%, 04/01/2030		90		96
Oracle
2.875%, 03/25/2031		30		31
2.500%, 10/15/2022		130		133
2.500%, 04/01/2025		738		772
1.650%, 03/25/2026		150		152
PayPal Holdings
1.650%, 06/01/2025		60		61
1.350%, 06/01/2023		571		580
salesforce.com
3.700%, 04/11/2028		150		168
3.250%, 04/11/2023		70		73
1.500%, 07/15/2028		510		507
Texas Instruments
1.750%, 05/04/2030		40		40
Visa
4.300%, 12/14/2045		10		13
3.150%, 12/14/2025		110		119
1.900%, 04/15/2027		60		62
				5,680
Real Estate – 1.0%
Alexandria Real Estate Equities
3.450%, 04/30/2025		802		867
Digital Realty Trust
3.600%, 07/01/2029		815		892

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
CORPORATE OBLIGATIONS (continued)
ERP Operating
1.850%, 08/01/2031	$	1,066	$	1,029
Healthcare Trust of America Holdings
3.100%, 02/15/2030		769		808
Spirit Realty
2.100%, 03/15/2028		583		580
				4,176
Utilities – 1.7%
Aquarion
4.000%, 08/15/2024 (B)		227		244
Commonwealth Edison
3.700%, 08/15/2028		468		527
Duke Energy
2.400%, 08/15/2022		150		152
Duke Energy Florida
3.200%, 01/15/2027		440		477
Exelon
5.625%, 06/15/2035		343		444
FirstEnergy
4.750%, 03/15/2023		380		395
3.350%, 07/15/2022		330		334
1.600%, 01/15/2026		30		30
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025		1,060		1,119
Northern States Power
7.125%, 07/01/2025		1,190		1,443
NSTAR Electric
1.950%, 08/15/2031		1,000		986
Pacific Gas and Electric
2.100%, 08/01/2027		130		127
1.750%, 06/16/2022		100		100
Public Service Enterprise Group
2.875%, 06/15/2024		713		751
				7,129
Total Corporate Obligations (Cost $88,632) ($ Thousands)				92,370
ASSET-BACKED SECURITIES – 8.1%
Automotive – 0.7%
Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (B)		440		451
Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (B)		310		309
Ford Credit Auto Owner Trust, Ser 2020- REV2, Cl A
1.060%, 04/15/2033 (B)		1,144		1,140

12 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Hertz Vehicle Financing III, Ser 2021-2A, Cl B
2.120%, 12/27/2027 (B)	$	160	$	161
Hertz Vehicle Financing III, Ser 2021-2A, Cl C
2.520%, 12/27/2027 (B)		300		303
Hertz Vehicle Financing, Ser 2021-1A, Cl B
1.560%, 12/26/2025 (B)		240		241
Hertz Vehicle Financing, Ser 2021-1A, Cl C
2.050%, 12/26/2025 (B)		210		212
				2,817
Home – 0.1%
Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5
3.086%, VAR ICE LIBOR USD 1 Month + 3.000%, 07/25/2034 (B)		227		229
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
0.386%, VAR ICE LIBOR USD 1 Month + 0.300%, 05/25/2037 (B)		177		165
				394
Other Asset-Backed Securities – 7.3%
AEP Texas Restoration Funding, Ser 2019-1, Cl A2
2.294%, 08/01/2031		1,646		1,712
Ameriquest Mortgage Securities Asset- Backed Pass-Through Certificates, Ser 2005-R7, Cl M2
0.836%, VAR ICE LIBOR USD 1 Month + 0.750%, 09/25/2035		66		66
AMSR Trust, Ser 2020-SFR4, Cl A
1.355%, 11/17/2037 (B)		463		462
Applebee’s Funding, Ser 2019-1A, Cl A2I
4.194%, 06/05/2049 (B)		297		302
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (B)		520		527
CF Hippolyta, Ser 2021-1A, Cl A1
1.530%, 03/15/2061 (B)		590		593
Citigroup Mortgage Loan Trust, Ser 2007- WFH3, Cl A3
0.336%, VAR ICE LIBOR USD 1 Month + 0.250%, 06/25/2037		43		42
Corevest American Finance Trust, Ser 2021-1, Cl A
1.569%, 04/15/2053 (B)		514		514
Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
0.224%, VAR ICE LIBOR USD 1 Month + 0.140%, 07/15/2036		206		194

