# EDGAR Filing Document

**Accession Number:** 0000774412
**File Stem:** 0001193125-23-052211
**Filing Date:** 2023-2
**Character Count:** 158594
**Document Hash:** d227a81b2837139da14303c2034f80dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052211.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052211

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLAN INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0000774412
- **IRS NUMBER:** 363387213
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04379
- **FILM NUMBER:** 23678416

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027912539

**MAIL ADDRESS:**
- **STREET 1:** BCS FINANCIAL SERVICES CORP.
- **STREET 2:** 2 MID AMERICA PLAZA, SUITE 200
- **CITY:** OAKBROOK TERRACE
- **STATE:** IL
- **ZIP:** 60181

## Series and Classes Contracts Data

### Money Market Portfolio (Series ID: S000001111)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000003006 | Money Market Portfolio | PIMXX           |

### Government Portfolio (Series ID: S000001112)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003007 | Government Portfolio | PIFXX           |

**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, IL 60181

(Address of principal executive offices)(Zip code)

ALEXANDER D. HUDSON

Chief Operating Officer

Plan Investment Fund, Inc.

2 Mid America Plaza, Suite 200

Oakbrook Terrace, Illinois 60181

(Name and Address of Agent for Service)

Copy to:

JOSEPH M. MANNON

Vedder Price P. C.

222 North LaSalle Street

Chicago, Illinois 60601

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

Date of fiscal year end: December 31

**Date of reporting period: December 31, 2022** 

------

**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 <br>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 <br>and Affiliated Purchasers. |
|  Item 10.  | Submission of Matters to a Vote of Security Holders. |
|  Item 11.  | Controls and Procedures. |
|  Item 12.  | Disclosure of Securities Lending Activities for Closed-End Management Companies. |
|  Item 13.  | Exhibits. |

---

------

***Item 1. Reports to Stockholders.*** 

------

![LOGO](g420199g33a01.jpg)

Annual Report

December 31, 2022

**<u>ADMINISTRATOR</u>**

![LOGO](g420199g33a02.jpg)

**BCS Financial Services Corporation** 

2 Mid America Plaza, Suite 200

Oakbrook Terrace, IL 60181

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 621-9215

------

![LOGO](g420199g33a01.jpg)

February 28, 2023

Dear Investors:

On many levels, 2022 was a historic year for interest rate and market volatility. Preservation of capital takes on a high level of importance during such cycles. For over 35 years, Plan Investment Fund has remained the sole Blue-governed liquidity solution. As you navigate the year ahead in your business and investment portfolio, rest assured that our products are here to seek to provide a high level of investment income with a keen focus on preservation of capital.

Sincerely,

![LOGO](g420199g33a03.jpg)

Susan A. Pickar

President and Chief Executive Officer

**Past Performance Does Not Guarantee Future Results. The Portfolios may experience negative performance.** 

***Government Portfolio:*** *You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.* 

***Money Market Portfolio:*** *You could lose money by investing in the Portfolio. Because the share price of the Portfolio will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Portfolio's liquidity falls below required minimums because of market conditions or other factors. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.* 

The report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund's risks, objectives, fees and expenses, experience of its management and other information.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized<br>Cost** |
| **TOTAL INVESTMENTS – 51.3%** | **TOTAL INVESTMENTS – 51.3%** | **TOTAL INVESTMENTS – 51.3%** | **TOTAL INVESTMENTS – 51.3%** | **TOTAL INVESTMENTS – 51.3%** |
| **U.S. TREASURY OBLIGATIONS – 12.8%** | **U.S. TREASURY OBLIGATIONS – 12.8%** |  |  |  |
| $5060000 | U.S. Treasury Bill <sup>(1)</sup> | 0.63% | 01/26/23 | $5057786 |
| 14380000 | U.S. Treasury Bill <sup>(1)</sup> | 1.15% | 02/23/23 | 14310421 |
| 17185000 | U.S. Treasury Bill <sup>(1)</sup> | 4.32% | 03/21/23 | 17022275 |
| 2500000 | U.S. Treasury Bill <sup>(1)</sup> | 2.10% | 05/18/23 | 2480021 |
| 3190000 | U.S. Treasury Bill <sup>(1)</sup> | 4.37% | 11/30/23 | 3061126 |
| 10000000 | U.S. Treasury Note <sup>(2)</sup> | 4.45% | 01/31/23 | 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3 Month U.S. Treasury Money Market + 0.05%) |  |  |  |
| 29175000 | U.S. Treasury Note | 0.13% | 02/28/23 | 29087471 |
| 9620000 | U.S. Treasury Note | 2.63% | 02/28/23 | 9640060 |
| 3375000 | U.S. Treasury Note | 1.50% | 03/31/23 | 3372840 |
| 42440000 | U.S. Treasury Note | 2.50% | 03/31/23 | 42489260 |
| 2075000 | U.S. Treasury Note | 0.13% | 04/30/23 | 2061509 |
| 4270000 | U.S. Treasury Note | 1.75% | 05/15/23 | 4263138 |
| 25000000 | U.S. Treasury Note <sup>(2)</sup> | 4.54% | 10/31/24 | 24964453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3 Month U.S. Treasury Money Market + 0.14%) |  |  |  |
|  | **Total U.S. Treasury Obligations** |  |  | 167810360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $167,810,360) |  |  |  |
| **AGENCY OBLIGATIONS – 38.5% <sup>(3)</sup>** | **AGENCY OBLIGATIONS – 38.5% <sup>(3)</sup>** |  |  |  |
| 7125000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.36% | 01/20/23 | 7125000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 10000000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.36% | 02/09/23 | 10000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 2945000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.34% | 03/10/23 | 2945130 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.04%) |  |  |  |
| 4345000 | Federal Farm Credit Banks Funding Corp. <sup>(1)</sup> | 4.32% | 03/16/23 | 4306416 |
| 6830000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.32% | 05/16/23 | 6830227 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.02%) |  |  |  |
| 2410000 | Federal Farm Credit Banks Funding Corp. | 2.25% | 06/07/23 | 2409915 |
| 820000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.34% | 07/12/23 | 820021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.04%) |  |  |  |
| 6580000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.35% | 08/22/23 | 6580000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.05%) |  |  |  |
| 3960000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.35% | 09/28/23 | 3960000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.05%) |  |  |  |
| 6720000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.35% | 10/16/23 | 6720000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.05%) |  |  |  |
| 7495000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.36% | 11/22/23 | 7495000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 1155000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.36% | 01/10/24 | 1155000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 12000000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.35% | 02/20/24 | 12000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.05%) |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized<br>Cost** |
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |  |  |  |
| $5670000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.35% | 05/09/24 | $5670000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.05%) |  |  |  |
| 7490000 | Federal Farm Credit Banks Funding Corp. <sup>(2)</sup> | 4.44% | 11/07/24 | 7490000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.14%) |  |  |  |
| 30300000 | Federal Home Loan Banks <sup>(2)</sup> | 4.31% | 01/04/23 | 30300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.01%) |  |  |  |
| 11895000 | Federal Home Loan Banks | 3.25% | 01/09/23 | 11894943 |
| 12355000 | Federal Home Loan Banks <sup>(2)</sup> | 4.31% | 01/17/23 | 12355000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.01%) |  |  |  |
| 17055000 | Federal Home Loan Banks <sup>(2)</sup> | 4.31% | 01/17/23 | 17055000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.01%) |  |  |  |
| 42895000 | Federal Home Loan Banks <sup>(2)</sup> | 4.31% | 01/25/23 | 42895000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.01%) |  |  |  |
| 29300000 | Federal Home Loan Banks <sup>(2)</sup> | 4.33% | 02/03/23 | 29300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.03%) |  |  |  |
| 12090000 | Federal Home Loan Banks | 3.41% | 02/10/23 | 12089368 |
| 13620000 | Federal Home Loan Banks | 2.08% | 02/13/23 | 13620000 |
| 28240000 | Federal Home Loan Banks <sup>(2)</sup> | 4.34% | 02/13/23 | 28240000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.04%) |  |  |  |
| 3645000 | Federal Home Loan Banks <sup>(1)</sup> | 4.20% | 02/15/23 | 3625864 |
| 25000000 | Federal Home Loan Banks <sup>(1)</sup> | 4.24% | 02/17/23 | 24861742 |
| 12815000 | Federal Home Loan Banks <sup>(2)</sup> | 4.34% | 02/17/23 | 12815000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.04%) |  |  |  |
| 16105000 | Federal Home Loan Banks <sup>(2)</sup> | 4.32% | 03/02/23 | 16105000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.02%) |  |  |  |
| 19990000 | Federal Home Loan Banks <sup>(2)</sup> | 4.33% | 03/02/23 | 19990000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.03%) |  |  |  |
| 1000000 | Federal Home Loan Banks <sup>(1)</sup> | 4.38% | 03/06/23 | 992213 |
| 7025000 | Federal Home Loan Banks <sup>(1)</sup> | 4.36% | 03/08/23 | 6968911 |
| 9220000 | Federal Home Loan Banks <sup>(2)</sup> | 4.36% | 03/10/23 | 9220000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 27000000 | Federal Home Loan Banks <sup>(2)</sup> | 4.32% | 03/13/23 | 27000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.02%) |  |  |  |
| 15680000 | Federal Home Loan Banks <sup>(2)</sup> | 4.31% | 03/23/23 | 15680000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.01%) |  |  |  |
| 5950000 | Federal Home Loan Banks <sup>(2)</sup> | 4.37% | 03/27/23 | 5950000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.07%) |  |  |  |
| 2100000 | Federal Home Loan Banks <sup>(2)</sup> | 4.37% | 03/28/23 | 2100000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.07%) |  |  |  |
| 13365000 | Federal Home Loan Banks <sup>(2)</sup> | 4.36% | 04/10/23 | 13365000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 51820000 | Federal Home Loan Banks <sup>(2)</sup> | 4.36% | 04/18/23 | 51820000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.06%) |  |  |  |
| 1685000 | Federal Home Loan Banks <sup>(2)</sup> | 4.32% | 05/02/23 | 1685000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.02%) |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized<br>Cost** | **Amortized<br>Cost** |
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |  |  |  |  |
| $8120000 | Federal Home Loan Banks <sup>(2)</sup> | 4.39% | 05/23/23 | $| 8120000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.09%) |  |  |  |  |
|  | **Total Agency Obligations** |  |  |  | 503554750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $503,554,750) |  |  |  |  |
|  | **Total Investments 51.3%** |  |  |  | 671365110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $671,365,110) |  |  |  |  |
| **REPURCHASE AGREEMENTS – 48.4%** | **REPURCHASE AGREEMENTS – 48.4%** | **REPURCHASE AGREEMENTS – 48.4%** | **REPURCHASE AGREEMENTS – 48.4%** | **REPURCHASE AGREEMENTS – 48.4%** | **REPURCHASE AGREEMENTS – 48.4%** |
| 125000000 | BNP Paribas Securities Co. | 4.25% | 01/03/23 |  | 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $125,059,028 (collateralized by $124,275,641 par amount of U.S. Treasury Bills, U.S. Treasury Bonds, U.S. Treasury Notes and U.S. Treasury Strips, 0.00% to 3.88%; due 1/24/23 to 8/15/48;<br>Total Fair Value $127,500,047) |  |  |  |  |
| 125000000 | Goldman Sachs & Co. | 4.30% | 01/03/23 |  | 125000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $125,059,722 (collateralized by $124,607,909 par amount of Government National Mortgage Association, 3.50% to 4.15%; due 2/20/50 to 10/15/57;<br>Total Fair Value $127,500,000) |  |  |  |  |
| 20000000 | HSBC Securities (USA), Inc. | 4.26% | 01/03/23 |  | 20000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $20,009,467 (collateralized by $20,000,001 par amount of U.S. Treasury Strips, 0.00%; due 8/15/29 to 5/15/39;<br>Total Fair Value $20,400,001) |  |  |  |  |
| 50000000 | HSBC Securities (USA), Inc. | 4.30% | 01/03/23 |  | 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $50,023,889 (collateralized by $49,850,842 par amount of Federal Home Loan Mortgage Corporation and Freddie Mac Gold Participating Certificates, 2.00% to 6.00%; due 4/1/31 to 1/1/53;<br>Total Fair Value $51,500,000) |  |  |  |  |
| 92000000 | Mitsubishi UFG Securities Co. | 4.30% | 01/03/23 |  | 92000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $92,043,956 (collateralized by $91,667,120 par amount of Federal National Mortgage Backed Securities and Government National Mortgage Association, 2.00% to 6.50%; due 9/1/33 to 8/20/62;<br>Total Fair Value $93,840,702) |  |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Concluded)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized<br>Cost** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| $12000000 | Natixis S.A. | 4.25% | 01/03/23 | $12000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $12,005,667 (collateralized by $11,930,526 par amount of a U.S. Treasury Bill, a U.S. Treasury Bond and U.S. Treasury Notes, 0.00% to 4.13%; due 12/28/23 to 8/15/49;<br>Total Fair Value $12,240,067) |  |  |  |
| 50000000 | TD Securities (USA), LLC | 4.27% | 01/03/23 | 50000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $50,023,722 (collateralized by $49,872,816 par amount of U.S. Treasury Notes, 0.38% to 2.25%; due 9/15/24 to 5/15/30;<br>Total Fair Value $51,000,070) |  |  |  |
| 45000000 | TD Securities (USA), LLC | 4.30% | 01/03/23 | 45000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $45,021,500 (collateralized by $44,852,348 par amount of Government National Mortgage Association, 3.00% to 5.50%; due 8/20/51 to 10/20/52;<br>Total Fair Value $45,900,001) |  |  |  |
| 115000000 | The Bank of Nova Scotia | 4.25% | 01/03/23 | 115000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $115,054,306 (collateralized by $114,413,043 par amount of U.S. Treasury Bills, U.S. Treasury Bonds and U.S. Treasury Notes, 0.00% to 3.13%; due 3/2/23 to 5/15/52;<br>Total Fair Value $117,355,406) |  |  |  |
|  | **Total Repurchase Agreements** |  |  | 634000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $634,000,000) |  |  |  |
|  | **Total Investments in Securities 99.7%** |  |  | 1305365110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,305,365,110) |  |  |  |
|  | **Other Assets in excess of Liabilities – 0.3%** |  |  | 3413411 |
|  | **Net Assets – 100.0%** |  |  | $1308778521 |
|  | **Net Asset Value Per Participation Certificate** |  |  | $1.00 |

