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N-CSRS 1 d400955dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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)

Dale E. Palka, President

2 Mid America Plaza

Oakbrook Terrace, Illinois 60181

(Name and address of agent for service)

COPY TO:

Robert F. Weber, Esq.

Seyfarth Shaw LLP

131 S. Dearborn Street

Suite 2400

Chicago, Illinois 60603

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

TABLE OF CONTENTS


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.

Item 1. Reports to Stockholders.

LOGO

Semi-Annual Report

June 30, 2012

BCS Financial Services Corporation

2 Mid America Plaza, Suite 200

Oakbrook Terrace, IL 60181

(800) 621-9215

LOGO

August 28, 2012

Dear Investors:

On behalf of the Board of Trustees I am pleased to submit the 2012 Semi-Annual Report for Plan Investment Fund, Inc. In addition to the Government/REPO Portfolio and the Money Market Portfolio this is also the first report on the new Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio. Both portfolios were opened in March 2012 and we believe they are off to a good start. We sincerely appreciate your ongoing support and we will continue to work diligently to maintain your trust and confidence.

As always, we welcome your ideas or comments regarding Plan Investment Fund, Inc.


		Sincerely,


		Dale E. Palka President and Chief Executive Officer

Past performance is not a guarantee of future results. The investment return and the principal value of an investment in Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio will fluctuate so that an investor’s participation certificates, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data contained in this report. Current month end data is available at www.pif.com.

An investor should consider the investment objectives, risks, and charges and expenses of the Portfolios carefully before investing. The prospectuses for the Portfolios contain this and other information about the Portfolios and should be read before investing. The prospectuses may be obtained by downloading them from the Fund’s website (www.pif.com) or by calling (866) 689-4856.

Government/REPO Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

Par Value

Interest Rate

Maturity

Amortized
Cost

REPURCHASE AGREEMENTS – 100.0%

$24,000,000

Deutsche Bank Securities, Inc.

To be repurchased at $24,000,400

(collateralized by $23,345,700 par amount of

U.S. Treasury Note, 2.00%; due 02/15/2022;

Total Value $24,480,011)

0.20

07/02/12

24,000,000

Goldman Sachs & Co.

To be repurchased at $24,000,360

(collateralized by $23,673,619 par amount of

Federal National Mortgage Backed Security,

4.50%; due 07/01/2041;

Total Value $24,720,001)

0.18

07/02/12

24,000,000

22,000,000

HSBC Securities (USA), Inc.

To be repurchased at $22,000,348

(collateralized by $18,065,000 par amount of

U.S. Treasury Bond, 3.75%; due 08/15/2041;

Total Value $22,443,018)

0.19

07/02/12

22,000,000

Morgan Stanley & Co., Inc.

To be repurchased at $22,000,422

(collateralized by $20,891,819 par amount of

Federal Home Loan Mortgage Corp.

Participating Certificate, 4.00%; due 06/01/2042;

Total Value $22,660,000)

0.23

07/02/12

22,000,000

11,156,000

RBS Securities, Inc.

To be repurchased at $11,156,186

(collateralized by $11,944,315 par amount of

Federal Home Loan Mortgage Corp.

Participating Certificates, 3.00% to 4.50%;

due 01/01/2027 to 02/01/2042;

Total Value $11,491,101)

0.20

07/02/12

11,156,000

22,000,000

UBS Securities LLC

To be repurchased at $22,000,367

(collateralized by $21,493,871 par amount of

Federal National Mortgage Backed Security,

3.50%; due 04/01/2042;

Total Value $22,660,001)

0.20

07/02/12

22,000,000

Total Repurchase Agreements

125,156,000

(Cost $125,156,000)

Total Investments – 100.0%

125,156,000

(Cost $125,156,000) *

Liabilities in excess of Other Assets – 0.0%

(37,281

)

Net Assets – 100.0%

125,118,719

Net Asset Value

1.00

*	Aggregate cost is the same for financial reporting and Federal tax purposes.

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012


Par Value		Interest Rate		Maturity		Amortized Cost
U.S. TREASURY OBLIGATIONS – 6.2%
$10,000,000	U.S. Treasury Bill ⁽¹⁾		0.14%		02/07/13	$	9,991,406
20,000,000	U.S. Treasury Note		1.38%		10/15/12		20,072,294
10,000,000	U.S. Treasury Note		1.38%		11/15/12		10,046,073
10,000,000	U.S. Treasury Note		0.63%		04/30/13		10,034,728
10,000,000	U.S. Treasury Note		0.50%		05/31/13		10,025,356

	Total U.S. Treasury Obligations						60,169,857

	(Cost $60,169,857)
BANK OBLIGATIONS – 30.6%
YANKEE CERTIFICATES OF DEPOSIT – 30.6%
22,000,000	Bank of Nova Scotia, Houston		0.35%		07/17/12		22,000,000
13,000,000	Barclays Bank PLC, New York		0.59%		07/13/12		13,000,000
20,000,000	Commonwealth Bank of Australia, New York		0.32%		07/10/12		20,000,200
10,000,000	Commonwealth Bank of Australia, New York		0.32%		07/16/12		10,000,104
5,000,000	Commonwealth Bank of Australia, New York		0.28%		08/13/12		5,000,000
20,000,000	Credit Suisse, New York		0.30%		07/12/12		20,000,000
15,000,000	National Australia Bank Ltd., New York		0.34%		08/21/12		15,000,000
10,000,000	National Australia Bank Ltd., New York		0.28%		09/10/12		10,000,590
15,000,000	National Australia Bank Ltd., New York ⁽²⁾		0.29%		10/12/12		15,000,000
35,000,000	Norinchukin Bank, New York		0.18%		07/03/12		35,000,000
10,000,000	Rabobank Nederland NV, New York		0.57%		09/17/12		10,000,000
16,500,000	Rabobank Nederland NV, New York		0.53%		10/25/12		16,500,000
5,000,000	Royal Bank of Canada, New York ⁽²⁾		0.48%		07/09/12		5,000,000
8,000,000	Royal Bank of Canada, New York ⁽²⁾		0.48%		05/16/13		8,000,000
15,000,000	State Street Bank and Trust Company		0.22%		09/26/12		15,000,000
10,000,000	Sumitomo Mitsui Banking Corp., New York ⁽²⁾		0.35%		08/10/12		10,000,000
23,000,000	Sumitomo Mitsui Banking Corp., New York		0.35%		09/12/12		23,000,000
15,000,000	Sumitomo Trust & Banking Co. Ltd., New York		0.37%		07/10/12		15,000,000
10,000,000	Svenska Handelsbanken AB, New York		0.38%		10/11/12		10,000,000
20,000,000	Westpac Banking Corp., New York ⁽²⁾		0.43%		02/04/13		20,000,000

	Total Bank Obligations						297,500,894

	(Cost $297,500,894)
CORPORATE DEBT – 26.7%
COMMERCIAL PAPER – 26.7%
ASSET BACKED SECURITIES – 18.2%
8,000,000	Fairway Finance Co. LLC ⁽²⁾		0.28%		08/03/12		8,000,000
27,000,000	Fairway Finance Co. LLC ⁽²⁾		0.27%		11/05/12		27,000,000
10,000,000	Kells Funding LLC ⁽¹⁾		0.56%		07/09/12		9,998,756
12,000,000	Kells Funding LLC ⁽¹⁾		0.60%		09/26/12		11,982,600
10,000,000	Old Line Funding LLC ⁽¹⁾		0.32%		08/20/12		9,995,556
10,000,000	Old Line Funding LLC ⁽¹⁾		0.32%		08/27/12		9,994,933
10,000,000	Regency Markets No. 1 LLC ⁽¹⁾		0.36%		07/16/12		9,998,500
9,000,000	Regency Markets No. 1 LLC ⁽¹⁾		0.36%		07/20/12		8,998,290

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate		Maturity		Amortized Cost
	CORPORATE DEBT (continued)
	$12,000,000	Solitaire Funding LLC ⁽¹⁾		0.27%		07/06/12	$	11,999,550
	8,000,000	Solitaire Funding LLC ⁽¹⁾		0.37%		07/10/12		7,999,260
	10,000,000	Thunder Bay Funding LLC ⁽¹⁾		0.32%		08/28/12		9,994,845
	21,562,000	Thunder Bay Funding LLC ⁽¹⁾		0.25%		10/09/12		21,547,026
	30,000,000	Victory Receivables Corp. ⁽¹⁾		0.17%		07/02/12		29,999,858

								177,509,174

	FINANCIAL COMPANIES – 8.5%
	10,000,000	General Electric Capital Corp. ⁽¹⁾		0.31%		08/02/12		9,997,244
	12,000,000	General Electric Capital Corp. ⁽¹⁾		0.30%		08/14/12		11,995,600
	13,000,000	Nordea North America, Inc. ⁽¹⁾		0.60%		08/07/12		12,991,983
	8,000,000	Nordea North America, Inc. ⁽¹⁾		0.28%		08/22/12		7,996,822
	10,000,000	Nordea North America, Inc. ⁽¹⁾		0.31%		09/14/12		9,993,646
	20,000,000	Svenska Handelsbanken, Inc. ⁽¹⁾		0.39%		10/01/12		19,979,981
	10,000,000	Svenska Handelsbanken, Inc. ⁽¹⁾		0.40%		10/01/12		9,989,991

