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Schedule of Investments April 15.Xlsx THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS April 30, 2015 Unaudited - for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 20,056,137 $ 20,056,137 Fixed Maturity Synthetic Guaranteed Investment Contracts 38,315,666 38,315,666 Constant Duration Synthetic Guaranteed Investment Contracts 145,017,023 145,017,023 TOTAL STABLE VALUE INVESTMENTS $ 203,388,826 $ 203,388,826 SHORT-TERM INVESTMENTS Short-term Investments $ 95,647,004 $ 95,647,004 TOTAL SHORT-TERM INVESTMENTS$ 95,647,004 $ 95,647,004 FIXED-INCOME INVESTMENTS Bonds $ 912,669,763 $ 951,056,979 Bond funds 273,758,911 277,988,259 Asset-backed & Mortgage-backed Securities 39,131,171 38,452,222 TOTAL FIXED-INCOME INVESTMENTS $ 1,225,559,845 $ 1,267,497,460 EQUITY INVESTMENTS Common stocks and equivalents $ 878,169,784 $ 1,212,090,933 Equity funds 320,728,739 350,712,732 TOTAL EQUITY INVESTMENTS $ 1,198,898,523 $ 1,562,803,665 OTHER INVESTMENTS Participation in the United Church Funds, Inc. $ 32,294,499 $ 45,010,111 Hedge funds 124,398,904 135,008,432 Private equity 63,096,524 64,212,579 TOTAL OTHER INVESTMENTS $ 219,789,927 $ 244,231,122 TOTAL INVESTMENTS $ 2,943,284,125 $ 3,373,568,077 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 20,056,137 $ 20,056,137 TOTAL SHORT-TERM INVESTMENT $ 20,056,137 $ 20,056,137 FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities 503,175 Aep Texas Central Transition Funding III LLC 2012-1 CL A-1 0.88 12/1/2018$ 506,910 $ 503,711 1,200,000 California Republic Auto Receivables Trust 0 0.85 5/15/2018 1,199,799 1,200,362 940,000 CenterPoint Energy, Inc. 2012-1 A2 2.1606 2.16 10/15/2021 959,351 956,182 1,250,000 Citibank Credit Card Issuance Trust 2013-A3 CL A3 1.11 7/23/2018 1,249,748 1,256,108 1,000,000 Chase Issuance Trust 0 1.26 7/15/2019 998,477 1,001,925 147,981 CNH Equipment Trust 2012-B 0.86 9/15/2017 147,976 148,017 1,250,000 Discover Card Execution Note Trust 2013 1.04 4/15/2019 1,249,864 1,253,760 1,200,000 GE Equipment Transport, LLC 2014-1 0.97 4/23/2018 1,199,896 1,200,065 555,386 Hyundai Auto Receivables Owner Trust 2013-BNT CL A 0.71 9/15/2017 555,278 555,920 800,000 Nissan Auto Receivables Owner Trust 2018-1 CL A-1 0.67 8/15/2018 799,834 799,935 1,200,000 Toyota Auto Receivables Owner Trust 2012- A 0.99 8/15/2017 1,199,886 1,201,380 Total Asset-Backed Securities $ 10,067,019 $ 10,077,365 Mortgage-Backed Securities 1,200,081 Banc of America Merrill Lynch Commercial 2005-6 COML CL A-4 5.16 9/10/2047 1,268,935 1,209,251 783 Bear Stearns Commercial Mortgage Securities 2004-PWR4 5.47 6/11/2041 836 782 1,056,902 Federal Home Loan Mortgage Corporation SER 3864 CL AG 3.00 6/15/2039 1,100,499 1,096,191 526,516 Federal Home Loan Mortgage Corporation SER 3724 CL ND 2.75 7/15/2038 543,875 536,862 1,233,133 Federal Home Loan Mortgage Corp 0 4.00 12/15/2021 1,335,638 1,340,079 915,220 Federal Home Loan Mortgage Corporation 0 3.00 3/15/2025 951,829 942,621 506,891 Federal Home Loan Mortgage Corporation SER 3749 CL EG 2.00 3/15/2025 516,158 513,599 756,965 Federal Home Loan Mortgage Corporation SER 3893 CL HC 3.00 8/15/2025 783,577 781,942 306,876 Federal Home Loan Mortgage Corporation SER 4200 CL LM 2.25 3/15/2033 314,116 311,273 451,339 Federal National Mortgage Association SER 2003-15 CL 5.00 3/25/2018 483,567 470,740 941,143 Federal National Mortgage Association 0 3.00 2/25/2038 982,024 979,705 738,537 Federal National Mortgage Association 2012-49 CL 2.00 1/25/2041 750,769 740,020 41,891 Federal National Mortgage Association 2011-40 CL-DK 4.00 11/25/2037 43,102 42,003 590,006 Federal National Mortgage Association 2012-2 CL 1.75 2/25/2022 600,516 597,077 98,380 Federal National Mortgage Association SER 2011-24 CL-AB 2.00 8/25/2024 99,871 98,442 624,217 Federal National