Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

Name	Symbol	Market	Type
New Covenant Balanced Growth Fd (MM)	NASDAQ:NCBGX	NASDAQ	Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-09025

New Covenant Funds

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-835-4531

Date of fiscal year end: June 30, 2013

Date of reporting period: March 31, 2013

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund

March 31, 2013


Description	Shares		Market Value ($ Thousands)

COMMON STOCK — 97.8%

Argentina — 0.3%
MercadoLibre		11,500	$	1,110


Australia — 0.8%
Brambles		101,481		895
Cochlear		10,089		715
Diana Shipping*		54,500		581
Woolworths		23,136		814

				3,005


Belgium — 0.1%
Groupe Bruxelles Lambert		7,239		553


Brazil — 0.2%
Itau Unibanco Holding ADR		33,343		594


Canada — 1.5%
Canadian Pacific Railway		17,680		2,307
Catamaran		1,804		96
Cenovus Energy		14,102		437
Eldorado Gold		41,442		396
Fairfax Financial Holdings		3,138		1,225
Ritchie Bros Auctioneers		23,399		509
Thomson Reuters		4,839		157
Westport Innovations*		11,830		349

				5,476


China — 0.7%
Baidu ADR*		9,368		822
China Shenhua Energy, Cl H		231,000		839
Want Want China Holdings		681,000		1,044

				2,705


Denmark — 0.9%
DSV(A)		32,012		774
Novo Nordisk ADR		10,264		1,658
Novozymes, Cl B(A)		26,025		884

				3,316


Finland — 0.7%
Kone, Cl B		18,464		1,452
Sampo, Cl A		25,922		997

				2,449


France — 1.0%
Cie Generale d’Optique Essilor International		11,365		1,264
Danone ADR		51,757		726
Edenred		25,451		833
Lafarge		12,467		828

				3,651


Germany — 1.3%
Brenntag		4,412		689
Continental		6,066		725
Deutsche Boerse		13,408		812
SAP ADR		28,737		2,314
SKY Deutschland		95,811		528

				5,068


Hong Kong — 1.2%
Cheung Kong Holdings		38,000		561
China Mobile		67,000		709
Hang Seng Bank		39,600		635
Hong Kong Exchanges and Clearing		72,400		1,233
Kunlun Energy		580,000		1,233

				4,371


Description	Shares		Market Value ($ Thousands)

Ireland — 2.0%
Accenture, Cl A		781	$	59
Covidien		17,578		1,193
CRH		33,302		735
Eaton		2,956		181
Experian		64,403		1,115
Ingersoll-Rand		41,769		2,298
Ryanair Holdings ADR		22,504		940
Willis Group Holdings		26,282		1,038

				7,559


Israel — 0.3%
Check Point Software Technologies		24,488		1,151


Japan — 1.7%
Fast Retailing		2,700		879
Inpex		109		579
Mitsui		35,300		492
Olympus		30,200		709
Rakuten		97,200		988
Shimano		8,500		718
SMC		4,800		927
Tokyo Electron		10,400		460
Trend Micro		18,000		512

				6,264


Netherlands — 0.6%
Chicago Bridge & Iron		509		32
CNH Global		2,857		118
James Hardie Industries		72,273		753
QIAGEN		1,417		30
Unilever		28,714		1,176

				2,109


Norway — 0.3%
Aker Solutions(A)		36,344		682
Seadrill(A)		13,177		480

				1,162


Portugal — 0.1%
Galp Energia, Cl B		24,181		379


Russia — 0.4%
Magnit GDR		22,643		1,022
Sberbank of Russia ADR		46,618		598

				1,620


Singapore — 0.4%
Avago Technologies, Cl A		4,239		152
United Overseas Bank		75,552		1,241

				1,393


South Africa — 0.6%
Massmart Holdings		29,394		607
Naspers, Cl N		26,735		1,663

				2,270


South Korea — 0.9%
Hyundai Mobis		2,276		629
NHN		2,005		499
Samsung Electronics		3,200		2,151

				3,279


Spain — 0.3%
Inditex		8,508		1,128


Sweden — 1.2%
Allied World Assurance Holdings		839		78
Atlas Copco, B Shares		85,517		2,160
Svenska Handelsbanken, Cl A		37,873		1,619

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund (Continued)

March 31, 2013


Description	Shares		Market Value ($ Thousands)
Volvo, Cl B		53,034	$	771

				4,628


Switzerland — 1.2%
Garmin		3,446		114
Nestle		31,433		2,272
Pentair		43,228		2,280
Tyco International		391		12

				4,678


Taiwan — 0.7%
Hon Hai Precision Industry GDR		101,826		568
Taiwan Semiconductor
Manufacturing ADR		117,993		2,028

				2,596


Turkey — 0.3%
BIM Birlesik Magazalar		14,601		714
Turkiye Garanti Bankasi ADR		106,560		573

				1,287


United Kingdom — 3.3%
Amlin		121,563		782
Antofagasta		39,786		595
Aon		440		27
ARM Holdings		97,000		1,357
BG Group		40,125		688
BHP Billiton		24,018		699
Burberry Group		16,285		329
Capita		67,879		927
Hargreaves Lansdown		37,885		499
Petrofac		19,000		414
Premier Farnell		124,129		421
Prudential		64,394		1,042
Rio Tinto		34,521		1,618
St. James’s Place		52,499		405
Tullow Oil		70,124		1,312
Wolseley		21,035		1,046

				12,161


United States — 74.8%
Consumer Discretionary — 12.9%
Aeropostale*		96,706		1,315
Amazon.com		9,172		2,444
Ascena Retail Group		70,412		1,306
Cablevision Systems, Cl A		8,858		132
CBS, Cl B		55,000		2,568
Charter Communications, Cl A		14,574		1,518
Chipotle Mexican Grill, Cl A		3,815		1,243
Coach		54,557		2,727
Delphi Automotive		28,779		1,278
DIRECTV*		1,202		68
Discovery Communications, Cl A		13,128		1,034
Expedia		662		40
Ford Motor		4,525		60
Gannett		313		7
General Motors		4,000		111
Gentex		172		3
Genuine Parts		256		20
Harley-Davidson		49,237		2,624
Home Depot		26,537		1,852
Jarden*		1,886		81
Johnson Controls		857		30
L Brands		445		20
Lennar, Cl A		1,057		44
Liberty Interactive, Cl A*		1,140		25
Liberty Media*		249		28


Description	Shares		Market Value ($ Thousands)
Liberty Ventures*		57	$	4
Lowe’s		32,249		1,223
Macy’s		19		1
Marriott International, Cl A		213		9
Mattel		2,653		116
McDonald’s		1,063		106
Michael Kors Holdings		492		28
Mohawk Industries		490		55
Morningstar		2,128		149
Newell Rubbermaid		342		9
News, Cl A		3,693		113
News, Cl B		66,003		2,030
NIKE, Cl B		53,732		3,171
Nordstrom		50,473		2,787
Polaris Industries		76		7
priceline.com*		60		41
PulteGroup		443		9
Ralph Lauren, Cl A		9,547		1,616
Ross Stores		363		22
Signet Jewelers		454		31
Staples		108,109		1,452
Starbucks		39,725		2,263
Starwood Hotels & Resorts Worldwide		20,603		1,313
Target		46,790		3,203
Time Warner		1,084		62
Time Warner Cable		11,666		1,121
TJX		2,126		99
Tupperware Brands		66		5
Under Armour, Cl A		17,981		921
Virgin Media		363		18
Walt Disney		53,875		3,060
Yum! Brands		26,177		1,883

				47,505

Consumer Staples — 9.5%
Archer-Daniels-Midland		3,910		132
Bunge		1,900		140
Campbell Soup		40,802		1,851
Church & Dwight		2,343		152
Clorox		1,706		151
Coca-Cola		68,107		2,754
Coca-Cola Enterprises		3,360		124
Colgate-Palmolive		40,306		4,757
ConAgra Foods		4,128		148
Constellation Brands, Cl A*		2,053		98
Costco Wholesale		38,513		4,087
CVS Caremark		53,026		2,916
Dean Foods*		219		4
Dr. Pepper Snapple Group		2,621		123
Energizer Holdings		74		7
Estee Lauder, Cl A		66,781		4,276
Flowers Foods		133		4
Fresh Market*		2,766		118
General Mills		706		35
Hershey		1,759		154
HJ Heinz		338		24
Hormel Foods		3,334		138
Ingredion		1,345		97
JM Smucker		1,615		160
Kellogg		240		15
Kimberly-Clark		1,854		182
Kraft Foods Group		3,280		169
Kroger		770		26
McCormick		1,682		124

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund (Continued)

March 31, 2013


Description	Shares		Market Value ($ Thousands)
Mead Johnson Nutrition, Cl A		22,441	$	1,738
Mondelez International, Cl A		106,436		3,258
Monster Beverage		170		8
PepsiCo		27,384		2,167
Pricesmart		5,528		430
Procter & Gamble		3,204		247
Safeway		470		12
Sysco		4,724		166
Tyson Foods, Cl A		343		9
Wal-Mart Stores		27,192		2,035
Whole Foods Market		30,567		2,652

				35,688

Energy — 5.6%
Anadarko Petroleum		2,042		179
Apache		24,830		1,916
Baker Hughes		41,695		1,935
Cameron International		235		15
Chesapeake Energy		774		16
Chevron		2,427		288
Concho Resources		135		13
ConocoPhillips		14,862		893
Devon Energy		551		31
EOG Resources		1,450		186
Exxon Mobil		26,577		2,395
Kinder Morgan		853		33
Kosmos Energy		1,732		19
Marathon Oil		1,413		48
Murphy Oil		23,150		1,475
National Oilwell Varco		43,755		3,096
Noble Energy		14,337		1,658
Occidental Petroleum		2,107		165
Oceaneering International		2,215		147
Oil States International*		67		6
Phillips 66		18,393		1,287
Schlumberger		64,846		4,856
Spectra Energy		845		26
Ultra Petroleum		198		4
Williams		764		29

