ThZeal - The Zeal

Government/REPO Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

						Amortized
Par Value		Issuer	Interest Rate		Maturity	Cost

TOTAL INVESTMENTS IN SECURITIES — 100.0%
REPURCHASE AGREEMENTS — 100.0%
$	3,000,000	BNP Paribas Securities Co. To be repurchased at $3,000,008 (collateralized by $2,842,882 par amount of a Federal National Mortgage Backed Security, Government National Mortgage Association, a Gold Participating Certificate and a Tennessee Valley Authority Bond, 1.50% to 8.50%; due 12/15/2022 to 04/20/2044; Total Fair Value $3,062,234)	0.10	%	07/01/15	$	3,000,000
6,000,000		Goldman Sachs & Co. To be repurchased at $6,000,022 (collateralized by $5,595,305 par amount of Federal National Mortgage Backed Securities and Gold Participating Certificates, 4.00% to 6.50%; due 11/01/2022 to 02/01/2045; Total Fair Value $6,180,000)	0.13	%	07/01/15	6,000,000
5,608,000		HSBC Securities (USA), Inc. To be repurchased at $5,608,016 (collateralized by $5,710,000 par amount of a U.S. Treasury Note, 0.50%; due 06/15/2016; Total Fair Value $5,722,606)	0.10	%	07/01/15	5,608,000
6,000,000		Morgan Stanley Co., LLC To be repurchased at $6,000,015 (collateralized by $5,730,384 par amount of a Government National Mortgage Association, 4.00%; due 03/20/2045; Total Fair Value $6,120,000)	0.09	%	07/01/15	6,000,000
5,000,000		RBC Capital Markets, LLC To be repurchased at $5,000,013 (collateralized by $4,744,103 par amount of Federal National Mortgage Backed Securities, Government National Mortgage Association and Gold Participating Certificates, 2.34% to 4.50%; due 02/01/2026 to 11/20/2044; Total Fair Value $5,149,927)	0.09	%	07/01/15	5,000,000
1,000,000		TD Securities (USA), LLC To be repurchased at $1,000,003 (collateralized by $999,400 par amount of a U.S. Treasury Note, 2.50%; due 5/15/2024; Total Fair Value $1,020,013)	0.10	%	07/01/15	1,000,000

See accompanying notes to financial statements.

Government/REPO Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Concluded)

						Amortized
Par Value		Issuer	Interest Rate		Maturity	Cost

REPURCHASE AGREEMENTS (continued)
$	7,000,000	TD Securities (USA), LLC To be repurchased at $7,000,023 (collateralized by $7,036,388 par amount of a U.S. Treasury Bill, U.S. Treasury Note, Federal National Mortgage Backed Security and a Gold Participating Certificate, 0.00% to 4.00%; due 06/23/2016 to 04/01/2045; Total Fair Value $7,150,253)	0.12	%	07/01/15	$	7,000,000
		Total Repurchase Agreements (Cost $33,608,000)				33,608,000
		Total Investments in Securities — 100.0% (Cost $33,608,000) *				33,608,000
		Liabilities in excess of Other Assets — (0.0)% **				(10,343		)
		Net Assets — 100.0%				$	33,597,657
		Net Asset Value Per Participation Certificate				$	1.00

*		Aggregate cost is the same for financial reporting and Federal tax purposes.
**		Less than 0.1%.

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

						Amortized
Par Value		Issuer	Interest Rate		Maturity	Cost

TOTAL INVESTMENTS — 83.3%
U.S. TREASURY OBLIGATION — 1.2%
$	5,000,000	U.S. Treasury Bill (1)	0.30	%	06/23/16	$	4,985,556
		Total U.S. Treasury Obligations (Cost $4,985,556)				4,985,556

AGENCY OBLIGATION — 1.4%
6,024,000		Federal Home Loan Bank (1)	0.06	%	07/15/15	6,023,871
		Total Agency Obligations (Cost $6,023,871)				6,023,871

BANK OBLIGATIONS — 25.5%
CERTIFICATES OF DEPOSIT — 6.0%
7,000,000		BMO Harris Bank NA (2)	0.29	%	08/27/15	7,000,000
10,000,000		Citibank NA	0.29	%	07/06/15	10,000,000
8,000,000		State Street Bank and Trust Co. (2)	0.32	%	10/01/15	8,000,000
						25,000,000
YANKEE CERTIFICATES OF DEPOSIT — 19.5%
9,000,000		Bank of Montreal, Chicago (2)	0.26	%	07/16/15	9,000,000
8,000,000		Bank of Nova Scotia, Houston (2)	0.29	%	11/06/15	8,000,000
4,500,000		Bank of Tokyo-Mitsubishi UFG Ltd., New York (2)	0.33	%	10/28/15	4,500,000
8,000,000		Credit Industriel ET Commercial, New York	0.38	%	08/03/15	8,000,000
4,000,000		Credit Industriel ET Commercial, New York (2)	0.31	%	09/16/15	4,000,000
8,000,000		National Australia Bank Ltd., New York (2)	0.26	%	07/10/15	8,000,000
5,000,000		National Bank of Canada, New York (2)	0.30	%	10/20/15	5,000,000
6,000,000		National Bank of Canada, New York (2)	0.34	%	12/24/15	6,000,000
6,000,000		Norinchukin Bank, New York (2)	0.34	%	11/12/15	6,000,000
12,000,000		Sumitomo Mitsui Banking Corp., New York (2)	0.33	%	12/08/15	12,000,000
5,000,000		Sumitomo Mitsui Trust Bank Ltd., New York	0.30	%	07/20/15	5,000,000
6,500,000		Toronto Dominion Bank, New York	0.30	%	07/15/15	6,500,000
						82,000,000
		Total Bank Obligations (Cost $107,000,000)				107,000,000

CORPORATE DEBT — 49.5%
COMMERCIAL PAPER — 49.5%
ASSET-BACKED SECURITIES — 25.0%
7,000,000		Antalis US Funding Corp. (1) (3)	0.14	%	07/02/15	6,999,972
5,000,000		Antalis US Funding Corp. (1) (3)	0.14	%	07/06/15	4,999,903
5,000,000		Bedford Row Funding Corp. (2) (3)	0.31	%	11/20/15	5,000,000
10,000,000		Chariot Funding LLC (1) (3)	0.35	%	11/30/15	9,985,222

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Amortized
Par Value		Issuer	Interest Rate		Maturity	Cost

CORPORATE DEBT (continued)
COMMERCIAL PAPER (continued)
ASSET BACKED SECURITIES (continued)
$	8,000,000	Collateralized CP Co., LLC (1)	0.25	%	09/17/15	$	7,995,667
10,000,000		CRC Funding LLC (1)	0.31	%	09/21/15	9,992,939
5,000,000		CRC Funding LLC (1)	0.34	%	11/02/15	4,994,144
14,000,000		Nieuw Amsterdam Receivables Corp. (1) (3)	0.30	%	08/04/15	13,996,033
10,000,000		Starbird Funding Corp (1) (3)	0.27	%	09/09/15	9,994,750
15,000,000		Victory Receivables Corp (1) (3)	0.11	%	07/01/15	15,000,000
6,000,000		Working Capital Management Co. (1) (3)	0.15	%	07/06/15	5,999,875
10,000,000		Working Capital Management Co. (1) (3)	0.13	%	07/08/15	9,999,747
						104,958,252
FINANCIAL COMPANIES — 24.5%
7,000,000		BNP Paribas SA, New York (1)	0.30	%	09/15/15	6,995,567
10,000,000		Credit Suisse, New York (1)	0.27	%	09/01/15	9,995,350
10,000,000		Erste Abwicklungsanstalt (1) (3)	0.30	%	10/29/15	9,990,000
17,000,000		General Electric Capital Corp. (2)	0.24	%	10/19/15	17,000,000
7,000,000		Macquarie Bank Ltd. (1) (3)	0.41	%	10/26/15	6,990,673
8,000,000		MUFG Union Bank NA (1)	0.05	%	07/01/15	8,000,000
10,000,000		NRW Bank (1) (3)	0.10	%	07/07/15	9,999,833
12,000,000		Skandinaviska Enskilda Banken AB (1) (3)	0.30	%	08/25/15	11,994,500
12,000,000		Sumitomo Mitsui Trust Bank Ltd., New York (1) (3)	0.30	%	09/15/15	11,992,527
10,000,000		WestPac Banking Corp. (2) (3)	0.30	%	04/04/16	10,000,000
						102,958,450
		Total Commercial Paper				207,916,702
		Total Corporate Debt (Cost $207,916,702)				207,916,702

VARIABLE RATE OBLIGATION — 2.4%
10,000,000		Jets Stadium Development LLC (4)	0.14	%	04/01/47	10,000,000
		Total Variable Rate Obligations (Cost $10,000,000)				10,000,000

TIME DEPOSIT — 3.3%
13,933,000		Credit Agricole Corporate & Investment Bank SA	0.07	%	07/01/15	13,933,000
		Total Time Deposits (Cost $13,933,000)				13,933,000
		Total Investments (Cost $349,859,129)				$	349,859,129

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Concluded)

						Amortized
Par Value		Issuer	Interest Rate		Maturity	Cost

REPURCHASE AGREEMENT — 16.7%
$	70,000,000	Morgan Stanley Co., LLC To be repurchased at $70,000,175 (collateralized by $66,844,765 par amount of Federal Farm Credit, Federal Home Loan Mortgage Corporation and Government National Mortgage Association, 0.23% to 10.00%; due 09/15/2016 to 05/20/2045; Total Fair Value $71,400,000)	0.09	%	07/01/15	$	70,000,000
		Total Repurchase Agreement (Cost $70,000,000)				70,000,000
		Total Investments in Securities — 100.0% (Cost $419,859,129) *				419,859,129
		Liabilities in excess of Other Assets — (0.0)% **				(43,087		)
		Net Assets — 100.0%				$	419,816,042
		Net Asset Value Per Participation Certificate				$	1.00

*		Aggregate cost is the same for financial reporting and Federal tax purposes.
**		Less than 0.1%.
(1)		Rate disclosed represents the discount rate at the time of purchase.
(2)		Variable rate security. Interest rate shown is as of the report date and the date shown is the final maturity.
(3)		Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities have been deemed to be liquid based on procedures performed by BlackRock Advisors, LLC, the investment adviser to the Money Market Portfolio.
(4)		Variable rate security. Interest rate shown is as of the report date and the date shown is the final maturity date, although the principal owed can be recovered through demand upon 7-days notice.

