THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS October 31, 2018 Unaudited - for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 13,644,776 $ 13,644,776 Fixed Maturity Synthetic Guaranteed Investment Contracts 38,264,267 38,264,267 Constant Duration Synthetic Guaranteed Investment Contracts 118,103,502 118,103,502 TOTAL STABLE VALUE INVESTMENTS $ 170,012,545 $ 170,012,545 SHORT-TERM INVESTMENTS Short-term Investments $ 138,220,528 $ 138,220,528 TOTAL SHORT-TERM INVESTMENTS $ 138,220,528 $ 138,220,528 FIXED-INCOME INVESTMENTS Bonds $ 910,332,596 $ 880,865,927 Bond funds 235,770,252 239,717,018 Asset-backed & Mortgage-backed Securities 178,402,587 172,510,060 TOTAL FIXED-INCOME INVESTMENTS $ 1,324,505,435 $ 1,293,093,005 EQUITY INVESTMENTS Common stocks and equivalents $ 758,738,221 $ 1,000,695,891 Equity funds 331,802,879 332,243,737 Emerging Markets Discounted Assets 100,671,500 80,916,860 TOTAL EQUITY INVESTMENTS $ 1,191,212,600 $ 1,413,856,488 OTHER INVESTMENTS Hedge funds $ 74,875,239 $ 88,394,761 Real Assets 70,388,041 71,932,531 Participation in the United Church Funds, Inc. 37,567,947 40,626,742 TOTAL OTHER INVESTMENTS $ 182,831,227 $ 200,954,034 TOTAL INVESTMENTS $ 3,006,782,335 $ 3,216,136,600 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 13,644,776 $ 13,644,776 TOTAL SHORT-TERM INVESTMENT $ 13,644,776 $ 13,644,776 FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: Asset-Backed Securities 1,155,548 AEP Texas Central Company 1.98 6/1/2021 $ 1,165,840 $ 1,145,676 1,600,000 Capital One Multi-Asset Execution Trust 1.33 6/15/2022 1,599,615 1,579,960 442,682 Carmax Auto Owner Trust 2016-1 1.61 11/16/2020 442,574 440,516 477,685 CenterPoint Energy, Inc. 2.16 10/15/2021 487,518 473,288 878,153 Centerpointcenterpoint Energy Restoration 4.24 8/15/2023 970,360 894,940 1,140,000 Citibank Credit Card Issuance Trust 1.92 4/7/2022 1,143,044 1,120,687 900,000 CNH Equipment 2.08 2/15/2023 899,979 883,388 772,736 CNH Equipment Trust 2016-B 1.63 8/15/2021 772,542 766,532 1,400,000 Ford Credit Auto Owner Trust 1.67 6/15/2021 1,399,995 1,386,610 1,000,000 Mercedes-Benz Auto 3.03 1/17/2023 999,962 997,687 650,000 PSNH Funding LLC 3.09 2/1/2026 649,986 646,569 750,000 Toyota Auto 2.35 5/16/2022 749,991 740,474 Total Asset-Backed Securities $ 11,281,406 $ 11,076,327 Mortgage-Backed Securities 1,450,000 Citigroup Commercial Mortgage Trust 2016 2.51 11/15/2049 $ 1,493,461 $ 1,412,123 1,040,000 DBGS Mtg 3.41 10/15/2051 1,039,994 1,041,560 264,115 Federal Home Loan Mortgage Corp 3.00 6/15/2039 275,010 263,336 23,315 Federal Home Loan Mortgage Corp 2.75 7/15/2038 24,083 23,256 624,949 Federal Home Loan Mortgage Corp 4.00 12/15/2021 676,898 627,091 256,107 Federal Home Loan Mortgage Corp 3.00 3/15/2025 266,351 255,311 141,844 Federal Home Loan Mortgage Corp 2.00 3/15/2025 144,437 139,511 1,070,018 Federal Home Loan Mortgage Corp 4.00 1/15/2039 1,113,320 1,083,276 94,213 Federal Home Loan Mortgage Corp 3.00 8/15/2025 97,525 94,033 369,832 Federal Home Loan Mortgage Corp 3.00 12/15/2025 384,509 368,898 926,066 Federal Home Loan Mortgage Corp 2.25 11/15/2039 939,523 898,872 144,649 Federal National Mortgage Association 1.75 2/25/2022 147,226 142,130 302,805 Federal National Mortgage Association 2.00 1/25/2041 307,820 289,090 1,291,541 Federal National Mortgage Association 3.50 12/25/2024 1,355,769 1,276,130 987,879 Federal National Mortgage Association 3.00 6/25/2040 991,892 977,603 45,822 Federal National Mortgage Association 4.00 11/25/2037 48,429 45,871 483,325 Federal National Mortgage Association 3.50 1/25/2023 513,721 485,188 244,486 Federal National Mortgage Association 3.50 10/25/2029 253,089 245,886 340,278 Federal National Mortgage Association 3.00 2/25/2038 354,012 339,070 552,213 Federal National Mortgage Association 3.00 8/25/2038 575,142 547,447 