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
DB Master Finance, Ser 2017-1A, Cl A2I
3.629%, 11/20/2047 (B)	$	424	$	426
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (B)		894		891
FirstKey Homes Trust, Ser 2021-SFR1, Cl A
1.538%, 08/17/2038 (B)		795		794
Hardee’s Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/2051 (B)		399		400
Invitation Homes Trust, Ser 2018-SFR1, Cl A
0.784%, VAR ICE LIBOR USD 1 Month + 0.700%, 03/17/2037 (B)		1,283		1,284
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
1.016%, VAR ICE LIBOR USD 1 Month + 0.930%, 07/25/2035		175		176
MMAF Equipment Finance, Ser 2018-A, Cl A3
3.200%, 09/12/2022 (B)		125		126
Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1
0.941%, VAR ICE LIBOR USD 1 Month + 0.855%, 07/25/2034		383		380
Navient Student Loan Trust, Ser 2016-3A, Cl A3
1.436%, VAR ICE LIBOR USD 1 Month + 1.350%, 06/25/2065 (B)		387		399
Navient Student Loan Trust, Ser 2016-6A, Cl A3
1.386%, VAR ICE LIBOR USD 1 Month + 1.300%, 03/25/2066 (B)		550		571
Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A1
1.480%, 01/20/2051 (B)		978		976
Palmer Square CLO, Ser 2021-2A, Cl A1A3
1.134%, VAR ICE LIBOR USD 3 Month + 1.000%, 10/17/2031 (B)		693		693
Progress Residential Trust, Ser 2019-SFR2, Cl A
3.147%, 05/17/2036 (B)		299		302
Progress Residential Trust, Ser 2021-SFR2, Cl A
1.546%, 04/19/2038 (B)		597		596
Progress Residential Trust, Ser 2021-SFR3, Cl A
1.637%, 05/17/2026 (B)		557		559
RAAC Series Trust, Ser 2005-SP3, Cl M2
1.286%, VAR ICE LIBOR USD 1 Month + 1.200%, 12/25/2035		196		197
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		339		357
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (B)		1,027		1,027

New Covenant Funds / Quarterly Report /September 30, 2021 13

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
SBA Small Business Investment, Ser 2019-10A, Cl 1
3.113%, 03/10/2029	$	165	$	176
SBA Small Business Investment, Ser 2021-10A, Cl 1
1.667%, 03/10/2031		580		589
SLC Student Loan Trust, Ser 2010-1, Cl A
1.004%, VAR ICE LIBOR USD 3 Month + 0.875%, 11/25/2042		196		197
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
0.406%, VAR ICE LIBOR USD 3 Month + 0.290%, 06/15/2039		208		204
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
1.316%, VAR ICE LIBOR USD 3 Month + 1.200%, 12/15/2033 (B)		115		115
SLM Student Loan Trust, Ser 2005-8, Cl A5
0.295%, VAR ICE LIBOR USD 3 Month + 0.170%, 01/25/2040		660		645
SLM Student Loan Trust, Ser 2021-10A, Cl A4
0.786%, VAR ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (B)		100		100
SMB Private Education Loan Trust, Ser 2021-A, Cl A2B
1.590%, 01/15/2053 (B)		380		379
SMB Private Education Loan Trust, Ser 2021-C, Cl B
2.300%, 01/15/2053 (B)		170		170
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2
4.540%, 02/25/2044 (B)		461		485
Store Master Funding I-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		371		383
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (B)		319		331
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (B)		593		591
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (B)		271		282
Tricon American Homes, Ser 2020-SFR1, Cl A
1.499%, 07/17/2038 (B)		530		530
TRP - TRIP Rail Master Funding, Ser 2021-2, Cl A
2.150%, 06/19/2051 (B)		287		289
TRP LLC, Ser 2021-1, Cl A
2.070%, 06/19/2051 (B)		498		499