NA		National Association

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

U.S. TREASURY OBLIGATIONS — 45.0% (1)
$	15,950,000	U.S. Treasury Bill	0.20	%	03/31/16	$	15,929,361
3,500,000		U.S. Treasury Bill	0.21	%	03/31/16	3,495,471
4,000,000		U.S. Treasury Bill	0.25	%	05/26/16	3,992,116
		Total U.S. Treasury Obligations (Cost $23,411,112)				23,416,948

AGENCY OBLIGATIONS — 45.1%
123,552		Federal Home Loan Bank (2)	4.78	%	01/25/17	128,412
283,916		Federal Home Loan Mortgage Corp. (2)	5.00	%	09/01/18	296,465
348,545		Federal Home Loan Mortgage Corp. (2)	5.00	%	12/01/18	365,285
359,446		Federal Home Loan Mortgage Corp. (2)	5.00	%	11/01/20	380,164
197,335		Federal Home Loan Mortgage Corp. (2)	4.50	%	04/01/21	205,765
157,014		Federal Home Loan Mortgage Corp. (2)	4.00	%	08/01/21	164,560
532,177		Federal Home Loan Mortgage Corp. (2)	5.50	%	11/01/21	548,787
340,726		Federal Home Loan Mortgage Corp. (2)	5.00	%	06/01/25	363,197
262,485		Federal Home Loan Mortgage Corp. (2)	4.50	%	09/01/26	274,452
145,126		Federal Home Loan Mortgage Corp., CMO (2)	5.50	%	10/15/17	151,235
363,922		Federal Home Loan Mortgage Corp., CMO (2)	5.00	%	01/15/23	364,939
248,000		Federal National Mortgage Association (2)	4.94	%	08/01/15	248,188
113,380		Federal National Mortgage Association (2)	0.59	%	08/25/15	113,356
397,417		Federal National Mortgage Association (2)	4.99	%	10/01/15	400,420
720,000		Federal National Mortgage Association (2)	2.18	%	11/01/15	719,398
990,765		Federal National Mortgage Association (2)	2.51	%	11/01/15	990,153
150,357		Federal National Mortgage Association (2)	5.42	%	11/01/15	150,765
1,000,000		Federal National Mortgage Association (2)	2.76	%	01/01/16	1,001,874
82,648		Federal National Mortgage Association (2)	5.44	%	02/01/16	83,923
660,829		Federal National Mortgage Association (2)	5.67	%	02/01/16	663,811
845,970		Federal National Mortgage Association (2)	1.08	%	02/25/16	847,471
455,216		Federal National Mortgage Association (2)	4.37	%	04/01/16	460,797
712,924		Federal National Mortgage Association (2)	5.52	%	05/01/16	716,307
1,323,237		Federal National Mortgage Association (2)	5.97	%	08/01/16	1,366,597
1,000,000		Federal National Mortgage Association (2)	1.32	%	11/01/17	1,004,059
364,665		Federal National Mortgage Association (2)	5.50	%	09/01/18	382,765
937,926		Federal National Mortgage Association (2)	2.30	%	04/01/19	957,473
415,057		Federal National Mortgage Association (2)	4.50	%	10/01/19	434,466
313,537		Federal National Mortgage Association (2)	4.50	%	07/01/20	328,557
700,000		FHLMC Multifamily Structured Pass Through Certificates	1.66	%	11/25/16	706,163
419,426		Government National Mortgage Association	4.50	%	09/15/18	440,551
224,022		Government National Mortgage Association	4.50	%	06/15/19	236,290
62,118		Government National Mortgage Association	5.85	%	07/20/58	64,273
278,551		Government National Mortgage Association	5.46	%	07/20/59	289,945

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

AGENCY OBLIGATIONS (continued)

$	269,092	Government National Mortgage Association	5.46	%	08/20/59	$	281,603
577,799		Government National Mortgage Association	5.47	%	08/20/59	602,737
211,527		Government National Mortgage Association	5.59	%	11/20/59	222,801
544,162		Government National Mortgage Association	5.50	%	01/20/60	572,972
373,095		Government National Mortgage Association	5.41	%	06/20/62	389,960
561,162		Government National Mortgage Association	5.40	%	03/20/64	585,925
122,387		Government National Mortgage Association, CMO	5.00	%	03/20/21	122,353
96,222		Government National Mortgage Association, CMO	2.16	%	07/16/33	96,477
340,131		Government National Mortgage Association, CMO	1.70	%	08/16/33	341,803
863,380		Government National Mortgage Association, CMO	1.32	%	05/16/34	858,049
7,875		Government National Mortgage Association, CMO	2.21	%	11/16/34	7,875
213,298		Government National Mortgage Association, CMO	2.21	%	12/16/35	214,030
631,890		Government National Mortgage Association, CMO	3.00	%	10/20/37	645,460
245,936		Government National Mortgage Association, CMO	2.00	%	06/20/39	247,837
589,876		Government National Mortgage Association, CMO	5.47	%	11/20/59	618,018
283,366		National Credit Union Administration Guaranteed Notes (3)	0.56	%	11/06/17	283,040
13,057		National Credit Union Administration Guaranteed Notes	1.84	%	10/07/20	13,103
34,873		Small Business Administration (3)	3.58	%	04/25/16	34,834
299,403		Small Business Administration (3)	3.83	%	09/25/17	303,464
408,181		Small Business Administration (3)	3.08	%	06/25/22	430,815
414,871		Small Business Administration (3)	3.58	%	08/25/22	442,797
275,518		Small Business Administration (3)	4.10	%	03/25/24	301,723
		Total Agency Obligations (Cost $23,478,032)				23,468,539

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Concluded)

		Fair
Shares	Issuer	Value

REGISTERED INVESTMENT COMPANY — 9.9%

5,125,751	Dreyfus Treasury & Agency Cash Management Fund, 0.01% (4)	$	5,125,751
	Total Registered Investment Company (Cost $5,125,751)	5,125,751
	Total Investments in Securities — 100.0% (Cost $52,014,895) *	52,011,238
	Other Assets in excess of Liabilities — 0.0% **	20,195
	Net Assets — 100.0%	$	52,031,433
	Net Asset Value	$	10.00

†	Maturity (date) disclosed represents the final maturity date of the security.
*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Portfolio as computed on a federal income tax basis are as follows:

	Aggregate Cost	$	52,015,119
	Unrealized appreciation	94,126
	Unrealized depreciation	(98,007		)
	Net unrealized depreciation	$	(3,881	)

**	Less than 0.1%.
(1)	Rate disclosed represents the discount rate at the time of purchase.
(2)	This obligation of a U.S. Government sponsored entity is not issued or guaranteed by the U.S. Treasury.
(3)	Variable or floating rate security. Rate disclosed is as of June 30, 2015.
(4)	Rate periodically changes. Rate disclosed is the 7 day yield as of June 30, 2015.

CMO	Collateralized Mortgage Obligation
FHLMC	Federal Home Loan Mortgage Corporation

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.5%
$	1,207,955	Banc of America Commercial Mortgage Trust (1)	5.38	%	09/10/45	$	1,220,683
2,097,000		Banc of America Commercial Mortgage Trust	5.39	%	09/10/47	2,096,854
1,762,139		Banc of America Merrill Lynch Commercial Mortgage, Inc. (1)	5.12	%	10/10/45	1,763,145
28,498		Bear Stearns Commercial Mortgage Securities Trust	5.74	%	06/11/50	28,477
1,615,317		Citigroup/Deutsche Bank Commercial Mortgage Trust (1)	5.48	%	01/15/46	1,627,132
500,000		Commercial Mortgage Trust (1) (2)	0.99	%	03/15/29	499,431
1,314,205		Commercial Mortgage Trust (1)	5.22	%	04/10/37	1,315,822
37,900		Commercial Mortgage Trust	5.70	%	12/10/49	37,867
723,827		Credit Suisse Commercial Mortgage Trust	5.47	%	09/15/39	747,686
1,700,000		GS Mortgage Securities Trust (1)	5.55	%	04/10/38	1,709,644
79,138		JP Morgan Chase Commercial Mortgage Securities Trust (1)	4.94	%	08/15/42	79,106
1,085,127		JP Morgan Chase Commercial Mortgage Securities Trust (1)	5.48	%	12/12/44	1,095,329
171,968		LB-UBS Commercial Mortgage Trust	4.57	%	01/15/31	173,837
834,341		LB-UBS Commercial Mortgage Trust	5.16	%	02/15/31	842,441
1,550,000		Merrill Lynch Mortgage Trust (1)	5.68	%	05/12/39	1,582,784
341,589		Merrill Lynch/Countrywide Commercial Mortgage Trust (1)	5.81	%	08/12/49	343,678
24,004		Morgan Stanley Capital I Trust (1)	5.23	%	09/15/42	23,988
1,325,323		Morgan Stanley Capital I Trust (1)	5.71	%	10/15/42	1,334,802
2,304,792		Morgan Stanley Capital I Trust (1)	5.41	%	03/12/44	2,318,875
527,348		Morgan Stanley Capital I Trust (1)	0.33	%	07/12/44	524,924
22,288		Morgan Stanley Capital I Trust (1)	5.61	%	04/15/49	22,495
156,188		Wachovia Bank Commercial Mortgage Trust (1)	5.18	%	07/15/42	156,247
327,989		Wachovia Bank Commercial Mortgage Trust	5.25	%	12/15/43	332,301
1,889,008		Wachovia Bank Commercial Mortgage Trust (1)	5.42	%	01/15/45	1,899,104
1,830,518		Wachovia Bank Commercial Mortgage Trust (1)	5.56	%	03/15/45	1,853,939
582,136		Wachovia Bank Commercial Mortgage Trust	5.31	%	11/15/48	605,161
476,100		Wachovia Bank Commercial Mortgage Trust (1)	5.72	%	06/15/49	477,157
889,445		Wachovia Bank Commercial Mortgage Trust (1)	5.74	%	06/15/49	890,468
		Total Commercial Mortgage-Backed Securities (Cost $25,867,597)				25,603,377

ASSET-BACKED SECURITIES — 43.6%
3,390		AEP Texas Central Transition Funding LLC	5.09	%	07/01/15	3,391
1,150,000		Ally Master Owner Trust (1)	1.26	%	08/15/17	1,151,103
500,000		Ally Master Owner Trust (1)	0.66	%	01/15/19	499,900
1,111,000		Ally Master Owner Trust	1.33	%	03/15/19	1,114,010
2,785,000		American Express Credit Account Master Trust	0.99	%	03/15/18	2,785,916
400,000		American Express Credit Account Master Trust (2)	1.29	%	03/15/18	400,097
1,072,000		American Express Credit Account Master Trust	0.77	%	05/15/18	1,072,509
2,250,000		American Express Credit Account Master Trust	0.98	%	05/15/19	2,251,735

