<PAGE>
[LOGO OF PROVIDENT INSTITUTIONAL FUNDS APPEARS HERE]
September 1, 1999
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of New York
Money Fund for the period ended July 31, 1999.
Commentary on New York's improving economy and on recent developments in our
Fund are contained in the accompanying Investment Adviser's Report.
We would like to thank our shareholders for a successful proxy which
resulted in the reorganization of the Provident Institutional Funds into a
single Delaware business trust.
Provident Institutional Funds offers a variety of high quality Taxable and
Tax-Exempt Money Market Funds designed 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/ Rodney D. Johnson
Rodney D. Johnson
Chairman
1
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
New York Money Fund
Annual Report of the Investment Adviser
The State of New York, once plagued by deficits and late budgets, has
continued its dramatic turnaround, now in its fourth consecutive year, posting
yet another budget surplus and impressive results in a broad array of economic
measures. Taxes are down across the board, crime is down, welfare dependency
is down, the size of the state bureaucracy has been reduced, and private
sector jobs are now at an all time high. The Pataki Administration, whose
aggressive program of tax cuts and business development has helped to propel
the State's economic resurgence, is moving vigorously to preserve hard won
gains and maintain future momentum. In addition to further tax relief, the
current proposals include a plan to place the entire $1.8 billion current
surplus into a reserve fund to protect existing tax cuts, a commitment to
holding spending growth below the level of inflation and the introduction of
an amendment requiring a two-thirds vote of both houses of the legislature to
increase state taxes. Future prospects remain vulnerable to any unfavorable
developments in the financial services sector. In the absence of a turndown in
the national economy, the State seems well positioned for further gains.
The City of New York also experienced good news over the past year. While
holding the line on spending, the City managed to post the largest budget
surplus it has ever recorded. Taxes were down and the employment picture
continued to improve. The City reported that it has gained back a larger
number of jobs than were lost in the last recession and that as of mid-year,
it was on track for the largest private sector growth in more than 40 years.
The City's progress was marked by another upgrade in its bond rating. Fitch
raised its rating on New York City to "A" from "A-." The latest upgrade
followed rating increases by two other rating agencies during the prior year.
Heightened concerns on the part of the Federal Reserve about the potential for
a resurgence of inflation have moved rates in the short-term tax-exempt market
to slightly higher levels. Although issuance of short-term general obligation
notes on the part of major New York issuers has been thin recently, by taking
advantage of the depth of available credit analysis resources, the Fund has
been able to add positions in a number of smaller note offerings at attractive
levels. The Fund's average weighted maturity has increased to the 40-day range
as a result. The credit background remains a top priority and new developments
on the credit horizon are monitored actively and continuously. Total net
assets on July 31, 1999 stood at $295,727,622, with an average weighted
maturity of 43 days. The Fund's 7-day yield was 2.77%.
2
<PAGE>
Provident Institutional Funds
New York Money Fund
Schedule of Portfolio Investments
July 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK--82.4%
Babylon IDA Resource Recovery RB (Ogden Martin Project) DN (Morgan
Guaranty LOC) (A-1+, VMIG-1)**
2.70%........................................... 08/07/99 $6,800 $ 6,800,000
Board of Cooperative Education Services For The Sole Supervisory
District of Broome, Delaware & Tioga Counties RAN
4.00%........................................... 06/30/00 2,000 2,008,807
City of New York GO DN (Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.70%........................................... 08/01/99 1,050 1,050,000
City of New York GO DN (Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.70%........................................... 08/01/99 1,300 1,300,000
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
3.70%........................................... 08/01/99 1,135 1,135,000