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030	$	178	$	191
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		160		173
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		132		138
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		585		627
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		675		706
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		573		599
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		361		379
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		389		408
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		532		562
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		1,061		1,148
United States Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		53		56
United States Small Business Administration, Ser 2021-25H, Cl 1
1.450%, 08/01/2046		1,599		1,570
Vantage Data Centers, Ser 2020-2A, Cl A2
1.992%, 09/15/2045 (B)		1,000		994
Wendy’s Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		317		335
Wendy’s Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (B)		1,028		1,037
Wendy’s Funding, Ser 2021-1A, Cl A2II
2.775%, 06/15/2051 (B)		673		685
Wind River CLO, Ser 2021-3A, Cl A
1.262%, VAR ICE LIBOR USD 3 Month + 1.150%, 07/20/2033 (B)		614		614
				30,753
Total Asset-Backed Securities (Cost $33,564) ($ Thousands)				33,964

14 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
FOREIGN BONDS — 5.7%
Anglo American Capital
3.625%, 09/11/2024 (B)	$	200	$	215
Banco Santander
3.125%, 02/23/2023		200		207
2.746%, 05/28/2025		200		210
1.239%, 04/12/2023		200		203
Bank of Montreal MTN
1.850%, 05/01/2025		130		134
Bank of Nova Scotia
1.300%, 06/11/2025		70		70
Barclays Bank
1.700%, 05/12/2022		200		201
BHP Billiton Finance USA
2.875%, 02/24/2022		10		10
BNP Paribas
5.198%, 01/10/2030 (B)		200		238
4.705%, 01/10/2025 (B)		270		292
4.400%, 08/14/2028 (B)		200		228
2.871%, 04/19/2032 (B)		200		204
1.675%, 06/30/2027 (B)		290		289
BP Capital Markets PLC
3.535%, 11/04/2024		20		21
BPCE MTN
3.000%, 05/22/2022 (B)		640		651
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		554
3.950%, 11/09/2022		670		696
3.875%, 09/26/2023 (B)		595		634
Credit Agricole MTN
1.907%, 06/16/2026 (B)		250		255
Credit Suisse Group
4.194%, 04/01/2031 (B)		250		280
1.305%, 02/02/2027 (B)		471		460
Credit Suisse NY
2.950%, 04/09/2025		250		265
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		51
Danske Bank
5.000%, 01/12/2022 (B)		200		202
1.226%, 06/22/2024 (B)		200		202
Ecopetrol
5.375%, 06/26/2026		140		152
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		220
2.625%, 04/28/2028 (B)		230		231
Glencore Funding
4.125%, 05/30/2023 (B)		890		941
4.125%, 03/12/2024 (B)		60		64
HSBC Holdings PLC
4.583%, 06/19/2029		200		227
Intesa Sanpaolo
5.017%, 06/26/2024 (B)		200		216

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
FOREIGN BONDS (continued)
3.375%, 01/12/2023 (B)	$	200	$	207
3.125%, 07/14/2022 (B)		200		204
KazMunayGas National JSC
5.375%, 04/24/2030 (B)		400		472
Lloyds Banking Group
2.858%, 03/17/2023		434		439
1.326%, 06/15/2023		360		362
Macquarie Bank
2.300%, 01/22/2025 (B)		1,188		1,236
Macquarie Group MTN
4.150%, 03/27/2024 (B)		495		520
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		543
Nacional del Cobre de Chile
3.150%, 01/15/2051		420		387
NatWest Group
4.519%, 06/25/2024		290		309
4.269%, 03/22/2025		200		216
Nutrien
1.900%, 05/13/2023		501		512
NXP BV
4.625%, 06/01/2023 (B)		479		509
2.700%, 05/01/2025 (B)		40		42
OCP
4.500%, 10/22/2025 (B)		400		429
Orbia Advance
2.875%, 05/11/2031 (B)		200		201
ORIX
4.050%, 01/16/2024		365		393
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		430
Petrobras Global Finance BV
6.850%, 06/05/2115		150		155
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		412
Prosus MTN
3.061%, 07/13/2031 (B)		410		400
Royal Bank of Canada MTN
1.600%, 04/17/2023		120		122
1.150%, 06/10/2025		70		70
Santander UK Group Holdings PLC
3.571%, 01/10/2023		200		202
Shell International Finance BV
3.250%, 05/11/2025		150		162
3.250%, 04/06/2050		110		117
2.875%, 05/10/2026		90		97
2.750%, 04/06/2030		40		42
2.375%, 04/06/2025		548		573
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		314

