New Covenant Growth Fd (NCGFX) NPORT-P New Covenant Income Fund (Mar 2022 report)

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 101.1%
United States — 101.1%
Communication Services — 8.9%
Activision Blizzard Inc		8,807	$	706
Alphabet Inc, Cl A *		4,093		11,384
Alphabet Inc, Cl C *		3,815		10,655
AMC Entertainment Holdings, Cl A *		2,754		68
AT&T Inc		119,675		2,828
Bandwidth Inc, Cl A *		74		2
Cable One Inc		79		116
Cardlytics Inc *		761		42
Cars.com Inc *		4,178		60
Charter Communications Inc, Cl A *		1,268		692
Cinemark Holdings Inc *		4,289		74
Clear Channel Outdoor Holdings, Cl A *		17,605		61
Cogent Communications Holdings Inc		148		10
Comcast Corp, Cl A		52,817		2,473
Discovery Inc, Cl C *		354		9
EchoStar Corp, Cl A *		1,124		27
Electronic Arts Inc		4,844		613
Emerald Holding Inc *		4,781		16
Eventbrite Inc, Cl A *		2,537		37
EverQuote Inc, Cl A *		1,468		24
EW Scripps Co/The, Cl A *		3,299		69
Fox, Cl B		1,428		52
Fox Corp, Cl A		1,372		54
fuboTV *		3,908		26
IAC *		376		38
IMAX Corp *		2,244		42
Interpublic Group of Cos Inc/The		8,487		301
Iridium Communications Inc *		366		15
John Wiley & Sons Inc, Cl A		236		13
Liberty Broadband Corp, Cl A *		81		11
Liberty Broadband Corp, Cl C *		343		46
Liberty Media Corp-Liberty Formula One, Cl C *		262		18
Liberty Media Corp-Liberty SiriusXM, Cl C *		234		11
Live Nation Entertainment Inc *		181		21
LiveOne *		14,750		12
Loyalty Ventures *		534		9
Lumen Technologies		872		10
Madison Square Garden Entertainment Corp *		1,768		147
Madison Square Garden Sports Corp *		39		7
Magnite Inc *		2,551		34
Match Group Inc *		1,841		200
Meta Platforms, Cl A *		29,295		6,514
Netflix Inc *		5,046		1,890
New York Times Co/The, Cl A		439		20
News Corp, Cl A		829		18
Nexstar Media Group Inc, Cl A		94		18
Omnicom Group Inc		10,137		860
Paramount Global, Cl B		7,304		276

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pinterest, Cl A *		3,339	$	82
Roku Inc, Cl A *		818		102
Scholastic Corp		1,266		51
Shenandoah Telecommunications Co		222		5
Sirius XM Holdings Inc		7,153		47
Skillz, Cl A *		3,639		11
Spotify Technology SA *		1,265		191
Take-Two Interactive Software Inc *		830		128
TechTarget Inc *		1,986		161
TEGNA Inc		3,052		68
T-Mobile US Inc *		4,985		640
TripAdvisor Inc *		1,712		46
Twitter Inc *		7,369		285
Verizon Communications Inc		57,853		2,947
Vimeo *		610		7
Walt Disney Co/The *		21,958		3,012
World Wrestling Entertainment Inc, Cl A		780		49
Yelp, Cl A *		1,355		46
Ziff Davis *		2,547		247
Zynga Inc, Cl A *		14,448		134
				48,888
Consumer Discretionary — 12.2%
1-800-Flowers.com Inc, Cl A *		3,668		47
2U Inc *		871		12
Aaron's Co Inc		416		8
Abercrombie & Fitch Co, Cl A *		2,970		95
Adtalem Global Education Inc *		5,431		161
Advance Auto Parts Inc		317		66
Amazon.com Inc *		5,468		17,825
American Eagle Outfitters Inc		3,416		57
American Public Education Inc *		1,831		39
Aramark		260		10
Asbury Automotive Group Inc *		425		68
AutoNation Inc *		970		97
AutoZone Inc *		235		480
Bath & Body Works		638		31
Bed Bath & Beyond Inc *		517		12
Best Buy Co Inc		14,318		1,302
Big Lots Inc		1,758		61
Bloomin' Brands Inc		2,259		50
Booking Holdings Inc *		563		1,322
Boot Barn Holdings Inc *		1,181		112
BorgWarner Inc		321		12
Bright Horizons Family Solutions Inc *		76		10
Brinker International Inc *		1,180		45
Brunswick Corp/DE		839		68
Buckle Inc/The		1,885		62
Burlington Stores Inc *		482		88
Callaway Golf Co *		2,383		56
Canoo *		5,091		28
Capri Holdings Ltd *		1,319		68
CarMax Inc *		1,086		105

New Covenant Funds/ Quarterly Report /March 31, 2022

1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Carnival Corp *		15,800	$	319
Carter's Inc		471		43
Carvana Co, Cl A *		309		37
Cavco Industries Inc *		255		61
Cheesecake Factory Inc/The *		1,236		49
Chegg Inc *		176		6
Children's Place Inc/The *		812		40
Chipotle Mexican Grill Inc, Cl A *		232		367
Choice Hotels International Inc		113		16
Columbia Sportswear Co		891		81
Cracker Barrel Old Country Store Inc		323		38
Dana Inc		2,660		47
Darden Restaurants Inc		705		94
Dave & Buster's Entertainment Inc *		1,283		63
Deckers Outdoor Corp *		306		84
Denny's Corp *		2,500		36
Designer Brands Inc, Cl A *		3,316		45
Dick's Sporting Goods Inc		1,054		105
Dillard's Inc, Cl A		726		195
Dollar General Corp		2,608		581
Dollar Tree Inc *		1,320		211
Domino's Pizza Inc		309		126
DoorDash, Cl A *		523		61
Dorman Products Inc *		128		12
DR Horton Inc		1,973		147
eBay Inc		20,542		1,176
Etsy Inc *		1,162		144
Expedia Group Inc *		389		76
Fisker *		2,626		34
Five Below Inc *		410		65
Floor & Decor Holdings Inc, Cl A *		232		19
Foot Locker Inc		1,308		39
Ford Motor Co		36,995		626
Fox Factory Holding Corp *		749		73
Frontdoor *		251		8
Gap Inc/The		11,382		160
Garmin Ltd		418		50
General Motors Co *		13,058		571
Gentex Corp		440		13
Gentherm Inc *		184		13
Genuine Parts Co		109		14
Goodyear Tire & Rubber Co/The *		989		14
Graham Holdings Co, Cl B		78		48
Grand Canyon Education Inc *		121		12
Group 1 Automotive Inc		86		14
GrowGeneration *		2,599		24
Guess? Inc		2,341		51
H&R Block Inc		3,157		82
Hanesbrands Inc		13,319		198
Harley-Davidson Inc		306		12
Hasbro Inc		2,632		216
Helen of Troy Ltd *		57		11

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hilton Grand Vacations Inc *		3,016	$	157
Hilton Worldwide Holdings Inc *		3,186		483
Home Depot Inc/The		13,012		3,895
Hyatt Hotels Corp, Cl A *		135		13
Installed Building Products Inc		694		59
iRobot Corp *		1,013		64
Jack in the Box Inc		658		61
Johnson Outdoors Inc, Cl A		659		51
KB Home		4,733		153
Kohl's Corp		1,859		112
Kontoor Brands Inc		1,282		53
La-Z-Boy Inc, Cl Z		1,597		42
LCI Industries		483		50
Lear Corp		6,486		925
Leggett & Platt Inc		222		8
Lennar Corp, Cl A		461		37
Lennar Corp, Cl B		450		31
LGI Homes Inc *		127		12
Liquidity Services *		2,249		39
LKQ Corp		317		14
Lowe's Cos Inc		13,635		2,757
Lululemon Athletica Inc *		1,171		428
M/I Homes Inc *		198		9
Macy's Inc		4,042		98
Malibu Boats Inc, Cl A *		202		12
Marriott International Inc/MD, Cl A *		3,599		633
Marriott Vacations Worldwide Corp		394		62
Mattel Inc *		14,805		329
McDonald's Corp		11,361		2,809
Meritage Homes Corp *		794		63
Mohawk Industries Inc *		127		16
Monro Inc		626		28
Murphy USA Inc		422		84
National Vision Holdings Inc *		447		19
Newell Brands Inc		605		13
NIKE Inc, Cl B		17,693		2,381
Nordstrom Inc		3,866		105
Norwegian Cruise Line Holdings Ltd *		14,956		327
NVR Inc *		13		58
ODP Corp/The*		283		13
Ollie's Bargain Outlet Holdings Inc *		212		9
OneSpaWorld Holdings Ltd *		3,063		31
O'Reilly Automotive Inc *		677		464
Oxford Industries Inc		665		60
Papa John's International Inc		806		85
Peloton Interactive Inc, Cl A *		3,058		81
Penske Automotive Group Inc		957		90
PetMed Express Inc		366		9
Planet Fitness Inc, Cl A *		173		15
Polaris Inc		966		102
PulteGroup Inc		5,125		215
PVH Corp		108		8

2

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Qurate Retail Inc		1,412	$	7
Ralph Lauren Corp, Cl A		690		78
RealReal Inc/The *		5,091		37
Rent-A-Center Inc/TX, Cl A		1,764		44
RH *		224		73
Ross Stores Inc		3,209		290
Royal Caribbean Cruises Ltd *		8,804		738
Sally Beauty Holdings Inc *		2,794		44
SeaWorld Entertainment Inc *		251		19
Service Corp International/US		250		16
Shake Shack Inc, Cl A *		157		11
Shutterstock Inc		205		19
Signet Jewelers Ltd		2,402		175
Six Flags Entertainment Corp *		248		11
Sleep Number Corp *		1,033		52
Standard Motor Products Inc		943		41
Starbucks Corp		16,902		1,538
Steven Madden Ltd		1,178		46
Stitch Fix Inc, Cl A *		1,021		10
Strategic Education Inc		331		22
Stride Inc *		348		13
Tapestry Inc		2,803		104
Target Corp		6,577		1,396
Taylor Morrison Home Corp, Cl A *		12,743		347
Tempur Sealy International Inc		2,272		63
Tenneco Inc, Cl A *		3,599		66
Terminix Global Holdings Inc *		303		14
Tesla Inc *		10,410		11,218
Texas Roadhouse Inc, Cl A		889		74
Thor Industries Inc		106		8
TJX Cos Inc/The		14,736		893
Toll Brothers Inc		2,246		106
TopBuild Corp *		476		86
Tractor Supply Co		2,377		555
Travel + Leisure		4,669		271
Tri Pointe Homes *		3,236		65
Tupperware Brands Corp *		3,286		64
Ulta Beauty Inc *		279		111
Under Armour Inc, Cl C *		556		9
Urban Outfitters Inc *		417		10
Vail Resorts Inc		46		12
VF Corp		4,023		229
Victoria's Secret *		212		11
Visteon Corp *		551		60
Vroom *		3,337		9
Wayfair Inc, Cl A *		320		35
Wendy's Co/The		11,419		251
Whirlpool Corp		638		110
Williams-Sonoma Inc		160		23
Wingstop Inc		582		68
Winnebago Industries Inc		191		10
Wolverine World Wide Inc		1,511		34

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Workhorse Group Inc *		4,879	$	24
WW International Inc *		1,262		13
Wyndham Hotels & Resorts Inc		189		16
Yum China Holdings Inc		1,913		79
Yum! Brands Inc		8,356		990
Zumiez Inc *		1,593		61
				67,475
Consumer Staples — 5.6%
Andersons Inc/The		1,960		98
Archer-Daniels-Midland Co		4,581		414
B&G Foods Inc		862		23
BellRing Brands *		136		3
Beyond Meat Inc *		166		8
BJ's Wholesale Club Holdings Inc *		2,099		142
Bunge Ltd		1,596		177
Calavo Growers Inc		571		21
Campbell Soup Co		10,354		462
Casey's General Stores Inc		65		13
Celsius Holdings *		1,932		107
Chefs' Warehouse Inc/The *		1,366		44
Church & Dwight Co Inc		1,025		102
Clorox Co/The		2,716		378
Coca-Cola Co/The		44,340		2,749
Colgate-Palmolive Co		13,653		1,035
Conagra Brands Inc		14,479		486
Costco Wholesale Corp		5,124		2,951
Coty Inc, Cl A *		1,026		9
Darling Ingredients *		716		57
Edgewell Personal Care Co		310		11
Energizer Holdings Inc		231		7
Estee Lauder Cos Inc/The, Cl A		2,390		651
Flowers Foods Inc		555		14
Fresh Del Monte Produce Inc		1,442		37
General Mills Inc		13,887		940
Grocery Outlet Holding Corp *		263		9
Hain Celestial Group Inc/The *		461		16
Herbalife Nutrition Ltd *		1,088		33
Hershey Co/The		2,295		497
HF Foods Group Inc *		2,213		15
Hormel Foods Corp		4,797		247
Ingredion Inc		1,110		97
J M Smucker Co/The		6,494		879
Kellogg Co		6,713		433
Keurig Dr Pepper Inc		16,196		614
Kimberly-Clark Corp		6,484		799
Kraft Heinz Co/The		1,168		46
Kroger Co/The		17,094		981
Lamb Weston Holdings Inc		594		36
McCormick & Co Inc/MD		5,832		582
MedAvail Holdings *		31,022		30
Medifast Inc		71		12
Mondelez International Inc, Cl A		17,402		1,092

New Covenant Funds/ Quarterly Report /March 31, 2022

3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Monster Beverage Corp *		1,999	$	160
National Beverage Corp		344		15
PepsiCo Inc		26,903		4,503
Performance Food Group Co *		1,023		52
Pilgrim's Pride Corp *		355		9
Post Holdings Inc *		108		7
PriceSmart Inc		179		14
Procter & Gamble Co/The		28,893		4,415
Sanderson Farms Inc		297		56
SpartanNash Co		1,252		41
Spectrum Brands Holdings Inc		183		16
Sprouts Farmers Market Inc *		623		20
Sysco Corp		17,657		1,442
TreeHouse Foods Inc *		237		8
Tyson Foods Inc, Cl A		175		16
US Foods Holding Corp *		2,211		83
Walgreens Boots Alliance Inc		11,242		503
Walmart Inc		16,342		2,434
				31,151
Energy — 4.0%
Antero Midstream Corp		7,912		86
APA		7,933		328
Baker Hughes Co, Cl A		4,496		164
Cactus Inc, Cl A		1,525		87
Callon Petroleum *		2,548		151
ChampionX Corp		383		9
Cheniere Energy Inc		1,265		175
Chevron Corp		23,292		3,793
Clean Energy Fuels *		4,579		36
CNX Resources Corp *		6,091		126
ConocoPhillips		28,962		2,896
Continental Resources Inc/OK		337		21
Coterra Energy		7,300		197
Devon Energy Corp		2,945		174
Diamondback Energy Inc		133		18
Dril-Quip Inc *		1,072		40
DT Midstream		405		22
EOG Resources Inc		4,528		540
EQT Corp		2,732		94
Equitrans Midstream Corp		2,185		18
Expro Group Holdings *		1,529		27
Exxon Mobil Corp		51,029		4,215
Gevo *		6,754		32
Golar LNG Ltd *		3,888		96
Halliburton Co		4,450		169
Helmerich & Payne Inc		1,494		64
Hess Corp		4,195		449
HF Sinclair		3,119		124
International Seaways Inc		3,587		65
Kinder Morgan Inc		32,576		616
Kinetik Holdings, Cl A		815		53
Kosmos Energy Ltd *		44,503		320

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Magnolia Oil & Gas Corp, Cl A		3,984	$	94
Marathon Oil Corp		5,472		137
Marathon Petroleum Corp		7,000		599
Murphy Oil Corp		449		18
Nabors Industries Ltd *		367		56
NOV		482		9
Occidental Petroleum Corp		8,202		465
Oceaneering International Inc *		3,376		51
ONEOK Inc		3,505		248
Patterson-UTI Energy Inc		4,952		77
PBF Energy Inc, Cl A *		3,466		84
Phillips 66		5,367		464
Pioneer Natural Resources Co		2,260		565
Range Resources Corp *		2,413		73
RPC Inc *		10,482		112
Schlumberger NV Ltd		39,202		1,619
SM Energy		5,146		200
Southwestern Energy Co *		21,739		156
Targa Resources Corp		11,252		849
Tellurian *		11,904		63
Valero Energy Corp		4,715		479
Williams Cos Inc/The		11,002		368
				21,991
Financials — 12.3%
Affiliated Managers Group Inc		910		128
Aflac Inc		3,214		207
AGNC Investment Corp ‡		2,838		37
Alleghany Corp *		15		13
Allegiance Bancshares Inc		1,318		59
Allstate Corp/The		3,458		479
Ally Financial Inc		1,575		68
American Express Co		9,360		1,750
American Financial Group Inc/OH		449		65
American International Group Inc		6,597		414
American National Group Inc		91		17
Ameriprise Financial Inc		1,250		375
Ameris Bancorp		1,129		50
AMERISAFE Inc		743		37
Annaly Capital Management Inc ‡		15,140		107
Apollo Commercial Real Estate Finance Inc ‡		2,686		37
Apollo Global Management		1,230		76
Arch Capital Group Ltd *		2,404		116
Ares Management, Cl A		632		51
Argo Group International Holdings Ltd		750		31
Arthur J Gallagher & Co		1,036		181
Artisan Partners Asset Management Inc, Cl A		1,589		63
AssetMark Financial Holdings *		1,796		40
Associated Banc-Corp		4,274		97
Assurant Inc		87		16
Assured Guaranty Ltd		994		63
Atlantic Union Bankshares Corp		1,302		48