---

<sup>(1)</sup> Interest Rate disclosed represents the discount rate at the time of purchase.

<sup>(2)</sup> Variable rate security. The rate shown is the rate in effect at December 31, 2022. The rate floats based upon the published reference rate and spread disclosed in the Schedule of Investments.

<sup>(3)</sup> This obligation of a U.S. Government sponsored entity is not issued or guaranteed by the U.S. Treasury.

SOFR: Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair<br>Value** |
| **TOTAL INVESTMENTS – 68.4%** | **TOTAL INVESTMENTS – 68.4%** | **TOTAL INVESTMENTS – 68.4%** | **TOTAL INVESTMENTS – 68.4%** | **TOTAL INVESTMENTS – 68.4%** |
| **BANK OBLIGATIONS – 22.5%** | **BANK OBLIGATIONS – 22.5%** |  |  |  |
| **CERTIFICATES OF DEPOSIT – 0.7%** | **CERTIFICATES OF DEPOSIT – 0.7%** |  |  |  |
| $500000 | Wells Fargo Bank NA <sup>(1)</sup> | 4.65% | 03/23/23 | $500067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.35%) |  |  |  |
|  |  |  |  | 500067 |
| **YANKEE CERTIFICATES OF DEPOSIT – 21.8%** | **YANKEE CERTIFICATES OF DEPOSIT – 21.8%** |  |  |  |
| 500000 | Banco Santander SA, New York <sup>(1)</sup> | 4.92% | 01/18/23 | 500119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.62%) |  |  |  |
| 500000 | Bank of Montreal, Chicago <sup>(1)</sup> | 4.47% | 01/06/23 | 500033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.17%) |  |  |  |
| 500000 | Bank of Montreal, Chicago <sup>(1)</sup> | 4.80% | 05/05/23 | 500188 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.50%) |  |  |  |
| 600000 | Bank of Nova Scotia, Houston <sup>(1)</sup> | 4.81% | 03/16/23 | 600244 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.51%) |  |  |  |
| 750000 | Bank of Nova Scotia, Houston <sup>(1)</sup> | 4.80% | 05/05/23 | 750428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.50%) |  |  |  |
| 300000 | Bank of Nova Scotia, Houston | 4.55% | 08/07/23 | 300529 |
| 250000 | Barclays Bank PLC, New York <sup>(1)</sup> | 4.30% | 04/05/23 | 250162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.62%) |  |  |  |
| 500000 | Canadian Imperial Bank of Commerce, New York <sup>(1)</sup> | 4.81% | 03/15/23 | 500241 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.51%) |  |  |  |
| 300000 | Lloyds Bank Corporate Markets PLC, New York <sup>(1)</sup> | 4.57% | 01/24/23 | 300019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.27%) |  |  |  |
| 500000 | Mitsubishi UFJ Trust And Banking Corp., New York <sup>(1)</sup> | 4.87% | 06/20/23 | 500545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.57%) |  |  |  |
| 1000000 | MUFG Bank Ltd., New York <sup>(1)</sup> | 4.86% | 02/01/23 | 1000314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.56%) |  |  |  |
| 300000 | MUFG Bank Ltd., New York <sup>(1)</sup> | 4.60% | 03/10/23 | 299957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.30%) |  |  |  |
| 500000 | Nordea Bank ABP, New York <sup>(1)</sup> | 4.79% | 05/24/23 | 500232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.49%) |  |  |  |
| 300000 | Royal Bank of Canada, New York | 4.08% | 07/14/23 | 298223 |
| 500000 | Standard Chartered Bank, New York <sup>(1)</sup> | 4.91% | 01/31/23 | 500199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.61%) |  |  |  |
| 500000 | Standard Chartered Bank, New York <sup>(1)</sup> | 4.82% | 02/09/23 | 500160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.52%) |  |  |  |
| 500000 | Standard Chartered Bank, New York <sup>(1)</sup> | 4.60% | 03/13/23 | 500065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.30%) |  |  |  |
| 750000 | Sumitomo Mitsui Banking Corp., New York <sup>(1)</sup> | 4.75% | 01/25/23 | 750012 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.45%) |  |  |  |
| 600000 | Sumitomo Mitsui Banking Corp., New York <sup>(1)</sup> | 4.71% | 03/14/23 | 600037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.41%) |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair<br>Value** |
| **BANK OBLIGATIONS (continued)** | **BANK OBLIGATIONS (continued)** |  |  |  |
| **YANKEE CERTIFICATES OF DEPOSIT (continued)** | **YANKEE CERTIFICATES OF DEPOSIT (continued)** |  |  |  |
| $250000 | Sumitomo Mitsui Banking Corp., New York <sup>(1)</sup> | 4.90% | 05/03/23 | $250217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 750000 | Sumitomo Mitsui Trust Bank Ltd., New York <sup>(1)</sup> | 4.85% | 01/06/23 | 750068 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.55%) |  |  |  |
| 300000 | Sumitomo Mitsui Trust Bank Ltd., New York <sup>(1)</sup> | 4.90% | 01/24/23 | 300094 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 500000 | Svenska Handelsbanken AB, New York <sup>(1)</sup> | 4.78% | 01/27/23 | 500127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.48%) |  |  |  |
| 600000 | Swedbank AB, New York <sup>(1)</sup> | 4.91% | 04/19/23 | 600457 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.61%) |  |  |  |
| 400000 | Toronto Dominion Bank, New York <sup>(1)</sup> | 4.81% | 03/09/23 | 400207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.51%) |  |  |  |
| 500000 | Toronto Dominion Bank, New York <sup>(1)</sup> | 5.00% | 05/01/23 | 500652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.70%) |  |  |  |
| 500000 | Toronto Dominion Bank, New York | 2.80% | 05/08/23 | 496306 |
| 250000 | Toronto Dominion Bank, New York <sup>(1)</sup> | 4.85% | 06/02/23 | 250255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.55%) |  |  |  |
| 250000 | Toronto Dominion Bank, New York | 4.12% | 08/28/23 | 248085 |
| 600000 | Westpac Banking Corporation, New York <sup>(1)</sup> | 4.75% | 07/13/23 | 600270 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.45%) |  |  |  |
|  |  |  |  | 14548445 |
|  | **Total Bank Obligations** |  |  | 15048512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $15,048,284) |  |  |  |
| **CORPORATE DEBT – 38.4%** | **CORPORATE DEBT – 38.4%** |  |  |  |
| **COMMERCIAL PAPER – 38.4%** | **COMMERCIAL PAPER – 38.4%** |  |  |  |
| **ASSET BACKED SECURITIES – 16.1% <sup>(2)</sup>** | **ASSET BACKED SECURITIES – 16.1% <sup>(2)</sup>** |  |  |  |
| 750000 | Antalis SA<sup>(3)</sup> | 4.33% | 01/06/23 | 749369 |
| 1000000 | Autobahn Funding Company LLC <sup>(3)</sup> | 4.20% | 01/04/23 | 999399 |
| 1000000 | Bedford Row Funding Corp. <sup>(3)</sup> | 4.33% | 01/04/23 | 999400 |
| 500000 | Cancara Asset Securitisation LLC <sup>(3)</sup> | 4.22% | 01/09/23 | 499396 |
| 1000000 | Chariot Funding LLC <sup>(1)</sup> | 4.83% | 01/20/23 | 1000170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.53%) |  |  |  |
| 500000 | Chariot Funding LLC <sup>(1)</sup> | 4.88% | 05/31/23 | 500408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.58%) |  |  |  |
| 500000 | Columbia Funding Company LLC <sup>(3)</sup> | 4.30% | 01/11/23 | 499278 |
| 500000 | Fairway Finance Co., LLC <sup>(1)</sup> | 4.93% | 05/16/23 | 500374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.63%) |  |  |  |
| 500000 | Mackinac Funding Company LLC <sup>(3)</sup> | 4.40% | 01/19/23 | 498789 |
| 500000 | Manhattan Asset Funding Company LLC <sup>(1)</sup> | 4.58% | 01/06/23 | 499998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.28%) |  |  |  |
| 500000 | Matchpoint Finance PLC <sup>(3)</sup> | 3.65% | 02/21/23 | 496704 |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair<br>Value** |
| **CORPORATE DEBT (continued)** | **CORPORATE DEBT (continued)** |  |  |  |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |  |  |  |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |  |  |  |
| $500000 | Old Line Funding LLC <sup>(1)</sup> | 4.83% | 02/15/23 | $500114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.53%) |  |  |  |
| 500000 | Old Line Funding LLC <sup>(1)</sup> | 4.83% | 02/16/23 | 500186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.53%) |  |  |  |
| 1000000 | Old Line Funding LLC <sup>(1)</sup> | 4.86% | 03/01/23 | 1000305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.56%) |  |  |  |
| 500000 | Ridgefield Funding Company LLC <sup>(1)</sup> | 4.85% | 02/02/23 | 500088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.55%) |  |  |  |
| 500000 | Starbird Funding Corp. <sup>(3)</sup> | 3.68% | 02/23/23 | 496570 |
| 500000 | Thunder Bay Funding LLC <sup>(1)</sup> | 4.83% | 02/15/23 | 500166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.53%) |  |  |  |
|  |  |  |  | 10740714 |
| **FINANCIAL COMPANIES – 22.3%** | **FINANCIAL COMPANIES – 22.3%** |  |  |  |
| 500000 | Australia And New Zealand Banking Group Ltd. <sup>(1), (2)</sup> | 4.67% | 04/26/23 | 500112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.37%) |  |  |  |
| 500000 | Banco Santander SA <sup>(1), (2)</sup> | 4.72% | 03/20/23 | 500194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.42%) |  |  |  |
| 250000 | Bank of Montreal <sup>(2)</sup> | 2.80% | 05/12/23 | 248125 |
| 250000 | Bank of Montreal <sup>(1), (2)</sup> | 4.85% | 06/06/23 | 250237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.55%) |  |  |  |
| 500000 | Bank of Nova Scotia <sup>(1), (2)</sup> | 4.95% | 06/14/23 | 500692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.65%) |  |  |  |
| 250000 | BPCE SA <sup>(2), (3)</sup> | 1.40% | 02/22/23 | 248327 |
| 500000 | Caterpillar Financial Services Corp. <sup>(3)</sup> | 4.30% | 01/25/23 | 498441 |
| 500000 | Citigroup Global Markets Inc. <sup>(2), (3)</sup> | 3.30% | 01/09/23 | 499398 |
| 500000 | Citigroup Global Markets Inc. <sup>(1), (2)</sup> | 4.95% | 09/21/23 | 499717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.65%) |  |  |  |
| 500000 | Commonwealth Bank of Australia <sup>(1), (2)</sup> | 4.90% | 07/13/23 | 500525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 600000 | Credit Industriel ET Commercial SA, New York <sup>(1), (2)</sup> | 4.80% | 06/06/23 | 600376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.50%) |  |  |  |
| 500000 | Dexia Credit Local - (St) Gtd. <sup>(2), (3)</sup> | 4.23% | 01/17/23 | 498916 |
| 1000000 | DNB Bank ASA <sup>(1), (2)</sup> | 4.78% | 06/02/23 | 1000958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.48%) |  |  |  |
| 400000 | HSBC Bank PLC <sup>(1), (2)</sup> | 4.90% | 06/06/23 | 400089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 1000000 | ING US Funding LLC <sup>(1), (2)</sup> | 4.82% | 02/27/23 | 1000328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.52%) |  |  |  |
| 500000 | ING US Funding LLC <sup>(1), (2)</sup> | 4.90% | 05/22/23 | 500545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 250000 | Macquarie Bank Ltd. <sup>(1), (2)</sup> | 4.65% | 01/04/23 | 250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.35%) |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair<br>Value** |
| **CORPORATE DEBT (continued)** | **CORPORATE DEBT (continued)** |  |  |  |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |  |  |  |
| **FINANCIAL COMPANIES (continued)** | **FINANCIAL COMPANIES (continued)** |  |  |  |
| $250000 | Macquarie Bank Ltd. <sup>(1), (2)</sup> | 4.80% | 01/18/23 | $250037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.50%) |  |  |  |
| 1000000 | Macquarie Bank Ltd. <sup>(1), (2)</sup> | 4.62% | 02/28/23 | 1000192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.32%) |  |  |  |
| 500000 | Macquarie Bank Ltd. <sup>(1), (2)</sup> | 4.90% | 06/22/23 | 500540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.60%) |  |  |  |
| 300000 | National Australia Bank Ltd. <sup>(1), (2)</sup> | 4.80% | 03/14/23 | 300149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.50%) |  |  |  |
| 500000 | National Australia Bank Ltd. <sup>(1), (2)</sup> | 4.70% | 05/12/23 | 500179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.40%) |  |  |  |
| 500000 | National Australia Bank Ltd. <sup>(1), (2)</sup> | 4.77% | 07/13/23 | 500198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.47%) |  |  |  |
| 600000 | National Bank of Canada <sup>(1), (2)</sup> | 4.70% | 01/04/23 | 600027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.40%) |  |  |  |
| 500000 | Societe Generale SA <sup>(1), (2)</sup> | 4.79% | 03/31/23 | 500293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.49%) |  |  |  |
| 500000 | Svenska Handelsbanken AB <sup>(1), (2)</sup> | 5.00% | 07/13/23 | 500527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.70%) |  |  |  |
| 700000 | UBS AG, London <sup>(1), (2)</sup> | 4.84% | 02/21/23 | 700172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.54%) |  |  |  |
| 500000 | Westpac Banking Corp. <sup>(1), (2)</sup> | 4.82% | 07/07/23 | 500436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.52%) |  |  |  |
| 550000 | Westpac Securities NZ Ltd. <sup>(1), (2)</sup> | 4.71% | 03/27/23 | 550142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD SOFR + 0.41%) |  |  |  |
|  |  |  |  | 14899872 |
|  | **Total Commercial Paper** |  |  | 25640586 |
|  | **Total Corporate Debt** |  |  | 25640586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $25,637,932) |  |  |  |
| **NON-U.S. SUB-SOVEREIGN – 1.5%** | **NON-U.S. SUB-SOVEREIGN – 1.5%** |  |  |  |
| 700000 | Ontario (Province of) <sup>(3)</sup> | 4.25% | 01/12/23 | 698916 |
| 300000 | PSP Capital Inc. <sup>(3)</sup> | 3.88% | 08/17/23 | 290589 |
|  | **Total Non-U.S. Sub-Sovereign** |  |  | 989505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $991,719) |  |  |  |
| **TENDER OPTION BONDS – 2.6%** | **TENDER OPTION BONDS – 2.6%** |  |  |  |
| 924935 | Tender Option Bond Trust Receipts/Certificates <sup>(1)</sup> | 4.57% | 01/06/23 | 924935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD OBFR + 0.25%) |  |  |  |
| 169648 | Tender Option Bond Trust Receipts/Certificates <sup>(3)</sup> | 4.57% | 01/06/23 | 169648 |
| 620000 | Tender Option Bond Trust Receipts/Certificates <sup>(1)</sup> | 4.57% | 01/06/23 | 620000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD OBFR + 0.25%) |  |  |  |
|  | **Total Tender Option Bonds** |  |  | 1714583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,714,583) |  |  |  |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair<br>Value** |
| **TIME DEPOSITS – 3.4%** | **TIME DEPOSITS – 3.4%** |  |  |  |
| $1300000 | Credit Agricole Corporate and Investment Bank SA | 4.30% | 01/03/23 | $1300000 |
| 1000000 | Royal Bank of Canada, Toronto | 4.32% | 01/03/23 | 1000000 |
|  | **Total Time Deposits** |  |  | 2300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,300,000) |  |  |  |
|  | **Total Investments 68.4%** |  |  | 45693186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $45,692,518) |  |  |  |
| **REPURCHASE AGREEMENTS – 31.5%** | **REPURCHASE AGREEMENTS – 31.5%** | **REPURCHASE AGREEMENTS – 31.5%** | **REPURCHASE AGREEMENTS – 31.5%** | **REPURCHASE AGREEMENTS – 31.5%** |
| 4500000 | Bank of America Securities Inc. | 4.30% | 01/03/23 | 4500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $4,502,150 (collateralized by $4,472,938 par amount of a Federal Farm Credit Bank, 2.59%; due 11/1/41;<br>Total Fair Value $4,590,275) |  |  |  |
| 1000000 | Bank of America Securities Inc. <sup>(1)</sup> | 4.52% | 01/03/23 | 1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD OBFR + 0.20%) |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $1,000,502 (collateralized by $989,556 par amount of an Asset Backed Security, 5.27%; due 4/20/31;<br>Total Fair Value $1,070,001) |  |  |  |
| 14000000 | J.P. Morgan Chase & Co. | 4.30% | 01/03/23 | 14000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $14,006,689 (collateralized by $13,959,339 par amount of Government National Mortgage Association, 2.00% to 5.00%; due 1/20/48 to 9/20/62;<br>Total Fair Value $14,280,000) |  |  |  |
| 1000000 | J.P. Morgan Chase & Co.<sup>(1)</sup> | 4.44% | 01/03/23 | 1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1 Day USD OBFR + 0.12%) |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $1,000,493 (collateralized by $1,000,000 par amount of a Commercial Paper, 0.00%; due 5/5/23;<br>Total Fair Value $1,030,001) |  |  |  |
| 500000 | Wells Fargo Securities LLC | 4.47% | 01/05/23 | 500000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Dated 12/30/2022, To be repurchased at $500,373 (collateralized by $500,061 par amount of a Certificate of Deposit, 5.05%; due 8/28/23;<br>Total Fair Value $525,210) |  |  |  |
|  | **Total Repurchase Agreements** |  |  | 21000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,000,000) |  |  |  |
|  | **Total Investments in Securities 99.9%** |  |  | 66693186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (Cost $66,692,518) |  |  |  |
|  | **Other Assets in excess of Liabilities – 0.1%** |  |  | 80578 |
|  | **Net Assets – 100.0%** |  |  | $66773764 |
|  | **Net Asset Value Per Participation Certificate** |  |  | $1.0001 |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Schedule of Investments** 