1,100,000 Federal National Mortgage Association 3.50 12/25/2034 1,103,781 1,103,781 186,444 Federal National Mortgage Association 3.50 10/25/2020 196,640 186,617 530,541 Government National Mortgage Association 2.50 11/16/2040 550,021 519,910 965,959 Government National Mortgage Association 2.75 11/20/2039 979,612 951,316 881,294 Government National Mortgage Association 3.00 6/20/2039 902,009 865,270 539,995 Government National Mortgage Association 2.00 3/20/2042 546,149 518,243 3,227 Government National Mortgage Association 3.00 3/20/2038 3,360 3,223 501,202 Government National Mortgage Association 2.50 11/16/2037 515,924 496,591 21,155 Government National Mortgage Association 3.00 9/20/2040 22,378 21,123 299,178 Government National Mortgage Association 1.80 4/16/2039 304,366 291,082 203,432 Government National Mortgage Association 3.00 4/20/2039 210,425 202,818 1,450,000 Government National Mortgage Association 4.75 7/16/2038 1,547,875 1,502,731 510,487 Morgan Stanley Bank of America Merrill L 2.98 4/15/2047 534,098 509,952 813,483 Morgan Stanley 2.92 2/15/2047 841,065 812,718 1,604,832 UBS Commercial Mortgage Trust 2012-C1 3.40 5/10/2045 1,665,013 1,598,902 832,356 Wells Fargo Commercial Mortgage Trust 2058 1.64 9/15/2058 836,030 822,634 Total Mortgage-Backed Securities $ 21,760,957 $ 20,962,593 Bonds 5,250,000 United States Treasury Notes 2.25 2/15/2021 $ 5,221,904 $ 5,174,327 Total Bonds $ 5,221,904 $ 5,174,327 Adjustment to Contract Value - 1,051,020 TOTAL FIXED MATURITY SYNTHETIC GUARANTEED INVESTMENT CONTRACTS: $ 38,264,267 $ 38,264,267 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 $ 707,556 1,600,000 Aktiebolaget Svensk Exportkredit 1.88 6/23/2020 1,593,808 1,569,725 1,200,000 American Express Credit Corporation 3.09 10/30/2019 1,207,476 1,203,148 1,200,000 American Honda Finance Corporation 2.94 9/9/2021 1,213,524 1,209,972 1,000,000 American International Group, Inc. 4.88 6/1/2022 1,081,960 1,028,421 500,000 Ameriprise Financial, Inc. 5.30 3/15/2020 506,017 513,888 700,000 Apple Inc. 2.85 2/23/2023 713,356 682,027 1,000,000 Asian Development Bank 1.00 8/16/2019 997,790 985,933 1,300,000 Australia and New Zealand Banking Group 2.82 8/19/2020 1,307,657 1,305,495 700,000 AutoZone, Inc. 2.50 4/15/2021 702,549 681,195 600,000 Bank of America Corporation 3.87 4/19/2021 618,990 613,961 530,000 Bank of America Corporation 3.50 5/17/2022 530,272 527,495 700,000 Bank of New York Mellon Corporation, (The) 3.57 10/30/2023 711,676 714,067 700,000 BMW US Capital, LLC 2.84 4/12/2021 700,000 699,375 1,500,000 BNG Bank N.V. 2.13 12/14/2020 1,495,875 1,470,975 350,000 BPCE 3.00 5/22/2022 347,830 337,116 600,000 Capital One, National Association 2.35 1/31/2020 599,640 592,356 700,000 Citibank N.A 2.66 5/1/2020 700,000 701,023 1,000,000 Citigroup Inc. 3.77 3/30/2021 1,024,330 1,020,466 1,300,000 Commonwealth Bank of Australia 2.74 9/18/2020 1,305,434 1,303,739 700,000 Consolidated Edison, Inc. 2.00 5/15/2021 700,082 675,230 500,000 Coventry Health Care, Inc. 5.45 6/15/2021 502,108 520,649 550,000 Crown Castle International Corp. 4.88 4/15/2022 611,875 566,570 600,000 Daimler Finance North America LLC 2.87 5/5/2020 603,588 601,259 700,000 DBS Group Holdings Ltd 3.11 7/25/2022 700,000 702,412 600,000 DEUTSCHE BANK AG 2.95 8/20/2020 605,994 588,018 800,000 Deutsche Telekom International Finance B 2.49 9/19/2023 779,968 748,922 1,300,000 Duke Energy Ohio, Inc. 5.45 4/1/2019 1,569,932 1,314,489 1,200,000 Duke Energy Progress, LLC 2.51 9/8/2020 1,202,064 1,201,699 389,000 Eastman Chemical Company 3.60 8/15/2022 411,978 386,440 1,150,000 Export Development Canada 1.63 6/1/2020 1,148,655 1,125,839 900,000 Ford Motor Credit Company LLC 3.12 6/12/2020 907,695 896,861 559,000 GE Capital International Funding Company 2.34 11/15/2020 556,575 542,351 1,200,000 Gilead Sciences, Inc.