# EDGAR Filing Document

**Accession Number:** 0000774412
**File Stem:** 0001193125-26-272039
**Filing Date:** 2026-6
**Character Count:** 145037
**Document Hash:** 31c0811f17242fa729f8cd47d61539ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-272039.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0001193125-26-272039

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260616

**DATE AS OF CHANGE**: 20260616

**EFFECTIVENESS DATE**: 20260616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PLAN INVESTMENT FUND INC
- **CENTRAL INDEX KEY:** 0000774412

**ORGANIZATION NAME:**
- **EIN:** 363387213
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04379
- **FILM NUMBER:** 261093329

**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           |

?xml version='1.0' encoding='ASCII'? PLAN INVESTMENT FUND INC

##### [**Table of Contents**](#toc)

### 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

#### President and 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, 2025

------

##### [**Table of Contents**](#toc)

#### Explanatory Note:
The Registrant is filing this amendment to its Form N-CSR for the year ended December 31, 2025, which was originally filed with the U.S. Securities and Exchange Commission on February 27, 2026 (Accession Number 0001193125-26-079064), to address a filing error, add a response to Item 4(e)(2) and to amend the response to Item 9. Except as set forth above, this amended filing does not amend, update or change any other items or disclosures found in the initial Form N-CSR filing.

------

##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Item 1. | [Reports to Stockholders.](#fs72320_1) | 1 |
| Item 2. | [Code of Ethics.](#fs72320_2) | 2 |
| Item 3. | [Audit Committee Financial Expert.](#fs72320_3) | 2 |
| Item 4. | [Principal Accountant Fees and Services.](#fs72320_4) | 2 |
| Item 5. | [Audit Committee of Listed Registrants.](#fs72320_5) | 4 |
| Item 6. | [Investments.](#fs72320_6) | 4 |
| Item 7. | [Financial Statements and Financial Highlights for Open-End Management Investment Companies.](#fs72320_7) | 4 |
| Item 8. | [Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#fs72320_8) | 5 |
| Item 9. | [Proxy Disclosures for Open-End Management Investment Companies.](#fs72320_9) | 5 |
| Item 10. | [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#fs72320_10) | 5 |
| Item 11. | [Statement Regarding Basis for Approval of Investment Advisory Contract.](#fs72320_11) | 5 |
| Item 12. | [Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.](#fs72320_12) | 5 |
| Item 13. | [Portfolio Managers of Closed–End Management Investment Companies.](#fs72320_13) | 5 |
| Item 14. | [Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.](#fs72320_14) | 6 |
| Item 15. | [Submission of Matters to a Vote of Security Holders.](#fs72320_15) | 6 |
| Item 16. | [Controls and Procedures.](#fs72320_16) | 6 |
| Item 17. | [Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.](#fs72320_17) | 6 |
| Item 18. | [Recovery of Erroneously Awarded Compensation.](#fs72320_18) | 6 |
| Item 19. | [Exhibits.](#fs72320_19) | 6 |

---

------

##### [**Table of Contents**](#toc)

#### Item 1. Reports to Stockholders.

![Image](g72320g39y05.jpg)

# Government Portfolio

# PIFXX

# Annual Shareholder Report \| as of December 31, 2025
This Annual Shareholder Report contains important information about the Government Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.pif.com/fund/government-portfolio. You can also request this information by contacting us at (800) 621-9215.

## What were the Portfolio's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Ticker | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIFXX | $10 | 0.10% |

---

## Key Portfolio Statistics
December 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $1155489848 |
| # of Portfolio Holdings | 116 |
| Investment Advisory Fees Paid | $730791 |

---

## Portfolio Composition
% of Total Investments

![Pie Chart showing Grouping By Sector](g72320g35x56.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 42.2% |
| Repurchase Agreements | 37.0% |
| U.S. Government Sponsored Agency Obligations | 20.8% |

---

## Where can I find additional information about the Portfolio?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://pif.com/fund/government-portfolio/](g72320g25j83.jpg)

If you wish to view additional information about the Portfolio, including the Portfolio's financial statements, month-end holdings, prospectus and statement of additional information, please visit www.pif.com/fund/government-portfolio.

tel: (800) 621-9215 \| www.pif.com/fund/government-portfolio

Annual Shareholder Report \| as of December 31, 2025

![Image](g72320g39y05.jpg)

# Money Market Portfolio

# PIMXX

# Annual Shareholder Report \| as of December 31, 2025
This Annual Shareholder Report contains important information about the Money Market Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at www.pif.com/fund/money-market-portfolio. You can also request this information by contacting us at (800) 621-9215.

## What were the Portfolio's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Ticker | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMXX | $18 | 0.18% |

---

## Key Portfolio Statistics
December 31, 2025

---

| | |
|:---|:---|
| Total Net Assets | $190553178 |
| # of Portfolio Holdings | 160 |
| Investment Advisory Fees Paid | $104977 |

---

## Portfolio Composition
% of Total Investments

![Pie Chart showing Grouping By Sector](g72320g86g94.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 35.0% |
| Commercial Paper | 32.3% |
| Bank Obligations - Certificate of Deposit | 23.8% |
| Time Deposits | 4.7% |
| Tender Option Bonds | 2.8% |
| Non-U.S. Sub-Sovereign | 0.5% |
| U.S. Treasury Obligations | 0.5% |
| Variable Rate Demand Notes | 0.4% |

---

## Where can I find additional information about the Portfolio?
![An image of a QR code that, when scanned, navigates the user to the following URL: https://pif.com/fund/money-market-portfolio](g72320g30w56.jpg)

If you wish to view additional information about the Portfolio, including the Portfolio's financial statements, month-end holdings, prospectus and statement of additional information, please visit www.pif.com/fund/money-market-portfolio.

tel: (800) 621-9215 \| www.pif.com/fund/money-market-portfolio

Annual Shareholder Report \| as of December 31, 2025

------

#### 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 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Jennifer J. Allen and Mitch W. Perry, independent directors who serve on the audit committee of the Board of Directors (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 Directors.

#### Item 4. Principal Accountant Fees and Services
(a) through (d) 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, 2025 and 2024 for professional services rendered by the registrant's independent registered public accounting firm, Tait, Weller & Baker LLP ("Tait Weller"), with respect to the fiscal years ending December 31, 2025 and December 31, 2024.

------

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31**,** | Year Ended December 31**,** |
|  | 2025 | 2024 |
|  Audit fees | $38000 | $38000 |
|  Audit-related fees | $0 | $0 |
|  Tax fees | $5000 | $5000 |
|  All other fees | $0 | $0 |
|  Total | $43000 | $43000 |

---

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. Audit-related fees are fees billed for assurance and related services that are reasonably related to the performance of the audit. 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 2025 and 2024 for which fees are included in the table above were pre-approved by the Audit Committee.

(e)(1) Audit Committee Pre-Approval Policies

The Audit Committee 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 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 Audit Committee, or if the Audit 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. (e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

------

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) and (h) Aggregate Non-Audit Fees

The aggregate non-audit fees billed by Tait Weller for professional services for the registrant totaled $5,000 for the fiscal years ending December 31, 2025 and December 31, 2024.

The Audit Committee 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. The aggregate non-audit fees billed by Tait Weller for professional services for the registrant's investment advisor and all the advisor's control affiliates as defined by SEC rules, totaled $0 in 2025 and 2024. The Audit Committee has considered the compatibility of the non-audit services that were not subject to pre-approval, if any, with the independent registered public accounting firm's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to the registrant.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of the financial statements filed under Item 7 of this Form N-CSR.

