THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS January 31, 2012 Unaudited for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 88,112,256 $ 88,112,256 Fixed Maturity Synthetic Guaranteed Investment Contracts 3,503,106 3,503,106 Constant Duration Synthetic Guaranteed Investment Contracts 120,285,465 120,285,465 TOTAL STABLE VALUE INVESTMENTS $ 211,900,827 $ 211,900,827 SHORT-TERM INVESTMENTS Short-term Investments $ 223,660,531 $ 223,660,531 TOTAL SHORT-TERM INVESTMENTS$ 223,660,531 $ 223,660,531 FIXED-INCOME INVESTMENTS Bonds $ 918,816,120 $ 1,022,402,808 Emerging markets local currency debt fund 30,175,097 31,850,967 Mortgage-backed Securities 26,901,839 22,546,874 TOTAL FIXED-INCOME INVESTMENTS $ 975,893,056 $ 1,076,800,649 EQUITY INVESTMENTS Common stocks and equivalents $ 961,095,924 $ 1,062,836,088 Equity mutual funds 260,493,963 267,843,606 TOTAL EQUITY INVESTMENTS $ 1,221,589,887 $ 1,330,679,694 OTHER INVESTMENTS Participation in the United Church Funds, Inc. $ 35,868,173 $ 39,375,254 Hedge funds 31,855,949 34,363,159 Private equity 6,091,353 5,921,636 TOTAL OTHER INVESTMENTS $ 73,815,474 $ 79,660,049 TOTAL INVESTMENTS $ 2,706,859,775 $ 2,922,701,750 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % STABLE VALUE INVESTMENTS SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 88,112,256 $ 88,112,256 TOTAL SHORT-TERM INVESTMENT $ 88,112,256 $ 88,112,256 FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities 350,000 PG&E Energy Recovery Funding LLC 2005-1 A5 4.47 12/25/2014$ 357,781 $ 358,337 Total Asset-Backed Securities $ 357,781 $ 358,337 Mortgage-Backed Securities 1,970,328 Citigroup/Deutsche Bank Commercial Mortgage Trust 2007 CD4 5.20 12/11/2049$ 1,877,380 $ 1,978,515 352,816 Federal Home Loan Mortgage Corporation 2900 PB 4.50 12/15/2017 355,241 356,805 123,534 Government National Mortgage Association 2006-55 A 4.25 7/16/2029 120,443 123,964 814,245 Morgan Stanley Dean Witter Capital Corporation 2006-T21 A2 5.09 10/12/2052 792,261 816,200 Total Mortgage-Backed Securities $ 3,145,325 $ 3,275,484 Adjustment to Contract Value - (130,715) TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 3,503,106 $ 3,503,106 CONSTANT DURATION SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Bonds 500,000 Advance Auto Parts, Inc. 5.75 5/1/2020$ 508,530 $ 560,753 500,000 Affiliated Computer Services, Inc. 5.20 6/1/2015 513,125 537,642 600,000 Agilent Technologies, Inc. 6.50 11/1/2017 692,329 709,638 700,000 Airgas Inc 4.50 9/15/2014 709,674 740,743 700,000 Alltel Corporation 7.00 3/15/2016 804,074 846,544 800,000 America Movil, S.A.B. de C.V. 2.38 9/8/2016 790,429 810,253 500,000 American Express Centurion 5.55 10/17/2012 499,375 516,254 650,000 American Honda Finance Corporation 3.50 3/16/2015 648,583 686,245 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 551,793 700,000 Analog Devices 5.00 7/1/2014 703,437 767,079 400,000 Australia and New Zealand Banking Group 3.70 1/13/2015 400,640 415,295 500,000 Autozone Inc 5.75 1/15/2015 499,795 554,236 1,000,000 Bank of America Corporation 5.38 9/11/2012 1,054,630 1,017,303 700,000 Bank of Nova Scotia, (The) 2.55 1/12/2017 698,600 713,353 700,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., (The) 1.17 2/24/2014 700,000 701,754 600,000 BB&T Corporation 3.20 3/15/2016 599,166 637,594 1,500,000 Berkshire Hathaway Inc. 1.90 1/31/2017 1,499,925 1,523,603 1,100,000 BlackRock, Inc. 0.81 5/24/2013 1,100,000 1,095,963 589,000 Blackstone Holdings Finance Co. L.L.C. 6.63 8/15/2019 590,095 625,529 800,000 BP Capital Markets P.L.C. 1.14 3/11/2014 804,445 802,798 700,000 Brookfield Asset Management Inc. 7.13 6/15/2012 723,891 713,631 650,000 CA Inc. 6.13 12/1/2014 689,696 716,370 700,000 Canadian Imperial Bank of Commerce 2.35 12/11/2015 