City of New York GO Series 1993A-7 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.50%........................................... 08/01/99 300 300,000
City of New York GO Series 1993B DN (FGIC Insurance) (A-1+, VMIG-
1)**
3.70%........................................... 08/01/99 200 200,000
City of New York GO Series 1994E-4 DN (State Street Bank & Trust
LOC) (A-1+, VMIG-1)**
3.50%........................................... 08/01/99 500 500,000
City of New York GO Series 1995F-2 DN (Toronto Dominion LOC) (A-
1+, VMIG-1)**
2.80%........................................... 08/07/99 3,000 3,000,000
City of New York GO Series 1995F-4 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)**
2.90%........................................... 08/07/99 1,400 1,400,000
City of New York GO Series 1995F-6 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
2.95%........................................... 08/07/99 2,900 2,900,000
City of New York GO Series B DN (FGIC Insurance) (A-1+, VMIG-1)**
3.70%........................................... 08/01/99 700 700,000
City of New York GO Series D-22 DN (FGIC Insurance) (A-1+, VMIG-
1)**
2.95%........................................... 08/07/99 5,800 5,800,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
City of New York GO Series E-5 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)**
3.50%........................................... 08/01/99 $ 300 $ 300,000
City of New York GO Series E-5 DN (Morgan Guaranty LOC) (A-1,
VMIG-1)**
3.50%........................................... 08/01/99 400 400,000
City of New York Health & Hospital Corporation RB Series 1997A DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.05%........................................... 08/07/99 9,485 9,485,000
City of New York Health & Hospital Corporation RB Series C DN
(Toronto Dominion Bank LOC) (A-1+, VMIG-1)**
2.90%........................................... 08/07/99 1,575 1,575,000
City of New York Housing Development Corporation (Columbus
Apartments Project) Series A DN (Federal National Mortgage
Association) (A-1+)**
2.85%........................................... 08/07/99 3,500 3,500,000
City of New York Housing Development Corporation (Columbus Gardens
Project) Series 1993A DN (Citibank LOC) (A-1)**
2.85%........................................... 08/07/99 3,485 3,485,000
City of New York Housing Development Corporation (Queenswood
Apartment Project) DN (National City Bank LOC) (VMIG-1)**
2.75%........................................... 08/07/99 1,325 1,325,000
City of New York Housing Development Corporation Multifamily
Housing RB (Carnegie Park) Series 1997A DN (Federal National
Mortgage Association) (A-1+)**
2.85%........................................... 08/07/99 3,100 3,100,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Columbus Green Project) DN (Federal National
Mortgage Association) (A-1+)
2.85%........................................... 08/07/99 8,900 8,900,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Monterey Project) Series 1997A DN (Federal
National Mortgage Association) (A-1+)**
2.85%........................................... 08/07/99 3,700 3,700,000
</TABLE>
3
<PAGE>
New York Money Fund
Schedule of Portfolio Investments (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (Continued)
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Parkgate Development Project) Series 1998A DN
(Federal National Mortgage Association) (A-1+)**
2.75%........................................... 08/07/99 $7,400 $ 7,400,000
City of New York Municipal Water & Sewer System Finance Authority
RB Series 1995A DN (FGIC Insurance) (A-1+, VMIG-1)**
3.50%........................................... 08/01/99 2,600 2,600,000
City of New York Municipal Water Finance Authority Series 3 TECP
(Commerzbank LOC) (A-1+, P-1)
3.40%........................................... 08/05/99 5,700 5,700,000
City of New York Tender Option Bonds DN (MBIA Insurance) (VMIG-
1)**
2.80%........................................... 08/07/99 7,000 7,000,000
City of New York Transitional Finance Authority Financing RB
Future Tax Secured Bonds Series C DN (Societe Generale LOC)
(VMIG-1)**
3.00%........................................... 08/07/99 10,100 10,100,000
City of New York Trust For Cultural Resources (The Museum Of
Broadcasting) Series 1989 DN (Krediet Bank LOC) (A-1+, VMIG-1)**
85%............................................. 08/07/99 1,200 1,200,000
Clinton County BAN
4.00%........................................... 07/28/00 4,016 4,033,455
Dormitory Authority of the State of New York (Beverwyck Inc.) DN
