THE PENSION BOARDS - UNITED CHURCH OF CHRIST, INC. SCHEDULE OF INVESTMENTS December 31, 2020 Unaudited - for information purposes only. SUMMARY OF INVESTMENTS COST VALUE STABLE VALUE INVESTMENTS Short-Term Investments $ 6,604,638 $ 6,604,638 Synthetic Guaranteed Investment Contracts Liquidity Strategy 27,322,277 27,322,277 Total Return Strategy 147,515,219 147,515,219 TOTAL STABLE VALUE INVESTMENTS $ 181,442,133 $ 181,442,133 SHORT-TERM INVESTMENTS Short-term Investments $ 87,111,480 $ 87,111,480 TOTAL SHORT-TERM INVESTMENTS $ 87,111,480 $ 87,111,480 FIXED-INCOME INVESTMENTS Bonds $ 1,082,393,210 $ 1,146,265,446 Bond funds 127,065,962 140,113,943 Asset-backed & Mortgage-backed Securities 242,990,860 251,249,230 TOTAL FIXED-INCOME INVESTMENTS $ 1,452,450,032 $ 1,537,628,619 EQUITY INVESTMENTS Common stocks and equivalents $ 843,423,479 $ 1,328,182,250 Equity funds 315,874,953 357,899,176 TOTAL EQUITY INVESTMENTS $ 1,159,298,433 $ 1,686,081,425 OTHER INVESTMENTS Hedge funds $ 90,265,095 $ 120,856,085 Real assets 96,250,771 87,014,939 Participation in the United Church Funds, Inc. 35,128,233 45,458,929 TOTAL OTHER INVESTMENTS $ 221,644,099 $ 253,329,953 TOTAL INVESTMENTS $ 3,101,946,178 $ 3,745,593,611 PRINCIPAL INTEREST DESCRIPTION SERIES MATURITY COST VALUE AMOUNT RATE % SHORT-TERM INVESTMENTS MFB NI Treasury Money Market Fund $ 6,604,638 $ 6,604,638 TOTAL SHORT-TERM INVESTMENT $ 6,604,638 $ 6,604,638 SYNTHETIC GUARANTEED INVESTMENT CONTRACTS- LIQUIDITY STRATEGY: Asset-Backed Securities 899,533 AEP Texas Inc. 2.06 2/1/2027 $ 899,531 $ 927,498 1,025,000 Capital One Multi-Asset Execution Trust 1.72 8/15/2024 1,024,742 1,049,878 462,702 Centerpointcenterpoint Energy Restoration 4.24 8/15/2023 511,285 478,204 625,000 CNH Equipment Trust 2016-B 2.52 8/15/2024 624,862 637,362 224,748 CNH Equipment Trust 2016-B 2.08 2/15/2023 224,743 226,175 750,000 Discover Card Execution Note Trust 3.04 7/15/2024 749,984 772,189 1,000,000 GM Financial Automobile 1.67 12/20/2022 1,002,656 1,013,328 470,104 Mercedes-Benz Auto 3.03 1/17/2023 470,086 475,381 930,000 Nissan Auto 2.50 11/15/2023 929,790 947,968 386,744 PSNH Funding LLC 3.09 2/1/2026 386,736 402,647 185,173 Toyota Auto 2.35 5/16/2022 185,171 185,948 Total Asset-Backed Securities $ 7,009,587 $ 7,116,577 Mortgage-Backed Securities 1,450,000 Citigroup Commercial Mortgage Trust 2016 2.51 11/15/2049 $ 1,493,461 $ 1,466,210 649,498 DBGS Mtg 3.41 10/15/2051 649,495 660,272 15,852 Federal Home Loan Mortgage Corporation 2.00 3/15/2025 16,142 15,874 28,621 Federal Home Loan Mortgage Corporation 3.00 3/15/2025 29,766 28,691 719,957 Federal Home Loan Mortgage Corporation 3.00 1/15/2033 733,119 731,283 394,745 Federal Home Loan Mortgage Corporation 2.50 12/15/2038 389,934 399,474 250,572 Federal Home Loan Mortgage Corporation 2.25 11/15/2039 254,213 252,995 379,112 Federal Home Loan Mortgage Corporation 4.50 6/15/2043 390,012 383,357 1,360,339 Federal Home Loan Mortgage Corporation 2.50 11/15/2040 1,406,463 1,401,392 997,931 Federal Home Loan Mortgage Corporation 3.50 10/15/2043 1,039,563 1,030,365 23,609 Federal National Mortgage Association 1.75 2/25/2022 23,971 23,683 858,973 Federal National Mortgage Association 3.50 12/25/2024 900,567 878,486 279,874 Federal National Mortgage Association 3.50 12/25/2034 280,822 284,105 15,442 Federal National Mortgage Association 3.00 2/25/2038 16,015 15,441 189,653 Federal National Mortgage Association 3.00 8/25/2038 197,278 191,625 1,143,496 Federal National Mortgage Association 3.00 6/25/2040 1,160,688 1,156,486 139,918 Federal National Mortgage Association 2.00 1/25/2041 142,235 142,413 828,183 Federal National Mortgage Association 3.50 8/25/2044 866,487 864,267 6,019 Freddie Mac 3.00 12/15/2025 6,258 6,017 64,818 Government National Mortgage Association 2.50 