4

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Axis Capital Holdings Ltd		825	$	50
Axos Financial Inc *		310		14
Bank of America Corp		87,545		3,609
Bank of Hawaii Corp		1,051		88
Bank of Marin Bancorp		1,079		38
Bank of New York Mellon Corp/The		12,656		628
Bank of NT Butterfield & Son Ltd/The		1,324		48
Bank OZK		366		16
BankUnited Inc		2,418		106
Banner Corp		851		50
Berkshire Hathaway Inc, Cl B *		22,449		7,922
Berkshire Hills Bancorp Inc		1,501		44
BGC Partners Inc, Cl A		8,389		37
BlackRock Inc, Cl A		1,878		1,435
Blackstone		6,514		827
BOK Financial Corp		568		53
Brighthouse Financial Inc *		268		14
Brown & Brown Inc		290		21
Cadence Bank		1,525		45
Camden National Corp		1,097		52
Capital One Financial Corp		3,914		514
Capitol Federal Financial Inc		3,529		38
Carlyle Group		923		45
Cathay General Bancorp		1,291		58
Cboe Global Markets Inc		99		11
Central Pacific Financial Corp		1,651		46
Charles Schwab Corp/The		16,432		1,385
Chimera Investment Corp ‡		2,402		29
Chubb Ltd		6,169		1,320
Cincinnati Financial Corp		891		121
Citigroup Inc		24,313		1,298
Citizens Financial Group Inc		2,381		108
City Holding Co		607		48
CME Group Inc, Cl A		4,726		1,124
CNA Financial Corp		253		12
Cohen & Steers Inc		764		66
Comerica Inc		1,232		111
Commerce Bancshares Inc/MO		1,640		117
Community Bank System Inc		710		50
ConnectOne Bancorp Inc		1,891		61
Credit Acceptance Corp *		177		97
Cullen/Frost Bankers Inc		850		118
Dime Community Bancshares		1,467		51
Discover Financial Services		11,446		1,261
Eagle Bancorp Inc		1,035		59
East West Bancorp Inc		1,710		135
eHealth Inc *		512		6
Ellington Financial Inc ‡		2,748		49
Enterprise Financial Services Corp		1,063		50
Equitable Holdings Inc		432		13
Erie Indemnity Co, Cl A		433		76
Essent Group Ltd		970		40

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Evercore Inc, Cl A		659	$	73
Everest Re Group Ltd		179		54
FactSet Research Systems Inc		306		133
FB Financial Corp		1,250		56
Federal Agricultural Mortgage Corp, Cl C		119		13
Federated Hermes Inc, Cl B		1,492		51
Fidelity National Financial Inc		1,063		52
Fifth Third Bancorp		4,599		198
First American Financial Corp		814		53
First BanCorp/Puerto Rico		4,571		60
First Busey Corp		1,790		45
First Citizens BancShares Inc/NC, Cl A		159		106
First Commonwealth Financial Corp		3,365		51
First Financial Bancorp		1,921		44
First Financial Bankshares Inc		1,378		61
First Hawaiian Inc		3,126		87
First Horizon National Corp		6,041		142
First Interstate BancSystem, Cl A		1,171		43
First Merchants Corp		1,182		49
First Republic Bank/CA		1,080		175
FirstCash Holdings		612		43
FNB Corp/PA		3,907		49
Franklin BSP Realty Trust ‡		2,050		29
Franklin Resources Inc		6,856		192
Fulton Financial Corp		2,789		46
Genworth Financial Inc, Cl A *		10,439		39
German American Bancorp Inc		1,414		54
Globe Life Inc		108		11
Goldman Sachs Group Inc/The		3,960		1,307
Goosehead Insurance Inc, Cl A		215		17
Great Ajax ‡		3,748		44
Hancock Whitney Corp		1,142		60
Hannon Armstrong Sustainable Infrastructure Capital Inc		20,833		988
Hanover Insurance Group Inc/The		124		19
HarborOne Bancorp Inc		4,621		65
Hartford Financial Services Group Inc/The		1,006		72
Heartland Financial USA Inc		1,003		48
Heritage Financial Corp/WA		1,744		44
Home BancShares Inc/AR		2,523		57
HomeStreet Inc		309		15
Hope Bancorp Inc		3,233		52
Horace Mann Educators Corp		1,125		47
Houlihan Lokey Inc, Cl A		192		17
Huntington Bancshares Inc/OH		9,540		139
Independent Bank Corp		580		47
Independent Bank Group Inc		846		60
Intercontinental Exchange Inc		5,170		683
Invesco Ltd		18,276		421
Invesco Mortgage Capital Inc ‡		3,234		7
Investors Bancorp Inc		4,061		61
James River Group Holdings Ltd		1,180		29

New Covenant Funds/ Quarterly Report /March 31, 2022

5

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Janus Henderson Group		1,207	$	42
Jefferies Financial Group Inc		2,313		76
JPMorgan Chase & Co		35,839		4,886
KeyCorp		12,904		289
Kinsale Capital Group Inc		73		17
KKR & Co Inc		3,222		188
KKR Real Estate Finance Trust Inc ‡		2,440		50
Lakeland Bancorp Inc		2,890		48
Lazard Ltd, Cl A (A)		2,316		80
Lemonade *		1,665		44
LendingTree Inc *		175		21
Lincoln National Corp		3,621		237
Loews Corp		222		14
LPL Financial Holdings Inc		1,036		189
M&T Bank Corp		929		157
MarketAxess Holdings Inc		144		49
Marsh & McLennan Cos Inc		15,644		2,666
Mercury General Corp		233		13
Meta Financial Group Inc		266		15
MetLife Inc		6,576		462
MFA Financial Inc ‡		6,337		26
MGIC Investment Corp		3,455		47
Moelis & Co, Cl A		1,564		73
Moody's Corp		2,613		882
Morgan Stanley		32,105		2,806
Morningstar Inc		67		18
Mr Cooper Group Inc *		335		15
MSCI Inc, Cl A		635		319
Nasdaq Inc		2,378		424
NBT Bancorp Inc		1,213		44
Nelnet Inc, Cl A		793		67
New Residential Investment Corp ‡		14,139		155
New York Community Bancorp Inc		951		10
New York Mortgage Trust Inc ‡		7,776		28
NMI Holdings Inc, Cl A *		1,470		30
Northern Trust Corp		7,549		879
Northfield Bancorp Inc		2,868		41
OFG Bancorp		2,119		56
Old National Bancorp/IN		5,093		83
OneMain Holdings Inc, Cl A		258		12
Pacific Premier Bancorp Inc		3,188		113
PacWest Bancorp		1,283		55
Palomar Holdings Inc, Cl A *		145		9
People's United Financial Inc		5,001		100
Pinnacle Financial Partners Inc		1,489		137
PNC Financial Services Group Inc/The		5,690		1,050
Popular Inc		1,507		123
PRA Group Inc *		1,320		60
Primerica		323		44
Principal Financial Group Inc		662		49
ProAssurance Corp		1,351		36
PROG Holdings Inc *		832		24

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Progressive Corp/The		6,231	$	710
Prosperity Bancshares Inc		1,192		83
Provident Financial Services Inc		1,988		47
Prudential Financial Inc		16,015		1,893
Radian Group Inc		1,924		43
Raymond James Financial Inc		1,470		162
Redwood Trust Inc ‡		2,992		32
Regional Management		872		42
Regions Financial Corp		72,286		1,609
Reinsurance Group of America Inc, Cl A		578		63
RenaissanceRe Holdings Ltd		248		39
Renasant Corp		1,366		46
RLI Corp		545		60
S&P Global Inc		7,141		2,929
S&T Bancorp Inc		1,247		37
Sandy Spring Bancorp Inc		1,350		61
Seacoast Banking Corp of Florida		1,616		57
ServisFirst Bancshares Inc		187		18
Signature Bank/New York NY		676		198
Silvergate Capital, Cl A *		716		108
SLM Corp		8,316		153
SouthState		216		18
Starwood Property Trust Inc ‡		2,000		48
State Street Corp		9,970		869
Stifel Financial Corp		245		17
SVB Financial Group *		439		246
Synchrony Financial		4,720		164
Synovus Financial Corp		1,267		62
T Rowe Price Group Inc		2,711		410
Texas Capital Bancshares Inc *		822		47
TFS Financial Corp		573		10
TPG RE Finance Trust Inc ‡		2,439		29
Travelers Cos Inc/The		2,743		501
TriCo Bancshares		1,219		49
TriState Capital Holdings Inc *		1,917		64
Triumph Bancorp Inc *		822		77
Truist Financial Corp		14,236		807
Trustmark Corp		1,410		43
Two Harbors Investment Corp ‡		6,390		35
UMB Financial Corp		715		69
Umpqua Holdings Corp		2,753		52
Univest Financial Corp		1,820		49
Unum Group		1,638		52
US Bancorp		12,299		654
Valley National Bancorp		4,269		56
Veritex Holdings Inc		348		13
Virtu Financial Inc, Cl A		3,026		113
W R Berkley Corp		248		16
Walker & Dunlop Inc		749		97
Washington Trust Bancorp Inc		924		49
Webster Financial Corp		2,008		113
Wells Fargo & Co		46,926		2,274

6

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Westamerica BanCorp		731	$	44
Western Alliance Bancorp		1,801		149
Wintrust Financial Corp		708		66
Zions Bancorp NA		1,771		116
				67,773
Health Care — 13.6%
2seventy bio *		215		4
Abbott Laboratories		27,119		3,210
AbbVie Inc		25,124		4,073
ABIOMED Inc *		332		110
Acadia Healthcare Co Inc *		220		14
Accolade *		956		17
AdaptHealth, Cl A *		2,632		42
Adaptive Biotechnologies Corp *		1,704		24
Adverum Biotechnologies Inc *		85,190		112
Aerie Pharmaceuticals Inc *		2,282		21
Agilent Technologies Inc		7,874		1,042
Agios Pharmaceuticals Inc *		1,062		31
Akebia Therapeutics Inc *		1,063		1
Alector Inc *		2,628		37
Align Technology Inc *		691		301
Allakos Inc *		378		2
Allogene Therapeutics Inc *		1,838		17
Alnylam Pharmaceuticals Inc *		1,202		196
Amedisys Inc *		56		10
American Well, Cl A *		10,093		42
AmerisourceBergen Corp, Cl A		266		41
Amgen Inc		9,045		2,187
Amicus Therapeutics Inc *		5,193		49
AMN Healthcare Services Inc *		832		87
Anika Therapeutics Inc *		920		23
Anthem Inc		2,728		1,340
Apellis Pharmaceuticals Inc *		246		12
Apollo Medical Holdings Inc *		2,152		104
Applied Molecular Transport *		2,130		16
Arcturus Therapeutics Holdings *		483		13
Arcus Biosciences Inc *		2,371		75
Arrowhead Pharmaceuticals Inc *		251		12
Arvinas Inc *		1,298		87
Atara Biotherapeutics Inc *		3,254		30
Atrion Corp		71		51
Avanos Medical Inc *		301		10
Avantor Inc *		1,656		56
Axonics Inc *		351		22
Axsome Therapeutics Inc *		618		26
Azenta		207		17
Baxter International Inc		12,373		959
Becton Dickinson and Co		4,437		1,180
BioCryst Pharmaceuticals Inc *		5,296		86
Biogen Inc *		2,874		605
Biohaven Pharmaceutical Holding Co Ltd *	��	568		67
BioMarin Pharmaceutical Inc *		1,042		80

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bionano Genomics *		6,993	$	18
Bio-Rad Laboratories Inc, Cl A *		32		18
Bio-Techne Corp		53		23
Bluebird Bio Inc *		645		3
Boston Scientific Corp *		16,399		726
Bridgebio Pharma Inc *		241		2
Bristol-Myers Squibb Co		38,732		2,829
Brookdale Senior Living Inc *		7,397		52
Bruker Corp		233		15
Cara Therapeutics Inc *		2,942		36
Cardinal Health Inc		2,213		125
CareDx *		6,310		233
Cassava Sciences *		614		23
Castle Biosciences *		730		33
Catalent Inc *		949		105
Catalyst Pharmaceuticals Inc *		11,416		95
Centene Corp *		4,805		405
Change Healthcare Inc *		3,522		77
Charles River Laboratories International Inc *		77		22
Chemed Corp		114		58
ChemoCentryx Inc *		2,278		57
Cigna Corp		7,556		1,810
Cooper Cos Inc/The		236		99
Corcept Therapeutics Inc *		3,878		87
CorVel Corp *		125		21
Covetrus Inc *		1,045		18
Crinetics Pharmaceuticals Inc *		2,310		51
CryoPort *		871		30
Cue Biopharma Inc *		2,087		10
CVS Health Corp		28,143		2,848
Cytokinetics Inc *		7,134		263
Danaher Corp		7,191		2,109
DaVita Inc *		160		18
Deciphera Pharmaceuticals Inc *		716		7
Denali Therapeutics Inc *		2,631		85
DENTSPLY SIRONA Inc		3,113		153
Dexcom *		847		433
Dynavax Technologies Corp *		8,733		95
Eagle Pharmaceuticals Inc/DE *		1,045		52
Editas Medicine Inc, Cl A *		1,596		30
Edwards Lifesciences Corp *		8,484		999
Elanco Animal Health Inc *		398		10
Eli Lilly and Co		11,234		3,217
Emergent BioSolutions Inc *		950		39
Enanta Pharmaceuticals Inc *		785		56
Encompass Health Corp		164		12
Enovis *		1,455		58
Envista Holdings Corp *		317		15
Epizyme Inc *		2,749		3
Esperion Therapeutics Inc *		962		4
Exact Sciences Corp *		930		65

New Covenant Funds/ Quarterly Report /March 31, 2022

7

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Exelixis Inc *		4,344	$	98
Fate Therapeutics Inc *		3,277		127
FibroGen Inc *		1,053		13
Forte Biosciences *		61,361		90
Fulgent Genetics *		853		53
G1 Therapeutics Inc *		1,715		13
Gilead Sciences Inc		18,126		1,078
Glaukos Corp *		167		10
Global Blood Therapeutics Inc *		643		22
Globus Medical Inc, Cl A *		179		13
Gossamer Bio Inc *		3,279		28
Halozyme Therapeutics Inc *		2,641		105
Hanger Inc *		1,891		35
Harpoon Therapeutics Inc *		720		4
HCA Healthcare Inc		2,314		580
Health Catalyst Inc *		1,594		42
HealthEquity Inc *		673		45
Henry Schein Inc *		2,612		228
Heron Therapeutics Inc *		1,977		11
Heska Corp *		69		10
Hologic Inc *		927		71
Humana Inc		1,059		461
ICU Medical Inc *		62		14
IDEXX Laboratories Inc *		707		387
IGM Biosciences *		1,084		29
Illumina Inc *		3,200		1,118
Inari Medical *		419		38
Incyte Corp *		1,063		84
Innoviva Inc *		3,557		69
Inogen Inc *		706		23
Inovio Pharmaceuticals Inc *		2,095		8
Insmed Inc *		2,129		50
Inspire Medical Systems Inc *		110		28
Insulet Corp *		65		17
Integer Holdings Corp *		625		50
Integra LifeSciences Holdings Corp *		188		12
Intellia Therapeutics *		1,231		89
Intercept Pharmaceuticals Inc *		417		7
Intra-Cellular Therapies Inc *		3,894		238
Intuitive Surgical Inc *		4,209		1,270
Invitae Corp *		330		3
Ionis Pharmaceuticals Inc *		782		29
Iovance Biotherapeutics Inc *		8,304		138
IQVIA Holdings Inc *		1,378		319
iRhythm Technologies *		210		33
Ironwood Pharmaceuticals Inc, Cl A *		3,844		48
Johnson & Johnson		31,861		5,647
Kala Pharmaceuticals Inc *		7,142		10
Karuna Therapeutics Inc *		118		15
Karyopharm Therapeutics Inc *		2,929		22
Kiniksa Pharmaceuticals Ltd, Cl A *		4,016		40
Kodiak Sciences Inc *		1,218		9

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Krystal Biotech Inc *		823	$	55
Kura Oncology Inc *		3,438		55
Laboratory Corp of America Holdings *		515		136
Lantheus Holdings Inc *		2,408		133
LHC Group Inc *		57		10
Ligand Pharmaceuticals Inc *		462		52
MacroGenics Inc *		1,782		16
Madrigal Pharmaceuticals Inc *		531		52
McKesson Corp		856		262
MEDNAX Inc *		417		10
MEI Pharma *		16,528		10
Merck & Co Inc		39,446		3,237
Meridian Bioscience Inc *		5,130		133
Mettler-Toledo International Inc *		1,016		1,395
Mirati Therapeutics Inc *		429		35
Moderna Inc *		4,368		752
Myriad Genetics Inc *		1,860		47
Natera Inc *		229		9
National Research Corp		779		31
Natus Medical Inc *		1,614		42
Nektar Therapeutics, Cl A *		2,328		13
Neogen Corp *		300		9
Neurocrine Biosciences Inc *		1,089		102
Nevro Corp *		83		6
NextGen Healthcare Inc *		3,392		71
Novavax Inc *		816		60
Novocure *		224		19
Ontrak *		751		2
Option Care Health Inc *		648		18
OraSure Technologies Inc *		6,042		41
Organon		3,944		138
Pennant Group Inc/The *		1,609		30
Penumbra Inc *		72		16
PerkinElmer Inc		120		21
Pfizer Inc		73,662		3,813
Phreesia Inc *		361		10
Premier Inc, Cl A		2,266		81
Protagonist Therapeutics *		1,083		26
PTC Therapeutics Inc *		1,021		38
Puma Biotechnology Inc *		5,574		16
QIAGEN NV *		2,338		115
Quest Diagnostics Inc		865		118
Reata Pharmaceuticals Inc, Cl A *		537		18
Regeneron Pharmaceuticals Inc *		1,105		772
Repligen Corp *		553		104
ResMed Inc		2,930		711
Revance Therapeutics Inc *		3,056		60
Rhythm Pharmaceuticals Inc *		687		8
Rocket Pharmaceuticals *		932		15
Rubius Therapeutics Inc *		3,679		20
Sage Therapeutics Inc *		516		17
Sangamo Therapeutics Inc *		1,002		6

