<PAGE> 1
-
PROVIDENT
- -------------------------------------------------------------------------------
400 Bellevue Parkway, Wilmington, DE 19809 - Phone:
INSTITUTIONAL 302-792-2555 - Fax: 302-792-5876
FUNDS
-
G. Willing Pepper
Chairman
TEMPORARY INVESTMENT FUND, INC.
Dear Shareholder:
We are pleased to present the Semi-Annual Report to Shareholders of
Temporary Investment Fund, Inc. for the period ended March 31, 1998. The
accompanying Investment Adviser's Report provides information on the economy,
money markets, and our Funds.
Provident Institutional Funds offer a variety of high quality Taxable and
Tax-Exempt Money Market Funds to meet the varied needs of our investors. Please
contact your account representative or call our Client Service Center at (800)
821-7432 to discuss your investment options. We welcome the opportunity to serve
you.
Sincerely,
/s/ G. Willing Pepper
G. Willing Pepper
Chairman
<PAGE> 2
TEMPORARY INVESTMENT FUND, INC.
Semi-Annual Investment Adviser's Report
The U.S. economy finished 1997 in strong style, as the fourth quarter's
gross domestic product (GDP) grew by 3.7% and the Asian crisis had less of a
dampening effect than was initially anticipated. With a preliminary estimate of
4.2% GDP growth, first quarter reports are continuing to demonstrate strong
business activity and low inflation. In fact, for the twelve months ended March
31, 1998 prices at the wholesale level declined 1.8%, while consumer prices were
higher by only 1.4%. New home sales led first quarter growth, benefiting from
low interest rates, heightened job security and surging personal wealth. In
response to this best of both worlds environment, the Federal Reserve has not
changed monetary policy in over a year. The outlook for short-term interest
rates will largely depend on the Asian situation, with a slight easing of policy
if the economy slows, and a small tightening if it continues to grow at better
than a 3.5% pace, In the meantime we anticipate rates should remain near current
levels, with overnight yields around 5.50%. The short-term yield curve should
also remain quite flat, with only modest incremental yield opportunity in six to
twelve-month maturities.
In managing the Fund's two portfolios, TempFund and TempCash, we continued
to strive to minimize interest rate and credit risk, relying on a disciplined
investment approach to provide safety of principal, high credit quality and
competitive returns. While maintaining a generally market neutral portfolio
maturity range during the period, we lengthened portfolio investments, on
occasion, in order to capture a more positively sloped yield curve while
maintaining sufficient liquidity to meet seasonal pressures such as year-end,
quarter-end and April's tax date. The Fund's combined average assets ranged
between $12.2-$13.9 billion during the period, closing March at $12.7 billion.
BlackRock Institutional Management
Corporation
2
<PAGE> 3
TEMPFUND PORTFOLIO
Temporary Investment Fund, Inc.
Statement of Net Assets
March 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT--8.2%
BANK NOTES--8.2%
Bank of America National Trust & Savings
5.53%............. 04/13/98 $100,000 $ 100,000,000
5.54%............. 06/11/98 100,000 100,001,937
5.51%............. 02/17/99 87,500 87,421,416
Comerica Bank--Detroit
6.175%............ 05/27/98 25,000 25,004,351
First National Bank of Chicago
5.94%............. 07/01/98 100,000 99,985,714
LaSalle National Bank
6.23%............. 04/03/98 25,000 25,000,000
5.71%............. 05/05/98 50,000 50,000,000
6.10%............. 05/15/98 30,000 29,999,310
5.95%............. 09/14/98 25,000 24,994,567
5.55%............. 02/16/99 20,000 19,972,897
NationsBank of North Carolina
5.53%............. 04/15/98 100,000 100,000,000
Northern Trust Bank
5.96%............. 06/17/98 50,000 49,995,992
--------------
Total Certificates of Deposit
(Cost $712,376,184).................. 712,376,184
--------------
COMMERCIAL PAPER--62.1%
AGRICULTURAL SERVICES--0.3%
Archer Daniels Midland Co.
5.47%............. 07/09/98 25,000 24,623,937
--------------
ASSET BACKED SECURITIES--0.3%
FCAR Owner Trust Series I
5.45%............. 05/22/98 25,000 24,806,979
--------------
BUSINESS CREDIT INSTITUTIONS--0.4%
U.S. Central Credit Union
5.48%............. 06/25/98 33,000 32,573,017
--------------
CONVERTED PAPER & PAPERBOARD--1.7%
Minnesota Mining & Manufacturing Co.
5.60%............. 04/21/98 50,000 49,844,444
5.60%............. 04/24/98 100,000 99,642,222
--------------
149,486,666
--------------
FINANCE LESSORS--5.1%
General Electric Capital Corp.
5.43%............. 05/05/98 200,000 198,974,333
5.45%............. 06/12/98 100,000 98,910,000
5.49%............. 07/17/98 150,000 147,552,376
--------------
445,436,709
--------------
FINANCE SERVICES--16.3%
Barton Capital Corp.
5.56%............. 04/07/98 86,962 86,881,415
5.46%............. 05/15/98 51,340 50,997,391
5.50%............. 07/02/98 73,358 72,326,913
</TABLE>
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
FINANCE SERVICES (CONTINUED)
5.49%............. 07/14/98 $ 94,047 $ 92,555,415
5.38%............. 07/15/98 65,239 64,215,291
5.47%............. 09/15/98 46,090 44,920,479
Dakota Certificates Program
5.45%............. 04/14/98 75,000 74,852,396
5.45%............. 04/16/98 75,000 74,829,688
5.45%............. 04/17/98 60,161 60,015,277
5.50%............. 04/17/98 50,000 49,877,778
5.45%............. 04/23/98 25,000 24,916,736
5.45%............. 04/24/98 50,000 49,825,903
5.45%............. 05/07/98 50,000 49,727,500
5.52%............. 06/05/98 100,000 99,003,333
Riverwoods Funding Corp.