11/16/2040 67,198 65,013 62,910 Government National Mortgage Association 2.50 11/16/2037 64,758 63,113 388,979 Government National Mortgage Association 4.75 7/16/2038 415,235 395,315 117,322 Government National Mortgage Association 3.00 6/20/2039 120,079 117,729 239,961 Government National Mortgage Association 2.75 11/20/2039 243,353 242,508 267,069 Government National Mortgage Association 2.00 3/20/2042 270,112 271,786 977,456 Government National Mortgage Association 2.50 9/20/2034 1,013,805 1,010,986 114,155 Government National Mortgage Association 1.80 4/16/2039 116,135 114,849 1,166,676 Morgan Stanley Capital I Trust 2018-H4 3.32 12/15/2051 1,166,667 1,211,683 1,491,158 Ubs Commercial Mortgage Securitization C 3.40 5/10/2045 1,547,077 1,519,899 1,565,946 Wells Fargo Commercial Mortgage Trust 2012-LC5 2.92 10/15/2045 1,594,818 1,613,032 Total Mortgage-Backed Securities $ 16,615,724 $ 16,558,350 Bonds 1,050,000 United States Treasury Notes 2.25 2/15/2021 $ 1,044,381 $ 1,052,515 2,653,000 United States Treasury Notes 1.38 1/31/2022 2,652,585 2,688,650 Total Bonds $ 3,696,966 $ 3,741,164 Adjustment to Contract Value - (93,815) TOTAL SYNTHETIC GUARANTEED INVESTMENT CONTRACTS- LIQUIDITY STRATEGY: $ 27,322,277 $ 27,322,277 2 SYNTHETIC GUARANTEED INVESTMENT CONTRACTS-TOTAL RETURN STRATEGY: Bonds 3,100,000 African Development Bank 0.75 4/3/2023 $ 3,095,691 $ 3,136,833 600,000 Alexandria Real Estate Equities, Inc. 4.00 1/15/2024 614,208 660,330 1,100,000 Alphabet Inc. 0.45 8/15/2025 1,098,911 1,102,474 1,200,000 American Express Company 3.40 2/27/2023 1,244,208 1,276,272 1,000,000 Amgen Inc. 1.90 2/21/2025 978,830 1,051,101 1,000,000 AVANGRID, Inc. 3.20 4/15/2025 1,030,800 1,094,739 1,000,000 Bank of America Corporation 3.50 5/17/2022 1,025,950 1,011,849 1,500,000 Bank of America Corporation 1.49 5/19/2024 1,500,000 1,535,089 1,125,000 Bank of New York Inc. Medium 3.40 5/15/2024 1,179,743 1,230,519 900,000 Bank of Nova Scotia, (The) 2.38 1/18/2023 899,577 937,084 1,000,000 BMW US CAP LLC 3.80 4/6/2023 998,970 1,073,998 500,000 Bng ENTRY 14 0.50 11/24/2025 498,698 500,174 350,000 BPCE 3.00 5/22/2022 347,830 362,200 1,000,000 Cargill, Incorporated 1.38 7/23/2023 998,960 1,024,966 2,000,000 Chevron Corporation 1.14 5/11/2023 2,000,000 2,042,111 1,000,000 Citigroup Inc. 1.68 5/15/2024 1,000,000 1,030,111 1,000,000 Comcast Corporation 3.60 3/1/2024 1,048,500 1,100,194 1,200,000 Comcast Corporation 3.70 4/15/2024 1,271,940 1,320,250 1,200,000 Cox Communications Inc. 2.95 6/30/2023 1,206,108 1,262,428 1,000,000 Credit Suisse AG/New York NY 1.00 5/5/2023 999,290 1,015,127 700,000 DBS Group Holdings Ltd. 0.84 7/25/2022 700,000 703,785 800,000 Deutsche Telekom International Finance B 2.49 9/19/2023 779,968 836,783 500,000 Duke Energy Carolinas, LLC 3.35 5/15/2022 500,910 520,748 389,000 Eastman Chemical Company 3.60 8/15/2022 411,978 406,380 2,000,000 European Investment Bank 2.50 10/15/2024 2,095,460 2,165,599 1,000,000 Exxon Mobil Corporation 3.04 3/1/2026 1,012,110 1,107,978 3,000,000 Farm Credit Banks Consolidated Systemwide 0.17 11/30/2022 2,998,050 2,999,417 3,000,000 Farm Credit Banks Consolidated Systemwide 0.13 11/23/2022 2,999,670 2,999,204 1,000,000 Fifth Third Bancorp 1.63 5/5/2023 999,360 1,031,422 1,000,000 Georgia-Pac LLC 3.60 3/1/2025 1,052,320 1,111,288 800,000 HSBC Holdings PLC 3.03 11/22/2023 775,456 840,622 700,000 Hyundai Capital Services, Inc. 2.88 3/16/2021 698,705 702,932 2,500,000 International Bank for Reconstruction and Development 0.63 4/22/2025 2,490,325 2,524,149 1,700,000 International Debelopment Association 0.38 9/23/2025 1,693,625 1,691,626 1,000,000 Interstate Power and Light Company 3.25 12/1/2024 1,037,850 1,095,495 1,200,000 Johnson & Johnson 2.63 1/15/2025 1,270,704 1,298,493 1,000,000 JPMorgan Chase & Co.