(Banque Paribas LOC) (P-1)**
2.85%........................................... 08/07/99 5,700 5,700,000
Dormitory Authority of the State of New York (Metropolitan Museum
of Art) Series 1993A DN (A-1+, VMIG-1)**
2.80%........................................... 08/07/99 1,068 1,068,000
Dormitory Authority of the State of New York (State University
Educational Facilities) RB Series A (Escrowed in U.S. Government
Securities) (AAA)
7.70%........................................... 05/15/00 2,100 2,205,040
Dormitory Authority of the State of New York RB (Rockefeller
University) Series 1998A DN
(A-1+, VMIG-1)**
2.85%........................................... 08/07/99 2,600 2,600,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
Franklin County IDA Civic Facility RB (Paul Smith's College
Project) Series 1998 DN (Key Bank N.A. LOC)**
3.20%........................................... 08/07/99 $4,425 $ 4,425,000
Long Island Power Authority Electric System RB DN (MBIA Insurance
LOC) (A-1+C)**
3.40%........................................... 08/07/99 3,245 3,245,000
Long Island Power Authority Electric System RB DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)**
3.15%........................................... 08/07/99 6,900 6,900,000
Long Island Power Authority Electric System Subordinated RB Series
6 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
3.40%........................................... 08/01/99 4,720 4,720,000
Long Island Power Authority Electric System Subordinated RB DN
(Credit Suisse LOC) (A-1+, VMIG-1)**
3.40%........................................... 08/01/99 6,000 6,000,000
Lyons Central School District RAN
3.625%.......................................... 06/26/00 3,250 3,256,370
Metropolitan Transportation Authority BAN Series A TECP (ABN-AMRO
Bank N.V. LOC) (A-1+, P-1)
3.10%........................................... 08/02/99 2,000 2,000,000
Metropolitan Transportation Authority Transit Facilities RB Series
1998C DN (FSA Insurance) (A-1+C)**
3.26%........................................... 08/07/99 12,100 12,100,000
Monroe County IDA (Electronic Navigation Industries) MB (AA+)
3.45%........................................... 07/01/00 2,290 2,290,000
Municipal Acceptance Corporation of New York RB Series G (AA, Aa2)
4.25%........................................... 07/01/00 4,300 4,341,036
Nassau County Board Cooperative Educational Services RAN
3.50%........................................... 08/05/99 3,000 3,000,064
New York Local Government Assistance Corporation Bonds Series
1994B DN (Credit Suisse LOC) (A-1+, VMIG-1)**
2.75%........................................... 08/07/99 12,700 12,700,000
</TABLE>
4
<PAGE>
New York Money Fund
Schedule of Portfolio Investments (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (Continued)
New York Local Government Assistance Corporation Series 1995E DN
(Canadian Imperial Bank LOC) (A-1+, VMIG-1)**
2.80%........................................... 08/07/99 $8,050 $ 8,050,000
New York State Energy, Research & Development Authority Pollution
Control Refunding Revenue Bonds (New York State Electric & Gas
Corporation Project) Series 1994D DN (FNB Chicago LOC) (VMIG-1)**
3.30%........................................... 08/01/99 1,300 1,300,000
New York State Energy, Research & Development Authority PCRB
(Brooklyn Gas Facilities Project) Series 1997A DN (MBIA
Insurance)
(A-1+, VMIG-1)**
2.90%........................................... 08/07/99 1,490 1,490,000
New York State Energy, Research & Development Authority PCRB
(Central Hudson Electric & Gas Corporation Project) Series 1985B
DN (Deutsche Bank LOC) (P-1)**
3.15%........................................... 08/07/99 4,500 4,500,000
New York State Energy, Research & Development Authority PCRB
(Central Hudson Electric & Gas Corporation Project) Series A DN
(Morgan Guaranty LOC) (A-1+, VMIG-1)**
3.05%........................................... 08/07/99 500 500,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1994D-2 DN
(NBD Bank Corp. LOC) (A-1+, VMIG-1)**
3.45%........................................... 08/01/99 2,800 2,800,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985A MB
(Morgan Guaranty LOC) (A-1+, P-1)
3.00%........................................... 03/15/00 8,000 8,000,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985D MB
(Union Bank of Switzerland LOC) (A-1+)
3.00%........................................... 12/01/99 2,065 2,065,000
</TABLE>
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power) Series 1985A DN (Toronto Dominion LOC)
