Philanthropic Management

1
Philanthropic Management
December 31, 2007
Presentation to Missionary Society of
Connecticut Daniel W. Keating, CFA Brian
Drainville, CFA Peter C. Larson Director SR
Institutional Portfolio Strategist SR Fixed
Income Portfolio Manager DIR-DIRECTOR SR EQUITY
PORTFOLIO MGR I 860.952.7226 617.772.3522 860.
952.7251 daniel.w.keating_at_bankofamerica.com brian.
drainville_at_columbiamanagement.com peter.c.larson_at_b
ankofamerica.com Patrick J. Staffaroni,
V.P. Scott L. Davis, VP Edward P. Hickey,
VP Institutional Investments Relationship
Manager SR Equity Portfolio Manager Income
Strategies Equity Portfolio Manager
II 860.952.7380 617.341.2249 617-341-2246 patr
ick.j.staffaroni_at_bankofamerica.com
scott.davis_at_columbiamanagement.com edward.hickey
_at_columbiamanagement.com
2
Table of Contents

• Executive Summary/Investment Guidelines
• Missionary Society of Connecticut Combined
  Portfolio Review
• Missionary Society of Connecticut BalancedEquity
  Large Cap Value Review
• Missionary Society of Connecticut Small Cap
  Equity Review
• Missionary Society of Connecticut Large Cap
  Growth Review
• Missionary Society of Connecticut BalancedFixed
  Income Review
• Economic Review
• Appendix

3
Executive Summary/Investment Guidelines
4
Executive Summary

• Missionary Society of Connecticut
• Endowment market value as of the quarter ended
  December 31, 2007 equaled 68,126,739 compared to
  a September 30, 2007 market value 69,190,035.
  Net withdrawals for the period approximated
  1,879,808.
• Portfolio asset class weightings are in line with
  investment policy guidelines. As of December 31,
  2007, the Endowment was allocated 63.86 to
  equity, 32.74 to fixed income and 3.38 to cash.
  
• For the quarter, the combined portfolio generated
  a total return of -0.52 with equities returning
  -2.09 and bonds 2.62. For the past twelve
  months, the combined portfolio returned 7.28
  with equities returning 8.61 and bonds 5.76.
  Total portfolio returns exceed the benchmark for
  all time periods.
• Equity markets posted negative returns for the
  quarter ending December 31. Anxiety surrounding
  the potential for additional losses at large
  financial institutions, tightening credit
  markets, slowing corporate profits, and inflation
  resulted in a continued reassessment of risk.
  While concerns about credit quality and inflation
  tempered returns, fixed income markets generally
  rose during the quarter as investors sought
  relief in the relative safety of higher quality
  bonds.
• In terms of style, growth strategies continued to
  outperform their value counterparts with larger
  capitalization stocks outperforming small cap
  issues. International equities continued to
  outpace their domestic counterparts with emerging
  markets significantly outperforming developed
  markets. From a sector standpoint, Energy,
  Information Technology and Telecommunication
  Services provided the best relative performance.
  Consumer Discretionary and Financial stocks
  generated the weakest returns.

5
Missionary Society of ConnecticutInvestment
Guidelines
Missionary Society of Connecticut Investment
Objective The primary investment objective of the
Missionary Society is to produce as high a level
of current income as possible while still
allowing for long-term capital appreciation to
help offset inflation. In addition, the
investment committee selects for its portfolio
from among those investments meeting standards of
socially responsible investments as established
by annual meetings of the Connecticut Conference
of the United Church of Christ. To further
elaborate on this objective, it should be noted
that the investment committee provides the Bank
with annual unit income goals, and lists of those
securities which do not meet the social
responsibility requirements established by the
annual meeting of the Connecticut Conference of
the United Church of Christ.
Exhibit C Missionary Society of
Connecticut Investment Objectives and
Guidelines Adopted by the Finance
Committee  C-I. Investment Objectives
(87-5F-3)   The primary investment objective of
the Missionary Society is to produce current
income while still allowing for long-term capital
appreciation to help offset inflation. More
specifically, and in order of priority, the
following objectives shall apply   1. Stability
of investment incometo meet the budgetary
requirements of participants within The
Fund.   2. Preservation of capitalto provide a
reasonable assurance to Fund participants of the
level of principal that would be available
should a need for withdrawal arise.
6
Missionary Society of ConnecticutInvestment
Guidelines