				20,716

Financials — 8.6%
Aflac		16,463		856
American Express		54,205		3,657
American International Group*		62,479		2,426
Ameriprise Financial		295		22
Apartment Investment & Management, Cl A‡		315		9
Arch Capital Group		558		29
Ares Capital		1,320		24
Axis Capital Holdings		3,078		128
Bank of America		12,876		157
Bank of New York Mellon		1,615		45
BB&T		906		28
Berkshire Hathaway, Cl B		2,551		266
BlackRock, Cl A		504		129
Boston Properties‡		97		10
Capital One Financial		43,598		2,396
CBRE Group, Cl A		69,569		1,757
Charles Schwab		54,249		960
Chubb		1,345		118
Citigroup		3,505		155
Credicorp		5,555		922
Discover Financial Services		435		19
Equity Residential‡		2,092		115


Description	Shares		Market Value ($ Thousands)
Erie Indemnity, Cl A		1,200	$	91
Everest Re Group		226		29
Fidelity National Financial, Cl A		72,782		1,836
Forest City Enterprises, Cl A*		179		3
General Growth Properties‡		246		5
Goldman Sachs Group		673		99
HCP‡		2,081		104
Interactive Brokers Group, Cl A		2,798		41
JPMorgan Chase		65,471		3,107
Lazard, Cl A		50,575		1,726
Leucadia National		3,054		84
Loews		544		24
Marsh & McLennan		713		27
McGraw-Hill		28,856		1,503
MetLife		29,213		1,111
Morgan Stanley		1,152		25
MSCI, Cl A*		35,987		1,221
Northern Trust		17,664		964
PartnerRe		316		30
Plum Creek Timber‡		149		8
PNC Financial Services Group		684		46
ProLogis‡		596		24
Prudential Financial		632		37
Simon Property Group‡		1,047		166
SLM		686		14
State Street		42,092		2,487
US Bancorp		2,716		92
Vornado Realty Trust‡		1,113		93
Wells Fargo		8,754		324
Weyerhaeuser‡		78,035		2,449
White Mountains Insurance Group		41		23

				32,021

Health Care — 9.7%
Abbott Laboratories		1,908		67
AbbVie		1,789		73
Actavis*		939		87
Alexion Pharmaceuticals*		10,451		963
Allergan		7,459		833
Amgen		17,571		1,801
Baxter International		881		64
Biogen Idec		8,505		1,641
Bristol-Myers Squibb		4,135		170
Celgene*		13,189		1,529
Cerner		25,995		2,463
DENTSPLY International		183		8
Eli Lilly		1,831		104
Express Scripts Holding		50,297		2,900
Forest Laboratories		49,835		1,896
Gilead Sciences		33,348		1,632
HCA Holdings		1,295		52
Hologic		63,120		1,427
Intuitive Surgical		3,560		1,749
Johnson & Johnson		59,646		4,863
Life Technologies		232		15
Medtronic		561		26
Merck		6,270		277
Mettler-Toledo International		42		9
Mylan*		40,226		1,164
Myriad Genetics*		102		2
Perrigo		16,527		1,962
Pfizer		172,910		4,990
Regeneron Pharmaceuticals		219		38
St. Jude Medical		43,400		1,755

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund (Continued)

March 31, 2013


Description	Shares		Market Value ($ Thousands)
Teleflex		19,074	$	1,612
Thermo Fisher Scientific		1,016		78
UnitedHealth Group		2,881		165
WellPoint		452		30

				36,445

Industrials — 6.0%
3M		1,695		180
ADT		195		9
AMETEK		314		13
Armstrong World Industries		462		26
BE Aerospace		1,593		96
Caterpillar		1,716		149
Cintas		551		24
Copa Holdings, Cl A		869		104
Crane		2,794		156
CSX		1,434		35
Cummins		11,216		1,299
Danaher		2,292		142
Deere		1,846		159
Delta Air Lines		2,350		39
Dover		243		18
Emerson Electric		33,306		1,861
Engility Holdings		221		5
Exelis		12,772		139
Fastenal		36,578		1,878
FedEx		224		22
General Electric		114,655		2,651
GrafTech International		184,604		1,418
Honeywell International		2,887		218
Huntington Ingalls Industries		2,880		154
IHS, Cl A		64		7
Illinois Tool Works		22,507		1,372
Kansas City Southern		15,713		1,743
Masco		4,598		93
Nielsen Holdings		3,499		125
Norfolk Southern		429		33
PACCAR		497		25
Pall		39,242		2,683
Parker Hannifin		1,607		147
Precision Castparts		7,704		1,461
Republic Services, Cl A		692		23
RR Donnelley & Sons		244		3
Southwest Airlines		2,246		30
Spirit Aerosystems Holdings, Cl A*		8,583		163
Stanley Black & Decker		1,500		121
Textron		4,669		139
Timken		2,717		154
Toro		1,239		57
Towers Watson, Cl A		74		5
TransDigm Group		918		140
Triumph Group		119		9
Union Pacific		18,209		2,593
United Continental Holdings		1,868		60
United Parcel Service, Cl B		1,556		134
United Technologies		2,639		247
URS		102		5
Waste Management		3,917		154
Xylem		232		6

				22,527

Information Technology — 14.8%
Activision Blizzard		1,707		25
Adobe Systems		77,373		3,366
Alliance Data Systems*		67		11


Description	Shares		Market Value ($ Thousands)
Altera		46,945	$	1,665
Amdocs		3,848		139
Amphenol, Cl A		366		27
Analog Devices		25,447		1,183
ANSYS		120		10
Apple		9,870		4,369
Applied Materials		86,476		1,166
Automatic Data Processing		68,057		4,425
AVX		7,485		89
BMC Software		214		10
Broadcom, Cl A		697		24
CA		799		20
Cisco Systems		13,220		276
Citrix Systems		245		18
Cognizant Technology Solutions, Cl A*		248		19
Corning		2,041		27
Cree		139		8
Dell		3,957		57
eBay*		51,219		2,777
EchoStar, Cl A*		2,311		90
EMC*		115,372		2,756
F5 Networks*		173		15
Facebook, Cl A*		33,136		848
Freescale Semiconductor*		6,600		98
Gartner*		127		7
Genpact		1,342		24
Google, Cl A*		3,801		3,018
Hewlett-Packard		2,215		53
IAC/InterActiveCorp		438		20
Intel		13,071		285
International Business Machines		15,522		3,311
Intuit		314		21
Juniper Networks		693		13
LSI*		179,751		1,219
Marvell Technology Group		1,401		15
Mastercard, Cl A		5,978		3,235
Maxim Integrated Products		2,676		87
Microchip Technology		234		9
MICROS Systems		105		5
Microsoft		85,076		2,434
Molex		5,187		152
Motorola Solutions		2,038		131
NetApp*		456		15
NeuStar, Cl A		16		1
Oracle		86,822		2,808
Paychex		615		22
QUALCOMM		77,933		5,218
Red Hat		24,422		1,235
Riverbed Technology		88,921		1,326
Salesforce.com*		174		31
SanDisk		310		17
Skyworks Solutions		246		5
Solera Holdings		92		5
Symantec		982		24
Texas Instruments		47,678		1,692
Total System Services		36,235		898
Trimble Navigation		3,253		98
VeriFone Systems		78,148		1,616
VeriSign		857		40
Visa, Cl A		15,384		2,613
Xerox		6,018		52
Yahoo!		1,578		37

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund (Continued)

March 31, 2013


Description	Shares		Market Value ($ Thousands)
Zebra Technologies, Cl A		1,845	$	87

				55,397

Materials — 6.2%
Air Products & Chemicals		274		24
Ball		3,167		151
Crown Holdings		2,386		99
Dow Chemical		68,165		2,170
Ecolab		36,786		2,950
E.I. du Pont de Nemours		31,724		1,560
International Paper		1,686		78
LyondellBasell Industries, Cl A		10,419		659
MeadWestvaco		694		25
Monsanto		51,824		5,474
Newmont Mining		43,987		1,843
Owens-Illinois		59,069		1,574
Packaging Corp of America		50		2
Praxair		17,611		1,964
Sealed Air		81,899		1,975
Sherwin-Williams		6,442		1,088
Sonoco Products		320		11
Southern Copper		699		26
Vulcan Materials		947		49
WR Grace*		22,042		1,709

				23,431

Telecommunication Services — 1.2%
AT&T		9,438		346
CenturyLink		554		20
Crown Castle International		41,638		2,899
SBA Communications, Cl A		12,009		865
Verizon Communications		6,046		297
Windstream		1,862		15

				4,442

Utilities — 0.3%
AES		854		11
Calpine*		4,849		100
Dominion Resources		2,840		165
Duke Energy		2,553		185
Entergy		232		15
Exelon		3,536		122
FirstEnergy		225		9
NextEra Energy		541		42
Northeast Utilities		406		18
PG&E		1,643		73
Southern		3,498		164
Xcel Energy		4,583		136

				1,040

				279,212

Total Common Stock (Cost $309,571) ($ Thousands)				365,174


EXCHANGE-TRADED FUND — 0.6%
SPDR Gold Trust		14,909		2,303

Total Exchange-Traded Fund (Cost $2,424) ($ Thousands)				2,303


CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.020%†**		3,462,038		3,462

Total Cash Equivalent (Cost $3,462) ($ Thousands)				3,462


Description	Face Amount ($ Thousdands)			Market Value ($ Thousands)

U.S. TREASURY OBLIGATION — 0.1%
U.S. Treasury Bills 0.080%, 06/27/2013(B)(C)		$	359	$	359

Total U.S. Treasury Obligation (Cost $359) ($ Thousands)					359

Total Investments — 99.4% (Cost $315,816) ($ Thousands)††				$	371,298

A list of the open futures contracts held by the Fund at March 31, 2013, are as follows:


Type of Contract	Number of Contracts Long (Short)		Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
DJ Euro Stoxx 50 Index		7		Jun-2013	$	(5	)
FTSE 100 Index		2		Jun-2013		(1	)
S&P 500 Index EMINI		39		Jun-2013		72
S&P TSE 60 Index		1		Jun-2013		(1	)
SPI 200 Index		1		Jun-2013		(3	)
Topix Index		1		Jun-2013		5

					$	67

For the period ended March 31, 2013, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on a Net Assets of $373,383 ($ Thousands).