**December 31, 2022** 

**(Concluded)** 

<sup>(1)</sup> Variable rate security. The rate shown is the rate in effect at December 31, 2022. The rate floats based upon the published reference rate and spread disclosed in the Schedule of Investments.

<sup>(2)</sup> Securities exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities have been deemed to be liquid based on procedures performed by BlackRock Advisors, LLC, the investment advisor to the Money Market Portfolio. 

<sup>(3)</sup> Interest Rate disclosed represents the discount rate at the time of purchase.

OBFR: Overnight Bank Fund Rate

SOFR: Secured Overnight Financing Rate

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Plan Investment Fund, Inc.** 

**Statements of Assets and Liabilities** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Government<br>Portfolio** | **Money Market<br>Portfolio** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at amortized cost, and fair value, respectively | $671365110<sup>(1)</sup> | $45693186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements, at cost, which approximates fair value | 634000000 | 21000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 873621 | 48432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest receivable | 3338102 | 134012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Administrator |  | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 24913 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1309601746 | 66880156 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 615896 | 50754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 50089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 4) | 20459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (Note 4) | 17450 | 11252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4) | 1186 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 49525 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 68620 | 33885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 823225 | 106392 |
|  **NET ASSETS** | $1308778521 | $66773764 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $1308795006 | $66772184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings (Accumulated Loss) | (16485) | 1580 |
|  **TOTAL NET ASSETS** | $1308778521 | $66773764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Participation Certificates (PCs) outstanding <br>(3 billion shares authorized for each Portfolio, $0.001 Par Value) | 1308795006 | 66768820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per PC <br>(net assets/PCs outstanding) | $1.00 | $1.0001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost | $1305365110 | $66692518 |

---

------

<sup>(1)</sup> Investments, at amortized cost, which approximates fair value.

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Plan Investment Fund, Inc.** 

**Statements of Operations** 

**For the Year Ended December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Government<br>Portfolio** | **Money Market<br>Portfolio** |
|  **INTEREST INCOME** | $22159982 | $1205726 |
|  **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and servicing fees (Note 4) | 1679839 | 128575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 4) | 659423 | 32144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (Note 4) | 120444 | 61463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29348 | 29348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4) | 8747 | 32838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 77208 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund compliance fees | 68213 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee expense | 57249 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 55673 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 21110 | 6963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Rating fees | 20136 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19953 | 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2817343 | 313176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fee waived and/or reimbursed (Note 4) | (1520943) | (203523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1296400 | 109653 |
|  **NET INVESTMENT INCOME** | 20863582 | 1096073 |
|  **NET REALIZED GAIN/(LOSS) ON SECURITIES SOLD** | (16468) | 913 |
|  **NET CHANGE IN UNREALIZED APPRECIATION ON SECURITIES** |  | 4981 |
|  **NET INCREASE IN NET ASSETS RESULTING <br>FROM OPERATIONS** | $20847114 | $1101967 |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $20863582 | $90984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on securities sold | (16468) | 43117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 20847114 | 134101 |
|  **DIVIDENDS AND DISTRIBUTIONS TO**<br> **PARTICIPATION CERTIFICATE (PC) HOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From total distributable earnings $0.0152 and $0.0001 <br>per PC, respectively | (20863582) | (168708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions to <br>PC Holders | (20863582) | (168708) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of PCs | 8196271341 | 6718235287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 17637252 | 143555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of PCs repurchased | (8022766363) | (7351724274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital transactions | 191142230 | (633345432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets | 191125762 | (633380039) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1117652759 | 1751032798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1308778521 | $1117652759 |
|  **OTHER INFORMATION:** |  |  |
|  **SUMMARY OF PC TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs sold | 8196271341 | 6718235287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of dividends | 17637252 | 143555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs repurchased | (8022766363) | (7351724274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in PC's outstanding | 191142230 | (633345432) |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31, 2022** | **For the<br>Year Ended<br>December 31, 2021** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1096073 | $6405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities sold | 913 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on securities | 4981 | (9173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations | 1101967 | (1925) |
|  **DIVIDENDS AND DISTRIBUTIONS TO**<br> **PARTICIPATION CERTIFICATE (PC) HOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From total distributable earnings $0.0165 and $0.0001 <br>per PC, respectively | (1096073) | (6840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions to <br>PC Holders | (1096073) | (6840) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of PCs | 94128658 | 21998020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 803115 | 5831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of PCs repurchased | (86245172) | (24698020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital transactions | 8686601 | (2694169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets | 8692495 | (2702934) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 58081269 | 60784203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $66773764 | $58081269 |
|  **OTHER INFORMATION:** |  |  |
|  **SUMMARY OF PC TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs sold | 94145251 | 21995935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of dividends | 803285 | 5830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs repurchased | (86262958) | (24695325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in PC's outstanding | 8685578 | (2693560) |