(A-1, VMIG-1)**
3.50%........................................... 08/01/99 $3,900 $ 3,900,000
New York State Housing Finance Agency Multifamily Housing RB
Series 1988A DN (AMBAC Insurance) (A-1+, VMIG-1)**
3.30%........................................... 08/07/99 700 700,000
New York State Housing Finance Agency Service Contract Obligation
RB 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)**
2.90%........................................... 08/01/99 200 200,000
New York State Housing Finance Authority RB (Normandie Court I)
Series 1991 DN (Society Generale LOC) (A-1+, VMIG-1)**
2.90%........................................... 08/07/99 3,000 3,000,000
New York State Job Development Authority Special Purpose Bonds
Series 1984A DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.20%........................................... 08/07/99 620 620,000
New York State Power Authority General Power RB (VMIG-1)
2.90%........................................... 09/01/99 15,300 15,300,000
New York State Thruway Authority General RB DN (FGIC Insurance)
(VMIG-1)**
3.35%........................................... 08/01/99 300 300,000
Niagara County IDA Solid Waste Disposal Facility RB (American Fuel
Company of Niagara L.P.) Series 1994A DN (Wachovia Bank LOC)
(A-1, P-1)**
2.95%........................................... 08/07/99 810 810,000
Shenendehowa Central School Distict Clifton Park BAN
4.00%........................................... 07/19/00 1,505 1,511,219
Suffolk County IDA Civic Facility RB (Episcopal Health Services
Inc.) Series 1998A DN (Banque Paribas LOC), (A-1, VMIG-1)**
3.20%........................................... 08/07/99 600 600,000
Suffolk County Water Authority DN(Bank of Nova Scotia LOC) (VMIG-
1)**
2.80%........................................... 08/07/99 5,100 5,100,000
</TABLE>
5
<PAGE>
New York Money Fund
Schedule of Portfolio Investments (Continued)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Maturity Par
Investments in Securities Date (000) Value
- ------------------------- -------- ------- ------------
<S> <C> <C> <C>
NEW YORK (Continued)
Taconic Hills Central School District RAN
3.875%.......................................... 06/29/00 $3,600 $ 3,610,819
Town of Colonie, Albany County BAN Series C
4.00%........................................... 07/28/00 1,800 1,807,727
------------
243,612,537
------------
PUERTO RICO--17.5%
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)**
2.55%........................................... 08/07/99 14,100 14,100,000
Puerto Rico Government Development Bank TECP (A-1+, P-1)
3.10%........................................... 08/05/99 5,184 5,184,000
Puerto Rico Industrial, Tourist, Educational Medical &
Environmental Control Facilities RB (Ana G. Mendez University
System Project) Series 1998 DN (Banco de Santander LOC) (A-1+)**
2.60%........................................... 08/07/99 10,200 10,200,000
Puerto Rico Insured Trust Receipts Series 1998D DN (Bank of New
York LOC) (A-1+C, VMIG-1)**
2.95%........................................... 08/07/99 13,400 13,400,000
Puerto Rico Medical, Higher Education & Environmental PCRB (Ana G.
Mendez Educational Foundation Project) DN (Bank of Tokyo-
Mitsubishi LOC)**
2.70%........................................... 08/07/99 8,855 8,855,000
------------
51,739,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments in Securities Value
- ------------------------- ------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $295,351,537*)..................................... 99.9% $295,351,537
OTHER ASSETS IN EXCESS OF LIABILITIES..................... 0.1 376,085
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
295,750,208 Money Shares of capital stock outstanding)... 100.0% $295,727,622
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($295,727,622/295,750,208)............................... $1.00
=====
</TABLE>
- --------
* Aggregate cost for federal income tax purposes is substantially the same.
** Variable rate demand note--the interest rate shown is as of July 31, 1999,
and the maturity date shown is the longer of (i) the next interest
readjustment date or (ii) the date on which the principal amount owned can
be recovered through demand.
The Moody's Investor's Service, Inc. and Standard & Poor's Ratings Group
ratings indicated are believed to be the most recent ratings available at
July 31, 1999. The ratings have not been audited by the Independent
Accountants and, therefore, are not covered by the Report of Independent
Accountants.