Non-income producing security.

The rate reported is the 7-day effective yield as of March 31, 2013.

‡

Real Estate Investment Trust

†

Investment in Affiliated Security.

††

At March 31, 2013, the tax basis cost of the Fund’s investments was $315,816 ($ Thousands), and the unrealized appreciation and depreciation were $62,672 ($ Thousands) and $(7,190) ($ Thousands), respectively.

(A)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of March 31, 2013 was $2,820 ($ Thousands) and represented 0.8% of Net Assets.

(B)

The rate reported is the effective yield at time of purchase.

(C)

Security, or portion thereof, has been pledged as collateral on open futures contracts.

ADR — American Depositary Receipt

Cl — Class

DJ — Dow Jones

FTSE — Financial Times and the London Stock Exchange

GDR — Global Depositary Receipt

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipt

SPI — Share Price Index

Topix — Tokyo Stock Price Index

TSE — Toronto Stock Exchange

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	362,354	$	2,820	$	—	$	365,174
Exchange-Traded Fund		2,303		—		—		2,303
Cash Equivalent		3,462		—		—		3,462
U.S. Treasury Obligation		—		359		—		359

Total Investments in Securities	$	368,119	$	3,179	$	—	$	371,298


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts^	$	67	$	—	$	—	$	67

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

For the period ended March 31, 2013, there were transfers between Level 2 and Level 1 assets and liabilities. The primary reason for changes in the classifications between Levels 2 and 1 occurs when the foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the period ended March 31, 2013, there were no transfers between Level 2 and Level 3 assets and liabilities.

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Growth Fund (Concluded)

March 31, 2013

For information on 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.

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)

MORTGAGE-BACKED SECURITIES — 42.5%

Agency Mortgage-Backed Obligations — 37.4%
FHLMC
5.500%, 12/01/2036	$	369	$	401
5.500%, 08/01/2038		286		310
5.500%, 11/01/2038		168		182
5.500%, 12/01/2038		1,176		1,283
5.000%, 12/01/2020		566		607
5.000%, 05/01/2022		266		286
5.000%, 04/01/2024		243		260
5.000%, 08/01/2038		81		87
5.000%, 03/01/2039		159		171
5.000%, 02/01/2040		824		908
4.500%, 11/01/2039		860		920
4.500%, 08/01/2040		2,431		2,602
4.500%, 08/01/2040		2,864		3,065
4.000%, 09/01/2040		193		205
3.500%, 10/01/2042		99		105
3.500%, 11/01/2042		397		421
3.500%, 01/01/2043		199		211
3.500%, 02/01/2043		100		106
3.500%, 04/01/2043		100		107
FHLMC, Ser 2012-274, Cl F1
0.703%, 08/15/2042(A)		492		496
FHLMC, Ser 2012-279, Cl F6
0.653%, 09/15/2042(A)		492		496
FHLMC IO, Ser 2007-3349
6.297%, 07/15/2037(A)		1,745		290
FHLMC IO, Ser 2011-3947
5.747%, 10/15/2041(A)		935		226
FHLMC IO, Ser 2012-4013
4.000%, 02/15/2039		673		136
FHLMC IO, Ser 2012-4057
5.847%, 04/15/2039(A)		607		137
3.000%, 05/15/2027		576		55
FHLMC IO, Ser 2012-4085
3.000%, 06/15/2027		1,213		159
FHLMC IO, Ser 2012-4092
3.000%, 09/15/2031		1,542		170
FHLMC IO, Ser 2012-4120
5.947%, 10/15/2042(A)		493		132
FHLMC Multifamily Structured Pass-Through Certificates, Ser K024
0.785%, 09/25/2022(A)		280		19
FHLMC Multifamily Structured Pass-Through Certificates IO, Ser K021
1.514%, 06/25/2022(A)		559		61
FHLMC REMIC, Ser 2003-2677, Cl ME
5.000%, 03/15/2032		58		58
FHLMC TBA
3.500%, 04/01/2041		1,400		1,473
2.500%, 04/15/2027		1,000		1,035
FNMA
7.000%, 11/01/2037		9		10
7.000%, 11/01/2037		13		15
7.000%, 12/01/2037		12		14
7.000%, 02/01/2038		16		19
7.000%, 09/01/2038		9		10
7.000%, 11/01/2038		13		16


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
7.000%, 11/01/2038	$	119	$	141
7.000%, 11/01/2038		25		30
7.000%, 11/01/2038		15		18
6.500%, 08/01/2017		176		190
6.000%, 12/01/2035		144		153
6.000%, 07/01/2037		294		322
6.000%, 09/01/2037		340		373
6.000%, 11/01/2038		384		421
5.500%, 09/01/2034		1,210		1,335
5.500%, 02/01/2035		728		803
5.000%, 01/01/2021		487		526
5.000%, 11/01/2025		339		371
5.000%, 06/01/2035		367		399
5.000%, 07/01/2035		1,857		2,019
5.000%, 02/01/2036		650		706
5.000%, 03/01/2036		926		1,005
5.000%, 03/01/2040		399		433
5.000%, 06/01/2040		930		1,028
5.000%, 06/01/2040		684		747
5.000%, 06/01/2040		82		89
4.601%, 04/01/2020		1,372		1,570
4.530%, 12/01/2019		1,000		1,167
4.501%, 01/01/2020		760		876
4.377%, 11/01/2019		522		598
4.000%, 06/01/2025		635		680
4.000%, 02/01/2041		2,108		2,248
4.000%, 09/01/2041		898		958
4.000%, 04/01/2042		5,714		6,192
3.685%, 01/01/2021		1,473		1,630
3.500%, 03/01/2041		1,018		1,075
3.500%, 10/01/2042		99		105
3.500%, 12/01/2042		99		106
3.500%, 12/01/2042		199		211
3.500%, 12/01/2042		199		211
3.499%, 03/01/2036(A)		165		176
3.030%, 12/01/2021		735		780
2.500%, 10/01/2042		1,080		1,069
2.400%, 12/01/2022		250		253
1.940%, 07/01/2019		400		407
0.650%, 01/01/2023(A)		499		499
0.560%, 01/01/2023(A)		498		499
0.555%, 01/01/2023(A)		500		501
0.550%, 01/01/2023(A)		498		502
0.540%, 01/01/2023(A)		400		400
0.540%, 01/01/2023(A)		500		501
FNMA, Ser 1992-1, Cl F
1.019%, 01/25/2022(A)		267		269
FNMA, Ser 2003-W2, Cl 2A9
5.900%, 07/25/2042		1,047		1,221
FNMA, Ser 2012-108, Cl F
0.704%, 10/25/2042(A)		492		497
FNMA, Ser 2012-M11, Cl FA
0.658%, 08/25/2019(A)		477		480
FNMA IO, Ser 2010-100
6.446%, 09/25/2040(A)		1,760		287
FNMA IO, Ser 2012-111
5.896%, 07/25/2040(A)		688		170
FNMA IO, Ser 2012-74
3.000%, 07/25/2027		2,030		229
FNMA IO, Ser 2012-84
5.796%, 08/25/2042(A)		2,388		313
FNMA IO, Ser 2012-89
5.846%, 05/25/2039(A)		877		194