•  3. Growth of unit value and investment income
  in excess of inflationas needed to meet
  withdrawals and distributions.
•   In addition, portfolio investments will be made
  only in those securities which meet the standards
  of socially responsible investments as
  established by annual meetings of the
  Connecticut Conference of the United Church of
  Christ or its Board of Directors (per addendum).
• C-II. Investment Policy Guidelines (87-5F-3)
•   The following guidelines shall apply to the
  investment of The Fund's assets
• 1. Eligible Securities - The portfolio may be
  invested in
• a. common stocks traded on national exchanges
•   b. public bonds
•   c. convertible securities
•   d. short-term securities
• The investment advisor(s) may request specific
  permission from the Finance Committee to invest a
  portion (not to exceed 20 in the aggregate) of
  The Fund's assets in other securities not listed
  above, e.g., options, futures, foreign, venture
  capital, etc.
• 2. Asset Mix The Fund's assets shall normally
  be invested in a combination of stocks and bonds,
  the proportion of which shall be set annually by
  the Finance Committee. The investment advisor(s)
  may deviate from the stated normal mix by 10
  of total assets without specific permission of
  the Committee.
• 3. DiversificationThe portfolio will generally
  be diversified by asset class and within asset
  types. Securities of any single issuer, except
  the U.S. Government, shall not exceed 10 of Fund
  assets at market.
•   4. QualityThe portfolio will generally have a
  bias for quality. No more than 10 of the fixed
  income component shall be in issues rated Baa
  or lower.

7
Missionary Society of ConnecticutInvestment
Guidelines

•  4. QualityThe portfolio will generally have a
  bias for quality. No more than 10 of the fixed
  income component shall be in issues rated Baa or
  lower.
• C-III. Performance Evaluation (87-5F-3)
• Portfolio performance results will be evaluated
  on a long-term basis, generally over a 3-5 year
  time period or full market cycle. Specific
  attention will be placed on
•   1. Real and absolute total returns.
•   2. Comparisons against appropriately weighed
  results of generally accepted stock and bond
  indices (Standard Poor's 500 Stock Index,
  Lehman Government/Corporate Bond Index).
•   3. Comparisons of the results of individual
  asset classes against appropriate indices.
•   4. Consistency of results over interim periods.
•   5. Volatility of asset values and investment
  income.
•   Consideration will be given as well to the
  economic costs associated with restrictions on
  investments considered to be socially
  unacceptable to The Fund.
• C-IV. Reporting (87-5F-3)
• The investment advisor(s) will meet with the
  Finance Committee quarterly and will review
  portfolio objectives, strategy and performance.
  Such information will be provided the Committee
  as necessary to evaluate compliance with
  investment policy guidelines and performance as
  indicated above.
•   The Committee shall review with the investment
  advisor(s) at least annually social
  responsibility restrictions and asset mix targets
  as set forth in the attached addendum. Interim
  reporting may occur as requested by either the
  Committee and/or the advisor(s).
•  

8
Missionary Society of ConnecticutInvestment
Guidelines

• C-V. Asset Mix (87-5F-3)
•   The view and determination of asset mix among
  different asset classes is the responsibility of
  The Finance Committee. The Committee has set the
  following ranges
•   1. Normal Mix 60 Stocks/40 Bonds
•   2. Equity Range 5070
•   3. Fixed Income Range 3050
• Within the Equity allocation, the following
  investments and percentage weightings are
  permissible
• Small capitalization 0 20
• International 0 25
• At the discretion of the Finance Committee,
  shifts between different equity styles are
  allowed (i.e. value vs. growth).
• Convertible bonds and convertible preferred
  stocks will be considered part of the equity
  component. Short Term securities maturing in less
  than one year will be part of the fixed income
  component.

