The Ultrashort Duration Government Portfolio
The Ultrashort Duration Bond Portfolio
Plan Investment Fund, Inc.
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*********
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Ultrashort Duration Portfolios
Plan Investment Fund, Inc.
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Current income above money market rates and bank earnings credits
Capital preservation, liquidity, total return
High quality investments
One year duration target
Well qualified, highly regarded portfolio manager
Goal
Philosophy
Plan


Important Information
This booklet contains or incorporates by reference certain forward-looking statements which are based on
various
assumptions
(some
of
which
are
beyond
our
control)
which
may
be
identified
by
reference
to
a
future
period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”,
“anticipate”, “continue”, or similar terms or variations on those terms or the negative of those terms. Actual
results could differ materially from those set forth in forward-looking statements due to a variety of factors.
Mutual fund investments are neither insured nor guaranteed by the U.S. Government. The net asset value of the
Fund’s Ultrashort Duration Government Portfolio and Ultrashort Duration Bond Portfolio will fluctuate, up and
down. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Investments can and may lose money. The
Plan Investment Fund, Inc. portfolios are offered only pursuant to a prospectus relating thereto. This booklet is
accompanied, or has been preceded, by the prospectus relating to
the Ultrashort Duration
Government
Portfolio
and
the
Ultrashort
Duration
Bond
Portfolio.
Additional
copies
of
the
prospectus
may
be
obtained by calling (800) 621-9215. Plan Investment Fund, Inc. is self -distributed. Fund shares are not insured by,
issued by, guaranteed by or obligations of the FDIC, the Federal
Reserve Board, any government agency or any
bank. Such shares involve investment risk, including possible loss of principal amount invested.
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Plan Investment Fund, Inc.


The one year duration point on the curve provides an opportunity for pickup in yield from money market
rates with limited interest rate sensitivity.
-
This is due in part because of the steep yield curve (Fed has kept short term rates near zero), and
-
Steep credit curves.
Spreads on corporate bonds over Treasuries are greater as maturity increases.
The
high
quality
securities
reduce
the
credit
risk
of
the
portfolios.
Returns
are
generated
from
cashflows.
The significant cashflow that spins off the portfolio is a natural hedge to inflation. The cashflows are
reinvested at the prevailing higher rate if the yield curve begins to rise.
This part of the fixed income market has been very liquid , which makes it appropriate for a mutual fund.
Attractive Sector Attributes
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Plan Investment Fund, Inc.


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Current Short Rates
As of September 24, 2013
Three Month
Six month
One Year
Two Year
Money Market
0.01%
0.01%
0.01%
0.01%
U.S. Treasury
0.02%
0.05%
0.10%
0.33%
ABS AAA Auto
0.50%
0.60%
0.65%
1.00%
ABS AAA Card
0.35%
0.43%
0.70%
0.79%
CORP A Industrial
0.30%
0.44%
0.55%
0.80%
Corp A Financial
0.39%
0.63%
0.71%
0.97%
CMBS AAA
1.30%
1.60%
1.80%
2.30%


Sector Opportunity Set
US Treasuries
TIPS
Agency debt
Agency CMBS
Agency RMBS
Government portfolio sectors (see above)
Corporate
Asset-backed securities
Private label CMBS
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Plan Investment Fund, Inc.
Ultrashort Duration Government Portfolio
Ultrashort Duration Bond Portfolio


Plan Investment Fund Ultrashort Portfolios
U.S. government securities and U.S. government agency securities
One year target duration
S&P AAA Rating
Class 1 Fund 0.3% RBC charge
Seeks to provide next day liquidity
U.S. government securities and U.S. government agency securities
Asset-backed securities
Private commercial mortgage-backed securities
Corporate securities
One year target duration
S&P AA Rating
Seeks to provide next day liquidity
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Plan Investment Fund, Inc.
Ultrashort Duration Government Portfolio Primary Investments
Ultrashort Duration Bond Portfolio Primary Investments


Merganser
Overview
Fixed income specialist
Focus on institutional fixed income management as Merganser’s only business since 1985
Organized to take advantage of inefficiencies inherent in over-the-counter fixed income markets
Deep relationships with Wall Street, regional and specialist brokers/dealers
Emphasis on active sector/security selection, shaped by macro economic analysis and fundamental credit
research.
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Plan Investment Fund, Inc.


