<PAGE>
400 Bellevue Parkway
4th Floor
[Logo of Provident Institutional Funds] Wilmington, DE 19809
302-793-8100
www.pif.com
December 1, 1999
Dear Shareholder:
We are pleased to present the Annual Report to Shareholders of Provident
Institutional Funds for the period ended October 31, 1999.
Commentary on the United States' strong economy and on recent developments in
our Funds are contained in the accompanying Investment Adviser's Report.
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
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
Annual Report of the Investment Adviser
The current market environment is quite different from the one just a year
ago. Last fall, global financial markets experienced severe strain from crises
like Russia's default and the collapse of a large U.S.-based hedge fund. Even
the Federal Reserve temporarily abandoned its inflation fighting vigil and
lowered short-term interest rates three times to preserve worldwide financial
stability.
Today, the picture is considerably different. The global economy is
recovering nicely and the strength of the U.S. expansion in 1999 has prompted
the Federal Reserve to rescind all of last year's monetary easings. Three 25
basis point increases, in June, August and November, returned the federal
funds rate to 5.50% and biased market sentiment towards further moves next
year. In response to the Fed's actions, short-term interest rates moved higher
during the year, with larger increases in the longer maturities. Year 2000
(Y2K) concerns also impacted rates and the slope of the money market yield
curve. The most significant anomaly was in January 2000 maturities, where
yield premiums of 50-70 basis points over levels available in December 1999
continue to exist. While this offers very attractive opportunities for the
funds, our primary investment objective of ensuring sufficient liquidity at
this particular year-end, has led us to keep most reinvestments within the
fourth quarter.
We have also worked closely with the broker/dealer community to build
liquidity at year-end, including the addition of several dealers to our
approved repurchase agreement counterparty list. Another accomplishment this
year was the addition of a second Aaa (Moody's) rating to TempFund. This
provides TempFund with a dual AAA rating, to go along with its 5:30 p.m. late
day close. The government funds broadened their security diversification by
investing in a U.S. agency master note which provides a variable interest rate
spread to treasury bills. This variable rate feature serves as a hedge against
the more common fixed rate spreads the funds hold and keeps the funds
sensitive to rate and spread changes. In addition, FedFund received a AAA
rating from Standard & Poor's. In the municipal markets, seasonal issuance and
corporate tax dates continued to drive asset flows and the level of interest
rates. As with the taxable and government funds, the average weighted
maturities are being shortened in advance of year-end. Variable rate demand
notes represent the majority of the funds holdings, although occasional
purchases of notes into mid-year 2000 are used to balance portfolio structure
and maximize yield. Another year-end phenomena being watched is a recent trend
by municipal issuers to switch from variable rate modes to fixed rate modes to
avoid the rate uncertainties in late December. This should not, however, have
a significant impact on overall market liquidity.
Total assets of the Trust's ten portfolios were $23.6 billion on October 31,
1999 versus $23.4 billion a year ago. The Fed's three rate increases, Y2K
financing pressures and the improvement in global economies pushed rates
higher during the year and made it a challenge for money market funds to
compete on a yield basis with direct money market investments for much of the
last two quarters. In a recent IBC's Money Market Insight survey, however,
TempCash was ranked nine out of 180 institutional money funds based on a five-
year return of 5.55% through October 31, 1999. Contributing to this excellent
performance was the Fund's conservative investment philosophy, its emphasis on
credit research and its competitive expense ratio. Of course, past performance
is no guarantee of future results.
We appreciate your continued interest in the Provident Institutional Funds,
and look forward to meeting your institutional liquidity needs in the future.
BlackRock Institutional Management
Corporation
<PAGE>
Provident Institutional Funds
TempFund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -----------------------------------
<S> <C> <C> <C>
AGENCY OBLIGATIONS--1.1%
Federal Home Loan Mortgage Corporation Discount Notes
4.94%............................ 12/07/99 $ 150,000 $ 149,259,000
---------------
Total................................................ 149,259,000
---------------
CERTIFICATES OF DEPOSIT--3.9%
Domestic Certificates of Deposit
FCC National Bank (A-1+, P-1)
6.03%............................ 08/11/00 100,000 99,962,754
First National Bank of Chicago (A-1+, P-1)
5.05%............................ 02/09/00 100,000 99,992,075
5.60%............................ 06/14/00 100,000 99,970,316
First Union National Bank (A-1, P-1)
5.56%............................ 06/02/00 50,000 50,000,000
Morgan Guaranty Trust Co. of New York (A-1+, P-1)
5.42%............................ 12/27/99 110,000 110,000,000
NationsBank (A-1+, P-1)
5.00%............................ 01/05/00 100,000 99,996,564
---------------
Total................................................ 559,921,709
---------------
COMMERCIAL PAPER--49.5%
Asset Backed Securities--15.6%
Corporate Receivables Corp. (A-1+, P-1)
4.94%............................ 11/22/99 42,000 41,878,970
5.38%............................ 12/10/99 100,000 99,417,167
CXC, Inc. (A-1+, P-1)
5.40%............................ 11/23/99 50,000 49,835,000