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

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![LOGO](g72320dsp2a.jpg)

Annual Financials and Other Information

December 31, 2025

---

| |
|:---|
| **ADMINISTRATOR** |
| ![LOGO](g72320dsp2b.jpg) |
| BCS Financial Services Corporation |
| 2 Mid America Plaza, Suite 200 |
| Oakbrook Terrace, IL 60181 |
| (800) 621-9215 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **TOTAL INVESTMENTS - 63.1%** | **TOTAL INVESTMENTS - 63.1%** |  |  |  |
| **U.S. TREASURY OBLIGATIONS - 42.3%** | **U.S. TREASURY OBLIGATIONS - 42.3%** |  |  |  |
| $1825000 | U.S. Treasury Bill<sup>(1)</sup> | 4.11% | 01/02/26 | $1824792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195000 | U.S. Treasury Bill<sup>(1)</sup> | 3.54% | 01/06/26 | 1194412 |
| 983000 | U.S. Treasury Bill<sup>(1)</sup> | 3.71% | 01/08/26 | 982291 |
| 1260000 | U.S. Treasury Bill<sup>(1)</sup> | 3.50% | 01/13/26 | 1258530 |
| 5000000 | U.S. Treasury Bill<sup>(1)</sup> | 3.57% | 01/20/26 | 4990592 |
| 700000 | U.S. Treasury Bill<sup>(1)</sup> | 3.64% | 01/22/26 | 698514 |
| 2900000 | U.S. Treasury Bill<sup>(1)</sup> | 4.12% | 01/29/26 | 2890707 |
| 9193000 | U.S. Treasury Bill<sup>(1)</sup> | 3.79% | 02/03/26 | 9161183 |
| 11786000 | U.S. Treasury Bill<sup>(1)</sup> | 3.82% | 02/05/26 | 11742285 |
| 3075900 | U.S. Treasury Bill<sup>(1)</sup> | 3.78% | 02/10/26 | 3063125 |
| 4500000 | U.S. Treasury Bill<sup>(1)</sup> | 3.59% | 02/12/26 | 4481647 |
| 49100000 | U.S. Treasury Bill<sup>(1)</sup> | 3.59% | 02/17/26 | 48870191 |
| 1548000 | U.S. Treasury Bill<sup>(1)</sup> | 3.77% | 02/19/26 | 1540057 |
| 4500000 | U.S. Treasury Bill<sup>(1)</sup> | 3.74% | 02/24/26 | 4474789 |
| 175000 | U.S. Treasury Bill<sup>(1)</sup> | 3.76% | 02/26/26 | 173976 |
| 1500000 | U.S. Treasury Bill<sup>(1)</sup> | 3.77% | 03/10/26 | 1489353 |
| 80414000 | U.S. Treasury Bill<sup>(1)</sup> | 3.77% | 03/17/26 | 79785749 |
| 16852000 | U.S. Treasury Bill<sup>(1)</sup> | 3.72% | 03/19/26 | 16718471 |
| 396000 | U.S. Treasury Bill<sup>(1)</sup> | 3.75% | 03/24/26 | 392622 |
| 9240000 | U.S. Treasury Bill<sup>(1)</sup> | 3.74% | 03/31/26 | 9154566 |
| 6262000 | U.S. Treasury Bill<sup>(1)</sup> | 3.72% | 04/02/26 | 6203235 |
| 7375000 | U.S. Treasury Bill<sup>(1)</sup> | 3.62% | 04/07/26 | 7303807 |
| 8767000 | U.S. Treasury Bill<sup>(1)</sup> | 3.70% | 04/09/26 | 8678773 |
| 35092000 | U.S. Treasury Bill<sup>(1)</sup> | 3.89% | 04/16/26 | 34703198 |
| 6215000 | U.S. Treasury Bill<sup>(1)</sup> | 3.54% | 04/21/26 | 6147774 |
| 11275000 | U.S. Treasury Bill<sup>(1)</sup> | 3.66% | 04/23/26 | 11146615 |
| 18884000 | U.S. Treasury Bill<sup>(1)</sup> | 3.64% | 04/30/26 | 18656784 |
| 18000000 | U.S. Treasury Bill<sup>(1)</sup> | 3.71% | 05/21/26 | 17740300 |
| 14279000 | U.S. Treasury Bill<sup>(1)</sup> | 3.66% | 05/28/26 | 14065310 |
| 21087000 | U.S. Treasury Bill<sup>(1)</sup> | 3.64% | 06/04/26 | 20759103 |
| 2434000 | U.S. Treasury Bill<sup>(1)</sup> | 3.58% | 06/11/26 | 2395064 |
| 10151000 | U.S. Treasury Bill<sup>(1)</sup> | 3.50% | 06/18/26 | 9985437 |
| 23720900 | U.S. Treasury Bill<sup>(1)</sup> | 3.49% | 06/25/26 | 23319057 |
| 1095000 | U.S. Treasury Bill<sup>(1),(2)</sup> | 3.50% | 07/02/26 | 1075731 |
| 2500000 | U.S. Treasury Bill<sup>(1)</sup> | 3.66% | 09/03/26 | 2437729 |
| 19648300 | U.S. Treasury Bill<sup>(1)</sup> | 3.38% | 12/24/26 | 18989764 |
| 380000 | U.S. Treasury Note | 0.38% | 01/31/26 | 378828 |
| 1200000 | U.S. Treasury Note | 0.50% | 02/28/26 | 1193202 |
| 1500000 | U.S. Treasury Note | 4.63% | 02/28/26 | 1501186 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |  |  |  |
| $1100000 | U.S. Treasury Note | 2.38% | 04/30/26 | $1093997 |
| 20100000 | U.S. Treasury Note<sup>(3)</sup><br>(3 Month U.S. Treasury Money Market + 0.15%) | 3.75% | 04/30/26 | 20100405 |
| 2620000 | U.S. Treasury Note | 1.63% | 05/15/26 | 2597101 |
| 550000 | U.S. Treasury Note | 0.88% | 06/30/26 | 541216 |
| 3000000 | U.S. Treasury Note | 4.63% | 06/30/26 | 3007027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28725000 | U.S. Treasury Note<sup>(3)</sup> <br>(3 Month U.S. Treasury Money Market + 0.18%) | 3.78% | 07/31/26 | 28721425 |
| 730000 | U.S. Treasury Note | 4.13% | 10/31/26 | 732339 |
| 393000 | U.S. Treasury Note | 4.25% | 11/30/26 | 395022 |
| 19981000 | U.S. Treasury Note<sup>(3)</sup> <br>(3 Month U.S. Treasury Money Market + 0.19%) | 3.79% | 10/31/27 | 19995231 |
|  | **Total U.S. Treasury Obligations**<br> (Cost $488,752,512) |  |  | 488752512 |
| **AGENCY OBLIGATIONS - 20.8%<sup>(4)</sup>** | **AGENCY OBLIGATIONS - 20.8%<sup>(4)</sup>** |  |  |  |
| 21610000 | Federal Farm Credit Banks Funding Corp.<sup>(1)</sup> | 3.57% | 02/10/26 | 21524280 |
| 785000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup> <br>(1 Day USD SOFR + 0.01%) | 3.72% | 06/05/26 | 785000 |
| 1000000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup> <br>(1 Day USD SOFR + 0.10%) | 3.81% | 06/24/26 | 1000000 |
| 2465000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup> <br>(1 Day USD SOFR + 0.10%) | 3.81% | 06/26/26 | 2465000 |
| 12600000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 10/15/26 | 12599440 |
| 7400000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(3 Month U.S. Treasury Money Market + 0.27%) | 3.87% | 10/16/26 | 7400000 |
| 7870000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.04%) | 3.75% | 10/20/26 | 7870000 |
| 2410000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.05%) | 3.76% | 11/06/26 | 2410000 |
| 430000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.04%) | 3.75% | 11/19/26 | 430000 |
| 1500000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 12/23/26 | 1500000 |
| 1400000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 12/30/26 | 1400000 |
| 2955000 | Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.04%) | 3.75% | 01/20/27 | 2955000 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **AGENCY OBLIGATIONS (continued)** |  |  |  |
| $1280000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.09%) | 3.80% | 01/27/27 | $1280000 |
| 3200000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.08%) | 3.79% | 02/01/27 | 3200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10680000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.04%) | 3.75% | 02/16/27 | 10680000 |
| 11290000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.07%) | 3.78% | 03/05/27 | 11290000 |
| 2085000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.05%) | 3.76% | 03/15/27 | 2085000 |
| 1365000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.07%) | 3.78% | 03/26/27 | 1365000 |
| 580000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.05%) | 3.76% | 04/19/27 | 580000 |
| 1580000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR) | 3.76% | 05/24/27 | 1580000 |
| 1145000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.11%) | 3.82% | 11/19/27 | 1145000 |
| 415000 Federal Farm Credit Banks Funding Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.08%) | 3.79% | 11/23/27 | 415000 |
| 1000000 Federal Home Loan Banks<sup>(1)</sup> | 3.75% | 01/28/26 | 997187 |
| 1000000 Federal Home Loan Banks<sup>(1)</sup> | 3.81% | 02/02/26 | 996613 |