9
Combined Portfolio ReviewMissionary Society of
Connecticut
10
Missionary Society of Connecticut Combined
FundsPortfolio Review as of December 31, 2007
Reconciliation of Assets
Asset values can differ slightly due to rounding.
11
Missionary Society of Connecticut Combined
FundsPortfolio Review as of December 31, 2007
Asset Allocation
12
Missionary Society of Connecticut Combined
FundsPortfolio Performance as of December 31,
2007
Past performance is no guarantee of future
results. Returns shown are gross of fees.
Benchmark returns are shown from the first day
of the account inception month.
13
Current Asset Allocation vs. Target Asset
Allocation Missionary Society of Connecticut
Combined Funds

• A comparison of the current portfolio versus the
  target weightings.

14
Portfolio Performance - Missionary Society of
Connecticut Combined Funds Annualized Returns for
the Period Ending December 31, 2007
15
Asset Allocation Attribution AnalysisDecember
31 , 2006 December 31, 2007
16
Equity Large Cap Value ReviewMissionary Society
of Connecticut Balanced Fund
17
Missionary Society of Connecticut Large Cap Value
EquityPortfolio Performance as of December 31,
2007
Past performance is no guarantee of future
results. Returns shown are gross of fees.
Benchmark returns are shown from the first day
of the account inception month.
18
Missionary Society of Connecticut Large Cap Value
Equity Significant Transactions During 4th
Quarter 2007
19
Missionary Society of Connecticut Large Cap Value
Equity Quarterly Equity Sector Weightings1 as of
December 31, 2007
1 Includes common stock only
20
Missionary Society of Connecticut Large Cap Value
EquityTop 10 Holdings1 as of December 31, 2007
1 Includes common stock only
21
Missionary Society of Connecticut Large Cap Value
EquityEquity Holdings Sector Matrix¹ as of
December 31, 2007
22
Small Cap Equity ReviewMissionary Society of
Connecticut
23
Missionary Society of Connecticut Small Cap
EquityTotal Performance as of December 31, 2007
Past performance is no guarantee of future
results. 1 Inception date April 1,
2002 Benchmark returns are shown from the first
day of the account inception month.
24
Missionary Society of Connecticut Small Cap
EquityPortfolio Performance as of December 31,
2007
Past performance is no guarantee of future
results. Returns shown are gross of fees.
Benchmark returns are shown from the first day
of the account inception month.
25
Missionary Society of Connecticut Small Cap
Equity Quarterly Equity Sector Weightings1 as of
December 31, 2007
1 Includes common stock only
26
Missionary Society of Connecticut Small Cap
EquityTop 10 Holdings1 as of December 31, 2007
1 Includes common stock only
27
Missionary Society of Connecticut Small Cap
EquityEquity Holdings Sector Matrix¹ as of
December 31, 2007
28
Missionary Society of Connecticut Small Cap
EquityEquity Holdings Sector Matrix¹ as of
December 31, 2007
29
Large Cap Growth Equity ReviewMissionary Society
of Connecticut
30
Missionary Society of Connecticut Large Cap
Growth EquityTotal Performance as of December
31, 2007
Past performance is no guarantee of future
results. Returns shown are net of fees. 1
Inception date January 1, 2005 Benchmark returns
are shown from the first day of the account
inception month.
31
Missionary Society of Connecticut Large Cap
Growth EquityPortfolio Performance as of
December 31, 2007
Past performance is no guarantee of future
results. Returns shown are gross of fees. 1
Inception date January 1, 2005 Benchmark returns
are shown from the first day of the account
inception month.
32
Missionary Society of Connecticut Large Cap
Growth Equity Quarterly Equity Sector
Weightings1 as of December 31, 2007
1 Includes common stock only
33
Missionary Society of Connecticut Large Cap
Growth EquityTop 10 Holdings1 as of December 31,
2007
1 Includes common stock only
34
Missionary Society of Connecticut Large Cap
Growth EquityEquity Holdings Sector Matrix¹ as
of December 31, 2007
35
Fixed Income ReviewMissionary Society of
Connecticut Balanced Fund
36
Management Team