Dakota Certificates Program (A-1+, P-1)
5.40%............................ 12/10/99 100,000 99,415,000
Delaware Funding Corp. (A-1+, P-1)
5.36%............................ 11/15/99 88,118 87,934,323
5.40%............................ 11/17/99 76,025 75,842,540
5.40%............................ 11/19/99 101,397 101,123,228
5.40%............................ 11/23/99 70,652 70,418,848
6.10%............................ 01/19/00 126,964 125,264,446
Edison Asset Securitzation LLC (A-1+, P-1)
6.10%............................ 01/24/00 300,000 295,730,000
Monte Blanc (A-1+, P-1)
5.40%............................ 11/15/99 67,234 67,092,808
Old Line Funding Corp. (A-1+, P-1)
5.40%............................ 11/15/99 50,404 50,298,151
5.43%............................ 11/19/99 150,000 149,592,750
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Asset Backed Securities (continued)
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
5.40%....................................... 11/23/99 $ 33,164 $ 33,054,559
5.40%....................................... 11/26/99 50,235 50,046,619
Quincy Capital Corp. (A-1+, P-1)
6.10%....................................... 01/21/00 167,623 165,322,374
Receivables Capital Corp. (A-1+, P-1)
5.40%....................................... 11/19/99 120,515 120,189,609
5.40%....................................... 12/08/99 59,460 59,129,997
Trident Capital Finance, Inc. (A-1+, P-1)
5.40%....................................... 11/18/99 500,000 498,725,000
---------------
2,240,311,389
---------------
Banks--0.7%
J. P. Morgan & Co., Inc. (A-1+, P-1)
5.30%....................................... 11/15/99 100,000 99,793,889
---------------
Beverages--2.2%
Coca-Cola Co. (A-1+, P-1)
5.32%....................................... 11/29/99 100,000 99,586,222
5.32%....................................... 11/30/99 100,000 99,571,444
5.35%....................................... 12/13/99 50,000 49,687,917
5.35%....................................... 12/14/99 75,000 74,520,729
---------------
323,366,312
---------------
Communication Equipment--0.3%
Lucent Technologies, Inc. (A-1, P-1)
5.06%....................................... 02/14/00 50,000 49,262,083
---------------
Credit Institutions--3.4%
Associates Corp. of North America (A-1+, P-1)
5.95%....................................... 02/03/00 100,000 98,446,389
5.95%....................................... 02/04/00 100,000 98,429,861
General Motors Acceptance Corp. (A-1, P-1)
5.31%....................................... 12/10/99 300,000 298,274,250
---------------
495,150,500
---------------
Insurance--2.1%
Prudential Funding Corp. (A-1, P-1)
5.17%....................................... 12/10/99 150,000 149,159,875
5.75%....................................... 01/21/00 50,000 49,353,125
5.95%....................................... 01/24/00 100,000 98,611,667
---------------
297,124,667
---------------
</TABLE>
3
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Insurance Carriers--3.2%
Aegon Funding Corp. (A-1+, P-1)
5.33%....................................... 11/15/99 $108,500 $ 108,275,104
5.78%....................................... 03/20/00 114,000 111,437,533
5.78%....................................... 03/24/00 240,000 234,451,200
---------------
454,163,837
---------------
Miscellaneous Business Credit Institutions--1.5%
National Rural Utilities Coop. Finance Corp. (A-1+, P-1)
5.30%....................................... 11/19/99 30,000 29,920,500
5.30%....................................... 11/22/99 70,000 69,783,583
5.32%....................................... 12/13/99 110,700 110,012,922
---------------
209,717,005
---------------
Motor Vehicles--1.4%
DaimlerChrysler North America Holding Corp. (A-1, P-1)
5.97%....................................... 03/07/00 100,000 97,893,917
5.97%....................................... 03/09/00 100,000 97,860,750
---------------
195,754,667
---------------
Personal Credit Institutions--2.8%
Ford Motor Credit Co. (A-1, P-1)
5.30%....................................... 12/23/99 200,000 198,468,889
5.31%....................................... 12/24/99 200,000 198,436,500
---------------
396,905,389
---------------
Retail-Variety Stores--5.4%
Wal-Mart Stores (A-1+, P-1)
5.31%....................................... 11/29/99 336,500 335,110,255
5.32%....................................... 11/29/99 300,000 298,758,667
5.30%....................................... 12/14/99 146,300 145,373,840
---------------
779,242,762
---------------
Security Brokers & Dealers--3.7%
Morgan Stanley Dean Witter & Co. (A-1, P-1)
4.94%....................................... 01/18/00 100,000 98,929,667
6.02%....................................... 02/10/00 150,000 147,466,583
5.98%....................................... 02/25/00 150,000 147,109,667
5.98%....................................... 02/28/00 140,000 137,232,589
---------------
530,738,506
---------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Services-Equipment Rental & Leasing--1.2%
HD Real Estate Funding Corp. (A-1+, P-1)
5.73%....................................... 02/22/00 $168,886 $ 165,848,444
---------------
Short-Term Business Credit Institutions--6.0%
American Express Credit Corp. (A-1, P-1)
4.81%....................................... 11/19/99 100,000 99,759,500
CIT Group Holdings, Inc. (A-1, P-1)
5.40%....................................... 12/14/99 100,000 99,355,000
General Electric Capital Corp. (A-1+, P-1)
4.81%....................................... 11/10/99 50,000 49,939,875
4.95%....................................... 02/07/00 100,000 98,652,500
5.06%....................................... 02/14/00 100,000 98,524,167
5.42%....................................... 02/18/00 130,000 127,866,628
5.41%....................................... 02/25/00 100,000 98,256,778
5.94%....................................... 03/17/00 100,000 97,739,500
