THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS June 30, 2018 Unaudited - for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 6,566,917 $ 6,566,917 Fixed Maturity Synthetic Guaranteed Investment Contracts 38,995,288 38,995,288 Constant Duration Synthetic Guaranteed Investment Contracts 126,234,758 126,234,758 TOTAL STABLE VALUE INVESTMENTS $ 171,796,963 $ 171,796,963 SHORT-TERM INVESTMENTS Short-term Investments $ 95,552,274 $ 95,552,274 TOTAL SHORT-TERM INVESTMENTS $ 95,552,274 $ 95,552,274 FIXED-INCOME INVESTMENTS Bonds $ 943,137,735 $ 929,127,457 Bond funds 235,065,068 238,580,280 Asset-backed & Mortgage-backed Securities 167,221,040 162,522,120 TOTAL FIXED-INCOME INVESTMENTS $ 1,345,423,843 $ 1,330,229,857 EQUITY INVESTMENTS Common stocks and equivalents $ 754,559,724 $ 1,047,247,659 Equity funds 364,289,377 398,472,808 Emerging Markets Discounted Assets 100,671,500 86,596,087 TOTAL EQUITY INVESTMENTS $ 1,219,520,601 $ 1,532,316,554 OTHER INVESTMENTS Hedge funds $ 70,137,861 $ 83,227,777 Real Assets 69,437,464 70,498,810 Participation in the United Church Funds, Inc. 38,344,068 42,641,757 TOTAL OTHER INVESTMENTS $ 177,919,393 $ 196,368,344 TOTAL INVESTMENTS $ 3,010,213,074 $ 3,326,263,992 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 6,566,917 $ 6,566,917 TOTAL SHORT-TERM INVESTMENT $ 6,566,917 $ 6,566,917 FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities 1,155,548 AEP Texas Central Company 1.98 6/1/2021 $ 1,165,840 $ 1,144,164 1,600,000 Capital One Multi-Asset Execution Trust 1.33 6/15/2022 1,599,615 1,574,914 645,871 Carmax Auto Owner Trust 2016-1 1.61 11/16/2020 645,714 642,237 630,912 CenterPoint Energy, Inc. 2.16 10/15/2021 643,900 626,615 960,000 Centerpointcenterpoint Energy Restoration 4.24 8/15/2023 1,060,800 984,668 1,140,000 Citibank Credit Card Issuance Trust 1.92 4/7/2022 1,143,044 1,120,698 900,000 CNH Equipment 2.08 2/15/2023 899,979 884,485 905,431 CNH Equipment Trust 2016-B 1.63 8/15/2021 905,204 897,175 1,400,000 Ford Credit Auto Owner Trust 1.67 6/15/2021 1,399,995 1,383,901 650,000 PSNH Funding LLC 3.09 2/1/2026 649,986 650,914 62,839 Toyota Auto 1.34 6/17/2019 62,830 62,788 750,000 Toyota Auto 2.35 5/16/2022 749,991 742,418 Total Asset-Backed Securities $ 10,926,897 $ 10,714,977 Mortgage-Backed Securities 1,450,000 Citigroup Commercial Mortgage Trust 2016 2.51 11/15/2049 $ 1,493,461 $ 1,413,725 325,656 Federal Home Loan Mortgage Corp. 3.00 6/15/2039 339,090 325,969 41,597 Federal Home Loan Mortgage Corp. 2.75 7/15/2038 42,969 41,499 686,602 Federal Home Loan Mortgage Corp. 4.00 12/15/2021 743,676 693,147 294,136 Federal Home Loan Mortgage Corp. 3.00 3/15/2025 305,901 294,340 162,906 Federal Home Loan Mortgage Corp. 2.00 3/15/2025 165,884 160,819 1,234,197 Federal Home Loan Mortgage Corp. 4.00 1/15/2039 1,284,144 1,258,101 144,476 Federal Home Loan Mortgage Corp. 3.00 8/15/2025 149,555 144,499 432,905 Federal Home Loan Mortgage Corp. 3.00 12/15/2025 450,086 433,517 1,021,674 Federal Home Loan Mortgage Corp. 2.25 11/15/2039 1,036,520 998,903 171,707 Federal National Mortgage Association 1.75 2/25/2022 174,765 169,293 322,356 Federal National Mortgage Association 2.00 1/25/2041 327,695 309,845 1,355,230 Federal National Mortgage Association 3.50 12/25/2024 1,422,626 1,350,469 1,098,797 Federal National Mortgage Association 3.00 6/25/2040 1,103,261 1,096,068 90,231 Federal National Mortgage Association 4.00 11/25/2037 95,363 90,681 519,539 Federal National Mortgage Association 3.50 1/25/2023 552,213 525,191 312,135 Federal National Mortgage Association 3.50 10/25/2029 323,118 315,667 395,057 Federal National Mortgage Association 3.00 2/25/2038 412,217 395,477 613,620 Federal National Mortgage Association 3.00 8/25/2038 639,099 611,563 241,784 Federal National Mortgage Association 3.50 10/25/2020 255,007 243,139 538,670 Government National Mortgage Association 2.50 11/16/2040 558,449 