---

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Government Portfolio** 

**Financial Highlights** 

**For a Participation Certificate (PC) Outstanding Throughout Each Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br>Ended<br>12/31/22** | **Year<br>Ended<br>12/31/21** | **Year<br>Ended<br>12/31/20** | **Year<br>Ended<br>12/31/19** | **Year<br>Ended<br>12/31/18** |
|  Net Asset Value, Beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  <u>Investment Operations:</u> |  |  |  |  |  |
|  Net Investment Income | 0.0152 | 0.0001 | 0.0041 | 0.0213 | 0.0177 |
|  Net Realized Gain (Loss) on Investments | —<sup>(1)</sup> | —<sup>(1)</sup> | 0.0002 | 0.0001 | —<sup>(1)</sup> |
|  Total From Investment Operations | 0.0152 | 0.0001 | 0.0043 | 0.0214 | 0.0177 |
|  <u>Less Dividends and Distributions:</u> |  |  |  |  |  |
|  Dividends to PC holders from: <br>Net Investment Income | (0.0152) | (0.0001) | (0.0043) | (0.0214) | (0.0177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Capital Gains |  |  | —<sup>(1)</sup> |  |  |
|  Total Dividends and Distributions | (0.0152) | (0.0001) | (0.0043) | (0.0214) | (0.0177) |
|  Net Asset Value, End of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total Return | 1.53% | 0.02% | 0.43% | 2.16% | 1.78% |
|  <u>Ratios/Supplemental Date:</u> |  |  |  |  |  |
|  Net Assets at End of Year (000) | $1308779 | $1117653 | $1751033 | $1455572 | $751652 |
|  Ratio of Net Expenses to <br>Average Net Assets <sup>(2)</sup> | 0.10% | 0.08% | 0.10% | 0.10% | 0.10% |
|  Ratio of Net Investment Income <br>to Average Net Assets <sup>(3)</sup> | 1.58% | 0.01% | 0.36% | 2.11% | 1.78% |

---

------

<sup>(1)</sup> Less than $0.0001 per share. 

<sup>(2)</sup> Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.21%, 0.21%, 0.20%, 0.22% and 0.23% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. 

<sup>(3)</sup> Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average net assets would have been 1.47%, (0.12)%, 0.26%, 1.99% and 1.65% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. 

See accompanying notes to financial statements.

------

![LOGO](g420199g33a04.jpg)

**Money Market Portfolio** 

**Financial Highlights** 

**For a Participation Certificate (PC) Outstanding Throughout Each Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br>Ended<br>12/31/22** | **Year<br>Ended<br>12/31/21** | **Year<br>Ended<br>12/31/20** | **Year<br>Ended<br>12/31/19** | **Year<br>Ended<br>12/31/18** |
|  Net Asset Value, Beginning of year | $1.0000 | $1.0001 | $0.9999 | $0.9998 | $0.9998 |
|  <u>Investment Operations:</u> |  |  |  |  |  |
|  Net Investment Income | 0.0165 | 0.0001 | 0.0052 | 0.0223 | 0.0191 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.0001 | (0.0001) | 0.0002 | 0.0002 | —<sup>(1)</sup> |
|  Total From Investment Operations | 0.0166 | —<sup>(1)</sup> | 0.0054 | 0.0225 | 0.0191 |
|  <u>Less Dividends and Distributions:</u> |  |  |  |  |  |
|  Dividends to PC holders from: <br>Net Investment Income | (0.0165) | (0.0001) | (0.0052) | (0.0224) | (0.0191) |
|  Total Dividends and Distributions | (0.0165) | (0.0001) | (0.0052) | (0.0224) | (0.0191) |
|  Net Asset Value, End of year | $1.0001 | $1.0000 | $1.0001 | $0.9999 | $0.9998 |
|  Total Return | 1.67% | —% | 0.54% | 2.28% | 1.93% |
|  <u>Ratios/Supplemental Date:</u> |  |  |  |  |  |
|  Net Assets at End of Year (000) | $66774 | $58081 | $60784 | $204857 | $267625 |
|  Ratio of Net Expenses to <br>Average Net Assets <sup>(2)</sup> | 0.17% | 0.16% | 0.18% | 0.18% | 0.18% |
|  Ratio of Net Investment Income <br>to Average Net Assets <sup>(3)</sup> | 1.70% | 0.01% | 0.70% | 2.26% | 1.93% |

---

------

<sup>(1)</sup> Less than $0.0001 per share or 0.01%. 

<sup>(2)</sup> Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of total expenses to average net assets would have been 0.49%, 0.44%, 0.35%, 0.32% and 0.36% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. 

<sup>(3)</sup> Without the waiver and/or reimbursement of a portion of advisory and administration fees (see Note 4), the ratio of net investment income/(loss) to average net assets would have been 1.39%, (0.27)%, 0.53%, 2.11% and 1.75% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. 

See accompanying notes to financial statements.

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**Note 1. Organization** 

Plan Investment Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act''), as an open-end management investment company and is organized as a Maryland Corporation governed by a Board of Trustees (the "Board of Trustees" or the "Board"). The Fund consists of two portfolios: the Government Portfolio and the Money Market Portfolio (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a "diversified" series of the Fund, as that term is defined under the 1940 Act. The assets and liabilities of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which Participation Certificates ("PCs") are held. BlackRock Advisors, LLC, a wholly-owned indirect subsidiary of BlackRock, Inc., serves as the Portfolios' investment advisor and service agent ("BALLC" or the "Investment Advisor"). The Board has designated the Investment Advisor as the valuation designee, pursuant to Rule 2a-5 under the 1940 Act, to make fair value determinations relating to the Money Market Portfolio's holdings.

**Government Portfolio —** a government money market fund which seeks a high level of current income and stability of principal by investing in U.S. Government obligations and repurchase agreements relating to such obligations.

**Money Market Portfolio —** an institutional prime money market fund which seeks a high level of current income and stability of principal by investing in a broad range of U.S. dollar-denominated money market instruments, including U.S. Government obligations, repurchase agreements and U.S. and foreign bank obligations and commercial obligations.

The Fund's prospectus provides a description of each Portfolio's investment objective, principal investment strategies, and principal risks.

**Note 2. Significant Accounting Policies** 

The Fund follows accounting and reporting guidance in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. The Fund's financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The following is a summary of significant accounting policies followed by the Fund.

**Portfolio Classification and Valuation:** Rule 2a-7 under the 1940 Act effectively created three categories of money market funds: Government, Retail and Institutional. Rule 2a-7 provides that Government and Retail money market funds may seek to transact at a stable $1.00 net asset value ("NAV") per share and use amortized cost to value their portfolio holdings, subject to certain conditions. Institutional money market funds are required to "float" their NAV per share by pricing their shares to four decimal places (e.g., $1.0000) and valuing their portfolio securities using fair value rather than amortized cost (except as noted below). In addition, pursuant to the amended rules, the Money Market Portfolio has adopted policies and procedures for the imposition of liquidity fees or redemption gates under certain conditions.

The Government Portfolio operates as a Government money market fund and accordingly: (1) invests at least 99.5% of its total assets in: (i) cash; (ii) securities or instruments issued or guaranteed as to principal and interest by the United States or certain U.S. Government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully by U.S. Government obligations or cash; (2) uses amortized cost, which approximates fair value, to value its portfolio securities and seeks to transact at a stable $1.00 NAV per PC; and (3) has elected not to provide for the imposition of liquidity fees and redemption gates at this time as permitted under the amended rules.

The Money Market Portfolio operates as an Institutional money market fund and accordingly: (1) is limited to institutional investors; (2) utilizes market-based prices to value its portfolio holdings, except to the extent that market information is not readily available or deemed by the Investment Advisor to be unreliable in which case the portfolio holding is fair valued by the Investment Advisor, as valuation designee, pursuant to procedures approved by the Board; (3) transacts at a floating NAV per PC that uses four decimal place precision (e.g., $1.0000) (except that the Portfolio may use amortized cost to value short-term investments with remaining maturities of 60 days or less, subject to the Investment Advisor's oversight); and (4) has adopted policies and procedures to impose liquidity fees of up to 2% of the value of the PC's redeemed and/or temporarily suspend redemptions in the event that the Portfolio's weekly liquid assets were to fall below designated

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

thresholds, subject to the Board's approval, including a majority of the Trustees who are not "interested persons" of the Portfolio as defined in the 1940 Act (the "Independent Trustees"), determination that such action is in the best interests of the Portfolio. The Money Market Portfolio calculates its NAV three times daily, at 8:00 a.m., 12:00 p.m. and 3:00 p.m. Eastern time on each Business Day.

Investments in other open-end management investment companies, if held, are valued based on the NAV of the management investment companies (which are to be determined pursuant to procedures discussed in their prospectuses). If price quotes are unavailable or deemed unreliable, securities will be fair valued by the Investment Advisor, as valuation designee, in accordance with procedures approved by the Board.

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

**Dividends and Distributions to Participation Certificate Holders:** Dividends from net investment income of the Portfolios are declared daily and paid monthly. The Government Portfolio and the Money Market Portfolio 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. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

**Federal Income Taxes:** No provision is made for federal income taxes as it is each Portfolio's intention to continue to qualify as a regulated investment company by complying with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of its net investment income to Participation Certificate holders, which will be sufficient to relieve each Portfolio from all, or substantially all, federal income and excise taxes.

The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of December 31, 2022, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

**Repurchase Agreements:** Under a repurchase agreement, a counterparty sells a security to a Portfolio and agrees to repurchase the subject security at an agreed upon date and price. 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 repurchase agreement is conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a separate account by the Fund's custodian, sub-custodian or an authorized securities depository. For the Government Portfolio, collateral generally consists of U.S. Government and U.S. Government agency securities, and cash, and for the Money Market Portfolio, collateral generally consists of U.S. Government and U.S. Government agency securities and obligations of issuers in the financial services industry, and cash. The market value of repurchase agreement collateral must be maintained, on a daily basis, at an amount equal to at least 100% of the repurchase price of the securities subject to the repurchase agreement plus accrued interest. Upon an event of default under the terms of the Master Repurchase Agreement, both parties have the right to set-off. If the seller defaults or enters into an insolvency proceeding, liquidation of the collateral by the purchaser may be delayed or limited. As of December 31, 2022, the Government Portfolio and the Money Market Portfolio held repurchase agreements, which are included under "Repurchase Agreements, at cost, which approximates fair value" in the Statements of Assets and Liabilities. The value of the related collateral that the Portfolios hold for each of their repurchase agreements is disclosed in the Schedules of Investments for each Portfolio and exceeded the value of the corresponding repurchase agreement at December 31, 2022.

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

**Expenses:** Expenses are recorded on an accrual basis. Each Portfolio pays the expenses that are directly related to its operations, such as investment advisory and servicing fees, custodian fees, and transfer agent fees. Expenses incurred by the Fund on behalf of each Portfolio, such as trustee expenses or legal fees, are allocated among each of the Portfolios either proportionately based upon the Portfolios' relative net assets or using another reasonable basis such as equally across each Portfolio, depending on the nature of the expense.

**Liquidity Fees:** For the Money Market Portfolio, any liquidity fees imposed on the value of shares redeemed, in the event that the Portfolio's weekly liquid assets fall below designated thresholds, are retained by the Portfolio for the benefit of the Portfolio's remaining shareholders and are recorded as paid-in-capital. No such liquidity fees were imposed with respect to either Portfolio during the fiscal year ended December 31, 2022.

**Management Estimates:** The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and that affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Indemnification:** In the normal course of business, the Fund may enter into contracts under which it has general indemnification obligations. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

**Note 3. Fair Value Measurement** 

**Fair Value Measurement:** U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs and valuation techniques used to measure fair value of the Portfolios' investments are categorized into three levels as described in the hierarchy below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – | quoted prices in active markets for identical securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – | other significant observable inputs (including amortized cost, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – | significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments) |

---

Fixed-income securities held within the Money Market Portfolio are generally valued at fair value (Valuation Approach) using price evaluations provided by an independent pricing service approved by the Investment Advisor, as valuation designee (Level 2). Evaluated prices provided by a pricing service are commonly informed by actual trade data for identical or substantially similar investments and data and information from broker-dealers. Fixed-income securities held within the Government Portfolio are valued at amortized cost (Cost Approach), which approximates fair value, in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost valuation method, an investment is valued initially at its cost, and thereafter, a proportionate accretion of the discount or amortization of the premium is applied to the investment's valuation each day until maturity. If the amount payable at maturity exceeds the initial cost (a "discount"), then the proportionate accretion is added to the investment's valuation each day; if the initial cost exceeds the amount payable at maturity (a "premium"), then the proportionate amortization is subtracted from the investment's valuation each day. 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.

