<PAGE> 1
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND
a professional services firm
To the Board of Directors of the Plan Investment Fund, Inc.:
We have examined the investment accounts shown by the books and records of the
Plan Investment Fund, Inc. (consisting of the Government/Repo, Money Market and
Short-Term Portfolios) as of August 28, 1997. The date of our last similar
examination was July 18, 1997. Our examination was performed in accordance
with Rule 17f-2 of the Investment Company Act of 1940, as amended, and made
without prior notice to the Fund. It is understood that this report is solely
for the use of management and the Securities and Exchange Commission and should
not be used for any other purpose.
Securities owned as of the close of business on August 28, 1997, shown by the
books and records audited by us, were held in book entry form by the Federal
Reserve Bank or Depository Trust Company, or located at depositories or
sub-custodians, or purchased but not received or out for transfer on that date,
as to which we obtained confirmation from the depositories, sub-custodians,
brokers or transfer agents, respectively, or performed other procedures as we
considered necessary in the circumstances. No securities were in the
possession of the custodian, PNC Bank, National Association on August 28, 1997.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
the Plan Investment Fund, Inc. taken as a whole.
[SIGNATURE]
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
September 12, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
<PAGE> 2
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND
a professional services firm
To the Board of Directors of the Plan Investment Fund, Inc.:
We have examined the investment accounts shown by the books and records of the
Plan Investment Fund, Inc. (consisting of the Government/Repo, Money Market and
Short-Term Portfolios) as of July 18, 1997. The date of our last similar
examination was May 19, 1997. Our examination was performed in accordance with
Rule 17f-2 of the Investment Company Act of 1940, as amended, and made without
prior notice to the Fund. It is understood that this report is solely for the
use of management and the Securities and Exchange Commission and should not be
used for any other purpose.
Securities owned as of the close of business on July 18, 1997, shown by the
books and records audited by us, were held in book entry form by the Federal
Reserve Bank or Depository Trust Company, or located at depositories or
sub-custodians, or purchased but not received or out for transfer on that date,
as to which we obtained confirmation from the depositories, sub-custodians,
brokers or transfer agents, respectively, or performed other procedures as we
considered necessary in the circumstances. No securities were in the
possession of the custodian, PNC Bank, National Association on July 19, 1997.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
the Plan Investment Fund, Inc. taken as a whole.
[SIGNATURE]
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
August 1, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
<PAGE> 3
COOPERS Coopers & Lybrand L.L.P.
& LYBRAND
a professional services firm
To the Board of Directors of the Plan Investment Fund, Inc.:
We have examined the investment accounts shown by the books and records of the
Plan Investment Fund, Inc. (consisting of the Government/Repo, Money Market and
Short-Term Portfolios) as of May 19, 1997. The date of our last similar
examination was September 19, 1996. Our examination was performed in
accordance with Rule 17f-2 of the Investment Company Act of 1940, as amended,
and made without prior notice to the Fund. It is understood that this report
is solely for the use of management and the Securities and Exchange Commission
and should not be used for any other purpose.
Securities owned as of the close of business on May 19, 1997, shown by the
books and records audited by us, were held in book entry form by the Federal
Reserve Bank or Depository Trust Company, or located at depositories or
sub-custodians, or purchased but not received or out for transfer on that date,
as to which we obtained confirmation from the depositories, sub-custodians,
brokers or transfer agents, respectively, or performed other procedures as we
considered necessary in the circumstances. No securities were in the
possession of the custodian, PNC Bank, National Association on May 19, 1997.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
the Plan Investment Fund, Inc. taken as a whole.
[SIGNATURE]
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia,
May 29, 1997
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