Mortgage Association SER 2011-24 CL-AB 4.00 11/25/2037 659,719 650,841 1,180,090 Federal National Mortgage Association TR 2010-120 CL-GA 3.50 10/25/2020 1,244,626 1,236,908 771,076 Government National Mortgage Association 2012-GNMA 2.83 9/16/2040 803,756 782,137 733,443 Government National Mortgage Association NMA-2010-115 CL G 2.25 2/20/2037 745,820 739,998 452,419 Government National Mortgage Association NMA-2010-101 CLMO 2.50 2/20/2038 462,599 460,404 586,177 Government National Mortgage Association GNMA 2010-117 3.00 3/20/2038 610,357 599,263 1,215,057 Government National Mortgage Association GNMA 2010-092 3.00 11/20/2037 1,262,899 1,240,262 853,884 Government National Mortgage Association 2012-058 REMIC 2.50 11/16/2040 885,238 861,007 524,815 Government National Mortgage Association 2012-079 REMIC 1.80 4/16/2039 533,918 525,322 899,812 Government National Mortgage Association 2010-129 REMIC 3.00 4/20/2039 930,743 927,439 588,411 Government National Mortgage Association SER 012-091 CL MB 3 3.00 9/20/2040 622,429 602,607 1,385,787 LB-UBS Commercial Mortgage Trust CTF CL A-3 5.87 9/15/2045 1,574,817 1,518,983 5,953 LB-UBS Commercial Mortgage Trust 2005-C5 CL 4.95 9/15/2030 6,546 5,953 1,387,632 ML-CFC Commercial Mortgage Trust TR2006-2 5.87 6/12/2046 1,502,546 1,432,668 1,125,000 Morgan Stanley Bank of America Merrill L 0 2.98 4/17/2047 1,177,031 1,167,879 Total Mortgage-Backed Securities $ 22,798,356 $ 22,412,258 Bonds 800,000 Procter & Gamble Company, (The) 1.45 8/15/2016$ 821,528 $ 809,378 4,642,000 United States Department of Treasury 0.88 1/15/2018 4,628,763 4,645,263 Total Bonds $ 5,450,291 $ 5,454,641 Adjustment to Contract Value - 371,402 TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 38,315,666 $ 38,315,666 CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 1,000,000 Abbey National Treasury Services PLC 4.00 4/27/2016$ 1,031,860 $ 1,030,920 96,000 Agilent Technologies, Inc. 6.50 11/1/2017 110,773 106,740 600,000 Ally Financial Inc. 2.75 1/30/2017 602,625 597,900 800,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 790,429 812,744 700,000 American Express Bank, FSB. 0.48 6/12/2017 694,883 698,540 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 573,992 1,500,000 Apple Inc. 0.50 5/3/2018 1,500,000 1,504,461 1,000,000 AT&T Inc. 0.00 5/15/2025 997,040 989,437 700,000 Atlas Copco Aktiebolag 5.60 5/22/2017 793,933 760,193 700,000 AutoZone, Inc. 2.50 4/15/2021 702,549 698,364 600,000 Bank of America Corporation 3.30 1/11/2023 596,664 601,364 500,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.65 2/26/2018 499,265 499,655 1,300,000 Banque Europeenne D'investissement (BEI) 2.50 10/15/2024 1,289,301 1,342,019 700,000 Becton, Dickinson and Company 1.75 11/8/2016 717,080 707,124 1,100,000 BlackRock, Inc. 4.25 5/24/2021 1,185,811 1,225,302 STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % Bonds, continued 589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 690,286 650,000 Boston Scientific Corporation 2.65 10/1/2018 649,701 662,678 700,000 C.R. Bard, Inc. 2.88 1/15/2016 734,615 711,375 700,000 CBS Corporation 6.25 4/30/2016 822,465 737,205 600,000 Celgene Corporation 2.45 10/15/2015 599,124 604,576 500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 569,381 600,000 Chesapeake Energy Corporation 6.63 8/15/2020 651,800 618,000 850,000 Chevron Corporation 0.79 3/3/2022 852,904 851,682 700,000 CIT Group Inc. 5.00 5/15/2017 731,500 724,500 702,000 Citigroup Inc. 1.96 5/15/2018 720,105 723,975 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 580,862 600,000 CVS Caremark Corporation 6.60 3/15/2019 716,418 700,551 800,000 Daimler Finance North America LLC 1.88 1/11/2018 806,400 809,677 800,000 Detroit Edison Company, (The) 2.65 6/15/2022 808,080 802,209 1,300,000 Duke Energy Ohio, Inc.
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