Active Management

Each Fund is managed by the United Church Foundation, which employs the services of the investment management personnel of The Pension Boards - United Church of Christ.

The services of other investment managers are employed from time to time at the discretion of the Investment Committee.

As of the end of the third quarter of 2004, approximately eighty percent (80%)of the UCF Equity Fund is invested in a large cap domestic core strategy managed by The Pension Boards-UCC Equity Team. Walter Scott & Partners Limited, an experienced international fund manager, invests approximately ten percent (10%) of this fund, and two small cap managers, Earnest Partners, specializing in small cap value stocks, and Friess Associates, focusing on small cap growth stocks, manage the remainder.