• Brian J. Drainville, CFA Director and Senior
  Fixed Income Portfolio Manager
• Brian Drainville, is a director and senior
  portfolio manager for Core Fixed Income strategy
  team at Columbia Management. He joined the firm
  in 1996 and worked the three prior years as an
  equities and options operations manager at Barry,
  Murphy and Co. Mr. Drainville earned his BA
  degree from the College of the Holy Cross. He is
  a member of the CFA Institute, the Fixed Income
  Management Society of Boston and the Bond
  Analysts Society of Boston.
• Alan M. Erickson, CFA Director and Senior Fixed
  Income Portfolio Manager
• Alan Erickson is a Director and senior fixed
  income portfolio manager. He joined the firm in
  1990 after receiving his BA degree from Bates
  College. Mr. Erickson has earned the NASD Series
  65 registration and is a member of the CFA
  Institute and the Boston Security Analysts
  Society.

37
Fixed Income ReviewMissionary Society of
Connecticut
38
Missionary Society of Connecticut Fixed
IncomePortfolio Performance as of December 31,
2007
Past performance is no guarantee of future
results. Returns shown are gross of fees.
Benchmark returns are shown from the first day
of the account inception month.
39
Missionary Society of Connecticut Fixed
IncomePortfolio Characteristics as of December
31, 2007
Portfolio Diversification
Quality Characteristics
Portfolio Statistics
1 Includes U.S. Treasuries, federal agencies,
cash and cash equivalents.
40
Missionary Society of Connecticut Fixed
IncomeDuration Analysis as of December 31, 2007
41
Missionary Society of Connecticut Fixed
IncomeSector Allocation as of December 31, 2007
42
Missionary Society of Connecticut Fixed
IncomeQuality Ratings as of December 31, 2007
1 Includes U.S. Treasuries, federal agencies,
cash and cash equivalents.
43
Bond Market Review4th Quarter 2007
Bond IndicesTotal Return 4th Quarter 2007

• The Fed cut the Fed Funds Rate by a total of
  1.00 in the last four months of the year, in
  response to what it perceived as tightening
  financial conditions and growing downside
  economic risks. The Fed will ease monetary
  policy further and may take other actions
  targeting improved liquidity over the next
  several months.
• The total return of the Lehman U.S. Credit Index
  was 2.19 in the fourth quarter, posting positive
  returns as interest rates fell and bond prices
  rose. Risk premiums on corporate bonds relative
  to Treasuries as measured by option-adjusted
  spreads (OAS) of the Credit Index increased
  significantly, by 49bps over the quarter, to
  yield 181bps over Treasuries at year-end. This
  resulted in one of the worst quarters for the
  credit index in several years.
• The U.S. Securitized Index produced a total
  return on 2.88 in the 4th quarter, as interest
  rates dropped and prices generally rose on issues
  in the sector. Of the three major components of
  the Securitized Index, MBS produced a total
  return of 3.06 in the quarter. CMBS securities
  rose 2.25 in the quarter while ABS securities
  posted a decline of (0.76) in the quarter.
• The J.P. Morgan Global High-Yield Index was down
  -0.86 over the quarter, on a total return basis.
• The total return of the Citigroup Non-U.S. World
  Government Bond Index was 3.91, in U.S. dollar
  terms, in the fourth quarter, as the dollar
  continued to depreciate The J.P. Morgan Emerging
  Market Bond Global Diversified Bond Index was up
  2.80.

Sources Citigroup, J.P. Morgan, Lehman Live,
Merrill Lynch
Lehman Bond IndicesExcess Return 4th Quarter 2007
Past performance is no guarantee of future
results.
Source Lehman Live
44
Lehman Brothers Indices Excess ReturnsYear-to-Dat
e December 31, 2007
Past performance is no guarantee of future
results.
Source Lehman Live
45
Economic Review
46
Q4 2007 Market Overview
Since economic and market conditions change
frequently, there can be no assurance that the
trends described here will continue or that the
forecasts will come to pass. These materials are
provided for informational purposes only and
should not be used or construed as a
recommendation of any security or sector. The
views and opinions expressed are those of the
portfolio managers and analysts of the affiliated
advisors of Columbia Management Group, are
subject to change without notice at any time, may
not come to pass and may differ from views
expressed by other Columbia Management associates
or other divisions of Bank of America. This
information does not constitute investment advice
and is issued without regard to specific
investment objectives or the financial situation
of any particular recipient. Past performance is
no guarantee of future results.
Columbia Management Group, LLC (Columbia
Management) is the investment management
division of Bank of America Corporation.
Columbia Management entities furnish investment
management services and products for
institutional and individual investors.
47
Macroeconomic Review 4th Quarter 2007