5.88%....................................... 04/06/00 90,000 87,692,100
---------------
857,786,048
---------------
Total......................................................... 7,095,165,498
---------------
VARIABLE RATE OBLIGATIONS**--19.2%
Asset Backed Securities--1.2%
Corporate Asset Funding, Inc. (A-1+, P-1)
5.4725%..................................... 12/03/99 100,000 99,990,755
5.4825%..................................... 12/03/99 74,800 74,795,311
---------------
174,786,066
---------------
Banks--10.9%
Bank of America (A-1+, P-1)
5.50%....................................... 11/01/99 200,000 200,000,000
Bank One Corp. (A-1+, P-1)
5.57125%.................................... 12/13/99 196,000 195,932,520
First Union National Bank (A-1, P-1)
5.3775%..................................... 11/17/99 100,000 100,000,000
5.5625%..................................... 11/17/99 200,000 200,000,000
Key Bank National Association (A-1, P-1)
5.57563%.................................... 11/26/99 153,000 153,000,000
SMM Trust Series 1999A (A-1+, P-1)
6.9275%..................................... 01/18/00 335,000 335,000,000
SMM Trust Series 1999G (A-1+, P-1)
5.48%....................................... 11/03/99 250,000 250,000,000
Wells Fargo & Co. (A-1, P-1)
5.38875%.................................... 12/31/99 130,000 129,951,491
---------------
1,563,884,011
---------------
</TABLE>
4
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Farm Machinery & Equipment--1.1%
Deere & Co. (A-1, P-1)
5.38%...................................... 11/01/99 $150,000 $ 149,946,699
---------------
Finance Services--0.7%
US Central Credit Union (A-1+, P-1)
5.35625%................................... 11/15/99 100,000 100,000,000
---------------
Miscellaneous Business Credit Institutions--0.5%
John Deere Capital Corp. (A-1, P-1)
5.3375%.................................... 11/01/99 75,000 75,029,238
---------------
Petroleum Refining--0.4%
Texaco Capital, Inc. (A-1, P-1)
5.1925%......................................11/04/99 60,000 59,970,292
---------------
Security Brokers & Dealers--3.7%
Goldman Sachs Group L.P. (A-1+, P-1)
6.305%..................................... 01/07/00 300,000 300,000,000
Morgan Stanley Dean Witter & Co. (A-1, P-1)
5.54125%................................... 11/23/99 50,000 50,015,089
5.6125%.................................... 12/09/99 184,000 184,010,818
---------------
534,025,907
---------------
Short-Term Business Credit Institutions--0.7%
General Electric Capital Corp. (A-1+, P-1)
5.39%...................................... 11/12/99 100,000 100,000,000
---------------
Total........................................................ 2,757,642,213
---------------
MEDIUM TERM NOTES--5.1%
Banks--1.2%
SMM Trust Series 1999E (A-1+, P-1)
5.362%..................................... 04/05/00 75,000 75,000,000
Wells Fargo & Co. (A-1, P-1)
5.31%...................................... 04/03/00 100,000 99,972,107
---------------
174,972,107
---------------
Security Brokers & Dealers--3.9%
Goldman Sachs Group, Inc. (A-1+, P-1)
5.10%...................................... 11/15/99 100,000 100,000,000
6.27%...................................... 01/31/00 200,000 200,000,000
6.20%...................................... 03/31/00 160,000 160,000,000
Merrill Lynch & Co. (A-1+, P-1)
5.143%..................................... 11/15/99 100,000 100,000,000
---------------
560,000,000
---------------
Total........................................................ 734,972,107
---------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS--21.4%
Deutsche Bank Securities, Inc.
4.95%....................................... 11/01/99 $200,000 $ 200,000,000
(Agreement dated 10/29/99 to be repurchased at $200,082,500,
collateralized by $210,026,582 Federal Farm Credit Bank
Bonds, Federal Home Loan Bank Bonds, Federal Home Loan
Mortgage Corporation Bonds and Discount Notes, Federal
National Mortgage Association Bonds, U.S. Inflation Indexed
Securities, Treasury Bonds and Notes 0.00% to 7.75% due from
11/30/99 to 11/01/37. The market value is $204,730,379.)
5.10%....................................... 11/01/99 600,000 600,000,000
(Agreement dated 10/29/99 to be repurchased at $600,255,000,
collateralized by $630,079,745 Federal Farm Credit Bank
Bonds, Federal Home Loan Bank Bonds, Federal Home Loan
Mortgage Corporation Bonds and Discount Notes, Federal
National Mortgage Association Bonds, U.S. Inflation Indexed
Securities, Treasury Bonds and Notes 0.00% to 7.75% due from
11/30/99 to 11/01/37. The market value is $614,191,137.)
5.19%....................................... 11/01/99 200,000 200,000,000
(Agreement dated 10/29/99 to be repurchased at $200,086,500,
collateralized by $210,026,582 Federal Farm Credit Bank
Bonds, Federal Home Loan Bank Bonds, Federal Home Loan
Mortgage Corporation Bonds and Discount Notes, Federal
National Mortgage Association Bonds, U.S. Inflation Indexed
Securities, Treasury Bonds and Notes 0.00% to 7.75% due from
11/30/99 to 11/01/37. The market value is $204,730,379.)
Goldman Sachs & Co.
4.50%....................................... 11/01/99 300,000 300,000,000
(Agreement dated 10/29/99 to be repurchased at $300,112,500,
collateralized by $317,130,000 U.S. Treasury Bills, Bonds,
Notes and STRIPS 0.00% to 11.875% due from 12/09/99 to
02/15/25. The market value is $306,000,279.)
</TABLE>
5
<PAGE>
TempFund Portfolio
Statement of Net Assets (Continued)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Goldman Sachs & Co. (continued)
5.05%....................................... 11/01/99 $400,000 $ 400,000,000
(Agreement dated 10/29/99 to be repurchased at $400,168,333,
collateralized by $422,840,000 U.S. Treasury Bills, Bonds,
Notes and STRIPS 0.00% to 11.875% due from 12/09/99 to
02/15/25. The market value is $408,000,373.)
Lehman Brothers, Inc.