| 4195000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 02/11/26 | 4195000 |
| 1262000 Federal Home Loan Banks<sup>(1)</sup> | 3.80% | 02/13/26 | 1256272 |
| 1965000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 02/17/26 | 1965000 |
| 7595000 Federal Home Loan Banks<sup>(1)</sup> | 3.58% | 03/03/26 | 7548928 |
| 11645000 Federal Home Loan Banks<sup>(1)</sup> | 3.57% | 03/12/26 | 11564164 |
| 1000000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR) | 3.71% | 03/20/26 | 1000000 |
| 3400000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 04/07/26 | 3400000 |
| 10975000 Federal Home Loan Banks<sup>(1)</sup> | 3.55% | 04/17/26 | 10860281 |
| 1345000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR) | 3.71% | 04/17/26 | 1345000 |
| 4400000 Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.74% | 04/17/26 | 4400000 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |  |  |  |
| $500000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 04/20/26 | $500000 |
| 2275000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 05/05/26 | 2275000 |
| 1000000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 05/20/26 | 1000000 |
| 1200000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.74% | 05/28/26 | 1200000 |
| 2275000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 06/02/26 | 2275000 |
| 2400000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.74% | 06/04/26 | 2400000 |
| 2500000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.02%) | 3.73% | 06/18/26 | 2500000 |
| 7080000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.10%) | 3.81% | 06/26/26 | 7080000 |
| 1160000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.74% | 06/30/26 | 1160000 |
| 2555000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.80% | 07/02/26 | 2555000 |
| 2500000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.02%) | 3.73% | 07/17/26 | 2500000 |
| 1400000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 07/21/26 | 1400000 |
| 1260000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.01%) | 3.72% | 08/21/26 | 1260000 |
| 1700000 | Federal Home Loan Banks<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.03%) | 3.74% | 01/04/27 | 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345000 | Federal Home Loan Banks | 3.50% | 01/11/27 | 10327848 |
| 3460000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.95%) | 3.81% | 02/25/27 | 3460000 |
| 3195000 | Federal Home Loan Banks<sup>(3)</sup><br>(1 Day USD SOFR + 0.07%) | 3.78% | 03/25/27 | 3195000 |
| 3800000 | Federal Home Loan Mortgage Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 09/23/26 | 3800000 |
| 3400000 | Federal Home Loan Mortgage Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 10/16/26 | 3400000 |
| 2100000 | Federal Home Loan Mortgage Corp.<sup>(3)</sup><br>(1 Day USD SOFR + 0.12%) | 3.83% | 05/05/27 | 2100000 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **AGENCY OBLIGATIONS (continued)** | **AGENCY OBLIGATIONS (continued)** |  |  |  |
| $14530000 | Federal National Mortgage Association<sup>(3)</sup><br>(1 Day USD SOFR + 0.12%) | 3.83% | 07/29/26 | $14530000 |
| 4300000 | Federal National Mortgage Association<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 08/21/26 | 4300000 |
| 5270000 | Federal National Mortgage Association<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 10/23/26 | 5270000 |
| 7000000 | Federal National Mortgage Association<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 11/20/26 | 7000000 |
| 7800000 | Federal National Mortgage Association<sup>(3)</sup><br>(1 Day USD SOFR + 0.14%) | 3.85% | 12/11/26 | 7800000 |
|  | **Total Agency Obligations**<br>(Cost $240,475,013) |  |  | 240475013 |
|  | **Total Investments 63.1%**<br>(Cost $729,227,525) |  |  | 729227525 |
| **REPURCHASE AGREEMENTS - 37.1%** | **REPURCHASE AGREEMENTS - 37.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000000 | BNP Paribas Securities Co.<br>Dated 12/31/2025, To be repurchased at $151,032,046 (collateralized by $150,195,153 par amount of U.S. Treasury Notes and U.S. Treasury Strips, 0.00% to 4.50%; due 5/15/27 to 11/15/52;<br>Total Fair Value $154,020,000) | 3.82% | 01/02/26 | 151000000 |
| 2000000 | Goldman Sachs & Co.<br>Dated 12/31/2025, To be repurchased at $2,000,427 (collateralized by $1,992,876 par amount of Government National Mortgage Association, 3.00% to 5.00%; due 1/20/27 to 8/20/64;<br>Total Fair Value $2,040,001) | 3.84% | 01/02/26 | 2000000 |
| 9000000 | HSBC Securities (USA), Inc.<br>Dated 12/31/2025, To be repurchased at $9,001,915 (collateralized by $8,935,443 par amount of a U.S. Treasury Bond and U.S. Treasury Strips, 0.00% to 3.00%; due 11/15/29 to 2/15/47;<br>Total Fair Value $9,180,001) | 3.83% | 01/02/26 | 9000000 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |  |  |  |
| $5000000 | HSBC Securities (USA), Inc.<br>Dated 12/31/2025, To be repurchased at $5,001,067 (collateralized by $4,965,915 par amount of Federal National Mortgage Backed Securities and a U.S. Treasury Bond, 2.00% to 6.50%; due 8/1/42 to 8/15/55;<br>Total Fair Value $5,141,816) | 3.84% | 01/02/26 | $5000000 |
| 39000000 | Mitsubishi UFG Securities Co.<br>Dated 12/31/2025, To be repurchased at $39,008,298 (collateralized by $38,871,810 par amount of Government National Mortgage Association, 2.50% to 7.50%; due 11/20/30 to 12/20/55;<br>Total Fair Value $39,780,000) | 3.83% | 01/02/26 | 39000000 |
| 12000000 | Natixis S.A.<br>Dated 12/31/2025, To be repurchased at $12,002,560 (collateralized by $11,962,348 par amount of U.S. Treasury Bonds and U.S. Treasury Notes, 0.38% to 3.75%; due 7/15/27 to 8/15/46;<br>Total Fair Value $12,240,022) | 3.84% | 01/02/26 | 12000000 |
| 25000000 | TD Securities (USA), LLC<br>Dated 12/31/2025, To be repurchased at $25,005,306 (collateralized by $25,000,075 par amount of a U.S. Treasury Note, 3.88%; due 12/31/29;<br>Total Fair Value $25,500,076) | 3.82% | 01/02/26 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 | TD Securities (USA), LLC<br>Dated 12/31/2025, To be repurchased at $100,021,278 (collateralized by $99,777,394 par amount of Government National Mortgage Association, 2.00% to 5.00%; due 1/20/51 to 3/20/53;<br>Total Fair Value $102,000,000) | 3.83% | 01/02/26 | 100000000 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Concluded) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Amortized**<br>**Cost** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000000 | The Bank of Nova Scotia<br>Dated 12/31/2025, To be repurchased at $85,018,039 (collateralized by $84,533,326 par amount of U.S. Treasury Bonds and U.S. Treasury Notes, 0.75% to 5.00%; due 4/15/26 to 2/15/54;<br>Total Fair Value $86,718,497) | 3.82% | 01/02/26 | $85000000 |
|  | **Total Repurchase Agreements**<br>(Cost $428,000,000) |  |  | $428000000 |
|  | **Total Investments in Securities 100.2%**<br> (Cost $1,157,227,525) |  |  | 1157227525 |
|  | **Liabilities in excess of Other Assets - (0.2)%** |  |  | (1737677) |
|  | **Net Assets - 100.0%** |  |  | $1155489848 |
|  | **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> Securities purchased on a when-issued basis. Rates do not take effect until settlement date.