8

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sarepta Therapeutics Inc *		87	$	7
Scholar Rock Holding Corp *		2,520		32
Seagen Inc *		750		108
Senseonics Holdings *		13,850		27
Shockwave Medical Inc *		2,006		416
Simulations Plus Inc		1,477		75
Sorrento Therapeutics Inc *		12,406		29
STAAR Surgical Co *		193		15
Stryker Corp		3,476		929
Supernus Pharmaceuticals Inc *		2,174		70
Surmodics Inc *		1,169		53
Syros Pharmaceuticals Inc *		1,610		2
Tactile Systems Technology Inc *		728		15
Tandem Diabetes Care Inc *		144		17
Teladoc Health Inc *		399		29
Teleflex Inc		742		263
TG Therapeutics Inc *		4,916		47
Theravance Biopharma Inc *		2,200		21
Thermo Fisher Scientific Inc		4,827		2,851
Travere Therapeutics *		3,434		88
Turning Point Therapeutics Inc *		828		22
Twist Bioscience Corp *		606		30
Ultragenyx Pharmaceutical Inc *		1,143		83
United Therapeutics Corp *		559		100
UnitedHealth Group Inc		11,332		5,779
Universal Health Services Inc, Cl B		80		12
UroGen Pharma Ltd *		1,543		13
US Physical Therapy Inc		428		43
Utah Medical Products		515		46
Varex Imaging Corp *		1,631		35
VBI Vaccines Inc *		14,663		24
Veeva Systems Inc, Cl A *		1,157		246
Vericel *		1,218		47
Vertex Pharmaceuticals Inc *		3,305		862
Viatris Inc, Cl W *		1,277		14
Viking Therapeutics Inc *		6,150		18
Waters Corp *		395		123
West Pharmaceutical Services Inc		1,875		770
Y-mAbs Therapeutics *		3,117		37
Zentalis Pharmaceuticals *		2,422		112
Zimmer Biomet Holdings Inc		3,501		448
Zimvie *		350		8
Zoetis Inc, Cl A		6,022		1,136
				75,242
Industrials — 7.6%
3M Co		10,841		1,614
A O Smith Corp		1,708		109
AAON Inc		192		11
AAR Corp *		1,101		53
ABM Industries Inc		1,349		62
ACCO Brands Corp		5,214		42
Acuity Brands Inc		84		16

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
ADT Inc		6,039	$	46
AECOM		6,633		509
AGCO Corp		149		22
Air Lease Corp, Cl A		1,053		47
Alamo Group Inc		86		12
Alaska Air Group Inc *		9,238		536
Allison Transmission Holdings Inc		1,870		73
Altra Industrial Motion Corp		260		10
AMERCO		28		17
American Airlines Group Inc *		405		7
American Woodmark Corp *		461		23
AMETEK Inc		1,369		182
Apogee Enterprises Inc		1,229		58
Applied Industrial Technologies Inc		745		76
ArcBest Corp		336		27
Arcosa Inc		1,128		65
Argan Inc		1,315		53
Armstrong World Industries Inc		161		14
ASGN Inc *		146		17
Astec Industries Inc		204		9
Astronics *		3,653		47
Atkore *		453		45
Avis Budget Group Inc *		2,276		599
Axon Enterprise Inc *		1,678		231
AZZ Inc		1,071		52
Barnes Group Inc		807		32
Blink Charging *		1,491		39
Bloom Energy Corp, Cl A *		4,597		111
Brady Corp, Cl A		873		40
Brink's Co/The		540		37
Byrna Technologies *		4,887		40
Carlisle Cos Inc		311		76
Carrier Global Corp		6,184		284
CBIZ Inc *		1,805		76
CH Robinson Worldwide Inc		148		16
Chart Industries Inc *		142		24
Cintas Corp		1,907		811
CIRCOR International Inc *		1,110		30
Clean Harbors Inc *		137		15
Comfort Systems USA Inc		988		88
Construction Partners Inc, Cl A *		391		10
Copa Holdings SA, Cl A *		469		39
Copart Inc *		1,284		161
CoStar Group Inc *		3,260		217
Crane Co		135		15
CSW Industrials Inc		116		14
CSX Corp		29,082		1,089
Cummins Inc		3,179		652
Curtiss-Wright Corp		1,789		269
Deere & Co		4,735		1,967
Delta Air Lines Inc *		35,179		1,392
Deluxe Corp		981		30

New Covenant Funds/ Quarterly Report /March 31, 2022

9

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Donaldson Co Inc		202	$	10
Dover Corp		383		60
Dycom Industries Inc *		1,064		101
EMCOR Group Inc		565		64
Emerson Electric Co		6,592		646
Enerpac Tool Group, Cl A		2,369		52
EnerSys		664		50
EnPro Industries Inc		738		72
Equifax Inc		535		127
ESCO Technologies Inc		568		40
Expeditors International of Washington Inc		1,163		120
Exponent Inc		135		15
Fastenal Co		2,894		172
Federal Signal Corp		1,560		53
FedEx Corp		2,712		628
Flowserve Corp		239		9
Fluor Corp *		4,373		125
Forrester Research Inc *		1,169		66
Fortune Brands Home & Security Inc		174		13
Forward Air Corp		144		14
Franklin Electric Co Inc		180		15
FTI Consulting Inc *		443		70
FuelCell Energy *		8,509		49
Generac Holdings Inc *		203		60
General Electric		11,119		1,017
Gibraltar Industries Inc *		164		7
Graco Inc		223		16
GrafTech International Ltd		954		9
Granite Construction Inc		1,780		58
Great Lakes Dredge & Dock Corp *		4,289		60
Greenbrier Cos Inc/The		1,583		82
GXO Logistics *		1,041		74
Hawaiian Holdings Inc *		1,619		32
Healthcare Services Group Inc		422		8
HEICO Corp		4,351		668
HEICO Corp, Cl A		3,200		406
Helios Technologies Inc		1,091		88
Herc Holdings Inc		1,012		169
Hexcel Corp		29,387		1,748
Hillenbrand Inc		300		13
HNI Corp		1,268		47
Howmet Aerospace Inc		7,379		265
Hubbell Inc, Cl B		78		14
Hyliion Holdings *		4,149		18
IAA Inc *		253		10
ICF International Inc		545		51
IDEX Corp		68		13
Illinois Tool Works Inc		10,063		2,107
Ingersoll Rand Inc		355		18
Insperity Inc		592		59
Interface Inc, Cl A		2,949		40
ITT Inc		1,404		106

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
JB Hunt Transport Services Inc		437	$	88
JetBlue Airways Corp *		837		13
John Bean Technologies Corp		439		52
Kadant Inc		475		92
Kaman Corp		11,028		479
KAR Auction Services Inc *		2,303		42
Kelly Services Inc, Cl A		2,214		48
Kennametal Inc		1,343		38
Kforce Inc		444		33
Kimball International, Cl B		4,936		42
Kirby Corp *		1,032		75
Knight-Swift Transportation Holdings Inc, Cl A		1,357		68
Korn Ferry		1,193		77
Landstar System Inc		83		13
Lennox International Inc		44		11
Lincoln Electric Holdings Inc		1,027		142
Lindsay Corp		91		14
Lyft Inc, Cl A *		240		9
ManpowerGroup Inc		3,586		337
Marten Transport Ltd		3,469		62
Masco Corp		245		12
Matson Inc		1,273		154
Maxar Technologies Inc		10,873		429
McGrath RentCorp		666		57
MDU Resources Group Inc		386		10
Meritor Inc *		2,088		74
Middleby Corp/The *		103		17
MillerKnoll Inc		2,900		100
MRC Global Inc *		3,597		43
MSA Safety Inc		392		52
MSC Industrial Direct Co Inc, Cl A		1,115		95
Nordson Corp		600		136
Norfolk Southern Corp		2,628		750
NOW Inc *		4,359		48
NV5 Global Inc *		202		27
Old Dominion Freight Line Inc		516		154
Omega Flex Inc		70		9
Oshkosh Corp		2,762		278
Otis Worldwide Corp		2,457		189
Owens Corning		4,958		454
PACCAR Inc		1,403		124
Parker-Hannifin Corp		1,231		349
Parsons Corp *		1,198		46
Pitney Bowes Inc		11,792		61
Plug Power Inc *		4,368		125
Proto Labs Inc *		91		5
Quanta Services Inc		2,291		302
RBC Bearings Inc *		64		12
Regal Rexnord		1,068		159
Republic Services Inc, Cl A		599		79
Resideo Technologies Inc *		448		11

10

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Robert Half International Inc		806	$	92
Rockwell Automation Inc		1,620		454
Rollins Inc		3,532		124
Roper Technologies Inc		745		352
Ryder System Inc		1,425		113
Saia Inc *		96		23
Schneider National Inc, Cl B		521		13
Shoals Technologies Group, Cl A *		3,675		63
Shyft Group Inc/The		429		15
Simpson Manufacturing Co Inc		643		70
Snap-on Inc		318		65
Southwest Airlines Co *		2,055		94
SP Plus Corp *		1,169		37
Spirit AeroSystems Holdings Inc, Cl A		10,141		496
Spirit Airlines Inc *		1,221		27
SPX Corp *		999		49
SPX FLOW Inc		203		18
Stanley Black & Decker Inc		1,349		189
Steelcase Inc, Cl A		2,620		31
Stericycle Inc *		179		11
Sunrun Inc *		1,979		60
Team *		20,250		45
Tennant Co		639		50
Terex Corp		341		12
Tetra Tech Inc		564		93
Timken Co/The		204		12
Toro Co/The		1,175		100
TPI Composites Inc *		472		7
TransUnion		135		14
Trex Co Inc *		1,134		74
Trinity Industries Inc		511		18
Triton International		827		58
Triumph Group Inc *		1,853		47
TrueBlue Inc *		2,106		61
Uber Technologies Inc *		15,289		546
UFP Industries Inc		196		15
UniFirst Corp/MA		235		43
Union Pacific Corp		7,120		1,945
United Airlines Holdings Inc *		289		13
United Parcel Service Inc, Cl B		9,195		1,972
United Rentals Inc *		1,692		601
Univar Solutions Inc *		476		15
US Ecology Inc *		900		43
Valmont Industries Inc		76		18
Verisk Analytics Inc, Cl A		1,729		371
Virgin Galactic Holdings Inc *		6,746		67
Wabash National Corp		3,217		48
Waste Management Inc		6,467		1,025
Watsco Inc		52		16
Watts Water Technologies Inc, Cl A		507		71
Welbilt Inc *		3,137		75
WESCO International Inc *		3,661		476

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Westinghouse Air Brake Technologies Corp		465	$	45
WillScot Mobile Mini Holdings Corp, Cl A *		590		23
Woodward Inc		139		17
WW Grainger Inc		3,615		1,865
XPO Logistics Inc *		1,041		76
Xylem Inc/NY		13,846		1,181
				41,742
Information Technology — 27.9%
8x8 Inc *		2,725		34
ACI Worldwide Inc *		1,373		43
Adobe Inc *		8,356		3,807
ADTRAN Inc		979		18
Advanced Energy Industries Inc		725		62
Advanced Micro Devices Inc *		18,853		2,061
Agilysys Inc *		323		13
Akamai Technologies Inc *		7,949		949
Akoustis Technologies Inc *		2,669		17
Alarm.com Holdings Inc *		1,192		79
Altair Engineering Inc, Cl A *		269		17
Alteryx Inc, Cl A *		635		45
Ambarella Inc *		160		17
Amdocs Ltd		3,632		299
Amkor Technology Inc		3,864		84
Amphenol Corp, Cl A		4,016		303
Analog Devices Inc		5,627		929
Anaplan Inc *		217		14
ANSYS Inc *		683		217
Appian Corp, Cl A *		1,246		76
Apple Inc		196,997		34,398
Applied Materials Inc		10,761		1,418
Arista Networks Inc *		3,072		427
Arrow Electronics Inc *		2,550		303
Aspen Technology Inc *		413		68
Autodesk Inc *		3,559		763
Automatic Data Processing Inc		11,979		2,726
Avaya Holdings Corp *		4,140		52
Avnet Inc		325		13
Axcelis Technologies Inc *		2,104		159
Badger Meter Inc		775		77
Belden Inc		900		50
Benchmark Electronics Inc		1,447		36
Bill.com Holdings Inc *		1,644		373
Black Knight Inc *		1,569		91
Blackbaud Inc *		629		38
Blackline Inc *		185		14
Block, Cl A *		4,127		560
Bottomline Technologies DE Inc *		943		53
Box Inc, Cl A *		539		16
Bread Financial Holdings		1,335		75
Broadcom Inc		4,607		2,901
Broadridge Financial Solutions Inc		720		112
Cadence Design Systems Inc *		2,046		336

New Covenant Funds/ Quarterly Report /March 31, 2022

11

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cass Information Systems Inc		865	$	32
CDK Global Inc		1,636		80
CDW Corp/DE		806		144
Cerence Inc *		493		18
Ceridian HCM Holding Inc *		792		54
Ciena Corp *		1,223		74
Cirrus Logic Inc *		640		54
Cisco Systems Inc		64,863		3,617
Citrix Systems Inc		100		10
Cloudflare, Cl A *		1,522		182
CMC Materials		373		69
Cognex Corp		203		16
Cognizant Technology Solutions Corp, Cl A		8,315		746
Coherent Inc *		626		171
Cohu Inc *		2,351		70
CommScope Holding Co Inc *		7,086		56
CommVault Systems Inc *		219		15
Consensus Cloud Solutions *		180		11
Corning Inc		6,104		225
Coupa Software Inc *		970		99
Crowdstrike Holdings Inc, Cl A *		1,523		346
CSG Systems International Inc		965		61
CTS Corp		1,735		61
Datadog Inc, Cl A *		1,589		241
Dell Technologies Inc, Cl C		4,108		206
Diebold Nixdorf Inc *		4,695		32
Digital Turbine Inc *		4,674		205
DocuSign Inc, Cl A *		1,618		173
Dolby Laboratories Inc, Cl A		731		57
Domo Inc, Cl B *		297		15
Dropbox Inc, Cl A *		2,914		68
Dynatrace Inc *		465		22
Ebix Inc		299		10
Elastic NV *		183		16
Enphase Energy Inc *		2,963		598
Entegris Inc		980		129
Envestnet Inc *		717		53
EPAM Systems Inc *		1,434		425
Euronet Worldwide Inc *		74		10
Everbridge Inc *		1,814		79
EVERTEC Inc		1,569		64
ExlService Holdings Inc *		136		19
Extreme Networks Inc *		6,878		84
F5 Networks Inc *		578		121
Fair Isaac Corp *		299		139
Fastly Inc, Cl A *		905		16
Fidelity National Information Services Inc		7,874		791
First Solar Inc *		3,538		296
Fiserv Inc *		5,664		574
Five9 Inc *		93		10
FleetCor Technologies Inc *		277		69
FormFactor Inc *		353		15

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fortinet Inc *		907	$	310
Gartner *		159		47
Genpact Ltd		6,870		299
Global Payments Inc		2,965		406
Globant SA *		271		71
GoDaddy Inc, Cl A *		1,102		92
Guidewire Software Inc *		109		10
Hackett Group Inc/The		3,129		72
HubSpot Inc *		322		153
Ichor Holdings Ltd *		486		17
II-VI Inc *		224		16
Infinera Corp *		6,579		57
Inseego Corp *		7,132		29
Insight Enterprises Inc *		132		14
Intel Corp		53,557		2,654
Intelligent Systems Corp *		1,128		31
InterDigital Inc		917		59
International Business Machines Corp		13,123		1,706
Intuit Inc		3,714		1,786
IPG Photonics Corp *		558		61
Itron Inc *		588		31
Jabil Inc		6,948		429
Jack Henry & Associates Inc		636		125
Juniper Networks Inc		7,826		291
Keysight Technologies Inc *		10,325		1,631
KLA Corp		1,904		697
Knowles Corp *		2,314		50
Kulicke & Soffa Industries		764		43
Kyndryl Holdings *		2,624		34
Lam Research Corp		3,493		1,878
Lattice Semiconductor Corp *		369		23
Littelfuse Inc		60		15
Lumentum Holdings Inc *		660		64
Mandiant *		5,502		123
Manhattan Associates Inc *		1,278		177
Marathon Digital Holdings *		3,468		97
Marvell Technology		7,143		512
Mastercard Inc, Cl A		12,101		4,325
Maximus		682		51
Microchip Technology Inc		3,873		291
Micron Technology Inc		11,221		874
Microsoft Corp		99,587		30,704
MicroStrategy Inc, Cl A *		69		34
MicroVision *		2,858		13
MKS Instruments Inc		103		15
MongoDB Inc, Cl A *		574		255
Monolithic Power Systems Inc		64		31
N-Able *		317		3
National Instruments Corp		2,353		96
NCR Corp *		334		13
NetApp Inc		2,936		244
NetScout Systems Inc *		2,073		67

12

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NortonLifeLock Inc		13,065	$	347
Novanta Inc *		98		14
Nutanix Inc, Cl A *		359		10
NVIDIA Corp		35,018		9,555
NXP Semiconductors NV		2,171		402
Okta Inc, Cl A *		812		123
ON Semiconductor Corp *		9,649		604
Oracle Corp		24,339		2,014
OSI Systems Inc *		497		42
PagerDuty Inc *		1,821		62
Palantir Technologies, Cl A *		12,031		165
Palo Alto Networks Inc *		675		420
Paychex Inc		2,612		356
Paycom Software Inc *		194		67
Paylocity Holding Corp *		417		86
PayPal Holdings Inc *		16,718		1,933
Pegasystems Inc		150		12
Perficient Inc *		1,142		126
Photronics Inc *		3,197		54
Plantronics Inc *		1,930		76
Power Integrations Inc		196		18
Priority Technology Holdings *		10,659		61
Progress Software Corp		1,206		57
PROS Holdings Inc *		818		27
PTC Inc *		677		73
Pure Storage Inc, Cl A *		685		24
Qorvo Inc *		100		12
QUALCOMM Inc		17,833		2,725
Qualys Inc *		591		84
Rambus Inc *		3,633		116
Rapid7 Inc *		393		44
RingCentral Inc, Cl A *		699		82
Riot Blockchain *		3,379		72
Rogers Corp *		392		107
Sabre Corp *		506		6
Salesforce *		16,945		3,598
Sanmina Corp *		1,459		59
ScanSource Inc *		1,292		45
Semtech Corp *		1,000		69
ServiceNow Inc *		2,243		1,249
Silicon Laboratories Inc *		437		66
Skyworks Solutions Inc		308		41
Smartsheet Inc, Cl A *		266		15
Snowflake, Cl A *		1,742		399
SolarWinds		317		4
Splunk Inc *		1,357		202
Sprout Social, Cl A *		832		67
SPS Commerce Inc *		152		20
Switch Inc, Cl A		779		24
Synaptics Inc *		142		28
SYNNEX Corp		387		40
Synopsys Inc *		1,083		361