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

ASSET-BACKED SECURITIES (continued)
$	1,320,000	American Express Issuance Trust II (1)	0.64	%	02/15/19	$	1,315,372
425,244		AmeriCredit Automobile Receivables Trust	0.65	%	12/08/17	425,113
1,500,000		AmeriCredit Automobile Receivables Trust	1.69	%	11/08/18	1,508,069
1,888,000		AmeriCredit Automobile Receivables Trust	1.57	%	01/08/19	1,891,428
1,029,536		ARI Fleet Lease Trust (1) (2)	0.49	%	01/15/21	1,027,925
685,000		ARI Fleet Lease Trust (2)	0.92	%	07/15/21	685,216
877,412		ARI Fleet Lease Trust (2)	0.81	%	11/15/22	877,260
650,000		Barclays Dryrock Issuance Trust (1)	0.55	%	12/16/19	650,242
2,000,000		Cabela’s Credit Card Master Note Trust (2)	2.39	%	06/17/19	2,030,312
500,000		Cabela’s Credit Card Master Note Trust (1)	0.54	%	03/16/20	500,369
365,150		Capital Auto Receivables Asset Trust	0.79	%	06/20/17	365,284
2,000,000		Capital One Multi-Asset Execution Trust	0.63	%	11/15/18	2,000,330
433,000		Capital One Multi-Asset Execution Trust (1)	0.47	%	01/15/19	432,161
1,195,000		Capital One Multi-Asset Execution Trust	0.96	%	09/16/19	1,195,185
2,000,000		CarMax Auto Owner Trust	1.76	%	08/15/17	2,012,900
223,462		CarMax Auto Owner Trust	0.60	%	10/16/17	223,325
1,575,000		CarMax Auto Owner Trust	2.20	%	10/16/17	1,589,695
2,150,000		CarMax Auto Owner Trust	0.79	%	04/16/18	2,149,151
2,000,000		CarMax Auto Owner Trust	0.80	%	07/16/18	1,999,878
300,000		CarMax Auto Owner Trust	1.24	%	10/15/18	300,964
3,000,000		Chase Issuance Trust	0.54	%	10/16/17	3,000,547
686,000		Chase Issuance Trust (1)	0.44	%	04/15/19	681,765
1,030,000		Chase Issuance Trust (1)	0.65	%	04/15/19	1,023,836
2,600,000		CIT Equipment Collateral (2)	1.13	%	07/20/20	2,604,664
1,670,000		Citibank Credit Card Issuance Trust	0.73	%	02/07/18	1,671,207
3,500,000		Citibank Credit Card Issuance Trust	5.30	%	03/15/18	3,612,490
625,000		Citibank Credit Card Issuance Trust	1.02	%	02/22/19	624,939
395,000		CNH Equipment Trust	2.46	%	05/15/18	397,040
344,804		CNH Equipment Trust	0.69	%	06/15/18	345,061
759,181		CNH Equipment Trust	0.69	%	08/15/18	758,051
1,610,000		CNH Equipment Trust	0.91	%	05/15/19	1,608,060
850,000		Discover Card Execution Note Trust	0.69	%	08/15/18	850,347
483,583		Fifth Third Auto Trust	0.88	%	10/16/17	484,054
1,535,000		Fifth Third Auto Trust	0.68	%	04/16/18	1,533,327
315,000		Ford Credit Auto Owner Trust	2.27	%	01/15/17	316,602
2,000,000		Ford Credit Auto Owner Trust	2.54	%	05/15/17	2,014,764
500,000		Ford Credit Auto Owner Trust	2.40	%	11/15/17	506,738
750,000		Ford Credit Auto Owner Trust	2.94	%	07/15/18	763,616
1,100,000		Ford Credit Auto Owner Trust	2.43	%	01/15/19	1,116,557
715,000		Ford Credit Floorplan Master Owner Trust	1.37	%	01/15/18	715,888
1,000,000		GE Dealer Floorplan Master Note Trust (1)	0.59	%	04/20/18	999,506
917,562		GE Equipment Transportation LLC	0.81	%	09/24/20	917,554
5,670,000		Golden Credit Card Trust (2) (4)	0.79	%	09/15/17	5,672,753
886,935		Huntington Auto Trust	1.18	%	06/15/17	888,145

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

ASSET-BACKED SECURITIES (continued)
$	489,034	John Deere Owner Trust	0.60	%	03/15/17	$	489,004
2,500,000		John Deere Owner Trust	0.69	%	01/15/19	2,501,845
2,390,000		North Carolina State Education Assistance Authority (1)	1.06	%	07/25/25	2,404,005
1,463,028		North Carolina State Education Assistance Authority (1)	1.18	%	01/26/26	1,470,796
300,000		Santander Drive Auto Receivables Trust	0.87	%	01/16/18	300,087
534,314		Sierra Timeshare Receivables Funding LLC (2)	2.38	%	03/20/29	539,506
450,013		Sierra Timeshare Receivables Funding LLC (2)	1.87	%	08/20/29	451,508
195,579		SMART Trust Australia (4)	0.84	%	09/14/16	195,608
517,036		SMART Trust Australia (1) (4)	0.62	%	01/14/17	517,351
165,027		SMART Trust Australia (4)	0.97	%	03/14/17	165,093
361,744		TAL Advantage V LLC (2)	1.70	%	05/20/39	359,578
926,142		USAA Auto Owner Trust	0.57	%	08/15/17	926,135
70,898		Volvo Financial Equipment LLC (2)	1.51	%	08/15/17	70,934
675,000		World Financial Network Credit Card Master Trust (1)	0.57	%	12/15/19	675,010
2,465,000		World Financial Network Credit Card Master Trust	0.91	%	03/16/20	2,465,725
1,000,000		World Omni Auto Receivables Trust	0.79	%	07/16/18	1,000,297
680,000		World Omni Auto Receivables Trust	0.85	%	08/15/18	680,040
270,000		World Omni Auto Receivables Trust	1.06	%	09/16/19	270,256
1,500,000		World Omni Automobile Lease Securitization Trust	1.40	%	02/15/19	1,507,292
		Total Asset-Backed Securities (Cost $82,560,832)				82,556,421

AGENCY OBLIGATIONS — 7.0%
354,539		Federal Home Loan Mortgage Corp. (3)	5.00	%	06/01/25	377,921
2,093,995		Federal National Mortgage Association (3)	4.37	%	04/01/16	2,119,665
231,335		Federal National Mortgage Association (3)	5.97	%	08/01/16	238,916
1,103,814		Government National Mortgage Association	5.46	%	07/20/59	1,151,790
538,185		Government National Mortgage Association	5.46	%	08/20/59	563,207
837,161		Government National Mortgage Association	5.47	%	08/20/59	872,031
2,954,572		Government National Mortgage Association	5.62	%	09/20/59	3,107,016
105,763		Government National Mortgage Association	5.59	%	11/20/59	111,400
195,270		Government National Mortgage Association	5.72	%	06/20/61	206,889
398,784		Government National Mortgage Association	5.16	%	06/20/62	426,427
547,205		Government National Mortgage Association	5.41	%	06/20/62	571,941
1,133,181		Government National Mortgage Association (1)	2.43	%	10/20/63	1,219,787
771,877		Government National Mortgage Association, CMO (1)	0.43	%	11/16/35	772,818
217,018		Government National Mortgage Association, CMO	2.21	%	12/16/35	217,763
407,115		Small Business Administration (1)	3.83	%	09/25/17	412,638
268,453		Small Business Administration (1)	2.83	%	06/25/22	281,125
510,246		Small Business Administration (1)	3.58	%	08/25/22	544,592
		Total Agency Obligations (Cost $13,264,334)				13,195,926

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

CORPORATE BONDS — 34.4%
AUTO MANUFACTURERS — 2.2%
$	1,000,000	Ford Motor Credit Co., LLC	3.98	%	06/15/16	$	1,023,610
1,700,000		Toyota Motor Credit Corp. (4)	2.05	%	01/12/17	1,727,324
1,500,000		Volkswagen International Finance NV (2) (4)	1.15	%	11/20/15	1,503,594
						4,254,528
BANKS — 10.9%
970,000		Bank of America Corp.	1.50	%	10/09/15	972,289
1,350,000		Bank of Nova Scotia (The) (4)	1.30	%	07/21/17	1,350,954
900,000		Canadian Imperial Bank of Commerce/Canada (4)	1.35	%	07/18/16	905,464
449,000		Capital One Financial Corp.	6.15	%	09/01/16	474,047
1,480,000		Citigroup, Inc. (1)	1.24	%	07/25/16	1,484,582
1,750,000		Commonwealth Bank of Australia/New York (4)	1.13	%	03/13/17	1,752,046
2,000,000		Credit Suisse/New York (4)	1.38	%	05/26/17	1,999,074
1,650,000		Export-Import Bank of Korea (4)	1.25	%	11/20/15	1,653,392
1,500,000		Goldman Sachs Group, Inc. (The)	3.70	%	08/01/15	1,503,192
1,950,000		ING Bank NV (2) (4)	2.00	%	09/25/15	1,955,265
1,436,000		JPMorgan Chase & Co.	3.15	%	07/05/16	1,465,296
1,540,000		KeyCorp	3.75	%	08/13/15	1,544,648
857,000		Morgan Stanley (1)	3.00	%	08/30/15	859,927
715,000		Morgan Stanley (1)	3.00	%	08/31/15	716,788
500,000		PNC Funding Corp.	4.25	%	09/21/15	503,807
975,000		Toronto-Dominion Bank (The) (4)	1.13	%	05/02/17	976,846
500,000		Wells Fargo Bank NA (1)	0.62	%	03/15/16	500,094
						20,617,711
BEVERAGES — 1.3%
1,098,000		Anheuser-Busch InBev Finance, Inc. (4)	0.80	%	01/15/16	1,099,687
1,437,000		Anheuser-Busch InBev Worldwide, Inc. (4)	0.80	%	07/15/15	1,437,164
						2,536,851
CHEMICALS — 1.4%
1,000,000		Airgas, Inc.	3.25	%	10/01/15	1,003,781
515,000		Airgas, Inc.	2.95	%	06/15/16	522,005
1,195,000		Dow Chemical Co. (The)	2.50	%	02/15/16	1,206,707
						2,732,493
COMPUTERS — 1.0%
470,000		Apple, Inc.	0.45	%	05/03/16	469,837
1,443,000		Hewlett-Packard Co.	2.13	%	09/13/15	1,447,841
						1,917,678