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
FNMA IO, Ser 2012-93
5.896%, 09/25/2042(A)	$	391	$	96
3.000%, 09/25/2027		1,564		204
FNMA REMIC, Ser 2004-90, Cl LH
5.000%, 04/25/2034		1,800		1,900
FNMA REMIC, Ser 2005-22, Cl DA
5.500%, 12/25/2034		980		1,091
FNMA REMIC, Ser 2009-86, Cl CA
4.500%, 09/25/2024		129		132
FNMA TBA
5.481%, 06/01/2017		2,131		2,458
4.000%, 04/01/2039		1,300		1,386
3.500%, 04/01/2041		4,800		5,069
3.000%, 04/01/2042		2,600		2,674
2.500%, 04/25/2027		5,200		5,394
2.500%, 04/01/2043		400		397
GNMA
5.500%, 02/20/2037		345		379
5.500%, 07/20/2038		204		223
5.500%, 01/15/2039		464		508
5.000%, 12/20/2038		151		160
5.000%, 03/15/2039		446		487
5.000%, 03/20/2039		311		329
5.000%, 07/20/2040		3,408		3,783
4.863%, 06/20/2061		1,656		1,867
4.826%, 06/20/2061		1,438		1,653
4.697%, 09/20/2061		1,395		1,575
4.650%, 12/20/2060		1,378		1,539
4.626%, 07/20/2061		1,536		1,711
4.500%, 07/20/2038		391		426
4.500%, 05/20/2040		1,909		2,111
4.500%, 07/20/2040		2,944		3,257
4.500%, 01/20/2041		1,024		1,132
4.500%, 07/20/2041		410		452
4.295%, 07/20/2061		1,343		1,502
2.500%, 02/20/2027		2,687		2,801
GNMA, Ser 2004-10, Cl C
4.666%, 07/16/2031		531		543
GNMA, Ser 2004-108, Cl AB
4.397%, 12/16/2032(A)		191		196
GNMA, Ser 2009-108, Cl WG
4.000%, 09/20/2038		936		1,006
GNMA, Ser 2009-31, Cl MA
4.500%, 08/20/2033		181		186
GNMA, Ser 2009-51, Cl A
3.853%, 02/16/2040		97		97
GNMA, Ser 2009-86, Cl A
3.536%, 09/16/2035		671		693
GNMA, Ser 2010-48, Cl AC
4.229%, 02/16/2040		514		535
GNMA, Ser 2010-71, Cl AD
3.489%, 03/16/2039		938		970
GNMA, Ser 2011-147, Cl A
2.174%, 07/16/2038		1,442		1,491
GNMA, Ser 2012-22, Cl AB
1.661%, 03/16/2033		1,468		1,494
GNMA, Ser 2012-H18, Cl NA
0.722%, 08/20/2062(A)		392		394
GNMA IO, Ser 2011-141
5.897%, 10/20/2041(A)		586		124
GNMA IO, Ser 2011-146
6.497%, 04/16/2040(A)		511		107
GNMA IO, Ser 2012-66


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
3.500%, 02/20/2038	$	286	$	43
GNMA IO, Ser 2012-77
7.500%, 04/20/2031		304		74
GNMA TBA
3.500%, 04/01/2041		400		430
3.500%, 04/15/2041		800		855

				111,181


Non-Agency Mortgage-Backed Obligations — 5.1%
American Home Mortgage Investment Trust, Ser 2004-4, Cl 1A1
0.544%, 02/25/2045(A)		393		364
American Home Mortgage Investment Trust, Ser 2005-1, Cl 7A1
2.447%, 06/25/2045(A)		406		401
Banc of America Commercial Mortgage Trust, Ser 2006-2, Cl AM
5.763%, 05/10/2045(A)		100		112
Banc of America Funding, Ser 2012-R6, Cl 1A1
3.000%, 10/26/2039(B)		192		193
Banc of America Merrill Lynch Commercial Mortgage, Ser 2004- 3, Cl A5
5.563%, 06/10/2039(A)		385		401
Banc of America Mortgage Trust, Ser 2004-3, Cl 1A26
5.500%, 04/25/2034		152		155
Banc of America Mortgage Trust, Ser 2004-9, Cl 3A1
6.500%, 09/25/2032		183		192
BCAP Trust, Ser 2012-RR10, Cl 3A1
0.392%, 05/26/2036(A)(B)		444		411
Bear Stearns Commercial Mortgage Securities, Ser 2005-PWR9, Cl A4A
4.871%, 09/11/2042		328		354
Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4
5.715%, 06/11/2040(A)		550		641
Bear Stearns Commercial Mortgage Securities Trust, Ser 2007-PW16, Cl AM
5.715%, 06/11/2040(A)		25		29
Citigroup Mortgage Loan Trust, Ser 2012-A, Cl A
2.500%, 06/25/2051(B)		118		117
Commercial Mortgage Pass- Through Certificates, Ser 2005-C6, Cl A5A
5.116%, 06/10/2044(A)		360		391
Commercial Mortgage Pass- Through Certificates, Ser 2012- MVP, Cl A
2.141%, 11/17/2026(A)(B)		99		101
Countrywide Alternative Loan Trust, Ser 2003-20CB, Cl 1A1
5.500%, 10/25/2033		587		620
CSMC Series, Ser 2012-11R, Cl A6

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
1.204%, 06/28/2047(A)(B)	$	476	$	456
DBRR Trust, Ser 2013-EZ2, Cl A
0.853%, 02/25/2045(A)(B)		100		100
Extended Stay America Trust, Ser 2013-ESH7, Cl A27
2.958%, 12/05/2031(B)		110		111
GE Capital Commercial Mortgage, Ser 2004-C1, Cl A3
4.596%, 11/10/2038		457		465
GMAC Commercial Mortgage Securities, Ser 2004-C2, Cl A4
5.301%, 08/10/2038(A)		416		436
Homestar Mortgage Acceptance, Ser 2004-6, Cl M2
0.874%, 01/25/2035(A)		689		631
Homestar Mortgage Acceptance, Ser 2004-6, Cl M3
1.304%, 01/25/2035(A)		410		374
Impac CMB Trust, Ser 2004-6, Cl 1A2
0.984%, 10/25/2034(A)		136		125
Impac CMB Trust, Ser 2007-A, Cl M1
0.604%, 05/25/2037(A)		564		507
Impac Secured Assets Trust, Ser 2007-2, Cl 2A
0.454%, 04/25/2037(A)		267		244
JPMorgan Chase Commercial Mortgage Securities, Ser 2006- LDP8, Cl AM
5.440%, 05/15/2045		30		33
JPMorgan Chase Commercial Mortgage Securities, Ser 2006- LDP9, Cl A3
5.336%, 05/15/2047		590		664
JPMorgan Mortgage Trust, Ser 2005-A1, Cl 5A2
4.411%, 02/25/2035(A)		224		229
LB-UBS Commercial Mortgage Trust, Ser 2006-C6, Cl A4
5.372%, 09/15/2039		103		117
LB-UBS Commercial Mortgage Trust, Ser 2007-C7, Cl AM
6.179%, 09/15/2045(A)		250		293
MASTR Alternative Loans Trust, Ser 2004-2, Cl 4A1
5.000%, 02/25/2019		182		189
MASTR Asset Securitization Trust, Ser 2003-7, Cl 1A1
5.500%, 09/25/2033		168		177
MASTR Seasoned Securitization Trust, Ser 2004-2, Cl A2
6.500%, 08/25/2032		204		231
Merrill Lynch/Countrywide Commerical Mortgage Trust, Ser 2007-5, Cl A4
5.378%, 08/12/2048		200		226
ML-CFC Commercial Mortgage Trust, Ser 2007-8, Cl A3
5.936%, 08/12/2049(A)		200		233
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C7, Cl A4


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
2.918%, 02/15/2046	$	60	$	61
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C7, Cl AS
3.214%, 02/15/2046		61		62
Morgan Stanley Capital I, Ser 2007- IQ14, Cl A4
5.692%, 04/15/2049(A)		35		40
Morgan Stanley Reremic Trust, Ser 2012-XA, Cl A
2.000%, 07/27/2049(B)		314		318
MSSR
1.000%, 03/27/2051		120		119
NCUA Guaranteed Notes Trust, Ser 2010-C1, Cl APT
2.650%, 10/29/2020		367		386
NorthStar Mortgage Trust, Ser 2012-1, Cl A
1.404%, 08/25/2029(A)(B)		125		125
RALI Trust, Ser 2003-QS13, Cl A5
0.854%, 07/25/2033(A)		125		118
RALI Trust, Ser 2004-QS5, Cl A1
4.600%, 04/25/2034		242		251
Residential Asset Securitization Trust, Ser 2003-A7, Cl A12
5.500%, 07/25/2033		246		249
Residential Asset Securitization Trust, Ser 2004-IP2, Cl 4A
2.763%, 12/25/2034(A)		156		153
Sequoia Mortgage Trust, Ser 2004- 5, Cl A2
0.723%, 06/20/2034(A)		206		194
Springleaf Mortgage Loan Trust, Ser 2012-2A, Cl A
2.220%, 10/25/2057(A)(B)		421		427
Springleaf Mortgage Loan Trust, Ser 2012-2A, Cl M2
4.610%, 10/25/2057(A)(B)		200		207
Springleaf Mortgage Loan Trust, Ser 2012-3A, Cl A
1.570%, 12/25/2059(A)(B)		155		156
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004- 3AC, Cl A2
2.508%, 03/25/2034(A)		510		507
UBS-BAMLL Trust, Ser 2012- WRM, Cl A
3.663%, 06/10/2030(B)		116		121
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4
3.525%, 05/10/2063		73		77
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C4, Cl AS
3.317%, 12/10/2045(B)		120		120
UBS-Barclays Commercial Mortgage Trust IO, Ser 2012-C2
1.820%, 05/10/2063(A)(B)		495		51
Vericrest Opportunity Loan Transferee, Ser 2012-NL3A, Cl A
2.734%, 11/25/2060(A)(B)		242		245

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Vericrest Opportunity Loan Trust, Ser 2013-1A, Cl A
3.105%, 11/25/2050(A)(B)	$	232	$	232
Wachovia Bank Commercial Mortgage Trust, Ser 2004-C12, Cl A4
5.309%, 07/15/2041(A)		316		329
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C29, Cl A4
5.308%, 11/15/2048		25		28
Wachovia Bank Commercial Mortgage Trust, Ser 2007-C30, Cl AM
5.383%, 12/15/2043		40		44
WFRBS Commercial Mortgage Trust, Ser 2013-C11, Cl AS
3.311%, 03/15/2045		160		163
WFRBS Commercial Mortgage Trust IO, Ser 2012-C7
1.604%, 06/15/2045(A)(B)		1,337		145