<sup>(3)</sup> Variable rate security. The rate shown is the rate in effect at December 31, 2025. The rate floats based upon the published reference rate and spread disclosed in the Schedule of Investments.

<sup>(4)</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](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair Value** |
| **TOTAL INVESTMENTS - 64.7%** | **TOTAL INVESTMENTS - 64.7%** |  |  |  |
| **U.S. TREASURY OBLIGATIONS - 0.5%** | **U.S. TREASURY OBLIGATIONS - 0.5%** |  |  |  |
| $1000000 | U.S. Treasury Bill<sup>(1)</sup> | 3.74% | 02/26/26 | $994517 |
|  | **Total U.S. Treasury Obligations**<br> (Cost $994,179) |  |  | 994517 |
| **BANK OBLIGATIONS - 23.7%** | **BANK OBLIGATIONS - 23.7%** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CERTIFICATES OF DEPOSIT - 2.2%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CERTIFICATES OF DEPOSIT - 2.2%** |  |  |  |
| 500000 | Bank of America NA | 4.50% | 01/02/26 | 500018 |
| 300000 | Bank of America NA | 4.50% | 01/22/26 | 300114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Bank of America NA<sup>(2)</sup><br>(1 Day USD SOFR + 0.29%) | 4.16% | 03/20/26 | 1000367 |
| 1000000 | Bank of America NA | 3.94% | 07/02/26 | 1000361 |
| 250000 | Citibank NA | 4.48% | 01/21/26 | 250078 |
| 250000 | Citibank NA | 4.48% | 02/25/26 | 250197 |
| 400000 | Citibank NA<sup>(2)</sup><br>(1 Day USD SOFR + 0.39%) | 4.16% | 03/27/26 | 400190 |
| 500000 | Wells Fargo Bank NA<sup>(2)</sup><br>(1 Day USD SOFR + 0.31%) | 4.02% | 05/28/26 | 500252 |
|  |  |  |  | 4201577 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT - 21.5%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT - 21.5%** |  |  |  |
| 900000 | Banco Santander SA, New York | 4.28% | 02/09/26 | 900422 |
| 1000000 | Banco Santander SA, New York | 4.27% | 02/11/26 | 1000479 |
| 1000000 | Banco Santander SA, New York | 4.03% | 03/04/26 | 1000316 |
| 1000000 | Banco Santander SA, New York | 4.00% | 04/07/26 | 1000489 |
| 500000 | Bank of Montreal, Chicago | 4.50% | 01/23/26 | 500206 |
| 400000 | Bank of Montreal, Chicago<sup>(2)</sup><br>(1 Day USD SOFR + 0.47%) | 4.18% | 05/20/26 | 400349 |
| 1000000 | Barclays Bank PLC, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.22%) | 3.99% | 04/10/26 | 1000120 |
| 1000000 | Barclays Bank PLC, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.25%) | 4.02% | 04/22/26 | 1000203 |
| 1000000 | Barclays Bank PLC, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.33%) | 4.10% | 08/10/26 | 1000158 |
| 500000 | BNP Paribas, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.25%) | 3.96% | 02/10/26 | 500079 |
| 500000 | Canadian Imperial Bank of Commerce, New York | 4.49% | 01/23/26 | 500192 |
| 500000 | Canadian Imperial Bank of Commerce, New York | 4.40% | 02/09/26 | 500311 |
| 500000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.46%) | 4.17% | 05/15/26 | 500495 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair Value** |
| **BANK OBLIGATIONS (continued)** | **BANK OBLIGATIONS (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT (continued)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT (continued)** |  |  |  |
| $400000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.47%) | 4.18% | 05/21/26 | $400429 |
| 500000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.37%) | 4.08% | 07/14/26 | 500391 |
| 500000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.40%) | 4.11% | 08/03/26 | 500460 |
| 500000 | Canadian Imperial Bank of Commerce, New York | 4.16% | 08/12/26 | 500998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.40%) | 4.11% | 11/09/26 | 1000311 |
| 1000000 | Canadian Imperial Bank of Commerce, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.40%) | 4.11% | 12/14/26 | 1000028 |
| 1000000 | Cooperative Rabobank UA, New York | 4.43% | 02/10/26 | 1000578 |
| 500000 | Cooperative Rabobank UA, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.22%) | 3.93% | 03/06/26 | 500131 |
| 250000 | Cooperative Rabobank UA, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.26%) | 3.97% | 04/08/26 | 250096 |
| 1000000 | Goldman Sachs Bank USA | 3.98% | 05/13/26 | 1000487 |
| 1000000 | Mizuho Bank Ltd., New York | 3.84% | 01/02/26 | 1000008 |
| 800000 | Mizuho Bank Ltd., New York | 4.45% | 01/09/26 | 800128 |
| 800000 | Mizuho Bank Ltd., New York | 4.40% | 01/22/26 | 800285 |
| 1000000 | Mizuho Bank Ltd., New York | 4.31% | 02/17/26 | 1000643 |
| 500000 | MUFG Bank Ltd., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.24%) | 4.01% | 01/13/26 | 500031 |
| 1000000 | MUFG Bank Ltd., New York | 4.01% | 06/11/26 | 1000615 |
| 500000 | Nordea Bank ABP, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.25%) | 3.96% | 03/17/26 | 500225 |
| 1000000 | Nordea Bank ABP, New York | 3.97% | 03/27/26 | 1000632 |
| 500000 | Nordea Bank ABP, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.26%) | 3.97% | 04/14/26 | 500236 |
| 1000000 | Nordea Bank ABP, New York | 3.97% | 08/14/26 | 1001243 |
| 1000000 | Oversea Chinese Banking Corporation Ltd., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.25%) | 4.12% | 07/09/26 | 1000016 |
| 1000000 | Oversea Chinese Banking Corporation Ltd., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.28%) | 4.05% | 08/14/26 | 1000033 |
| 500000 | Royal Bank of Canada, New York | 4.21% | 03/12/26 | 500320 |
| 500000 | Royal Bank of Canada, New York | 4.10% | 08/14/26 | 500926 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair Value** |
| **BANK OBLIGATIONS (continued)** | **BANK OBLIGATIONS (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT (continued)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YANKEE CERTIFICATE OF DEPOSIT (continued)** |  |  |  |
| $1000000 | Royal Bank of Canada, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.35%) | 4.06% | 11/13/26 | $1000222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Royal Bank of Canada, New York | 3.85% | 12/04/26 | 1000913 |
| 1000000 | Standard Chartered Bank, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.43%) | 4.14% | 10/15/26 | 1000444 |
| 1000000 | Standard Chartered Bank, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.44%) | 4.15% | 11/23/26 | 1000326 |
| 500000 | Sumitomo Mitsui Banking Corp., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.24%) | 3.95% | 01/13/26 | 500028 |
| 1000000 | Sumitomo Mitsui Banking Corp., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.23%) | 3.94% | 01/14/26 | 1000057 |
| 1000000 | Sumitomo Mitsui Banking Corp., New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.23%) | 3.94% | 04/15/26 | 1000233 |
| 200000 | Svenska Handelsbanken AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.31%) | 4.08% | 01/13/26 | 200017 |
| 500000 | Svenska Handelsbanken AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.26%) | 3.97% | 02/20/26 | 500111 |
| 300000 | Svenska Handelsbanken AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.40%) | 4.17% | 04/22/26 | 300199 |
| 300000 | Svenska Handelsbanken AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.38%) | 4.15% | 04/30/26 | 300242 |
| 1000000 | Svenska Handelsbanken AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.30%) | 4.07% | 10/15/26 | 999825 |
| 1000000 | Svenska Handelsbanken AB, New York | 3.94% | 11/17/26 | 1001404 |
| 500000 | Swedbank AB, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.27%) | 4.04% | 04/13/26 | 500201 |
| 500000 | Toronto-Dominion Bank, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.45%) | 4.22% | 04/28/26 | 500483 |
| 400000 | Toronto-Dominion Bank, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.45%) | 4.22% | 05/04/26 | 400355 |
| 1000000 | Toronto-Dominion Bank, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.28%) | 4.15% | 08/10/26 | 999963 |
| 500000 | Westpac Banking Corporation, New York | 4.36% | 03/04/26 | 500406 |
| 600000 | Westpac Banking Corporation, New York<sup>(2)</sup><br>(1 Day USD SOFR + 0.22%) | 3.93% | 03/12/26 | 600127 |
|  |  |  |  | 40868625 |
|  | **Total Bank Obligations**<br>(Cost $45,050,005) |  |  | 45070202 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** | **Interest Rate** | **Maturity** | **Fair Value** |
| **CORPORATE DEBT - 32.1%** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMERCIAL PAPER - 32.1%** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET BACKED SECURITIES - 15.0%** |  |  |  |
| $1000000 Albion Capital LLC<sup>(1)</sup> | 4.10% | 01/20/26 | $997894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 Albion Capital LLC<sup>(1)</sup> | 3.98% | 01/28/26 | 1495586 |
| 1500000 Albion Capital LLC<sup>(1)</sup> | 4.07% | 02/20/26 | 1491938 |
| 1000000 Alinghi Funding Company LLC<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.42%) | 4.13% | 05/05/26 | 1000036 |
| 1000000 Aquitaine Funding Company LLC<sup>(1),(3)</sup> | 3.75% | 01/06/26 | 999372 |
| 2000000 Bedford Row Funding Corp.<sup>(1),(3)</sup> | 3.70% | 01/07/26 | 1998549 |
| 1000000 Britannia Funding Company LLC<sup>(1),(3)</sup> | 4.25% | 02/19/26 | 994755 |
| 1500000 Britannia Funding Company LLC<sup>(1),(3)</sup> | 4.00% | 02/27/26 | 1490867 |
| 500000 Britannia Funding Company LLC<sup>(1),(3)</sup> | 3.97% | 05/06/26 | 493381 |
| 500000 Chesham Finance LLC Series 3<sup>(1),(3)</sup> | 3.75% | 01/05/26 | 499741 |
| 1000000 Columbia Funding Company LLC<sup>(1),(3)</sup> | 4.33% | 01/12/26 | 998753 |
| 500000 Columbia Funding Company LLC<sup>(1),(3)</sup> | 4.32% | 01/15/26 | 499220 |
| 500000 Columbia Funding Company LLC<sup>(1),(3)</sup> | 4.18% | 02/06/26 | 498072 |
| 1000000 Concord Minutemen Capital Co., LLC Series B<sup>(1),(3)</sup> | 4.23% | 02/25/26 | 994075 |
| 1000000 Concord Minutemen Capital Co., LLC Series C<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.35%) | 4.06% | 06/17/26 | 1000309 |
| 500000 Constellation Funding Company LLC<sup>(1),(3)</sup> | 4.22% | 02/18/26 | 497416 |
| 1000000 Constellation Funding Company LLC<sup>(1),(3)</sup> | 3.99% | 05/06/26 | 986707 |
| 500000 Endeavour Funding Company LLC<sup>(1),(3)</sup> | 4.38% | 01/07/26 | 499633 |
| 500000 Intrepid Funding Co., LLC<sup>(1),(3)</sup> | 4.28% | 04/24/26 | 494031 |
| 500000 Intrepid Funding Co., LLC<sup>(1),(3)</sup> | 4.32% | 04/30/26 | 493717 |
| 1000000 Intrepid Funding Co., LLC<sup>(1),(3)</sup> | 3.99% | 05/07/26 | 986717 |
| 1000000 Liberty Street Funding LLC<sup>(1),(3)</sup> | 3.92% | 02/20/26 | 994683 |
| 1000000 Manhattan Asset Funding Company LLC<sup>(1),(3)</sup> | 3.86% | 04/14/26 | 989109 |