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

CORPORATE BONDS (continued)
DIVERSIFIED FINANCIAL SERVICES — 3.5%
$	950,000	American Express Credit Corp.	2.75	%	09/15/15	$	953,704
890,000		American Express Credit Corp. (1)	0.79	%	07/29/16	891,553
939,000		Charles Schwab Corp. (The)	0.85	%	12/04/15	940,479
1,485,000		General Electric Capital Corp. (1)	1.03	%	08/11/15	1,484,972
1,015,000		General Electric Capital Corp.	3.35	%	10/17/16	1,047,245
1,300,000		National Rural Utilities Cooperative Finance Corp.	1.10	%	01/27/17	1,302,916
						6,620,869
ELECTRIC — 2.1%
900,000		Consolidated Edison Co. of New York, Inc.	5.38	%	12/15/15	919,173
1,000,000		Georgia Power Co.	0.63	%	11/15/15	1,000,157
1,000,000		Northern States Power Co.	1.95	%	08/15/15	1,001,379
1,000,000		PSEG Power LLC	5.50	%	12/01/15	1,018,991
						3,939,700
FOOD RETAIL — 1.3%
1,500,000		ConAgra Foods, Inc.	1.35	%	09/10/15	1,500,761
1,000,000		Kroger Co. (The)	2.20	%	01/15/17	1,014,333
						2,515,094
INSURANCE — 1.2%
1,000,000		Principal Life Global Funding II (2)	1.13	%	02/24/17	998,869
655,900		Prudential Covered Trust (2)	3.00	%	09/30/15	659,370
650,000		Prudential Financial, Inc.	4.75	%	09/17/15	655,062
						2,313,301
INTERNET — 0.4%
800,000		eBay, Inc.	0.70	%	07/15/15	800,030
						800,030
IRON/STEEL — 0.7%
1,200,000		Vale Overseas Ltd. (4)	6.25	%	01/11/16	1,233,060
						1,233,060
MACHINERY DIVERSIFIED — 0.4%
695,000		John Deere Capital Corp.	2.25	%	06/07/16	705,005
						705,005
MEDIA — 0.9%
1,500,000		Comcast Cable Communications LLC	8.88	%	05/01/17	1,703,322
						1,703,322

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Continued)

						Fair
Par Value		Issuer	Interest Rate		Maturity †	Value

CORPORATE BONDS (continued)
MINING — 0.7%
$	1,245,000	Rio Tinto Finance USA Ltd. (4)	2.25	%	09/20/16	$	1,263,714
						1,263,714
OIL & GAS — 1.0%
1,000,000		Anadarko Petroleum Corp.	5.95	%	09/15/16	1,055,221
800,000		Devon Energy Corp. (1)	0.74	%	12/15/15	799,442
						1,854,663
PHARMACEUTICALS — 0.3%
550,000		AbbVie, Inc.	1.20	%	11/06/15	550,548
						550,548
PIPELINES — 1.2%
1,405,000		Enterprise Products Operating LLC	3.20	%	02/01/16	1,422,324
500,000		Kinder Morgan Inc.	7.00	%	06/15/17	543,981
274,000		Plains All American Pipeline LP / PAA Finance Corp.	3.95	%	09/15/15	275,565
						2,241,870
REAL ESTATE INVESTMENT TRUSTS — 1.0%
755,000		Essex Portfolio LP	5.50	%	03/15/17	803,684
1,000,000		Ventas Realty LP/Ventas Capital Corp.	3.13	%	11/30/15	1,008,163
						1,811,847
SEMICONDUCTORS — 0.1%
170,000		Altera Corp.	1.75	%	05/15/17	171,292
						171,292
TELECOMMUNICATION SERVICES — 2.8%
1,400,000		America Movil SAB de CV (4)	2.38	%	09/08/16	1,419,418
1,000,000		AT&T, Inc.	1.60	%	02/15/17	1,004,282
1,500,000		Cisco Systems, Inc. (1)	0.56	%	03/03/17	1,502,730
1,400,000		Verizon Communications, Inc.	2.00	%	11/01/16	1,414,613
						5,341,043
		Total Corporate Bonds (Cost $65,130,494)				65,124,619

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2015

(Concluded)

Shares	Issuer	Fair Value

REGISTERED INVESTMENT COMPANY — 1.0%
1,921,921	Dreyfus Treasury & Agency Cash Management Fund, 0.01% (5)	$	1,921,921
	Total Registered Investment Company (Cost $1,921,921)	1,921,921
	Total Investments in Securities — 99.5% (Cost $188,745,178) *	188,402,264
	Other Assets in excess of Liabilities — 0.5%	952,446
	Net Assets — 100.0%	$	189,354,710
	Net Asset Value Per Participation Certificate	$	9.96

†	Maturity (date) disclosed represents the final maturity date of the security.
*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Portfolio as computed on a federal income tax basis are as follows:

	Aggregate Cost	$	188,746,288
	Unrealized appreciation	119,339
	Unrealized depreciation	(463,363		)
	Net unrealized depreciation	$	(344,024	)

(1)	Variable or floating rate security. Rate disclosed is as of June 30, 2015.
(2)	Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities have been deemed to be liquid based on procedures performed by Merganser Capital Management, LLC, the investment adviser to the Ultrashort Duration Bond Portfolio.
(3)	This obligation of a U.S. Government sponsored entity is not issued or guaranteed by the U.S. Treasury.
(4)	Security is domiciled in a foreign jurisdiction.
(5)	Rate periodically changes. Rate disclosed is the 7 day yield as of June 30, 2015.

CMO	Collateralized Mortgage Obligation

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Assets and Liabilities

(Unaudited)

June 30, 2015

	Government/REPO		Money Market
	Portfolio		Portfolio

ASSETS
Investments, at amortized cost, which approximates fair value	$	—	$	349,859,129
Repurchase Agreements, at amortized cost, which approximates fair value	33,608,000		70,000,000
Cash	8		594
Accrued interest receivable	99		72,110
Receivable due from Administrator (Note 4)	3,755		—
Other assets	4,785		24,930
Total Assets	33,616,647		419,956,763

LIABILITIES
Dividends payable	14		7,300
Accrued expenses payable:
Investment advisory fees (Note 4)	—		25,053
Administration fees (Note 4)	—		15,603
Custodian fees (Note 4)	1,378		15,129
Transfer agent fees (Note 4)	139		1,064
Other liabilities	17,459		76,572
Total Liabilities	18,990		140,721

NET ASSETS	$	33,597,657	$	419,816,042

NET ASSETS CONSIST OF:
Paid-in Capital	$	33,597,657	$	419,782,624
Accumulated net realized gain on securities sold	—		33,418

TOTAL NET ASSETS	$	33,597,657	$	419,816,042

Total Participation Certificates (PCs) outstanding (3 billion authorized for each Portfolio, $0.001 Par Value)	33,597,657		419,782,624

Net Asset Value Per PC (net assets/PCs outstanding)	$	1.00	$	1.00

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Assets and Liabilities

(Unaudited)

June 30, 2015

	Ultrashort Duration			Ultrashort Duration Bond
	Government Portfolio			Portfolio

ASSETS
Investments, at fair value *	$	52,011,238		$	188,402,264
Cash	6,958			2,943
Accrued interest receivable	76,292			675,236
Receivable due from Administrator (Note 4)	4,728			—
Receivable for securities sold	—			396,464
Other assets	1,990			9,803
Total Assets	52,101,206			189,486,710

LIABILITIES
Dividends payable	1,798			3,335
Accrued expenses payable:
Investment advisory fees (Note 4)	6,338			28,668
Administration fees (Note 4)	—			10,121
Custodian fees (Note 4)	2,417			5,111
Transfer agent fees (Note 4)	6,758			7,146
Accounting fees (Note 4)	10,416			12,368
Other liabilities	42,046			65,251
Total Liabilities	69,773			132,000

NET ASSETS	$	52,031,433		$	189,354,710

NET ASSETS CONSIST OF:
Paid-in Capital	$	52,058,026		$	189,726,360
Accumulated undistributed net investment loss	(63,936		)	(13,524		)
Accumulated net realized gain/(loss) on securities sold	41,000			(15,212		)
Net unrealized depreciation on securities	(3,657		)	(342,914		)

TOTAL NET ASSETS	$	52,031,433		$	189,354,710

Total Participation Certificates (PCs) outstanding (1 billion authorized for each Portfolio, $0.001 Par Value)	5,204,435			19,006,871

Net Asset Value Per PC (net assets/PCs outstanding)	$	10.00		$	9.96

* Investments, at cost

52,014,895

188,745,178

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Operations

(Unaudited)

Six Months Ended June 30, 2015

	Government/REPO			Money Market
	Portfolio			Portfolio

INTEREST INCOME	$	33,431		$	545,046

EXPENSES
Investment advisory and servicing fees (Note 4)	83,792			437,541
Administration fees (Note 4)	20,958			126,181
Custodian fees (Note 4)	3,895			39,960
Audit and tax fees	7,535			31,680
Legal fees	4,879			23,070
Insurance expense	3,675			17,197
S&P Rating fees	3,188			16,362
Fund compliance fees	3,341			16,106
Printing fees	5,188			14,037
Trustee expense	2,009			9,997
Transfer agent fees (Note 4)	346			2,443
Miscellaneous	1,903			726
Total Expenses	140,709			735,300
Less fees waived and/or reimbursed (Note 4)	(111,439		)	(293,667		)
Net Expenses	29,270			441,633

NET INVESTMENT INCOME	4,161			103,413
NET REALIZED GAIN ON SECURITIES SOLD	—			32,218

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,161		$	135,631

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Operations

(Unaudited)

Six Months Ended June 30, 2015

	Ultrashort			Ultrashort
	Duration			Duration
	Government			Bond
	Portfolio			Portfolio

INTEREST INCOME	$	171,328		$	1,137,586

EXPENSES
Investment advisory fees (Note 4)	55,393			211,568
Administration fees (Note 4)	14,149			54,176
Custodian fees (Note 4)	7,095			15,266
Audit and tax fees	7,596			24,890
Legal fees	2,839			7,975
Insurance expense	1,725			4,135
Fund compliance fees	5,008			14,270
Printing fees	2,250			4,045
Trustee expense	1,217			3,442
Transfer agent fees (Note 4)	25,472			30,573
Accounting fees (Note 4)	31,248			33,842
Administration out of pocket expense	12,150			20,823
Miscellaneous	10,378			13,725
Total Expenses	176,520			438,730
Less fees waived and/or reimbursed (Note 4)	(63,329		)	(56,510		)
Net Expenses	113,191			382,220

NET INVESTMENT INCOME	58,137			755,366
NET REALIZED GAIN/(LOSS) ON SECURITIES SOLD	57,339			(18,443		)
NET CHANGE IN UNREALIZED DEPRECIATION ON SECURITIES	(19,541		)	(36,364		)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,935		$	700,559

See accompanying notes to financial statements.