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
TD SYNNEX Corp		387	$	64
Teledyne Technologies Inc *		997		471
Teradata Corp *		4,437		219
Teradyne Inc		4,784		566
Texas Instruments Inc		10,356		1,900
Trade Desk Inc/The, Cl A *		8,290		574
Trimble Inc *		2,035		147
TTEC Holdings Inc		202		17
Tucows Inc, Cl A *		170		12
Twilio Inc, Cl A *		2,168		357
Tyler Technologies Inc *		393		175
Ubiquiti Inc		48		14
Unisys Corp *		689		15
Universal Display Corp		1,320		220
Upland Software Inc *		255		4
Varonis Systems Inc, Cl B *		327		16
Verint Systems Inc *		947		49
VeriSign Inc *		802		178
Verra Mobility Corp, Cl A *		3,479		57
ViaSat Inc *		693		34
Viavi Solutions Inc *		3,355		54
Visa Inc, Cl A		21,213		4,704
VMware Inc, Cl A		3,153		359
Western Digital Corp *		2,423		120
Western Union Co/The		425		8
WEX Inc *		55		10
Wix.com *		342		36
Wolfspeed *		248		28
Workday Inc, Cl A *		2,079		498
Workiva Inc, Cl A *		1,224		144
Xerox Holdings Corp		4,697		95
Xperi Holding Corp		2,351		41
Zebra Technologies Corp, Cl A *		438		181
Zendesk Inc *		152		18
Zoom Video Communications Inc, Cl A *		2,001		235
Zscaler Inc *		786		190
Zuora Inc, Cl A *		3,498		52
				154,142
Materials — 2.9%
AdvanSix		1,143		58
Air Products and Chemicals Inc		4,688		1,172
Albemarle Corp		384		85
Alcoa Corp		5,657		509
Allegheny Technologies Inc *		2,362		63
AptarGroup Inc		1,944		228
Arconic Corp *		1,844		47
Ashland Global Holdings Inc		152		15
Avery Dennison Corp		88		15
Axalta Coating Systems Ltd *		7,963		196
Balchem Corp		107		15
Ball Corp		14,154		1,274
Berry Global Group Inc *		4,123		239

New Covenant Funds/ Quarterly Report /March 31, 2022

13

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cabot Corp		238	$	16
Carpenter Technology Corp		1,006		42
Celanese Corp, Cl A		93		13
CF Industries Holdings Inc		1,066		110
Chemours Co/The		2,832		89
Cleveland-Cliffs Inc *		11,888		383
Coeur Mining Inc *		6,945		31
Compass Minerals International Inc		851		53
Corteva Inc		3,856		222
Crown Holdings Inc		6,925		866
Dow Inc		6,392		407
DuPont de Nemours Inc		3,212		236
Eagle Materials Inc		126		16
Eastman Chemical Co		9,101		1,020
Ecolab Inc		2,293		405
FMC Corp		2,400		316
Freeport-McMoRan Inc		27,003		1,343
Graphic Packaging Holding Co		681		14
Greif, Cl B		839		54
Greif Inc, Cl A		1,122		73
HB Fuller Co		976		64
Huntsman Corp		475		18
Ingevity Corp *		563		36
Innospec Inc		499		46
International Flavors & Fragrances Inc		2,307		303
International Paper Co		360		17
Livent Corp *		5,807		151
Louisiana-Pacific Corp		1,740		108
LyondellBasell Industries NV, Cl A		2,182		224
Martin Marietta Materials Inc		397		153
Minerals Technologies Inc		182		12
Mosaic Co/The		3,590		239
Neenah Inc		693		28
Newmont Corp		21,956		1,744
Novagold Resources Inc *		1,266		10
Nucor Corp		1,510		224
Packaging Corp of America		101		16
PPG Industries Inc		2,274		298
Quaker Chemical Corp		55		10
Reliance Steel & Aluminum Co		412		76
Royal Gold Inc		512		72
Scotts Miracle-Gro Co/The		163		20
Sealed Air Corp		293		20
Sensient Technologies Corp		161		14
Sherwin-Williams Co/The		4,705		1,174
Sonoco Products Co		185		12
Southern Copper Corp		272		21
Steel Dynamics Inc		2,648		221
Stepan Co		138		14
Summit Materials Inc, Cl A *		440		14
Sylvamo *		32		1
TriMas Corp		1,583		51

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Trinseo		1,345	$	64
United States Lime & Minerals Inc		98		11
United States Steel Corp		3,709		140
Valvoline Inc		11,216		354
Vulcan Materials Co		665		122
Warrior Met Coal Inc		2,378		88
Westlake		137		17
Westrock Co		3,989		188
Worthington Industries Inc		1,149		59
				16,079
Real Estate — 3.7%
Acadia Realty Trust ‡		1,946		42
Agree Realty Corp ‡		736		49
Alexander & Baldwin Inc ‡		2,342		54
Alexandria Real Estate Equities Inc ‡		1,497		301
American Campus Communities Inc ‡		252		14
American Homes 4 Rent, Cl A ‡		375		15
American Tower Corp, Cl A ‡		5,189		1,304
Apartment Income ‡		304		16
Apartment Investment and Management, Cl A ‡		1,711		13
Apple Hospitality Inc ‡		718		13
AvalonBay Communities Inc ‡		3,261		810
Boston Properties Inc ‡		1,468		189
Brandywine Realty Trust ‡		14,492		205
Brixmor Property Group Inc ‡		4,703		121
Camden Property Trust ‡		125		21
CareTrust Inc ‡		2,438		47
CBRE Group Inc, Cl A *		19,071		1,745
Community Healthcare Trust Inc ‡		1,136		48
Corporate Office Properties Trust ‡		7,752		221
Cousins Properties Inc ‡		289		12
Crown Castle International Corp ‡		4,174		771
CubeSmart ‡		377		20
DiamondRock Hospitality Co *‡		4,575		46
Digital Realty Trust Inc ‡		2,674		379
Diversified Healthcare Trust ‡		6,702		21
Douglas Emmett Inc ‡		448		15
Duke Realty Corp ‡		2,798		162
Empire State Realty Trust Inc, Cl A ‡		5,592		55
EPR Properties ‡		735		40
Equinix Inc ‡		1,035		768
Equity Commonwealth *‡		846		24
Equity LifeStyle Properties Inc ‡		167		13
Equity Residential ‡		3,485		313
Essential Properties Realty Trust Inc ‡		2,028		51
Essex Property Trust Inc ‡		454		157
eXp World Holdings		2,641		56
Extra Space Storage Inc ‡		811		167
Federal Realty Investment Trust		664		81
First Industrial Realty Trust Inc ‡		263		16
Four Corners Property Trust Inc ‡		1,848		50

14

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Continued)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Franklin Street Properties Corp ‡		5,897	$	35
Gaming and Leisure Properties Inc ‡		283		13
Global Net Lease Inc ‡		2,484		39
Healthcare Trust of America Inc, Cl A ‡		392		12
Healthpeak Properties Inc ‡		9,384		322
Highwoods Properties Inc ‡		247		11
Host Hotels & Resorts Inc ‡		17,568		341
Howard Hughes Corp/The *		795		82
Hudson Pacific Properties Inc ‡		2,475		69
Industrial Logistics Properties Trust ‡		516		12
Innovative Industrial Properties, Cl A ‡		59		12
Invitation Homes Inc ‡		1,509		61
Iron Mountain Inc ‡		5,996		332
JBG SMITH Properties ‡		2,065		60
Jones Lang LaSalle Inc *		1,270		304
Kilroy Realty Corp ‡		4,516		345
Kimco Realty Corp ‡		5,716		141
Kite Realty Group Trust ‡		3,286		75
Lamar Advertising Co, Cl A ‡		1,059		123
Life Storage Inc ‡		165		23
LTC Properties Inc ‡		1,142		44
LXP Industrial Trust‡		966		15
Macerich Co/The ‡		5,508		86
Marcus & Millichap Inc		1,380		73
Medical Properties Trust Inc ‡		2,513		53
Mid-America Apartment Communities Inc ‡		318		67
National Health Investors Inc ‡		635		37
Necessity Retail REIT ‡		3,743		30
Newmark Group Inc, Cl A		3,753		60
Office Properties Income Trust ‡		1,618		42
Omega Healthcare Investors Inc ‡		1,229		38
Orion Office ‡		124		2
Outfront Media Inc ‡		1,951		55
Paramount Group Inc ‡		5,922		65
Park Hotels & Resorts Inc ‡		1,996		39
Pebblebrook Hotel Trust ‡		1,899		47
Physicians Realty Trust ‡		2,753		48
Piedmont Office Realty Trust Inc, Cl A ‡		2,333		40
PotlatchDeltic Corp ‡		231		12
Prologis Inc ‡		19,189		3,099
Public Storage ‡		1,177		459
Rayonier Inc ‡		1,593		66
RE/MAX Holdings Inc, Cl A		1,292		36
Realogy Holdings Corp *		4,621		72
Realty Income Corp ‡		3,295		228
Redfin Corp *		458		8
Regency Centers Corp ‡		23,271		1,660
Rexford Industrial Realty Inc ‡		241		18
RLJ Lodging Trust ‡		2,849		40
RMR Group Inc/The, Cl A		1,095		34
RPT Realty ‡		3,429		47
Ryman Hospitality Properties Inc *‡		577		54

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sabra Health Care REIT Inc ‡		2,410	$	36
Safehold Inc ‡		226		13
SBA Communications Corp, Cl A ‡		684		235
Service Properties Trust ‡		483		4
Simon Property Group Inc ‡		3,706		488
SITE Centers Corp ‡		3,734		62
SL Green Realty ‡		2,468		200
Spirit Realty Capital Inc ‡		237		11
St Joe Co/The		460		27
STAG Industrial Inc ‡		359		15
STORE Capital Corp ‡		2,555		75
Summit Hotel Properties Inc *‡		4,173		42
Tanger Factory Outlet Centers Inc ‡		3,357		58
UDR Inc ‡		250		14
Uniti Group Inc ‡		1,247		17
Urban Edge Properties ‡		2,679		51
Urstadt Biddle Properties Inc, Cl A ‡		2,126		40
Ventas Inc ‡		3,279		203
VICI Properties Inc ‡		2,012		57
Vornado Realty Trust ‡		2,903		132
Washington Real Estate Investment Trust ‡		1,705		44
Welltower Inc ‡		4,270		411
Weyerhaeuser Co ‡		17,005		645
WP Carey Inc ‡		149		12
Xenia Hotels & Resorts Inc *‡		2,347		45
Zillow Group Inc, Cl C *		1,112		55
				20,523
Utilities — 2.4%
AES Corp/The		5,282		136
ALLETE Inc		620		42
Alliant Energy Corp		213		13
Ameren Corp		506		47
American Electric Power Co Inc		5,930		592
American States Water Co		580		52
American Water Works Co Inc		2,717		450
Atmos Energy Corp		461		55
Avangrid Inc		1,720		80
CenterPoint Energy Inc		434		13
Clearway Energy Inc, Cl C		456		17
CMS Energy Corp		20,708		1,448
Consolidated Edison Inc		3,086		292
Constellation Energy		3,696		208
Dominion Energy Inc		6,888		585
DTE Energy Co		124		16
Duke Energy Corp		7,493		837
Edison International		3,288		231
Entergy Corp		2,276		266
Essential Utilities Inc		331		17
Evergy Inc		180		12
Eversource Energy		10,983		969
Exelon Corp		11,090		528
FirstEnergy Corp		419		19

New Covenant Funds/ Quarterly Report /March 31, 2022

15

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hawaiian Electric Industries Inc		249	$	11
IDACORP Inc		108		13
MGE Energy Inc		631		50
National Fuel Gas Co		245		17
New Jersey Resources Corp		1,111		51
NextEra Energy Inc		27,072		2,293
NiSource Inc		419		13
Northwest Natural Holding Co		699		36
NRG Energy Inc		323		12
OGE Energy Corp		261		11
Ormat Technologies Inc		644		53
PG&E Corp *		692		8
Pinnacle West Capital Corp		2,640		206
PNM Resources Inc		975		47
Portland General Electric Co		894		49
PPL Corp		908		26
Public Service Enterprise Group Inc		2,425		170
Sempra Energy		2,048		344
SJW Group		716		50
South Jersey Industries Inc		1,556		54
Southern Co/The		13,370		969
Sunnova Energy International Inc *		4,480		103
UGI Corp		253		9
Vistra Corp		2,088		49
WEC Energy Group Inc		1,160		116
Xcel Energy Inc		21,147		1,526
				13,211
				558,217
Total Common Stock
(Cost $280,553) ($ Thousands)				558,217
FOREIGN COMMON STOCK — 2.3%
Ireland — 1.1%
Accenture PLC, Cl A		11,297		3,810
Jazz Pharmaceuticals PLC *		616		96
Medtronic PLC		19,976		2,216
Perrigo Co PLC		211		8
				6,130
United Kingdom — 1.2%
Adient PLC *		732		30
Alkermes PLC *		2,433		64
Allegion PLC		855		94
Amcor PLC		4,821		55
Aon PLC, Cl A		3,101		1,010
Aptiv PLC *		3,490		418
Atlassian Corp PLC, Cl A *		1,043		306
Cimpress PLC *		398		25
Cushman & Wakefield PLC *		2,593		53
Eaton Corp PLC		13,217		2,006

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Gates Industrial Corp PLC *		886	$	13
Horizon Therapeutics PLC *		1,437		151
Johnson Controls International PLC		8,308		545
LivaNova PLC *		657		54
Nielsen Holdings PLC		7,584		206
nVent Electric PLC		457		16
Pentair PLC		245		13
Sensata Technologies Holding PLC *		4,273		217
STERIS PLC		1,716		415
Trane Technologies PLC		1,779		272
Tronox Holdings PLC		4,385		87
Willis Towers Watson PLC		907		214
				6,264
Total Foreign Common Stock
(Cost $6,213) ($ Thousands)				12,394
CASH EQUIVALENT — 1.5%
SEI Daily Income Trust, Government Fund, Cl F
0.108%**†		8,379,291		8,379
Total Cash Equivalent
(Cost $8,379) ($ Thousands)				8,379
Total Investments in Securities — 104.9%
(Cost $295,145) ($ Thousands)			$	578,990

16

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Growth Fund (Concluded)

A list of the open futures held by the Fund at March 31, 2022 are as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation (Thousands)
Long Contracts
Russell 2000 Index E-MINI		10		Jun-2022	$	1,011	$	1,033	$	22
S&P 500 Index E-MINI		34		Jun-2022		7,224		7,702		478
					$	8,235	$	8,735	$	500

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

	Percentages are based on Net Assets of $552,058 ($ Thousands).
†	Investment in Affiliated Security.
‡	Real Estate Investment Trust.
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of March 31, 2022.
(A)	Security is a Master Limited Partnership. At March 31, 2022, such securities amounted to $80 ($ 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 March 31, 2022, 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		558,217		–		–		558,217
Foreign Common Stock		12,394		–		–		12,394
Cash Equivalent		8,379		–		–		8,379
Total Investments in Securities		578,990		–		–		578,990

Other Financial Instruments	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		500		–		–		500
Total Other Financial Instruments		500		–		–		500

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

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 March 31, 2022 ($ Thousands):

Security Description	Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)		Value 3/31/2022		Shares		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	7,003	$	51,211	$	(49,835	)	$	—	$	—	$	8,379		8,379,291	$	—	$	—

Amounts designated as " --" are either $0 or have been rounded to $0.

New Covenant Funds/ Quarterly Report /March 31, 2022

17

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 39.2%
Agency Mortgage-Backed Obligations — 30.2%
FHLMC
6.500%, 12/01/2035 to 09/01/2039	$	469	$	504
6.000%, 03/01/2035		740		821
5.500%, 12/01/2036 to 12/01/2038		143		157
5.000%, 05/01/2022 to 01/01/2049		671		724
4.500%, 06/01/2038 to 07/01/2049		3,095		3,269
4.000%, 07/01/2037 to 07/01/2050		2,759		2,860
3.500%, 04/01/2033 to 02/01/2051		3,059		3,101
3.089%, ICE LIBOR USD 12 Month + 1.623%, 02/01/2050(A)		151		152
3.012%, ICE LIBOR USD 12 Month + 1.628%, 11/01/2048(A)		464		466
3.000%, 09/01/2032 to 01/01/2052		4,572		4,520
2.872%, ICE LIBOR USD 12 Month + 1.619%, 11/01/2047(A)		150		151
2.500%, 08/01/2030 to 03/01/2052		4,842		4,672
2.433%, ICE LIBOR USD 12 Month + 1.630%, 09/01/2047(A)		391		401
2.000%, 10/01/2032 to 02/01/2052		2,380		2,224
1.906%, ICE LIBOR USD 12 Month + 1.597%, 06/01/2047(A)		471		485
1.894%, ICE LIBOR USD 12 Month + 1.626%, 10/01/2046(A)		712		733
1.500%, 10/01/2041 to 11/01/2041		621		563
FHLMC CMO, Ser 2011-3947, Cl SG, IO
5.553%, 10/15/2041(A)		95		13
FHLMC CMO, Ser 2012-4057, Cl UI, IO
3.000%, 05/15/2027		57		2
FHLMC CMO, Ser 2012-4085, Cl IO, IO
3.000%, 06/15/2027		121		5
FHLMC CMO, Ser 2012-4099, Cl ST, IO
5.603%, 08/15/2042(A)		52		8
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		58		9
FHLMC CMO, Ser 2013-4203, Cl PS, IO
5.853%, 09/15/2042(A)		81		9
FHLMC CMO, Ser 2014-4310, Cl SA, IO
5.553%, 02/15/2044(A)		24		3
FHLMC CMO, Ser 2014-4335, Cl SW, IO
5.603%, 05/15/2044(A)		47		7
FHLMC CMO, Ser 2014-4415, Cl IO, IO
1.570%, 04/15/2041(A)		25		1
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1515, Cl X1, IO
1.512%, 02/25/2035(A)		2,293		319
FHLMC Multifamily Structured Pass-Through Certificates, Ser 1516, Cl X1, IO
1.512%, 05/25/2035(A)		846		128
FHLMC Multifamily Structured Pass-Through Certificates, Ser K118, Cl X1, IO
0.960%, 09/25/2030(A)		5,724		381