5.50%............. 06/22/98 30,000 29,624,167
Windmill Funding
5.45%............. 04/24/98 250,931 250,057,273
5.47%............. 04/27/98 27,584 27,475,028
5.47%............. 04/30/98 85,713 85,335,315
5.47%............. 05/14/98 112,753 112,016,316
5.52%............. 06/19/98 25,021 24,717,912
--------------
1,424,171,526
--------------
LIFE INSURANCE--2.1%
Prudential Funding Corp.
5.39%............. 08/10/98 90,000 88,234,775
5.46%............. 08/10/98 100,000 98,013,167
--------------
186,247,942
--------------
MISCELLANEOUS BUSINESS CREDIT INSTITUTIONS--3.0%
National Rural Utilities Coop. Finance Corp.
5.68%............. 04/10/98 60,000 59,914,800
5.70%............. 04/13/98 50,000 49,905,000
5.70%............. 04/14/98 25,000 24,948,542
5.70%............. 04/17/98 30,000 29,924,000
5.48%............. 06/19/98 40,000 39,518,978
5.47%............. 07/09/98 60,000 59,097,450
--------------
263,308,770
--------------
MOTOR VEHICLES & CAR BODIES--0.8%
Daimler-Benz North America Corp.
5.47%............. 05/28/98 73,000 72,367,759
--------------
PERSONAL CREDIT INSTITUTIONS--4.6%
Associates Corp. of North America
5.44%............. 05/04/98 75,000 74,626,000
5.44%............. 05/05/98 75,000 74,614,667
5.45%............. 05/08/98 75,000 74,579,896
5.45%............. 05/11/98 75,000 74,545,833
5.43%............. 06/17/98 100,000 98,838,583
--------------
397,204,979
--------------
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 4
TEMPFUND PORTFOLIO
Statement of Net Assets (Continued)
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
PETROLEUM REFINING--1.5%
British Petroleum Co. PLC
5.44%............. 05/18/98 $ 85,000 $ 84,396,311
5.44%............. 05/26/98 50,000 49,584,444
--------------
133,980,755
--------------
RETAIL--LUMBER & OTHER BUILDING MATERIALS--2.9%
Home Depot Real Estate Funding, Inc.
5.54%............. 04/06/98 250,000 249,807,639
--------------
SECURITY BROKERS & DEALERS--7.6%
C.S. First Boston, Inc.
5.45%............. 05/14/98 59,000 58,615,926
5.45%............. 05/22/98 43,000 42,668,004
5.50%............. 06/09/98 20,000 19,789,167
5.50%............. 06/10/98 25,000 24,732,639
5.50%............. 06/12/98 26,000 25,714,000
Merrill Lynch & Co.
5.67%............. 06/01/98 100,000 99,039,250
Morgan Stanley Group, Inc.
5.43%............. 05/08/98 200,000 198,883,833
5.46%............. 05/15/98 100,000 99,332,667
5.43%............. 06/19/98 100,000 98,808,417
--------------
667,583,903
--------------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS--12.6%
Asset Securitization Coop. Corp.
5.46%............. 05/07/98 142,350 141,572,769
Corporate Asset Funding, Inc.
5.45%............. 04/13/98 100,000 99,818,333
5.45%............. 04/15/98 75,000 74,841,042
5.45%............. 04/22/98 75,000 74,761,563
Corporate Receivables Corp.
5.41%............. 04/13/98 144,250 143,989,869
5.45%............. 04/20/98 25,000 24,928,090
5.45%............. 05/14/98 35,000 34,772,160
CXC, Inc.
5.41%............. 04/13/98 40,000 39,927,867
5.45%............. 04/15/98 25,000 24,947,014
5.45%............. 05/01/98 40,000 39,818,333
5.50%............. 07/09/98 25,000 24,621,875
5.50%............. 07/10/98 50,000 49,236,111
5.46%............. 09/14/98 37,100 36,165,946
Delaware Funding Corp.
5.48%............. 04/24/98 150,000 149,474,833
5.45%............. 04/29/98 50,291 50,077,821
5.50%............. 06/10/98 94,037 93,031,326
--------------
1,101,984,952
--------------
SOAPS & DETERGENTS CLEANING--0.9%
Procter & Gamble Co.
5.60%............. 04/22/98 75,000 74,755,000
--------------
</TABLE>
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
TELEPHONE COMMUNICATIONS--2.0%
SBC Communications, Inc.
5.47%............. 07/09/98 $ 50,000 $ 49,247,875
5.47%............. 07/10/98 125,000 123,100,694
--------------
172,348,569
--------------
Total Commercial Paper
(Cost $5,420,689,102)................ 5,420,689,102
--------------
VARIABLE RATE OBLIGATIONS+--16.1%
ASSET BACKED SECURITIES--5.2%
SMM Trust 1997-A
5.6875%........... 06/23/98 175,000 175,000,000
SMM Trust 1997-X
5.6875%........... 04/12/98 100,000 100,000,000
SMM Trust 1998-B
5.6874%........... 04/05/98 175,000 175,000,000
--------------
450,000,000
--------------
BANKS--2.3%
First Bank of South Dakota
5.5575%........... 04/15/98 100,000 99,962,344
National City
Indiana
5.5735%........... 04/20/98 100,000 99,959,726
--------------
199,922,070
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--1.1%
Federal National Mortgage Association
5.282%............ 04/07/98 100,000 100,000,000
--------------
SECURITY BROKERS & DEALERS--7.5%
Bear Stearns Companies, Inc.