Government/REPO Portfolio

Statements of Changes in Net Assets

	For the
	Six Months Ended			For the
	June 30, 2015			Year Ended
	(Unaudited)			December 31, 2014

INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	4,161		$	12,536
Net increase in net assets resulting from operations	4,161			12,536

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0001 and $0.0001 per PC, respectively	(4,161		)	(12,536		)
Net decrease in net assets from dividends and distributions to Participation Certificate (PC) Holders	(4,161		)	(12,536		)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs	40,610,000			204,010,722
Reinvestment of dividends	3,918			12,202
Cost of PCs repurchased	(119,063,889		)	(221,281,145		)
Net decrease in net assets resulting from capital transactions	(78,449,971		)	(17,258,221		)
Total decrease in net assets	(78,449,971		)	(17,258,221		)

NET ASSETS:
Beginning of period	112,047,628			129,305,849
End of period	$	33,597,657		$	112,047,628
Accumulated undistributed net investment income	$	—		$	—

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold	40,610,000			204,010,722
Reinvestments of dividends	3,918			12,202
PCs repurchased	(119,063,889		)	(221,281,145		)
Net decrease in PC’s outstanding	(78,449,971		)	(17,258,221		)

See accompanying notes to financial statements.

Money Market Portfolio

Statements of Changes in Net Assets

	For the
	Six Months Ended			For the
	June 30, 2015			Year Ended
	(Unaudited)			December 31, 2014

INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	103,413		$	98,453
Net realized gain on securities sold	32,218			47,626
Net increase in net assets resulting from operations	135,631			146,079

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0002 and $0.0004 per PC, respectively	(103,413		)	(149,994		)
Net decrease in net assets from dividends and distributions to Participation Certificate (PC) Holders	(103,413		)	(149,994		)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs	1,069,733,867			2,334,994,700
Reinvestment of dividends	80,197			119,580
Cost of PCs repurchased	(1,189,306,718		)	(2,382,238,134		)
Net decrease in net assets resulting from capital transactions	(119,492,654		)	(47,123,854		)
Total decrease in net assets	(119,460,436		)	(47,127,769		)

NET ASSETS:
Beginning of period	539,276,478			586,404,247
End of period	$	419,816,042		$	539,276,478
Accumulated undistributed net investment income	$	—		$	—

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold	1,069,733,867			2,334,994,700
Reinvestments of dividends	80,197			119,580
PCs repurchased	(1,189,306,718		)	(2,382,238,134		)
Net decrease in PCs outstanding	(119,492,654		)	(47,123,854		)

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2015 (Unaudited)			For the Year Ended December 31, 2014

INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	58,137		$	112,223
Net realized gain/(loss) on securities sold	57,339			(5,075		)
Net change in unrealized appreciation/(depreciation) on securities	(19,541		)	83,624
Net increase in net assets resulting from operations	95,935			190,772

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0100 and $0.0181 per PC, respectively	(45,304		)	(150,208		)
Net decrease in net assets from dividends and distributions to Participation Certificate (PC) Holders	(45,304		)	(150,208		)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs	18,761,664			38,461,665
Reinvestment of dividends	30,406			108,901
Cost of PCs repurchased	(44,814,811		)	(36,267,639		)
Net increase/(decrease) in net assets resulting from capital transactions	(26,022,741		)	2,302,927
Total increase/(decrease) in net assets	(25,972,110		)	2,343,491

NET ASSETS:
Beginning of period	78,003,543			75,660,052
End of period	$	52,031,433		$	78,003,543
Accumulated undistributed net investment loss	$	(63,936	)	$	(76,769	)

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold	1,876,057			3,846,851
Reinvestments of dividends	3,041			10,893
PCs repurchased	(4,484,466		)	(3,625,451		)
Net increase/(decrease) in PCs outstanding	(2,605,368		)	232,293

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

Statements of Changes in Net Assets

	For the
	Six Months Ended			For the
	June 30, 2015			Year Ended
	(Unaudited)			December 31, 2014

INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	755,366		$	506,826
Net realized gain/(loss) on securities sold	(18,443		)	91,244
Net change in unrealized depreciation on securities	(36,364		)	(262,309		)
Net increase in net assets resulting from operations	700,559			335,761

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0351 and $0.0341 per PC, respectively.	(768,890		)	(487,692		)
From net realized capital gains $0.0000 and $0.0035 per PC, respectively.	—			(62,351		)
Net decrease in net assets from dividends and distributions to Participation Certificate (PC) Holders	(768,890		)	(550,043		)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs	157,664,832			232,965,575
Reinvestment of dividends	727,791			477,315
Cost of PCs repurchased	(147,946,983		)	(159,964,182		)
Net increase in net assets resulting from capital transactions	10,445,640			73,478,708
Total increase in net assets	10,377,309			73,264,426

NET ASSETS:
Beginning of period	178,977,401			105,712,975
End of period	$	189,354,710		$	178,977,401
Accumulated undistributed net investment loss	$	(13,524	)	$	—

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold	15,817,029			23,343,826
Reinvestments of dividends	73,014			47,851
PCs repurchased	(14,846,769		)	(16,029,380		)
Net increase in PCs outstanding	1,043,274			7,362,297

See accompanying notes to financial statements.

Government/REPO Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period

	Six Months
	Ended			Year			Year			Year			Year			Year
	6/30/15			Ended			Ended			Ended			Ended			Ended
	(Unaudited)			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Investment Operations:
Net Investment Income	0.0001			0.0001			0.0003			0.0009			0.0003			0.001
Net Realized Gain (Loss) on Investments	—			—			—			—			—			—
Total From Investment Operations	0.0001			0.0001			0.0003			0.0009			0.0003			0.001

Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income	(0.0001		)	(0.0001		)	(0.0003		)	(0.0009		)	(0.0003		)	(0.001		)
Total Dividends and Distributions	(0.0001		)	(0.0001		)	(0.0003		)	(0.0009		)	(0.0003		)	(0.001		)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return *	0.01		%	0.01		%	0.03		%	0.09		%	0.03		%	0.09		%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	33,598		$	112,048		$	129,306		$	208,905		$	177,330		$	124,177
Ratio of Net Expenses to Average Net Assets (1)	0.07		%**	0.05		%	0.06		%	0.10		%	0.08		%	0.10		%
Ratio of Net Investment Income to Average Net Assets (2)	0.01		%**	0.01		%	0.03		%	0.09		%	0.03		%	0.09		%

* Not Annualized.

** Annualized.

(1) Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.34% annualized for the six months ended June 30, 2015 and 0.32%, 0.30%, 0.29%, 0.30%, and 0.30% for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

(2) Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average net assets would have been (0.26)% annualized for the six months ended June 30, 2015 and (0.26)%, (0.21)%, (0.10)%, (0.20)%, and (0.11)% for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

See accompanying notes to financial statements.

Money Market Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period

	Six Months
	Ended			Year			Year			Year			Year			Year
	6/30/15			Ended			Ended			Ended			Ended			Ended
	(Unaudited)			12/31/14			12/31/13			12/31/12			12/31/11			12/31/10
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Investment Operations:
Net Investment Income	0.0002			0.0003			0.0004			0.001			0.001			0.002
Net Realized Gain (Loss) on Investments	—		(1)	—			—			—			—			—
Total From Investment Operations	0.0002			0.0003			0.0004			0.001			0.001			0.002

Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income	(0.0002		)	(0.0003		)	(0.0004		)	(0.001		)	(0.001		)	(0.002		)
Total Dividends and Distributions	(0.0002		)	(0.0003		)	(0.0004		)	(0.001		)	(0.001		)	(0.002		)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return *	0.02		%	0.03		%	0.04		%	0.11		%	0.09		%	0.15		%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	419,816		$	539,276		$	586,404		$	839,926		$	970,715		$	1,134,728
Ratio of Net Expenses to Average Net Assets (2)	0.17		%**	0.17		%	0.18		%	0.18		%	0.17		%	0.17		%
Ratio of Net Investment Income to Average Net Assets (3)	0.04		%**	0.02		%	0.03		%	0.11		%	0.09		%	0.13		%

*	Not Annualized.

**	Annualized.

(1)	Less than $0.0001 per share.

(2)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.29% annualized for the six months ended June 30, 2015 and 0.27%, 0.25%, 0.23%, 0.22%, and 0.22% for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

(3)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average net assets would have been (0.08)% annualized for the six months ended June 30, 2015 and (0.09)%, (0.04)%, 0.05%, 0.03%, and 0.08% for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, respectively.

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout the Period

	Six Months
	Ended			Year			Year			For the Period
	6/30/15			Ended			Ended			March 7, 2012*
	(Unaudited)			12/31/14			12/31/13			to December 31, 2012
Net Asset Value, Beginning of Period	$	9.99		$	9.98		$	10.02		$	10.00

Investment Operations:
Net Investment Income (1)	0.01			0.02			0.02			0.03
Net Realized and Unrealized Gain (Loss) on Investments	0.01			0.01			(0.04		)	0.05
Total From Investment Operations	0.02			0.03			(0.02		)	0.08

Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income	(0.01		)	(0.02		)	(0.02		)	(0.05		)
Net Realized Capital Gains	—			—			—		(2)	(0.01		)
Total Dividends and Distributions	(0.01		)	(0.02		)	(0.02		)	(0.06		)
Net Asset Value, End of Period	$	10.00		$	9.99		$	9.98		$	10.02
Total Return	0.20		%**	0.18		%	(0.08		)%	0.83		%**

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	52,031		$	78,004		$	75,660		$	72,866
Ratio of Net Expenses to Average Net Assets (3)	0.40		%***	0.40		%	0.40		%	0.40		%***
Ratio of Net Investment Income to Average Net Assets (4)	0.21		%***	0.15		%	0.23		%	0.36		%***
Portfolio turnover rate	25		%**	69		%	76		%	85		%**

*	Commencement of operations.

**	Not Annualized.

***	Annualized.

(1)	The selected per share data was calculated using the average shares outstanding method for the period.

(2)	Less than $0.01 per share.

(3)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.62% annualized for the six months ended June 30, 2015 and 0.58%, 0.56% and 0.59% for the years ended December 31, 2014, 2013 and annualized for the period ended December 31, 2012, respectively.

(4)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income to average net assets would have been (0.02)% annualized for the six months ended June 30, 2015 and (0.02)%, 0.07% and 0.17% for the years ended December 31, 2014, 2013 and annualized for the period ended December 31, 2012, respectively.