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

As of December 31, 2022, the hierarchical input levels of each Portfolio's investment holdings, by type of security or financial instrument, is set forth in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair<br>Value at<br>December 31, 2022** | **Level 1<br>Quoted<br>Price** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Government Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $167810360 | $— | $167810360 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Obligations | 503554750 |  | 503554750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | 634000000 |  | 634000000 |  |
|  | $1305365110 | $— | $1305365110 | $— |
|  **Money Market Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Obligations | $15048512 | $— | $15048512 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt | 25640586 |  | 25640586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Sub-Sovereign | 989505 |  | 989505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bonds | 1714583 |  | 1714583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 2300000 |  | 2300000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | 21000000 |  | 21000000 |  |
|  | $66693186 | $— | $66693186 | $— |

---

The fair value of investments may differ significantly from the values that would have been used had quoted prices in active markets for identical securities existed for such investments and may differ significantly from the values the Portfolios' ultimately realize. Further, certain investments may be subject to legal and other restrictions on resale or otherwise may be less liquid than publicly and/or actively traded securities.

The fair value hierarchy levels assigned to a Portfolio's investments are not necessarily an indication of the risk associated with investing in those securities.

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

The Fund has entered into agreements for investment advisory and service agent, distribution, administrative, custodian and transfer agent services, and certain other management services, as follows:

BCS Financial Services Corporation (the "Administrator"), serves as the Fund's Administrator with respect to the Fund's overall operations and relations with holders of PCs. Certain officers or employees of the Administrator are also Officers of the Fund, however these Fund Officers serve without compensation from the Fund. As compensation for its services, each Portfolio pays the Administrator 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 serves as the Portfolios' investment advisor and service agent. As servicing agent, BALLC maintains the financial accounts and records, and computes the NAV and net income for both Portfolios. BALLC subcontracts certain administrative services to BNY Mellon Investment Servicing (U.S.), Inc. ("BNY Mellon Investment Servicing"). As compensation for its services, the Government Portfolio and the Money Market Portfolio each pay BALLC a fee, computed daily and paid monthly based upon the following annualized percentages of the average daily net assets of the Portfolio: 0.20% of the first $250 million, 0.15% of the next $250 million, 0.12% of the next $250 million, 0.10% of the next $250 million, and 0.08% of amounts in excess of $1 billion.

BALLC has agreed to reduce the fees otherwise payable to it to the extent necessary to reduce the ordinary operating expenses of each Portfolio so that they do not exceed 0.30 of one percent (0.30%) of the Portfolio's average daily net assets for the year. In addition, (i) BALLC and the Administrator have agreed to waive fees such that the Government Portfolio's

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

ordinary operating expenses do not exceed 0.10 of one percent (0.10%) of average daily net assets for the year; (ii) the Administrator has agreed to waive one basis point of its contractual fees relating to the Money Market Portfolio and BALLC has agreed to waive fees to cap the annual ordinary operating expenses 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. BALLC and the Administrator cannot terminate these fee waivers prior to May 1, 2023 without the consent of the Board.

For the Government Portfolio and the Money Market Portfolio, the Administrator has further agreed that if for any day, after giving effect to all other fee waivers and all expenses, including without limitation, any extraordinary expenses, the "portfolio yield" would be less than 0.01%, the Administrator shall waive that portion of its fees for such day so that after giving effect to such waiver and the other fee waivers, the portfolio yield for such day would not be less than 0.01%. The Administrator has agreed that if after giving effect to such waiver and the other fee waivers, the portfolio yield for such day would be less than 0.01%, the Administrator shall waive all of its fees for such day. BALLC has further agreed that if for any day, after giving effect to the other fee waivers and all Administrator fee waivers, 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, and all other fee waivers, the portfolio yield for such day would not be less than 0.01%. BALLC has agreed that, if after giving effect to such waiver, and all other fee waivers, the portfolio yield for such day would be less than 0.01%, BALLC shall waive all of its fees for such day. BALLC and the Administrator cannot terminate this portfolio yield fee waiver prior to May 1, 2023 without the consent of the Board.

BALLC and the Administrator have also entered into an agreement which guarantees BALLC a minimum annual fee. Neither the Fund nor the Portfolios are a party to, or financially responsible for, this minimum fee agreement.

As a result of the foregoing waivers, for the year ended December 31, 2022, the Administrator waived $452,035 and $32,144 which the Administrator was otherwise entitled to as the fees for its services as Administrator for the Government Portfolio and the Money Market Portfolio, respectively. In addition, the Administrator reimbursed expenses of $42,805 for the Money Market Portfolio. BALLC waived $1,068,908 and $128,574 of its investment advisory fees for the Government Portfolio and the Money Market Portfolio, respectively, for the year ended December 31, 2022.

The Bank of New York Mellon (the "Custodian") acts as custodian of the Fund's assets and BNY Mellon Investment Serving (U.S.) Inc. acts as the Fund's accounting agent, transfer agent and dividend disbursing agent. Both the Custodian and BNY Mellon Investment Servicing are wholly–owned subsidiaries of The Bank of New York Mellon Corporation. The Custodian and BNY Mellon Investment Servicing earn fees from the Portfolios for serving in these capacities.

Foreside Fund Services, LLC (the "Distributor") is the Fund's distributor. The Distributor is neither affiliated with the Administrator, BALLC, The Bank of New York Mellon Corporation nor their affiliated companies. The Fund does not have a distribution plan under Rule 12b-1 of the 1940 Act; accordingly, the Distributor receives no compensation from the Fund for its distribution services.

Pursuant to a Fund Chief Compliance Officer Agreement with the Fund, Foreside Fund Officer Services, LLC ("FFOS"), an affiliate of the Distributor, provides a Chief Compliance Officer to the Fund as well as compliance support functions. FFOS is paid a fee plus out of pocket expenses for the services provided, which is paid monthly in arrears by the Fund.

Pursuant to a Fund Chief Financial Officer/Treasurer Agreement with the Fund, Foreside Management Services, LLC ("FMS"), an affiliate of the Distributor and FFOS, provides a Treasurer and Principal Financial Officer services to the Fund. FMS is paid an annual fee plus out of pocket expenses for these services, which are paid by the Administrator.

**Note 5. Tax Information** 

The Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

Portfolios have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Portfolios' tax returns are subject to examination by federal, state and local jurisdictions, where applicable, for the last three years.

The tax character of distributions paid by the Portfolios during the years ended December 31, 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary<br>Income Dividend** | **Long-Term<br>Capital Gains** |
|  **Government Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $20863582 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 168708 |  |
|  **Money Market Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $1096073 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | 6840 |  |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Undistributed<br>ordinary<br>Income** | **Capital Loss<br>Carryforwards** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Other<br>Temporary<br>Differences** | **Total<br>Distributable<br>Earnings** |
|  Government Portfolio | $58 | $(16075) | $(468) | $– $| (16485) |
|  Money Market Portfolio | 912 |  | 668 | – | 1580 |

---

As of December 31, 2022, the Government Portfolio had $16,075 of capital loss carryforwards, which are short-term capital losses and have an unlimited period of capital loss carryforward. The Money Market Portfolio had no capital loss carryforwards.

As of December 31, 2022, the aggregate cost basis of securities held in the Money Market Portfolio was $66,692,518 for U.S. federal income tax purposes and the Money Market Portfolio had net unrealized appreciation of $668, which consisted of aggregate gross unrealized appreciation of $14,840 and aggregate gross unrealized depreciation of $14,172. As of December 31, 2022, the aggregate cost basis of securities held in the Government Portfolio was $1,305,365,578. For U.S. federal income tax purposes the Government Portfolio had net unrealized depreciation of $468, which consisted of aggregate gross unrealized depreciation of $468.

**Note 6. Principal Risks** 

**Credit Risk** — Credit risk is the risk that an issuer will be unable to make principal and interest payments when due. U.S. Government securities are generally considered to be the safest type of investment in terms of credit risk, with corporate debt securities presenting somewhat higher credit risk. Credit quality ratings published by a nationally recognized rating agency are widely accepted measures of credit risk. The lower a security is rated by such a rating agency, the more credit risk it is considered to represent. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Portfolio's investment in that issuer.

**Floating Net Asset Value Risk (Money Market Portfolio Only)** — The NAV of the Money Market Portfolio floats, fluctuating with changes in the values of the Portfolio's securities, and as a result the Portfolio will not maintain a constant net asset value per share. The value of the Portfolio's Participation Certificates will be calculated to four decimal places.

**Income Risk** — Each Portfolio's yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.

**Interest Rate Risk** — Interest rate risk is the risk that the value of a debt security may fall when interest rates rise, and that the value of a debt security may rise when interest rates fall. In general, the market price of debt securities with longer

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Continued)** 

maturities will go up or down in response to changes in interest rates by a greater amount than the market price of shorter-term securities. Securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period Participation Certificate holders own an interest in a Portfolio. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund's ability to achieve its investment objective.

**Market Risk and Selection Risk** — Market risk is the risk that one or more markets in which the Portfolio invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, countries, group of countries, regions, market, industry, group of industries, sectors or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, like pandemics or epidemics, recessions, or other events could cause significant global economic and market disruptions and have a significant negative impact on the Portfolio and its investments. The impact of such events may be more severe for the Portfolio because the Portfolio invests in short-term instruments. Selection risk is the risk that the securities selected by the Investment Advisor will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

**Prepayment Risk (Money Market Portfolio Only) —** When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Portfolio may have to invest proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, a Portfolio's reinvestment of the prepayment proceeds will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

**Extension Risk (Money Market Portfolio Only) —** When interest rates rise, certain obligations may be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

**Repurchase Agreement Risk** — The Portfolios may enter into repurchase agreements. Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, a Portfolio may suffer delays and incur costs or lose money in exercising its rights under the agreement.

**Stable Net Asset Value Risk (Government Portfolio Only)** — The Portfolio may not be able to maintain a stable net asset value ("NAV") of $1.00 per Participation Certificate at all times. If the Portfolio fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Portfolio, along with other money market funds, could be subject to increased redemption activity.

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Participation Certificates, (ii) insufficient levels of cash in the Portfolio to satisfy redemption activity and (iii) disruption in the normal operation of the markets in which the Portfolio buys and sells securities, the Portfolio could be forced to sell securities at unfavorable prices in order to generate sufficient cash to pay redeeming Participation Certificate holders. Sales of securities held by the Portfolio at such times could result in losses to the Portfolio and cause the NAV to fall below $1.00 per Participation Certificate.

**Variable and Floating Rate Investment Risk** — Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities in response to changes in a referenced interest rate. Any lag in time between changes in the

------

**Plan Investment Fund, Inc.** 

**Notes to Financial Statements** 

**December 31, 2022** 

**(Concluded)** 

referenced interest rate and the security's next interest rate adjustment can be expected to impact the security's value either positively (if interest rates are decreasing) or negatively (if interest rates are increasing). The interest rate on a variable or floating rate security is ordinarily determined by reference to, or is a percentage of, an objective standard such as interbank rates, a bank's prime rate, the 90-day U.S. Treasury Bill rate or the rate of return on commercial paper or bank certificates of deposit.

**Note 7. Subsequent Events** 

Management has evaluated the impact of all Portfolio-related events that occurred subsequent to December 31, 2022, through the date the financial statements were issued, and has determined that there were no subsequent events that require revision or disclosure in the financial statements.

------

![LOGO](g420199g33a05.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Participation Certificate Holders and Board of Trustees of

Plan Investment Fund, Inc.

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Plan Investment Fund, Inc. comprising Government Portfolio and Money Market Portfolio (the "Fund") as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u> 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2017.

![LOGO](g420199g29z16.jpg)

COHEN & COMPANY, LTD.