6
<PAGE>
New York Money Fund
Schedule of Portfolio Investments (Concluded)
- --------------------------------------------------------------------------------
New York Money Fund
Supplementary Information
Maturity Schedule of Portfolio
July 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $244,922,000 83.0%
31-60 Days 15,300,000 5.2%
121-151 Days 2,065,000 0.7%
Over 150 Days 32,861,120 11.1%
</TABLE>
Average Weighted Maturity--43 days
Investment Abbreviations:
<TABLE>
<S> <C>
BAN Bond Anticipation Note
DN Demand Note
GO General Obligation
IDA Industrial Development Authority
LOC Letter of Credit
MB Municipal Bond
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TECP Tax-Exempt Commercial Paper
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
Provident Institutional Funds
New York Money Fund
Statement of Operations
Year Ended July 31, 1999
<TABLE>
<S> <C>
Investment income:
Interest income.................................................. $10,041,633
-----------
Expenses:
Investment advisory fees......................................... 653,307
Administration fees.............................................. 653,307
Custodian fees................................................... 75,166
Legal fees....................................................... 55,459
Audit fees....................................................... 39,474
Transfer agent fees.............................................. 37,938
Trustees' fees and expenses...................................... 34,108
Printing......................................................... 23,083
Miscellaneous.................................................... 7,123
-----------
1,578,965
Fees waived by Investment Adviser and Administrators............. (927,209)
-----------
Total expenses................................................. 651,756
-----------
Net investment income............................................ 9,389,877
Realized gain (loss) on investments:
Net realized loss on investments sold............................ (1,390)
-----------
Net increase in net assets resulting from operations............... $ 9,388,487
===========
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
Provident Institutional Funds
New York Money Fund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
July 31, July 31,
1999 1998
------------ ------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.......................... $ 9,389,877 $ 10,947,861
Net realized gain (loss) on investments sold... (1,390) 3,904
------------ ------------
Net increase in net assets resulting from
operations.................................... 9,388,487 10,951,765
------------ ------------
Dividends to shareholders from net investment
income:
Money Shares................................... (9,389,877) (10,941,581)
Dollar Shares.................................. -- (6,280)
Plus Shares.................................... -- --
------------ ------------
Total dividends to shareholders................ (9,389,877) (10,947,861)
------------ ------------
Increase (decrease) in net assets from Fund share
transactions.................................... (22,361,832) 47,117,614
------------ ------------
Net increase (decrease) in net assets.......... (22,363,222) 47,121,518
Net assets:
Beginning of period.............................. 318,090,844 270,969,326
------------ ------------
End of period.................................... $295,727,622 $318,090,844
============ ============
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
Provident Institutional Funds
New York Money Fund
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Money Shares
---------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income From Investment
Operations:
Net Investment Income. 0.0289 0.0336 0.0334 0.0339 0.0338
-------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders from Net
Investment Income.... (0.0289) (0.0336) (0.0334) (0.0339) (0.0338)
-------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return............ 2.93% 3.41% 3.39% 3.44% 3.43%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000).......... 295,728 318,091 269,821 272,145 246,650
Ratio of Expenses to
Average Daily Net
Assets/1/.............. .20% .20% 0.20% 0.20% 0.20%
Ratio of Net Investment
Income to Average Daily
Net Assets............. 2.87% 3.35% 3.34% 3.37% 3.36%
</TABLE>
- --------
/1/Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Money Shares for the years ended July 31, 1999, 1998,
1997, 1996 and 1995 were .48%, .48%, .49%, .50% and .49%, respectively.
See accompanying notes to financial statements.
10
<PAGE>
Provident Institutional Funds
New York Money Fund
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Dollar Shares
---------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
July 31, 1999/3/ July 31, 1998/3/ July 31, 1997 July 31, 1996/3/ July 31, 1995/3/
---------------- ---------------- ------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
----- -------- -------- -------- -----
Income From Investment
Operations:
Net Investment Income. -- 0.0303 0.0309 0.0089 --
----- -------- -------- -------- -----
Less Distributions:
Dividends to
Shareholders from Net
Investment Income.... -- (0.0303) (0.0309) (0.0089) --
----- -------- -------- -------- -----
Net Asset Value, End of
Period................. $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
===== ======== ======== ======== =====
Total Return............ -- 3.16%/2/ 3.14% 3.05%/2/ --
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000).......... -- -- 1,148 20 --
Ratio of Expenses to
Average Daily Net
Assets/1/.............. -- .45%/2/ .45% .45%/2/ --
Ratio of Net Investment
Income to Average Daily
Net Assets............. -- 3.11%/2/ 3.09% 3.07%/2/ --
</TABLE>
- --------
/1/Operating expense ratios before waivers of fees by the Investment Adviser
and Administrators for Dollar Shares for the years ended July 31, 1998 ,
1997, and 1996 were .73% (annualized), .74%, and .75 % (annualized),
respectively.