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout the Period

	Six Months
	Ended			Year			Year			For the Period
	6/30/15			Ended			Ended			March 6, 2012*
	(Unaudited)			12/31/14			12/31/13			to December 31, 2012
Net Asset Value, Beginning of Period	$	9.96		$	9.97		$	10.01		$	10.00

Investment Operations:
Net Investment Income (1)	0.03			0.03			0.05			0.06
Net Realized and Unrealized Gain (Loss) on Investments	0.01			—			(0.02		)	0.02
Total From Investment Operations	0.04			0.03			0.03			0.08

Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income	(0.04		)	(0.04		)	(0.05		)	(0.06		)
Net Realized Capital Gains	—			—		(2)	(0.02		)	(0.01		)
Total Dividends and Distributions	(0.04		)	(0.04		)	(0.07		)	(0.07		)
Net Asset Value, End of Period	$	9.96		$	9.96		$	9.97		$	10.01
Total Return	0.35		%**	0.28		%	0.28		%	0.79		%**

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	189,355		$	178,977		$	105,713		$	115,470
Ratio of Net Expenses to Average Net Assets (3)	0.35		%***	0.36		%	0.40		%	0.40		%***
Ratio of Net Investment Income to Average Net Assets (4)	0.70		%***	0.31		%	0.56		%	0.74		%***
Portfolio turnover rate	97		%**	59		%	132		%	50		%**

*	Commencement of operations.

**	Not Annualized.

***	Annualized.

(1)	The selected per share data was calculated using the average shares outstanding method for the period.

(2)	Less than $0.01 per share.

(3)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.40% annualized for the six months ended June 30, 2015 and 0.43%, 0.54% and 0.48% for the years ended December 31, 2014, 2013 and annualized for the period ended December 31, 2012, respectively.

(4)	Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income to average net assets would have been 0.64% annualized for the six months ended June 30, 2015 and 0.24%, 0.42% and 0.66% for the years ended December 31, 2014, 2013 and annualized for the period ended December 31, 2012, respectively.

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

Note 1. Organization

Plan Investment Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered investment company and in accordance with the Financial Standards Accounting Board (“FASB”) Accounting Standards update 2013-08, follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, Financial Services-Investment Companies. The Fund consists of four separate diversified portfolios: the Government/REPO Portfolio, the Money Market Portfolio, the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio (each, a “Portfolio” and collectively, the “Portfolios”).

The Government/REPO Portfolio — a money market fund which seeks a high level of current income by investing in U.S. Government obligations and repurchase agreements relating to such obligations.

The Money Market Portfolio — a money market fund which seeks a high level of current income by investing in U.S. Government obligations and repurchase agreements relating to such obligations, and bank and commercial obligations.

The Ultrashort Duration Government Portfolio — a bond fund which seeks total return consistent with current income and capital preservation by investing primarily in U.S. Government securities and U.S. Government agency securities.

The Ultrashort Duration Bond Portfolio — a bond fund which seeks total return consistent with current income and capital preservation by investing primarily in a diversified portfolio of investment-grade debt securities.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund.

Portfolio Valuation: The Ultrashort Duration Government and the Ultrashort Duration Bond Portfolios’ net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities are fair valued using price evaluations provided by an independent pricing service approved by the Board of Trustees (the “Board”) which may use the following valuation inputs when available: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids and offers and reference data including market research publications. Fixed income securities acquired with remaining maturities of 60 days or less are valued using the amortized cost method when it represents the best estimate of fair value. Under this method, securities are valued at cost when purchased and, thereafter, a constant proportionate accretion and amortization of any discounts and premiums are recorded until effective maturity or sale of the security.

Investments in other open-end investment companies, if held, are valued based on the NAV of the investment companies (which use fair value pricing as discussed in their prospectuses). If price quotes are unavailable or deemed unreliable, securities will be fair valued in accordance with procedures adopted by the Board.

For the Government/REPO Portfolio and the Money Market Portfolio, the NAV is calculated as of 4:00 p.m. (Eastern Time). Pursuant to Rule 2a-7 of the 1940 Act, securities are valued using the amortized cost method, when it represents the best estimate of fair value. The Government/Repo Portfolio and Money Market Portfolio seek to maintain a continuous NAV of $1.00 and have adopted certain investment policies, portfolio valuation and dividend and distribution policies to enable them to do so. There is no assurance that such portfolios will maintain a stable NAV of $1.00.

Securities Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the identified cost basis. Gains and losses on principal paydowns from mortgage backed securities are recorded as interest income on the Statement of Operations. Interest income is recorded on the accrual basis. Market discounts and premiums on securities purchased are amortized on an effective yield basis over the estimated lives of the respective securities for the Ultrashort Duration Government and Ultrashort Duration Bond Portfolios.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

(Continued)

Dividends and Distributions to Participation Certificate Holders: Dividends from net investment income of the Portfolios are declared daily and paid monthly. The Government/REPO and Money Market Portfolios intend, subject to the use of offsetting capital loss carryforwards, to distribute net realized short and long-term capital gains, if any, throughout each year. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Ultrashort Duration Government and Ultrashort Duration Bond Portfolios, after deducting any available capital loss carryovers, are declared and paid to their shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from United States Generally Accepted Accounting Principles (“U.S. GAAP”). Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Federal Income Taxes: No provision is made for federal taxes as it is each Portfolio’s intention to continue to qualify as a regulated investment company and to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its net investment income to Participation Certificate (“PC”) holders, which will be sufficient to relieve each Portfolio from all, or substantially all, federal income and excise taxes. The tax character of distributions for the period of January 1, 2015 through June 30, 2015 will be determined at the end of the Portfolios fiscal year.

Repurchase Agreements: Each Portfolio may enter into repurchase agreements under the terms of a Master Repurchase Agreement with financial institutions such as banks and broker-dealers subject to the seller’s agreement to repurchase them at an agreed upon date and price (“repurchase agreements”). The repurchase price generally equals the price paid by the Portfolio plus interest negotiated on the basis of current short-term rates. Collateral for repurchase agreements may have longer maturities than the maximum permissible remaining maturity of Portfolio investments. The seller under a repurchase agreement is required on a daily basis to maintain the value of the securities subject to the agreement at not less than the repurchase price. The agreement is conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a separate account by the Fund’s custodian, sub-custodian or an authorized securities depository. The collateral consists of U.S. Government and U.S. Government agency securities the market value of which, on a daily basis, including any accrued interest, is equal to at least 100% of the purchase price plus accrued interest. Upon an event of default under the terms of the Master Repurchase Agreements, both parties have the right to set-off. If the seller defaults or enters into insolvency proceeding, realization of the collateral by the company may be delayed or limited. At June 30, 2015, the Portfolios held repurchase agreements, which are included in Repurchase Agreements, at amortized cost, which approximates fair value in the Statement of Assets and Liabilities. The value of the related collateral that the Portfolios received for each of these agreements exceeded the value of each repurchase agreement at June 30, 2015 and is disclosed in the Schedule of Investments.

Expenses: Expenses are recorded on the accrual basis. Each Portfolio pays the expenses that are directly related to its operations, such as Portfolio management fees or custodial fees. Expenses incurred by the Fund on behalf of each Portfolio, such as trustee or legal fees, are allocated among each of the Portfolios either proportionately based upon each Portfolio’s net assets or using another reasonable basis such as equally across each Portfolio, depending on the nature of the expense.

Management Estimates: The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 3. Fair Value Measurement

Fair Value Measurement: The inputs and valuation techniques used to measure fair value of the Portfolios’ investments are summarized into three levels as described in the hierarchy below:

· Level 1 – quoted prices in active markets for identical securities

· Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

· Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

(Continued)

Securities held within the Government/REPO Portfolio and the Money Market Portfolio are valued at amortized cost, in accordance with Rule 2a-7 under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fixed- income securities held within the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio are valued at fair value using price evaluations provided by an independent pricing service which may use the following inputs available: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids and offers and reference data including market research publications. A summary of the inputs used to value the Portfolios’ net assets as of June 30, 2015 is as follows:

					Level 2		Level 3
	Total Fair		Level 1		Significant		Significant
	Value at		Quoted		Observable		Unobservable
	June 30, 2015		Price		Inputs		Inputs

Government/REPO Portfolio
Investments in Securities*	$	33,608,000	$	—	$	33,608,000	$	—

Money Market Portfolio
Investments in Securities*	$	419,859,129	$	—	$	419,859,129	$	—

Ultrashort Duration Government Portfolio
U.S. Treasury Obligations	$	23,416,948	$	—	$	23,416,948	$	—
Agency Obligations	23,468,539		—		23,468,539		—
Registered Investment Company	5,125,751		5,125,751		—		—
	$	52,011,238	$	5,125,751	$	46,885,487	$	—

Ultrashort Duration Bond Portfolio
Commercial Mortgage-Backed Securities	$	25,603,377	$	—	$	25,603,377	$	—
Asset-Backed Securities	82,556,421		—		82,556,421		—
Agency Obligations	13,195,926		—		13,195,926		—
Corporate Bonds	65,124,619		—		65,124,619		—
Registered Investment Company	1,921,921		1,921,921		—		—
	$	188,402,264	$	1,921,921	$	186,480,343	$	—

* Please refer to the schedule of investments for industry and security type breakouts.

At the end of each calendar quarter, management evaluates the Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as: changes in market activity from the prior reporting period, whether or not a broker is willing to execute at the quoted price and the depth and consistency of prices from third party services.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available fair value, the fair value of the Portfolios’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a readily available market existed for such investments and may differ materially from the values the Portfolios’ may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the six months ended June 30, 2015, there were no transfers between Levels 1, 2 and 3 for the Portfolios. The portfolios disclose all transfers between levels based on valuations at the end of each reporting period.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

(Continued)

Note 4. Transactions with Affiliates, Related Parties and Other Fee Arrangements

The Fund has entered into agreements for advisory, service agent, administrative, custodian and transfer agent services as follows:

BCS Financial Services Corporation (the “Administrator”), serves as the Fund’s administrator with respect to the Fund’s overall operations and relations with holders of PCs. Certain officers or employees of the Administrator are also officers of the Fund. All officers serve without compensation from the Fund. As compensation for its services, each Portfolio pays the Administrator fee, computed daily and paid monthly, at an annual rate not to exceed 0.05% of the average daily net assets of each of the Fund’s Portfolios.

BlackRock Advisors, LLC (“BALLC”), a wholly-owned indirect subsidiary of BlackRock, Inc., serves as the Government/REPO Portfolio’s and Money Market Portfolio’s investment advisor and service agent. As servicing agent, BALLC maintains the financial accounts and records, and computes the net asset value and net income for both Portfolios. BALLC subcontracts certain administrative services to BNY Mellon Investment Servicing (U.S.), Inc. (“BNY Mellon”). The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock, Inc. As compensation for its services, the Government/REPO and Money Market Portfolios pay BALLC a fee, computed daily and paid monthly based upon an annualized percentage of the average net assets of each of the Portfolios, at the following rate: 0.20% of the first $250 million, 0.15% of the next $250 million, 0.12% of the next $250 million, 0.10% of the next $250 million, and 0.08% of amounts in excess of $1 billion.

