Investment Performance
September 30, 2000

	Current Yield	Unit Value	Income per Unit	Market Value (M)
UCF Equity Fund	1.4%	$11.24		$ 180.5
UCF Fixed-Income Fund	6.9%	$4.12		$ 130.0
UCF Moderate Balanced Fund	3.7%	$7.83		$ 275.2

Prior to the opening of the UCF Cash & Equivalent Fund, UCF Fixed-Income Fund, and UCF Equity Fund on October 1, 1994, the United Church Foundation managed only one Fund -- the UCF Balanced Fund (previously named the Divested Common Investment Fund from April 1, 1987 to May 31, 1995, and the Common Investment Fund prior to April 1, 1987). Performance data for the UCF Fixed-Income Fund and the UCF Equity Fund show actual performance since the date of inception and the performance of the fixed-income and equity portions of the UCF Balanced Fund prior to that date, since the types of investment instruments in the UCF Balanced Fund were similar to those that are included in each of the other Funds. There is limited historical data for the UCF Cash & Equivalent Fund.

Each Fund's performance is shown in terms of total return. Total returns and yields are based on past results and are not an indication of future performance. The return for any one year may differ significantly from the average for the entire period.

Total Return is based on the overall dollar or percentage change in value of a hypothetical investment in a Fund and assumes that all of the Fund's distributions are reinvested.