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Plan Investment Fund, Inc.
Client Profile (% AUM)
Strategies/Assets Under Management (AUM)
As of June 30, 2013
Fixed Income Specialists Serving Diverse Client Base
*Cash Enhancement includes Cash Enhancement, 6 Month Cash Enhancement and Securitized Cash Enhancement strategies. **Core Bond includes Core Bond and Core Plus strategies. ***Other
includes Bond Dislocation and CMBS only portfolios.
Strategies
AUM ($MM)
Cash Enhancement* 
1,114
Short Term Bond 
4,323
Moderate Duration 
599
Intermediate Bond 
455
Core Bond**
932
Investment Grade Credit
39
ABS Structured Strategy 
220
TIPS Plus Strategy 
17
Other***
21
Total 
$7,720
1.8 years 
Duration Target
<1.0 year   
2.7 years 
3.8 years 
5.4 years
-
6.7 years
2.7 years 
5.3 years 


Returns
for periods ending August 31, 2013
Plan Investment Fund, Inc.
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As of August 31, 2013
Current 30-day
SEC Yield
3 Month Total
Return
YTD Total
Return
Cumulative
Inception Total
Return
USD Bond
0.79%
-0.09%
0.07%
0.86%
USD Government
0.48%
-0.26%
-0.31%
0.53%
Performance data quoted represents past performance. Past performance is no guarantee of future results; investors should carefully consider the portfolio investment objectives, risks,
charges, and expenses before investing. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than
their original cost and current performance may be higher or lower than the performance data quoted.  Performance data for the portfolios current to the most recent month end is
available at www.pif.com.


The Ultrashort Duration Government & Ultrashort Duration Bond Portfolios
Investment Objective
Seek total return consistent with current income and capital preservation
Structure
Mutual fund registered under the Investment Company Act of 1940
Annual Portfolio Operating Expenses
0.40%*
Minimum Initial Investment
$1,000,000, which may be waived by the Fund
Dividends
Declared daily, paid monthly
Redemptions
4:00 PM (Eastern Time), T+1 Settlement
Administrator
BCS Financial Services Corporation
Custodian
The Bank of New York Mellon
Service Agent
BNY Mellon Investment Servicing
*After effect of fee waivers and expense reimbursements agreed to for one year.
Plan
Investment
Fund
is
a
mutual
fund,
which
is
open
onlyto
membersand
licensees
of
the
Blue
Crossand
Blue
Shield
prospectus  prior to investing. Past performance is no guarantee of future results.
|  11
Plan Investment Fund, Inc.
Associationand
certain
related
organizations.
Please
review
the
Fund’s


BOARD OF DIRECTORS
Plan Investment Fund, Inc.
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BCS BOARD OF DIRECTORS
PLAN INVESTMENT FUND BOARD OF TRUSTEES
Chairman
Steven S. Martin
President and CEO
BCBS of Nebraska
Daniel J. Hilferty
President and CEO
Independence Blue Cross
Scott P. Serota
President and CEO
BCBS Association
Chairman
Emil D. Duda
Retired Senior Executive VP and CFO
The Lifetime Healthcare Companies
Gerard T. Mallen
Treasurer, Finance Division
Senior VP
Health Care Service Corporation
Scott Beacham
President and CEO
BCS Financial Corporation
Terry Kellogg
President and CEO
BCBS of Alabama
P. Mark White
President and CEO
Arkansas BCBS
Dorothy A. Coleman
Executive VP and CFO
Excellus Blue Cross  and Blue Shield
Dale E. Palka
President and CEO
Plan Investment Fund, Inc.;
Senior VP of Financial Services
BCS Financial Services
Corporation
John Cannon
EVP & General Counsel
Wellpoint, Inc.
Willis T. King, Jr.
Chairman
First Protective Insurance Co.
J. Bradley
Wilson
President and CEO
BCBS of North
Carolina
David A. Cote
Assistant VP and Assistant Treasurer
BCBS of South Carolina
Vince P. Price
Executive VP and CFO
Cambia Health Solutions
Michael E. Frank
President and CEO
BCBS of Montana
Daniel J. Loepp
President and CEO
BCBS of Michigan
Robert J. Kolodgy
Senior VP, CFO
BCBS Association
Joseph F. Reichard, CCM
VP, Treasury Services and
Assistant Treasurer
Highmark, Inc.
David R. Gentile
President and CEO
BCBS of Kansas City
Robert F. Orlich
President and CEO
Transatlantic Reinsurance Co.
Alan Krigstein
Executive VP, CFO and Treasurer
Independence Blue Cross
Cynthia M. Vice
Senior VP, CFO and Treasurer
BCBS of Alabama
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