5.6575%........... 04/20/98 150,000 150,000,000
5.575%............ 05/06/98 150,000 150,000,000
5.575%............ 05/24/98 150,000 150,000,000
Goldman Sachs Group, L.P.
5.6875%........... 05/26/98 80,000 80,000,000
Merrill Lynch & Co.
5.7675%........... 04/13/98 25,000 25,010,913
Morgan Stanley Group
5.575%............ 05/18/98 100,000 100,000,000
--------------
655,010,913
--------------
Total Variable Rate Obligations
(Cost $1,404,932,983)................ 1,404,932,983
--------------
MEDIUM TERM NOTES--7.5%
BANKS--0.6%
J.P. Morgan & Co., Inc.
5.75%............. 03/10/99 50,000 50,000,000
--------------
SECURITY BROKERS & DEALERS--6.9%
Goldman Sachs Group, L.P.
5.78%............. 04/06/98 75,000 75,000,000
5.66%............. 05/05/98 150,000 150,000,000
5.62%............. 07/27/98 75,000 75,000,000
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
TEMPFUND PORTFOLIO
Statement of Net Assets (Continued)
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
MEDIUM TERM NOTES (CONTINUED)
SECURITY BROKERS & DEALERS (CONTINUED)
Merrill Lynch & Co.
5.6775%........... 03/02/99 $ 35,000 $ 35,000,000
6.225%............ 04/07/98 50,000 50,000,000
5.82%............. 08/04/98 75,000 75,000,000
5.895%............ 08/11/98 50,000 50,000,000
5.98%............. 08/18/98 100,000 100,000,000
--------------
610,000,000
--------------
Total Medium Term Notes
(Cost $660,000,000).................. 660,000,000
--------------
REPURCHASE AGREEMENTS--6.2%
Lehman Government Securities, Inc.
6.125%............ 04/01/98 80,800 80,800,000
(Agreement dated 03/31/98 to
be repurchased at
$80,813,747 collateralized
by $35,525,000 U.S.
Treasury Bond 10.75% due
05/15/03 and $36,838,000
U.S. Treasury Notes 6.375%
to 8.250% due 07/15/98 to
09/30/01. Market value of
collateral is
$82,384,053.)
Morgan Stanley & Co.
6.125%............ 04/01/98 180,000 180,000,000
(Agreement dated 03/31/98 to
be repurchased at
$180,030,625
collateralized by
265,290,000 Federal Home
Loan Mortgage Corp.
Discount Notes due
11/13/17 to 02/04/28,
$50,250,000 Federal
National Mortgage
Association 0.00% to 6.59%
due 06/28/06 to 03/27/08,
$31,930,000 Student Loan
Marketing Association
5.56% to 6.17% due
09/10/99 to 03/06/01,
$15,740,000 Tennessee
Valley Authority 5.88% to
8.625% due 08/30/01 to
04/01/36 and $137,347,000
U.S. Treasury Strips due
05/15/99 to 02/15/25.
Market value of collateral
is $184,480,871.)
</TABLE>
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (CONTINUED)
Swiss Bank Corp.
5.89%............. 04/01/98 $200,000 $ 200,000,000
(Agreement dated 03/31/98 to
be repurchased at
$200,032,722
collateralized by
$339,011,000 U.S. Treasury
Strips due 11/15/06 to
11/15/21, $16,226,000 U.S.
Treasury Notes 5.375% to
6.75% due 05/31/99 to
03/31/03 and $7,000,000
Student Loan Marketing
Association Note 6.16% due
12/02/99. Market value of
collateral is
$204,169,336.)
5.90%............. 04/01/98 81,000 81,000,000
(Agreement dated 03/31/98 to
be repurchased at
$81,013,275 collateralized
by $82,655,128 Federal
National Mortgage
Association Notes 7.00%
due 12/01/27. Market value
of collateral is
$83,584,999.)
--------------
Total Repurchase Agreements
(Cost $541,800,000).................. 541,800,000
--------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
TEMPFUND PORTFOLIO
Statement of Net Assets (Concluded)
(Unaudited)
<TABLE>
<CAPTION>
VALUE
--------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $8,739,798,269*)........ 100.1% $8,739,798,269
----- --------------
LIABILITIES IN EXCESS OF OTHER
ASSETS........................ (0.1)% (11,302,878)
----- --------------
NET ASSETS (Equivalent to $1.00
per share based on
8,426,479,858 TempFund Shares
and 302,050,808 TempFund
Dollar Shares $0.001 par value
common stock outstanding)..... 100.0% $8,728,495,391
===== ==============
NET ASSET VALUE, offering and redemption
price per share
($8,728,495,391 divided by
8,728,530,666)..................... $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
+ Variable Rate Obligations--The rate shown is the rate as of March 31, 1998 and
the maturity date shown is the date the principal amount can be recovered upon
demand or put.
- --------------------------------------------------------------------------------
TEMPFUND/TEMPFUND DOLLAR
Maturity Information
March 31, 1998
(Unaudited)
<TABLE>
PERCENTAGE
MATURITY AMOUNT OF
SCHEDULE PAR PORTFOLIO
------------- -------------- ----------
<S> <C> <C> <C>
1- 7 days $1,303,762,000 14.8%
8- 14 days 719,250,000 8.2%
15- 30 days 1,729,680,000 19.7%
31- 60 days 2,301,443,000 26.2%
61- 90 days 1,118,058,000 12.8%
91-120 days 892,644,000 10.2%
121-150 days 415,000,000 4.7%
Over 150 days 300,690,000 3.4%
-------------- ---------
$8,780,527,000 100.0%
============== =========
Average Weighted Maturity--42 days
</TABLE>
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
6
<PAGE> 7
TEMPCASH PORTFOLIO
Temporary Investment Fund, Inc.