• Economic growth is expected to remain below trend
  with year-over-year GDP close to 1.0. Tighter
  credit conditions and the impact of the liquidity
  crisis add to the downside risks. Solid global
  growth and a relaxation in monetary policy may
  allow the economy to avoid a recession, but a
  downturn in the labor markets and consumer
  spending are significant risks. At best, growth
  will likely be soft through mid-year 2008.
• Residential investment remained weak on the back
  of declining housing starts, soft home sales and
  a huge inventory overhang. Falling home prices
  and tighter lending standards by financial
  institutions have impacted home buying intentions
  and will further reduce demand. The housing
  recession should remain a drag on growth and a
  bottom in activity is expected in late 2008 or
  2009.
• Orders for durable goods are still decelerating,
  business sentiment remains muted, and business
  spending is light despite the recent pickup. The
  mix of growth appears to have rotated to trade
  and away from domestic demand. Global demand is
  boosting exports, primarily from developing
  economies. 2008 will likely test decoupling
  theories and the ability of non-U.S. demand to
  maintain momentum.
• Consumption growth has cooled, as higher energy
  prices and falling sentiment have weighed on
  consumer spending. Slower employment gains are
  in play, but wage and income growth appear to
  support modest growth in consumption.
  Non-residential construction activity has some
  momentum, providing a cushion against the
  weakening housing sector. These, together with
  an improvement in our net export position, a
  function of the weaker dollar, should help offset
  weakness in domestic demand.