New Covenant Funds / Quarterly Report /September 30, 2021 15

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value     ($ Thousands)
FOREIGN BONDS (continued)
SMBC Aviation Capital Finance DAC
4.125%, 07/15/2023 (B)	$	200	$	211
Southern Copper
3.500%, 11/08/2022		130		134
Standard Chartered
0.991%, 01/12/2025 (B)		670		668
Suzano Austria GmbH
3.125%, 01/15/2032		510		493
Swedbank
1.300%, 06/02/2023 (B)		200		203
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		268
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		30
Toronto-Dominion Bank MTN
1.150%, 06/12/2025		918		920
0.750%, 06/12/2023		130		131
Toyota Motor
1.339%, 03/25/2026		210		211
UBS
1.750%, 04/21/2022 (B)		200		201
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		634		707
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		281
3.491%, 05/23/2023 (B)		390		398
Vale Overseas
6.875%, 11/21/2036		148		197
6.250%, 08/10/2026		240		283
Total Foreign Bonds (Cost $23,169) ($ Thousands)				24,236
SOVEREIGN DEBT — 2.2%
Abu Dhabi Government International Bond
2.500%, 10/11/2022 (B)		490		501
Chile Government International Bond
3.100%, 05/07/2041		260		251
Colombia Government International Bond
5.625%, 02/26/2044		280		292
5.200%, 05/15/2049		310		309
3.125%, 04/15/2031		220		206
Indonesia Government International Bond MTN
5.125%, 01/15/2045 (B)		200		242
3.850%, 07/18/2027 (B)		200		222
3.750%, 04/25/2022		370		376
Kuwait International Government Bond
3.500%, 03/20/2027 (B)		210		232

Description	Face Amount (Thousands)			Market Value     ($ Thousands)
SOVEREIGN DEBT (continued)
Mexico Government International Bond
4.000%, 10/02/2023	$	118		$	126
3.600%, 01/30/2025		380			413
Panama Government International Bond
6.700%, 01/26/2036		190			253
4.300%, 04/29/2053		300			317
Peruvian Government International Bond
5.625%, 11/18/2050		310			419
3.300%, 03/11/2041		340			330
Poland Government International Bond
4.000%, 01/22/2024		450			485
Province of Quebec Canada
2.625%, 02/13/2023		500			516
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010			1,216
Qatar Government International Bond
3.250%, 06/02/2026		620			669
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030		100			116
5.875%, 09/16/2043		400			541
5.625%, 04/04/2042		400			518
Uruguay Government International Bond			��
4.375%, 01/23/2031		580			671
Total Sovereign Debt (Cost $8,598) ($ Thousands)					9,221
MUNICIPAL BONDS — 0.9%
California — 0.1%
San Jose, Financing Authority, RB
1.311%, 06/01/2026		540			542
Michigan — 0.2%
Michigan State, Finance Authority, RB Callable 03/01/2024 @ 100
2.988%, 09/01/2049 (D)		755			793
Missouri — 0.2%
University of Missouri, System Facilities, RB Callable 10/01/2025 @ 100
1.714%, 11/01/2025		725			745
New Jersey — 0.0%
New Jersey State, Transportation Trust Fund Authority, RB
2.551%, 06/15/2023		125			129
New York — 0.2%
New York State, Urban Development, RB
3.350%, 03/15/2026		665			726

16 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)			Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Wisconsin — 0.2%
Wisconsin State, Ser A, RB, AGM
5.700%, 05/01/2026	$	745		$	854
Total Municipal Bonds (Cost $3,621) ($ Thousands)					3,789
U.S. GOVERNMENT AGENCY OBLIGATION — 0.3%
FHLMC
2.375%, 01/13/2022		1,090			1,097
Total U.S. Government Agency Obligation (Cost $1,091) ($ Thousands)					1,097
	Shares
CASH EQUIVALENT — 3.3%
SEI Daily Income Trust, Government Fund,Cl F
0.010%**†		13,909,161			13,909
Total Cash Equivalent (Cost $13,909) ($ Thousands)					13,909
Total Investments in Securities — 103.1% (Cost $427,875) ($ Thousands)				$	433,774
	Contracts
PURCHASED OPTIONS* — 0.0%
Total Purchased Options (E) (Cost $61) ($ Thousands)		105		$	70
WRITTEN OPTIONS* — 0.0%
Total Written Options (E)
(Premiums Received $62) ($ Thousands)		(146	)	$	(63	)