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K140, Cl A2
2.250%, 01/25/2032	$	1,098	$	1,040
FHLMC Multifamily Structured Pass-Through Certificates, Ser K-1517, Cl X1, IO
1.330%, 07/25/2035(A)		240		32
FHLMC Multifamily Structured Pass-Through Certificates, Ser K740, Cl X1, IO
0.758%, 09/25/2027(A)		7,963		282
FHLMC STACR Debt Notes, Ser 2022-DNA2, Cl M1A
1.399%, SOFR30A + 1.300%, 02/25/2042(A)(B)		236		235
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
1.599%, SOFR30A + 1.500%, 10/25/2041(A)(B)		230		219
FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1B
1.949%, SOFR30A + 1.850%, 01/25/2042(A)(B)		420		396
FHLMC, Ser 2014-334, Cl S7, IO
5.703%, 08/15/2044(A)		26		4
FHLMC, Ser 2016-353, Cl S1, IO
5.603%, 12/15/2046(A)		81		12
FHLMC, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		35		34
FHLMC, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		147		22
FHLMC, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		260		44
FHLMC, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		91		15
FHLMC, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		91		13
FNMA
7.000%, 11/01/2037 to 11/01/2038		17		18
6.500%, 01/01/2038 to 05/01/2040		117		130
6.000%, 07/01/2037 to 07/01/2041		79		88
5.500%, 02/01/2035		72		79
5.000%, 11/01/2025 to 12/01/2049		2,190		2,342
4.500%, 02/01/2035 to 08/01/2058		5,224		5,491
4.000%, 06/01/2025 to 06/01/2057		9,252		9,587
3.500%, 04/01/2033 to 03/01/2057		10,361		10,499
3.468%, 03/01/2030		118		122
3.450%, 03/01/2029		58		60
3.250%, 05/01/2029		79		81
3.000%, 07/01/2035 to 03/01/2052		15,818		15,647
2.930%, 06/01/2030		97		97
2.790%, 08/01/2029		200		199
2.500%, 03/01/2035 to 03/01/2052		14,227		13,737
2.393%, 01/01/2036(A)		21		21

18

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
2.260%, 04/01/2030	$	96	$	93
2.150%, 02/01/2032(A)		300		280
2.068%, ICE LIBOR USD 12 Month + 1.700%, 03/01/2036(A)		19		19
2.000%, 07/01/2031 to 03/01/2052		10,835		10,143
1.765%, ICE LIBOR USD 12 Month + 1.428%, 05/01/2043(A)		149		152
1.500%, 12/01/2035		89		84
FNMA CMO, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		324		348
FNMA CMO, Ser 2012-93, Cl UI, IO
3.000%, 09/25/2027		176		9
FNMA CMO, Ser 2014-47, Cl AI, IO
1.611%, 08/25/2044(A)		66		3
FNMA CMO, Ser 2015-55, Cl IO, IO
1.402%, 08/25/2055(A)		17		1
FNMA CMO, Ser 2015-56, Cl AS, IO
5.693%, 08/25/2045(A)		36		6
FNMA Connecticut Avenue Securities Trust, Ser 2014-C04, Cl 1M2
5.357%, ICE LIBOR USD 1 Month + 4.900%, 11/25/2024(A)		101		104
FNMA Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2
1.749%, SOFR30A + 1.650%, 12/25/2041(A)(B)		440		416
FNMA TBA
4.000%, 06/15/2045 to 04/15/2051		500		507
3.500%, 05/15/2051 to 06/15/2051		4,000		3,986
3.000%, 04/01/2043 to 05/15/2051		1,800		1,761
2.500%, 04/01/2043 to 05/01/2043		3,000		2,861
FNMA, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		97		105
FNMA, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		5		–
FNMA, Ser 2012-409, Cl C18, IO
4.000%, 04/25/2042		10		2
FNMA, Ser 2013-124, Cl SB, IO
5.493%, 12/25/2043(A)		27		4
FNMA, Ser 2013-26, Cl HI, IO
3.000%, 04/25/2032		5		–
FNMA, Ser 2013-54, Cl BS, IO
5.693%, 06/25/2043(A)		23		4
FNMA, Ser 2013-73, Cl IA, IO
3.000%, 09/25/2032		40		3
FNMA, Ser 2017-76, Cl SB, IO
5.643%, 10/25/2057(A)		145		27
FNMA, Ser 2017-85, Cl SC, IO
5.743%, 11/25/2047(A)		75		11
FNMA, Ser 2019-M19, Cl A2
2.560%, 09/25/2029		79		78

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA, Ser 2020-47, Cl GZ
2.000%, 07/25/2050	$	104	$	83
FNMA, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		85		14
FNMA, Ser 2021-1, Cl IG, IO
2.500%, 02/25/2051		183		30
FNMA, Ser 2021-61, Cl KI, IO
2.500%, 04/25/2049		586		88
FRESB Mortgage Trust, Ser 2018-SB48, Cl A10F
3.345%, 02/25/2028(A)		504		494
FRESB Mortgage Trust, Ser 2019-SB58, Cl A10F
3.610%, 10/25/2028(A)		795		788
GNMA
5.500%, 02/20/2037 to 01/15/2039		68		74
5.000%, 12/20/2038 to 10/20/2047		414		450
4.600%, 09/15/2034		1,087		1,175
4.500%, 05/20/2040 to 12/20/2050		1,804		1,908
4.000%, 01/15/2041 to 11/20/2049		1,577		1,641
3.500%, 06/20/2044 to 10/20/2050		1,561		1,587
3.000%, 09/15/2042 to 09/20/2051		928		922
2.500%, 02/20/2027 to 05/20/2051		1,614		1,576
2.000%, 12/20/2050 to 03/20/2051		413		394
GNMA CMO, Ser 2012-34, Cl SA, IO
5.601%, 03/20/2042(A)		20		3
GNMA CMO, Ser 2012-H18, Cl NA
0.626%, ICE LIBOR USD 1 Month + 0.520%, 08/20/2062(A)		91		91
GNMA CMO, Ser 2012-H30, Cl GA
0.456%, ICE LIBOR USD 1 Month + 0.350%, 12/20/2062(A)		406		404
GNMA CMO, Ser 2013-85, Cl IA, IO
0.272%, 03/16/2047(A)		886		8
GNMA CMO, Ser 2013-95, Cl IO, IO
0.525%, 04/16/2047(A)		980		15
GNMA CMO, Ser 2013-H01, Cl TA
0.606%, ICE LIBOR USD 1 Month + 0.500%, 01/20/2063(A)		1		1
GNMA CMO, Ser 2013-H08, Cl BF
0.506%, ICE LIBOR USD 1 Month + 0.400%, 03/20/2063(A)		378		376
GNMA CMO, Ser 2014-105, Cl IO, IO
0.123%, 06/16/2054(A)		67		2
GNMA CMO, Ser 2014-186, Cl IO, IO
0.391%, 08/16/2054(A)		228		3
GNMA CMO, Ser 2015-H20, Cl FA
0.576%, ICE LIBOR USD 1 Month + 0.470%, 08/20/2065(A)		205		204
GNMA TBA
4.000%, 06/01/2039		200		202
3.500%, 05/15/2041 to 06/15/2041		800		801

New Covenant Funds / Quarterly Report /March 31, 2022

19

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.000%, 05/01/2043 to 06/15/2051	$	1,800	$	1,773
GNMA, Ser 2013-107, Cl AD
2.764%, 11/16/2047(A)		47		46
GNMA, Ser 2013-H21, Cl FB
0.806%, ICE LIBOR USD 1 Month + 0.700%, 09/20/2063(A)		280		280
GNMA, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		54		9
GNMA, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		88		13
GNMA, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		87		12
GNMA, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		90		13
GNMA, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		181		24
GNMA, Ser 2020-181, Cl WI, IO
2.000%, 12/20/2050		438		46
GNMA, Ser 2020-H04, Cl FP
0.606%, ICE LIBOR USD 1 Month + 0.500%, 06/20/2069(A)		144		144
GNMA, Ser 2020-H09, Cl FL
1.599%, ICE LIBOR USD 1 Month + 1.150%, 05/20/2070(A)		77		79
GNMA, Ser 2020-H13, Cl FM
0.849%, ICE LIBOR USD 1 Month + 0.400%, 08/20/2070(A)		284		283
GNMA, Ser 2020-H13, Cl FA
0.899%, ICE LIBOR USD 1 Month + 0.450%, 07/20/2070(A)		453		450
GNMA, Ser 3, Cl IO, IO
0.641%, 02/16/2061(A)		997		63
				124,810
Non-Agency Mortgage-Backed Obligations — 9.0%
280 Park Avenue Mortgage Trust, Ser 2017-280P, Cl A
1.187%, ICE LIBOR USD 1 Month + 0.880%, 09/15/2034(A)(B)		130		129
Atrium Hotel Portfolio Trust, Ser 2017-ATRM, Cl C
2.047%, ICE LIBOR USD 1 Month + 1.650%, 12/15/2036(A)(B)		410		400
BANK, Ser 2021-BN36, Cl A5
2.470%, 09/15/2064		644		602
BBCMS Mortgage Trust, Ser 2021-C9, Cl A5
2.299%, 02/15/2054		563		518
Benchmark Mortgage Trust, Ser 2019-B12, Cl A5
3.116%, 08/15/2052		703		689

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Benchmark Mortgage Trust, Ser 2019-B15, Cl A5
2.928%, 12/15/2072	$	481	$	466
Benchmark Mortgage Trust, Ser 2021-B26, Cl A3
2.391%, 06/15/2054		604		573
BPR Trust, Ser 2021-TY, Cl B
1.547%, ICE LIBOR USD 1 Month + 1.150%, 09/15/2038(A)(B)		370		362
BRAVO Residential Funding Trust, Ser 2021-NQM2, Cl A1
0.970%, 03/25/2060(A)(B)		60		59
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
1.317%, ICE LIBOR USD 1 Month + 0.920%, 10/15/2036(A)(B)		922		918
BX Commercial Mortgage Trust, Ser 2021-VOLT, Cl A
1.097%, ICE LIBOR USD 1 Month + 0.700%, 09/15/2036(A)(B)		635		619
BX Commercial Mortgage Trust, Ser 2021-XL2, Cl A
1.086%, ICE LIBOR USD 1 Month + 0.689%, 10/15/2038(A)(B)		117		115
BX Commercial Mortgage Trust, Ser 2022-AHP, Cl A
1.291%, TSFR1M + 0.990%, 01/17/2039(A)(B)		630		622
BX Commercial Mortgage Trust, Ser 2022-LP2, Cl A
1.318%, TSFR1M + 1.013%, 02/15/2039(A)(B)		410		402
BX Trust, Ser 2022-LBA6, Cl A
1.301%, TSFR1M + 1.000%, 01/15/2039(A)(B)		110		108
CAMB Commercial Mortgage Trust, Ser 2022-LIFE, Cl A
1.467%, ICE LIBOR USD 1 Month + 1.070%, 12/15/2037(A)(B)		110		110
Cascade MH Asset Trust, Ser 2021-MH1, Cl A1
1.753%, 02/25/2046(B)		87		81
CIM Trust, Ser 2020-INV1, Cl A2
2.500%, 04/25/2050(A)(B)		206		201
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A
3.251%, 05/10/2035(B)		190		190
Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Cl AS
4.017%, 10/10/2047		100		101

20

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust, Ser 2016-P6, Cl AAB
3.512%, 12/10/2049	$	772	$	775
COLT Mortgage Loan Trust, Ser 2022-2, Cl A1
2.994%, 02/25/2067(B)		98		96
COMM Mortgage Trust, Ser 2012-CR5, Cl A4
2.771%, 12/10/2045		700		702
COMM Mortgage Trust, Ser 2012-CR5, Cl AM
3.223%, 12/10/2045(B)		590		591
COMM Mortgage Trust, Ser 2013-CR12, Cl C
5.063%, 10/10/2046(A)		10		10
COMM Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		20		20
COMM Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046(A)		20		20
COMM Mortgage Trust, Ser 2013-CR8, Cl A4
3.334%, 06/10/2046		99		100
Commercial Mortgage Trust, Ser 2022-LPFL, Cl A
1.447%, TSFR1M + 1.397%, 03/15/2039(A)(B)		410		408
Credit Suisse Mortgage Trust, Ser 2019-NQM1, Cl A3
3.064%, 10/25/2059(B)		276		270
CSMC Trust, Ser 2014-USA, Cl B
4.185%, 09/15/2037(B)		470		437
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(A)(B)		331		325
CSMC Trust, Ser 2021-NQM3, Cl A3
1.632%, 04/25/2066(A)(B)		206		197
CSMC Trust, Ser 2021-NQM5, Cl A1
0.938%, 05/25/2066(A)(B)		157		148
CSMC Trust, Ser 2021-NQM7, Cl A1
1.756%, 10/25/2066(A)(B)		129		122
CSMC Trust, Ser 2021-RPL3, Cl M3
3.868%, 01/25/2060(A)(B)		120		118
CSMC Trust, Ser 2021-RPL3, Cl A1
2.000%, 01/25/2060(A)(B)		287		278
CSMC Trust, Ser 2021-RPL6, Cl A1
2.000%, 10/25/2060(A)(B)		163		155
CSMC, Ser 2022-NQM1, Cl A1
2.265%, 11/25/2066(A)(B)		402		386
Deephaven Residential Mortgage Trust, Ser 2022-1, Cl A1
2.205%, 01/25/2067(A)(B)		335		321
Ellington Financial Mortgage Trust, Ser 2021-2, Cl A1
0.931%, 06/25/2066(A)(B)		351		328

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Ellington Financial Mortgage Trust, Ser 2022-1, Cl A1
2.206%, 01/25/2067(A)(B)	$	107	$	102
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048(A)(B)		8		8
GS Mortgage Securities II, Ser 2018-SRP5, Cl B
3.147%, ICE LIBOR USD 1 Month + 2.750%, 09/15/2031(A)(B)		404		328
GS Mortgage Securities II, Ser 2018-SRP5, Cl A
1.947%, ICE LIBOR USD 1 Month + 1.550%, 09/15/2031(A)(B)		582		525
GS Mortgage Securities Trust, Ser 2013-GC16, Cl B
5.161%, 11/10/2046(A)		80		80
GS Mortgage Securities Trust, Ser 2014-GC24, Cl A5
3.931%, 09/10/2047		511		515
GS Mortgage Securities Trust, Ser 2015-GC30, Cl A3
3.119%, 05/10/2050		955		941
GS Mortgage Securities Trust, Ser 2019-GC39, Cl A2
3.457%, 05/10/2052		520		518
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057(B)		182		183
GS Mortgage-Backed Securities Trust, Ser 2020-INV1, Cl A14
2.959%, 10/25/2050(A)(B)		315		302
HarborView Mortgage Loan Trust, Ser 2005-9, Cl 2A1B
1.189%, ICE LIBOR USD 1 Month + 0.740%, 06/20/2035(A)		155		152
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C15, Cl B
4.927%, 11/15/2045(A)		210		213
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B
4.886%, 01/15/2047(A)		30		30
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.554%, 09/15/2047(A)		80		75
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C25, Cl A5
3.672%, 11/15/2047		578		582
JPMDB Commercial Mortgage Securities Trust, Ser 2019-COR6, Cl A4
3.057%, 11/13/2052		537		524

New Covenant Funds / Quarterly Report /March 31, 2022

21

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

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	$	209	$	209
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-LC9, Cl AS
3.353%, 12/15/2047(B)		380		380
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2015-FL7, Cl D
4.147%, ICE LIBOR USD 1 Month + 3.750%, 05/15/2028(A)(B)		115		106
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2021-NYAH, Cl D
1.937%, ICE LIBOR USD 1 Month + 1.540%, 06/15/2038(A)(B)		520		506
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2022-ACB, Cl A
1.450%, SOFR30A + 1.400%, 03/15/2039(A)(B)		300		299
JPMorgan Mortgage Trust, Ser 2015-5, Cl A9
2.266%, 05/25/2045(A)(B)		37		38
JPMorgan Mortgage Trust, Ser 2018-3, Cl A1
3.500%, 09/25/2048(A)(B)		108		108
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048(A)(B)		72		71
JPMorgan Mortgage Trust, Ser 2021-3, Cl A3
2.500%, 07/25/2051(A)(B)		698		646
MAD Mortgage Trust, Ser 2017-330M, Cl A
2.976%, 08/15/2034(A)(B)		220		215
Metlife Securitization Trust, Ser 2020-INV1, Cl A2A
2.500%, 05/25/2050(A)(B)		317		305
Mill City Mortgage Loan Trust, Ser 2019-1, Cl A1
3.250%, 10/25/2069(A)(B)		226		224
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C5, Cl A4
3.176%, 08/15/2045		1,230		1,230
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl A4
3.102%, 05/15/2046		714		713
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C24, Cl A4
3.732%, 05/15/2048		473		477
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5
3.635%, 10/15/2048		510		513

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2017-C34, Cl ASB
3.354%, 11/15/2052	$	615	$	616
Morgan Stanley Capital I Trust, Ser 2015-UBS8, Cl A4
3.809%, 12/15/2048		732		740
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
1.797%, ICE LIBOR USD 1 Month + 1.400%, 05/15/2036(A)(B)		320		316
MSCG Trust, Ser 2015-ALDR, Cl A2
3.462%, 06/07/2035(A)(B)		410		395
Natixis Commercial Mortgage Securities Trust, Ser 2019-FAME, Cl B
3.655%, 08/15/2036(B)		410		392
New Residential Mortgage Loan Trust, Ser 2018-RPL1, Cl M2
3.500%, 12/25/2057(A)(B)		240		233
New Residential Mortgage Loan Trust, Ser 2019-4A, Cl A1B
3.500%, 12/25/2058(A)(B)		199		198
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B1
4.000%, 09/25/2059(A)(B)		212		214
New Residential Mortgage Loan Trust, Ser 2019-6A, Cl B2
4.250%, 09/25/2059(A)(B)		212		214
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(B)		124		123
New Residential Mortgage Loan Trust, Ser 2019-RPL3, Cl A1
2.750%, 07/25/2059(A)(B)		220		215
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A1
1.156%, 11/27/2056(A)(B)		126		120
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056(A)(B)		81		78
Oak Street Investment Grade Net Lease Fund, Ser 2021-1A, Cl A1
1.480%, 01/20/2051(B)		963		896
OBX Trust, Ser 2021-NQM2, Cl A3
1.563%, 05/25/2061(A)(B)		255		240
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061(A)(B)		309		291
OBX Trust, Ser 2021-NQM3, Cl A1
1.054%, 07/25/2061(A)(B)		170		160
OBX Trust, Ser 2022-NQM1, Cl A1
2.305%, 11/25/2061(A)(B)		400		387