5.22%....................................... 11/01/99 350,000 350,000,000
(Agreement dated 10/29/99 to be repurchased at $350,152,250,
collateralized by $365,343,466 Federal Home Loan Mortgage
Corporation Bonds and Federal National Mortgage Association
Mortgage Securities 5.50% to 12.00% due from 10/01/01 to
02/01/29. The market value is $360,500,939.)
Morgan (J.P.) Securities, Inc.
5.12%....................................... 11/01/99 304,961 304,961,000
(Agreement dated 10/29/99 to be repurchased at $305,091,117,
collateralized by $312,955,000 U.S. Treasury Bonds 6.125% due
08/15/29. The market value is $311,060,279.)
Morgan Stanley & Co., Inc.
5.255%...................................... 11/01/99 68,900 68,900,000
(Agreement dated 10/29/99 to be repurchased at $68,930,172,
collateralized by $119,276,403, Federal Home Loan Bank Bonds
and Federal Home Loan Mortgage Corporation Bonds and Discount
Notes 0.00% to 7.52% due from 11/29/99 to 03/15/19. The
market value is $71,108,591.)
5.375%...................................... 11/01/99 450,000 450,000,000
(Agreements dated 10/29/99 to be repurchased at $450,201,563,
collateralized by $779,018,597 Federal Home Loan Bank Bonds
and Federal Home Loan Mortgage Corporation Bonds and Discount
Notes 0.00% to 7.52% due from 11/29/99 to 03/15/19. The
market value is $464,424,763.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ---------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Warburg Dillon Read LLC
5.12%....................................... 11/01/99 $200,000 $ 200,000,000
(Agreement dated 10/29/99 to be repurchased at $200,085,333,
collateralized by $203,389,000 U.S. Treasury Notes 4.625% to
5.375% due from 11/30/00 to 02/28/01. The market value is
$204,003,018.)
---------------
Total......................................................... 3,073,861,000
---------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $14,370,821,527*)............................... 100.2% 14,370,821,527
LIABILITIES IN EXCESS OF OTHER ASSETS.................. (0.2) (26,019,410)
----- ---------------
NET ASSETS (Equivalent to $1.00 per share based on
13,884,309,655 Fund Shares, 446,576,198 Dollar Shares
and 14,069,038 Cash Management Shares outstanding..... 100.0% $14,344,802,117
===== ===============
</TABLE>
<TABLE>
<S> <C> <C>
NET ASSETS VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE
($14,344,802,117 / 14,344,954,891).. $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
6
<PAGE>
TempFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
TempFund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $7,406,605,000 51.3%
31-60 Days 2,406,260,000 16.7
61-90 Days 1,709,587,000 11.8
91-120 Days 1,588,886,000 11.0
121-150 Days 654,000,000 4.5
Over 150 Days 675,000,000 4.7
</TABLE>
Average Weighted Maturity--51 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service, Standard
& Poor's Ratings Service and TBW, Inc. ratings of the investments are believed
to be the most recent ratings available at October 31, 1999. The ratings have
not been audited by the Independent Accountants and, therefore, are not covered
by the Report of Independent Accountants.
See accompanying notes to financial statements.
7
<PAGE>
Provident Institutional Funds
TempCash Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C> <C> <C>
CERTIFICATES OF DEPOSIT--27.6%
Domestic Certificates of Deposit--7.4%
First National Bank of Chicago (A-1+, P-1)
4.98%................................ 01/06/00 $ 75,000 $ 74,997,383
First Tennessee Bank N.A. (A-1, P-1)
5.41%................................ 12/30/99 50,000 50,000,000
NationsBank (A-1+, P-1)
5.00%................................ 01/05/00 50,000 49,998,282
--------------
174,995,665
--------------
Yankee Dollar--20.2%
Dresdner Bank (A-1+, P-1, T-1+)
5.06%................................ 01/18/00 50,000 50,001,042
National Westminster Bank (A-1+, P-1)
4.98%................................ 01/10/00 100,000 99,996,300
Rabobank Nederland (A-1+, P-1)
4.98%................................ 01/10/00 100,000 99,994,450
Royal Bank of Canada (A-1+, P-1)
5.02%................................ 02/08/00 50,000 49,996,076
Societe Generale Yankee (A-1+, P-1)
5.435%............................... 12/30/99 50,000 50,000,811
5.45%................................ 12/30/99 50,000 50,000,812
Svenska Handelsbanken (A-1, P-1)
5.07%................................ 02/09/00 50,000 49,996,038
5.10%................................ 04/19/00 25,000 24,991,899
--------------
474,977,428
--------------
Total.................................................. 649,973,093
--------------
COMMERCIAL PAPER--9.0%
Asset Backed Securities--6.9%
Fairway Finance Ltd. (A-1, P-1)
5.40%................................ 11/18/99 40,670 40,566,292
Moriarty Ltd. (A-1+, P-1)
5.38%................................ 12/14/99 25,000 24,839,347
Pooled Accounts Receivable Capital Corp. (A-1+, P-1)
5.38%................................ 11/16/99 47,696 47,589,081
Sigma Finance, Inc. (A-1+, P-1)