Source National Association of Realtors
Source Bureau of Labor Statistics
48
U.S. Treasury Yield Curve ReviewAs of December
31, 2007
3 Months
Trailing 12-Month
U.S. Treasury Yields Trailing 12-Month Change
U.S. Treasury Yields Trailing 12-Month Change
9/30/07
12/31/07
Change
9/30/07
12/31/07
Change
12/31/06
12/31/07
Change
12/31/06
12/31/07
Change
3 Month
3.796
3.237
(0.559)
3 Month
5.006
3.237
(1.769)
6 Month
4.075
3.389
(0.686)
6 Month
5.080
3.389
(1.691)
2 Year
3.984
3.047
(0.937)
2 Year
4.808
3.047
(1.761)
5 Year
4.243
3.440
(0.803)
5 Year
4.692
3.440
(1.252)
10 Year
4.587
4.023
(0.564)
10 Year
4.702
4.023
(0.679)
30 Year
4.836
4.452
(0.384)
30 Year
4.810
4.452
(0.358)
Past performance is no guarantee of future
results.
Source Bloomberg
A yield curve graphically depicts the yields of
different maturity bonds of the same credit
quality and type. A normal yield curve is upward
sloping, with short-term rates lower than
long-term rates.
49
Banc of America Investment AdvisorsInvestment
Strategies Group Forecasts Through 2008
Source Banc of America Investment Advisors and
the Global Wealth Investment Management
Investment Strategies Group forecasts. These
forecasts may or may not be consistent with the
expectations of Columbia Management or Columbia
Managements Fixed Income team. Private Bank and
Banc of America Investment Services, Inc.
associates may use this presentation to address
the potential implications of this guidance for
individual financial strategies. Private Bank and
Banc of America Investment Services, Inc.
associates should not present themselves as
economists or content experts, but rather as
professionals who have access to Bank of America
affiliated strategists. Forecasts and opinions
contained herein are to be attributed solely to
the Investment Strategies Group, with no
extrapolation of content by the GWIM associate.
Questions raised as a result of this material
should be considered opportunities to promote
access to the intellectual capital of the
Investment Strategies Group. Consult with this
team of strategists to obtain answers to your
client/prospect questions. For questions related
to these compliance requirements, contact your
manager or market director.
1 Used solely as a benchmark for long-term
interest rates a actual e estimated f
forecast As of week of January 28, 2008.
50
Appendix
51
Appendix
52
Index Definitions
CITI NON-US WGBI (World Govt Bond
Index) Definition - The Non- US WGBI is a
market-capitalization-weighted benchmark that
tracks the performance of the 22 government bond
markets as of November 2007 of Australia,
Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, Japan,
Malaysia, the Netherlands, Norway, Poland,
Portugal, Singapore, Spain, Sweden, Switzerland,
and the United Kingdom. JP MORGAN DEVELOPED BB
HIGH YIELD Definition The JP Morgan Developed
BB High Yield Index is designed to mirror the
investable universe of the US-dollar developed,
BB-rated, high yield corporate debt
market. MERRILL LYNCH CORP/GOV 1-3
YEAR Definition - The Merrill Lynch 1-3 Year US
Corporate Government Index is a subset of The
Merrill Lynch US Corporate Government Index
including all securities with a maturity greater
than or equal to 1 year and less than 3
years. LEHMAN INDEX DEFINITIONS 3-5
YEAR Description - This index is the 3-5 Yr
component of the U.S. Aggregate index. Definition
(US Aggregate) - The Lehman Brothers U.S.
Aggregate Index represents securities that are
SEC-registered, taxable, and dollar denominated.
The index covers the U.S. investment grade fixed
rate bond market, with index components for
government and corporate securities, mortgage
pass-through securities, and asset-backed
securities. These major sectors are subdivided
into more specific indices that are calculated
and reported on a regular basis. ASSET BACKED
SECURITIES Description - This index is the ABS
component of the U.S. Aggregate index. The
Asset-Backed Securities (ABS) Index has five
subsectors Credit and charge cards Autos
Home equity loans Utility Manufactured
Housing The index includes pass-through, bullet,
and controlled amortization structures. The ABS
Index includes only the senior class of each ABS
issue and the ERISA-eligible B and C
tranche. CMBS ERISA ELIGIBLE Description - This
index is the CMBS component of the U.S. Aggregate
index. The Lehman Brothers CMBS ERISA-Eligible
Index is the ERISA-eligible component of the
Lehman Brothers CMBS Index. This index, which
includes investment grade securities that are
ERISA eligible under the underwriters exemption,
is the only CMBS sector that is included in the
U.S. Aggregate Index. EMERGING MARKETS (US
DOLLAR) Description - The Lehman Brothers
Emerging Markets Index includes USD-denominated
debt from emerging markets in the following
regions Americas, Europe, Middle East, Africa,
and Asia. As with other fixed income benchmarks
provided by Lehman Brothers, the index is
rules-based, which allows for an unbiased view of
the marketplace and easy replicability.
