THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS September 30, 2020 Unaudited - for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 20,530,059 $ 20,530,059 Synthetic Guaranteed Investment Contracts Liquidity Strategy 30,558,942 30,558,942 Total Return Strategy 137,120,248 137,120,248 TOTAL STABLE VALUE INVESTMENTS $ 188,209,249 $ 188,209,249 SHORT-TERM INVESTMENTS Short-term Investments $ 99,062,302 $ 99,062,302 TOTAL SHORT-TERM INVESTMENTS $ 99,062,302 $ 99,062,302 FIXED-INCOME INVESTMENTS Bonds $ 1,079,835,384 $ 1,126,491,108 Bond funds 126,842,778 131,302,450 Asset-backed & Mortgage-backed Securities 241,201,730 249,241,708 TOTAL FIXED-INCOME INVESTMENTS $ 1,447,879,892 $ 1,507,035,266 EQUITY INVESTMENTS Common stocks and equivalents $ 838,818,728 $ 1,174,953,478 Equity funds 311,666,823 284,361,211 TOTAL EQUITY INVESTMENTS $ 1,150,485,551 $ 1,459,314,689 OTHER INVESTMENTS Hedge funds $ 90,992,827 $ 116,259,383 Real assets 91,095,134 82,047,188 Participation in the United Church Funds, Inc. 35,445,541 42,885,543 TOTAL OTHER INVESTMENTS $ 217,533,502 $ 241,192,114 TOTAL INVESTMENTS $ 3,103,170,496 $ 3,494,813,621 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 20,530,059 $ 20,530,059 TOTAL SHORT-TERM INVESTMENT $ 20,530,059 $ 20,530,059 SYNTHETIC GUARANTEED INVESTMENT CONTRACTS- LIQUIDITY STRATEGY: Asset-Backed Securities 899,533 AEP Texas Inc. 2.06 2/1/2027 $ 899,531 $ 921,707 1,025,000 Capital One Multi-Asset Execution Trust 1.72 8/15/2024 1,024,742 1,053,000 5,228 CenterPoint Energy, Inc. 2.16 10/15/2021 5,336 5,232 462,702 Centerpointcenterpoint Energy Restoration 4.24 8/15/2023 511,285 482,881 625,000 CNH Equipment Trust 2016-B 2.52 8/15/2024 624,862 639,716 375,747 CNH Equipment Trust 2016-B 2.08 2/15/2023 375,738 378,435 750,000 Discover Card Execution Note Trust 3.04 7/15/2024 749,984 777,119 1,000,000 GM Financial Automobile 1.67 12/20/2022 1,002,656 1,015,054 637,210 Mercedes-Benz Auto 3.03 1/17/2023 637,185 646,418 930,000 Nissan Auto 2.50 11/15/2023 929,790 953,049 386,744 PSNH Funding LLC 3.09 2/1/2026 386,736 403,009 298,550 Toyota Auto 2.35 5/16/2022 298,546 300,529 Total Asset-Backed Securities $ 7,446,392 $ 7,576,149 Mortgage-Backed Securities 1,450,000 Citigroup Commercial Mortgage Trust 2016 2.51 11/15/2049 $ 1,493,461 $ 1,469,959 771,998 DBGS Mtg 3.41 10/15/2051 771,994 785,598 28,284 Federal Home Loan Mortgage Corporation 2.00 3/15/2025 28,802 28,368 51,069 Federal Home Loan Mortgage Corporation 3.00 3/15/2025 53,112 51,329 956,049 Federal Home Loan Mortgage Corporation 3.00 1/15/2033 973,527 975,149 488,855 Federal Home Loan Mortgage Corporation 2.50 12/15/2038 482,898 495,671 9,583 Federal Home Loan Mortgage Corporation 3.00 6/15/2039 9,979 9,583 378,607 Federal Home Loan Mortgage Corporation 2.25 11/15/2039 384,108 383,871 565,785 Federal Home Loan Mortgage Corporation 4.50 6/15/2043 582,051 576,154 1,219,101 Federal Home Loan Mortgage Corporation 3.50 10/15/2043 1,269,960 1,264,255 32,942 Federal National Mortgage Association 1.75 2/25/2022 33,446 33,074 183 Federal National Mortgage Association 3.50 10/25/2020 193 183 910,572 Federal National Mortgage Association 3.50 12/25/2024 954,665 934,549 435,129 Federal National Mortgage Association 3.50 12/25/2034 436,602 445,410 50,330 Federal National Mortgage Association 3.00 2/25/2038 52,195 50,470 227,874 Federal National Mortgage Association 3.00 8/25/2038 237,035 230,637 1,553,790 Federal National Mortgage Association 3.00 6/25/2040 1,577,476 1,590,279 165,121 Federal National Mortgage Association 2.00 1/25/2041 167,856 168,400 945,851 Federal National Mortgage Association 3.50 8/25/2044 989,597 987,008 33,642 Freddie Mac 3.00 12/15/2025 34,977 33,691 95,585 Government National Mortgage Association 2.50 11/16/2040 