BALLC has agreed to reduce the fees otherwise payable to it to the extent necessary to reduce the ordinary operating expenses of the Government/REPO Portfolio and Money Market Portfolio so that they individually do not exceed 0.30 of one percent (0.30%) of each Portfolio’s average net assets for the year. BALLC and the Administrator have agreed to waive fees (“other fee waivers”) such that the Government/REPO Portfolio’s ordinary operating expenses do not exceed 0.10 of one percent (0.10%) of the Portfolio’s average net assets. BALLC has agreed to waive fees to cap the total expense of the Money Market Portfolio at 17.5 basis points of the average net assets up to $1 billion, 16.0 basis points of the average net assets between $1 billion and $2 billion, and 15.5 basis points of the average net assets above $2 billion. The Administrator has agreed to waive one basis point of its contractual fees relating to the Money Market Portfolio. The Administrator and BALLC cannot terminate such fee waivers prior to May 1, 2016 without the consent of the Board of Trustees of the Fund.

For the Government/REPO Portfolio and the Money Market Portfolio, the Administrator has further agreed that if for any day, after giving effect to all expenses, including without limitation any extraordinary expenses, the “portfolio yield” would be less than 0.01%, the Administrator shall waive that portion of its fees for such day so that after giving effect to such waiver and any other fee waivers, the portfolio yield for such day would be not less than 0.01%. The Administrator has agreed that if after giving effect to such waiver and other fee waivers, the portfolio yield for such day would be less than 0.01%, the Administrator shall waive all of its fees for such day. BALLC has further agreed that if for any day, after giving effect to any other fee waivers and the Administrator fee waiver, the portfolio yield would be less than 0.01%, BALLC shall waive that portion of its fees for such day so that after giving effect to such waiver, the other fee waivers and the Administrator fee waiver, the portfolio yield for such day would be not less than 0.01%. BALLC has agreed that if after giving effect to such waiver, the other fee waivers and the Administrator fee waiver, the portfolio yield for such day would be less than 0.01%, BALLC shall waive all of its fees for such day. The Administrator and BALLC cannot terminate such fee waivers prior to May 1, 2016 without the consent of the Board of Trustees of the Fund.

Merganser Capital Management, LLC (“Merganser”) serves as the Ultrashort Duration Government and Ultrashort Duration Bond Portfolios (the “Ultrashort Portfolios”) investment advisor. As compensation for its services the Ultrashort Portfolios paid Merganser a fee, computed daily and paid monthly based on the average aggregate net assets in the Ultrashort Portfolios, at the following rate: 0.20% of the first $250 million, 0.15% of the next $250 million, and 0.10% of amounts in excess of $500 million.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

(Continued)

The Administrator has agreed to waive the fees otherwise payable to it to the extent necessary to reduce the ordinary operating expenses of the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio so that they individually do not exceed 0.40 of one percent (0.40%) of each Ultrashort Portfolio’s average daily net assets for the year. Merganser has agreed to waive fees otherwise payable to it by the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio, so that such fees, computed daily and payable monthly, based on the average aggregate net assets held in the Portfolios are at the following rate: 0.15% of the first $200 million, 0.125% of the next $300 million, and 0.10% of amounts in excess of $500 million. The Administrator and Merganser cannot terminate such fee waivers prior to May 1, 2016 without the consent of the Board of Trustees of the Fund.

BALLC, Merganser and the Administrator will not recoup any previously waived or reimbursed fees/expenses (past or present) in any subsequent years.

As a result of the foregoing waivers and reimbursements, for the six months ended June 30, 2015, the Administrator waived $20,958, $25,236 and $14,149 which the Administrator was entitled to as the fees for its services as administrator for the Government/REPO Portfolio, Money Market Portfolio and Ultrashort Duration Government Portfolio, respectively. In addition, the Administrator reimbursed expenses of $7,746 and $34,336 for the Government/REPO Portfolio and Ultrashort Duration Government Portfolio, respectively. BALLC waived $82,735 and $268,431 of advisory fees for the Government/ REPO Portfolio and Money Market Portfolio, respectively, for the six months ended June 30, 2015. Merganser waived $14,844 and $56,510 of advisory fees for the Ultrashort Duration Government Portfolio and Ultrashort Duration Bond Portfolio, respectively, for the six months ended June 30, 2015.

The Bank of New York Mellon (the “Custodian”) acts as custodian of the Fund’s assets and BNY Mellon acts as the Fund’s accounting agent, transfer agent and dividend disbursing agent. Both the Custodian and BNY Mellon are wholly owned subsidiaries of The Bank of New York Mellon Corporation. The Custodian and BNY Mellon earn fees from the Fund for serving in these capacities.

Foreside Fund Services is the Fund’s distributor (the “Distributor”). The Distributor is neither affiliated with the Administrator, BALLC, Merganser, The Bank of New York nor its affiliated companies. The Fund does not have a distribution plan (under Rule 12b-1 of the Act); accordingly, the Distributor receives no compensation from the Fund for its distribution services.

Pursuant to a Compliance Services Agreement with the Fund, Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides a Chief Compliance Officer to the Fund as well as some additional compliance support functions. FCS is paid an annual fee plus out of pocket expenses for these services related to the Fund’s compliance program. The Fund’s Chief Compliance Officer is a Managing Director of FCS.

Pursuant to a Fund CFO/Treasurer Agreement with the Fund that was executed on June 22, 2015, Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor and FCS, provides Fund Treasurer and Principal Financial Services to the Fund. FMS is paid an annual fee plus out of pocket expenses for these services.

Note 5. Tax Information

The Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Portfolios have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Portfolios are subject to examination by federal, state and local jurisdictions, where applicable, for the tax years 2011, 2012, 2013 and 2014 for the Government/REPO and Money Market Portfolios and 2012, 2013 and 2014 for the Ultrashort Duration Government and Ultrashort Duration Bond Portfolios.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2015

(Continued)

The tax character of distributions paid by the Portfolios during the year ended December 31, 2014 were as follows:

	Ordinary Income Dividend		Long-Term Capital Gains

Government/REPO Portfolio
2014	$	12,536	$	—

Money Market Portfolio
2014	$	149,994	$	—

Ultrashort Duration Government Portfolio
2014	$	150,208	$	—

Ultrashort Duration Bond Portfolio
2014	$	550,043	$	—

As of December 31, 2014, the components of distributable earnings on a tax basis were as follows:

Portfolio	Undistributed Ordinary Income		Unrealized Appreciation (Depreciation)			Capital Loss Carryforwards			Other Temporary Differences			Total Distributable Earnings
Government/REPO Portfolio	$	—	$	—		$	—		$	—		$	—
Money Market Portfolio	1,200		—			—			—			1,200
Ultrashort Duration Government Portfolio	698		15,660			(16,115		)	(77,467		)	(77,224		)
Ultrashort Duration Bond Portfolio	4,341		(307,660		)	—			—			(303,319		)

Other temporary differences are related to qualified late year losses deferred. For the Ultrashort Duration Government Portfolio, the $77,467 is late-year ordinary losses deferral.

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Portfolios are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of December 31, 2014, the Ultrashort Duration Government Portfolio had post-enactment capital loss carryforwards of $16,115, of which $12,052 are short-term capital losses and $4,063 are long-term capital losses and have an unlimited period of capital loss carryforward.

Note 6. Purchases and Sales of Investments

Aggregate purchases and proceeds from sales, paydowns and maturities of investment securities (other than short-term investments) for the six months ended June 30, 2015 were as follows:

	Aggregate Purchases				Proceeds From Sales
Portfolio	U.S. Government		Other		U.S. Government		Other
Ultrashort Duration Government Portfolio	$	6,691,899	$	—	$	16,867,046	$	—
Ultrashort Duration Bond Portfolio	123,125,790		85,042,684		123,936,855		56,150,166

Plan Investment Fund, Inc.

Fund Expense Examples

(Unaudited)

June 30, 2015

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six months ended June 30, 2015.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Six Months Ended June 30, 2015” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Government/REPO Portfolio

					Expenses Paid During
	Beginning Account Value		Ending Account Value		Six Months Ended
	January 1, 2015		June 30, 2015		June 30, 2015*
Actual	$	1,000.00	$	1,000.10	$	0.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.07%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

Money Market Portfolio

					Expenses Paid During
	Beginning Account Value		Ending Account Value		Six Months Ended
	January 1, 2015		June 30, 2015		June 30, 2015*
Actual	$	1,000.00	$	1,000.20	$	0.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.85

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

Plan Investment Fund, Inc.

Fund Expense Examples

(Unaudited)

June 30, 2015

(Concluded)

Ultrashort Duration Government Portfolio

					Expenses Paid During
	Beginning Account Value		Ending Account Value		Six Months Ended
	January 1, 2015		June 30, 2015		June 30, 2015*
Actual	$	1,000.00	$	1,002.00	$	1.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.40%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

Ultrashort Duration Bond Portfolio

					Expenses Paid During
	Beginning Account Value		Ending Account Value		Six Months Ended
	January 1, 2015		June 30, 2015		June 30, 2015*
Actual	$	1,000.00	$	1,003.50	$	1.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.35%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.

Plan Investment Fund, Inc.

Fund Profile

(Unaudited)

June 30, 2015

Money Market Portfolio

Portfolio Holdings Summary Table

Security Type	% of Net Assets		Amortized Cost
Commercial Paper - Asset Backed Securities	25.0	%	$	104,958,252
Commercial Paper - Financial Companies	24.5		102,958,450
Bank Obligations - Yankee Certificates of Deposit	19.5		82,000,000
Repurchase Agreements	16.7		70,000,000
Bank Obligations - Certificates of Deposit	6.0		25,000,000
Time Deposit	3.3		13,933,000
Variable Rate Obligation	2.4		10,000,000
Agency Obligation	1.4		6,023,871
U.S. Treasury Obligation	1.2		4,985,556
Total Investments in Securities	100.0	%	$	419,859,129
Liabilities in excess of Other Assets	(0.0	)%*	(43,087		)
Net Assets	100.0	%	$	419,816,042

Estimated Maturity Information

Maturity Information (1)	Par Value		Percentage of Portfolio
1 - 7 days	$	154,933,000	36.9	%
8 - 14 days	18,000,000		4.3
15 - 30 days	26,524,000		6.3
31 - 60 days	41,000,000		9.8
61 - 90 days	61,000,000		14.5
91 - 120 days	41,500,000		9.9
121 - 150 days	34,000,000		8.1
Over 150 days	43,000,000		10.2
	$	419,957,000	100.0	%

Weighted Average Maturity - 33 days

*	Less than 0.1%.
(1)	Maturity dates as determined under Rule 2a-7 of the 1940 Act, for purposes of calculating the Money Market Portfolio’s weighted average maturity.