Statement of Net Assets
March 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT--12.1%
DOMESTIC CERTIFICATES OF DEPOSIT--3.9%
Bankers Trust Co.
5.91%............. 08/07/98 $ 50,000 $ 49,989,022
5.98%............. 08/12/98 25,000 24,996,518
5.90%............. 10/14/98 25,000 24,993,582
--------------
99,979,122
--------------
YANKEE DOLLAR CERTIFICATES OF DEPOSIT--8.2%
Banque Paribas
5.54%............. 04/09/98 40,000 40,000,086
5.59%............. 04/09/98 25,000 25,000,328
5.53%............. 04/21/98 25,000 25,000,137
Bayerische Vereinsbank
5.70%............. 01/07/99 20,000 19,992,206
Skandinaviska Enskilda Banken
5.56%............. 04/30/98 75,000 75,000,000
Societe Generale
5.78%............. 10/08/98 25,000 24,978,112
--------------
209,970,869
--------------
Total Certificates of Deposit
(Cost $309,949,991).................. 309,949,991
--------------
COMMERCIAL PAPER--49.1%
ASSET BACKED SECURITIES--9.3%
CC USA, Inc.
5.40%............. 08/03/98 50,000 49,070,000
Corporate Receivables Corp.
5.45%............. 04/08/98 40,000 39,957,610
Dakota Certificates Program
5.45%............. 04/20/98 75,000 74,784,271
5.45%............. 04/23/98 75,000 74,750,208
--------------
238,562,089
--------------
BANKS--3.2%
AB Spintab Swedmortgage
5.56%............. 04/06/98 18,000 17,986,100
5.47%............. 05/11/98 40,000 39,756,889
5.56%............. 06/12/98 25,000 24,722,000
--------------
82,464,989
--------------
BUSINESS CREDIT INSTITUTIONS--5.8%
General Electric Capital Corp.
5.45%............. 06/10/98 150,000 148,410,417
--------------
CHEMICALS & ALLIED PRODUCTS--0.7%
Monsanto Co.
5.50%............. 07/08/98 17,000 16,745,472
--------------
FOOD & KINDRED PRODUCTS--3.2%
Diageo Capital PLC
5.47%............. 04/29/98 50,000 49,787,278
5.47%............. 08/26/98 33,000 32,262,918
--------------
82,050,196
--------------
</TABLE>
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
HOUSEHOLD AUDIO & VIDEO EQUIPMENT--3.2%
Toshiba America
5.53%............. 06/09/98 $ 25,000 $ 24,735,021
Toshiba International Finance (UK) PLC
5.51%............. 05/08/98 29,000 28,835,771
5.51%............. 06/05/98 8,800 8,712,452
5.52%............. 06/26/98 16,000 15,789,013
5.51%............. 06/30/98 5,300 5,226,993
--------------
83,299,250
--------------
MOTOR VEHICLES & CAR BODIES--2.8%
BMW US Capital Corp.
5.46%............. 05/06/98 25,500 25,364,638
5.47%............. 05/20/98 47,000 46,650,072
--------------
72,014,710
--------------
PERSONAL CREDIT INSTITUTIONS--3.9%
Associates Corp. of North America
5.43%............. 06/18/98 100,000 98,823,500
--------------
SECURITY BROKERS & DEALERS--7.3%
Lehman Brothers Holdings, Inc.
5.54%............. 05/12/98 40,000 39,747,622
Merrill Lynch & Co.
5.47%............. 05/01/98 50,000 49,772,083
Morgan Stanley Group, Inc.
5.43%............. 06/17/98 100,000 98,838,583
--------------
188,358,288
--------------
SHORT-TERM BUSINESS CREDIT INSTITUTIONS--3.9%
Sears Roebuck Acceptance Corp.
5.46%............. 05/07/98 50,000 49,727,000
5.46%............. 05/08/98 50,000 49,719,417
--------------
99,446,417
--------------
WHOLESALE MISCELLANEOUS DURABLE GOODS--5.8%
Mitsubishi International Corp.
5.58%............. 04/29/98 75,000 74,674,500
5.53%............. 05/04/98 30,000 29,847,925
5.53%............. 05/14/98 20,000 19,867,894
5.51%............. 06/03/98 25,000 24,758,938
--------------
149,149,257
--------------
Total Commercial Paper
(Cost $1,259,324,585)................ 1,259,324,585
--------------
TIME DEPOSITS--3.7%
Bank of Montreal
5.875%............ 04/01/98 95,700 95,700,000
--------------
Total Time Deposits
(Cost $95,700,000)................... 95,700,000
--------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 8
TEMPCASH PORTFOLIO
Statement of Net Assets (Concluded)
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR
DATE (000) VALUE
-------- -------- --------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS+--35.2%
ASSET BACKED SECURITIES--5.9%
SMM Trust 1997-X
5.6875%........... 04/12/98 $ 75,000 $ 75,000,000
SMM Trust 1998-B
5.6875%........... 04/06/98 75,000 75,000,000
--------------
150,000,000
--------------
BANKS--2.9%
Skandinaviska Enskilda Banken Funding, Inc.
5.6125%........... 04/13/98 75,000 74,964,976
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--2.9%
Federal National Mortgage Association
5.282%............ 04/07/98 75,000 75,000,000
--------------
LIFE INSURANCE--5.8%
General American Life Insurance Co.
5.83%............. 04/01/98 100,000 100,000,000
Peoples Security Life
5.84%............. 04/01/98 50,000 50,000,000
--------------
150,000,000
--------------
PERSONAL CREDIT INSTITUTIONS--0.6%
Dean Witter, Discover & Co.
5.7275%........... 04/15/98 15,000 15,003,721
--------------
SECURITY BROKERS & DEALERS--10.7%
Bear Stearns Companies, Inc.