683,725 717,749 750,000 Capital One Bank, (USA), National Association 8.80 7/15/2019 927,075 907,037 600,000 Celgene Corporation 2.45 10/15/2015 599,124 612,420 500,000 CF Industries, Inc. 6.88 5/1/2018 561,250 580,000 400,000 Charles Schwab Corporation 4.95 6/1/2014 398,484 435,591 900,000 Citigroup Inc 6.50 8/19/2013 869,550 954,491 1,000,000 CME Group Inc 5.75 2/15/2014 1,007,675 1,091,779 400,000 Colonial Realty Limited Partnership 5.50 10/1/2015 416,636 413,910 700,000 Commonwealth Bank of Australia 2.75 10/15/2012 716,289 708,287 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 559,300 700,000 Cox Communications, Inc. 7.13 10/1/2012 759,878 730,535 600,000 Cooperatieve Centrale Raiffeisen-Boerenl 4.75 1/15/2020 599,808 647,239 1,100,000 Credit Suisse New York 5.00 5/15/2013 1,170,631 1,142,015 1,100,000 Deutsche Bank AG London 4.88 5/20/2013 1,175,141 1,138,556 700,000 Deutsche Telekom International Finance B 5.25 7/22/2013 757,372 736,233 300,000 Enterprise Products Operating LLC 6.13 2/1/2013 326,313 313,780 500,000 Express Scripts Inc 6.25 6/15/2014 497,870 548,026 400,000 Ford Motor Credit Company LLC 0.00 2/3/2017 400,000 400,960 200,000 Ford Motor Credit Company LLC 6.63 8/15/2017 212,000 223,751 1,000,000 Federal Home Loan Banks Office of Finance 5.13 8/14/2013 1,010,367 1,073,982 2,500,000 Federal Home Loan Mortgage Corporation 3.00 7/28/2014 2,579,750 2,650,885 3,000,000 Federal Home Loan Mortgage Corporation 1.38 1/9/2013 2,983,830 3,033,813 3,250,000 Federal National Mortgage Association 1.63 10/26/2015 3,283,920 3,364,472 2,200,000 Federal National Mortgage Association 6.13 3/15/2012 2,447,984 2,216,108 1,900,000 Federal National Mortgage Association 5.38 6/12/2017 2,245,002 2,314,479 500,000 France Telecom 4.38 7/8/2014 497,715 532,708 600,000 Franklin Resources, Inc. 4.63 5/20/2020 618,708 668,603 STABLE VALUE INVESTMENTS PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % Bonds, continued 700,000 Goldman Sachs Group, Inc., (The) 5.25 7/27/2021 708,162 699,268 650,000 Hasbro Inc 6.13 5/15/2014 656,591 707,337 600,000 Hewlett-Packard Company 0.67 9/13/2012 597,984 598,427 800,000 Husky Energy Inc 5.90 6/15/2014 820,081 877,423 700,000 Hyundai Capital Co., Ltd. 4.38 7/27/2016 701,015 717,576 800,000 JPMorgan Chase & Co. 6.30 4/23/2019 878,548 924,464 1,000,000 JPMorgan Chase Bank, National Association 6.00 10/1/2017 1,090,650 1,110,463 700,000 Life Technologies Corporation 6.00 3/1/2020 761,012 790,441 800,000 MacQuarie Group Ltd 7.30 8/1/2014 834,400 840,373 800,000 Massmutual Global Funding II 0.69 12/6/2013 797,384 797,786 750,000 Met Life Global Funding I 5.20 9/18/2013 731,400 799,142 300,000 Michigan Bell Telephone Company 7.85 1/15/2022 359,817 392,475 1,000,000 MidAmerican Energy Holdings 5.75 4/1/2018 998,190 1,177,536 1,000,000 Monumental Global Funding 5.50 4/22/2013 999,570 1,042,307 700,000 Morgan Stanley 5.50 7/28/2021 674,345 692,161 600,000 Motorola Solutions, Inc. 5.38 11/15/2012 622,062 619,390 500,000 New York Life Global Funding 4.65 5/9/2013 499,120 523,303 740,000 Northern Trust Company (The) 6.50 8/15/2018 832,056 892,082 700,000 Omnicom Group Inc. 5.90 4/15/2016 715,612 799,980 600,000 PG&E Corporation 5.75 4/1/2014 596,736 653,086 800,000 Pitney Bowes Inc. 4.63 10/1/2012 831,944 819,065 500,000 PNC Funding Corporation 5.40 6/10/2014 499,200 543,702 800,000 PPG Industries Inc 5.75 3/15/2013 838,464 840,620 750,000 Pricoa Global Funding 5.40 10/18/2012 748,508 774,881 500,000 Principal Life Inc Funding 5.30 4/24/2013 499,090 526,110 1,000,000 Progress Energy Inc 6.05 3/15/2014 997,250 1,100,568 750,000 Public Service Electric & Gas 5.38 9/1/2013 791,228 803,452 600,000 Regions Financial Corporation 5.75 6/15/2015 622,095 612,240 835,000 Roper Industries, Inc.