Plan Investment Fund, Inc.

Fund Profile

(Unaudited)

June 30, 2015

Ultrashort Duration Government Portfolio

Portfolio Holdings Summary Table

Security Type	% of Net Assets		Market Value
Agency Obligations	45.1	%	$	23,468,539
U.S. Treasury Obligations	45.0		23,416,948
Registered Investment Company	9.9		5,125,751
Total Investments in Securities	100.0	%	$	52,011,238
Other Assets in excess of Liabilities	0.0	%*	20,195
Net Assets	100.0	%	$	52,031,433

Ultrashort Duration Bond Portfolio

Portfolio Holdings Summary Table

Security Type	% of Net Assets		Market Value
Asset-Backed Securities	43.6	%	$	82,556,421
Corporate Bonds	34.4		65,124,619
Commercial Mortgage-Backed Securities	13.5		25,603,377
Agency Obligations	7.0		13,195,926
Registered Investment Company	1.0		1,921,921
Total Investments in Securities	99.5	%	$	188,402,264
Other Assets in excess of Liabilities	0.5	%	952,446
Net Assets	100.0	%	$	189,354,710

Geographical Summary Table

Country	% of Net Assets		Market Value
United States	85.3	%	$	161,574,457
Canada	4.7		8,906,017
Australia	2.1		3,893,812
Netherlands	1.8		3,458,859
Belgium	1.3		2,536,851
Switzerland	1.1		1,999,074
Japan	0.9		1,727,324
South Korea	0.9		1,653,392
Mexico	0.7		1,419,418
Brazil	0.7		1,233,060
Total Investments in Securities	99.5	%	$	188,402,264
Other Assets in excess of Liabilities	0.5	%	952,446
Net Assets	100.0	%	$	189,354,710

* Less than 0.1%

Plan Investment Fund, Inc.

Other Disclosures

(Unaudited)

June 30, 2015

Approval of Investment Advisory Agreement

Background and Approval Process. BlackRock Advisors, LLC (“BALLC”) and Merganser Capital Management, LLC (“Merganser”) (each an “Advisor” and collectively the “Advisors”) serve as Investment Advisors to Plan Investment Fund, Inc. (the “Fund”). BALLC serves as the Investment Advisor to the Government/REPO Portfolio and the Money Market Portfolio and Merganser serves as the Investment Advisor to the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio (each, a “Portfolio”) pursuant to separate investment advisory agreements (the “Advisory Agreements”) with the Fund. The Advisory Agreements were initially approved by the Board of Trustees (“Board” or the “Trustees”) at the inception of each Fund for two-year terms. The Advisory Agreements continue thereafter if approved annually by the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Fund (the “Independent Trustees”), by a vote cast in person at a meeting called for the purpose of voting on the Advisory Agreements. The Advisory Agreements for each Fund were most recently considered by the Board at a meeting held on March 19, 2015.

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to (i) the nature, extent and quality of services provided by the Advisors, including compliance with legal requirements, (ii) short-term and long-term performance of each Portfolio relative to peer groups and market indices, (iii) the costs of the services provided and the Advisors’ profitability with respect to the management of each Portfolio, (iv) the extent to which the Advisors have in the past or are likely in the future to experience economies of scale in connection with the investment advisory services provided to each Portfolio, (v) the expense ratios of each Portfolio as compared with the expense ratios of their peer group and (vi) any benefits to the Advisors and their affiliates from their relationship with the Portfolios. The information provided by the Advisors in response to the Board’s requests supplemented information received by the Board throughout the year, both in writing and in meetings, regarding the Portfolios, including Portfolio performance, expense ratios, portfolio composition and regulatory compliance. The Independent Trustees, through their independent legal counsel, then held conferences with each Advisor to discuss follow-up questions to which they received responses in advance of the March Board meeting.

At the March Board meeting, representatives of each Advisor discussed certain responses with the Trustees and responded to their further questions. The Trustees considered the factors set out in case law and identified by the Securities and Exchange Commission as most relevant in considering the renewal of investment advisory agreements. The Trustees considered these and other factors, as summarized in more detail below, and concluded that the terms of each Advisory Agreement are fair and reasonable and the continuance of each Agreement is in the best interests of the applicable Portfolio.

Nature, Extent and Quality of Services. As part of the Board’s decision-making process, the Trustees noted that the Advisors have managed the Portfolios since their inception, and the Trustees believe that a long-term relationship with capable, conscientious investment advisers is in the best interests of the Portfolios. The Trustees also considered that Participant Certificate holders invest in a Fund specifically seeking the Advisor’s investment expertise and style. The Trustees also noted that when Participant Certificate holders invest in a Portfolio, they know the advisory fee that is paid by the Portfolio. In this connection, the Trustees considered, in particular, whether each Portfolio is managed in accordance with its investment objective and policies as disclosed to Participant Certificate holders. The Trustees concluded that each Portfolio is managed consistent with its investment objective and policies.

The Trustees reviewed information regarding various services provided by the Advisors to the Portfolios, including organizational charts and background information on personnel performing such services as well as their education and experience. The Trustees also reviewed each Portfolio’s performance and information regarding the Advisors’ investment programs. The Trustees considered the depth and quality of the Advisors’ investment processes, the overall stability of the each organization, and the experience, capability and integrity of its senior management. The Trustees reviewed the Fund’s compliance program and each Advisor’s commitment to a rigorous compliance effort and the resultant compliance by the Portfolios and the Advisors with legal requirements. The reputation of BALLC and Merganser and their financial resources also were taken into consideration.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided (and expected to be provided) to each Portfolio under its Advisory Agreement were of a high level and were very satisfactory.

Plan Investment Fund, Inc.

Other Disclosures

(Unaudited)

June 30, 2015

(Continued)

Investment Performance of the Portfolios and the Advisors. The Trustees noted that they review data on the short-term and long-term performance of the Portfolios in connection with each Board meeting. For the March Board meeting, the Trustees reviewed and considered information about the investment performance of each Portfolio, as well as the performance of funds with similar investment classifications and objectives (“performance universe”). The funds included within each Portfolio’s performance universe were selected by Lipper, Inc. (“Lipper”), an independent provider of data to mutual fund boards. The Trustees also considered performance information through February 2015 that was provided by the Fund’s administrator. The Trustees concluded that the performance of each Portfolio was competitive with its performance universe as reported by Lipper.

Fees, Expenses and Profitability. The Trustees reviewed expense data compiled from Lipper and information provided by the Advisors regarding the Portfolios’ advisory fees and expense ratios, including information regarding any expense caps for the Portfolios. The Trustees reviewed data showing how the Portfolios’ advisory fees and expense ratios compared to those of a peer group of funds with similar asset levels and expense structures. The Trustees also reviewed information provided by BALLC and Merganser regarding the services rendered and the fee rates offered to other clients, including other money market portfolios and other ultrashort duration portfolios. The Trustees concluded that the fees to be paid pursuant to the Advisory Agreements were fair and reasonable.

The Trustees reviewed information concerning the estimated profitability to each Advisor of the Advisory Agreements, including information regarding the methodology for allocating expenses. The Trustees reviewed data regarding the Advisor’s variable and fixed expenses. The Trustees also recognized that individual fund or product line profitability of other advisors is generally not publicly available, and that profitability may be affected by numerous factors, so that the comparability of profitability among advisory firms is limited. The Trustees concluded that the level of estimated profitability to each Advisor under the Advisory Agreements was reasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees considered information regarding staffing of the advisors and their investment in technology to the benefit of the Portfolios. It also considered information in the Lipper report regarding economies of scale. The Trustees concluded that the Portfolios’ Participant Certificate holders share in the additional services, investment in talented employees and capital improvements provided by the Advisors without an increase in advisory fees.

Indirect Benefits to the Advisors from their Relationship to the Portfolios. The Trustees considered information regarding any indirect benefits to the Advisors that could be identified from their relationship to the Portfolios. Based on their review, including their consideration of each of the factors referred to above, the Trustees, including all of the Independent Trustees, concluded that the terms of each Advisory Agreement are fair and reasonable and that the renewal of each Agreement is in the best interests of each Portfolio. No single factor was determinative in the Board’s analysis.

Form N-Q: The Fund files the Portfolios’ complete schedules of portfolio holdings with the U.S. Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and are available for review and copying at the SEC’s Public Reference Room in Washington, D.C. Information on the operations of the Public Reference Room may be obtained by calling the SEC at (202) 942-8090. The Fund’s Forms N-Q may also be obtained, upon request, by calling (800) 621-9215.

Proxy Voting: The Fund’s Proxy Voting Policies and Procedures, used to determine how to vote proxies relating to portfolio securities, are included in the Fund’s Statement of Additional Information, and are also available (i) upon request, without charge, by calling (800) 621-9215 or (ii) on the SEC’s website at www.sec.gov. Information on how proxies relating to the Fund’s voting securities (if any) were voted during the most recent 12-month period ended June 30 is available (i) upon request, without charge, by calling (800) 621-9215 or (ii) on the SEC’s website at www.sec.gov.

Investment Company Act file number			811-04379

Plan Investment Fund, Inc.
(Exact name of registrant as specified in charter)

2 Mid America Plaza Suite 200 Oakbrook Terrace, Illinois					60181
(Address of principal executive offices)					(Zip code)

SUSAN A. PICKAR President and Chief Executive Officer Plan Investment Fund, Inc. 2 Mid America Plaza, Suite 200 Oakbrook Terrace, Illinois 60181
(Name and address of agent for service)

Copy to:

JOSEPH M. MANNON Vedder Price P. C. 222 North LaSalle Street Chicago, Illinois 60601

Registrant’s telephone number, including area code:				(630) 472-7700

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2015

Item 1.	Reports to Stockholders.
Item 2.	Code of Ethics.
Item 3.	Audit Committee Financial Expert.
Item 4.	Principal Accountant Fees and Services.
Item 5.	Audit Committee of Listed Registrants.
Item 6.	Investments.
Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item 8.	Portfolio Managers of Closed–End Management Investment Companies.
Item 9.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Item 10.	Submission of Matters to a Vote of Security Holders.
Item 11.	Controls and Procedures.
Item 12.	Exhibits.

	Sincerely,

	Susan A. Pickar
	President and Chief Executive Officer

By:	/s/Susan A. Pickar
Name:	Susan A. Pickar
Title:	President and Chief Executive Officer
Date:	August 28, 2015