| 700000 Metlife Short Term Fund<sup>(1),(3)</sup> | 4.29% | 01/02/26 | 699855 |
| 1000000 Old Line Funding LLC<sup>(1),(3)</sup> | 4.07% | 05/18/26 | 985755 |
| 1500000 Verto Capital I-A LLC<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.15%) | 3.86% | 01/07/26 | 1500031 |
| 4000000 Verto Capital I-B LLC<sup>(1),(3)</sup> | 3.70% | 01/02/26 | 3999178 |
|  |  |  | 28579380 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL COMPANIES - 17.1%** |  |  |  |
| 500000 Australia And New Zealand Banking Group Ltd.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.23%) | 4.10% | 02/13/26 | 500078 |
| 500000 Australia And New Zealand Banking Group Ltd.<sup>(1),(3)</sup> | 3.80% | 07/02/26 | 490603 |
| 500000 Australia And New Zealand Banking Group Ltd.<sup>(1),(3)</sup> | 4.14% | 07/16/26 | 489923 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** | **Interest Rate** | **Maturity** | **Fair Value** |
| **CORPORATE DEBT (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMERCIAL PAPER (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL COMPANIES (continued)** |  |  |  |
| $500000 Australia And New Zealand Banking Group Ltd.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.30%) | 4.01% | 09/24/26 | $500037 |
| 500000 Bank of New York Mellon<sup>(2)</sup><br>(1 Day USD SOFR + 0.25%) | 4.02% | 03/26/26 | 500135 |
| 500000 Bank of Nova Scotia<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.23%) | 3.71% | 03/06/26 | 500100 |
| 500000 Citigroup Global Markets Inc.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.30%) | 4.07% | 03/20/26 | 500133 |
| 500000 Credit Agricole Corporate and Investment Bank, New York<sup>(1)</sup> | 4.29% | 02/20/26 | 497381 |
| 500000 DNB Bank ASA<sup>(1),(3)</sup> | 4.26% | 02/12/26 | 497847 |
| 500000 DNB Bank ASA<sup>(1),(3)</sup> | 4.16% | 03/18/26 | 496086 |
| 500000 DNB Bank ASA<sup>(1),(3)</sup> | 4.21% | 04/16/26 | 494558 |
| 1000000 Federation Des Caisses Desjardins Du Quebec<sup>(1),(3)</sup> | 3.94% | 03/05/26 | 993343 |
| 400000 ING US Funding LLC<sup>(2)</sup><br>(1 Day USD SOFR + 0.30%) | 4.07% | 02/06/26 | 400080 |
| 500000 ING US Funding LLC<sup>(1),(3)</sup> | 3.74% | 07/28/26 | 489228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 ING US Funding LLC<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.28%) | 4.05% | 08/14/26 | 1000061 |
| 500000 Lloyds Bank PLC<sup>(1)</sup> | 4.30% | 02/17/26 | 497512 |
| 1000000 Lloyds Bank PLC<sup>(1)</sup> | 3.84% | 04/21/26 | 988431 |
| 500000 Lloyds Bank PLC<sup>(1),(3)</sup> | 3.89% | 07/01/26 | 490549 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.33% | 02/26/26 | 497049 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.25% | 04/24/26 | 494069 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.25% | 04/29/26 | 493803 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.07% | 04/30/26 | 493750 |
| 1000000 Macquarie Bank Ltd.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.23%) | 4.00% | 05/04/26 | 1000120 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.03% | 05/20/26 | 492734 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 4.17% | 07/20/26 | 489478 |
| 500000 Macquarie Bank Ltd.<sup>(1),(3)</sup> | 3.86% | 09/24/26 | 486268 |
| 500000 Mizuho Bank Ltd., New York<sup>(1),(3)</sup> | 4.25% | 01/06/26 | 499690 |
| 500000 National Australia Bank Ltd.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.25%) | 3.96% | 03/24/26 | 500158 |
| 300000 National Bank of Canada<sup>(1),(3)</sup> | 4.30% | 01/20/26 | 299381 |
| 1000000 National Bank of Canada<sup>(1),(3)</sup> | 4.05% | 05/27/26 | 984761 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** | **Interest Rate** | **Maturity** | **Fair Value** |
| **CORPORATE DEBT (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMERCIAL PAPER (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL COMPANIES (continued)** |  |  |  |
| $400000 National Bank of Canada<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.38%) | 4.09% | 05/29/26 | $400349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 Natixis, New York<sup>(1)</sup> | 4.28% | 02/17/26 | 994993 |
| 500000 Nordea Bank ABP<sup>(1),(3)</sup> | 4.24% | 02/20/26 | 497318 |
| 500000 Nordea Bank ABP<sup>(1),(3)</sup> | 4.21% | 04/16/26 | 494644 |
| 400000 Royal Bank of Canada<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.34%) | 4.05% | 01/02/26 | 400008 |
| 700000 Royal Bank of Canada<sup>(1),(3)</sup> | 4.22% | 05/27/26 | 689356 |
| 1000000 Royal Bank of Canada<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.27%) | 3.98% | 08/10/26 | 1000110 |
| 400000 Skandinaviska Enskilda Banken AB<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.39%) | 4.16% | 04/28/26 | 400256 |
| 500000 Skandinaviska Enskilda Banken AB, New York<sup>(1),(3)</sup> | 3.94% | 03/20/26 | 495916 |
| 500000 Skandinaviska Enskilda Banken AB, New York<sup>(1),(3)</sup> | 4.01% | 05/27/26 | 492310 |
| 500000 Skandinaviska Enskilda Banken AB, New York<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.31%) | 4.08% | 09/23/26 | 500152 |
| 1000000 Sumitomo Mitsui Banking Corp., New York<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.23%) | 4.38% | 04/16/26 | 1000232 |
| 500000 Sumitomo Mitsui Trust Bank Ltd., New York<sup>(1),(3)</sup> | 4.15% | 02/19/26 | 497418 |
| 500000 Svenska Handelsbanken AB<sup>(1),(3)</sup> | 3.74% | 09/10/26 | 487089 |
| 500000 Svenska Handelsbanken AB<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.30%) | 4.07% | 09/29/26 | 499960 |
| 500000 Swedbank AB<sup>(1),(3)</sup> | 3.89% | 06/10/26 | 491801 |
| 1000000 Toronto Dominion Bank<sup>(1),(3)</sup> | 4.32% | 02/04/26 | 996356 |
| 500000 UBS AG, London<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.45%) | 3.77% | 04/14/26 | 500040 |
| 1000000 UBS AG, London<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.35%) | 4.12% | 10/15/26 | 1000080 |
| 1000000 UBS AG, London<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.40%) | 3.77% | 11/05/26 | 1000203 |
| 500000 Westpac Banking Corp.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.29%) | 4.00% | 01/02/26 | 500006 |
| 750000 Westpac Banking Corp.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.27%) | 3.98% | 02/03/26 | 750124 |
| 500000 Westpac Banking Corp.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.40%) | 4.11% | 04/10/26 | 500310 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair Value** |
| **CORPORATE DEBT (continued)** | **CORPORATE DEBT (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMERCIAL PAPER (continued)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMERCIAL PAPER (continued)** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL COMPANIES (continued)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL COMPANIES (continued)** |  |  |  |
| $500000 | Westpac Banking Corp.<sup>(2),(3)</sup><br>(1 Day USD SOFR + 0.34%) | 4.05% | 04/30/26 | $500302 |
| 500000 | Westpac Banking Corp.<sup>(1),(3)</sup> | 4.01% | 06/26/26 | 490886 |
|  |  |  |  | 32637565 |
|  | **Total Commercial Paper** |  |  | 61216945 |
|  | **Total Corporate Debt**<br> (Cost $61,191,553) |  |  | 61216945 |
| **NON-U.S. SUB-SOVEREIGN - 0.5%** | **NON-U.S. SUB-SOVEREIGN - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Export Development Canada<sup>(1)</sup> | 4.22% | 01/05/26 | 999494 |
|  | **Total Non-U.S. Sub-Sovereign**<br>(Cost $999,531) |  |  | 999494 |
| **TENDER OPTION BONDS - 2.8%** | **TENDER OPTION BONDS - 2.8%** |  |  |  |
| 3452376 | Tender Option Bond Trust Receipts/Certificates<sup>(2)</sup> | 3.90% | 01/07/26 | 3452376 |
| 1800000 | Tender Option Bond Trust Receipts/Certificates<sup>(2)</sup> | 3.91% | 01/07/26 | 1800000 |
|  | **Total Tender Option Bonds**<br> (Cost $5,252,376) |  |  | 5252376 |
| **TIME DEPOSITS - 4.7%** | **TIME DEPOSITS - 4.7%** |  |  |  |
| 1000000 | Mizuho Bank Ltd., New York | 3.64% | 01/02/26 | 1000000 |
| 1000000 | Royal Bank of Canada, Toronto | 3.85% | 01/02/26 | 1000000 |
| 7000000 | Skandinaviska Enskilda Banken AB, New York | 3.63% | 01/02/26 | 7000000 |
|  | **Total Time Deposits**<br> (Cost $9,000,000) |  |  | 9000000 |
| **VARIABLE RATE DEMAND NOTES - 0.4%** | **VARIABLE RATE DEMAND NOTES - 0.4%** |  |  |  |
| 200000 | ECMC Group Inc.<sup>(2)</sup> | 3.83% | 01/07/26 | 200000 |
| 296000 | Iowa Student Loan Liquidity Corp.<sup>(2)</sup> | 3.83% | 01/07/26 | 296000 |
| 300000 | North Tex Higher Ed Auth Inc.<sup>(2)</sup> | 3.83% | 01/07/26 | 300000 |
|  | **Total Variable Rate Demand Notes**<br> (Cost $796,000) |  |  | 796000 |
|  | **Total Investments 64.7%**<br> (Cost $123,283,644) |  |  | 123329534 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par Value** | **Issuer** | **Interest Rate** | **Maturity** | **Fair Value** |
| **REPURCHASE AGREEMENTS - 34.9%** | **REPURCHASE AGREEMENTS - 34.9%** |  |  |  |
| $10000000 | Bank of America Securities Inc.<br>Dated 12/31/2025, To be repurchased at $10,002,139 (collateralized by $9,902,842 par amount of Government National Mortgage Association REMICS, 2.08% to 2.68%; due 3/20/54 to 11/20/54;<br>Total Fair Value $10,500,000) | 3.85% | 01/02/26 | $10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000000 | Citigroup Global Markets Inc.<br>Dated 12/31/2025, To be repurchased at $29,006,171 (collateralized by $28,985,620 par amount of a U.S. Treasury Bond and U.S. Treasury Notes, 0.13% to 6.75%; due 8/15/26 to 10/15/26;<br>Total Fair Value $29,580,047) | 3.83% | 01/02/26 | 29000000 |
| 2500000 | J.P. Morgan Chase & Co.<sup>(2)</sup><br>(1 Day USD OBFR + 0.12%) Dated 12/31/2025, To be repurchased at $2,500,522 (collateralized by $2,483,780 par amount of Government National Mortgage Association REMICS, 0.00% to 5.77%; due 1/20/50 to 12/16/57;<br>Total Fair Value $2,625,001) | 3.76% | 01/02/26 | 2500000 |
| 25000000 | J.P. Morgan Chase & Co.<br>Dated 12/31/2025, To be repurchased at $25,005,319 (collateralized by $24,888,878 par amount of Government National Mortgage Association, 2.50% to 7.00%; due 9/20/51 to 10/20/55;<br>Total Fair Value $25,500,002) | 3.83% | 01/02/26 | 25000000 |
|  | **Total Repurchase Agreements**<br> (Cost $66,500,000) |  |  | 66500000 |
|  | **Total Investments in Securities 99.6%**<br> (Cost $189,783,644) |  |  | 189829534 |
|  | **Other Assets in excess of Liabilities - 0.4%** |  |  | 723644 |
|  | **Net Assets - 100.0%** |  |  | $190553178 |
|  | **Net Asset Value Per Participation Certificate** |  |  | $1.0002 |