22

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Onslow Bay Mortgage Loan Trust, Ser 2021-NQM4, Cl A1
1.957%, 10/25/2061(A)(B)	$	255	$	240
PRKCM Trust, Ser 2021-AFC1, Cl A1
1.510%, 08/25/2056(A)(B)		229		212
PRKCM Trust, Ser 2021-AFC2, Cl A1
2.071%, 11/25/2056(A)(B)		155		146
Provident Funding Mortgage Trust, Ser 2021-INV1, Cl A1
2.500%, 08/25/2051(A)(B)		576		530
Residential Mortgage Loan Trust, Ser 2019-3, Cl A2
2.941%, 09/25/2059(A)(B)		105		103
Residential Mortgage Loan Trust, Ser 2019-3, Cl A3
3.044%, 09/25/2059(A)(B)		105		103
Residential Mortgage Loan Trust, Ser 2020-2, Cl A1
1.654%, 05/25/2060(A)(B)		136		135
Seasoned Credit Risk Transfer Trust, Ser 2018-4, Cl MA
3.500%, 03/25/2058		613		616
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl MA
3.500%, 07/25/2058		514		517
Seasoned Credit Risk Transfer Trust, Ser 2019-2, Cl MA
3.500%, 08/25/2058		696		699
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl MA
3.000%, 02/25/2059		890		884
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl MA
2.000%, 11/25/2059		335		323
Sequoia Mortgage Trust, Ser 2021-1, Cl A1
2.500%, 03/25/2051(A)(B)		115		107
SG Residential Mortgage Trust, Ser 2022-1, Cl A1
3.166%, 03/27/2062(A)(B)		410		402
Shops at Crystals Trust, Ser 2016-CSTL, Cl A
3.126%, 07/05/2036(B)		100		97
SLG Office Trust, Ser 2021-OVA, Cl A
2.585%, 07/15/2041(B)		510		474
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2
4.540%, 02/25/2044(B)		458		460
Towd Point Mortgage Trust, Ser 2019-HY2, Cl M2
2.357%, ICE LIBOR USD 1 Month + 1.900%, 05/25/2058(A)(B)		100		102
UBS-BAMLL Trust, Ser 2012-WRM, Cl A
3.663%, 06/10/2030(B)		116		116

Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4
3.525%, 05/10/2063	$	395	$	395
UBS-Barclays Commercial Mortgage Trust, Ser 2012-CN, Cl XA, IO
1.299%, 05/10/2063(A)(B)		209		–
Wells Fargo Commercial Mortgage Trust, Ser 2015-NXS3, Cl ASB
3.371%, 09/15/2057		112		112
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl XA, IO
1.201%, 06/15/2045(A)(B)		398		–
WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS
3.311%, 03/15/2045		160		161
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.173%, 05/15/2045(A)(B)		980		8
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl B
4.388%, 10/15/2057(A)		270		272
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl XA, IO
0.561%, 10/15/2057(A)		957		11
				37,243
Total Mortgage-Backed Securities
(Cost $168,945) ($ Thousands)				162,053
CORPORATE OBLIGATIONS — 27.7%
Communication Services — 2.7%
Alphabet
2.050%, 08/15/2050		70		55
1.100%, 08/15/2030		40		35
0.800%, 08/15/2027		30		27
0.450%, 08/15/2025		20		19
AT&T
4.250%, 03/01/2027		150		157
3.994%, 11/27/2022 (B)(C)		2,000		1,968
3.000%, 06/30/2022		10		10
2.550%, 12/01/2033		492		437
2.300%, 06/01/2027		120		114
1.650%, 02/01/2028		400		364
Charter Communications Operating
5.050%, 03/30/2029		220		233
4.908%, 07/23/2025		490		508
4.800%, 03/01/2050		40		38
4.400%, 04/01/2033		110		110
3.750%, 02/15/2028		200		198

New Covenant Funds / Quarterly Report /March 31, 2022

23

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Comcast
4.250%, 10/15/2030	$	40	$	43
4.150%, 10/15/2028		80		84
3.950%, 10/15/2025		210		217
3.750%, 04/01/2040		20		20
3.450%, 02/01/2050		40		37
3.400%, 04/01/2030		140		142
3.300%, 04/01/2027		30		30
3.250%, 11/01/2039		30		29
3.150%, 03/01/2026		30		30
2.937%, 11/01/2056 (B)		27		22
2.800%, 01/15/2051		30		25
Fox
4.709%, 01/25/2029		30		32
Magallanes
4.279%, 03/15/2032 (B)		400		402
4.054%, 03/15/2029 (B)		447		449
3.755%, 03/15/2027 (B)		190		190
Prosus MTN
3.061%, 07/13/2031 (B)		410		341
TCI Communications
7.875%, 02/15/2026		240		280
Tencent Holdings MTN
3.595%, 01/19/2028 (B)		250		243
T-Mobile USA
3.875%, 04/15/2030		220		221
3.750%, 04/15/2027		20		20
3.500%, 04/15/2025		369		371
2.550%, 02/15/2031		190		172
2.050%, 02/15/2028		20		18
Verizon Communications
4.862%, 08/21/2046		40		46
4.329%, 09/21/2028		435		459
4.125%, 08/15/2046		40		41
4.000%, 03/22/2050		40		41
3.875%, 02/08/2029		30		31
3.850%, 11/01/2042		10		10
3.000%, 03/22/2027		120		119
2.650%, 11/20/2040		300		255
2.550%, 03/21/2031		1,414		1,314
2.355%, 03/15/2032 (B)		983		888
2.100%, 03/22/2028		90		84
Walt Disney
3.350%, 03/24/2025		223		226
3.000%, 09/15/2022		30		30
				11,235
Consumer Discretionary — 1.5%
Amazon.com
4.250%, 08/22/2057		10		11
3.150%, 08/22/2027		470		476
1.200%, 06/03/2027		20		18

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Honda Finance MTN
0.875%, 07/07/2023	$	846	$	832
Aptiv
3.250%, 03/01/2032		639		606
Dollar General
3.250%, 04/15/2023		10		10
Ferguson Finance
4.500%, 10/24/2028 (B)		459		473
3.250%, 06/02/2030 (B)		851		810
General Motors Financial
3.700%, 05/09/2023		190		192
3.100%, 01/12/2032		30		27
Home Depot
3.900%, 12/06/2028		10		10
3.900%, 06/15/2047		10		10
3.350%, 04/15/2050		50		47
3.300%, 04/15/2040		40		39
2.875%, 04/15/2027		170		169
2.500%, 04/15/2027		450		442
Honda Motor
2.534%, 03/10/2027		632		612
Lowe's
4.500%, 04/15/2030		30		32
1.700%, 09/15/2028		80		72
McDonald's MTN
4.200%, 04/01/2050		70		73
3.800%, 04/01/2028		280		288
3.700%, 01/30/2026		10		10
3.625%, 09/01/2049		10		10
3.500%, 03/01/2027		20		20
3.500%, 07/01/2027		10		10
3.350%, 04/01/2023		280		283
3.300%, 07/01/2025		50		51
1.450%, 09/01/2025		10		10
Newell Brands
4.100%, 04/01/2023		53		54
NIKE
3.375%, 03/27/2050		30		30
2.750%, 03/27/2027		40		40
2.400%, 03/27/2025		40		40
Target
2.250%, 04/15/2025		80		79
Toyota Motor
1.339%, 03/25/2026		210		198
				6,084
Consumer Staples — 0.5%
Cargill
1.375%, 07/23/2023 (B)		70		69
Coca-Cola
3.375%, 03/25/2027		30		31
2.600%, 06/01/2050		10		9

24

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.450%, 06/01/2027	$	80	$	75
Costco Wholesale
1.600%, 04/20/2030		90		81
1.375%, 06/20/2027		120		111
Hershey
0.900%, 06/01/2025		20		19
Kimberly-Clark
3.100%, 03/26/2030		20		20
Kroger
7.700%, 06/01/2029		565		717
Mars
3.200%, 04/01/2030 (B)		30		30
2.700%, 04/01/2025 (B)		60		59
Mondelez International
1.500%, 05/04/2025		180		172
PepsiCo
2.625%, 03/19/2027		10		10
2.250%, 03/19/2025		331		327
1.625%, 05/01/2030		70		63
0.750%, 05/01/2023		80		79
Procter & Gamble
3.000%, 03/25/2030		40		40
2.800%, 03/25/2027		10		10
Walmart
1.800%, 09/22/2031		160		146
				2,068
Energy — 2.8%
Berkshire Hathaway Energy
3.700%, 07/15/2030		140		144
BP Capital Markets America
3.790%, 02/06/2024		80		81
3.633%, 04/06/2030		50		51
3.410%, 02/11/2026		90		91
3.119%, 05/04/2026		170		170
BP Capital Markets PLC
3.535%, 11/04/2024		20		20
Cameron LNG
2.902%, 07/15/2031 (B)		60		57
Chevron
1.995%, 05/11/2027		40		38
1.554%, 05/11/2025		70		68
Chevron USA
3.850%, 01/15/2028		30		31
3.250%, 10/15/2029		80		81
Continental Resources
5.750%, 01/15/2031 (B)		10		11
4.375%, 01/15/2028		120		122
3.800%, 06/01/2024		190		191
Coterra Energy
4.375%, 06/01/2024 (B)		160		163
4.375%, 03/15/2029 (B)		300		313

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.900%, 05/15/2027 (B)	$	160	$	161
Devon Energy
5.850%, 12/15/2025		210		227
5.250%, 10/15/2027		64		66
5.000%, 06/15/2045		70		76
4.500%, 01/15/2030		32		33
Diamondback Energy
3.500%, 12/01/2029		50		50
3.250%, 12/01/2026		30		30
3.125%, 03/24/2031		40		38
Ecopetrol
5.375%, 06/26/2026		140		142
Energy Transfer
4.950%, 06/15/2028		10		11
4.500%, 11/01/2023		60		61
3.750%, 05/15/2030		220		216
2.900%, 05/15/2025		140		137
Enterprise Products Operating
4.800%, 02/01/2049		30		32
4.200%, 01/31/2050		10		10
4.150%, 10/16/2028		140		146
3.950%, 02/15/2027		150		154
3.950%, 01/31/2060		10		9
3.900%, 02/15/2024		457		465
3.700%, 01/31/2051		80		73
3.125%, 07/31/2029		210		206
2.800%, 01/31/2030		230		221
EOG Resources
4.375%, 04/15/2030		190		206
4.150%, 01/15/2026		160		166
Exxon Mobil
4.327%, 03/19/2050		30		33
3.043%, 03/01/2026		150		151
2.992%, 03/19/2025		270		271
2.610%, 10/15/2030		100		96
1.571%, 04/15/2023		10		10
KazMunayGas National JSC
5.375%, 04/24/2030 (B)		400		384
Kinder Morgan
5.550%, 06/01/2045		20		22
4.300%, 06/01/2025		60		62
Lukoil Capital DAC
3.600%, 10/26/2031 (B)		230		117
2.800%, 04/26/2027 (B)		200		106
MidAmerican Energy
3.650%, 04/15/2029		140		144
MPLX
5.200%, 03/01/2047		30		32
5.200%, 12/01/2047		50		53
4.800%, 02/15/2029		50		53
4.125%, 03/01/2027		110		112
4.000%, 03/15/2028		40		41

New Covenant Funds / Quarterly Report /March 31, 2022

25

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Occidental Petroleum
5.550%, 03/15/2026	$	170	$	180
4.777%, 10/10/2036 (C)		1,641		880
3.400%, 04/15/2026		80		80
3.200%, 08/15/2026		130		128
3.000%, 02/15/2027		130		127
Petrobras Global Finance BV
6.850%, 06/05/2115		150		141
Petroleos del Peru
4.750%, 06/19/2032 (B)		400		358
Phillips 66
3.700%, 04/06/2023		582		590
Pioneer Natural Resources
2.150%, 01/15/2031		40		36
1.900%, 08/15/2030		70		62
1.125%, 01/15/2026		50		46
Reliance Industries
3.625%, 01/12/2052 (B)		250		222
Schlumberger Holdings
3.900%, 05/17/2028 (B)		456		461
Shell International Finance BV
3.250%, 05/11/2025		150		152
3.250%, 04/06/2050		110		103
2.875%, 05/10/2026		90		90
2.750%, 04/06/2030		40		39
Sinopec Group Overseas Development
4.375%, 04/10/2024 (B)		290		298
Tennessee Gas Pipeline
2.900%, 03/01/2030 (B)		160		150
Transcontinental Gas Pipe Line
3.250%, 05/15/2030		100		98
Western Midstream Operating
4.550%, 02/01/2030		20		20
3.600%, 02/01/2025		30		30
1.844%, 01/13/2023 (A)		20		20
Williams
5.100%, 09/15/2045		70		76
4.900%, 01/15/2045		90		94
3.750%, 06/15/2027		390		394
3.500%, 11/15/2030		20		20
				11,150
Financials — 11.0%
American Express
2.650%, 12/02/2022		264		266
American International Group
2.500%, 06/30/2025		40		39
Aviation Capital Group
4.125%, 08/01/2025 (B)		160		159
1.950%, 01/30/2026 (B)		567		521

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Banco Santander
4.175%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.000%, 03/24/2028 (A)	$	200	$	201
3.125%, 02/23/2023		200		201
2.746%, 05/28/2025		200		195
1.358%, ICE LIBOR USD 3 Month + 1.120%, 04/12/2023 (A)		200		201
Bank of America
3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (A)		234		232
3.004%, ICE LIBOR USD 3 Month + 0.790%, 12/20/2023 (A)		258		259
2.972%, U.S. SOFR + 1.330%, 02/04/2033 (A)		90		84
2.592%, U.S. SOFR + 2.150%, 04/29/2031 (A)		380		351
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (A)		240		218
1.734%, U.S. SOFR + 0.960%, 07/22/2027 (A)		2,006		1,863
Bank of America MTN
4.250%, 10/22/2026		10		10
4.200%, 08/26/2024		210		215
4.125%, 01/22/2024		370		380
4.100%, 07/24/2023		280		286
4.083%, ICE LIBOR USD 3 Month + 3.150%, 03/20/2051 (A)		40		41
4.000%, 04/01/2024		440		452
4.000%, 01/22/2025		80		81
3.974%, ICE LIBOR USD 3 Month + 1.210%, 02/07/2030 (A)		80		81
3.593%, ICE LIBOR USD 3 Month + 1.370%, 07/21/2028 (A)		210		210
3.550%, ICE LIBOR USD 3 Month + 0.780%, 03/05/2024 (A)		80		80
3.500%, 04/19/2026		130		132
3.300%, 01/11/2023		60		61
Bank of Montreal MTN
1.850%, 05/01/2025		130		125
Bank of New York Mellon MTN
3.300%, 08/23/2029		790		786
1.600%, 04/24/2025		40		39
Bank of Nova Scotia
1.300%, 06/11/2025		70		66
Barclays Bank
1.700%, 05/12/2022		200		200
Blackstone Holdings Finance
1.600%, 03/30/2031 (B)		590		499
BNP Paribas
5.198%, ICE LIBOR USD 3 Month + 2.567%, 01/10/2030 (A)(B)		200		213

26

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.705%, ICE LIBOR USD 3 Month + 2.235%, 01/10/2025 (A)(B)	$	270	$	276
4.400%, 08/14/2028 (B)		200		204
2.871%, U.S. SOFR + 1.387%, 04/19/2032 (A)(B)		200		182
2.591%, U.S. SOFR + 1.228%, 01/20/2028 (A)(B)		542		510
1.675%, U.S. SOFR + 0.912%, 06/30/2027 (A)(B)		290		265
BPCE
1.625%, 01/14/2025 (B)		1,085		1,035
BPCE MTN
3.000%, 05/22/2022 (B)		640		641
Capital One Financial
3.300%, 10/30/2024		480		483
Carlyle Finance Subsidiary
3.500%, 09/19/2029 (B)		716		703
Charles Schwab
3.850%, 05/21/2025		110		112
Citigroup
8.125%, 07/15/2039		12		18
5.500%, 09/13/2025		450		480
5.300%, 05/06/2044		31		35
4.650%, 07/30/2045		28		31
4.450%, 09/29/2027		120		124
4.412%, U.S. SOFR + 3.914%, 03/31/2031 (A)		100		104
4.400%, 06/10/2025		160		165
4.300%, 11/20/2026		40		41
4.125%, 07/25/2028		40		41
4.075%, ICE LIBOR USD 3 Month + 1.192%, 04/23/2029 (A)		240		245
4.050%, 07/30/2022		40		40
3.785%, U.S. SOFR + 1.939%, 03/17/2033 (A)		150		149
3.668%, ICE LIBOR USD 3 Month + 1.390%, 07/24/2028 (A)		340		340
3.500%, 05/15/2023		100		101
3.400%, 05/01/2026		354		357
3.200%, 10/21/2026		287		285
3.106%, U.S. SOFR + 2.842%, 04/08/2026 (A)		150		149
2.572%, U.S. SOFR + 2.107%, 06/03/2031 (A)		200		183
2.520%, U.S. SOFR + 1.177%, 11/03/2032 (A)		110		99
1.678%, U.S. SOFR + 1.667%, 05/15/2024 (A)		903		896
Cooperatieve Rabobank UA
4.375%, 08/04/2025		500		508
3.875%, 09/26/2023 (B)		595		605

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Credit Agricole MTN
1.907%, U.S. SOFR + 1.676%, 06/16/2026 (A)(B)	$	250	$	236
Credit Suisse Group
4.194%, U.S. SOFR + 3.730%, 04/01/2031 (A)(B)		250		247
Credit Suisse NY
2.950%, 04/09/2025		250		247
Daiwa Securities Group
3.129%, 04/19/2022 (B)		50		50
Danske Bank
4.298%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 04/01/2028 (A)(B)		240		242
3.773%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.450%, 03/28/2025 (A)(B)		310		311
1.226%, 06/22/2024 (B)		200		190
Equitable Financial Life Global Funding
1.400%, 07/07/2025 (B)		673		632
Goldman Sachs Group
4.250%, 10/21/2025		190		195
4.223%, ICE LIBOR USD 3 Month + 1.301%, 05/01/2029 (A)		650		666
3.691%, ICE LIBOR USD 3 Month + 1.510%, 06/05/2028 (A)		400		400
3.615%, U.S. SOFR + 1.846%, 03/15/2028 (A)		30		30
3.500%, 04/01/2025		80		81
3.500%, 11/16/2026		90		90
2.650%, U.S. SOFR + 1.264%, 10/21/2032 (A)		110		99
Goldman Sachs Group MTN
4.000%, 03/03/2024		420		429
Guardian Life Global Funding
1.100%, 06/23/2025 (B)		30		28
HSBC Holdings PLC
4.583%, ICE LIBOR USD 3 Month + 1.535%, 06/19/2029 (A)		200		206
Intesa Sanpaolo
3.375%, 01/12/2023 (B)		200		200
3.125%, 07/14/2022 (B)		200		200
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (B)		200		202
JPMorgan Chase
4.452%, ICE LIBOR USD 3 Month + 1.330%, 12/05/2029 (A)		200		208
4.203%, ICE LIBOR USD 3 Month + 1.260%, 07/23/2029 (A)		773		799
4.023%, ICE LIBOR USD 3 Month + 1.000%, 12/05/2024 (A)		230		234