				15,251

Total Mortgage-Backed Securities (Cost $122,415) ($ Thousands)				126,432


CORPORATE OBLIGATIONS — 20.9%

Consumer Discretionary — 1.7%
American Honda Finance
1.000%, 08/11/2015(B)		490		492
CBS
7.875%, 09/01/2023		80		105
Daimler Finance North America
2.250%, 07/31/2019(B)		200		201
Ford Motor Credit
8.125%, 01/15/2020		340		429
5.875%, 08/02/2021		230		263
3.000%, 06/12/2017		200		205
Historic TW
6.625%, 05/15/2029		50		62
Hyundai Capital America
1.625%, 10/02/2015(B)		180		181
Macy’s Retail Holdings
5.750%, 07/15/2014		510		541
2.875%, 02/15/2023		33		32
NBC Universal Media
2.875%, 01/15/2023		100		99
News America
5.300%, 12/15/2014		510		549
Nissan Motor Acceptance
1.800%, 03/15/2018(B)		102		102
TCI Communications
8.750%, 08/01/2015		536		633
Time Warner
4.750%, 03/29/2021		50		57
Time Warner Cable
8.250%, 02/14/2014		370		394
5.000%, 02/01/2020		490		557
Walt Disney
0.450%, 12/01/2015		13		13

				4,915


Consumer Staples — 1.1%


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Bunge Finance
8.500%, 06/15/2019	$	60	$	77
ConAgra Foods
2.100%, 03/15/2018		14		14
1.300%, 01/25/2016		10		10
CVS Caremark
4.125%, 05/15/2021		300		334
Kimberly-Clark
6.125%, 08/01/2017		140		169
Kraft Foods Group
5.375%, 02/10/2020		206		246
3.500%, 06/06/2022		320		335
Kroger
8.000%, 09/15/2029		40		53
3.900%, 10/01/2015		660		705
Mondelez International
5.375%, 02/10/2020		184		219
PepsiCo
3.000%, 08/25/2021		290		305
2.750%, 03/05/2022		80		82
2.500%, 05/10/2016		280		294
1.250%, 08/13/2017		52		52
0.700%, 08/13/2015		250		250
Safeway
3.950%, 08/15/2020		20		20
Wal-Mart Stores
4.250%, 04/15/2021		210		241

				3,406


Energy — 1.5%
Anadarko Holding
7.150%, 05/15/2028		80		96
Anadarko Petroleum
6.375%, 09/15/2017		550		656
5.950%, 09/15/2016		40		46
Apache
3.250%, 04/15/2022		460		477
2.625%, 01/15/2023		19		18
Baker Hughes
3.200%, 08/15/2021		90		95
Cameron International
1.600%, 04/30/2015		22		22
Canadian Natural Resources
3.450%, 11/15/2021		60		64
ConocoPhillips
6.000%, 01/15/2020		230		288
4.750%, 02/01/2014		43		45
Devon Energy
6.300%, 01/15/2019		320		387
3.250%, 05/15/2022		38		38
1.875%, 05/15/2017		80		81
EOG Resources
2.625%, 03/15/2023		26		26
Hess
8.125%, 02/15/2019		200		258
7.875%, 10/01/2029		70		90
Kinder Morgan Energy Partners LP
6.000%, 02/01/2017		230		267
Marathon Oil
6.000%, 10/01/2017		56		67
0.900%, 11/01/2015		66		66
Nabors Industries
9.250%, 01/15/2019		60		77

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
4.625%, 09/15/2021	$	60	$	63
National Oilwell Varco
1.350%, 12/01/2017		18		18
NextEra Energy Capital Holdings
1.200%, 06/01/2015		29		29
Noble Energy
4.150%, 12/15/2021		290		319
Occidental Petroleum
3.125%, 02/15/2022		230		242
2.700%, 02/15/2023		237		237
Spectra Energy Capital
5.650%, 03/01/2020		53		62
Texas Eastern Transmission
2.800%, 10/15/2022(B)		92		92
TransCanada PipeLines
2.500%, 08/01/2022		90		88
Transocean
6.375%, 12/15/2021		60		70
Weatherford International
9.875%, 03/01/2039		40		58
Williams Partners LP
7.250%, 02/01/2017		135		162

				4,604


Financials — 8.4%
American Express
2.650%, 12/02/2022		615		603
Arden Realty LP‡
5.250%, 03/01/2015		664		715
Bank of America
7.625%, 06/01/2019		365		464
5.625%, 07/01/2020		250		292
5.420%, 03/15/2017		200		222
5.000%, 05/13/2021		360		403
Bank of Montreal
2.550%, 11/06/2022		145		142
1.400%, 09/11/2017		86		86
Bank of New York Mellon
4.600%, 01/15/2020		136		157
Bank of Nova Scotia
1.375%, 12/18/2017		200		200
Barrick North America Finance
4.400%, 05/30/2021		90		96
BB&T
6.850%, 04/30/2019		240		306
1.600%, 08/15/2017		56		57
Bear Stearns
7.250%, 02/01/2018		140		174
Berkshire Hathaway Finance
3.000%, 05/15/2022		154		157
BlackRock
3.375%, 06/01/2022		58		61
Blackstone Holdings Finance
4.750%, 02/15/2023(B)		66		73
Canadian Imperial Bank of Commerce
0.900%, 10/01/2015		35		35
Capital One Bank USA
3.375%, 02/15/2023		300		297
Caterpillar Financial Services
6.200%, 09/30/2013		400		411
2.850%, 06/01/2022		53		54
1.250%, 11/06/2017		43		43


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Citigroup
6.125%, 11/21/2017	$	815	$	963
6.010%, 01/15/2015		160		173
6.000%, 12/13/2013		325		337
5.375%, 08/09/2020		373		437
2.250%, 08/07/2015		400		409
CME Group
3.000%, 09/15/2022		80		81
CNA Financial
5.875%, 08/15/2020		332		391
Commonwealth Bank of Australia NY
1.250%, 09/18/2015		320		323
ERAC USA Finance
1.400%, 04/15/2016(B)		22		22
ERP Operating LP‡
5.375%, 08/01/2016		104		118
4.625%, 12/15/2021		104		117
General Electric Capital
6.000%, 08/07/2019		1,629		1,978
2.100%, 12/11/2019		40		41
1.625%, 07/02/2015		184		187
1.000%, 12/11/2015		25		25
Goldman Sachs Group
6.150%, 04/01/2018		320		377
6.000%, 06/15/2020		480		567
5.950%, 01/18/2018		660		769
5.375%, 03/15/2020		320		365
5.350%, 01/15/2016		427		472
HCP‡
2.625%, 02/01/2020		110		111
HSBC Finance
6.676%, 01/15/2021		180		213
5.000%, 06/30/2015		264		285
HSBC USA
1.625%, 01/16/2018		250		250
Jefferies Group
8.500%, 07/15/2019		136		169
John Deere Capital
2.250%, 04/17/2019		100		103
1.700%, 01/15/2020		9		9
1.200%, 10/10/2017		22		22
0.950%, 06/29/2015		46		47
JPMorgan Chase
1.100%, 10/15/2015		360		360
KeyCorp
5.100%, 03/24/2021		72		84
Lincoln National
8.750%, 07/01/2019		35		47
Macquarie Bank
3.450%, 07/27/2015(B)		40		42
MassMutual Global Funding II
2.500%, 10/17/2022(B)		106		104
Merrill Lynch
6.875%, 04/25/2018		390		471
MetLife
6.750%, 06/01/2016		290		341
Metropolitan Life Global Funding I
1.700%, 06/29/2015(B)		213		217
1.500%, 01/10/2018(B)		100		100
Morgan Stanley
6.000%, 05/13/2014		660		696
5.625%, 09/23/2019		200		230

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
5.500%, 07/28/2021	$	280	$	321
Nationsbank
10.200%, 07/15/2015		264		309
New York Life Global Funding
0.750%, 07/24/2015(B)		160		161
PNC Bank
6.875%, 04/01/2018		250		311
2.700%, 11/01/2022		260		253
Principal Life Global Funding II
1.000%, 12/11/2015(B)		37		37
0.930%, 07/09/2014(A)(B)		48		48
Private Export Funding
4.550%, 05/15/2015		624		680
Prudential Financial
5.100%, 09/20/2014		490		521
Prudential Holdings
8.695%, 12/18/2023(B)		564		724
Prudential Insurance of America
8.300%, 07/01/2025(B)		150		206
Royal Bank of Canada
1.200%, 09/19/2017		129		129
Royal Bank of Scotland Group
2.550%, 09/18/2015		180		185
SLM
3.875%, 09/10/2015		220		229
0.601%, 01/27/2014(A)		550		545
SunTrust Banks
3.500%, 01/20/2017		70		75
Toyota Motor Credit
1.250%, 10/05/2017		374		374
US Bancorp
4.200%, 05/15/2014		290		302
2.950%, 07/15/2022		120		120
Wachovia
5.750%, 02/01/2018		320		381
Wachovia Bank
6.000%, 11/15/2017		250		298
WEA Finance
3.375%, 10/03/2022(B)		79		80
Wells Fargo
5.625%, 12/11/2017		585		692
4.600%, 04/01/2021		480		548
3.450%, 02/13/2023		120		121
2.100%, 05/08/2017		130		134
1.500%, 01/16/2018		140		140

				25,025


Health Care — 1.5%
AbbVie
2.900%, 11/06/2022(B)		180		180
1.750%, 11/06/2017(B)		399		404
Actavis
1.875%, 10/01/2017		70		71
Agilent Technologies
6.500%, 11/01/2017		300		359
Baxter International
5.900%, 09/01/2016		300		349
Celgene
1.900%, 08/15/2017		50		51
Express Scripts Holding
3.500%, 11/15/2016		480		517
Humana
3.150%, 12/01/2022		260		257