---

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Schedule of Investments**<br> **December 31, 2025**<br> (Continued) |

---

<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, 2025. The rate floats based upon the published reference rate and spread disclosed in the Schedule of Investments.

<sup>(3)</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. At December 31, 2025, these securities amounted to $53,352,996 or 28.00% of net assets. Securities have been deemed to be liquid based on procedures performed by BlackRock Advisors, LLC, the investment advisor to the Money Market Portfolio. 

OBFR: Overnight Bank Fund Rate

SOFR: Secured Overnight Financing Rate

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Plan Investment Fund, Inc.**<br> **Statements of Assets and Liabilities**<br> **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Government<br>Portfolio** | **Money Market<br>Portfolio** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at amortized cost, and fair value, respectively | $729227525<sup>(1)</sup> | $123329534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements, at amortized cost | 428000000<sup>(1)</sup> | 66500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 560185 | 316306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interest receivable | 1410970 | 509968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 4482786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1173 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1163682639 | 190656577 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends payable | 727691 | 34020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 7257379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 4) | 44051 | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 4) | 17993 | 6762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (Note 4) | 30465 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4) | 508 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director fees | 35366 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 79338 | 21844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 8192791 | 103399 |
|  **NET ASSETS** | $1155489848 | $190553178 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $1155425458 | $190510134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable Earnings | 64390 | 43044 |
|  **TOTAL NET ASSETS** | $1155489848 | $190553178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Participation Certificates (PCs) outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Portfolio<br>(5 billion shares authorized, $0.001 Par Value) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio<br>(3 billion shares authorized, $0.001 Par Value) | 1155425458 | 190507347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value Per PC<br>(net assets/PCs outstanding) | $1.00 | $1.0002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at cost | $1157227525 | $189783644 |

---

(1) Investments, at amortized cost, which approximates fair value.

See accompanying notes to financial statements.