5.40%................................ 11/08/99 50,000 49,947,500
--------------
162,942,220
--------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
COMMERCIAL PAPER (continued)
Short-Term Business Credit Institutions--2.1%
Heller Financial, Inc. (A-2, D-1, F1, P-2)
5.40%........................................ 11/29/99 $ 50,000 $ 49,790,000
--------------
Total.......................................................... 212,732,220
--------------
TIME DEPOSITS--15.1%
Bank Brussels Lambert (A-1+, P-1)
5.3125%...................................... 11/01/99 115,000 115,000,000
Barclays Bank PLC (A-1+, P-1)
5.25%........................................ 11/01/99 120,000 120,000,000
Chase Manhattan Bank New York (A-1+, P-1)
5.25%........................................ 11/01/99 120,000 120,000,000
--------------
Total.......................................................... 355,000,000
--------------
VARIABLE RATE OBLIGATIONS**--46.8%
Asset Backed Securities--8.5%
Corporate Receivables Corp. (A-1+, P-1)
5.4125%...................................... 11/16/99 100,000 100,000,000
CXC, Inc. (A-1+, P-1)
5.4125%...................................... 11/16/99 100,000 100,000,000
--------------
200,000,000
--------------
Banks--18.1%
Bayerische Hypo-Und Vereinsbank (A-1+, P-1)
5.31625%..................................... 11/15/99 175,000 174,940,994
SMM Trust Series 1999B (A-1+, P-1)
5.57%........................................ 12/15/99 150,400 150,400,000
Wells Fargo & Co. (A-1, P-1)
5.38875%..................................... 12/31/99 100,000 99,962,686
--------------
425,303,680
--------------
Life Insurance--5.3%
Allstate Life Insurance Co. (A-1, P-1)
5.531%....................................... 11/01/99 50,000 50,000,000
Monumental Life Insurance Co. (A-1+, P-1)
5.53%........................................ 11/01/99 75,000 75,000,000
--------------
125,000,000
--------------
Miscellaneous Business Credit Institutions--0.6%
John Deere Capital Corp. (A-1, P-1)
6.17625%..................................... 01/12/00 15,000 15,003,313
--------------
</TABLE>
8
<PAGE>
TempCash Portfolio
Statement of Net Assets (Concluded)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
VARIABLE RATE OBLIGATIONS** (continued)
Personal Credit Institutions--5.7%
American Honda Finance Corp. (A-1, P-1)
5.4025%...................................... 11/15/99 $ 80,000 $ 79,991,455
5.5275%...................................... 12/07/99 15,000 15,001,694
5.4825%...................................... 12/20/99 40,000 39,998,478
--------------
134,991,627
--------------
Security Brokers & Dealers--4.3%
Goldman Sachs Group (A-1+, P-1)
6.305%....................................... 01/07/00 100,000 100,000,000
--------------
Short-Term Business Credit Institutions--4.3%
General Electric Capital Corp. (A-1+, P-1)
6.12625%..................................... 01/12/00 100,000 100,000,000
--------------
Total.......................................................... 1,100,298,620
--------------
REPURCHASE AGREEMENTS--0.8%
Lehman Brothers, Inc.
5.05%........................................ 11/01/99 15,100 15,100,000
(Agreement date 10/29/99 to be repurchased at $15,106,355,
collateralized by $15,070,834 Federal National Mortgage
Association Mortgage Securities 8.00% due 06/01/12. The market
value is $15,553,888.)
Morgan Stanley & Co., Inc.
5.255%....................................... 11/01/99 4,000 4,000,000
(Agreement dated 10/29/99 to be repurchased at $4,001,752,
collateralized by $4,334,000 U.S. Treasury STRIPS due
11/15/00. The market value is $4,085,718.)
--------------
Total.......................................................... 19,100,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,337,103,933*).............................. 99.3% $2,337,103,933
OTHER ASSETS IN EXCESS OF LIABILITIES................ 0.7 15,757,669
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
1,951,523,337 Fund Shares and 401,479,161 Dollar
Shares outstanding)................................. 100.0% $2,352,861,602
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($2,352,861,602 / 2,353,002,498).......................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The rate shown is the rate as of October 31,
1999 and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount can be recovered upon
demand.
TempCash Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $1,142,466,000 48.8%
31-60 Days 380,400,000 16.3
61-90 Days 690,000,000 29.5
91-120 Days 100,000,000 4.3
Over 150 Days 25,000,000 1.1
</TABLE>
Average Weighted Maturity--42 days
The Duff & Phelps, Fitch Investors Service, Moody's Investors Service,
Standard & Poor's Ratings Service and TBW, Inc. ratings of the investments are
believed to be the most recent ratings available at October 31, 1999. The
ratings have not been audited by the Independent Accountants and, therefore,
are not covered by the Report of Independent Accountants.
See accompanying notes to financial statements.