								82,945,267

		Total Commercial Paper						260,454,441

		Total Corporate Debt						260,454,441

		(Cost $260,454,441)
	MUNICIPAL BONDS – 8.8% ⁽³⁾
	9,315,000	California Housing Finance Agency RB,
		Home Mortgage, Series E-1, Letter of Credit:
		Freddie Mac, Fannie Mae		0.16%		02/01/23		9,315,000
	5,860,000	California Housing Finance Agency RB,
		Multifamily Housing, Series A, Letter of Credit:
		Freddie Mac, Fannie Mae		0.15%		08/01/40		5,860,000
	12,500,000	California Housing Finance Agency RB,
		Multifamily Housing, Series E, Letter of Credit:
		Freddie Mac, Fannie Mae		0.17%		08/01/37		12,500,000
	18,800,000	Houston, Texas Utility System RB,
		First Lien, Series B-3, Letter of Credit: Sumitomo
		Mitsui Banking Corp. New York		0.16%		05/15/34		18,800,000
	18,000,000	New York City Housing Development Corp.,
		Multifamily Rent Housing RB, West End Towers,
		Series A, Credit Support Fannie Mae Liquidity
		Facility: Fannie Mae		0.17%		05/15/34		18,000,000
	10,000,000	New York, Subseries F-3, GO, Letter of Credit:
		Sumitomo Mitsui Banking Corp. New York		0.17%		09/01/35		10,000,000
	10,800,000	Texas State, Veterans Housing Assessment Project,
		Series A-2, GO, Liquidity Facility:
		JPMorgan Chase & Co.		0.18%		12/01/29		10,800,000

		Total Municipal Bonds
		(Cost $85,275,000)						85,275,000

See accompanying notes to financial statements.

Money Market Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Concluded)

Par Value

Interest Rate

Maturity

Amortized
Cost

REPURCHASE AGREEMENTS – 27.7%

$200,000,000

Deutsche Bank Securities, Inc.

To be repurchased at $200,002,500

(collateralized by $202,999,750 par amount of

Federal National Mortgage Association

Debentures, Federal National Mortgage

Association Medium Term Note and

Federal Home Loan Mortgage Corp.

Fixed Rate Note, 0.78% to 4.00%; due

08/20/2013 to 10/28/30;

Total Value $204,000,000)

0.15%

07/02/12

200,000,000

70,182,000

UBS Securities LLC

To be repurchased at $70,183,170

(collateralized by $67,214,052 par amount of

Federal National Mortgage Backed Security,

4.00%; due 02/01/2042;

Total Value $72,287,461)

0.20%

07/02/12

70,182,000

Total Repurchase Agreements

270,182,000

(Cost $270,182,000)

Total Investments – 100.0%

973,582,192

(Cost $973,582,192) *

Other Assets in excess of Liabilities – 0.0%

103,484

Net Assets – 100.0%

973,685,676

Net Asset Value

1.00

*	Aggregate cost is the same for financial reporting and Federal tax purposes.

⁽¹⁾	Rate disclosed represents the discount rate at the time of purchase.

⁽²⁾	Variable rate security. Interest rate shown is as of report date and the date shown is the final maturity date.

⁽³⁾	Variable rate security. Interest rate shown is as of report date and the date shown is the final maturity date, although the principal owed can be recovered through demand upon 7-days notice.

GO	General Obligation

RB	Revenue Bonds

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012


Par Value			Interest Rate			Maturity		Fair Value
	U.S. TREASURY OBLIGATIONS – 37.6%
	$18,300,000	U.S. Treasury Bill ⁽¹⁾		0.09	%		09/13/12	$	18,297,127
	1,200,000	U.S. Treasury Bill ⁽¹⁾		0.18	%		04/04/13		1,198,392
	6,240,000	U.S. Treasury Inflation Indexed Bond		0.63	%		04/15/13		6,802,386

		Total U.S. Treasury Obligations							26,297,905

		(Cost $26,358,801)
	AGENCY OBLIGATIONS – 62.2%
	750,000	Federal Farm Credit Bank ⁽²⁾		1.88	%		12/07/12		755,463
	615,000	Federal Farm Credit Bank ⁽²⁾		1.75	%		02/21/13		620,355
	1,000,000	Federal Home Loan Bank ⁽²⁾		0.24	%		04/16/13		999,842
	350,000	Federal Home Loan Bank ⁽²⁾		0.37	%		05/03/13		350,321
	1,000,000	Federal Home Loan Mortgage Corp ⁽²⁾		1.63	%		04/15/13		1,010,711
	1,000,000	Federal Home Loan Mortgage Corp ⁽²⁾		0.50	%		10/18/13		1,000,543
	1,000,000	Federal Home Loan Mortgage Corp. ⁽²⁾		1.72	%		04/11/13		1,011,295
	116,775	Federal Home Loan Mortgage Corp. ⁽²⁾		5.50	%		09/01/13		120,060
	600,000	Federal Home Loan Mortgage Corp. ⁽²⁾		0.38	%		11/27/13		600,466
	250,000	Federal Home Loan Mortgage Corp. ⁽²⁾		0.63	%		12/20/13		250,202
	103,767	Federal Home Loan Mortgage Corp. ⁽²⁾		6.50	%		07/01/17		114,336
	510,659	Federal Home Loan Mortgage Corp. ⁽²⁾		5.00	%		09/01/18		546,147
	539,013	Federal Home Loan Mortgage Corp. ⁽²⁾		4.50	%		04/01/21		575,094
	1,279,289	Federal Home Loan Mortgage Corp.
		Multifamily Structured Pass Through Certificates,
		CMO ⁽²⁾		2.78	%		06/25/17		1,337,059
	203,411	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.75	%		12/15/18		205,573
	252,213	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.50	%		12/15/20		254,863
	185,488	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		04/15/21		186,088
	173,420	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		03/15/30		173,383
	63,070	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		09/15/30		63,060
	443,903	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		04/15/31		450,543
	171,322	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		06/15/31		173,291
	186,940	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.50	%		01/15/32		188,499
	90,901	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.50	%		07/15/32		92,789
	227,058	Federal Home Loan Mortgage Corp., CMO ⁽²⁾		5.00	%		08/15/32		228,302
	550,000	Federal National Mortgage Association ⁽²⁾		1.75	%		02/22/13		555,086
	239,510	Federal National Mortgage Association ⁽²⁾		4.97	%		12/01/13		249,712
	600,000	Federal National Mortgage Association ⁽²⁾		2.50	%		05/15/14		623,814
	450,000	Federal National Mortgage Association ⁽²⁾		0.70	%		03/26/15		451,552
	625,000	Federal National Mortgage Association ⁽²⁾		0.70	%		04/30/15		624,905
	168,008	Federal National Mortgage Association ⁽²⁾		4.50	%		05/01/18		180,803
	439,174	Federal National Mortgage Association ⁽²⁾		4.00	%		07/01/18		470,494
	969,321	Federal National Mortgage Association, CMO ⁽²⁾		6.00	%		01/25/29		1,001,508
	52,067	Federal National Mortgage Association, CMO ⁽²⁾		7.00	%		05/25/31		52,374
	44,726	Federal National Mortgage Association, CMO ⁽²⁾		6.00	%		08/25/31		44,710
	500,000	Federal National Mortgage Association, CMO ⁽²⁾		5.00	%		03/25/32		510,441

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate		Maturity		Fair Value
	AGENCY OBLIGATIONS (continued)
$	456,159	Federal National Mortgage Association, CMO ⁽²⁾		5.50%		05/25/32	$	462,033
	360,351	Federal National Mortgage Association, CMO ⁽²⁾		6.00%		10/25/33		366,386
	368,892	Federal National Mortgage Association, CMO ⁽²⁾		5.00%		08/25/35		374,796
	685,191	Federal National Mortgage Association, CMO ⁽²⁾		5.00%		08/25/47		690,560
	347,488	Government National Mortgage Association		5.85%		07/20/58		373,512
	1,061,324	Government National Mortgage Association		5.65%		06/20/59		1,180,260
	584,466	Government National Mortgage Association		5.46%		07/20/59		644,085
	1,052,207	Government National Mortgage Association		5.46%		07/20/59		1,166,603
	528,443	Government National Mortgage Association		5.46%		07/20/59		579,364
	531,328	Government National Mortgage Association		5.46%		08/20/59		582,791
	312,542	Government National Mortgage Association		5.47%		08/20/59		342,272
	553,378	Government National Mortgage Association		5.47%		08/20/59		605,808
	1,539,591	Government National Mortgage Association		5.47%		11/20/59		1,700,943
	425,543	Government National Mortgage Association		5.59%		11/20/59		469,908
	868,850	Government National Mortgage Association		5.50%		01/20/60		965,772
	1,039,908	Government National Mortgage Association		4.86%		01/20/61		1,159,511
	1,283,438	Government National Mortgage Association ⁽³⁾		1.06%		10/20/61		1,300,938
	599,017	Government National Mortgage Association ⁽³⁾		0.78%		12/20/61		606,692
	768,339	Government National Mortgage Association ⁽³⁾		1.13%		02/20/62		781,045
	1,174,905	Government National Mortgage Association		5.20%		02/20/62		1,295,027
	736,666	Government National Mortgage Association		4.71%		03/20/62		818,085
	553,525	Government National Mortgage Association, CMO ⁽³⁾		4.60%		07/16/29		562,158
	144,106	Government National Mortgage Association, CMO		4.86%		02/16/30		145,974
	774,071	Government National Mortgage Association, CMO ⁽³⁾		5.16%		06/16/31		786,377
	246,492	Government National Mortgage Association, CMO ⁽³⁾		4.88%		12/16/31		254,686
	624,452	Government National Mortgage Association, CMO ⁽³⁾		4.93%		09/16/32		655,890
	412,796	Government National Mortgage Association, CMO		2.16%		07/16/33		421,579
	646,452	Government National Mortgage Association, CMO		1.70%		08/16/33		655,694
	340,615	Government National Mortgage Association, CMO		4.92%		05/16/34		357,469
	144,787	Government National Mortgage Association, CMO		2.21%		11/16/34		147,564
	390,000	Government National Mortgage Association, CMO ⁽³⁾		4.91%		03/16/35		415,595
	193,772	Government National Mortgage Association, CMO		2.21%		12/16/35		197,665
	244,995	Government National Mortgage Association, CMO		2.16%		11/16/36		250,301
	280,715	Government National Mortgage Association, CMO		5.19%		05/16/39		289,146
	623,014	Government National Mortgage Association, CMO		2.00%		06/20/39		627,206
	284,822	Government National Mortgage Association, CMO		5.02%		06/16/40		300,236
	204,648	Government National Mortgage Association, CMO ⁽³⁾		5.02%		02/16/44		218,765
	557,137	National Credit Union Administration Guaranteed
		Notes, CMO ⁽³⁾		0.61%		11/06/17		558,007
	282,177	Small Business Administration ⁽²⁾⁽³⁾		3.58%		04/25/16		290,432
	738,029	Small Business Administration ⁽²⁾⁽³⁾		3.08%		06/25/22		791,785
	1,250,000	Small Business Administration ⁽²⁾⁽³⁾		3.58%		12/25/23		1,376,563
	497,265	Small Business Administration ⁽²⁾⁽³⁾		4.14%		03/25/24		556,685