5.6535%........... 04/22/98 100,000 100,000,000
5.755%............ 05/06/98 50,000 50,000,000
Lehman Brothers Holdings, Inc.
5.7075%........... 06/05/98 125,000 125,000,000
--------------
275,000,000
--------------
SERVICES--AUTO RENT & LEASE--5.8%
PHH Corp.
5.6275%........... 04/11/98 40,000 39,986,638
5.6275%........... 04/13/98 50,000 49,986,358
5.6275%........... 04/27/98 50,000 49,997,614
5.6675%........... 04/27/98 10,000 10,000,310
--------------
149,970,920
--------------
STUDENT LOAN MARKETING ASSOCIATION--0.6%
Student Loan Marketing Association Variable Rate Notes
5.378%............ 04/07/98 4,000 4,000,136
5.388%............ 04/07/98 2,000 2,000,087
5.398%............ 04/07/98 10,000 10,001,423
--------------
16,001,646
--------------
Total Variable Rate Obligations
(Cost $905,941,263).................. 905,941,263
--------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,570,915,839*)........ 100.1% $2,570,915,839
LIABILITIES IN EXCESS OF OTHER
ASSETS........................ (0.1)% (3,860,740)
----- --------------
NET ASSETS (Equivalent to $1.00
per share based on
2,124,022,353 TempCash shares
and 443,551,572 TempCash
Dollar shares, $0.001 par
value common stock
outstanding).................. 100.0% $2,567,055,099
===== ==============
NET ASSET VALUE
($2,567,055,099 divided by
2,567,573,925)............ $1.00
=====
</TABLE>
- ---------------
* Cost for federal income tax purposes.
+ Variable Rate Obligations--The rate shown is the rate as of March 31, 1998 and
the maturity date shown is the date the principal amount can be recovered upon
demand or put.
- ----------------------------------------------------------------------------
TEMPCASH/TEMPCASH DOLLAR
Maturity Information
March 31, 1998
(Unaudited)
<TABLE>
PERCENTAGE
MATURITY AMOUNT OF
SCHEDULE PAR PORTFOLIO
------------- -------------- ----------
<S> <C> <C> <C>
1- 7 days $ 429,700,000 16.6%
8- 14 days 295,000,000 11.4%
15- 30 days 600,000,000 23.3%
31- 60 days 431,500,000 16.7%
61- 90 days 574,800,000 22.3%
91-120 days 22,300,000 0.9%
121-150 days 158,000,000 6.1%
Over 150 days 70,000,000 2.7%
-------------- --------
$2,581,300,000 100.0%
============== ========
</TABLE>
Average Weighted Maturity--45 days
- ----------------------------------------------------------------------------
See accompanying notes to financial statements.
8
<PAGE> 9
TEMPORARY INVESTMENT FUND, INC.
Statements of Operations
Six Months ended March 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
TEMPFUND TEMPCASH
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C> <C>
Interest Income............................................. $286,500,195 $86,565,919
------------ -----------
Expenses:
Investment advisory fee................................. 5,161,279 2,245,088
Administration fee...................................... 5,161,279 2,245,088
Directors' fees and officer's salary.................... 117,197 29,930
Transfer agent fee...................................... 313,800 73,586
Custodian fee .......................................... 467,805 185,666
Shareholder computer access program..................... (20,257) 13,709
Legal and audit......................................... 58,487 15,178
Registration fees and expenses.......................... 26,197 11,781
Other................................................... 75,957 17,234
------------ -----------
11,361,744 4,837,260
Less fees waived........................................ (2,321,119) (2,113,281)
------------ -----------
9,040,625 2,723,979
Service Organization fees............................... 397,779 534,483
------------ -----------
Total expenses..................................... 9,438,404 3,258,462
------------ -----------
Net investment income................................... 277,061,791 83,307,457
Net realized (loss) on investments ......................... (35,275) (15,064)
------------ -----------
Net increase in net assets resulting from operations.... $277,026,516 $83,292,393
============ ===========
</TABLE>
See accompanying notes to financial statements.
9
<PAGE> 10
TEMPORARY INVESTMENT FUND, INC.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
TEMPFUND PORTFOLIO TEMPCASH PORTFOLIO
------------------------------------ -----------------------------------
YEAR ENDED YEAR ENDED
SIX MONTHS ENDED SEPTEMBER 30, SIX MONTHS ENDED SEPTEMBER 30,
MARCH 31, 1998 1997 MARCH 31, 1998 1997
---------------- ----------------- ---------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income.......... $ 277,061,791 $ 451,218,574 $ 83,307,457 $ 175,320,887
Net realized gain (loss) on
investments.................. (35,275) 24,187 (15,064) 79,331
---------------- ----------------- ---------------- ----------------
Net increase in net assets
resulting from
operations................. 277,026,516 451,242,761 83,292,393 175,400,218
---------------- ----------------- ---------------- ----------------
Distributions to shareholders:
Dividends to shareholders from
net investment income:
TempFund shares.............. (268,681,706) (433,387,702) -- --
TempFund Dollar shares....... (8,380,085) (17,830,872) -- --
TempCash shares.............. -- -- (71,988,576) (150,279,493)
TempCash Dollar shares....... -- -- (11,318,881) (25,041,394)
Distributions to shareholders
from net realized gain:
TempFund shares.............. (23,462) (47,562) -- --
TempFund Dollar shares....... (725) (1,567) -- --
---------------- ----------------- ---------------- ----------------
Total distributions to
shareholders............. (277,085,978) (451,267,703) (83,307,457) (175,320,887)
---------------- ----------------- ---------------- ----------------
Capital share transactions
(at $1 per share):
Sale of shares................. 96,396,783,546 159,612,735,266 30,755,692,599 66,663,923,098
Shares issued in reinvestment
of dividends................. 99,616,750 136,470,296 37,365,247 69,364,628
Shares repurchased............. (96,183,630,871) (157,210,517,694) (30,618,553,662) (66,703,957,164)
---------------- ----------------- ---------------- ----------------
Increase in net assets
derived from capital
share transactions....... 312,769,425 2,538,687,868 174,504,184 29,330,562
---------------- ----------------- ---------------- ----------------
Total increase in net
assets................... 312,709,963 2,538,662,926 174,489,120 29,409,893
Net assets:
Beginning of period................ 8,415,785,428 5,877,122,502 2,392,565,979 2,363,156,086
---------------- ----------------- ---------------- ----------------
End of period...................... $ 8,728,495,391 $ 8,415,785,428 $ 2,567,055,099 $ 2,392,565,979
================ ================= ================ ================
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
TEMPORARY INVESTMENT FUND, INC.