New Covenant Funds / Quarterly Report /March 31, 2022

27

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.005%, ICE LIBOR USD 3 Month + 1.120%, 04/23/2029 (A)	$	100	$	102
3.875%, 09/10/2024		290		296
2.545%, U.S. SOFR + 1.180%, 11/08/2032 (A)		110		100
2.522%, U.S. SOFR + 2.040%, 04/22/2031 (A)		190		176
2.083%, U.S. SOFR + 1.850%, 04/22/2026 (A)		130		125
1.514%, U.S. SOFR + 1.455%, 06/01/2024 (A)		210		207
KKR Group Finance VI
3.750%, 07/01/2029 (B)		1,149		1,177
Lincoln National
3.400%, 01/15/2031		451		442
Lloyds Banking Group
1.326%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 06/15/2023 (A)		360		359
Macquarie Bank
2.300%, 01/22/2025 (B)		1,188		1,154
Macquarie Group MTN
4.150%, ICE LIBOR USD 3 Month + 1.330%, 03/27/2024 (A)(B)		495		501
Manulife Financial
3.703%, 03/16/2032		1,046		1,056
MassMutual Global Funding II MTN
0.850%, 06/09/2023 (B)		220		216
Mitsubishi UFJ Financial Group
3.407%, 03/07/2024		510		515
Moody's
2.000%, 08/19/2031		1,000		887
Morgan Stanley MTN
3.772%, ICE LIBOR USD 3 Month + 1.140%, 01/24/2029 (A)		150		151
3.750%, 02/25/2023		1,110		1,127
3.622%, U.S. SOFR + 3.120%, 04/01/2031 (A)		475		473
2.699%, U.S. SOFR + 1.143%, 01/22/2031 (A)		200		188
2.188%, U.S. SOFR + 1.990%, 04/28/2026 (A)		400		386
NatWest Group
4.519%, ICE LIBOR USD 3 Month + 1.550%, 06/25/2024 (A)		290		295
4.269%, ICE LIBOR USD 3 Month + 1.762%, 03/22/2025 (A)		200		202
New York Life Global Funding
0.950%, 06/24/2025 (B)		60		56
ORIX
4.050%, 01/16/2024		365		372

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Peachtree Corners Funding Trust
3.976%, 02/15/2025 (B)	$	944	$	956
Principal Life Global Funding II
1.250%, 06/23/2025 (B)		20		19
Royal Bank of Canada MTN
1.600%, 04/17/2023		120		119
1.150%, 06/10/2025		70		66
Standard Chartered
0.991%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.780%, 01/12/2025 (A)(B)		670		640
State Street
3.152%, U.S. SOFR + 2.650%, 03/30/2031 (A)		50		49
Swedbank
1.538%, 11/16/2026 (B)		400		372
1.300%, 06/02/2023 (B)		200		197
Toronto-Dominion Bank MTN
3.200%, 03/10/2032		807		794
1.150%, 06/12/2025		918		866
0.750%, 06/12/2023		130		128
Truist Financial MTN
1.267%, U.S. SOFR + 0.609%, 03/02/2027 (A)		686		635
UBS Group
2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A)(B)		575		522
UBS Group Funding Jersey
4.125%, 04/15/2026 (B)		634		646
UBS Group Funding Switzerland
4.253%, 03/23/2028 (B)		250		255
3.491%, 05/23/2023 (B)		390		391
US Bancorp
3.375%, 02/05/2024		540		547
1.450%, 05/12/2025		160		153
USAA Capital
2.125%, 05/01/2030 (B)		150		138
Wells Fargo
3.000%, 10/23/2026		190		187
2.188%, U.S. SOFR + 2.000%, 04/30/2026 (A)		130		125
Wells Fargo MTN
5.013%, U.S. SOFR + 4.502%, 04/04/2051 (A)		380		451
4.900%, 11/17/2045		30		33
4.478%, U.S. SOFR + 4.032%, 04/04/2031 (A)		220		233
4.300%, 07/22/2027		200		208
3.750%, 01/24/2024		540		550
3.350%, U.S. SOFR + 1.500%, 03/02/2033 (A)		40		39

28

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.879%, U.S. SOFR + 1.432%, 10/30/2030 (A)	$	100	$	95
2.393%, U.S. SOFR + 2.100%, 06/02/2028 (A)		290		274
1.654%, U.S. SOFR + 1.600%, 06/02/2024 (A)		160		158
				44,785
Health Care — 2.4%
Abbott Laboratories
3.400%, 11/30/2023		175		178
AbbVie
4.250%, 11/21/2049		30		31
3.800%, 03/15/2025		40		41
3.750%, 11/14/2023		20		20
3.600%, 05/14/2025		10		10
3.200%, 11/21/2029		150		148
2.950%, 11/21/2026		20		20
2.600%, 11/21/2024		140		139
2.300%, 11/21/2022		1,046		1,050
Adventist Health System
2.433%, 09/01/2024		431		421
Aetna
2.800%, 06/15/2023		20		20
Anthem
3.125%, 05/15/2022		340		341
Becton Dickinson
4.685%, 12/15/2044		40		43
3.734%, 12/15/2024		7		7
3.363%, 06/06/2024		186		187
Bristol-Myers Squibb
3.550%, 08/15/2022		60		60
3.400%, 07/26/2029		16		16
3.200%, 06/15/2026		79		80
2.900%, 07/26/2024		154		155
2.600%, 05/16/2022		80		80
Cigna
4.375%, 10/15/2028		420		442
4.125%, 11/15/2025		200		206
3.750%, 07/15/2023		16		16
3.500%, 06/15/2024		160		162
1.250%, 03/15/2026		725		677
CommonSpirit Health
4.200%, 08/01/2023		473		480
CVS Health
5.050%, 03/25/2048		60		68
4.300%, 03/25/2028		164		172
3.875%, 07/20/2025		95		97
3.625%, 04/01/2027		180		183
2.125%, 09/15/2031		150		134
1.875%, 02/28/2031		20		18
1.750%, 08/21/2030		200		175

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CVS Pass-Through Trust
7.507%, 01/10/2032 (B)	$	1,006	$	1,171
5.773%, 01/10/2033 (B)		360		393
Eli Lilly
2.350%, 05/15/2022		170		170
Gilead Sciences
2.500%, 09/01/2023		50		50
Humana
4.500%, 04/01/2025		10		10
3.700%, 03/23/2029		160		161
3.150%, 12/01/2022		240		242
2.900%, 12/15/2022		290		292
2.150%, 02/03/2032		30		26
Johnson & Johnson
0.950%, 09/01/2027		100		92
0.550%, 09/01/2025		50		47
Merck
1.900%, 12/10/2028		430		405
1.450%, 06/24/2030		50		44
0.750%, 02/24/2026		80		75
Pfizer
2.625%, 04/01/2030		100		97
1.700%, 05/28/2030		50		45
0.800%, 05/28/2025		110		104
SSM Health Care
3.688%, 06/01/2023		644		650
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		30		30
UnitedHealth Group
4.450%, 12/15/2048		10		11
4.250%, 06/15/2048		10		11
3.875%, 12/15/2028		30		31
3.750%, 07/15/2025		30		31
3.500%, 06/15/2023		20		20
2.375%, 10/15/2022		10		10
2.300%, 05/15/2031		20		19
2.000%, 05/15/2030		30		28
1.250%, 01/15/2026		20		19
				10,161
Industrials — 1.8%
3M
3.700%, 04/15/2050		150		151
2.375%, 08/26/2029		30		29
AerCap Ireland Capital DAC
3.000%, 10/29/2028		1,226		1,131
2.450%, 10/29/2026		190		176
Air Lease
3.375%, 07/01/2025		100		99
Burlington Northern Santa Fe
4.550%, 09/01/2044		10		11

New Covenant Funds / Quarterly Report /March 31, 2022

29

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Canadian Pacific Railway
2.450%, 12/02/2031	$	330	$	307
Carlisle
2.200%, 03/01/2032		634		552
Carrier Global
2.700%, 02/15/2031		10		9
Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A
4.000%, 10/29/2024		546		544
Deere
3.750%, 04/15/2050		30		32
3.100%, 04/15/2030		10		10
Delta Air Lines Pass-Through Trust, Ser 2015-1, Cl AA
3.625%, 07/30/2027		472		467
Delta Air Lines Pass-Through Trust, Ser 2019-1, Cl AA
3.204%, 04/25/2024		621		622
Eaton
2.750%, 11/02/2022		450		452
International Lease Finance
5.875%, 08/15/2022		400		405
Penske Truck Leasing LP
3.900%, 02/01/2024 (B)		965		977
Republic Services
3.200%, 03/15/2025		180		181
Ryder System MTN
3.350%, 09/01/2025		836		836
SMBC Aviation Capital Finance DAC
4.125%, 07/15/2023 (B)		200		200
Union Pacific
3.750%, 07/15/2025		20		20
2.891%, 04/06/2036		20		19
				7,230
Information Technology — 1.3%
Adobe
2.300%, 02/01/2030		210		199
Apple
3.350%, 02/09/2027		210		215
2.900%, 09/12/2027		110		110
2.450%, 08/04/2026		70		69
1.125%, 05/11/2025		130		124
Broadcom
4.150%, 11/15/2030		60		61
3.137%, 11/15/2035 (B)		420		370
Intel
4.750%, 03/25/2050		10		12
3.700%, 07/29/2025		30		31
1.600%, 08/12/2028		50		46
Juniper Networks
1.200%, 12/10/2025		570		529

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Mastercard
3.850%, 03/26/2050	$	10	$	11
3.375%, 04/01/2024		60		61
Micron Technology
2.703%, 04/15/2032		260		235
Microsoft
3.300%, 02/06/2027		210		215
NVIDIA
3.700%, 04/01/2060		90		91
3.500%, 04/01/2040		130		131
3.500%, 04/01/2050		290		293
2.850%, 04/01/2030		90		89
NXP BV
4.625%, 06/01/2023 (B)		479		486
2.700%, 05/01/2025 (B)		40		39
Oracle
2.875%, 03/25/2031		30		27
2.500%, 10/15/2022		130		130
1.650%, 03/25/2026		150		140
PayPal Holdings
1.650%, 06/01/2025		60		58
1.350%, 06/01/2023		70		70
Salesforce
3.700%, 04/11/2028		150		155
3.250%, 04/11/2023		70		71
1.500%, 07/15/2028		510		469
Texas Instruments
1.750%, 05/04/2030		40		36
TSMC Arizona
2.500%, 10/25/2031		250		231
1.750%, 10/25/2026		230		216
Visa
4.300%, 12/14/2045		10		11
3.150%, 12/14/2025		110		111
1.900%, 04/15/2027		60		58
Workday
3.800%, 04/01/2032		50		50
3.700%, 04/01/2029		60		60
3.500%, 04/01/2027		40		40
				5,350
Materials — 0.8%
Anglo American Capital
3.625%, 09/11/2024 (B)		200		200
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (B)		200		202
2.625%, 04/28/2028 (B)		230		213
Glencore Funding
4.125%, 05/30/2023 (B)		890		904
4.125%, 03/12/2024 (B)		60		61
1.625%, 04/27/2026 (B)		90		83

30

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Nacional del Cobre de Chile
3.150%, 01/15/2051	$	420	$	340
Nutrien
1.900%, 05/13/2023		501		497
OCP
4.500%, 10/22/2025 (B)		400		400
Orbia Advance
2.875%, 05/11/2031 (B)		200		177
Southern Copper
3.500%, 11/08/2022		130		131
Suzano Austria GmbH
3.125%, 01/15/2032		510		452
Vale Overseas
6.875%, 11/21/2036		148		178
6.250%, 08/10/2026		240		263
				4,101
Real Estate — 0.9%
Alexandria Real Estate Equities
3.450%, 04/30/2025		802		807
Digital Realty Trust
3.600%, 07/01/2029		815		811
ERP Operating
1.850%, 08/01/2031		1,066		946
Healthpeak Properties
2.125%, 12/01/2028		769		707
Spirit Realty
2.100%, 03/15/2028		583		528
				3,799
Utilities — 2.0%
American Transmission Systems
2.650%, 01/15/2032 (B)		60		55
Aquarion
4.000%, 08/15/2024 (B)		227		229
Commonwealth Edison
3.700%, 08/15/2028		468		475
Duke Energy
2.400%, 08/15/2022		150		150
Duke Energy Carolinas
2.850%, 03/15/2032		1,057		1,022
Duke Energy Florida
3.200%, 01/15/2027		440		441
Exelon
5.625%, 06/15/2035		343		388
FirstEnergy
3.350%, 07/15/2022		330		330
1.600%, 01/15/2026		30		28
Florida Power & Light
2.450%, 02/03/2032		544		512
National Rural Utilities Cooperative Finance
2.850%, 01/27/2025		1,060		1,053

Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Northern States Power
7.125%, 07/01/2025	$	1,190	$	1,328
NSTAR Electric
1.950%, 08/15/2031		1,000		883
Pacific Gas and Electric
2.100%, 08/01/2027		130		117
1.750%, 06/16/2022		100		100
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
5.450%, 05/21/2028 (B)		370		397
Public Service Enterprise Group
2.875%, 06/15/2024		713		706
				8,214
Total Corporate Obligations
(Cost $117,781) ($ Thousands)				114,177
U.S. TREASURY OBLIGATIONS — 23.9%
U.S Treasury Bill
0.540%, 10/06/2022 (D)		312		310
U.S. Treasury Bonds
2.875%, 05/15/2049		170		183
2.375%, 05/15/2051		1,190		1,166
2.250%, 08/15/2049		280		266
2.250%, 02/15/2052		1,206		1,157
2.000%, 11/15/2041		1,430		1,294
2.000%, 02/15/2050		850		766
2.000%, 08/15/2051		790		713
1.875%, 02/15/2041		1,544		1,375
1.875%, 02/15/2051		3,230		2,822
1.875%, 11/15/2051		1,080		947
1.750%, 08/15/2041		2,250		1,950
1.625%, 11/15/2050		1,400		1,147
1.375%, 11/15/2040		880		719
1.375%, 08/15/2050		3,760		2,894
1.250%, 05/15/2050		3,970		2,961
1.125%, 08/15/2040		1,060		831
U.S. Treasury Inflation-Protected Securities
0.125%, 01/15/2030		976		1,030
U.S. Treasury Notes
1.625%, 05/15/2031		1,860		1,751
1.500%, 01/31/2027		7,062		6,749
1.250%, 11/30/2026		3,410		3,226
1.250%, 03/31/2028		1,280		1,194
1.250%, 04/30/2028		200		186
1.250%, 05/31/2028		1,700		1,583
1.250%, 08/15/2031		7,010		6,373
1.125%, 10/31/2026		2,860		2,690
0.750%, 04/30/2026		670		624
0.750%, 05/31/2026		13,210		12,286

New Covenant Funds / Quarterly Report /March 31, 2022

31

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
0.750%, 01/31/2028	$	2,800	$	2,540
0.625%, 07/31/2026		25,309		23,354
0.625%, 11/30/2027		1,410		1,273
0.625%, 12/31/2027		1,760		1,587
0.375%, 04/30/2025		20		19
0.375%, 11/30/2025		290		268
0.375%, 01/31/2026		1,713		1,578
0.250%, 05/15/2024		260		249
0.250%, 05/31/2025		7,980		7,427
0.250%, 06/30/2025		240		223
0.250%, 08/31/2025		730		675
0.250%, 09/30/2025		10		9
0.125%, 08/31/2022		350		349
Total U.S. Treasury Obligations
(Cost $106,732) ($ Thousands)				98,744
ASSET-BACKED SECURITIES — 7.4%
Automotive — 0.6%
Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (B)		440		417
Avis Budget Rental Car Funding AESOP, Ser 2021-1A, Cl A
1.380%, 08/20/2027 (B)		310		287
Ford Credit Auto Owner Trust, Ser 2020-REV2, Cl A
1.060%, 04/15/2033 (B)		1,144		1,061
Hertz Vehicle Financing III, Ser 2021-2A, Cl B
2.120%, 12/27/2027 (B)		160		146
Hertz Vehicle Financing III, Ser 2021-2A, Cl C
2.520%, 12/27/2027 (B)		300		272
Hertz Vehicle Financing, Ser 2021-1A, Cl B
1.560%, 12/26/2025 (B)		240		227
Hertz Vehicle Financing, Ser 2021-1A, Cl C
2.050%, 12/26/2025 (B)		210		198
				2,608
Home — 0.1%
Bayview Financial Mortgage Pass-Through Trust, Ser 2006-A, Cl M3
1.422%, ICE LIBOR USD 1 Month + 0.975%, 02/28/2041 (A)		108		107
Lake Country Mortgage Loan Trust, Ser 2006-HE1, Cl M5
3.457%, ICE LIBOR USD 1 Month + 3.000%, 07/25/2034 (A)(B)		23		23