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Johnson & Johnson
1.200%, 05/15/2014	$	510	$	515
Medtronic
3.125%, 03/15/2022		190		199
Novartis Capital
2.400%, 09/21/2022		50		50
Quest Diagnostics
4.750%, 01/30/2020		40		44
UnitedHealth Group
4.700%, 02/15/2021		68		78
2.750%, 02/15/2023		17		17
1.875%, 11/15/2016		320		330
1.625%, 03/15/2019		200		201
WellPoint
3.300%, 01/15/2023		36		36
3.125%, 05/15/2022		400		403
1.250%, 09/10/2015		50		50
Wyeth
5.450%, 04/01/2017		230		270
Zoetis
3.250%, 02/01/2023(B)		50		51
1.875%, 02/01/2018(B)		85		85

				4,517


Industrials — 2.7%
3M
1.000%, 06/26/2017		60		60
ADT
4.125%, 06/15/2023(B)		100		104
3.500%, 07/15/2022(B)		30		30
American Airlines 2011-1, Pass- Through Trust
5.250%, 01/31/2021		119		130
Burlington Northern and Santa Fe Railway 2002-2, Pass-Through Trust
5.140%, 01/15/2021		789		873
Canal Barge
4.500%, 11/12/2034(D)		987		1,141
Caterpillar
1.500%, 06/26/2017		46		47
Continental Airlines 1999-1, Pass- Through Trust
6.545%, 02/02/2019		37		41
Continental Airlines 2012-2, Pass- Through Trust
4.000%, 10/29/2024		53		55
CSX
3.700%, 10/30/2020		56		61
CSX Transportation
6.251%, 01/15/2023		784		948
Deere
2.600%, 06/08/2022		48		48
Delta Air Lines 2012-1, Pass- Through Trust
4.750%, 05/07/2020		46		50
Eaton
2.750%, 11/02/2022(B)		410		408
1.500%, 11/02/2017(B)		133		133
Enterprise Products Operating
5.250%, 01/31/2020		670		785
General Electric
2.700%, 10/09/2022		42		42

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
0.850%, 10/09/2015	$	100	$	100
Matson Navigation
5.337%, 09/04/2028(D)		725		825
News America
9.500%, 07/15/2024		80		115
Penske Truck Leasing LP
4.875%, 07/11/2022(B)		72		76
Republic Services
3.550%, 06/01/2022		40		42
Ryder System
3.500%, 06/01/2017		70		75
Union Pacific
5.404%, 07/02/2025		1,159		1,308
United Parcel Service
2.450%, 10/01/2022		23		23
United Technologies
3.100%, 06/01/2022		432		453
Waste Management
7.375%, 03/11/2019		40		50

				8,023


Information Technology — 0.6%
Arrow Electronics
3.000%, 03/01/2018		21		21
eBay
2.600%, 07/15/2022		19		19
1.350%, 07/15/2017		44		44
Hewlett-Packard
4.650%, 12/09/2021		88		91
3.750%, 12/01/2020		160		159
International Business Machines
1.875%, 05/15/2019		110		113
Microsoft
0.875%, 11/15/2017		15		15
Oracle
2.500%, 10/15/2022		121		119
1.200%, 10/15/2017		190		190
Texas Instruments
1.650%, 08/03/2019		26		26
0.450%, 08/03/2015		34		34
Xerox
1.680%, 09/13/2013(A)		797		800

				1,631


Materials — 0.6%
Dow Chemical
3.000%, 11/15/2022		71		70
Ecolab
4.350%, 12/08/2021		80		88
1.450%, 12/08/2017		56		55
1.000%, 08/09/2015		38		38
Freeport-McMoRan Copper & Gold
3.550%, 03/01/2022		280		278
3.100%, 03/15/2020(B)		50		50
2.375%, 03/15/2018(B)		50		50
2.150%, 03/01/2017		65		66
Mosaic
3.750%, 11/15/2021		70		74
Plum Creek Timberlands LP
5.875%, 11/15/2015		332		369
Rio Tinto Finance USA
4.125%, 05/20/2021		550		594
1.625%, 08/21/2017		33		33


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Southern Copper
3.500%, 11/08/2022	$	130	$	130

				1,895


Telecommunication Services — 0.7%
AT&T
5.600%, 05/15/2018		60		71
5.500%, 02/01/2018		330		388
4.450%, 05/15/2021		40		45
1.400%, 12/01/2017		150		149
0.800%, 12/01/2015		55		55
BellSouth Telecommunications
6.375%, 06/01/2028		128		154
Cellco Partnership
8.500%, 11/15/2018		160		213
DIRECTV Holdings
5.000%, 03/01/2021		80		89
Discovery Communications
3.300%, 05/15/2022		96		98
GTE
6.940%, 04/15/2028		120		154
TCI Communications
7.875%, 02/15/2026		240		332
Verizon Communications
3.500%, 11/01/2021		90		94
2.450%, 11/01/2022		130		123

				1,965


Utilities — 2.1%
AGL Capital
3.500%, 09/15/2021		70		75
American Electric Power
1.650%, 12/15/2017		10		10
American Water Capital
6.085%, 10/15/2017		765		914
Atmos Energy
8.500%, 03/15/2019		80		108
Baltimore Gas & Electric
2.800%, 08/15/2022		38		38
Carolina Power & Light
2.800%, 05/15/2022		58		59
Consumers Energy
5.650%, 04/15/2020		60		74
DTE Electric
2.650%, 06/15/2022		21		21
Duke Energy
3.550%, 09/15/2021		170		181
Duke Energy Indiana
3.750%, 07/15/2020		88		97
Entergy Louisiana
6.500%, 09/01/2018		1,172		1,427
Exelon
4.900%, 06/15/2015		400		433
FirstEnergy
4.250%, 03/15/2023		320		324
2.750%, 03/15/2018		340		344
Hydro-Quebec
8.400%, 01/15/2022		80		114
Kansas City Power & Light
6.375%, 03/01/2018		64		77
Nevada Power
6.500%, 08/01/2018		92		115
New Valley Generation I
7.299%, 03/15/2019		941		1,111

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Nisource Finance
3.850%, 02/15/2023	$	100	$	103
Pacific Gas & Electric
2.450%, 08/15/2022		26		26
PG&E
5.750%, 04/01/2014		290		304
PPL Capital Funding
4.200%, 06/15/2022		40		42
PSEG Power
5.125%, 04/15/2020		110		125
San Diego Gas & Electric
6.000%, 06/01/2026		56		74
Sempra Energy
6.150%, 06/15/2018		120		146

				6,342

Total Corporate Obligations (Cost $59,397) ($ Thousands)				62,323


ASSET-BACKED SECURITIES — 6.7%

Automotive — 2.1%
American Credit Acceptance Receivables Trust, Ser 2012-3, Cl A
1.640%, 11/15/2016(B)		72		72
American Credit Acceptance Receivables Trust, Ser 2013-1, Cl A
1.450%, 04/16/2018(B)		237		237
AmeriCredit Automobile Receivables Trust, Ser 2012-3, Cl A2
0.960%, 01/09/2017		80		81
AmeriCredit Automobile Receivables Trust, Ser 2012-1, Cl A3
0.910%, 10/08/2015		274		274
AmeriCredit Automobile Receivables Trust, Ser 2013-1, Cl A2
0.490%, 06/08/2016		98		98
AmeriCredit Automobile Receivables Trust, Ser 2012-3, Cl A2
0.710%, 12/08/2015		105		105
ARI Fleet Lease Trust, Ser 2012-B, Cl A
0.503%, 01/15/2021(A)(B)		482		481
Avis Budget Rental Car Funding AESOP, Ser 2012-3A, Cl A
2.100%, 03/20/2019(B)		400		407
BMW Floorplan Master Owner Trust, Ser 2012-1A, Cl A
0.603%, 09/15/2017(A)(B)		680		681
California Republic Auto Receivables Trust, Ser 2012-1, Cl A
1.180%, 08/15/2017(B)		83		83
Capital Auto Receivables Asset Trust, Ser 2013-1, Cl A2
0.620%, 07/20/2016		106		106


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
DT Auto Owner Trust, Ser 2012-2A, Cl A
0.910%, 11/16/2015(B)	$	112	$	113
First Investors Auto Owner Trust, Ser 2013-1A, Cl A2
0.900%, 10/15/2018(B)		38		38
Ford Credit Auto Lease Trust, Ser 2013-A, Cl A2
0.460%, 05/15/2015		320		320
Ford Credit Auto Owner Trust, Ser 2012-D, Cl A2
0.400%, 09/15/2015		100		100
Ford Credit Floorplan Master Owner Trust, Ser 2013-1, Cl A2
0.583%, 01/15/2018(A)		100		100
Honda Auto Receivables Owner Trust, Ser 2011-1, Cl A3
1.130%, 10/15/2014		68		68
Honda Auto Receivables Owner Trust, Ser 2013-1, Cl A3
0.350%, 06/22/2015		85		85
Honda Auto Receivables Owner Trust, Ser 2012-4, Cl A2
0.520%, 08/18/2016		650		649
Hyundai Auto Receivables Trust, Ser 2012-B, Cl A2
0.540%, 01/15/2015		216		216
Hyundai Auto Receivables Trust, Ser 2012-B, Cl A3
0.620%, 09/15/2016		109		109
Mercedes-Benz Auto Receivables Trust, Ser 2012-1, Cl A2
0.470%, 10/17/2016		260		260
Mercedes-Benz Auto Receivables Trust, Ser 2012-1, Cl A3
0.370%, 03/16/2015		140		140
Nissan Auto Lease Trust, Ser 2012-B, Cl A2A
0.450%, 06/15/2015		47		47
Nissan Auto Receivables Owner Trust, Ser 2013-A, Cl A3
0.500%, 05/15/2017		250		250
Nissan Auto Receivables Owner Trust, Ser 2013-A, Cl A2
0.370%, 09/15/2015		52		52
Nissan Auto Receivables Owner Trust, Ser 2012-B, Cl A2
0.390%, 04/15/2015		170		170
Nissan Auto Receivables Owner Trust, Ser 2012-A, Cl A2
0.730%, 05/16/2016		240		241