INVESTMENT GRADE BASIC INDUSTRY Description -
This index is the Basic component of the Invest.
Grade Industrial index. INVESTMENT GRADE
CAPITAL GOODS Description This index is the
Capital Goods component of the Invest. Grade
Industrial index.
53
Index Definitions
INVESTMENT GRADE COMMUNICATIONS Description -
This index is the Communications component of the
Invest. Grade Industrial index. Definition
(Investment Grade-Industrial) - Publicly issued
investment-grade U.S. corporate bonds in the
Industrial sector. INVESTMENT GRADE CONSUMER
CYCLICALS Description - This index is the
Consumer Cyclical component of the Invest. Grade
Industrial index. Definition (Investment
Grade-Industrial) Publicly issued
investment-grade U.S. corporate bonds in the
Industrial sector. INVESTMENT GRADE CONSUMER
NON-CYCLICAL Description - This index is the
Consumer Non-cyclical component of the Invest.
Grade Industrial index. Definition (Investment
Grade-Industrial) - Publicly issued
investment-grade U.S. corporate bonds in the
Industrial sector. INVESTMENT GRADE -
ENERGY Description - This index is the Energy
component of the Invest. Grade Industrial
index. Definition (Investment Grade-Industrial) -
Publicly issued investment-grade U.S. corporate
bonds in the Industrial sector. INVESTMENT GRADE
FINANCIAL INSTITUTIONS Description - This index
is the Financial Institutions component of the
U.S. Credit index. Definition - Publicly issued
investment-grade U.S. corporate bonds in the
Finance sector. INVESTMENT GRADE
INDUSTRIAL Description - This index is the
Industrial component of the U.S. Credit
index. Definition - Publicly issued
investment-grade U.S. corporate bonds in the
Industrial sector. INVESTMENT GRADE -
UTILITY Description - This index is the Utility
component of the U.S. Credit index. Definition -
Publicly issued investment-grade U.S. corporate
bonds in the Utility sector. TELECOMMUNICATIONS De
scription - This index is the Telecommunications
component of the Invest. Grade Communications
index. Definition (Investment Grade-Industrial) -
Publicly issued investment-grade U.S. corporate
bonds in the Industrial sector. US
AGENCY Description - This index is the U.S.
Agency component of the U.S. Government/Credit
index. US AGENCY INTERMEDIATE Description - This
index is the Intermediate component of the U.S.
Agency index. Definition - Securities in the
intermediate maturity range of the U.S. Agency
Index. The U.S. Agency Index represents public
obligations of U.S. Government agencies,
quasi-federal corporations, and corporate or
foreign debt guaranteed by the U.S. Government.
US AGENCY LONG Description - This index is the
Long component of the U.S. Agency
index Definition - Securities in the long
maturity range of the U.S. Agency Index. The U.S.
Agency Index represents public obligations of
U.S. Government agencies, quasi-federal
corporations, and corporate or foreign debt
guaranteed by the U.S. Government.
54
Index Definitions
US AGGREGATE Description - The Lehman Brothers
U.S. Aggregate Index represents securities that
are SEC-registered, taxable, and dollar
denominated. The index covers the U.S. investment
grade fixed rate bond market, with index
components for government and corporate
securities, mortgage pass-through securities, and
asset-backed securities. These major sectors are
subdivided into more specific indices that are
calculated and reported on a regular basis. US
AGGREGATE - INTERMEDIATE Description - This index
is the Intermediate component of the U.S.
Aggregate index. Definition - Securities in the
intermediate maturity range of the Lehman
Brothers Aggregate Index. The Aggregate Index
represents securities that are U.S. domestic,
taxable, and dollar denominated. The index covers
the U.S. investment grade fixed rate bond market,
with index components for government and
corporate securities, mortgage pass-through
securities, and asset-backed securities. These
major sectors are subdivided into more specific
indices that are calculated and reported on a
regular basis. US AGGREGATE - SOVEREIGN Descriptio
n - This index is the Sovereign component of the
Non-Corporate Investment Grade index. Definition
(US Credit) Publicly issued U.S. corporate and
specified foreign debentures and secured notes
that meet the specified maturity, liquidity, and
quality requirements. To qualify, bonds must be
SEC-registered. US CORPORATE HIGH
YIELD Description - The Lehman Brothers High
Yield Index covers the universe of fixed rate,
non-investment grade debt. Pay-in-kind (PIK)
bonds, Eurobonds, and debt issues from countries
designated as emerging markets (e.g., Argentina,
Brazil, Venezuela, etc.) are excluded, but
Canadian and global bonds (SEC registered) of
issuers in non-EMG countries are included.
Original issue zeroes, step-up coupon structures,
and 144-As are also included. US CORPORATE
INVESTMENT GRADE Description - This index is the
Corporate component of the U.S. Credit
index. Definition (US Credit) - Publicly issued