Chicago, Illinois

February 13, 2023

------

**Plan Investment Fund, Inc.** 

**Trustees and Officers Disclosure** 

**(Unaudited)** 

**December 31, 2022** 

**MANAGEMENT OF THE PORTFOLIOS** 

**Trustees and Officers** 

The Trustees and Officers of the Fund, along with certain information concerning each of them, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Trustee** |  |  |  |  |  |
| **Name,<br>Address and Age** | **Position(s)<br>Held with Fund** | **Term of<br>Office and<br>Length of<br>Time Served** | **Principal<br>Occupation(s)<br>During Past 5 Years<br>(including actual start<br>date regardless of<br>number of years)** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen<br>by Trustee** | **Other<br>Trusteeships/<br>Directorships<br>Held by<br>Trustee During<br>Past Five<br>Years** |
| Susan A. Pickar<br> 2 Mid America Plaza, Suite 200<br> Oakbrook Terrace,<br> IL 60181<br> Age: 54 | Trustee<br>President and Chief Executive Officer | Indefinite,<br> since 2022<sup>(1)</sup> | 2014 to Present – Chief Financial Officer and Treasurer, BCS Financial Corporation | Two |  |
| **Independent Trustees** |  |  |  |  |  |
| Jennifer J. Allen<br> 3545 Lakeland Drive<br> Jackson, MS 39232<br> Age: 46 | Trustee | Indefinite,<br> since 2020 | 2019 to Present – Executive Vice President and Chief Financial Officer, and from 2014 to 2019 – Senior Vice President, Provider Partnerships, Blue Cross & Blue Shield of Mississippi | Two |  |
| Sandra M. Clarke<br> 601 12<sup>th</sup> Street<br> Oakland, CA 94607<br> Age: 54 | Chair<br>Trustee | 1 year,<br> since 2021<br>Indefinite,<br> since 2019 | 2022 to Present – Chief Operating Officer, and from 2021 to 2022 – Executive Vice President and Chief Financial Officer, and from 2018 to 2021 – Senior Vice President and Chief Financial Officer, Blue Shield of California | Two |  |
| William A. Coats<br> 4800 Deerwood Campus Parkway,<br> Building 100<br> Jacksonville, FL 32246<br> Age: 68 | Trustee | Indefinite,<br> since 2018 | 2011 to Present – Vice President, Treasurer and Chief Investment Officer of Guidewell and Blue Cross and Blue Shield of Florida | Two |  |

---

------

**Plan Investment Fund, Inc.** 

**Trustees and Officers Disclosure** 

**(Unaudited)** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br>Address and Age** | **Position(s)<br>Held with Fund** | **Term of<br>Office and<br>Length of<br>Time Served** | **Principal<br>Occupation(s)<br>During Past 5 Years<br>(including actual start<br>date regardless of<br>number of years)** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen<br>by Trustee** | **Other<br>Trusteeships/<br>Directorships<br>Held by<br>Trustee During<br>Past Five<br>Years** |
| John F. Giblin<br> 1 Cameron Hill Circle<br> Chattanooga, TN 37402<br> Age: 66 | Trustee | Indefinite,<br> since 2015 | 2007 to Present – Executive Vice President and Chief Financial Officer, BlueCross BlueShield of Tennessee, Inc. | Two |  |
| Diane G. Gore<br> 4000 House Avenue<br> Cheyenne, WY 82001<br> Age: 60 | Trustee | Indefinite,<br> since 2018 | 2019 to Present – President and Chief Executive Officer, and from 2017 to 2019 – Chief Operating Officer, Blue Cross Blue Shield of Wyoming | Two |  |
| Lori C. Hair<br> 2501 Faraway Drive<br> Columbia, SC 29223<br> Age: 44 | Trustee | Indefinite,<br> since 2021 | 2021 to Present – Executive Vice President, Chief Financial Officer and Treasurer, and from 2018 to 2021 – Vice President, Corporate Controller and Assistant Treasurer, <br> BlueCross and BlueShield of South Carolina | Two |  |
| Juan A. Lopez, Jr.<br> 1901 Market Street<br> Philadelphia, PA 19103<br> Age: 55 | Trustee | Indefinite,<br> since 2021 | 2021 to Present – Executive Vice President, Chief Financial Officer and Treasurer, and from 2018 to 2021 – Senior Vice President, Finance Shared Services,<br> Independence Blue Cross | Two |  |

---

------

**Plan Investment Fund, Inc.** 

**Trustees and Officers Disclosure** 

**(Unaudited)** 

**December 31, 2022** 

**(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br>Address and Age** | **Position(s)<br>Held with Fund** | **Term of<br>Office and<br>Length of<br>Time Served** | **Principal<br>Occupation(s)<br>During Past 5 Years<br>(including actual start<br>date regardless of<br>number of years)** | **Number of<br>Portfolios in<br>Fund Complex<br>Overseen<br>by Trustee** | **Other<br>Trusteeships/<br>Directorships<br>Held by<br>Trustee During<br>Past Five<br>Years** |
| Gina L. Marting<br> 818 Keeaumoku Street<br> Honolulu, HI 96814<br> Age: 61 | Trustee | Indefinite,<br> since 2018 | 2020 to Present – Executive Vice President, Chief Financial Officer and Treasurer, and from 2017 to 2020 – Senior Vice President, Chief Financial Officer and Treasurer, Hawaii Medical Service Association | Two |  |
| Mitch W. Perry<br> 4705 University Dr.<br> Durham, NC 27707<br> Age: 57 | Trustee | Indefinite,<br> since 2021 | 2013 to Present – Senior Vice President and Chief Financial Officer, Blue Cross and Blue Shield of North Carolina | Two |  |
| Vincent P. Price<br> 100 SW Market Street<br> Portland, OR 97201<br> Age: 59 | Trustee | Indefinite,<br> since 2012 | 2009 to Present – Executive Vice President and Chief Financial Officer, Cambia Health Solutions, Inc. | Two | Director,<br>Barrett<br>Business<br>Services,<br>Inc.<br>(since<br>2017) |
| Saurabh Tripathi<br> 120 Fifth Avenue,<br> Suite 193A<br> Pittsburgh, PA 15222<br> Age: 50 | Trustee | Indefinite,<br> since 2021 | 2019 to Present – Executive Vice President, Chief Financial Officer and Treasurer, Highmark Health<br>2005 to 2019 – Chief Financial Officer, Fresenius Kidney Care | Two |  |
| T. Ralph Woodard, Jr.<br> 2500 Elmerton Avenue<br> Harrisburg, PA 17177<br> Age: 57 | Trustee | Indefinite,<br> since 2018 | 2021 to Present – Senior Vice President, Chief Financial Officer and Treasurer, Capital Blue Cross<br>2017 to 2021 – Executive Vice President and Chief Financial Officer, Blue Cross of Idaho Health Service, Inc. | Two |  |

---

<sup>(1)</sup> Less than 1 year.

------

**Plan Investment Fund, Inc.** 

**Trustees and Officers Disclosure** 

**(Unaudited)** 

**December 31, 2022** 

**(Concluded)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name,<br>Address and Age** | **Position(s)<br>Held with Fund** | **Term of<br>Office<sup>(1)</sup> and<br>Length of<br>Time Served** | **Principal<br>Occupation(s)<br>During Past 5 Years** |
|  **Executive Officers** |  |  | |
| Susan A. Pickar<br> 2 Mid America Plaza, Suite 200<br> Oakbrook Terrace, IL 60181<br> Age: 54 | President and Chief Executive Officer | Since 2014 | 2014 to Present – Chief Financial Officer <br>and Treasurer, BCS Financial Corporation |
| Anthony S. Bongiorno<br> 2 Mid America Plaza, Suite 200<br> Oakbrook Terrace, IL 60181<br> Age: 34 | Assistant Treasurer | Since 2021 | 2020 to Present – Director, Investments and Client Relations, and from 2015 to 2020 – Manager, Investments and Client Relations, BCS Financial Corporation |
| Ann F. Frolik<br> 2 Mid America Plaza, Suite 200<br> Oakbrook Terrace, IL 60181<br> Age: 56 | Secretary and Anti-Money Laundering Officer | Since 2018 | 2018 to Present – Deputy General Counsel, and from 2015 to 2018 – Associate Counsel, BCS Financial Corporation |
| James A. Gallo<br> 3 Canal Plaza, 3<sup>rd</sup> Floor<br> Portland, ME 04101<br> Age: 58 | Treasurer | Since 2022<sup>(2)</sup> | 2022 to Present – Senior Principal Consultant, ACA Group<br> 2010 to 2021 – Senior Director, Fund Services, Bank of New York Mellon |
| Alexander D. Hudson<br> 2 Mid America Plaza, Suite 200<br> Oakbrook Terrace, IL 60181<br> Age: 39 | Chief Operating Officer | Since 2015 | 2017 to Present – Vice President, Investment Services and Treasury, BCS Financial Corporation |
| Eimile J. Moore <br>3 Canal Plaza, 3rd Floor<br> Portland, ME 04101<br> Age: 53 | Chief Compliance Officer | Since 2022<sup>(2)</sup> | 2011 to Present – Senior Principal Consultant, ACA Group |

---

<sup>(1)</sup> Term of office is 1 year.

<sup>(2)</sup> Less than 1 year.

------

**Plan Investment Fund, Inc.** 

**Fund Expense Examples** 

**(Unaudited)** 

**December 31, 2022** 

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 Portfolios 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 December 31, 2022.

**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 expenses 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 December 31, 2022" 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.

**Government Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning Account Value<br>July 1, 2022** | **Ending Account Value<br>December 31, 2022** | **Expenses Paid During<br>Six Months Ended<br>December 31, 2022\*** |
| Actual | $1000.00 | $1013.50 | $0.51 |
| Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.70 | $0.51 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.10%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

**Money Market Portfolio** 

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning Account Value<br>July 1, 2022** | **Ending Account Value<br>December 31, 2022** | **Expenses Paid During<br>Six Months Ended<br>December 31, 2022\*** |
| Actual | $1000.00 | $1015.40 | $0.86 |
| Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.35 | $0.87 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

------

**Plan Investment Fund, Inc.** 

**Fund Profile** 

**(Unaudited)** 

**December 31, 2022** 

**Government Portfolio** 

**Portfolio Holdings Summary Table** 

---

| | | |
|:---|:---|:---|
| **Security Type** | **% of Net Assets** | **Amortized Cost** |
|  Repurchase Agreements | 48.4% | $634000000 |
|  Agency Obligations | 38.5 | 503554750 |
|  U.S. Treasury Obligations | 12.8 | 167810360 |
|  **Total Investments in Securities** | 99.7% | $1305365110 |
|  **Other Assets in excess of Liabilities** | 0.3% | 3413411 |
|  **Net Assets** | 100.0% | $1308778521 |

---

**Estimated Maturity Information** 

---

| | | |
|:---|:---|:---|
| **Maturity Information <sup>(1)</sup>** | **Par Value** | **% of Portfolio** |
|  1-7 days | $1091785000 | 83.6% |
|  8-14 days | 11895000 | 0.9 |
|  15-30 days | 5060000 | 0.4 |
|  31-60 days | 107530000 | 8.2 |
|  61-90 days | 29555000 | 2.3 |
|  91-120 days | 45815000 | 3.5 |
|  121-150 days | 8845000 | 0.7 |
|  Over 150 days | 5600000 | 0.4 |
|  **Total Par Value** | $1306085000 | 100.0% |

---

Dollar Weighted Average Maturity <sup>(1)</sup> - 15 days

------

<sup>(1)</sup> Maturity dates as determined under Rule 2a-7 of the 1940 Act for purposes of calculating the Government Portfolio's weighted average maturity.

------

**Plan Investment Fund, Inc.** 

**Fund Profile** 

**(Unaudited)** 

**December 31, 2022** 

**Money Market Portfolio** 

**Portfolio Holdings Summary Table** 

---

| | | |
|:---|:---|:---|
| **Security Type** | **% of Net Assets** | **Market Value** |
|  Repurchase Agreements | 31.5% | $21000000 |
|  Commercial Paper - Financial Companies | 22.3 | 14899872 |
|  Bank Obligations - Yankee Certificates of Deposit | 21.8 | 14548445 |
|  Commercial Paper - Asset Backed Securities | 16.1 | 10740714 |
|  Time Deposits | 3.4 | 2300000 |
|  Tender Option Bonds | 2.6 | 1714583 |
|  Non-U.S. Sub-Sovereign | 1.5 | 989505 |
|  Bank Obligations - Certificates of Deposit | 0.7 | 500067 |
|  **Total Investments in Securities** | 99.9% | $66693186 |
|  **Other Assets in excess of Liabilities** | 0.1% | 80578 |
|  **Net Assets** | 100.0% | $66773764 |

---

**Estimated Maturity Information** 

---

| | | |
|:---|:---|:---|
| **Maturity Information <sup>(1)</sup>** | **Par Value** | **% of Portfolio** |
|  1-7 days | $60164583 | 90.2% |
|  8-14 days | 2200000 | 3.3 |
|  15-30 days | 1500000 | 2.2 |
|  31-60 days | 1250000 | 1.9 |
|  121-150 days | 750000 | 1.1 |
|  Over 150 days | 850000 | 1.3 |
|  **Total Par Value** | $66714583 | 100.0% |

---

Dollar Weighted Average Maturity <sup>(1)</sup> - 12 days

------

<sup>(1)</sup> Maturity dates as determined under Rule 2a-7 of the 1940 Act for purposes of calculating the Money Market Portfolio's weighted average maturity.