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Concluded)


Par Value			Interest Rate		Maturity		Fair Value
	AGENCY OBLIGATIONS (continued)
	$ 635,000	Tennessee Valley Authority		6.00%		03/15/13	$	660,758
	500,000	Tennessee Valley Authority		4.75%		08/01/13		524,224

		Total Agency Obligations						43,584,834

		(Cost $43,538,624)
Shares
	REGISTERED INVESTMENT COMPANY – 1.8%
	1,287,902	Dreyfus Treasury & Agency Cash Management Fund						1,287,902

		Total Registered Investment Company						1,287,902

		(Cost $1,287,902)
		Total Investments – 101.6%						71,170,641
		(Cost $71,185,327) *
		Liabilities in excess of Other Assets – (1.6%)						(1,116,873	)

		Net Assets – 100.0%					$	70,053,768

		Net Asset Value					$	10.00

*	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	$	71,185,327

Unrealized appreciation		124,012
Unrealized depreciation		(138,698	)

Net unrealized depreciation	$	(14,686	)

(1)	Rate disclosed represents the discount rate at the time of purchase.

(2)	These obligations of U.S. Government sponsored entities are not issued or guaranteed by the U.S. Treasury.

(3)	Variable or floating rate security. Rate disclosed is as of June 30, 2012.

CMO Collateralized Mortgage Obligation

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012


Par Value			Interest Rate		Maturity		Fair Value
	U.S. TREASURY OBLIGATIONS – 15.7%
	$9,950,000	U.S. Treasury Bill ⁽¹⁾		0.17%		04/04/13	$	9,936,667
	1,100,000	U.S. Treasury Bill ⁽¹⁾		0.18%		04/04/13		1,098,526
	2,103,900	U.S. Treasury Bill ⁽¹⁾		0.18%		04/04/13		2,101,081
	5,100,000	U.S. Treasury Inflation Indexed Bond		0.63%		04/15/13		5,559,642
	1,000,000	U.S. Treasury Note		0.75%		03/31/13		1,004,023

		Total U.S. Treasury Obligations						19,699,939

		(Cost $19,756,479)
	COMMERCIAL MORTGAGE-BACKED SECURITIES – 14.1%
	1,000,000	Banc of America Merrill Lynch Commercial
		Mortgage, Inc.		5.60%		07/10/46		1,015,918
	381,923	Bear Stearns Commercial Mortgage Securities		4.98%		02/11/41		394,249
	350,000	Bear Stearns Commercial Mortgage Securities		5.74%		06/11/50		365,939
	500,000	Citigroup/Deutsche Bank Commercial Mortgage
		Trust ⁽²⁾		5.39%		07/15/44		504,376
	185,069	Commercial Mortgage Pass Through Certificates ⁽²⁾		5.23%		07/10/37		189,610
	252,734	Commercial Mortgage Pass Through Certificates ⁽²⁾		5.90%		06/10/46		257,376
	31,627	Credit Suisse First Boston Mortgage Securities Corp.		4.67%		03/15/36		31,721
	465,224	Credit Suisse First Boston Mortgage Securities Corp.		5.18%		11/15/36		465,563
	900,642	Credit Suisse Mortgage Capital Certificates		5.44%		09/15/39		912,968
	511,975	CW Capital Cobalt Ltd.		5.42%		04/15/47		516,148
	617,880	GMAC Commercial Mortgage Securities, Inc.		4.78%		03/10/38		630,342
	478,425	Greenwich Capital Commercial Funding Corp.		4.57%		08/10/42		484,153
	833,518	GS Mortgage Securities Corp. II ⁽²⁾		5.28%		08/10/38		849,167
	942,017	GS Mortgage Securities Corp. II ⁽²⁾		5.78%		08/10/45		949,770
	527,151	JP Morgan Chase Commercial Mortgage Securities
		Corp. ⁽²⁾		5.49%		12/12/44		541,181
	1,478,584	JP Morgan Chase Commercial Mortgage Securities
		Corp.		5.58%		05/12/45		1,511,468
	514,926	JP Morgan Chase Commercial Mortgage Securities
		Corp.		4.63%		03/15/46		519,316
	764,332	LB-UBS Commercial Mortgage Trust ⁽²⁾		4.56%		09/15/27		767,053
	818,169	Merrill Lynch Mortgage Trust ⁽²⁾		5.80%		05/12/39		837,314
	238,632	Merrill Lynch/Countrywide Commercial Mortgage
		Trust ⁽²⁾		5.63%		02/12/39		247,525
	1,400,000	Merrill Lynch/Countrywide Commercial Mortgage
		Trust		5.36%		08/12/48		1,426,881
	900,000	Merrill Lynch/Countrywide Commercial Mortgage
		Trust ⁽²⁾		5.90%		08/12/49		951,285
	316,588	Merrill Lynch/Countrywide Commercial Mortgage
		Trust ⁽²⁾		6.13%		08/12/49		330,306
	141,496	Morgan Stanley Capital I		4.88%		08/13/42		141,949
	838,926	Morgan Stanley Capital I ⁽²⁾		5.60%		03/12/44		854,623
	745,000	Morgan Stanley Capital I		5.71%		07/12/44		757,378

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate		Maturity		Fair Value

	COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
	$ 356,000	Nomura Asset Securities Corp. (2)		7.33%		03/15/30	$	363,481
	822,812	Wachovia Bank Commercial Mortgage Trust		5.73%		07/15/45		827,348

		Total Commercial Mortgage-Backed Securities						17,644,408

		(Cost $17,710,277)
	ASSET-BACKED SECURITIES – 16.1%
	1,300,000	Ally Auto Receivables Trust		0.85%		08/15/16		1,303,954
	375,000	American Express Credit Account Master Trust (2)		0.51%		03/16/15		374,975
	750,000	AmeriCredit Automobile Receivables Trust		0.91%		10/08/15		751,642
	625,000	AmeriCredit Prime Automobile Receivables Trust		3.76%		07/15/15		641,416
	400,000	AmeriCredit Prime Automobile Receivables Trust		4.99%		07/17/17		412,483
	515,673	Atlantic City Electric Transition Funding LLC		4.91%		07/20/17		546,293
	450,000	Chase Issuance Trust		5.40%		07/15/15		473,000
	394,985	CIT Marine Trust		6.25%		11/15/19		404,060
	450,000	CNH Equipment Trust		0.94%		05/15/17		451,387
	800,000	Discover Card Master Trust (2)		0.81%		06/15/15		801,152
	750,000	Discover Card Master Trust I (2)		0.57%		06/16/15		749,362
	362,743	Entergy Texas Restoration Funding LLC		2.12%		02/01/16		369,766
	308,402	Ford Credit Auto Owner Trust		4.43%		11/15/14		315,861
	650,000	Ford Credit Auto Owner Trust		1.58%		09/15/15		658,660
	1,350,000	Ford Credit Floorplan Master Owner Trust		1.50%		09/15/15		1,362,542
	1,000,000	Ford Credit Floorplan Master Owner Trust		2.12%		02/15/16		1,020,651
	850,000	GE Capital Credit Card Master Note Trust (2)		1.09%		09/15/16		852,388
	450,000	GE Capital Credit Card Master Note Trust		1.51%		06/15/18		449,919
	600,000	GE Dealer Floorplan Master Note Trust (2)		0.84%		07/20/16		602,482
	345,000	GE Equipment Midticket LLC		5.67%		11/16/20		353,452
	400,000	GE Equipment Transportation LLC		0.99%		11/23/15		400,896
	250,000	GE Equipment Transportation LLC		1.33%		05/20/19		251,202
	750,000	MBNA Credit Card Master Note Trust		4.45%		08/15/16		792,736
	750,000	Mercedes-Benz Auto Lease Trust		0.88%		11/17/14		753,926
	600,000	Nissan Auto Lease Trust		0.98%		05/15/15		602,619
	750,000	PSE&G Transition Funding LLC		6.75%		06/15/16		821,700
	1,415,000	World Financial Network Credit Card Master Trust		4.66%		05/15/17		1,469,992
	750,000	World Omni Auto Receivables Trust		2.21%		05/15/15		760,663
	360,000	World Omni Auto Receivables Trust		2.48%		12/15/17		369,968
	515,000	World Omni Automobile Lease Securitization Trust		1.06%		11/15/17		515,611
	575,000	World Omni Automobile Lease Securitization Trust		1.49%		02/15/18		575,675