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Plan Investment Fund, Inc.**<br> **Statements of Operations**<br> **For the Year Ended December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Government<br>Portfolio** | **Money Market<br>Portfolio** |
|  **INTEREST INCOME** | $69734029 | $8041155 |
|  **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and servicing fees (Note 4) | 1925265 | 365489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees (Note 4) | 812968 | 91372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees (Note 4) | 155489 | 78827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21500 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4) | 12767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 115427 | 10617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director expense | 76845 | 5907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund compliance fees | 64458 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 43078 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 27067 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Rating fees | 25369 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 24032 | 7926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 4030 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3308295 | 598590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fee waived and/or reimbursed (Note 4) | (1682358) | (278787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1625937 | 319803 |
|  **NET INVESTMENT INCOME** | 68108092 | 7721352 |
|  **NET REALIZED GAIN/(LOSS) ON SECURITIES SOLD** | 430689 | 3223 |
|  **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON SECURITIES** |  | 20043 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $68538781 | $7744618 |

---

See accompanying notes to financial statements.

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $68108092 | $91955819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities sold | 430689 | 355417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 68538781 | 92311236 |
|  **DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From total distributable earnings $0.0420 and $0.0511 per PC, respectively | (68531305) | (92209038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions to PC Holders | (68531305) | (92209038) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of PCs | 19755355460 | 17950784337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 55779345 | 75931339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of PCs repurchased | (20573764283) | (18000393043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital transactions | (762629478) | 26322633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets | (762622002) | 26424831 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1918111850 | 1891687019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1155489848 | $1918111850 |
|  **OTHER INFORMATION:** |  |  |
|  **SUMMARY OF PC TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs sold | 19755355460 | 17950784337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of dividends | 55779345 | 75931339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs repurchased | (20573764283) | (18000393043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in PC's outstanding | (762629478) | 26322633 |

---

See accompanying notes to financial statements.

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31, 2025** | **For the<br>Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS:** |  |  |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7721352 | $8294834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities sold | 3223 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on securities | 20043 | (18354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 7744618 | 8277232 |
|  **DIVIDENDS AND DISTRIBUTIONS TO PARTICIPATION CERTIFICATE (PC) HOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From total distributable earnings $0.0424 and $0.0517 per PC, respectively | (7723711) | (8301029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from dividends and distributions to PC Holders | (7723711) | (8301029) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of PCs | 196425990 | 166328997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of dividends | 7305510 | 7842487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of PCs repurchased | (186803609) | (155203920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from capital transactions | 16927891 | 18967564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 16948798 | 18943767 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 173604380 | 154660613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $190553178 | $173604380 |
|  **OTHER INFORMATION:** |  |  |
|  **SUMMARY OF PC TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs sold | 196397200 | 166309869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of dividends | 7304823 | 7841890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCs repurchased | (186778007) | (155180303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in PC's outstanding | 16924016 | 18971456 |

---

See accompanying notes to financial statements.

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Government Portfolio**<br> **Financial Highlights** |

---

#### For a Participation Certificate (PC) Outstanding Throughout Each Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**12/31/25** | **Year**<br>**Ended**<br>**12/31/24** | **Year**<br>**Ended**<br>**12/31/23** | **Year**<br>**Ended**<br>**12/31/22** | **Year**<br>**Ended**<br>**12/31/21** |
|  Net Asset Value, Beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  <u>Investment Operations</u>: |  |  |  |  |  |
|  Net investment income | 0.0417 | 0.0510 | 0.0494 | 0.0152 | 0.0001 |
|  Net Realized Gain (Loss) on Investments | 0.0003 | 0.0001 | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> |
|  Total From Investment Operations | 0.0420 | 0.0511 | 0.0494 | 0.0152 | 0.0001 |
|  <u>Less Dividends and Distributions</u>: |  |  |  |  |  |
|  Dividends to PC holders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.0420) | (0.0511) | (0.0494) | (0.0152) | (0.0001) |
|  Total Dividends and Distributions | (0.0420) | (0.0511) | (0.0494) | (0.0152) | (0.0001) |
|  Net Asset Value, End of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return | 4.28% | 5.23% | 5.05% | 1.53% | 0.02% |
|  <u>Ratios/Supplemental Data</u>: |  |  |  |  |  |
|  Net assets at end of year (000) | $1155490 | $1918112 | $1891687 | $1308779 | $1117653 |
|  Ratio of Net Expenses to Average Net Assets<sup>(2)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.08% |
|  Ratio of Net Investment Income to Average Net Assets<sup>(3)</sup> | 4.19% | 5.08% | 4.99% | 1.58% | 0.01% |

---

<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 0.20%, 0.19%, 0.21%, 0.21% and 0.21% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, 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 4.09%, 4.99%, 4.88%, 1.47% and (0.12)% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

See accompanying notes to financial statements

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp3a.jpg) | **Money Market Portfolio**<br> **Financial Highlights** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**12/31/25** | **Year**<br>**Ended**<br>**12/31/24** | **Year**<br>**Ended**<br>**12/31/23** | **Year**<br>**Ended**<br>**12/31/22** | **Year**<br>**Ended**<br>**12/31/21** |
|  Net Asset Value, Beginning of year | $1.0001 | $1.0003 | $1.0001 | $1.0000 | $1.0001 |
|  <u>Investment Operations</u>: |  |  |  |  |  |
|  Net investment income | 0.0424 | 0.0517 | 0.0504 | 0.0165 | 0.0001 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.0001 | (0.0002) | 0.0002 | 0.0001 | (0.0001) |
|  Total From Investment Operations | 0.0425 | 0.0515 | 0.0506 | 0.0166 | —<sup>(1)</sup> |
|  <u>Less Dividends and Distributions</u>: |  |  |  |  |  |
|  Dividends to PC holders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.0424) | (0.0517) | (0.0504) | (0.0165) | (0.0001) |
|  Total Dividends and Distributions | (0.0424) | (0.0517) | (0.0504) | (0.0165) | (0.0001) |
|  Net Asset Value, End of year | $1.0002 | $1.0001 | $1.0003 | $1.0001 | $1.0000 |
|  Total return | 4.33% | 5.27% | 5.18% | 1.67% | —% |
|  <u>Ratios/Supplemental Data</u>: |  |  |  |  |  |
|  Net assets at end of year (000) | $190553 | $173604 | $154661 | $66774 | $58081 |
|  Ratio of Net Expenses to Average Net Assets<sup>(2)</sup> | 0.18% | 0.17% | 0.17% | 0.17% | 0.16% |
|  Ratio of Net Investment Income to Average Net Assets<sup>(3)</sup> | 4.23% | 5.15% | 5.01% | 1.70% | 0.01% |

---

<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 0.33%, 0.35%, 0.36%, 0.49% and 0.44% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, 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 4.07%, 4.97%, 4.82%, 1.39% and (0.27)% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

See accompanying notes to financial statements

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025

#### 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 Directors (the "Board of Directors" 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, the Money Market Portfolio has adopted policies and procedures for the imposition of liquidity fees 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; and (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.

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 shares, subject to the Board's determination that a liquidity fee is in the best interests of the Portfolio. In addition, the Money Market Portfolio is required to impose mandatory liquidity fees, based on liquidity costs as determined by the Investment Advisor, on redemptions of PCs of the Money Market Portfolio that are made on a day in which the Portfolio's total net redemptions exceed 5% of the Portfolio's net assets. The Money Market Portfolio calculates its NAV once each business day at 3:00 p.m. Eastern time.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

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, 2025, 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, 2025, the Government Portfolio and the Money Market Portfolio held repurchase agreements, which are included under "Repurchase Agreements, at amortized 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, 2025.

**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 director 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.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

**Liquidity Fees:** For the Money Market Portfolio, any liquidity fees imposed on the value of shares redeemed 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 year ended December 31, 2025.

**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:

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

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

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

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, 2025
(Continued)

As of December 31, 2025, 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, 2025** | **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; U.S. Treasury Obligations | $488752512 | $— | $488752512 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Obligations | 240475013 |  | 240475013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | 428000000 |  | 428000000 |  |
|  | $1157227525 | $— | $1157227525 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair**<br>**Value at<br>December 31, 2025** | **Level 1<br>Quoted<br>Price** | **Level 2<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** |
|  **Money Market Portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $994517 | $— | $994517 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Obligations | 45070202 |  | 45070202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt | 61216945 |  | 61216945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. Sub-Sovereign | 999494 |  | 999494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bonds | 5252376 |  | 5252376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 9000000 |  | 9000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Notes | 796000 |  | 796000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | 66500000 |  | 66500000 |  |
|  | $189829534 | $— | $189829534 | $— |

---

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.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

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 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, 2026 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 waivers 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, 2026 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, 2025, the Administrator waived $487,884 and $18,275 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. BALLC waived $1,194,474 and $260,512 of its investment advisory fees for the Government Portfolio and the Money Market Portfolio, respectively, for the year ended December 31, 2025.