/2/Annualized.
/3/There were no Dollar Shares outstanding during the periods March 28, 1994 to
April 14, 1996 and July 21, 1998 to July 31, 1999.
See accompanying notes to financial statements.
11
<PAGE>
Provident Institutional Funds
New York Money Fund
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Plus Shares
------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
July 31, 1999/3/ July 31, 1998/3/ July 31, 1997/3/ July 31, 1996/3/ July 31, 1995/3/
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $1.00 $1.00 $1.00 $1.00 $ 1.00
----- ----- ----- ----- --------
Income From Investment
Operations:
Net Investment Income. -- -- -- -- 0.0090
----- ----- ----- ----- --------
Less Distributions:
Dividends to
Shareholders from Net
Investment Income.... -- -- -- -- (0.0090)
----- ----- ----- ----- --------
Net Asset Value, End of
Period................. $1.00 $1.00 $1.00 $1.00 $ 1.00
===== ===== ===== ===== ========
Total Return............ -- -- -- -- 2.69%/2/
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000).......... -- -- -- -- --
Ratio of Expenses to
Average Daily Net
Assets/1/.............. -- -- -- -- 0.45%/2/
Ratio of Net Investment
Income to Average Daily
Net Assets............. -- -- -- -- 2.64%/2/
</TABLE>
- --------
/1/Operating expense ratio before waiver of fees by the Investment Adviser and
Administrators for Plus Shares for the year ended July 31, 1995 was .73%
(annualized).
/2/Annualized.
/3/There were no Plus Shares outstanding during the period from December 2,
1994 to July 31, 1999.
See accompanying notes to financial statements.
12
<PAGE>
Notes to Financial Statements
A. General Information
Provident Institutional Funds ("PIF" or the "Company") was organized as a
Delaware business trust on October 21, 1998. It is the successor to five
investment companies: (1) Temporary Investment Fund, Inc. ("Temp"), (2) Trust
for Federal Securities ("Fed"), (3) Municipal Fund for Temporary Investment
("Muni"), (4) Municipal Fund for California Investors, Inc. ("Cal Muni") and
(5) Municipal Fund for New York Investors, Inc. ("NY Muni"), (the "Predecessor
Companies"). The accompanying financial statements and notes are those of New
York Money Fund. On February 10, 1999 this portfolio, along with the
portfolios of the other Predecessor Companies were reorganized into separate
series of PIF.
The fiscal year end for New York Money Fund was July 31. The fiscal year end
for PIF is October 31. PIF is a no-load open-end management investment
company. New York Money is a non-diversified Portfolio, under the Investment
Company Act of 1940, because it concentrates in New York Municipal
Obligations.
New York Money Fund offers three classes of shares: Money Shares, Dollar
Shares and Plus Shares. Pursuant to a Shareholder Service Plan and specified
in a servicing agreement, institutions other than broker/dealers ("Service
Organizations"), provide certain services, not intended to promote the sale of
the shares, to their clients who beneficially own shares of a particular
class, in consideration for the Company's payment of a fee to the Servicing
Organization at an annual rate of .25% for Dollar Shares of the average daily
net asset value of such Shares. Pursuant to an Amended Distribution Plan and
specified in a related agreement, institutions that are broker/dealers
("Broker/Dealers"), provide certain sales and support services to their
clients who beneficially own shares of the Plus class, in consideration for
the Company's payment of a fee to the Broker/Dealer at an annual rate not to
exceed .40% of the average daily net asset value of such Shares. Dividends
paid to Dollar and Plus shareholders are reduced by such fees. Fund Shares are
sold to institutional investors who choose not to enter into agreements with
PIF. As of July 31, 1999, no Dollar Shares or Plus Shares were outstanding.
Certain New York municipal obligations in the New York Money Fund portfolio
may be obligations of issuers which rely in whole or in part on New York State
revenues, real property taxes, revenues from health care institutions, or
obligations secured by mortgages on real property. Consequently, the possible
effect of economic conditions in New York State and of New York law on these
obligations must be considered.
B. Significant Accounting Policies
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statement and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates. The following is a summary of significant accounting policies
consistently followed by the Company in the preparation of its financial
statements.