		Total Asset-Backed Securities						20,210,433

		(Cost $20,194,603)
	AGENCY OBLIGATIONS – 24.2%
	1,500,000	Federal Farm Credit Bank (3)		1.88%		12/07/12		1,510,926
	520,000	Federal Farm Credit Bank (3)		1.75%		02/21/13		524,528
	1,250,000	Federal Home Loan Bank (3)		0.24%		04/16/13		1,249,803

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate		Maturity		Fair Value
	AGENCY OBLIGATIONS (continued)
	$ 750,000	Federal Home Loan Bank (3)		0.37%		05/03/13	$	750,688
	1,500,000	Federal Home Loan Mortgage Corp (3)		1.63%		04/15/13		1,516,067
	1,000,000	Federal Home Loan Mortgage Corp. (3)		1.72%		04/11/13		1,011,295
	1,200,000	Federal Home Loan Mortgage Corp. (3)		0.38%		11/27/13		1,200,931
	930,129	Federal Home Loan Mortgage Corp. (3)		5.00%		09/01/18		994,769
	1,300,000	Federal National Mortgage Association (3)		1.75%		02/22/13		1,312,021
	1,200,000	Federal National Mortgage Association (3)		2.50%		05/15/14		1,247,628
	925,000	Federal National Mortgage Association (3)		0.70%		03/26/15		928,190
	1,000,000	Federal National Mortgage Association (3)		0.70%		04/30/15		999,848
	819,792	Federal National Mortgage Association (3)		4.00%		07/01/18		878,255
	1,542,101	Federal National Mortgage Association, CMO (3)		6.00%		01/25/29		1,593,308
	821,087	Federal National Mortgage Association, CMO (3)		5.50%		05/25/32		831,659
	955,591	Government National Mortgage Association		5.85%		07/20/58		1,027,157
	1,015,242	Government National Mortgage Association		5.46%		07/20/59		1,118,803
	1,052,216	Government National Mortgage Association		5.46%		07/20/59		1,153,606
	1,062,657	Government National Mortgage Association		5.46%		08/20/59		1,165,582
	553,378	Government National Mortgage Association		5.47%		08/20/59		605,808
	1,145,989	Government National Mortgage Association		5.47%		08/20/59		1,254,998
	1,376,693	Government National Mortgage Association		5.59%		11/20/59		1,520,221
	321,136	Government National Mortgage Association		5.72%		06/20/61		355,721
	1,071,414	Government National Mortgage Association (2)		0.78%		12/20/61		1,085,142
	1,700,899	Government National Mortgage Association (2)		1.13%		02/20/62		1,729,027
	650,000	Small Business Administration (2)(3)		2.83%		06/25/22		696,313
	700,000	Small Business Administration (2)(3)		3.58%		08/25/22		767,375
	1,250,000	Small Business Administration (2)(3)		3.58%		12/25/23		1,376,563

		Total Agency Obligations						30,406,232

		(Cost $30,398,473)
	CORPORATE BONDS – 28.7%
	BANKS – 9.0%
	750,000	Bank of America Corp. (2)		1.89%		01/30/14		742,166
	725,000	Bank of New York Mellon Corp. (The) (2)		0.74%		07/28/14		725,790
	1,145,000	Citigroup, Inc.		5.50%		04/11/13		1,177,377
	1,000,000	Credit Suisse, New York		5.00%		05/15/13		1,031,224
	500,000	Goldman Sachs Group, Inc. (The)		5.45%		11/01/12		507,251
	1,000,000	JPMorgan Chase & Co.		4.75%		05/01/13		1,031,011
	825,000	Morgan Stanley (2)		0.77%		01/09/14		784,615
	310,000	Northern Trust Corp.		5.50%		08/15/13		326,523
	1,000,000	PNC Funding Corp (2)		0.67%		01/31/14		995,212
	985,000	Toronto-Dominion Bank (The)		1.38%		07/14/14		997,229
	650,000	US Bancorp		2.00%		06/14/13		659,360
	500,000	US Bancorp		1.38%		09/13/13		504,249
	365,000	US Bancorp		4.20%		05/15/14		388,465

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate		Maturity		Fair Value
	CORPORATE BONDS (continued)
	$ 500,000	Wachovia Corp.		5.50%		05/01/13	$	519,540
	500,000	Wells Fargo & Co.		4.38%		01/31/13		510,964
	425,000	Westpac Banking Corp.		1.85%		12/09/13		429,189

								11,330,165

	BEVERAGES – 1.6%
	945,000	Anheuser-Busch InBev Worldwide, Inc.		2.50%		03/26/13		958,201
	1,000,000	Diageo Finance BV		5.50%		04/01/13		1,036,612

								1,994,813

	CHEMICALS – 0.2%
	250,000	Dow Chemical Co. (The)		6.00%		10/01/12		253,021

								253,021

	COMPUTERS – 1.2%
	500,000	Hewlett-Packard Co.		4.50%		03/01/13		511,114
	1,000,000	International Business Machines Corp.		1.00%		08/05/13		1,005,763

								1,516,877

	DIVERSIFIED FINANCIAL SERVICES – 4.5%
	635,000	American Express Credit Corp.		7.30%		08/20/13		678,917
	1,000,000	Caterpillar Financial Services Corp. (2)		0.76%		04/01/14		1,003,464
	385,000	General Electric Capital Corp. (2)		0.59%		12/20/13		382,074
	800,000	HSBC Finance Corp.		6.38%		11/27/12		816,928
	560,000	John Deere Capital Corp.		4.95%		12/17/12		571,617
	500,000	National Rural Utilities Cooperative Finance Corp.		5.50%		07/01/13		524,687
	500,000	NYSE Euronext		4.80%		06/28/13		519,845
	700,000	Toyota Motor Credit Corp.		1.90%		12/05/12		704,513
	500,000	Toyota Motor Credit Corp.		1.38%		08/12/13		504,164

								5,706,209

	ELECTRIC – 1.3%
	500,000	Dominion Resources, Inc.		5.70%		09/17/12		505,115
	750,000	Duke Energy Corp.		6.30%		02/01/14		811,649
	295,000	Public Service Co. of Colorado		7.88%		10/01/12		300,182

								1,616,946

	INSURANCE – 0.4%
	500,000	Prudential Financial, Inc.		3.63%		09/17/12		502,889

								502,889

	MEDIA – 1.1%
	800,000	Comcast Cable Communications Holdings, Inc.		8.38%		03/15/13		843,226

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Continued)


Par Value			Interest Rate			Maturity		Fair Value
	CORPORATE BONDS (continued)
	$ 500,000	Time Warner Cable, Inc.		7.50	%		04/01/14	$	554,346

									1,397,572

	MINING – 0.4%
	499,000	Rio Tinto Alcan, Inc.		4.50	%		05/15/13		513,674

									513,674

	MULTI-NATIONAL – 2.0%
	2,500,000	International Bank For Reconstruction &
		Development		0.50	%		03/26/14		2,505,668

									2,505,668

	OFFICE ELECTRONICS – 0.8%
	850,000	Xerox Corp.		8.25	%		05/15/14		947,775

									947,775

	OIL & GAS – 1.6%
	1,000,000	Apache Corp.		5.25	%		04/15/13		1,035,491
	987,000	ConocoPhillips		4.75	%		10/15/12		998,017

									2,033,508

	PHARMACEUTICALS – 2.1%
	1,000,000	GlaxoSmithKline Capital, Inc.		4.85	%		05/15/13		1,038,131
	500,000	Novartis Capital Corp.		1.90	%		04/24/13		506,229
	1,000,000	Wyeth LLC		5.50	%		03/15/13		1,035,519

									2,579,879

	PIPELINES – 0.3%
	350,000	Enterprise Products Operating LLC		4.60	%		08/01/12		351,014

									351,014

	RETAIL – 0.9%
	1,000,000	Home Depot, Inc. (The)		5.25	%		12/16/13		1,066,660

									1,066,660

	TELECOMMUNICATION SERVICES – 1.3%
	360,000	Alltel Corp.		6.50	%		11/01/13		385,857
	400,000	Cisco Systems, Inc.		1.63	%		03/14/14		407,597
	800,000	Verizon Communications, Inc.		4.35	%		02/15/13		818,522

									1,611,976

		Total Corporate Bonds							35,928,646

		(Cost $35,941,722)

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

(Unaudited)

Schedule of Investments

June 30, 2012

(Concluded)


Shares		Fair Value
REGISTERED INVESTMENT COMPANY – 1.7%
2,177,914	Dreyfus Treasury & Agency Cash Management Fund	$	2,177,914

	Total Registered Investment Company		2,177,914

	(Cost $2,177,914)
	Total Investments – 100.5%		126,067,572
	(Cost $126,179,468) *
	Liabilities in excess of Other Assets – (0.5%)		(645,555	)

	Net Assets – 100.0%	$	125,422,017

	Net Asset Value	$	9.98

*	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	$	126,179,468

Unrealized appreciation		156,517
Unrealized depreciation		(268,413	)

Net unrealized depreciation	$	(111,896	)

(1)	Rate disclosed represents the discount rate at the time of purchase.