9
<PAGE>
Provident Institutional Funds
FedFund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- --------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--1.3%
U.S. Treasury Bills
4.78%........................................ 01/13/00 $ 10,000 $ 9,903,072
------------
Total........................................................... 9,903,072
------------
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--63.2%
Federal Farm Credit Bank Bonds--5.1%
4.85%........................................ 12/01/99 20,000 19,988,281
4.80%........................................ 02/01/00 20,000 19,997,202
------------
39,985,483
------------
Federal Home Loan Bank Bonds--11.5%
4.86%........................................ 01/14/00 10,000 9,998,723
4.93%........................................ 01/19/00 10,000 9,999,156
4.79%........................................ 02/04/00 15,000 14,995,106
4.95%........................................ 02/17/00 10,000 9,998,417
5.10%........................................ 03/03/00 5,000 4,999,513
5.16%........................................ 03/08/00 5,000 4,999,388
5.56%........................................ 04/26/00 15,000 14,589,950
5.52%........................................ 08/02/00 20,000 19,985,574
------------
89,565,827
------------
Federal Home Loan Bank Discount Notes--5.3%
4.70%........................................ 01/19/00 15,000 14,845,292
5.24%........................................ 01/26/00 27,000 26,662,020
------------
41,507,312
------------
Federal Home Loan Bank Variable Rate Notes**--8.4%
5.92375%..................................... 01/14/00 25,000 24,984,123
5.31%........................................ 11/01/99 20,000 19,999,699
5.355%....................................... 11/01/99 20,000 19,995,492
------------
64,979,314
------------
Federal Home Loan Mortgage Corporation Discount Notes--3.8%
5.57%........................................ 01/21/00 10,000 9,874,675
5.45%........................................ 03/30/00 20,000 19,545,833
------------
29,420,508
------------
Federal Home Loan Mortgage Corporation Variable Rates Notes**--
3.2%
5.2125%...................................... 11/18/99 25,000 24,989,126
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- --------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Federal National Mortgage Association Bonds--5.8%
4.86%........................................... 02/10/00 $ 10,000 $ 9,997,869
4.98%........................................... 04/20/00 10,000 9,997,323
5.10%........................................... 05/19/00 15,000 14,988,241
5.46%........................................... 06/21/00 10,000 9,998,790
------------
44,982,223
------------
Federal National Mortgage Association Discount Notes--1.7%
4.66%........................................... 12/13/99 13,000 12,929,323
------------
Federal National Mortgage Association Variable Rate Notes**--18.4%
5.37%........................................... 11/01/99 28,000 27,990,120
5.2175%......................................... 11/02/99 25,000 24,987,321
5.18375%........................................ 11/04/99 20,000 19,990,918
5.16%........................................... 11/10/99 25,000 24,992,172
5.32125%........................................ 12/22/99 20,000 19,993,703
5.30875%........................................ 12/23/99 25,000 24,993,651
------------
142,947,885
------------
Total............................................................... 491,307,001
------------
REPURCHASE AGREEMENTS--35.5%
Goldman Sachs & Co.
5.26%........................................... 11/24/99 30,000 30,000,000
(Agreement dated 10/26/99 to be repurchased at $30,127,117,
collateralized by $31,394,358 Federal Home Loan Mortgage
Corporation Adjustable Rate Mortgage Notes and Federal National
Mortgage Association Adjustable Rate Mortgage Notes 5.8062% to
7.50% due from 08/15/22 to 03/15/29. The market value is
$30,900,000.)
5.29%........................................... 11/26/99 50,000 50,000,000
(Agreement dated 10/06/99 to be repurchased at $50,374,708,
collateralized by $52,323,930 Federal Home Loan Mortgage Adjustable
Rate Mortgage Corporation Notes and Federal National Mortgage
Association Adjustable Rate Mortgage Notes 5.8062% to 7.50% due
from 08/15/22 to 03/15/29. The market value is $51,500,000.)
</TABLE>
10
<PAGE>
FedFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- ------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Lehman Brothers, Inc.
5.05%.......................................... 11/01/99 $ 5,800 $ 5,800,000
(Agreement dated 10/29/99 to be repurchased at $5,802,440,
collateralized by $6,417,547 Federal National Mortgage
Association Bonds 6.00% due 02/01/29. The market value is
$5,976,191.)
Morgan Stanley & Co., Inc.
5.375%......................................... 11/01/99 190,000 190,000,000
(Agreement dated 10/29/99 to be repurchased at $190,085,104,
collateralized by $201,295,000 Federal Home Loan Bank Bonds,
Federal Home Loan Mortgage Corporation Bonds and Discount Notes
and Federal National Mortgage Association Bonds and Discount
Notes and Medium Term Notes 0.00% to 6.85% due from 11/29/99 to
04/08/16. The market value is $195,838,916.)
------------
Total............................................................ 275,800,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $777,010,073*)...................................... 100.0% 777,010,073
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.0 344,636
----- ------------
NET ASSETS (equivalent to $1.00 per share based on
742,941,336 Fund Shares and 34,640,865 Dollar Shares
outstanding).............................................. 100.0% $777,354,709
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($777,354,709 / 777,582,201).................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
FedFund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $438,800,000 56.4%
31-60 Days 98,000,000 12.6
61-90 Days 107,000,000 13.7
91-120 Days 35,000,000 4.5
121-150 Days 10,000,000 1.3
Over 150 Days 90,000,000 11.5
</TABLE>
Average Weighted Maturity--53
See accompanying notes to financial statements.
11
<PAGE>
Provident Institutional Funds
T-Fund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT SECURITIES--22.1%
U.S. Treasury Notes
5.375%....................................... 01/31/00 $ 50,000 $ 50,059,465
7.75%........................................ 01/31/00 122,000 122,883,148
5.50%........................................ 02/29/00 30,000 30,056,490
7.125%....................................... 02/29/00 50,000 50,364,630
5.50%........................................ 03/31/00 20,000 20,039,526
6.875%....................................... 03/31/00 60,000 60,438,270
6.75%........................................ 04/30/00 120,000 120,969,560
6.375%....................................... 05/15/00 20,000 20,152,344
5.50%........................................ 05/31/00 60,000 60,104,230
6.25%........................................ 05/31/00 50,000 50,315,361
5.375%....................................... 06/30/00 10,000 10,000,248
6.25%........................................ 08/31/00 70,000 70,407,912
--------------
Total.......................................................... 665,791,184
--------------
REPURCHASE AGREEMENTS--77.3%
ABN AMRO, Inc.
5.22%........................................ 11/01/99 135,000 135,000,000
(Agreement dated 10/29/99 to be repurchased at $135,058,725,
collateralized by $134,658,000 U.S Treasury Notes 5.625% to
6.125% due from 11/30/00 to 12/31/01. The market value is
$137,701,660.)
Barclay's Capital, Inc.
5.22%........................................ 11/01/99 135,000 135,000,000
(Agreement dated 10/29/99 to be repurchased at $135,058,725,
collateralized by $118,550,000 U.S. Treasury Bonds and Notes
7.50% to 11.625% due from 11/15/04 to 02/15/05. The market
value is $137,782,170.)