Portfolio valuation: Portfolio securities of the Company are valued under the
amortized cost method which approximates current market value. Amortized cost
valuation involves valuing an instrument at its cost initially and,
thereafter, assuming a constant amortization to maturity of any discount or
premium.
Securities transactions and investment income: Securities transactions are
recorded on the trade date. Realized gains and losses on investments sold are
recorded on the identified cost basis. Interest income is recorded on the
accrual basis.
Dividends and distributions to shareholders: It is the policy of the Company
to declare dividends from net investment income daily and to pay such
dividends within five business days of the end of each month. Net realized
capital gains, if any, are distributed at least annually.
Federal taxes: No provision is made for federal income or excise taxes since
the Company intends to continue to qualify as a regulated investment company
by complying with the
13
<PAGE>
Notes to Financial Statements (Continued)
applicable requirements of the Internal Revenue Code of 1986, as amended, and
by distributing all of its earnings to its shareholders.
C. Under agreements between the Company and BlackRock Institutional
Management Corporation ("BIMC"), an indirect majority-owned subsidiary of PNC
Bank National Association ("PNC Bank"), BIMC manages the Company's portfolios
and maintains their financial accounts. PFPC Trust Company is the Company's
custodian and PFPC Inc. ("PFPC") is the Company's transfer agent.
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 an Administration Agreement with PFPC and BIMC
for certain administrative services (together the "Co-Administrators"). Prior
to the reorganization discussed in paragraph A, PDI was co-administrator with
PFPC.
In return for their advisory and administrative services, New York Money Fund
pays BIMC and the Co-Administrators each a fee, computed daily and payable
monthly, at an annual rate of 0.20% of its average net assets.
The Co-Administrators and BIMC have also agreed to reduce the fees otherwise
payable to them and to reimburse the Company for its operating expenses to the
extent necessary to ensure that its annual operating expense ratio (excluding
fees paid to Service Organizations pursuant to Servicing Agreements) does not
exceed .20% of New York Money Fund's average daily net assets.
For the year ended July 31, 1999, BIMC and the Co-Administrators voluntarily
waived fees totaling $927,209.
No Service Organization fees were paid to affiliates for the year ended July
31, 1999.
D. The Company's Declaration of Trust permits the Trustees to authorize the
issuance of an unlimited number of full and fractional shares of beneficial
interest (shares) in the Company and to classify or reclassify any unissued
shares into one or more additional classes of shares. Transactions in shares
of New York Money Fund are summarized as follows:
<TABLE>
<CAPTION>
Year Year
Ended Ended
July 31, 1999 July 31, 1998
-------------- --------------
<S> <C> <C>
Sold
Money shares................................... 1,623,766,248 1,537,268,971
Dollar shares.................................. -- 20,198
Plus shares.................................... -- --
Issued as reinvestments of dividends
Money shares................................... 168,119 709,929
Dollar shares.................................. -- 12,482
Plus shares.................................... -- --
Redeemed
Money shares................................... (1,646,296,199) (1,489,712,988)
Dollar shares.................................. -- (1,180,978)
Plus shares.................................... -- --
-------------- --------------
Net increase (decrease)......................... (22,361,832) 47,117,614
============== ==============
</TABLE>
On July 31, 1999, three shareholders held approximately 68% of the
outstanding shares of New York Money Fund.
E. Capital Loss Carryover
At July 31, 1999, a capital loss carryover of $21,149, expiring at various
times from 2000-2006, was available to offset possible future capital gains.
F. Net Assets
At July 31, 1999, net assets consisted of the following:
<TABLE>
<S> <C>
Paid-in capital................................................... $295,748,771
Accumulated net realized loss on investments...................... (21,149)
------------
Total Net Assets.................................................. $295,727,622
============
</TABLE>
14
<PAGE>
Report of Independent Accountants
To the Board of Trustees
and Shareholders of
Provident Institutional Funds
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
New York Money Fund (a Portfolio of Provident Institutional Funds, hereafter
referred to as the "Fund") at July 31, 1999, the results of its operations for
the year then ended, the changes in its net assets for each of the two years
in the period then ended and the financial highlights for each of the five
years in the period then ended, in conformity with generally accepted
accounting principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of
the Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at July 31, 1999 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
August 27, 1999
15
<PAGE>
Results of Special Meeting of Shareholders (Unaudited)
A Special Shareholder Meeting for Municipal Fund for New York Investors, Inc.