New Covenant Funds / Quarterly Report /September 30, 2021 17

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Continued)

A list of open option contracts held by the Fund at September 30, 2021 are as follows:

Description	Number of Contracts			Notional Amount (Thousands) †			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
November 2021, U.S. 10-Year Futures*		17		$	8			$132.50		10/16/2021	$	19
October 2021, U.S. 10-Year Notes*		28			8			133.00		10/16/2021		39
					16							58
Call Options
November 2021, U.S. 10-Year Futures*		30			17			133.00		10/16/2021		3
November 2021, U.S. 10-Year Futures*		18			10			133.50		10/16/2021		1
November 2021, U.S. Bond Futures*		12			18			161.00		10/16/2021		8
					45							12
Total Purchased Options				$	61						$	70
WRITTEN OPTIONS — 0.0%
Put Options
November 2021, U.S. 10-Year Futures*		(25	)	$	(8	)		131.00		10/16/21	$	(9	)
November 2021, U.S. 10-Year Futures*		(22	)		(7	)		132.00		10/16/21		(17	)
October 2021, U.S. 10-Year Notes*		(36	)		(5	)		132.50		10/16/21		(32	)
					(20	)						(58	)
Call Options
November 2021, U.S. 10-Year Futures*		(25	)		(9	)		134.00		10/16/21		(1	)
November 2021, U.S. Bond Futures*		(16	)		(16	)		165.00		10/16/21		(2	)
November 2021, U.S. Bond Futures*		(17	)		(16	)		164.00		10/16/21		(2	)
October 2021, U.S. 10-Year Notes*		(5	)		(1	)		132.00		10/16/21		–
					(42	)						(5	)
Total Written Options				$	(62	)					$	(63	)

^† Represents Cost

A list of the open futures contracts held by the Fund at September 30, 2021 are as follows:

Type of Contract	Number of     Contracts		Expiration      Date		Notional Amount (Thousands)			Value         (Thousands)			Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
90-Day Euro$		41		Jun-2023	$	10,172		$	10,170		$	(2	)
90-Day Euro$		192		Dec-2023		47,470			47,450			(20	)
U.S. 2-Year Treasury Notes		76		Jan-2022		16,735			16,724			(11	)
U.S. 5-Year Treasury Notes		328		Jan-2022		40,500			40,260			(240	)
Ultra 10-Year U.S. Treasury Notes		78		Dec-2021		11,501			11,330			(171	)
						126,378			125,934			(444	)
Short Contracts
90-Day Euro$		(66)		Dec-2021	$	(16,462	)	$	(16,472	)	$	(10	)
U.S. 10-Year Treasury Notes		(193)		Dec-2021		(25,687	)		(25,401	)		286
U.S. Long Treasury Bond		(233)		Dec-2021		(37,867	)		(37,098	)		769
U.S. Ultra Long Treasury Bond		(25)		Dec-2021		(4,916	)		(4,777	)		139
						(84,932	)		(83,748	)		1,184
					$	41,446		$	42,186		$	740

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

18 New Covenant Funds / Quarterly Report /September 30, 2021

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Income Fund (Concluded)

Percentages are based on Net Assets of $420,761 ($ Thousands).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of September 30, 2021.

^†  Investment in Affiliated Security.

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

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2021, the value of these securities amounted to $68,895 ($ Thousands), representing 16.4% of the Net Assets of the Fund.

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

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

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

AGM— Assured Guaranty Municipal

Cl — Class

CMO — Collateralized Mortgage Obligation

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

ICE— Intercontinental Exchange

IO — Interest Only — face amount represents notional amount.

JSC — Joint-Stock Company

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

Ser — Series

TBA — To Be Announced

UMBS — Uniform Mortgage-Backed Securities

USD — U.S. Dollar

VAR — Variable Rate

The following is a list of the level of inputs used as of September 30, 2021, 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		–		159,346		–		159,346
U.S. Treasury Obligations		–		95,842		–		95,842
Corporate Obligations		–		92,370		–		92,370
Asset-Backed Securities		–		33,964		–		33,964
Foreign Bonds		–		24,236		–		24,236
Sovereign Debt		–		9,221		–		9,221
Municipal Bonds		–		3,789		–		3,789
U.S. Government Agency Obligation		–		1,097		–		1,097
Cash Equivalent		13,909		–		–		13,909
Total Investments in Securities		13,909		419,865		–		433,774