99,095 96,008 105,181 Government National Mortgage Association 2.50 11/16/2037 108,271 105,792 578,561 Government National Mortgage Association 4.75 7/16/2038 617,614 593,817 237,902 Government National Mortgage Association 3.00 6/20/2039 243,494 239,758 333,181 Government National Mortgage Association 2.75 11/20/2039 337,890 337,842 310,407 Government National Mortgage Association 2.00 3/20/2042 313,944 316,142 1,203,526 Government National Mortgage Association 2.50 9/20/2034 1,248,282 1,247,954 138,592 Government National Mortgage Association 1.80 4/16/2039 140,995 138,928 18,059 Government National Mortgage Association 3.00 4/20/2039 18,680 18,089 1,225,955 Morgan Stanley Capital I Trust 2018-H4 3.32 12/15/2051 1,225,946 1,273,644 1,491,158 Ubs Commercial Mortgage Securitization C 3.40 5/10/2045 1,547,077 1,528,510 1,565,946 Wells Fargo Commercial Mortgage Trust 2012-LC5 2.92 10/15/2045 1,594,818 1,619,228 Total Mortgage-Backed Securities $ 18,030,039 $ 18,029,349 Bonds 2,443,000 United States Treasury Notes 2.25 2/15/2021 $ 2,429,926 $ 2,462,372 2,653,000 United States Treasury Notes 1.38 1/31/2022 2,652,585 2,697,044 Total Bonds $ 5,082,512 $ 5,159,416 Adjustment to Contract Value - (205,973) TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS- LIQUIDITY STRATEGY: $ 30,558,942 $ 30,558,942 2 SYNTHETIC GUARANTEED INVESTMENT CONTRACTS-TOTAL RETURN STRATEGY: Bonds 3,100,000 African Development Bank 0.75 4/3/2023 $ 3,095,691 $ 3,137,986 600,000 Alexandria Real Estate Equities, Inc. 4.00 1/15/2024 614,208 660,688 1,100,000 Alphabet Inc. 0.45 8/15/2025 1,098,911 1,096,597 1,200,000 American Express Company 3.40 2/27/2023 1,244,208 1,278,438 1,000,000 Amgen Inc. 1.90 2/21/2025 978,830 1,046,801 1,000,000 AVANGRID, Inc. 3.20 4/15/2025 1,030,800 1,099,713 1,000,000 Bank of America Corporation 3.50 5/17/2022 1,025,950 1,018,748 1,500,000 Bank of America Corporation 1.49 5/19/2024 1,500,000 1,525,782 1,125,000 Bank of New York Inc. Medium 3.40 5/15/2024 1,179,743 1,234,157 900,000 Bank of Nova Scotia, (The) 2.38 1/18/2023 899,577 937,440 235,000 Baxter International Inc. 3.75 10/1/2025 234,662 266,591 1,000,000 BMW US CAP LLC 3.80 4/6/2023 998,970 1,077,438 1,500,000 BNG Bank N.V. 2.13 12/14/2020 1,495,875 1,505,449 350,000 BPCE 3.00 5/22/2022 347,830 362,086 1,000,000 Cargill, Incorporated 1.38 7/23/2023 998,960 1,022,890 2,000,000 Chevron Corporation 1.14 5/11/2023 2,000,000 2,038,680 1,000,000 Citigroup Inc. 1.68 5/15/2024 1,000,000 1,024,419 1,000,000 Comcast Corporation 3.60 3/1/2024 1,048,500 1,100,339 1,200,000 Comcast Corporation 3.70 4/15/2024 1,271,940 1,325,154 1,200,000 Cox Communications Inc. 2.95 6/30/2023 1,206,108 1,263,057 1,000,000 Credit Suisse AG/New York NY 1.00 5/5/2023 999,290 1,010,481 700,000 DBS Group Holdings Ltd. 0.87 7/25/2022 700,000 701,580 800,000 Deutsche Telekom International Finance B 2.49 9/19/2023 779,968 836,500 500,000 Duke Energy Carolinas, LLC 3.35 5/15/2022 500,910 524,357 389,000 Eastman Chemical Company 3.60 8/15/2022 411,978 408,047 2,000,000 European Investment Bank 2.50 10/15/2024 2,095,460 2,173,992 1,000,000 Exxon Mobil Corporation 3.04 3/1/2026 1,012,110 1,103,606 1,000,000 Fifth Third Bancorp 1.63 5/5/2023 999,360 1,026,805 1,000,000 Georgia-Pac LLC 3.60 3/1/2025 1,052,320 1,110,678 800,000 HSBC Holdings PLC 3.03 11/22/2023 775,456 833,901 700,000 Hyundai Capital Services, Inc. 2.88 3/16/2021 698,705 706,147 2,500,000 International Bank for Reconstruction and Development 0.63 4/22/2025 2,490,325 2,523,279 1,700,000 International Debelopment Association 0.38 9/23/2025 1,693,625 1,698,587 1,000,000 Interstate Power and Light Company 3.25 12/1/2024 1,037,850 1,096,505 1,200,000 Johnson & Johnson 2.63 1/15/2025 1,270,704 1,304,136 1,000,000 JPMorgan Chase & Co.