Financial Highlights
(For a Share of the Fund Outstanding Throughout Each Year)
<TABLE>
<CAPTION>
TEMPFUND SHARES
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SEPTEMBER 30,
ENDED --------------------------------------------------------------
MARCH 31, 1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- ------- ------- ------- ------- -------
Income From Investment Operations
Net Investment Income....................... 0.0275 0.0539 0.0541 0.0567 0.0360 0.0310
--------- ------- ------- ------- ------- -------
Total From Investment Operations............ 0.0275 0.0539 0.0541 0.0567 0.0360 0.0310
--------- ------- ------- ------- ------- -------
Less Distributions
Dividends (from net investment income)...... (0.0275) (0.0539) (0.0541) (0.0567) (0.0360) (0.0310)
--------- ------- ------- ------- ------- -------
Total Distributions......................... (0.0275) (0.0539) (0.0541) (0.0567) (0.0360) (0.0310)
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return................................ 5.66%(2) 5.53% 5.55% 5.82% 3.66% 3.14%
Ratios/Supplemental Data
Net Assets, End of Period (000's)......... $8,426,445 $8,060,501 $5,715,004 5,351,346 $4,480,851 $5,522,056
Ratio of Expenses to Average Daily Net
Assets.................................. 0.18%(1,2) 0.18%(1) 0.18%(1) 0.24%(1) 0.25%(1) 0.21%
Ratio of Net Investment Income to
Average Daily Net Assets................ 5.52%(2) 5.39% 5.41% 5.67% 3.60% 3.10%
</TABLE>
<TABLE>
<CAPTION>
TEMPFUND DOLLAR SHARES
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SEPTEMBER 30,
ENDED --------------------------------------------------------------
MARCH 31, 1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- ------- ------- ------- ------- -------
Income From Investment Operations
Net Investment Income....................... 0.0263 0.0514 0.0516 0.0542 0.0335 0.0285
--------- ------- ------- ------- ------- -------
Total From Investment Operations............ 0.0263 0.0514 0.0516 0.0542 0.0335 0.0285
--------- ------- ------- ------- ------- -------
Less Distributions
Dividends (from net investment income)...... (0.0263) (0.0514) (0.0516) (0.0542) (0.0335) (0.0285)
--------- ------- ------- ------- ------- -------
Total Distributions......................... (0.0263) (0.0514) (0.0516) (0.0542) (0.0335) (0.0285)
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return................................ 5.40%(2) 5.27% 5.30% 5.57% 3.41% 2.89%
Ratios/Supplemental Data Net Assets, End of
Period (000's)............................ $ 302,050 $ 355,284 $ 162,119 $ 81,828 $ 102,105 $ 112,695
Ratio of Expenses to Average Daily
Net Assets.............................. 0.43%(1,2) 0.43%(1) 0.43%(1) 0.49%(1) 0.50%(1) 0.46%
Ratio of Net Investment Income to
Average Daily Net Assets................ 5.27%(2) 5.14% 5.16% 5.42% 3.35% 2.85%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees, the ratios of
expenses to average daily net assets for TempFund Shares would have been
.23% (annualized) for the six months ended March 31, 1998 and .24%, .26%,
.27%, and .27% for the years ended September 30, 1997, 1996, 1995, and 1994,
respectively. For TempFund Dollar Shares, the ratio of expenses to average
daily net assets would have been .48% (annualized) for the six months ended
March 31, 1998 and .49%, .51%, .52%, and .52% for the years ended September
30, 1997, 1996, 1995, and 1994, respectively.
(2) Annualized.
See accompanying notes to financial statements.
11
<PAGE> 12
TEMPORARY INVESTMENT FUND, INC.