("NY Muni" or the "Company") was held on January 28, 1999 and reconvened on
February 9, 1999. Shareholders of New York Money Fund, a portfolio of NY Muni
voted as described below:
1. Election of Directors. Messrs. Beckwith, Harris, Johnson, Platt, Robb,
Urish and Winter were elected Directors by shareholders of the Company, as
follows.
<TABLE>
<CAPTION>
Number of
Number of Votes
Name of Candidate Votes For Withheld
----------------- ----------- ---------
<S> <C> <C>
G. Nicholas Beckwith, III.............................. 288,032,534 19,418
Jerrold B. Harris...................................... 288,032,054 19,418
Rodney D. Johnson...................................... 288,032,534 19,418
Joseph P. Platt, Jr.................................... 288,032,534 19,418
Robert C. Robb, Jr..................................... 288,032,534 19,418
Kenneth L. Urish....................................... 288,032,534 19,418
Frederick W. Winter.................................... 288,032,534 19,418
</TABLE>
2. Ratification of Auditors. Shareholders of the Company voted to ratify
PricewaterhouseCoopers LLP ("PWC") as independent accountants for the fiscal
year ending July 31, 1999; as follows.
<TABLE>
<S> <C>
For the resolution............................................... 288,036,488
Against the resolution........................................... -0-
Abstain.......................................................... 15,464
</TABLE>
3. Agreement and Plan of Reorganization. Shareholders of the Company voted to
approve an Agreement and Plan of Reorganization pursuant to which it was
reorganized as a separate series of Provident Institutional Funds, a Delaware
business trust, as follows.
<TABLE>
<S> <C>
For the resolution............................................... 286,628,010
Against the resolution........................................... 136,332
Abstain.......................................................... 136,014
Broker non-vote.................................................. 1,151,596
</TABLE>
4. Changes in Fundamental Investment Limitations. Changes were proposed to
the fundamental investment limitations of the Company, as follows: (a)
limitation on borrowing and senior securities, (b) limitation on underwriting
activities, (c) limitation on real estate related transactions, (d) limitation
on investment in commodities, (e) limitation on loans, and (f) limitation
regarding concentration. The proposed changes were approved by shareholders of
the Company as follows:
<TABLE>
<S> <C>
For the resolution............................................... 286,764,306
Against the resolution........................................... 36
Abstain.......................................................... 136,014
Broker non-vote.................................................. 1,151,596
</TABLE>
16
<PAGE>
Results of Special Meeting of Shareholders (Unaudited)
5. Changes to Fundamental Investment Limitations to Make Such Limitations
Non-Fundamental. Changes were proposed to fundamental investment limitations
of the Company to make such limitations non-fundamental, as follows:
(a) limitations on eligible investments, (b) limitation on issuer
diversification, (c) limitation on acquiring securities of other investment
companies, and (d) limitation on purchasing securities on margin, making short
sales or maintaining a short position, and (e) limitation on investing in
illiquid securities. The proposed changes were approved by shareholders as
follows:
<TABLE>
<S> <C>
For the resolution............................................... 204,390,498
Against the resolution........................................... 82,373,843
Abstain.......................................................... 136,014
Broker non-vote.................................................. 1,151,597
</TABLE>
6. Investment of Substantially All Assets in Another Open-End Investment
Company. Shareholders of the Company voted to approve a new fundamental
investment limitation for NY Muni to permit it to invest substantially all of
its assets in another open-end investment company, as follows:
<TABLE>
<S> <C>
For the resolution............................................... 286,764,306
Against the resolution........................................... 36
Abstain.......................................................... 136,014
Broker non-vote.................................................. 1,151,596
</TABLE>
17
<PAGE>
Trustees
Rodney D. Johnson
Chairman
G. Nicholas Beckwith
Jerrold B. Harris
Joseph Platt
Robert C. Robb, Jr.
Kenneth L. Urish
Frederick W. Winter
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 an effective prospectus for the Company which
contains information concerning its investment policies as well as other
pertinent information.
New York
Money Fund
An Investment Portfolio offered by
Provident Institutional Funds
[LOGO OF PROVIDENT INSTITUTIONAL FUNDS APPEARS HERE]
Annual Report
July 31, 1999