(2)	Variable or floating rate security. Rate disclosed is as of June 30, 2012.

(3)	These obligations of U.S. Government sponsored entities are not issued or guaranteed by the U.S. Treasury.

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Assets and Liabilities

(Unaudited)

June 30, 2012


	Government/ REPO Portfolio		Money Market Portfolio
ASSETS
Investments, at amortized cost, which approximates fair value	$	—	$	703,400,192
Repurchase agreements, at amortized cost, which approximates fair value		125,156,000		270,182,000
Cash		340		260
Accrued interest receivable		1,389		361,062
Other assets		5,158		39,959

Total Assets		125,162,887		973,983,473


LIABILITIES
Dividends payable		170		24,766
Accrued expenses payable
Investment advisory fees (Note 4)		3,412		76,815
Administration fees (Note 4)		1,393		30,799
Custodian fees (Note 4)		15,402		42,798
Transfer agent fees (Note 4)		859		3,011
Other liabilities		22,932		119,608

Total Liabilities		44,168		297,797


NET ASSETS	$	125,118,719	$	973,685,676


NET ASSETS CONSIST OF:
Paid-in Capital	$	125,118,719	$	973,671,663
Accumulated net realized gain on securities sold		—		14,013


TOTAL NET ASSETS	$	125,118,719	$	973,685,676

Total Participation Certificates (PCs) outstanding (3 billion authorized for each Portfolio, $0.001 Par Value)		125,118,719		973,671,663

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, 2012


	Ultrashort Duration Government Portfolio			Ultrashort Duration Bond Portfolio
ASSETS
Investments, at fair value *	$	71,170,641		$	126,067,572
Accrued interest receivable		169,922			510,959
Receivable due from administrator (Note 4)		4,425			—
Other assets		1,658			3,524

Total Assets		71,346,646			126,582,055

LIABILITIES
Dividends payable		18,967			2,552
Payable for securities purchased		1,221,297			1,098,503
Accrued expenses payable
Investment advisory fees (Note 4)		8,610			15,591
Administration fees (Note 4)		—			6,677
Custodian fees (Note 4)		3,375			4,755
Transfer agent fees (Note 4)		7,270			6,259
Other liabilities		33,359			25,701

Total Liabilities		1,292,878			1,160,038

NET ASSETS	$	70,053,768		$	125,422,017

NET ASSETS CONSIST OF:
Paid-in Capital	$	70,084,916		$	125,544,802
Accumulated undistributed net investment loss		(28,314	)		(21,136	)
Accumulated net realized gain on securities sold		11,852			10,247
Net unrealized depreciation on securities		(14,686	)		(111,896	)

TOTAL NET ASSETS	$	70,053,768		$	125,422,017

Total Participation Certificates (PCs) outstanding (3 billion authorized for each Portfolio, $0.001 Par Value)		7,007,242			12,571,258

Net Asset Value Per PC (net assets/PCs outstanding)	$	10.00		$	9.98

* Investments and repurchase agreements, at cost	$	71,185,327		$	126,179,468

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Operations

(Unaudited)

Six Months Ended June 30, 2012


	Government/REPO Portfolio			Money Market Portfolio
INTEREST INCOME	$	105,386		$	1,422,856


EXPENSES
Investment advisory fees (Note 4)		129,764			696,927
Administration fees (Note 4)		32,441			243,163
Custodian fees (Note 4)		8,712			49,225
Audit and tax fees		6,368			28,937
Legal fees		6,052			16,204
Insurance expense		1,179			13,885
Transfer agent fees (Note 4)		1,125			5,806
Fund compliance fees		25			17,705
Trustee expense		—			6,790
Miscellaneous		8,564			24,595

Total Expenses		194,230			1,103,237
Less fees waived (Note 4)		(133,641	)		(252,163	)

Net Expenses		60,589			851,074


NET INVESTMENT INCOME		44,797			571,782

NET REALIZED GAIN/(LOSS) ON SECURITIES SOLD		—			12,915


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	44,797		$	584,697

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Statements of Operations

(Unaudited)

Period Ended June 30, 2012


	Ultrashort Duration Government Portfolio*			Ultrashort Duration Bond Portfolio**
INTEREST INCOME	$	176,191		$	348,378


EXPENSES
Investment advisory fees (Note 4)		29,642			58,758
Administration fees (Note 4)		7,410			14,690
Custodian fees (Note 4)		3,375			4,755
Insurance expense		16			34
Audit and tax fees		5,603			5,751
Fund compliance fees		22			39
Transfer agent fees (Note 4)		17,890			17,614
Legal fees		9,805			10,070
Trustee expense		1,100			1,115
Accounting fees (Note 4)		19,488			19,656
Miscellaneous		10,693			10,850

Total Expenses		105,044			143,332
Less fees waived (Note 4)		(45,761	)		(25,815	)

Net Expenses		59,283			117,517


NET INVESTMENT INCOME		116,908			230,861

NET REALIZED GAIN ON SECURITIES SOLD		11,852			10,247

NET CHANGE IN UNREALIZED DEPRECIATION ON SECURITIES		(14,686	)		(111,896	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	114,074		$	129,212

*	Ultrashort Duration Government Portfolio commenced operations on March 7, 2012.

**	Ultrashort Duration Bond Portfolio commenced operations on March 6, 2012.

See accompanying notes to financial statements.

Government/REPO Portfolio

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	44,797		$	26,672

Net increase in net assets resulting from operations		44,797			26,672

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0004 and $0.0003 per PC, respectively		(44,797	)		(26,672	)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs		29,351,044			251,616,824
Reinvestment of dividends		45,029			26,762
Cost of PCs repurchased		(81,607,000	)		(198,491,379	)

Net increase/(decrease) in net assets resulting from capital transactions		(52,210,927	)		53,152,207

Total increase/(decrease) in net assets		(52,210,927	)		53,152,207

NET ASSETS:
Beginning of period		177,329,646			124,177,439

End of period	$	125,118,719		$	177,329,646

Accumulated undistributed net investment income	$	—		$	—

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold		29,351,044			251,616,824
Reinvestments of dividends		45,029			26,762
PCs repurchased		(81,607,000	)		(198,491,379	)

Net increase (decrease) in PCs outstanding		(52,210,927	)		53,152,207

See accompanying notes to financial statements.

Money Market Portfolio

Statements of Changes in Net Assets


	For the Six Months Ended June 30, 2012 (Unaudited)			Year Ended December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:

OPERATIONS:
Net investment income	$	571,782		$	1,054,185
Net realized gain on securities sold		12,915			32,445

Net increase in net assets resulting from operations		584,697			1,086,630


DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0006 and $0.0009 per PC, respectively		(585,404	)		(1,098,397	)


CAPITAL TRANSACTIONS:
Proceeds from sale of PCs		2,321,227,918			8,079,529,588
Reinvestment of dividends		484,764			794,658
Cost of PCs repurchased		(2,318,741,122	)		(8,244,325,563	)


Net increase/(decrease) in net assets resulting from capital transactions		2,971,560			(164,001,317	)


Total increase/(decrease) in net assets		2,970,853			(164,013,084	)


NET ASSETS:
Beginning of period		970,714,823			1,134,727,907

End of period	$	973,685,676		$	970,714,823


Accumulated undistributed net investment income	$	—		$	—


OTHER INFORMATION:

SUMMARY OF PC TRANSACTIONS:
PCs sold		2,321,227,918			8,079,529,588
Reinvestments of dividends		484,764			794,658
PCs repurchased		(2,318,741,122	)		(8,244,325,563	)


Net increase (decrease) in PCs outstanding		2,971,560			(164,001,317	)

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

Statements of Changes in Net Assets


	For the Period Ended June 30, 2012 (Unaudited)*
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	116,908
Net realized gain on securities sold		11,852
Net change in unrealized depreciation on securities		(14,686	)

Net increase in net assets resulting from operations		114,074


DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:
From net investment income $0.0271 per PC		(145,222	)


CAPITAL TRANSACTIONS:
Proceeds from sale of PCs		70,000,000
Reinvestment of dividends		84,916

Net increase in net assets resulting from capital transactions		70,084,916

Total increase in net assets		70,053,768


NET ASSETS:
Beginning of period		—

End of period	$	70,053,768

Accumulated undistributed net investment loss	$	(28,314	)


OTHER INFORMATION:

SUMMARY OF PC TRANSACTIONS:
PCs sold		6,998,751
Reinvestments of dividends		8,491

Net increase in PCs outstanding		7,007,242

*	Ultrashort Duration Government Portfolio commenced operations on March 7, 2012.