U.S. corporate and specified foreign debentures
and secured notes that meet the specified
maturity, liquidity, and quality requirements. To
qualify, bonds must be SEC-registered. US
CREDIT Description - This index is the U.S.
Credit component of the U.S. Government/Credit
index. Definition - Publicly issued U.S.
corporate and specified foreign debentures and
secured notes that meet the specified maturity,
liquidity, and quality requirements. To qualify,
bonds must be SEC-registered. US CREDIT
Aaa Description - This index is the Aaa component
of the U.S. Credit index. Definition (US Credit)
- Publicly issued U.S. corporate and specified
foreign debentures and secured notes that meet
the specified maturity, liquidity, and quality
requirements. To qualify, bonds must be
SEC-registered. US CREDIT - Aa Description - This
index is the Aa component of the U.S. Credit
index. Definition (US Credit) - Publicly issued
U.S. corporate and specified foreign debentures
and secured notes that meet the specified
maturity, liquidity, and quality requirements. To
qualify, bonds must be SEC-registered. US CREDIT
- A Description - This index is the A component
of the U.S. Credit index. Definition (US Credit)
- Publicly issued U.S. corporate and specified
foreign debentures and secured notes that meet
the specified maturity, liquidity, and quality
requirements. To qualify, bonds must be
SEC-registered. US CREDIT - Baa Description -
This index is the Baa component of the U.S.
Credit index. Definition (US Credit) - Publicly
issued U.S. corporate and specified foreign
debentures and secured notes that meet the
specified maturity, liquidity, and quality
requirements. To qualify, bonds must be
SEC-registered.
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Index Definitions
US GOVERNMENT Description - This index is the
U.S. Government component of the U.S.
Government/Credit index. Definition - Securities
issued by the U.S. Government (i.e., securities
in the Treasury and Agency Indices). US
GOVERNMENT - INTERMEDIATE Description - This
index is the Intermediate component of the U.S.
Government index. US GOVERNMENT /
CREDIT Description This index is the U.S.
Gov/Credit component of the U.S. Aggregate
index. Definition - The Government/Credit Index
includes securities in the Government and Credit
Indices. The Government Index includes
treasuries (i.e., public obligations of the U.S.
Treasury that have remaining maturities of more
than one year) and agencies (i.e., publicly
issued debt of U.S. Government agencies,
quasi-federal corporations, and corporate or
foreign debt guaranteed by the U.S. Government).
The Credit Index includes publicly issued U.S.
corporate and foreign debentures and secured
notes that meet specified maturity, liquidity,
and quality requirements. US GOVERNMENT/CREDIT -
INTERMEDIATE Description This index is the
Intermediate component of the U.S.
Government/Credit index. Definition Securities
in the intermediate maturity range of the
Government/Credit Index. US INTERMEDIATE
CREDIT Description - This index is the
Intermediate component of the U.S. Credit
index. Definition Securities in the
intermediate maturity range of the U.S. Credit
Index. US LONG CREDIT Description - This index is
the Long component of the U.S. Credit
index. Definition (US Credit) - Publicly issued
U.S. corporate and specified foreign debentures
and secured notes that meet the specified
maturity, liquidity, and quality requirements. To
qualify, bonds must be SEC-registered. US
MORTGAGE BACKED SECURITIES Description - This
index is the U.S. MBS component of the U.S.
Aggregate index. Definition - The MBS Index
covers the mortgage-backed pass-through
securities of Ginnie Mae (GNMA), Fannie Mae
(FNMA), and Freddie Mac (FHLMC). The MBS Index is
formed by grouping the universe of over 600,000
individual fixed rate MBS pools into
approximately 3,500 generic aggregates. These
aggregates are defined according to the following
parameters Agency (GNMA, FNMA, FHLMC)
Program (30-year, 15-year, balloon, GPM)
Pass-through coupon (6.0, 6.5, . . ., etc.)
Origination year (1987, 1988, . . ., etc.) In
other words, each aggregate is a proxy for the
outstanding pools for a given agency, program,
issue year, and coupon. The index maturity and
liquidity criteria are then applied to these
aggregates to determine which qualify for
inclusion in the index. About 600 of these
generic aggregates meet the criteria. The
aggregates included in the index are priced daily
using a matrix pricing routine based on trader
price quotations by agency, program, coupon, and
degree of seasoning. US TREASURY Description -
This index is the U.S. Treasury component of the
U.S. Government index. Definition - Public
obligations of the U.S. Treasury with a remaining
maturity of one year or more.
56
Missionary Society of Connecticut Combined
FundsTotal Performance as of December 31, 2007
Past performance is no guarantee of future
results. Benchmark returns are shown from the
first day of the account inception month.