530,176 1,089,188 Government National Mortgage Association 2.75 11/20/2039 1,104,582 1,080,125 1,000,349 Government National Mortgage Association 3.00 6/20/2039 1,025,475 989,609 588,274 Government National Mortgage Association 2.00 3/20/2042 595,083 568,508 30,259 Government National Mortgage Association 3.00 3/20/2038 31,507 30,274 591,841 Government National Mortgage Association 2.50 11/16/2037 609,226 589,347 15,165 Government National Mortgage Association 4.00 7/20/2034 15,314 15,150 66,748 Government National Mortgage Association 3.00 9/20/2040 70,607 66,709 374,330 Government National Mortgage Association 1.80 4/16/2039 380,822 364,422 235,068 Government National Mortgage Association 3.00 4/20/2039 243,148 235,745 1,450,000 Government National Mortgage Association 4.75 7/16/2038 1,547,875 1,516,797 1,020,371 Morgan Stanley Bank of America Merrill L 2.98 4/15/2047 1,067,563 1,020,362 1,002,786 Morgan Stanley 2.92 2/15/2047 1,036,786 1,003,000 580,618 Morgan Stanley 1.59 10/15/2048 580,603 573,720 1,604,832 UBS Commercial Mortgage Trust 2012-C1 3.40 5/10/2045 1,665,013 1,608,098 993,399 Wells Fargo Commercial Mortgage Trust 20 1.64 9/15/2058 997,784 981,479 Total Mortgage-Backed Securities $ 22,846,487 $ 22,045,435 Bonds 5,250,000 United States Treasury Notes 2.25 2/15/2021 $ 5,221,904 $ 5,203,653 Total Bonds $ 5,221,904 $ 5,203,653 Adjustment to Contract Value - 1,031,224 TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 38,995,288 $ 38,995,288 STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 700,000 Aercap Ireland Capital Limited 4.50 5/15/2021 $ 740,474 $ 713,213 600,000 African Development Bank Group 1.38 12/17/2018 598,118 597,475 1,600,000 Aktiebolaget Svensk Exportkredit 1.88 6/23/2020 1,593,808 1,571,790 1,200,000 American Express Credit Corporation 2.93 10/30/2019 1,207,476 1,205,401 1,200,000 American Honda Finance Corporation 2.94 9/9/2021 1,213,524 1,211,290 1,000,000 American International Group, Inc. 4.88 6/1/2022 1,081,960 1,047,327 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 517,111 700,000 Apple Inc. 2.85 2/23/2023 713,356 689,077 1,000,000 Asian Development Bank 1.00 8/16/2019 997,790 983,046 1,300,000 Australia and New Zealand Banking Group 2.83 8/19/2020 1,307,657 1,307,691 700,000 AutoZone, Inc. 2.50 4/15/2021 702,549 683,056 600,000 Bank of America Corporation 3.78 4/19/2021 618,990 615,935 530,000 Bank of America Corporation 3.50 5/17/2022 530,272 529,818 700,000 Bank of New York Mellon Corporation, (The) 3.41 10/30/2023 711,676 711,630 700,000 BMW US Capital, LLC 2.75 4/12/2021 700,000 702,367 350,000 BPCE 3.00 5/22/2022 347,830 338,051 600,000 Capital One, National Association 2.35 1/31/2020 599,640 591,368 700,000 Citibank N.A 2.68 5/1/2020 700,000 700,501 1,000,000 Citigroup Inc. 3.71 3/30/2021 1,024,330 1,021,882 1,300,000 Commonwealth Bank of Australia 2.74 9/18/2020 1,305,434 1,302,796 700,000 Consolidated Edison, Inc. 2.00 5/15/2021 700,082 675,466 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 526,042 550,000 Crown Castle International Corp. 4.88 4/15/2022 611,875 567,003 600,000 Daimler Finance North America LLC 2.89 5/5/2020 603,588 602,330 700,000 DBS Group Holdings Ltd 2.98 7/25/2022 700,000 701,646 600,000 Deutsche Bank Aktiengesellschaft 2.95 8/20/2020 605,994 583,396 800,000 Deutsche Telekom International Finance B 2.49 9/19/2023 779,968 746,100 1,300,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 1,569,932 1,324,063 1,200,000 Duke Energy Progress, LLC 2.50 9/8/2020 1,202,064 1,202,202 389,000 Eastman Chemical Company 3.60 8/15/2022 411,978 388,236 1,150,000 Export Development Canada 1.63 6/1/2020 1,148,655 1,126,622 1,000,000 Fifth Third Bank 2.15 8/20/2018 1,005,450 999,866 900,000 Ford Motor Credit Company LLC 3.12 6/12/2020 907,695 904,393 559,000 GE Capital International Funding Company 2.34 11/15/2020 556,575 546,412 1,200,000 Gilead Sciences, Inc.