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Santander Drive Auto Receivables Trust, Ser 2013-1, Cl A2
0.480%, 02/16/2016	$	93	$	93
USAA Auto Owner Trust, Ser 2012-1, Cl A2
0.380%, 06/15/2015		130		130
Volkswagen Auto Lease Trust, Ser 2012-A, Cl A3
0.870%, 07/20/2015		110		110
Volkswagen Auto Loan Enhanced Trust, Ser 2012-1, Cl A3
0.850%, 08/22/2016		120		121
World Omni Auto Receivables Trust, Ser 2012-B, Cl A2
0.430%, 11/16/2015		61		61
World Omni Auto Receivables Trust, Ser 2012-A, Cl A3
0.640%, 02/15/2017		94		94
World Omni Auto Receivables Trust, Ser 2012-A, Cl A2
0.520%, 06/15/2015		148		148

				6,340


Credit Card — 0.9%
American Credit Acceptance Receivables Trust, Ser 2012-2, Cl A
1.890%, 07/15/2016(B)		82		82
American Express Credit Account Master Trust, Ser 2012-3, Cl A
0.353%, 03/15/2018(A)		670		666
American Express Credit Account Master Trust, Ser 2012-5, Cl A
0.590%, 05/15/2018		400		400
Citibank Credit Card Issuance Trust, Ser 2006-A3, Cl A3
5.300%, 03/15/2018		650		738
Golden Credit Card Trust, Ser 2013-1A, Cl A
0.452%, 02/15/2018(A)(B)		600		600

				2,486


Home — 0.8%
Argent Securities, Ser 2004-W5, Cl AV2
0.724%, 04/25/2034(A)		321		322
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/2037		359		366
Centex Home Equity, Ser 2005-C, Cl AF5
5.048%, 06/25/2035		614		624
Citifinancial Mortgage Securities, Ser 2004-1, Cl AF4
4.570%, 04/25/2034		300		312
CWHEQ Revolving Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
0.343%, 07/15A/2036(A)		127		110


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
NovaStar Mortgage Funding Trust, Ser 2003-3, Cl M4
1.264%, 12/25/2033(A)	$	295	$	276
NovaStar Mortgage Funding Trust, Ser 2004-4, Cl A2C
1.854%, 03/25/2035(A)		430		415

				2,425


Other Asset-Backed Securities — 2.9%
Academic Loan Funding Trust, Ser 2012-1A, Cl A1
1.004%, 12/27/2022(A)(B)		155		156
Bear Stearns Asset-Backed Securities Trust, Ser 2004-HE10, Cl M1
1.179%, 12/25/2034(A)		708		638
CenterPoint Energy Transition Bond, Ser 2005-A,
5.090%, 08/01/2015		729		749
Consumers Funding, Ser 2001-1, Cl A6
5.760%, 10/20/2016		1,486		1,619
Countrywide Asset-Backed Certificates, Ser 2005-1, Cl Af6
5.030%, 07/25/2035(A)		271		280
HLSS Servicer Advance Receivables Backed Notes, Ser 2012-T2, Cl A1
1.340%, 10/15/2043(B)		116		116
HLSS Servicer Advance Receivables Backed Notes, Ser 2013-T1, Cl A1
0.898%, 01/15/2044(B)		593		594
HLSS Servicer Advance Receivables Backed Notes, Ser 2013-T1, Cl Cl A2
1.495%, 01/16/2046(B)		135		136
HLSS Servicer Advance Receivables Backed Notes, Ser 2012-T2, Cl A2
1.990%, 10/15/2045(B)		100		102
Nationstar Agency Advance Funding Trust, Ser 2013-T1A, Cl AT1
0.997%, 02/15/2045(B)		100		100
Nelnet Student Loan Trust, Ser 2004-4, Cl A5
0.461%, 01/25/2037(A)		93		91
NYMT Residential, Ser 2012-RP1A
4.250%, 12/25/2017(A)(B)		150		150
Real Estate Asset Trust, Ser 2012-3A, Cl A1
2.734%, 11/25/2042(A)(B)		102		102
SLM Private Education Loan Trust, Ser 2013-1, Cl A2
0.454%, 09/25/2019(A)		600		600
SLM Student Loan Trust, Ser 2005-4, Cl A3
0.421%, 01/25/2027(A)		160		158

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
SLM Student Loan Trust, Ser 2013-A, Cl A4
0.803%, 08/15/2022(A)(B)	$	340	$	340
SLM Student Loan Trust, Ser 2005-7, Cl A3
0.451%, 10/25/2029(A)		480		446
SLM Student Loan Trust, Ser 2012-7, Cl A1
0.364%, 02/27/2017(A)		849		849
SLM Student Loan Trust, Ser 2012-6, Cl A1
0.954%, 05/26/2026(A)		550		555
Springleaf Funding Trust, Ser 2013-AA, Cl A
2.580%, 09/15/2021(B)		300		297
Structured Asset Securities, Ser 2005-WF2, Cl A3
0.504%, 05/25/2035(A)		230		227
VOLT, Ser 2012-RP3A, Cl A1
3.475%, 11/27/2017(B)		104		104
VOLT, Ser 2012-RP2A, Cl A
4.704%, 06/26/2017(B)(D)		97		99
VOLT, Ser 2012-RLF1, Cl A
3.475%, 12/25/2017(B)		183		183

				8,691

Total Asset-Backed Securities (Cost $19,637) ($ Thousands)				19,942


FOREIGN BONDS — 5.2%
America Movil
5.500%, 03/01/2014		300		312
3.125%, 07/16/2022		200		196
Bank Nederlandse Gemeenten
1.000%, 11/17/2014		700		705
Barclays Bank
5.125%, 01/08/2020		100		115
BBVA US Senior SAU
4.664%, 10/09/2015		600		615
BHP Billiton Finance USA
6.500%, 04/01/2019		210		266
3.250%, 11/21/2021		140		148
BNP Paribas
2.375%, 09/14/2017		360		365
BP Capital Markets
3.561%, 11/01/2021		50		53
3.245%, 05/06/2022		550		568
1.375%, 11/06/2017		58		58
0.700%, 11/06/2015		200		200
Celulosa Arauco y Constitucion
4.750%, 01/11/2022		270		281
Cooperatieve Centrale Raiffeisen- Boerenleenbank
3.375%, 01/19/2017		310		332
Daimler Finance North America
6.500%, 11/15/2013		420		436
Deutsche Telekom International Finance
5.750%, 03/23/2016		290		327
FMS Wertmanagement AoeR


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
1.000%, 11/21/2017	$	200	$	200
HSBC Holdings
4.000%, 03/30/2022		80		86
Hutchison Whampoa International 12 II
3.250%, 11/08/2022		200		197
ING Bank
2.000%, 09/25/2015		200		203
Intesa Sanpaolo
3.125%, 01/15/2016		400		391
Landwirtschaftliche Rentenbank
1.375%, 10/23/2019		180		179
Macquarie Bank
5.000%, 02/22/2017		280		309
National Australia Bank
1.250%, 03/08/2018		1,150		1,146
Nippon Telegraph & Telephone
1.400%, 07/18/2017		35		35
Petrobras International Finance - Pifco
7.875%, 03/15/2019		80		97
5.375%, 01/27/2021		1,160		1,252
Petrodrill Five
4.390%, 04/15/2016(D)		393		410
Petrodrill Four
4.240%, 01/15/2016		486		499
Petroleos Mexicanos
4.875%, 01/24/2022		570		631
3.500%, 01/30/2023		260		259
Potash Corp. of Saskatchewan
4.875%, 03/30/2020		64		73
Santander US Debt
2.991%, 10/07/2013		995		1,002
Schlumberger Norge
4.200%, 01/15/2021		20		23
Shell International Finance
4.375%, 03/25/2020		200		232
1.125%, 08/21/2017		47		47
Statoil
1.200%, 01/17/2018		56		56
Talisman Energy
7.750%, 06/01/2019		70		89
Temasek Financial I
2.375%, 01/23/2023		250		241
Teva Pharmaceutical Finance IV
3.650%, 11/10/2021		220		234
Total Capital
4.250%, 12/15/2021		56		64
Total Capital International
1.550%, 06/28/2017		33		33
0.750%, 01/25/2016		11		11
UBS
0.750%, 03/24/2016		900		899
Vale Overseas
4.375%, 01/11/2022		915		939
Westpac Banking
4.200%, 02/27/2015		205		219
Xstrata Finance Canada
5.800%, 11/15/2016		40		46
2.450%, 10/25/2017		190		193
1.800%, 10/23/2015		180		182

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Continued)

March 31, 2013


Description	Face Amount ($ Thousands)		Market Value ($ Thousands)
Total Foreign Bonds (Cost $15,243) ($ Thousands)			$	15,454


U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.0%
FHLMC
2.375%, 01/13/2022	$	790		822
0.653%, 08/15/2039(A)		484		487
FICO STRIPS, PO
0.000%, 05/11/2018(C)		340		322
FNMA
1.984%, 10/09/2019(C)		1,190		1,055
1.250%, 08/20/2013		838		842
GNMA
1.650%, 02/20/2063		501		505
0.702%, 01/20/2063(A)		498		500
0.604%, 03/20/2063(A)		1,260		1,260
0.552%, 12/20/2062(A)		1,479		1,475
Resolution Funding STRIPS
1.696%, 07/15/2020(C)		100		89
1.355%, 10/15/2019(C)		760		692
Tennessee Valley Authority
3.875%, 02/15/2021		790		916