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

Statements of Changes in Net Assets


	For the Period Ended June 30, 2012 (Unaudited)*
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income	$	230,861
Net realized gain on securities sold		10,247
Net change in unrealized depreciation on securities		(111,896	)

Net increase in net assets resulting from operations		129,212

DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION
CERTIFICATE (PC) HOLDERS:
From net investment income $0.0249 per PC		(251,997	)

CAPITAL TRANSACTIONS:
Proceeds from sale of PCs		127,000,000
Reinvestment of dividends		244,802
Cost of PCs repurchased		(1,700,000	)

Net increase in net assets resulting from capital transactions		125,544,802

Total increase in net assets		125,422,017

NET ASSETS:
Beginning of period		—

End of period	$	125,422,017

Accumulated undistributed net investment loss	$	(21,136	)

OTHER INFORMATION:
SUMMARY OF PC TRANSACTIONS:
PCs sold		12,717,077
Reinvestments of dividends		24,522
PCs repurchased		(170,341	)

Net increase in PCs outstanding		12,571,258

*	Ultrashort Duration Bond Portfolio commenced operations on March 6, 2012.

See accompanying notes to financial statements.

Government/REPO Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period


	Six Months Ended 06/30/12 (Unaudited)			Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00


Income From Investment Operations:
Net Investment Income		0.0004			0.0003			0.001			0.001			0.020			0.050
Net Realized Gain (Loss) on Investments		—			—			—			—			—			—

Total Income From Investment
Operations		0.0004			0.0003			0.001			0.001			0.020			0.050


Less Dividends and Distributions:
Dividends to PC holders from
Net Investment Income		(0.0004	)		(0.0003	)		(0.001	)		(0.001	)		(0.020	)		(0.050	)

Total Dividends and Distributions		(0.0004	)		(0.0003	)		(0.001	)		(0.001	)		(0.020	)		(0.050	)

Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Return*		0.04	%		0.03	%		0.09	%		0.07	%		1.92	%		5.15	%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	125,119		$	177,330		$	124,177		$	181,926		$	443,571		$	415,405
Ratio of Net Expenses to Average Net Assets (1)		0.09	%**		0.08	%		0.10	%		0.12	%(3)		0.11	%(3)		0.10	%
Ratio of Net Investment Income to Average Net Assets (2)		0.07	%**		0.03	%		0.09	%		0.08	%		1.84	%		5.09	%

^*	Not Annualized.

^**	Annualized.

⁽¹⁾

Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average daily net assets would have been 0.30% annualized for the six months ended June 30, 2012 and 0.30%, 0.30%, 0.29%, 0.25% and 0.22% for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.

⁽²⁾

Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average daily net assets would have been (0.14)% annualized for the six months ended June 30, 2012 and (0.20)%, (0.11)%, (0.09)%, 1.70% and 4.97% for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.

⁽³⁾	The effect of participating in the Treasury Guarantee Program on expenses for the years ended December 31, 2009 and 2008 was 0.03% and 0.01%, respectively.

See accompanying notes to financial statements.

Money Market Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period


	Six Months Ended 06/30/12 (Unaudited)			Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Income From Investment Operations:
Net Investment Income		0.001			0.001			0.002			0.005			0.030			0.050
Net Realized Gain (Loss) on
Investments ⁽¹⁾		—			—			—			—			—			—

Total Income From Investment
Operations		0.001			0.001			0.002			0.005			0.030			0.050


Less Dividends and Distributions:
Dividends to PC holders from
Net Investment Income		(0.001	)		(0.001	)		(0.002	)		(0.005	)		(0.030	)		(0.050	)

Total Dividends and Distributions		(0.001	)		(0.001	)		(0.002	)		(0.005	)		(0.030	)		(0.050	)

Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Return*		0.06	%		0.09	%		0.15	%		0.46	%		2.67	%		5.12	%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	973,686		$	970,715		$	1,134,728		$	1,136,929		$	1,215,820		$	461,251
Ratio of Net Expenses to
Average Net Assets ⁽²⁾		0.17	%**		0.17	%		0.17	%		0.19	%⁽⁴⁾		0.20	%⁽⁴⁾		0.23	%
Ratio of Net Investment Income to Average Net Assets ⁽³⁾		0.12	%**		0.09	%		0.13	%		0.47	%		2.56	%		4.84	%

*	Not Annualized.

**	Annualized.

⁽¹⁾	Less than $0.001 per share.

⁽²⁾

Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average daily net assets would have been 0.23% annualized for the six months ended June 30, 2012 and 0.22%, 0.22%, 0.23%, 0.23% and 0.25% for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.

⁽³⁾

Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average daily net assets would have been 0.07% annualized for the six months ended June 30, 2012 and 0.03%, 0.08%, 0.43%, 2.53% and 4.82% for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively.

⁽⁴⁾	The effect of participating in the Treasury Guarantee Program on expenses for the years ended December 31, 2009 and 2008 was 0.02% and 0.01%, respectively.

See accompanying notes to financial statements.

Ultrashort Duration Government Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period


	For the Period March 7, 2012* to June 30, 2012 (Unaudited)
Net Asset Value, Beginning of Period	$	10.00


Income From Investment Operations:
Net Investment Income		0.025	(1)
Net Realized and Unrealized Gain (Loss) on Investments		0.002

Total Income From Investment Operations		0.027


Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income		(0.027	)

Total Dividends and Distributions		(0.027	)

Net Asset Value, End of Period	$	10.00

Total Return**		0.27	%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	70,054
Ratio of Net Expenses to Average Net Assets (2)		0.40	%***
Ratio of Net Investment Income to Average Net Assets (3)		0.79	%***
Portfolio turnover rate		15.93	%

^*	Commencement of operations.

^**	Not Annualized.

^***	Annualized.

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

⁽²⁾	Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average daily net assets would have been 0.71% annualized for the period ended June 30, 2012.

⁽³⁾	Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average daily net assets would have been 0.48% annualized for the period ended June 30, 2012.

See accompanying notes to financial statements.

Ultrashort Duration Bond Portfolio

Financial Highlights

For a Participation Certificate (PC) Outstanding Throughout Each Period


	For the Period March 6, 2012* to June 30, 2012 (Unaudited)
Net Asset Value, Beginning of Period	$	10.00


Income From Investment Operations:
Net Investment Income		0.025	(1)
Net Realized and Unrealized Gain (Loss) on Investments		(0.020	)

Total Income From Investment Operations		0.005


Less Dividends and Distributions:
Dividends to PC holders from Net Investment Income		(0.025	)

Total Dividends and Distributions		(0.025	)

Net Asset Value, End of Period	$	9.98

Total Return**		0.05	%

Ratios/Supplemental Data:
Net Assets, End of Period (000)	$	125,422
Ratio of Net Expenses to Average Net Assets (2)		0.40	%***
Ratio of Net Investment Income to Average Net Assets (3)		0.79	%***
Portfolio turnover rate		12.25	%

^*	Commencement of operations.

^**	Not Annualized.

^***	Annualized.

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

⁽²⁾	Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average daily net assets would have been 0.49% annualized for the period ended June 30, 2012.

⁽³⁾	Without the waiver of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average daily net assets would have been 0.70% annualized for the period ended June 30, 2012.

See accompanying notes to financial statements.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2012

Note 1. Organization

Plan Investment Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end registered investment company. The Fund consists of four separate portfolios: the Government/REPO Portfolio, the Money Market Portfolio, the Ultrashort Duration Government Portfolio and the Ultrashort Duration Bond Portfolio (the “Portfolio(s)”).

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. This Portfolio commenced operations on March 7, 2012.

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. This Portfolio commenced operations on March 6, 2012.

Note 2. Significant Accounting Policies

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.

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 12 Noon (Eastern Time) and as of 4:00 p.m. (Eastern Time). This is only done on business days on which purchase orders or redemption orders are placed for that Portfolio and there is sufficient trading in instruments held in that Portfolio so that its NAV might be affected materially. Pursuant to Rule 2a-7 of the 1940 Act (as amended), securities are valued using the amortized cost method, which approximates fair value. Under this method, securities are valued at cost when purchased and thereafter a constant proportionate amortization of any discount or premium is recorded until effective maturity or sale of the security.

Securities Transactions and Investment Income: Securities 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 over the estimated lives of the respective securities.

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 monthly. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2012

(Continued)

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. All distributions paid by the Portfolios for the period January 1, 2012 through June 30, 2012 were from ordinary income for U.S. income tax purposes.

In order to present net assets that more closely represent their tax character, certain reclassifications are made to the net asset components. For the six months ended June 30, 2012, the Money Market Portfolio distributed $13,622 in undistributed net realized short term gains, as of December 31, 2011. Current realized gains are being distributed to shareholders as net investment income. Dividends paid from net investment income and short-term capital gains are treated as ordinary income distributions for federal tax purposes.

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. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. 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.

Repurchase Agreements: Each Portfolio may purchase money market instruments from 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 or an authorized securities depository. All repurchase agreements held as of June 30, 2012 were entered into on June 29, 2012.