Financial Highlights
(For a Share of the Fund Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TEMPCASH SHARES
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SEPTEMBER 30,
ENDED --------------------------------------------------------------
MARCH 31, 1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- ------- ------- ------- ------- -------
Income From Investment Operations
Net Investment Income....................... 0.0276 0.0541 0.0542 0.0575 0.0370 0.0310
--------- ------- ------- ------- ------- -------
Total From Investment Operations............ 0.0276 0.0541 0.0542 0.0575 0.0370 0.0310
--------- ------- ------- ------- ------- -------
Less Distributions
Dividends (from net investment income)...... (0.0276) (0.0541) (0.0542) (0.0575) (0.0370) (0.0310)
--------- ------- ------- ------- ------- -------
Total Distributions......................... (0.0276) (0.0541) (0.0542) (0.0575) (0.0370) (0.0310)
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return................................ 5.69%(2) 5.55% 5.56% 5.90% 3.76% 3.14%
Ratios/Supplemental Data
Net Assets, End of Period (000's)......... $2,123,606 $1,991,037 $1,835,326 $1,316,166 $2,330,456 $1,479,035
Ratio of Expenses to Average Daily
Net Assets.............................. 0.18%(1,2) 0.18%(1) 0.18%(1) 0.16%(1) 0.16%(1) 0.19%(1)
Ratio of Net Investment Income to
Average Daily Net Assets................ 5.54%(2) 5.41% 5.42% 5.75% 3.70% 3.10%
</TABLE>
<TABLE>
<CAPTION>
TEMPCASH DOLLAR SHARES
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SEPTEMBER 30,
ENDED --------------------------------------------------------------
MARCH 31, 1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- ------- ------- ------- ------- -------
Income From Investment Operations
Net Investment Income....................... 0.0264 0.0516 0.0517 0.0550 0.0345 0.0285
--------- ------- ------- ------- ------- -------
Total From Investment Operations............ 0.0264 0.0516 0.0517 0.0550 0.0345 0.0285
--------- ------- ------- ------- ------- -------
Less Distributions
Dividends (from net investment income)...... (0.0264) (0.0516) (0.0517) (0.0550) (0.0345) (0.0285)
--------- ------- ------- ------- ------- -------
Total Distributions......................... (0.0264) (0.0516) (0.0517) (0.0550) (0.0345) (0.0285)
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return................................ 5.22%(2) 5.29% 5.31% 5.65% 3.51% 2.89%
Ratios/Supplemental Data
Net Assets, End of Period (000's)......... $ 443,449 $ 401,529 $ 527,830 $ 454,156 $ 397,948 $ 307,239
Ratio of Expenses to Average Daily
Net Assets.............................. 0.43%(1,2) 0.43%(1) 0.43%(1) 0.41%(1) 0.41%(1) 0.44%(1)
Ratio of Net Investment Income to
Average Daily Net Assets................ 5.29% 5.16% 5.17% 5.50% 3.45% 2.85%
</TABLE>
- ---------------
(1) Without the waiver of advisory and administration fees, the ratios of
expenses to average daily net assets for TempCash Shares would have been
.32% (annualized) for the six months ended March 31, 1998 and .30%, .33%,
.30%, .33%, and .37% for the years ended September 30, 1997, 1996, 1995,
1994 and 1993, respectively. For TempCash Dollar Shares, the ratio of
expenses to average daily net assets would have been .57% (annualized) for
the six months ending March 31, 1998 and .55%, .58%, .55%, .58% and .62% for
the years ended September 30, 1997, 1996, 1995, 1994 and 1993, respectively.
(2) Annualized.
See accompanying notes to financial statements.
12
<PAGE> 13
Notes to Financial Statements
(Unaudited)
A. Temporary Investment Fund, Inc. (the Company) is registered under the
Investment Company Act of 1940, as amended, as a diversified open-end management
company. The Company maintains two separate portfolios, TempFund and TempCash.
Interests in the TempFund portfolio are represented by Class B (TempFund shares)
and Class B--Special Series 1 (TempFund Dollar shares) common stock. Interests
in the TempCash portfolio are represented by Class C (TempCash Dollar shares)
and Class C--Special Series 1 (TempCash shares) common stock.
Dollar Shares are substantially identical in all respects to other classes of
shares, except that Dollar Shares are sold to institutions which provide support
services to their customers, who beneficially own shares, in consideration of
the Company's payment of 0.25% (on an annualized basis) of the average daily net
asset value of the shares held by the institutions for the benefit of their
customers. The Service Organization fee is applicable only to the earnings of
the respective Dollar series of shares.
B. Significant accounting policies are as follows:
Security Valuation--Portfolio securities are valued under the amortized cost
method which approximates current market value. Under this method, securities
are valued at cost when purchased and thereafter a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the market-based valuation is
performed in an attempt to avoid dilution or other unfair results to
shareholders. The Company seeks to maintain the net asset value per share of
each portfolio at $1.00.
Repurchase Agreements--The Company may purchase, for each portfolio, money
market instruments from financial institutions, such as banks and non-bank
dealers, subject to the seller's agreement to repurchase them at an agreed upon
date and price. Although the securities subject to repurchase agreements may
bear maturities exceeding thirteen months, the repurchase agreements themselves
will have a maximum maturity of one year or less. The seller will be required on
a daily basis to maintain the value of securities subject to the agreement at
not less than the repurchase price.
Dividends to Shareholders--Dividends are declared daily and paid monthly.
Dividends payable are recorded on the dividend record date. Net income for
dividend purposes includes interest accrued and discount earned on portfolio
securities and is reduced by premium amortized and expenses accrued. Net
realized capital gains, if any, will be distributed at least annually.
Federal Taxes--No provision is made for federal taxes as it is the Company's
intention to have each portfolio continue to qualify as a regulated investment
company and to make the requisite distributions to its shareholders which will
be sufficient to relieve it from all or substantially all federal income and
excise taxes.
Use of Estimates--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that could affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Other--Investment transactions are accounted for on the trade date and the
cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes. Expenses not
directly attributable to a specific portfolio are allocated between the two
portfolios based on their relative net assets.
13
<PAGE> 14
Notes to Financial Statements (Continued)
(Unaudited)
C. Under agreements among the Company, PNC Bank, National Association (PNC
Bank), and BlackRock Institutional Management Corporation (BIMC), an indirect
wholly-owned subsidiary of PNC Bank, BIMC manages the Company's portfolios and
maintains their financial accounts. PNC Bank is the Company's sub-adviser and
custodian and PFPC Inc. (PFPC) is the Company's transfer agent.
In March 1998, BIMC (formerly known as PNC Institutional Management
Corporation), assumed the responsibilities of PNC Bank, as sub-adviser, to
provide research, credit analysis and recommendations with respect to the Fund's
investments and supply certain computer facilities, personnel and other
services. The personnel and facilities related to these services have been
transferred to BIMC and BIMC's obligation to pay to PNC Bank a portion of the
advisory fee has been terminated.