Total U.S. Government Agency Obligations (Cost $8,927) ($ Thousands)				8,965


SOVEREIGN DEBT — 0.8%
African Development Bank
8.800%, 09/01/2019		80		107
Province of Ontario Canada
4.400%, 04/14/2020		840		981
1.100%, 10/25/2017		500		501
0.950%, 05/26/2015		160		161
Province of Quebec Canada
2.625%, 02/13/2023		500		502

Total Sovereign Debt (Cost $2,242) ($ Thousands)				2,252


MUNICIPAL BOND — 0.0%
Los Angeles, Department of Airports, RB
6.582%, 05/15/2039		25		32

Total Municipal Bond (Cost $33) ($ Thousands)				32


U.S. TREASURY OBLIGATIONS — 24.3%
U.S. Treasury Bills
0.133%, 05/16/2013(C)		12,900		12,899
U.S. Treasury Bonds
8.750%, 05/15/2020		1,201		1,822
4.750%, 02/15/2037		100		132
U.S. Treasury Inflation-Protected Securities
1.250%, 04/15/2014		2,243		2,317
0.625%, 04/15/2013		218		219
0.500%, 04/15/2015		936		983
U.S. Treasury Notes
4.500%, 02/15/2016		2,001		2,239
3.625%, 02/15/2021		400		466
3.500%, 05/31/2013		3,000		3,017
3.500%, 02/15/2018		150		170
3.500%, 05/15/2020		400		462


Description	Face Amount ($ Thousands)/ Shares/Contracts			Market Value ($ Thousands)
3.375%, 07/31/2013	$	3,200		$	3,235
3.125%, 04/30/2017		800			882
3.125%, 05/15/2021		500			563
2.625%, 08/15/2020		200			218
2.625%, 11/15/2020		100			109
2.000%, 02/15/2023		150			152
1.875%, 04/30/2014		160			163
1.750%, 05/15/2022		1,000			1,003
1.500%, 08/31/2018		600			620
1.375%, 05/15/2013		1,601			1,603
1.375%, 01/31/2020		5,510			5,573
1.250%, 02/15/2014		2,000			2,019
1.250%, 02/29/2020		21,580			21,614
0.750%, 10/31/2017		1,090			1,093
0.750%, 02/28/2018		280			280
0.500%, 05/31/2013		1,600			1,601
U.S. Treasury STRIPS
1.756%, 11/15/2021(C)		200			172
1.621%, 05/15/2021(C)		880			774
1.401%, 02/15/2021(C)		1,000			886
1.220%, 02/15/2020(C)		1,601			1,469
1.096%, 05/15/2020(C)		480			437
1.089%, 08/15/2020(C)		801			723
1.055%, 11/15/2019		801			740
0.863%, 05/15/2018		400			383
0.502%, 05/15/2016(C)		1,201			1,185

Total U.S. Treasury Obligations (Cost $71,949) ($ Thousands)					72,223


CASH EQUIVALENT — 3.7%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.020% †**		10,919,765			10,920

Total Cash Equivalent (Cost $10,920) ($ Thousands)					10,920

Total Investments — 107.1% (Cost $310,763) ($ Thousands)^				$	318,543


PURCHASED OPTION††* — 0.0%
Euro 3 Year, Expires 06/22/2013, Strike Price $98		17		$	1

Total Purchased Option (Cost $6) ($ Thousands)					1


WRITTEN OPTIONS††* — 0.0%
U.S. 10-Year Treasury Note Expires 05/18/2013, Strike Price $133		(18	)		(7	)
Euro 3 Year Expires 06/22/2013, Strike Price $98		(17	)		(1	)

Total Written Options (Premiums Received $9) ($ Thousands)				$	(8	)

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Income Fund (Concluded)

March 31, 2013

A list of the open futures contracts held by the Fund at March 31, 2013, are as follows:


Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation) ($ Thousands)
90-Day Euro$		41			Sep-2014	$	2
90-Day Euro$		(41	)		Sep-2015		(5	)
U.S. 10-Year Treasury Note		(176	)		Jun-2013		(147	)
U.S. 2-Year Treasury Note		46			Jun-2013		(1	)
U.S. 5-Year Treasury Note		(19	)		Jun-2013		(1	)
U.S. Long Treasury Bond		(8	)		Jun-2013		(11	)
U.S. Ultra Long Treasury Bond		(2	)		Jul-2013		1

						$	(162	)

The options contracts and futures contractes are both considered to have interest rate risk associated with them.

Percentages are based on a Net Assets of $297,462 ($ Thousands).

‡

Real Estate Investment Trust

Non-income producing securities.

The rate reported is the 7-day effective yield as of March 31, 2013.

†

Investment in Affiliated Security.

††

For the period ended March 31, 2013, the total amount of all open purchased options and written options, as presented in the Schedule of Investments, are representative of the volume of activity for these derivative types during the period.

At March 31, 2013, the tax basis cost of the Fund’s investments was $310,763 ($ Thousands), and the unrealized appreciation and depreciation were $8,219 ($ Thousands) and $(439) ($ Thousands), respectively.

(A)

Variable Rate Security — The rate reported on the Schedule of Investments is the rate in effect as of March 31, 2013. The date reported is the final maturity date.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(C)

The rate reported is the effective yield at time of purchase.

(D)

Security considered illiquid. The total value of such securities as of March 31, 2013 was $2,475 ($ Thousands) and represented 0.8% of Net Assets.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FICO — Financing Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

IO — Interest Only - face amount represents notional amount

LP — Limited Partnership

NY — New York

PO — Principal Only

REMIC — Real Estate Mortgage Investment Conduit

RB — Revenue Bond

Ser — Series

STRIPS — Separately Traded Registered Interest and Principal Security

TBA — To Be Announced

The following is a list of the inputs used as of March 31, 2013 in valuing the Fund’s investments carried at value ($ Thousands):


Investments in Securities	Level 1			Level 2		Level 3		Total
Mortgage-Backed Securities	$	—		$	126,432	$	—	$	126,432
Corporate Obligations		—			62,323		—		62,323
Asset-Backed Securities		—			19,942		—		19,942
Foreign Bonds		—			15,454		—		15,454
U.S. Government Agency
Obligations		—			8,965		—		8,965
Sovereign Debt		—			2,252		—		2,252
Municipal Bond		—			32		—		32
U.S. Treasury Obligations		—			72,223		—		72,223
Cash Equivalent		10,920			—		—		10,920

Total Investments in Securities	$	10,920		$	307,623	$	—	$	318,543


Other Financial Instruments	Level 1			Level 2		Level 3		Total
Purchased Option	$	1		$	—	$	—	$	1
Written Options		(8	)		—		—		(8	)
Futures‡‡		(162	)		—		—		(162	)

Total Other Financial Instruments	$	(169	)	$	—	$	—	$	(169	)

‡‡

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

For the period ended March 31, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2013, there were no transfers between Level 2 and Level 3 assets and liabilities.

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Balanced Growth Fund

March 31, 2013


Description	Shares		Market Value ($ Thousands)

INVESTMENT COMPANIES — 99.2%
New Covenant Growth Fund†		4,469,627	$	165,599
New Covenant Income Fund†		4,602,056		107,366

Total Investment Companies (Cost $223,665) ($ Thousands)				272,965


CASH EQUIVALENT — 0.8%
SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.020% †*		2,273,512		2,274

Total Cash Equivalent (Cost $2,274) ($ Thousands)				2,274

Total Investments — 100.0% (Cost $225,939) ($ Thousands)††			$	275,239

Percentages are based on a Net Assets of $275,310 ($ Thousands).

The rate reported is the 7-day effective yield as of March 31, 2013.

†

Investment in Affiliated Security.

††

At March 31, 2013, the tax basis cost of the Fund’s investments was $225,939 ($ Thousands), and the unrealized appreciation and depreciation were $52,188 ($ Thousands) and $(2,888) ($ Thousands), respectively.

Cl — Class

As of March 31, 2013, all of the Fund’s investments were considered Level 1.

For the period ended March 31, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2013, there were no transfers between Level 2 and Level 3 assets and liabilities.

SCHEDULE OF INVESTMENTS (Unaudited)

New Covenant Balanced Income Fund

March 31, 2013


Description	Shares		Market Value ($ Thousands)

INVESTMENT COMPANIES — 99.6%
New Covenant Growth Fund†		800,561	$	29,661
New Covenant Income Fund†		2,254,073		52,587

Total Investment Companies (Cost $72,298) ($ Thousands)				82,248


CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.020% †*		351,581		352

Total Cash Equivalent (Cost $352) ($ Thousands)				352

Total Investments — 100.0% (Cost $72,650) ($ Thousands)††			$	82,600

Percentages are based on a Net Assets of $82,619 ($ Thousands).

The rate reported is the 7-day effective yield as of March 31, 2013.

†

Investment in Affiliated Security.

††

At March 31, 2013, the tax basis cost of the Fund’s investments was $72,650 ($ Thousands), and the unrealized appreciation and depreciation were $11,928 ($ Thousands) and $(1,978) ($ Thousands), respectively.

Cl — Class

As of March 31, 2013, all of the Fund’s investments were considered Level 1.

For the period ended March 31, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2013, there were no transfers between Level 2 and Level 3 assets and liabilities.

Item 2. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d15(b)).

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

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act, as amended 17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

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


(Registrant)				New Covenant Funds

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

Date: May 30, 2013

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


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

Date: May 30, 2013


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

Date: May 30, 2013

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NCBGX New Covenant Balanced Growth Fd (MM)