------

**Plan Investment Fund, Inc.** 

**Other Disclosures** 

**(Unaudited)** 

**December 31, 2022** 

**Board Considerations in Approving the Continuation of Investment Advisory Agreements** 

**Background and Approval Process** BlackRock Advisors, LLC (the "Advisor") serves as investment advisor to the Government Portfolio and the Money Market Portfolio (each a "Portfolio" and together, the "Portfolios"), each a series of Plan Investment Fund, Inc. (the "Fund"), pursuant to separate investment advisory agreements (each an "Advisory Agreement" and together, the "Advisory Agreements") with the Fund. The Portfolios comprise all series of the Fund. The Advisory Agreements were initially approved by the Board of Trustees (the "Board") of the Fund at the inception of each Portfolio for two-year terms. The Advisory Agreements continue thereafter if approved annually by the Board and by a majority of the Board members, who are not parties to the Advisory Agreements or who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of any such party (the "Independent Trustees") by a vote cast at a meeting called for the purpose of voting on the Advisory Agreements. The Advisory Agreements for each Portfolio were most recently considered by the Board at a meeting held on March 16, 2022 (the "March Board meeting").

As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to (i) the nature, extent and quality of services provided by the Advisor under the Advisory Agreements, including, but not limited to, the Advisor's investment processes, (ii) short-term and long-term performance of each Portfolio relative to a peer group of funds, (iii) the costs of the services provided and profits realized by the Advisor with respect to the management of each Portfolio, (iv) the extent to which the Advisor has in the past experienced or is likely in the future to experience economies of scale in connection with the management of each Portfolio, (v) the expense ratio of each Portfolio as compared with the expense ratios of a peer group of funds and (vi) any benefits to the Advisor or its affiliates from the Advisor's relationship with the Portfolios. The Independent Trustees, through their independent legal counsel, also submitted follow-up requests for information to the Advisor to which the Independent Trustees received supplemental responses prior to and at the March Board meeting. The information provided by the Advisor in response to the Board's requests, as well as information provided by BCS Financial Services Corporation ("BCS"), administrator to the Portfolios, supplemented a variety of written materials, reports and oral presentations received by the Board throughout the year, including information regarding Portfolio performance, expense ratios, portfolio composition and risk oversight, and regulatory compliance.

At the March Board meeting, a representative of the Advisor discussed certain requested information with the Board and responded to additional questions. The Board considered the specific factors set out in case law and identified by the U.S. Securities and Exchange Commission in evaluating the Advisory Agreements. The Board used its business judgment in considering these and other relevant factors, as summarized in more detail below, and concluded that the terms of each Advisory Agreement are fair and reasonable and that the continuation of each Advisory Agreement is in the best interests of the applicable Portfolio. In deciding to approve the renewal of each Advisory Agreement, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together. The Board did not allot a particular weight to any one factor or group of factors.

**Nature, Extent and Quality of Services** As part of its decision-making process, the Board noted that the Advisor has managed the Portfolios since their inception, and the Board believes that a long-term relationship with a capable, conscientious investment advisor is in the best interests of each Portfolio. The Board also considered, generally, that Participation Certificate holders invest in a Portfolio specifically seeking the Advisor's investment expertise and style. The Board also noted that when Participation Certificate holders invest in a Portfolio, the investors are informed of the Portfolio's contractual advisory fee. In this connection, the Board considered, in particular, whether each Portfolio is managed in accordance with its investment objective and policies as disclosed to Participation Certificate holders. The Board concluded that the Advisor's management of each Portfolio is consistent with the Portfolio's investment objective and policies.

With respect to the nature, extent and quality of services provided by the Advisor to the Portfolios, the Board considered the terms of the Advisory Agreements, including the scope of advisory services provided to the Portfolios. The Board reviewed information on the experience and qualifications of key personnel performing services for the Portfolios, as well as the organizational structure of the Advisor's investment team. The Board also reviewed each Portfolio's investment

------

**Plan Investment Fund, Inc.** 

**Other Disclosures** 

**(Unaudited)** 

**December 31, 2022** 

**(Continued)** 

performance, as summarized below. The Board considered the depth and quality of the Advisor's investment processes, the resources utilized to provide investment advisory services to the Portfolios and the overall financial stability of the organization. In addition, the Board considered the Advisor's compliance and risk management programs, including its cybersecurity practices and business continuity programs, and considered the Advisor's commitment to a rigorous compliance effort and the resulting compliance by the Portfolios and the Advisor with legal requirements.

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

**Investment Performance** The Board noted that it reviews data on the short-term and long-term performance of the Portfolios in connection with each Board meeting. For the March Board meeting, the Board reviewed and considered information about the investment performance of each Portfolio through December 31, 2021, compared to a peer group of funds. The funds included within each Portfolio's peer group of funds were compiled by BCS based on the similarity of the funds' investment objectives and strategies to those of the Portfolio and the comparability of the funds' asset size to that of the Portfolio, using publicly available data. The Board also reviewed and considered performance information for each Portfolio compared to its custom peer universe, which was provided by Institutional Metrics. In reviewing this performance information, the Board made the following observations:

**Government Portfolio** The performance of the Government Portfolio was equal to the median performance of its peer group of funds for the one-year period ended December 31, 2021 and outperformed the median of its peer group of funds for the three-, five- and ten-year periods ended December 31, 2021. The Government Portfolio outperformed the median of its peer universe for the one-, three-, five- and ten-year periods ended December 31, 2021. The Board noted that the peer group of funds consisted of eleven other institutional money market funds and that as of December 31, 2021 the Government Portfolio had significantly less assets under management than all but one fund in the peer group.

**Money Market Portfolio** The Money Market Portfolio outperformed the median of its peer group of funds for the one-, three- and five-year periods and its performance was equal to the median performance of its peer group of funds for the ten-year period ended December 31, 2021. The Money Market Portfolio underperformed the median of its peer universe of funds for the one-year period and outperformed the median of its peer universe of funds for the three-, five- and ten-year periods ended December 31, 2021. The Board noted that the peer group of funds consisted of eight other institutional prime money market funds and that as of December 31, 2021 the Money Market Portfolio had significantly less assets under management than each fund in the peer group. The Board also considered the Advisor's statement regarding the importance of scale, in terms of assets under management, on the Portfolio's performance. Based on its review, the Board concluded that the Advisor's efforts and results with respect to the performance of each Portfolio were satisfactory.

**Fees and Expenses** The Board reviewed expense data compiled by BCS and information provided by the Advisor regarding each Portfolio's advisory fees and expense ratios, including information regarding breakpoints and fee waiver and expense reimbursement agreements for the Portfolios. The Board reviewed data showing how the Portfolios' advisory fees and expense ratios compared to those of a peer group of funds with comparable asset levels and expense structures.

The Board considered that the gross advisory fees of the Government Portfolio were equal to the median gross advisory fees of its peer group of funds and that the Government Portfolio's assets under management as of December 31, 2021 were less than all but one of its peer funds. The Board considered that the gross advisory fees of the Money Market Portfolio were higher than the median gross advisory fees of the peer group of funds and that the Money Market Portfolio's assets under management as of December 31, 2021 were the lowest of its peer funds.

The Board also reviewed information provided by the Advisor regarding the fee rates offered to other money market fund clients of the Advisor, including sub-advised portfolios. The Board considered that each Portfolio's gross advisory fees were less than the fee rates applicable to a majority of the other money market fund clients for which the Advisor serves as investment advisor. The Board also considered that each Portfolio's gross advisory fees were higher than the fee rates applicable to the other money market fund clients for which the Advisor serves as investment sub-advisor, and the Board took into account the nature and extent of the services that the Advisor provides to each Portfolio pursuant to the Advisory

------

**Plan Investment Fund, Inc.** 

**Other Disclosures** 

**(Unaudited)** 

**December 31, 2022** 

**(Continued)** 

Agreements. The Board also considered the Advisor's statement that the management fees of each Portfolio, after contractual fee waivers, are at or lower than those of similar accounts, with comparable services, managed by the Advisor. The Board concluded that the advisory fee for each Portfolio was fair and reasonable.

**Profitability** The Board reviewed information concerning the estimated profitability to the Advisor of the Advisory Agreements, including information regarding the Advisor's methodology for allocating expenses in connection with providing services under the Advisory Agreements. The Board considered that BCS and the Advisor have entered into an agreement whereby BCS (and not the Portfolios) provides compensation to the Advisor to the extent necessary to ensure that the Advisor, after accounting for fees waived by the Advisor, receives a minimum annual amount of compensation for services provided to the Portfolios. The Board recognized that individual fund or product line profitability of other advisors is generally not publicly available and that profitability may be affected by numerous factors, noting that, as a result, the comparability of profitability among advisory firms is limited. The Board noted that the Money Market Portfolio has significantly less assets under management than the Government Portfolio and that due to the contractual fee waivers, the Advisor waived a substantial portion of its advisory fee with respect to the Money Market Portfolio. The Board concluded that the estimated profitability of the Advisor with respect to the Advisory Agreements was not unreasonable.

**Economies of Scale** The Board considered the **extent** to which economies of scale would be realized as the Portfolios grow and whether advisory fee levels reflect these economies of scale for the benefit of investors. The Board considered each Portfolio's amount of assets under management and information regarding staffing and infrastructure of the Advisor. The Board took into account that the Advisor has agreed to extend existing fee waivers with respect to each Portfolio for an additional twelve months. The Board also noted that the advisory fee schedule for each Portfolio incorporates breakpoints and thus reflects economies of scale by offering lower effective advisory fees as the assets of a Portfolios increase. The Board concluded that each Portfolio's fee schedule represents an appropriate sharing by the Advisor with the Portfolio of such economies of scale as may exist in the management of the Portfolio at various asset levels.

**Other Benefits to the Advisor or Its Affiliates** The Board considered information regarding any indirect benefits to the Advisor or its affiliates from the Advisor's relationship with the Portfolios. The Board noted the Advisor's statement that its relationship with the Government Portfolio and the Money Market Portfolio may have raised the Advisor's profile as an investment advisor in the broker-dealer community, which may enhance business opportunities for the Advisor. The Board also noted the Advisor's statement that the Advisor may accrue scale-related benefits from the inclusion of the Portfolios in the Advisor's total assets under management, including trading efficiencies resulting in reduced costs, increased liquidity and bid-offer spreads, operational efficiencies, greater buying power and flexibility, and improved trade execution. The Board considered these potential indirect benefits to the Advisor under the Advisory Agreements in reaching its conclusion that the advisory fee for each Portfolio was fair and reasonable.

Based on all of the information considered and the conclusions reached, including consideration of each of the factors referred to above, the Board, including all of the Independent Trustees, concluded that the terms of each Advisory Agreement are fair and reasonable and the continuation of each Advisory Agreement is in the best interests of each Portfolio.

**Form N-MFP:** The Fund files a complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. The Form N-MFP filings are available on the SEC's website at www.sec.gov. The Fund's Forms N-MFP may also be obtained, upon request, by calling (800) 621-9215.

**Government Portfolio and Money Market Portfolio Monthly Holdings:** The Government Portfolio and the Money Market Portfolio each makes its portfolio holdings information publicly available by posting the information on the Fund's website at www.pif.com.

**Proxy Voting:** 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 by the following August 31 (i) upon request, without charge, by calling (800) 621-9215 or (ii) on the SEC's website at <u>www.sec.gov</u>.