Provident Distributors, Inc. (PDI) is the Company's Distributor. No
compensation is payable by the Company to PDI for its distribution services.
The Company has entered into a Co-Administration Agreement with PFPC and PDI
for certain administrative services.
In return for their advisory and administrative services, the Company pays
BIMC and the administrators each a fee, computed daily and payable monthly,
based upon an annualized percentage of the average daily net assets of each
portfolio as follows:
TempFund Portfolio:
0.175% of the first $1 billion, plus 0.15% of the next $1 billion, 0.125% of
the next $1 billion, 0.10% of the next $1 billion, 0.095% of the next $1
billion, 0.09% of the next $1 billion, 0.08% of the next $1 billion, 0.075% of
the next $1 billion and 0.07% of net assets in excess of $8 billion.
TempCash Portfolio:
0.175% of the first $1 billion, plus 0.15% of the next $1 billion, 0.125% of
the next $1 billion, 0.10% of the next $1 billion, 0.095% of the next $1
billion, 0.09% of the next $1 billion, 0.085% of the next $1 billion and 0.08%
of net assets in excess of $7 billion.
If expenses borne by either portfolio in any fiscal year exceed the applicable
expense limitation imposed by state securities regulations, the administrators
and BIMC will each reimburse the portfolio for one-half of any excess expense up
to the amount of fees payable to it (except where such regulations require
reimbursement regardless of the fees payable to it).
The administrators and BIMC have also agreed to reduce their fees, on an equal
basis, to the extent necessary to ensure that the ordinary operating expenses
(excluding Service Organization fees) of the TempFund portfolio and the TempCash
portfolio do not exceed 0.18% of each portfolio's average daily net assets.
For the six months ended March 31, 1998, the administrators and BIMC waived,
on an equal basis, administration and advisory fees payable to them in the
amounts of $2,321,119 and $2,113,281 for the TempFund portfolio and the TempCash
portfolio, respectively.
Service Organization fees of $378,611 were paid to affiliates of BIMC for the
six months ended March 31, 1998.
Expenses include legal fees paid to counsel to the Company, a partner of which
is secretary of the Company.
D. At March 31, 1998, the Company was authorized to issue 60 billion shares of
common stock, par value $0.001 per share, of which 40 billion were classified as
Class B shares, 5 billion shares as Class B--Special Series 1 shares, 5 billion
shares as Class C shares and 10 billion as Class C--Special Series 1 shares.
14
<PAGE> 15
Notes to Financial Statements (Concluded)
Transactions in shares of each portfolio are summarized as follows:
<TABLE>
<CAPTION>
TEMPFUND PORTFOLIO TEMPCASH PORTFOLIO
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1998 SEPTEMBER 30, 1997 MARCH 31, 1998 SEPTEMBER 30, 1997
---------------- ------------------ ---------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Sale of shares
TempFund Class B........ $ 92,844,074,178 $ 153,826,742,485 -- --
TempFund Dollar......... 3,552,709,368 5,785,992,781 -- --
TempCash................ -- -- $ 29,514,838,352 $ 63,725,228,824
TempCash Dollar......... -- -- 1,240,854,247 2,938,694,274
Shares issued in
reinvestment of dividends
TempFund Class B........ 94,592,638 129,081,124 -- --
TempFund Dollar......... 5,024,112 7,389,172 -- --
TempCash................ -- -- 29,102,840 55,343,699
TempCash Dollar......... -- -- 8,262,407 14,020,929
Shares repurchased
TempFund Class B........ (92,572,686,034) (151,610,301,526) -- --
TempFund Dollar......... (3,610,944,837) (5,600,216,168) -- --
TempCash................ -- -- (29,411,358,329) (63,624,929,705)
TempCash Dollar......... -- -- (1,207,195,333) (3,079,027,459)
---------------- ----------------- ---------------- ----------------
Increase
in net assets derived from
capital share
transactions.............. $ 312,769,425 $ 2,538,687,868 $ 174,504,184 $ 29,330,562
================ ================= ================ ================
</TABLE>
E. At September 30, 1997, a capital loss carryover of $503,763 in the TempCash
portfolio was available to offset future realized gains of which $439,119
expires in 2002 and $64,644 expires in 2004.
F. At March 31, 1998, net assets consisted of the following: (Unaudited)
<TABLE>
<CAPTION>
TEMPFUND TEMPCASH
-------------- --------------
<S> <C> <C>
Paid-in capital............................................. $8,728,530,666 $2,567,573,925
Accumulated net realized (losses)........................... (35,275) (518,826)
-------------- --------------
Total net assets............................................ $8,728,495,391 $2,567,055,099
============== ==============
</TABLE>
15
<PAGE> 16
Board of Directors
G. Willing Pepper
Chairman
G. Nicholas Beckwith, III
Philip E. Coldwell
Robert R. Fortune
Jerrold B. Harris
Rodney D. Johnson
Officers
Thomas H. Nevin
President
Lisa M. Buono
Treasurer
W. Bruce McConnel, III
Secretary
Investment Adviser
BlackRock Institutional
Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Co-Administrators
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Distributor
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington, DE 19885-9628
This report is submitted for
the general information of the
shareholders of the Company.
It is not authorized for
distribution to prospective
investors unless accompanied
or preceded by effective
prospectuses for each
portfolio of the Company,
which contain information
concerning the investment
policies of the portfolios as
well as other pertinent
information.
PIF-T-001
TEMPFUND
TEMPCASH
Investment Portfolios
Offered by
Temporary Investment Fund, Inc.
LOGO
Semi-Annual Report
to Shareholders
March 31, 1998
