<PAGE> 1
PRICEWATERHOUSECOOPERS
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
the Plan Investment Fund, Inc.:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Plan Investment Fund, Inc. (the "Fund"), consisting of
the Government/Repo, Money Market and Short-Term Portfolios, compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of May 26, 1999. Management is responsible
for the Fund's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Fund's compliance based
on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Fund's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of May 26, 1999, and with respect to agreement
of security purchases and sales, for the period from September 30, 1998 (the
date of our last examination), through May 26, 1999:
- Confirmation of all securities held by institutions in book entry form,
at the Federal Reserve Bank of Cleveland, the Depository Trust Company,
the Participatory Trust Company, and Bankers Trust Company;
- Confirmation of all securities out for transfer with brokers;
- Reconciliation of all such securities to the books and records of the
Fund and the Custodian, PNC Bank, National Association;
- Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with the custodian records; and
- Agreement of thirty-seven security purchases and twenty-six security
sales or maturities since our last report from the books and records of
the Fund to trade confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE> 2
In our opinion, management's assertion that the Plan Investment Fund, Inc was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of May 26, 1999 with respect to securities
reflected in the investment account of the Fund is fairly stated, in all
material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
[SIGNATURE]
2400 Eleven Penn Center
Philadelphia, PA 19103-2692
August 13, 1999
<PAGE> 3
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
INVESTMENT COMPANY ACT OF 1940
August 13, 1999
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103
We, as members of management of Government/Repo, Money Market and Short-Term
Portfolios (collectively the "Funds"), of the Plan Investment Fund, Inc are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of May 26,
1999 and from September 30, 1998 through May 26, 1999.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of May 26, 1999 and from September 30, 1998 through May 26, 1999,
with respect to securities reflected in the investment account of the Funds.
Plan Investment Fund, Inc:
By:
EDWARD J. BARAN
- ---------------
Edward J. Baran
President and Chief Executive Officer
<PAGE> 4
PRICEWATERHOUSECOOPERS
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
the Plan Investment Fund, Inc.:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Plan Investment Fund, Inc. (the "Fund"), consisting of
the Government/Repo, Money Market and Short-Term Portfolios, compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of July 30, 1999. Management is responsible
for the Fund's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Fund's compliance based
on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Fund's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of July 30, 1999, and with respect to agreement
of security purchases and sales, for the period from May 26, 1999 (the date of
our last examination), through July 30, 1999:
- Confirmation of all securities held by institutions in book entry form,
at the Federal Reserve Bank of Cleveland, the Depository Trust Company,
the Participatory Trust Company, and Bankers Trust Company;
- Confirmation of all securities out for transfer with brokers;
- Reconciliation of all such securities to the books and records of the
Fund and the Custodian, PNC Bank, National Association;
- Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with the custodian records; and
- Agreement of forty-two security purchases and twenty-seven security
sales or maturities since our last report from the books and records of
the Fund to trade confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE> 5
In our opinion, management's assertion that the Plan Investment Fund, Inc was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of July 30, 1999 with respect to securities
reflected in the investment account of the Fund is fairly stated, in all
material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
[SIGNATURE]
2400 Eleven Penn Center
Philadelphia, PA 19103-2692
August 31, 1999
<PAGE> 6
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
INVESTMENT COMPANY ACT OF 1940
August 31, 1999
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103
We, as members of management of Government/Repo, Money Market and Short-Term
Portfolios (collectively the "Funds"), of the Plan Investment Fund, Inc are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of July 30,
1999 and from May 26, 1999 through July 30, 1999.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as July 30, 1999 and from May 26, 1999 through July 30, 1999, with
respect to securities reflected in the investment account of the Funds.
Plan Investment Fund, Inc:
By:
EDWARD J. BARAN
- ---------------
Edward J. Baran
President and Chief Executive Officer
<PAGE> 7
PRICEWATERHOUSECOOPERS
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
the Plan Investment Fund, Inc.:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Plan Investment Fund, Inc. (the "Fund"), consisting of
the Government/Repo, Money Market and Short-Term Portfolios, compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of September 30, 1999. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Fund's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of September 30, 1999, and with respect to
agreement of security purchases and sales, for the period from July 30, 1999
(the date of our last examination), through September 30, 1999:
- Confirmation of all securities held by institutions in book entry form,
at the Federal Reserve Bank of Cleveland, the Depository Trust Company,
the Participatory Trust Company, and Bankers Trust Company;
- Confirmation of all securities out for transfer with brokers;
- Reconciliation of all such securities to the books and records of the
Fund and the Custodian, PNC Bank, National Association;
- Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with the custodian records; and
- Agreement of thirty-eight security purchases and twenty-five security
sales or maturities since our last report from the books and records of
the Fund to trade confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
<PAGE> 8
In our opinion, management's assertion that the Plan Investment Fund, Inc., was
in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of
the Investment Company Act of 1940 as of September 30, 1999 with respect to
securities reflected in the investment account of the Fund is fairly stated, in
all material respects.
This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
[SIGNATURE]
2400 Eleven Penn Center
Philadelphia, PA 19103-2692
October 31, 1999
<PAGE> 9
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
INVESTMENT COMPANY ACT OF 1940
October 31, 1999
PricewaterhouseCoopers LLP
2400 Eleven Penn Center
Philadelphia, PA 19103
We, as members of management of Government/Repo, Money Market and Short-Term
Portfolios (collectively the "Funds"), of the Plan Investment Fund, Inc are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of September
30, 1999 and from July 30, 1999 through September 30, 1999.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of September 30, 1999 and from July 30, 1999 through September
30, 1999, with respect to securities reflected in the investment account of the
Funds.
Plan Investment Fund, Inc:
By:
EDWARD J. BARAN
- ---------------
Edward J. Baran
President and Chief Executive Officer