------

**Plan Investment Fund, Inc.** 

**Other Disclosures** 

**(Unaudited)** 

**December 31, 2022** 

**(Concluded)** 

**Tax Information:** The Portfolios report a portion of the income dividends distributed during the fiscal year ended December 31, 2022 as U.S. Government Income as follows:

Government Portfolio: 43.79%

Money Market Portfolio: 0.46%

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations are as follows:

Government Portfolio: 100%

Money Market Portfolio: 100%

The Portfolios designate a percentage of ordinary income distributions as qualified short-term gain pursuant to the American Jobs Creation Act of 2004. They are as follows:

Government Portfolio: —%

Money Market Portfolio: 100%

U.S. Government Income represents the amount of interest that was derived from direct U.S. Government obligations. Generally, such interest is exempt from state income tax. Due to certain statutory limitations, shareholders of mutual funds who are residents of California, Connecticut or New York may be permitted to exclude the portion of ordinary income only if a mutual fund has invested at least 50% of its gross assets at the end of each quarter of the fund's fiscal year in direct U.S. government obligations. For the fiscal year ended on December 31, 2022, only the Government Portfolio met the mentioned requirement. Due to the diversity in the state and local tax law, it is recommended that you consult your personal tax adviser as to your specific situation.

All reportings are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item above, it is the intention of the Portfolios to report the maximum amount permitted under the Code and the regulations there under.

------

[This page intentionally left blank]

------

![LOGO](g420199g33a01.jpg)

2 Mid America Plaza, Suite 200

Oakbrook Terrace, IL 60181

(630) 472-7700

**<u>Plan Investment Fund</u>**

**<u>Board of Trustees</u>**

**Jennifer J. Allen** 

Executive Vice President and

Chief Financial Officer

Blue Cross & Blue Shield

of Mississippi

**Sandra M. Clarke** 

Chief Operating Officer

Blue Shield of California

**William A. Coats** 

Vice President, Treasurer

and Chief Investment Officer

GuideWell and Blue Cross and Blue

Shield of Florida

**John F. Giblin** 

Executive Vice President and Chief

Financial Officer

BlueCross BlueShield of Tennessee, Inc.

**Diane G. Gore** 

President and

Chief Executive Officer

Blue Cross Blue Shield of Wyoming

**Lori C. Hair** 

Executive Vice President,

Chief Financial Officer and Treasurer

BlueCross and BlueShield of South Carolina

**Juan A. Lopez, Jr.** 

Executive Vice President,

Chief Financial Officer and Treasurer

Independence Blue Cross

**Gina L. Marting** 

Executive Vice President,

Chief Financial Officer and Treasurer

Hawaii Medical Service Association

**Mitch W.Perry** 

Senior Vice President and

Chief Financial Officer

Blue Cross and Blue Shield of North Carolina

**Susan A. Pickar** 

Chief Financial Officer and Treasurer

BCS Financial Corporation

**Vincent P. Price** 

Executive Vice President

and Chief Financial Officer

Cambia Health Solutions, Inc.

**Saurabh Tripathi** 

Executive Vice President,

Chief Financial Officer and Treasurer

Highmark Health

**T. Ralph Woodard, Jr.** 

Senior Vice President, Chief

Financial Officer and Treasurer

Capital Blue Cross

**<u>INVESTMENT ADVISOR</u>**

BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, Delaware 19809

**<u>DISTRIBUTOR</u>**

Foreside Fund Services, LLC

Three Canal Plaza

Portland, Maine 04101

------

---

| | |
|:---|:---|
| ***Item 2.*** | ***Code of Ethics.***  |

---

(a) The registrant has adopted a code of ethics that applies to its principal executive officer and principal financial
officer.

(b) No disclosures are required pursuant to this Item 2(b).

(c) During the period covered by this report, there were no amendments to the provisions of the registrant's code of
ethics that apply to the registrant's principal executive officer and principal financial officer and that relate to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

(d) During the period covered by this report, the registrant did not grant any waivers, including implicit waivers, from any
provision of its code of ethics that apply to the registrant's principal executive officer or principal financial officer and that relate to one or more of the items set forth in Item 2(b) of Form N-CSR.

(e) Not applicable.

(f) A copy of the registrant's code of ethics that applies to its principal executive officer and principal financial
officer is filed as Exhibit 13(a)(1) to this Form N-CSR.

---

| | |
|:---|:---|
| ***Item 3.*** | ***Audit Committee Financial Expert.***  |

---

The registrant's Board of Trustees has determined that Jennifer J. Allen and Mitch W. Perry, independent trustees who serve on the audit committee, qualify as "audit committee financial experts" (as such term is defined in Item 3(b) of Form N-CSR). An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the registrant's audit committee or Board of Trustees.

------

**Item 4.** ***Principal Accountant Fees and Services*** <br>

Audit and Non-Audit Fees

The following table sets forth the aggregate audit and non-audit fees billed to the registrant for the fiscal years ended December 31, 2022 and 2021 for professional services rendered by the registrant's independent registered public accounting firm, Cohen & Company, Ltd. ("Cohen").

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, |
|  | <u>2022</u> | <u>2021</u> |
| &nbsp;&nbsp; Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45000 |
| &nbsp;&nbsp; Audit-related fees | $0 | $0 |
| &nbsp;&nbsp; Tax fees | $7000 | $6000 |
| &nbsp;&nbsp; All other fees | <u>$0</u> | <u>$0</u> |
| &nbsp;&nbsp; Total | $56000 | $51000 |

---

Audit fees include fees billed for professional services associated with the annual audits and filings of the registrant's Form N-1A, Form N-CSR, and Form N-CEN and audits and filings pursuant to Rule 17f-2 under the 1940 Act. Audit-related fees are fees billed for assurance and related services that are reasonably related to the performance of the audit. The audit related fees shown above are principally related to the annual review of the registrant's financial statements. Tax fees represent fees billed for professional services rendered for tax compliance and tax advice by the registrant's independent registered public accounting firm. All other fees would be for services rendered other than those included in the audit, audit-related or tax categories. All services for 2022 and 2021 for which fees are included in the table above were pre-approved by the audit committee of the registrant.

Other Affiliate Services Required to be Pre-Approved

The audit committee of the registrant also is required to pre-approve services by the registrant's independent auditors to certain affiliated entities as defined by Securities and Exchange Commission ("SEC") rules, including the registrant's investment advisor and any entity controlling, controlled by or under common control with the advisor, to the extent such services are determined to have a direct impact on the operations or financial reporting of the registrant. The amount of all other fees billed for services provided to the registrant's investment advisor or affiliates of the advisor was $0 in 2022 and $0 in 2021.

------

Aggregate Non-Audit Fees

The aggregate non-audit fees billed by Cohen for professional services for the registrant totaled $7,000 for the fiscal year ended December 31, 2022 and $6,000 for the fiscal year ended December 31, 2021. The aggregate non-audit fees billed by Cohen for professional services for the registrant's investment advisor and all the advisor's control affiliates as defined by SEC rules, totaled $0 in 2022 and $0 in 2021. The audit committee has considered the compatibility of the non-audit services that were not subject to pre-approval with the independent registered public accounting firm's independence.

Audit Committee Pre-Approval Policies

The audit committee of the registrant has adopted policies that require that each engagement of the registrant's independent auditors to render audit or non-audit services to the registrant be pre-approved by the registrant's audit committee, or if the committee shall determine to delegate such matter to one of its members, such member shall have the authority to pre-approve audit or non-audit services to the registrant. The registrant's audit committee, or if the committee shall determine to delegate such matter to one of its members, such member, also pre-approves all engagements by the independent auditors for engagements for non-audit services to the registrant's investment advisor and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant, if the engagement relates directly to the operations or financial reporting of the registrant. The foregoing pre-approval requirements will not apply to certain non-audit services, provided that such services are limited in amount and other requirements are satisfied with respect thereto, in accordance with the applicable provisions of Rule 2-01 of Regulation S-X.

---

| | |
|:---|:---|
| **Item 5*.*** | ***Audit Committee of Listed Registrants*.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 6*.*** | ***Investments.***  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investment included in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

------

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

Not applicable to the registrant, as the registrant is not a closed-end management investment company.

**Item 8.** ***Portfolio Managers of Closed-End Management Investment Companies.*** <br>

Not applicable to the registrant, as the registrant is not a closed-end management investment company.

---

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

---

Not applicable to the registrant, as the registrant is not a closed-end management investment company.

---

| | |
|:---|:---|
| **Item 10*.*** | ***Submission of Matters to a Vote of Security Holders.***  |

---

There have been no material changes to the procedures by which Participation Certificate holders recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this item.

**Item 11.** ***Controls and Procedures.*** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 act")(17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended, (17 CFR 240.13a-15 (b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

**Item 12.** ***Disclosure of Securities Lending Activities for Closed-End Management Companies.*** <br>

Not applicable to the registrant, as the registrant is not a closed-end management investment company.

**Item 13.** ***Exhibits.*** <br>

[(a)(1) Code of Ethics required by Item 2(f).](d420199dex99codeeth.htm)

[(a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.](d420199dex99cert.htm)

(a)(3) Not applicable

(a)(4) None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.](d420199dex99906cert.htm)

------

**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. | PLAN INVESTMENT FUND, INC. |
| By: | /s/ Alexander D. Hudson  |

---

---

| | |
|:---|:---|
| Name: | Alexander D. Hudson |
| Title: | Chief Operating Officer (Principal Executive Officer) |
| Date: | February 28, 2023 |

---

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/ Alexander D. Hudson |

---

---

| | |
|:---|:---|
| Name: | Alexander D. Hudson |
| Title: | Chief Operating Officer |
| Date: | February 28, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ James A. Gallo  |

---

---

| | |
|:---|:---|
| Name: | James A. Gallo |
| Title: | Treasurer (Principal Financial Officer) |
| Date: | February 28, 2023 |

---

------

**EXHIBIT INDEX** 

[(a)(1)](d420199dex99codeeth.htm) [Code of Ethics required by Item 2(f).](d420199dex99codeeth.htm)

---

| | |
|:---|:---|
| [(a)(2)](d420199dex99cert.htm) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.](d420199dex99cert.htm)  |

---

[(b)](d420199dex99906cert.htm) [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.](d420199dex99906cert.htm)

## Ex-99.Code

**EX-99.CODEETH** 

**Exhibit (a)(1)** 

Code of Ethics for Principal Executive and Senior Financial Officers

Plan Investment Fund, Inc. \| Confidential

Adopted on November 12, 2003

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I. Covered Officers/Purpose of the Code

This code of ethics (this "Code") for Plan Investment Fund, Inc. (the "Company" and "Fund") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons
identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to
situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of

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1940 ("Investment Company Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Company's administrator, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the administrator or for both), be involved in establishing policies and implementing decisions that will have different effects on the administrator and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Company to take action, or fail to take action, for the individual personal benefit of
the Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio
transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually affiliations and other relationships related to conflicts of interest
pursuant to the Company's Questionnaire for Trustees and Officers.

There are some conflict of interest situations that should be discussed with and subject to the approval of the Chairman of the Audit Committee (the "Audit Committee") of the Company's Board of Trustees (the "Board") if material. Examples of these include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Company has current or prospective
business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the
Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the
Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Cover Officer's employment, such as compensation or equity ownership.

III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about
the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

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IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Company or its affiliated
persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chairman of the Audit Committee promptly if he knows of any violation of this Code.
Failure to do so is itself a violation of this Code.

The Chairman of the Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Board.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chairman of the Audit Committee will take all appropriate action to investigate any potential
violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chairman of the Audit Committee believes that no violation has
occurred, the Chairman of the Audit Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chairman of the Audit Committee believes is a violation will be reported to the
Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may
include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the administrator or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC
rules.

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V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

VI. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Company and its counsel.

VIII. Internal Use

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

Adopted: November 12, 2003

## Ex-99.Cert

**EX 99.302CERT** 

**Exhibit (a)(2)** 

**CERTIFICATIONS** 

I, Alexander D. Hudson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Plan Investment Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: February 28, 2023 | By: | /s/ Alexander D. Hudson  |
|  |  | Alexander D. Hudson |
|  |  | Principal Executive Officer of |
|  |  | Plan Investment Fund, Inc. |

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**CERTIFICATIONS** 

I, James A. Gallo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Plan Investment Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the fourth fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: February 28, 2023 | By: | /s/ James A. Gallo  |
|  |  | James A. Gallo |
|  |  | Principal Financial Officer of |
|  |  | Plan Investment Fund, Inc. |

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## Exhibit 99.906

**EX. 99.906CERT** 

**Exhibit (b)** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: February 28, 2023 | By: | /s/ Alexander D. Hudson  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Alexander D. Hudson |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer |

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**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: February 28, 2023 | By: | /s/ James A. Gallo  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James A. Gallo |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer |

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