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, prepay- ment 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, 2012

(Continued)

Securities held within the Government/REPO Portfolio and the Money Market Portfolio are valued at amortized cost, in accordance with rules 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 with remaining maturities of greater than sixty days 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. If the remaining maturities of the fixed-income securities and repurchase agreements is sixty days or less the amortized cost is used as it represents fair value. A summary of the inputs used to value the Portfolios’ net assets as of June 30, 2012 is as follows:


	Total Fair Value at June 30, 2012		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Government/REPO Portfolio
Investments in Securities*	$	125,156,000	$	—	$	125,156,000	$	—

Money Market Portfolio
Investments in Securities*	$	973,582,192	$	—	$	973,582,192	$	—

Ultrashort Duration Government Portfolio
U.S. Treasury Obligations	$	26,297,905	$	—	$	26,297,905	$	—
Agency Obligations		43,584,834		—		43,584,834		—
Registered Investment Company		1,287,902		1,287,902		—		—

	$	71,170,641	$	1,287,902	$	69,882,739	$	—

Ultrashort Duration Bond Portfolio
U.S. Treasury Obligations	$	19,699,939	$	—	$	19,699,939	$	—
Commercial Mortgage-Backed Securities		17,644,408		—		17,644,408		—
Asset-Backed Securities		20,210,433		—		20,210,433		—
Agency Obligations		30,406,232		—		30,406,232		—
Corporate Bonds		35,928,646		—		35,928,646		—
Registered Investment Company		2,177,914		2,177,914		—		—

	$	126,067,572	$	2,177,914	$	123,889,658	$	—

* 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, 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 market 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, 2012, there were no transfers between Levels 1, 2 and 3 for the Portfolios.

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, 2012

(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:

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. BlackRock, Inc. is an affiliate of The PNC Financial Services Group, 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.

BCS Financial Services Corporation (“BCSFSC”), a related party of the Fund, 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 BCSFSC are also officers of the Fund. All officers serve without compensation from the Fund. As compensation for its services, each Portfolio pays BCSFSC a 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.

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 BCSFSC 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 for those assets up to $1 billion, 16.0 basis points for those assets between $1 billion and $2 billion, and 15.5 basis points for those assets above $2 billion. BCSFSC has agreed to waive one basis point of its contractual fees relating to the Money Market Portfolio. BCSFSC and BALLC cannot terminate such fee waivers prior to May 1, 2013 without the consent of the Board of Trustees of the Fund. The Fund expects to be able to continue some or all of such fee waivers beyond May 1, 2013 but it cannot be assured that BALLC or BCSFSC will agree to such continuance.

For the Government/REPO Portfolio and the Money Market Portfolio, BCSFSC 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%, BCSFSC 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% . BCSFSC 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%, BCSFSC 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 BCSFSC 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 BCSFSC 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 BCSFSC fee waiver, the portfolio yield for such day would be less than 0.01%, BALLC shall waive all of its fees for such day. BCSFSC and BALLC cannot terminate such fee waivers prior to May 1, 2013 without the consent of the Board of Trustees of the Fund.

Merganser Capital Management, Inc. (“Merganser”), serves as the Ultrashort Duration Government and Ultrashort Duration Bond Portfolios’ investment advisor. As compensation for its services the Portfolios pay Merganser a fee, computed daily and paid monthly based on the average aggregate net assets in the 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.

BCSFSC 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 Portfolio’s average daily net assets for the year. Merganser has agreed to waive fees otherwise payable to it by the Fund with respect to 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 $100 million, and 0.10% of amounts in excess of $500 million. BCSFSC and Merganser cannot terminate such fee waivers prior to May 31, 2013 without the consent of the Board of Trustees of the Fund.

Plan Investment Fund, Inc.

Notes to Financial Statements

(Unaudited)

June 30, 2012

(Concluded)

As a result of the foregoing waivers, for the six months ended June 30, 2012, BCSFSC waived $25,691, $48,632, $38,351 and $11,125 which BCSFSC was entitled to as the fees for its services as administrator for the Government/REPO Portfolio, Money Market Portfolio, Ultrashort Duration Government Portfolio and Ultrashort Duration Bond Portfolio, respectively. BALLC waived $107,950 and $203,531 of advisory fees payable by the Government/REPO Portfolio and Money Market Portfolio, respectively, for the six months ended June 30, 2012. Merganser waived $7,410 and $14,690 of advisory fees payable by the Ultrashort Duration Government Portfolio and Ultrashort Duration Bond Portfolio, respectively, for the six months ended June 30, 2012.

The Bank of New York Mellon (the “Custodian”) acts as custodian of the Fund’s assets and BNY Mellon Investment Servicing (US) Inc. (“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.

Note 5. Uncertain Tax Positions

Management has analyzed the Portfolios’ tax positions taken on federal and state income tax returns for all open tax years (2008 through 2011), and has concluded that no provision for federal income tax is required in the Portfolios’ financial statements. The Portfolios’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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, 2012 were as follows:


	Aggregate Purchases				Proceeds From Sales
Fund	U.S. Government		Other		U.S. Government		Other
Ultrashort Duration Government Portfolio	$	53,127,248	$	3,030,559	$	5,635,152	$	38,759
Ultrashort Duration Bond Portfolio		117,972,706		4,150,151		10,777,016		97,333

Note 7. Significant Risks

Mortgage-Related and Other Asset-Backed Securities Risk — Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

Note 8. New Accounting Pronouncement

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

Note 9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events.

Plan Investment Fund, Inc.

Fund Expense Examples

(Unaudited)

June 30, 2012

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, 2012.

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, 2012” 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


	Beginning Account Value January 1, 2012		Ending Account Value June 30, 2012		Expenses Paid During Six Months Ended June 30, 2012*
Actual	$	1,000.00	$	1,000.35	$	0.45

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42	$	0.45

Expenses are equal to the Portfolio’s annualized expense ratio of 0.09%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

Money Market Portfolio


	Beginning Account Value January 1, 2012		Ending Account Value June 30, 2012		Expenses Paid During Six Months Ended June 30, 2012*
Actual	$	1,000.00	$	1,000.60	$	0.85

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.02	$	0.86

Expenses are equal to the Portfolio’s annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

Plan Investment Fund, Inc.

Fund Expense Examples

(Unaudited)

June 30, 2012

(Concluded)

Ultrashort Duration Government Portfolio


	Beginning Account Value March 7, 2012*		Ending Account Value June 30, 2012		Expenses Paid During Period Ended June 30, 2012
Actual**	$	1,000.00	$	1,002.71	$	1.25

Hypothetical (5% return before expenses)***	$	1,000.00	$	1,022.87	$	2.01

The Portfolio commenced operations on March 7, 2012. Beginning account value for the Hypothetical Example is January 1, 2012.

Expenses are equal to the Portfolio’s annualized expense ratio for the period March 7, 2012 (commencement of operations) to June 30, 2012 of 0.40%, multiplied by the average account value over the period, multiplied by 114/366 to reflect the period.

***

Expenses (hypothetical expenses if the Portfolio had been in existence from January 1, 2012) are equal to the Portfolio’s annualized expense ratio of 0.40%, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one-half year period.

Ultrashort Duration Bond Portfolio


	Beginning Account Value March 6, 2012*		Ending Account Value June 30, 2012		Expenses Paid During Period Ended June 30, 2012
Actual**	$	1,000.00	$	1,000.49	$	1.26

Hypothetical (5% return before expenses)***	$	1,000.00	$	1,022.87	$	2.01

The Portfolio commenced operations on March 6, 2012. Beginning account value for the Hypothetical Example is January 1, 2012.

Expenses are equal to an annualized expense ratio for the period March 6, 2012 (commencement of operations) to June 30, 2012 of 0.40%, multiplied by the average account value over the period, multiplied by 115/366 to reflect the period.

***

Plan Investment Fund, Inc.

Fund Profile

(Unaudited)

June 30, 2012

Government/REPO

Portfolio Holdings Summary Table


Security Type	% of Net Assets			Amortized Cost
Short Term Investments:
Repurchase Agreements		100.0	%	$	125,156,000
Liabilities in excess of Other Assets		0.0			(37,281	)

Net Assets		100.0	%	$	125,118,719

Estimated Maturity Information


Maturity Information	Par Value		Percentage of Portfolio
1 - 7 days	$	125,156,000		100.0	%

	$	125,156,000		100.0	%

Average Weighted Maturity - 2 days

Plan Investment Fund, Inc.

Fund Profile

(Unaudited)

June 30, 2012

Money Market Portfolio

Portfolio Holdings Summary Table


Security Type	% of Net Assets			Amortized Cost
Short Term Investments:
Bank Obligations - Yankee Certificates of Deposit		30.6	%	$	297,500,894
Repurchase Agreements		27.7			270,182,000
Commercial Paper - Asset Backed Securities		18.2			177,509,174
Municipal Bonds		8.8			85,275,000
Commercial Paper - Financial Companies		8.5			82,945,267
U.S. Treasury Obligations		6.2			60,169,857


Total Investments in Securities		100.0	%		973,582,192


Other Assets in excess of Liabilities:		0.0			103,484


Net Assets		100.0	%	$	973,685,676

Estimated Maturity Information


Maturity Information	Par Value		Percentage of Portfolio
1 - 7 days	$	487,457,000		50.1	%
8 - 14 days		116,000,000		11.9
15 - 30 days		59,000,000		6.1
31 - 60 days		93,000,000		9.5
61 - 90 days		80,000,000		8.2
91 - 120 days		98,062,000		10.1
121 - 150 days		10,000,000		1.0
Over 150 days		30,000,000		3.1

	$	973,519,000		100.0	%

Average Weighted Maturity - 36 days

Plan Investment Fund, Inc.