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Master Asset-Backed Securities Trust, Ser 2007-NCW, Cl A1
0.757%, ICE LIBOR USD 1 Month + 0.300%, 05/25/2037 (A)(B)	$	164	$	150
				280
Other Asset-Backed Securities — 6.7%
AEP Texas Restoration Funding, Ser 2019-1, Cl A2
2.294%, 08/01/2031		1,646		1,592
Applebee's Funding, Ser 2019-1A, Cl A2I
4.194%, 06/05/2049 (B)		297		295
CF Hippolyta, Ser 2020-1, Cl A1
1.690%, 07/15/2060 (B)		504		477
Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
0.537%, ICE LIBOR USD 1 Month + 0.140%, 07/15/2036 (A)		179		167
DB Master Finance, Ser 2021-1A, Cl A2II
2.493%, 11/20/2051 (B)		1,046		943
FirstKey Homes Trust, Ser 2021-SFR1, Cl A
1.538%, 08/17/2038 (B)		794		736
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl B
2.940%, 01/20/2049 (B)		621		582
Hardee's Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/2051 (B)		397		360
Home Partners of America Trust, Ser 2022-1, Cl A
3.930%, 04/17/2039 (B)		1,042		1,033
Invitation Homes Trust, Ser 2018-SFR1, Cl A
1.141%, ICE LIBOR USD 1 Month + 0.700%, 03/17/2037 (A)(B)		1,270		1,256
Merrill Lynch Mortgage Investors Trust, Ser 2004-WMC5, Cl M1
1.387%, ICE LIBOR USD 1 Month + 0.930%, 07/25/2035 (A)		159		157
Morgan Stanley ABS Capital I Trust, Ser 2004-NC7, Cl M1
1.312%, ICE LIBOR USD 1 Month + 0.855%, 07/25/2034 (A)		350		340
Navient Student Loan Trust, Ser 2016-3A, Cl A3
1.807%, ICE LIBOR USD 1 Month + 1.350%, 06/25/2065 (A)(B)		362		369
Navient Student Loan Trust, Ser 2016-6A, Cl A3
1.757%, ICE LIBOR USD 1 Month + 1.300%, 03/25/2066 (A)(B)		550		562
Palmer Square CLO, Ser 2021-2A, Cl A1A3
1.248%, ICE LIBOR USD 3 Month + 1.000%, 10/17/2031 (A)(B)		693		690

32

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust, Ser 2019-SFR2, Cl A
3.147%, 05/17/2036 (B)	$	299	$	295
Progress Residential Trust, Ser 2021-SFR2, Cl A
1.546%, 04/19/2038 (B)		597		556
Progress Residential Trust, Ser 2022-SFR2, Cl A
2.950%, 04/17/2027		980		935
RAAC Series Trust, Ser 2005-SP3, Cl M2
1.657%, ICE LIBOR USD 1 Month + 1.200%, 12/25/2035 (A)		129		128
Sabey Data Center Issuer, Ser 2020-1, Cl A2
3.812%, 04/20/2045 (B)		339		337
Sabey Data Center Issuer, Ser 2021-1, Cl A2
1.881%, 06/20/2046 (B)		1,027		959
SBA Small Business Investment, Ser 2019-10A, Cl 1
3.113%, 03/10/2029		141		140
SLC Student Loan Trust, Ser 2010-1, Cl A
1.373%, ICE LIBOR USD 3 Month + 0.875%, 11/25/2042 (A)		172		173
SLM Private Credit Student Loan Trust, Ser 2006-A, Cl A5
1.116%, ICE LIBOR USD 3 Month + 0.290%, 06/15/2039 (A)		191		184
SLM Private Education Loan Trust, Ser 2010-C, Cl A5
5.147%, ICE LIBOR USD 1 Month + 4.750%, 10/15/2041 (A)(B)		369		409
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
2.026%, ICE LIBOR USD 3 Month + 1.200%, 12/15/2033 (A)(B)		106		105
SLM Student Loan Trust, Ser 2005-8, Cl A5
0.428%, ICE LIBOR USD 3 Month + 0.170%, 01/25/2040 (A)		626		600
SLM Student Loan Trust, Ser 2021-10A, Cl A4
1.496%, ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (A)(B)		100		100
SMB Private Education Loan Trust, Ser 2021-A, Cl A2B
1.590%, 01/15/2053 (B)		380		354
SMB Private Education Loan Trust, Ser 2021-C, Cl B
2.300%, 01/15/2053 (B)		170		159
Store Master Funding I-VII, Ser 2018-1A, Cl A1
3.960%, 10/20/2048 (B)		369		373
Store Master Funding I-VII, Ser 2019-1, Cl A1
2.820%, 11/20/2049 (B)		317		305

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Structured Asset Investment Loan Trust, Ser 2004-7, Cl A8
1.657%, ICE LIBOR USD 1 Month + 1.200%, 08/25/2034 (A)	$	170	$	168
Taco Bell Funding, Ser 2021-1A, Cl A2II
2.294%, 08/25/2051 (B)		592		527
Tricon American Homes Trust, Ser 2019-SFR1, Cl A
2.750%, 03/17/2038 (B)		271		262
Tricon Residential Trust, Ser 2021-SFR1, Cl A
1.943%, 07/17/2038 (B)		852		801
TRP - TRIP Rail Master Funding, Ser 2021-2, Cl A
2.150%, 06/19/2051 (B)		283		261
TRP LLC, Ser 2021-1, Cl A
2.070%, 06/19/2051 (B)		494		455
United States Small Business Administration, Ser 2010-20H, Cl 1
3.520%, 08/01/2030		149		149
United States Small Business Administration, Ser 2011-20B, Cl 1
4.220%, 02/01/2031		131		133
United States Small Business Administration, Ser 2011-20J, Cl 1
2.760%, 10/01/2031		117		114
United States Small Business Administration, Ser 2013-20K, Cl 1
3.380%, 11/01/2033		520		521
United States Small Business Administration, Ser 2014-20F, Cl 1
2.990%, 06/01/2034		617		609
United States Small Business Administration, Ser 2015-20C, Cl 1
2.720%, 03/01/2035		497		489
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/2035		312		311
United States Small Business Administration, Ser 2015-20K, Cl 1
2.700%, 11/01/2035		362		361
United States Small Business Administration, Ser 2017-20J, Cl 1
2.850%, 10/01/2037		489		486
United States Small Business Administration, Ser 2018-20E, Cl 1
3.500%, 05/01/2038		966		984
United States Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		50		51
United States Small Business Administration, Ser 2021-25H, Cl 1
1.450%, 08/01/2046		1,570		1,447

New Covenant Funds / Quarterly Report /March 31, 2022

33

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
United States Small Business Administration, Ser 2022-25A, Cl 1
2.040%, 01/01/2047	$	1,089	$	1,049
Vantage Data Centers, Ser 2020-2A, Cl A2
1.992%, 09/15/2045 (B)		1,000		915
Wendy's Funding, Ser 2019-1A, Cl A2I
3.783%, 06/15/2049 (B)		312		308
Wendy's Funding, Ser 2021-1A, Cl A2I
2.370%, 06/15/2051 (B)		1,020		907
Wendy's Funding, Ser 2021-1A, Cl A2II
2.775%, 06/15/2051 (B)		263		232
Wind River CLO, Ser 2021-3A, Cl A
1.404%, ICE LIBOR USD 3 Month + 1.150%, 07/20/2033 (A)(B)		614		609
				27,820
Total Asset-Backed Securities
(Cost $32,110) ($ Thousands)				30,708
SOVEREIGN DEBT — 2.2%
Abu Dhabi Government International Bond
2.500%, 10/11/2022(B)		690		693
Chile Government International Bond
3.500%, 01/31/2034		380		375
3.100%, 05/07/2041		460		405
Colombia Government International Bond
5.625%, 02/26/2044		280		254
5.200%, 05/15/2049		310		264
3.125%, 04/15/2031		220		186
Indonesia Government International Bond MTN
5.125%, 01/15/2045(B)		200		221
3.850%, 07/18/2027(B)		200		209
3.750%, 04/25/2022		370		370
Kuwait International Government Bond
3.500%, 03/20/2027(B)		210		219
Mexico Government International Bond
3.600%, 01/30/2025		380		390
3.500%, 02/12/2034		1,040		966
Panama Government International Bond
6.700%, 01/26/2036		190		234
4.300%, 04/29/2053		300		288
Peruvian Government International Bond
5.625%, 11/18/2050		180		228
3.550%, 03/10/2051		170		158
3.300%, 03/11/2041		340		309
Province of Quebec Canada
2.625%, 02/13/2023		500		504
Province of Quebec Canada, Ser A MTN
6.350%, 01/30/2026		1,010		1,117

Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Qatar Government International Bond
3.250%, 06/02/2026	$	620	$	632
Republic of Poland Government International Bond
3.250%, 04/06/2026		450		458
Uruguay Government International Bond
4.375%, 01/23/2031		580		632
Total Sovereign Debt
(Cost $9,355) ($ Thousands)				9,112
MUNICIPAL BONDS — 1.3%
California — 0.4%
California Health Facilities Financing Authority, RB
3.378%, 06/01/2028		1,450		1,450
San Jose, Financing Authority, RB
1.311%, 06/01/2026		540		507
				1,957
Michigan — 0.2%
Michigan State, Finance Authority, RB
2.988%, 09/01/2049 (A)		755		774
Missouri — 0.2%
University of Missouri, System Facilities, RB
1.714%, 11/01/2025		725		696
New Jersey — 0.0%
New Jersey State, Transportation Trust Fund Authority, RB
2.551%, 06/15/2023		125		125
New York — 0.3%
New York State Dormitory Authority, Ser B, RB
3.329%, 03/15/2031		415		410
New York State, Urban Development, RB
3.350%, 03/15/2026		665		674
				1,084
Wisconsin — 0.2%
Wisconsin State, Ser A, RB, AGM
5.700%, 05/01/2026		745		799
Total Municipal Bonds
(Cost $5,480) ($ Thousands)				5,435

34

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Continued)

Description	Shares			Market Value ($ Thousands)
CASH EQUIVALENT — 3.1%
SEI Daily Income Trust, Government Fund, Cl F
0.108%**†		12,606,214		$	12,606
Total Cash Equivalent
(Cost $12,606) ($ Thousands)					12,606
Total Investments in Securities — 104.8%
(Cost $453,009) ($ Thousands)				$	432,835
	Contracts
PURCHASED OPTIONS* — 0.0%
Total Purchased Options (E)
(Cost $67) ($ Thousands)		110		$	67
WRITTEN OPTIONS* — (0.0)%
Total Written Options (E)
(Premiums Received $124) ($ Thousands)		(251	)	$	(68	)

New Covenant Funds / Quarterly Report /March 31, 2022

35

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Concluded)

A list of open option contracts held by the Fund at March 31, 2022 are as follows:

Description	Number of Contracts			Notional Amount (Thousands)			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Call Options
May 2022, U.S. 10 Year Future Option*		27		$	3,328		$	123.25		4/16/2022	$	20
May 2022, U.S. 5 Year Future Option*		37			4,255			115.00		4/16/2022		16
May 2022, U.S. 5 Year Future Option*		46			5,267			114.50		4/16/2022		31
Total Purchased Options				$	12,850						$	67
WRITTEN OPTIONS — 0.0%
Call Options
June 2022, U.S. 10 Year Future Option*		(26	)	$	(3,224	)		124.00		05/21/22	$	(20	)
May 2022, U.S. 10 Year Future Option*		(16	)		(1,968	)		123.00		04/16/22		(13	)
May 2022, U.S. 10 Year Future Option*		(27	)		(3,348	)		124.00		04/16/22		(11	)
May 2022, U.S. 10 Year Future Option*		(23	)		(2,921	)		127.00		04/16/22		(1	)
May 2022, U.S. 10 Year Future Option*		(15	)		(1,868	)		124.50		04/16/22		(4	)
May 2022, U.S. 5 Year Future Option*		(44	)		(5,093	)		115.75		04/16/22		(8	)
May 2022, U.S. 5 Year Future Option*		(53	)		(6,174	)		116.50		04/16/22		(5	)
May 2022, U.S. 5 Year Future Option*		(19	)		(2,247	)		118.25		04/16/22		(1	)
May 2022, U.S. 5 Year Future Option*		(10	)		(1,185	)		118.50		04/16/22		–
April 2022, U.S. 5 Year Future Option*		(18	)		(2,061	)		114.50		04/16/22		(5	)
Total Written Options				$	(30,089	)					$	(68	)

A list of the open futures contracts held by the Fund at March 31, 2022 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-2022	$	10,092		$	10,093		$	1
90-Day Euro$		41			Jun-2023		10,172			9,929			(243	)
90-Day Euro$		137			Dec-2022		33,508			33,339			(169	)
90-Day Euro$		11			Dec-2023		2,664			2,667			3
U.S. 2-Year Treasury Note		97			Jul-2022		20,832			20,556			(276	)
U.S. 5-Year Treasury Note		304			Jul-2022		35,694			34,865			(829	)
Ultra 10-Year U.S. Treasury Note		80			Jun-2022		11,187			10,838			(349	)
							124,149			122,287			(1,862	)
Short Contracts
U.S. 10-Year Treasury Note		(235	)		Jun-2022	$	(29,424	)	$	(28,876	)	$	548
U.S. Long Treasury Bond		(201	)		Jun-2022		(31,166	)		(30,162	)		1,004
U.S. Ultra Long Treasury Bond		(38	)		Jun-2022		(7,100	)		(6,731	)		369
							(67,690	)		(65,769	)		1,921
						$	56,459		$	56,518		$	59

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

	Percentages are based on Net Assets of $413,063 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of March 31, 2022.
†	Investment in Affiliated Security.
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(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 March 31, 2022, the value of these securities amounted to $73,363 ($ Thousands), representing 17.8% of the Net Assets of the Fund.
(C)	Zero coupon security.
(D)	Interest rate represents the security’s effective yield at time of purchase.
(E)	Refer to table below for details on Options Contracts.

36

New Covenant Funds / Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Income Fund (Concluded)

ABS — Asset-Backed Security

AGM— Assured Guaranty Municipal

Cl — Class

CLO — Collateralized Loan Obligation

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

L.P. — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

STACR — Structured Agency Credit Risk

TBA — To Be Announced

TSFR1M — Term Secured Overnight Financing Rate 1 Month

USD — U.S. Dollar

The following is a list of the level of inputs used as of March 31, 2022, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands).

Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Mortgage-Backed Securities		–		162,053		–		162,053
Corporate Obligations		–		114,177		–		114,177
U.S. Treasury Obligations		–		98,744		–		98,744
Asset-Backed Securities		–		30,708		–		30,708
Sovereign Debt		–		9,112		–		9,112
Municipal Bonds		–		5,435		–		5,435
Cash Equivalent		12,606		–		–		12,606
Total Investments in Securities		12,606		420,229		–		432,835

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Purchased Options		67			–		–		67
Written Options		(68	)		–		–		(68	)
Futures Contracts*
Unrealized Appreciation		1,925			–		–		1,925
Unrealized Depreciation		(1,866	)		–		–		(1,866	)
Total Other Financial Instruments		58			–		–		58

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

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 March 31, 2022 ($ Thousands):

Security Description	Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)		Value 3/31/2022		Shares		Income		Capital Gains
SEI Daily Income Trust, Government Fund, Cl F	$	9,145	$	153,659	$	(150,198	)	$	—	$	—	$	12,606		12,606,214	$	1	$	—

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

New Covenant Funds / Quarterly Report /March 31, 2022

37

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Balanced Growth Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 99.0%
Equity Fund — 60.5%
New Covenant Growth Fund †		3,838,531	$	223,901
Total Equity Fund
(Cost $106,815) ($ Thousands)				223,901
Fixed Income Fund — 38.5%
New Covenant Income Fund †		6,440,513		142,400
Total Fixed Income Fund
(Cost $149,268) ($ Thousands)				142,400

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Cl F
0.108%**†		3,810,136	$	3,810
Total Cash Equivalent
(Cost $3,810) ($ Thousands)				3,810
Total Investments in Securities — 100.0%
(Cost $259,893) ($ Thousands)			$	370,111

	Percentages are based on Net Assets of $370,215 ($ Thousands).
**	Rate shown is the 7-day effective yield as of March 31, 2022.
†	Investment in Affiliated Security.

Cl — Class

As of March 31, 2022, 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 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 March 31, 2022 ($ Thousands):

Security Description	Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)			Change in Unrealized Appreciation (Depreciation)			Value 3/31/2022		Shares		Income		Capital Gains
New Covenant Growth Fund	$	227,402	$	21,147	$	(20,254	)	$	4,478		$	(8,872	)	$	223,901		3,838,531	$	1,097	$	11,312
New Covenant Income Fund		142,305		18,547		(7,263	)		(256	)		(10,933	)		142,400		6,440,513		1,683		349
SEI Daily Income Trust, Government Fund, Cl F		3,258		26,732		(26,180	)		—			—			3,810		3,810,136		—		—
Totals	$	372,965	$	66,426	$	(53,697	)	$	4,222		$	(19,805	)	$	370,111			$	2,780	$	11,661

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

38

New Covenant Funds/ Quarterly Report /March 31, 2022

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

New Covenant Balanced Income Fund

Description	Shares		Market Value ($ Thousands)
AFFILIATED INVESTMENT FUNDS — 98.8%
Fixed Income Fund — 63.4%
New Covenant Income Fund †		2,952,574	$	65,281
Total Fixed Income Fund
(Cost $68,528) ($ Thousands)				65,281
Equity Fund — 35.4%
New Covenant Growth Fund †		625,586		36,491
Total Equity Fund
(Cost $18,560) ($ Thousands)				36,491

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 1.2%
SEI Daily Income Trust, Government Fund, Cl F
0.108%**†		1,237,478	$	1,237
Total Cash Equivalent
(Cost $1,237) ($ Thousands)				1,237
Total Investments in Securities — 100.0%
(Cost $88,325) ($ Thousands)			$	103,009

	Percentages are based on Net Assets of $103,061 ($ Thousands).
**	Rate shown is the 7-day effective yield as of March 31, 2022.
†	Investment in Affiliated Security.

Cl — Class

As of March 31, 2022, 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 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 March 31, 2022 ($ Thousands):

Security Description	Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 3/31/2022		Shares		Income		Capital Gains
New Covenant Income Fund	$	56,398	$	15,299	$	(1,398	)	$	(48	)	$	(4,970	)	$	65,281		2,952,574	$	700	$	160
New Covenant Growth Fund		31,375		8,751		(2,589	)		741			(1,787	)		36,491		625,586		162		1,819
SEI Daily Income Trust, Government Fund, Cl F		717		24,782		(24,262	)		—			—			1,237		1,237,478		—		—
Totals	$	88,490	$	48,832	$	(28,249	)	$	693		$	(6,757	)	$	103,009			$	862	$	1,979

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

New Covenant Funds / Quarterly Report /March 31, 2022

39