The Bank of New York Mellon (the "Custodian") acts as custodian of the Fund's assets and BNY Mellon Investment Servicing (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.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

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 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, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary<br>Income Dividend** | **Long-Term<br>Capital Gains** |
|  **Government Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $68516145 | $15160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 92209038 |  |
|  **Money Market Portfolio** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | $7724575 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 8297319 |  |

---

As of December 31, 2025, 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 | $64390 | $– $|  | $— | $64390 |
|  Money Market Portfolio |  | – | 45890 | (2846) | 43044 |

---

As of December 31, 2025, the Government Portfolio and Money Market Portfolio had no capital loss carryforwards.

As of December 31, 2025, the aggregate cost basis of securities held in the Government Portfolio was $1,157,227,525. As of December 31, 2025, the aggregate cost basis of securities held in the Money Market Portfolio was $189,783,644. For U.S. federal income tax purposes the Money Market Portfolio had net unrealized appreciation of $45,890, which consisted of aggregate gross unrealized appreciation of $47,043 and aggregate gross unrealized depreciation of $1,153.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

#### Note 6. Principal Risks
**Credit Risk** — Credit risk is the risk that an issuer will be unable or unwilling to make timely principal and interest payments when due or otherwise honor their obligations. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also adversely affect the value of a Portfolio's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

**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 held by the Portfolio may fall when market interest rates rise, and that the value of a debt security held by the Portfolio may rise when market interest rates fall. Changing demand for debt securities relative to supply also impacts their value, generally decreasing their value when demand decreases and increasing their value when demand increases. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in market interest rates 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 market 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 market interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Portfolio 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 Portfolio's ability to achieve its investment objective.

**U.S. Treasury Obligations Risk** — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, the actual or threatened failure of the U.S. Government to pay its obligations will increase credit risk. In addition, due to fluctuations in market interest rates, the market value of such securities may vary during the period of your investment in a Portfolio. In addition, notwithstanding that U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to the Portfolio and substantial negative consequences for the U.S. economy and the global financial system.

**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, including supply and demand, 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, tariffs, trade wars, inflation, recessions, or other events could cause significant global economic and market

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Continued)

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.

**Financial Services Industry Risk (Money Market Portfolio Only)** — The Portfolio is susceptible to economic, business, political or other developments which generally affect the financial services industry, such as government regulation, interest rate volatility and the availability and cost of capital (including the availability and stability of deposits in the case of deposit-taking institutions), consolidation and general economic conditions. Financial services companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or cannot repay their obligations.

**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. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Portfolio and may adversely affect the value of the Portfolio's Participation Certificates. Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impair their value.

------

#### Plan Investment Fund, Inc.

#### Notes to Financial Statements

#### December 31, 2025
(Concluded)

#### Note 7. Segment Reporting
The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolios' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Portfolio operates as a single segment entity. Each Portfolio's income, expenses, assets, and performance are monitored and assessed by the Principal Executive Officer and Principal Financial Officer, who serve as the CODM, using the information presented in the financial statements and financial highlights. The CODM monitors the operating results as a whole, and each Portfolio's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Portfolios' financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

#### Note 8. Accounting Pronouncements
On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The Portfolios' have adopted ASU 2023-09, which did not have a material impact on the financial statements or disclosures.

#### Note 9. Subsequent Events
Management has evaluated the impact of all Portfolio-related events that occurred subsequent to December 31, 2025, 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](g72320dsp35b.jpg) <br>| taitweller.com |

---

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Directors and the

#### Participation Certificate Holders of

#### Plan Investment Fund, Inc.

#### Oakbrook Terrace, Illinois

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the Government Portfolio and the Money Market Portfolio (the "Funds"), each a series of Plan Investment Fund, Inc., including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights of the Funds for each of the three years in the period ended December 31, 2023 were audited by other auditors, whose report dated February 12, 2024 expressed an unqualified opinion on those financial highlights.

#### Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 have served as the auditor of one or more of the funds in Plan Investment Fund, Inc. since 2024.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

------

---

| | |
|:---|:---|
| ![LOGO](g72320dsp35b.jpg) <br>| taitweller.com |

---

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 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. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![LOGO](g72320dsp35a.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

#### Philadelphia, Pennsylvania

#### February 19, 2026

------

#### Plan Investment Fund, Inc.

#### Other Disclosures
(Unaudited)

#### December 31, 2025
**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) through the Fund's website at PIF.com (ii) upon request, without charge, by calling (800) 621-9215 or (iii) on the SEC's website at <u>www.sec.gov</u>.

**Tax Information:** The Portfolios report a portion of the income dividends distributed during the fiscal year ended December 31, 2025 as U.S. Government Income as follows:

Government Portfolio: 57.39%

Money Market Portfolio: 0.75%

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: 99.41%

Money Market Portfolio: 65.12%

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: 100%

Money Market Portfolio: 100%

Government Portfolio designated $15,160 as long-term capital gains distributions during the year ended December 31, 2025. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

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, 2025, 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 reporting 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.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable for the year ended December 31, 2025.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable for the six-month period ended December 31, 2025.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

During the year ended December 31, 2025, the registrant did not pay remuneration to any Directors or Officers. Pursuant to a Fund Chief Compliance Officer Agreement with the registrant, Foreside Fund Officer Services, LLC ("FFOS") provides a Chief Compliance Officer to the registrant as well as compliance support functions. FFOS is paid a fee plus out of pocket expenses for the services provided. For the year ended December 31, 2025, FFOS was paid $71,026 pursuant to this agreement.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable with respect to the registrant's fiscal half-year ended December 31, 2025.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

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

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant, as the registrant is not a closed-end management investment company.

------

#### Item 14. 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 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which Participation Certificate holders may recommend nominees to the registrant's Board of Directors implemented after the registrant last provided disclosure in response to this Item.

#### Item 16. Controls and Procedures.
&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;(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 the report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the registrant, as the registrant is not a closed-end management investment company.

#### Item 18. Recovery of Erroneously Awarded Compensation.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics required by Item 2(f).](d72320dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Separate certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.](d72320dex99cert.htm) |
| (a)(4) | Not applicable. |
| (b) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.](d72320dex99906cert.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: | President and Chief Operating Officer (Principal Executive Officer) |
| Date: | June 16, 2026 |

---

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: | President and Chief Operating Officer |
| Date: | June 16, 2026 |
| By: | /s/ James A. Gallo |
| Name: | James A. Gallo |
| Title: | Treasurer (Principal Financial Officer) |
| Date: | June 16, 2026 |

---

## Ex-99.Code

**EX-99.CODEETH** 

**Exhibit 19(a)(1)** 

Code of Ethics for Principal Executive and Senior Financial Officers

Plan Investment Fund, Inc. \| Confidential

Adopted on November 12, 2003

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

&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;• accountability for adherence to the Code.

&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 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;• 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;• 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;• 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;• 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:

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

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

IV. Reporting and Accountability

Each Covered Officer must:

&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;

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

&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.

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.

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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 19(a)(3)** 

**CERTIFICATIONS** 

I, Alexander D. Hudson, certify that:

&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;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;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;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;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;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;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;d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

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&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 directors (or persons performing the equivalent functions):

&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;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: June 16, 2026 | By: | /s/ Alexander D. Hudson |
|  |  | Alexander D. Hudson |
|  |  | Principal Executive Officer of<br> Plan Investment Fund, Inc. |

---

------

**CERTIFICATIONS** 

I, James A. Gallo, certify that:

&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;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;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;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;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;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;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;d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

------

&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 directors (or persons performing the equivalent functions):

&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;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.

---

| | | |
|:---|:---|:---|
|  Date: June 16, 2026 | By: | /s/ James A. Gallo |
|  |  | James A. Gallo |
|  |  | Principal Financial Officer of<br> Plan Investment Fund, Inc. |

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## Exhibit 99.906

**EX. 99.906CERT** 

**Exhibit 19(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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: June 16, 2026 | By: | /s/ Alexander D. Hudson |
|  |  | Alexander D. Hudson |
|  |  | Principal Executive Officer |

---

------

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

---

| | | |
|:---|:---|:---|
| Date: June 16, 2026 | By: | /s/ James A. Gallo |
|  |  | James A. Gallo |
|  |  | Principal Financial Officer |

---