Fund Profile

(Unaudited)

June 30, 2012

Ultrashort Duration Government Portfolio

Portfolio Holdings Summary Table


Security Type	% of Net Assets			Fair Value
Agency Obligations		62.2	%	$	43,584,834
U.S. Treasury Obligations		37.6			26,297,905
Registered Investment Company		1.8			1,287,902


Total Investments in Securities		101.6	%		71,170,641


Liabilities in excess of Other Assets:		(1.6	)		(1,116,873	)


Net Assets		100.0	%	$	70,053,768

Ultrashort Duration Bond Portfolio

Portfolio Holdings Summary Table


Security Type	% of Net Assets			Fair Value
Corporate Bonds		28.7	%	$	35,928,646
Agency Obligations		24.2			30,406,232
Asset-Backed Securities		16.1			20,210,433
U.S. Treasury Obligations		15.7			19,699,939
Commercial Mortgage-Backed Securities		14.1			17,644,408
Registered Investment Company		1.7			2,177,914


Total Investments in Securities		100.5	%		126,067,572


Liabilities in excess of Other Assets:		(0.5	)		(645,555	)


Net Assets		100.0	%	$	125,422,017

Plan Investment Fund, Inc.

Approval of Investment Advisory and Service Agreements

(Unaudited)

June 30, 2012

Board of Trustees’ Consideration of the Investment Advisory and Service Agreements. The Investment Advisory and Service Agreements (“Advisory Agreements”) between Plan Investment Fund, Inc. (“PIF”) and BlackRock Advisors, LLC (“BALLC” or “Investment Advisor”), were most recently approved by the Board of Trustees (the “Board” or the “Trustees”) of PIF, including a majority of the Trustees who are not parties to the Advisory Agreements or interested persons (as such term is defined in the Investment Company Act of 1940) of any such party (the “Independent Trustees”), at an in-person meeting of the Board held on April 20, 2012. In determining to approve the Advisory Agreements, the Trustees met with the relevant investment advisory personnel from BALLC and considered all information they deemed reasonably necessary to evaluate the terms of the Advisory Agreements. The Board received materials in advance of the meeting relating to its consideration of the Advisory Agreements for the Government/REPO and Money Market Portfolios the (“Portfolios”), including, among other things: (i) fees and expense ratios of each Portfolio; (ii) information on the investment performance of each Portfolio in comparison to the investment performance of a peer group of funds; (iii) information with respect to profitability of BlackRock, Inc. (“BlackRock”) and PNC Bank-affiliated companies for the years ended December 31, 2011 and 2010; and (iv) information regarding fees paid to service providers that are affiliates of the Investment Advisor. At the November 18, 2011 Board meeting, the Trustees reviewed a report from Lipper, Inc. (“Lipper”), an independent provider of investment company data. The report contained, along with other information, data regarding fees and expense ratios of each Portfolio in comparison to the fees and expense ratios of a peer group of funds and investment performance of each Portfolio in comparison to the investment performance of a peer group of funds.

Fees and Expenses. In approving the Advisory Agreements, the Trustees, including the Independent Trustees, took into account fees, both before and after any fee waivers and expense reimbursements, and expense ratios of each Portfolio against fees and expense ratios of a peer group of funds with similar asset levels and expense structures (a “peer group”). Both the peer group category and the funds within the peer group with respect to the fee and expense comparisons were selected by Lipper.

The Trustees were also provided with information about the services rendered, and the fee rates offered, to other clients advised by BALLC, including other money market funds. Based upon all of the information received, the Trustees concluded that the fees to be paid pursuant to the Advisory Agreements were fair and reasonable.

Nature, Extent and Quality of Services. The Trustees received information concerning the investment philosophy and investment process used by the Investment Advisor in managing the Portfolios. In connection with this information, the Trustees considered the Investment Advisor’s in-house research capabilities as well as other resources available to the Investment Advisor’s personnel.

The Trustees also considered the quality of the services provided by the Investment Advisor to the Portfolios. The Trustees received and considered information regarding the procedures of the Investment Advisor designed to fulfill its duties to the Portfolios with respect to compliance matters.

The Trustees considered information relating to the education, experience and number of investment professionals and other personnel who provide services under the Advisory Agreements. The reputation of BlackRock and its financial resources also were taken into consideration. The Trustees concluded that the services provided by the Investment Advisor were consistent with the Portfolios’ requirements and that the Investment Advisor appeared to have the necessary personnel and other resources to meet its obligations under the Advisory Agreements.

Fund Performance. The Board of Trustees, including the Independent Trustees, received and considered information about the investment performance of each Portfolio, as well as the performance of funds with the same investment classification and objective (“performance universe”). The funds included within each Portfolio’s performance universe were selected by Lipper. As previously mentioned, the Board was provided with performance data for each Portfolio over the one, two, three, five-year and since inception periods ended September 30, 2011. The Trustees concluded that the performance of each Portfolio was competitive with its performance universe as reported by Lipper.

Profitability. The Trustees received information regarding the profitability of BlackRock and they considered the profitability of the individual PIF portfolios. These portfolios represent a small portion of the total assets which BALLC manages.

Plan Investment Fund, Inc.

Approval of Investment Advisory and Service Agreements

(Unaudited)

June 30, 2012

(Concluded)

Economies of Scale. The Independent Trustees received and considered information in the Lipper report regarding economies-of-scale in light of existing breakpoints and the level of assets in the Fund over the past year. The Trustees concluded that the advisory fee structure was reasonable.

Other Benefits to the Investment Advisor. The Board of Trustees, including the Independent Trustees, also took into account not only the advisory fees payable by the Portfolios, but also potential benefits to the Investment Advisor, such as the engagement of affiliates of the Investment Advisor as service providers to the Portfolios, for administrative, transfer agency and custodial services.

No single factor was considered in isolation or was determinative to the decision of the Board to approve the Advisory Agreements. Rather, the Board concluded, in light of a weighing and balancing of all factors considered, that it was in the best interest of each Portfolio to approve the continuation of the Advisory Agreements, including the fees to be charged for services thereunder.

Annual Meeting of Participation Certificate Holders (Unaudited)

The 2012 Plan Investment Fund, Inc. Annual Meeting of Participation Certificate holders was held on June 15, 2012. At this meeting the Participation Certificate holders elected the slate of Trustee nominees recommended by the Board of Trustees, and ratified the selection of Deloitte & Touche LLP, as the independent registered public accounting firm for the fiscal year ending December 31, 2012. A total of 1,081,140,523.41 Participation Certificates, representing 96.92% of the Participation Certificates eligible to be voted at the meeting were voted as follows:


	For		Against		Abstain
Election of Trustee Nominations		1,081,140,523.41		0		0
Ratification of independent registered public accounting firm		1,081,140,523.41		0		0

Other Disclosures (Unaudited)

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.

LOGO

2 Mid America Plaza, Suite 200

Oakbrook Terrace, IL 60181

(630) 472-7700

TRUSTEES

Dorothy A. Coleman

Executive Vice President

and Chief Financial Officer

The Lifetime Healthcare Companies

David A. Cote

Assistant Vice President

and Assistant Treasurer

Blue Cross and Blue Shield of South Carolina

Emil D. Duda

Retired Senior Executive Vice President

and Chief Financial Officer

The Lifetime Healthcare Companies

Robert J. Kolodgy

Senior Vice President

and Chief Financial Officer

Blue Cross and Blue Shield Association

Alan Krigstein

Executive Vice President and

Chief Financial Officer

Independence Blue Cross

Gerard T. Mallen

Treasurer and Finance Division

Senior Vice President

Health Care Service Corporation

Dale E. Palka

President and Chief Executive Officer

Plan Investment Fund, Inc.;

Senior Vice President

BCS Financial Corporation

Joseph F. Reichard, CCM

Vice President, Treasury Services

and Assistant Treasurer

Highmark, Inc.

Marilyn T. Tromans

Senior Vice President

and Chief Financial Officer

Blue Cross and Blue Shield of

Kansas City

Cynthia M. Vice

Senior Vice President,

Chief Financial Officer and Treasurer

Blue Cross and Blue Shield of Alabama

INVESTMENT ADVISORS

GOVERNMENT/REPO PORTFOLIO

AND MONEY MARKET PORTFOLIO

BlackRock Advisors, LLC

Wilmington, Delaware

ULTRASHORT DURATION BOND PORTFOLIO AND

ULTRASHORT DURATION GOVERNMENT PORTFOLIO

Merganser Capital Management, Inc.

Boston, Massachusetts

Item 2. Code of Ethics.

This item is not applicable to this Semi-Annual Report.

Item 3. Audit Committee Financial Expert.

This item is not applicable to this Semi-Annual Report.

Item 4. Principal Accountant Fees and Services.

This item is not applicable to this Semi-Annual Report.

Item 5. Audit Committee of Listed Registrants.

This item is not applicable to this Semi-Annual Report.

Item 6. Investments

(a) Schedule of Investments included in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based upon such officers’ evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 15(b) under the Securities Exchange Act of 1934, as amended, as of a date within 90 days of the filing date of this report.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PLAN INVESTMENT FUND, INC.

By:		/s/ Dale E. Palka
		Dale E. Palka, President August 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ Dale E. Palka
		Dale E. Palka, President (Principal Executive Officer) August 28, 2012



By:		/s/ Joseph S. Castellon
		Joseph S. Castellon, Treasurer (Principal Financial Officer) August 28, 2012

EXHIBIT INDEX

(a)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.