Other Financial Instruments	Level 1     ($)			Level 2     ($)		Level 3     ($)		Total     ($)
Purchased Options		70			–		–		70
Written Options		(63	)		–		–		(63	)
Futures Contracts*
Unrealized Appreciation		1,194			–		–		1,194
Unrealized Depreciation		(454	)		–		–		(454	)
Total Other Financial Instruments		747			–		–		747

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

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2021 ($ Thousands):

Security Description	Value 6/30/2021	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2021	Shares	Dividend Income	Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$ 9,145	$ 43,589	$ (38,825)	$ —	$ —	$ 13,909	13,909,161	$ —	$ —

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

New Covenant Funds / Quarterly Report /September 30, 2021 19

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Balanced Growth Fund

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.0%
Equity Fund — 59.7%
New Covenant Growth Fund †		3,771,462	$	223,648
Total Equity Fund (Cost $99,638) ($ Thousands)				223,648
Fixed Income Fund — 39.3%
New Covenant Income Fund †		6,180,710		146,977
Total Fixed Income Fund (Cost $143,588) ($ Thousands)				146,977

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 1.7%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		6,297,164	$	6,297
Total Cash Equivalent (Cost $6,297) ($ Thousands)				6,297
Total Investments in Securities — 100.7% (Cost $249,523) ($ Thousands)			$	376,922

Percentages are based on Net Assets of $374,480 ($ Thousands).

^†  Investment in Affiliated Security.

** Rate shown is the 7-day effective yield as of September 30, 2021.

Cl — Class

As of September 30, 2021, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the transactions with affiliates for the period ended September 30, 2021 ($ Thousands):

Security Description	Value 6/30/2021	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2021	Shares	Dividend Income	Capital Gains
New Covenant Growth Fund	$ 227,402	$ 1,616	$ (4,629)	$ 1,207	$ (1,948)	$ 223,648	3,771,462	$ 295	$ —
New Covenant Income Fund	142,305	5,348	—	—	(676)	146,977	6,180,710	568	—
SEI Daily Income Trust, Government Fund, Cl F	3,258	5,979	(2,940)	—	—	6,297	6,297,164	—	—
Totals	$ 372,965	$ 12,943	$ (7,569)	$ 1,207	$ (2,624)	$ 376,922		$ 863	$ —

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

New Covenant Funds/ Quarterly Report /September 30, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

New Covenant Balanced Income Fund

Description	Shares		Market Value     ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.3%
Fixed Income Fund — 64.9%
New Covenant Income Fund †		2,385,670	$	56,731
Total Fixed Income Fund (Cost $55,271) ($ Thousands)				56,731
Equity Fund — 34.4%
New Covenant Growth Fund †		507,093		30,070
Total Equity Fund (Cost $11,033) ($ Thousands)				30,070

Description	Shares		Market Value     ($ Thousands)
CASH EQUIVALENT — 0.7%
SEI Daily Income Trust, Government Fund, Cl F
0.010%**†		629,564	$	630
Total Cash Equivalent (Cost $630) ($ Thousands)				630
Total Investments in Securities — 100.0% (Cost $66,934) ($ Thousands)			$	87,431

Percentages are based on Net Assets of $87,425 ($ Thousands).

^†  Investment in Affiliated Security).

** Rate shown is the 7-day effective yield as of September 30, 2021.

Cl — Class

As of September 30, 2021, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2021 ($ Thousands):

Security Description	Value 6/30/2021	Purchases at Cost	Proceeds from Sales	Realized Gain/ (Loss)	Change in Unrealized Appreciation (Depreciation)	Value 9/30/2021	Shares	Dividend Income	Capital Gains
New Covenant Income Fund	$ 56,398	$  614	$  (18)	$ —	$ (263)	$ 56,731	2,385,670	$ 220	$ —
New Covenant Growth Fund	31,375	—	(1,226)	602	(681)	30,070	507,093	41	—
SEI Daily Income Trust, Government Fund, Cl F	717	2,905	(2,992)	—	—	630	629,564	—	—
Totals	$ 88,490	$ 3,519	$ (4,236)	$ 602	$ (944)	$ 87,431		$ 261	$ —

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

New Covenant Funds / Quarterly Report /September 30, 2021 1