Bear Stearns & Co., Inc.
5.23%........................................ 11/01/99 135,000 135,000,000
(Agreement dated 10/29/99 to be repurchased at $135,058,838,
collateralized by $286,485,000 U.S. Treasury STRIPS due from
11/15/09 to 02/15/23. The market value is $137,715,883.)
Credit Suisse First Boston Corp.
5.27%........................................ 01/19/00 175,000 175,000,000
(Agreement dated 10/21/99 to be repurchased at $177,305,625,
collateralized by $160,644,000 U.S. Treasury Bonds 6.75% to
8.875% due from 05/15/17 to 08/15/26. The market value is
$178,502,585.)
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Deutsche Bank Securities, Inc.
5.20%........................................ 11/08/99 $200,000 $ 200,000,000
(Agreement dated 10/07/99 to be repurchased at $200,924,444,
collateralized by $199,029,455 U.S. Treasury Bills and Notes
0.00% to 6.875% due from 01/20/00 to 05/15/06. The market
value is $204,000,209.)
5.18%........................................ 11/10/99 150,000 150,000,000
(Agreement dated 10/14/99 to be repurchased at $150,582,750,
collateralized by $149,272,090 U.S. Treasury Bills and Notes
0.00% to 6.875% due from 01/20/00 to 05/15/06. The market
value is $153,000,158.)
5.30%........................................ 01/13/00 200,000 200,000,000
(Agreement dated 10/15/99 to be repurchased at $202,650,000,
collateralized by $199,029,455 U.S. Treasury Bills and Notes
0.00% to 6.875% due from 01/20/00 to 05/15/06. The market
value is $204,000,209.)
Goldman Sachs & Co.
4.50%........................................ 11/01/99 38,000 38,000,000
(Agreement dated 10/29/99 to be repurchased at $38,014,250,
collateralized by $44,481,000 U.S. Treasury Bonds 5.25% due
11/15/28. The market value is $38,760,865.)
Greenwich Capital Markets, Inc.
5.22%........................................ 11/01/99 300,000 300,000,000
(Agreement dated 10/29/99 to be repurchased at $300,130,500,
collateralized by $555,001,000 U.S. Treasury STRIPS due from
11/15/99 to 11/15/27. The market value is $306,001,903.)
Lehman Brothers, Inc.
5.20%........................................ 11/01/99 100,000 100,000,000
(Agreement dated 10/29/99 to be repurchased at $100,043,333,
collateralized by $88,606,000 U.S. Treasury Bonds 8.75% to
10.75% due from 02/15/03 to 08/15/20. The market value is
$102,000,621.)
Merrill Lynch Government Securities, Inc.
5.22%........................................ 11/01/99 50,000 50,000,000
(Agreement dated 10/29/99 to be repurchased at $50,021,750,
collateralized by $53,699,000 U.S. Treasury Bills due
10/12/00. The market value is $51,000,625.)
</TABLE>
12
<PAGE>
T-Fund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
REPURCHASE AGREEMENTS (continued)
Morgan Stanley & Co., Inc.
5.255%....................................... 11/01/99 $340,900 $ 340,900,000
(Agreement dated 10/29/99 to be repurchased at $341,049,286,
collateralized by $315,570,000 U.S. Treasury Bills, Bonds and
Notes 0.00% to 8.00% due from 04/27/00 to 02/15/27. The market
value is $347,785,189.)
Nesbitt Burns Securities, Inc.
5.23%........................................ 11/01/99 135,000 135,000,000
(Agreement dated 10/29/99 to be repurchased at $135,058,838,
collateralized by $139,699,000 U.S. Treasury Bills due from
01/27/00 to 05/25/00. The market value is $137,702,880.)
Salomon Smith Barney, Inc.
5.20%........................................ 11/01/99 135,000 135,000,000
(Agreement dated 10/29/99 to be repurchased at $135,058,500,
collateralized by $145,020,000 U.S. Treasury Bills due
10/12/00. The market value is $137,812,506.)
Warburg Dillon Read LLC
5.28%........................................ 01/25/00 100,000 100,000,000
(Agreement dated 10/27/99 to be repurchased at $101,320,000,
collateralized by $143,885,000 U.S. Treasury STRIPS due
05/15/05. The market value is $102,001,514.)
--------------
Total.......................................................... 2,328,900,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $2,994,691,184*)............................. 99.4% $2,994,691,184
OTHER ASSETS IN EXCESS OF LIABILITIES............... 0.6 18,641,803
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
2,397,405,765 Fund Shares, 612,697,307 Dollar
Shares and 3,252,025 Cash Management Shares
outstanding)....................................... 100.0% $3,013,332,987
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($3,013,332,987 / 3,013,355,097)......................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
T-Fund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- -------------- ----------
<S> <C> <C>
1-30 Days $1,853,900,000 62.0%
61-90 Days 475,000,000 15.9
91-120 Days 172,000,000 5.8
121-150 Days 80,000,000 2.7
Over 150 Days 410,000,000 13.6
</TABLE>
Average Weighted Maturity--53 days
See accompanying notes to financial statements.
13
<PAGE>
Provident Institutional Funds
Federal Trust Fund Portfolio
Statement of Net Assets
October 31, 1999
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS--100.0%
Federal Farm Credit Bank Bonds--10.1%
4.76%............................................ 01/18/00 $ 5,000 $ 4,998,837
4.80%............................................ 02/01/00 10,000 9,998,601
5.40%............................................ 07/03/00 5,000 4,999,301
5.45%............................................ 08/02/00 5,000 5,000,376
------------
24,997,115
------------
Federal Farm Credit Bank Discount Notes--6.5%
5.17%............................................ 11/12/99 2,700 2,695,735
5.11%............................................ 11/16/99 813 811,269
4.54%............................................ 12/13/99 10,000 9,947,033
5.45%............................................ 02/25/00 2,611 2,565,148
------------
16,019,185
------------
Federal Farm Credit Bank Variable Rate Notes**--20.2%
5.24%............................................ 11/01/99 20,000 19,995,000
5.22625%......................................... 11/10/99 15,000 14,997,389
5.2025%.......................................... 11/23/99 15,000 14,997,128
------------
49,989,517
------------
Federal Home Loan Bank Bonds--5.1%
4.95%............................................ 02/17/00 5,000 4,999,208
5.545%........................................... 03/02/00 500 500,537
5.10%............................................ 03/03/00 1,000 999,903
5.16%............................................ 03/08/00 2,000 1,999,755
5.01%............................................ 04/28/00 4,000 3,997,850
------------
12,497,253
------------
Federal Home Loan Bank Discount Notes--17.6%
5.16%............................................ 11/01/99 2,172 2,172,000
5.53%............................................ 01/14/00 5,800 5,734,070
4.70%............................................ 01/19/00 5,000 4,948,431
5.51%............................................ 01/21/00 16,895 16,685,544
5.52%............................................ 01/21/00 5,000 4,937,900
5.24%............................................ 01/26/00 5,000 4,937,411
5.46%............................................ 03/03/00 1,013 994,102
5.58%............................................ 04/07/00 3,100 3,024,081
------------
43,433,539
------------
Federal Home Loan Bank Variable Rate Notes**--8.1%
5.355%........................................... 11/01/99 5,000 4,998,873
5.25%............................................ 11/04/99 5,000 4,998,177
5.266%........................................... 11/12/99 10,000 9,997,424
------------
19,994,474
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY & INSTRUMENTALITY OBLIGATIONS (continued)
Student Loan Marketing Association Discount Notes--10.1%
5.16%............................................ 11/01/99 $14,934 $ 14,934,000
5.19%............................................ 12/15/99 10,000 9,936,567
------------
24,870,567
------------
Student Loan Marketing Association Master Notes--20.2%
5.545%........................................... 11/02/99 50,000 50,000,000
------------
Student Loan Marketing Association Variable Rate Notes**--1.6%
5.795%........................................... 11/02/99 4,000 4,000,000
------------
Tennessee Valley Authority Discount Notes--0.5%
5.15%............................................ 11/10/99 1,200 1,198,455
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $247,000,105*)..................................... 100.0% 247,000,105
LIABILITIES IN EXCESS OF OTHER ASSETS..................... (0.0) (116,791)
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
219,489,278 Fund Shares and 27,534,756 Dollar Shares
outstanding)............................................. 100.0% $246,883,314
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($246,883,314 / 247,024,034)................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
14
<PAGE>
Federal Trust Fund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
Federal Trust Fund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- --- ----------
<S> <C> <C>
1-30 Days $145,819,000 58.9%
31-60 Days 20,000,000 8.1
61-90 Days 42,695,000 17.2
91-120 Days 17,611,000 7.1
121-150 Days 4,513,000 1.8
Over 150 Days 17,100,000 6.9
</TABLE>
Average Weighted Maturity--48 days
See accompanying notes to financial statements.
15
<PAGE>
Provident Institutional Funds
Treasury Trust Fund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- -------- --------------
<S> <C> <C> <C>
U.S. Government Securities--96.0%
U.S. Treasury Bills--22.6%
4.45%......................................... 11/04/99 $ 50,000 $ 49,981,458
4.55%......................................... 11/04/99 11,665 11,660,577
4.40%......................................... 11/12/99 2,680 2,676,397
4.42%......................................... 11/12/99 1,000 998,649
4.425%........................................ 11/12/99 20,380 20,352,445
4.50%......................................... 12/09/99 3,070 3,055,418
4.785%........................................ 01/06/00 5,000 4,956,138
4.88%......................................... 01/13/00 20,000 19,802,089
4.905%........................................ 01/13/00 20,000 19,801,075
4.93%......................................... 01/13/00 25,000 24,750,076
4.94%......................................... 01/27/00 25,000 24,701,542
4.95%......................................... 01/27/00 50,000 49,401,875
4.955%........................................ 01/27/00 25,000 24,700,635
4.93%......................................... 02/03/00 20,000 19,742,544
--------------
276,580,918
--------------
U.S. Treasury Notes--73.4%
5.875%........................................ 11/15/99 40,000 40,013,419
7.875%........................................ 11/15/99 18,480 18,499,395
7.75%......................................... 11/30/99 72,700 72,869,415
5.625%........................................ 12/31/99 260,000 260,188,485
7.75%......................................... 12/31/99 150,000 150,625,262
5.375%........................................ 01/31/00 200,000 200,063,690
7.75%......................................... 01/31/00 93,000 93,563,270
5.50%......................................... 02/29/00 50,000 50,043,986
7.125%........................................ 02/29/00 13,000 13,080,037
--------------
898,946,959
--------------
</TABLE>
<TABLE>
<CAPTION>
Value
--------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $1,175,527,877*).............................. 96.0% $1,175,527,877
OTHER ASSETS IN EXCESS OF LIABILITIES................ 4.0 49,610,765
----- --------------
NET ASSETS (Equivalent to $1.00 per share based on
826,359,552 Fund Shares and 399,011,276 Dollar
Shares outstanding)................................. 100.0% $1,225,138,642
===== ==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($1,225,138,642 / 1,225,370,828).......................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes is $1,175,538,690.
Treasury Trust Fund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $216,905,000 18.4%
31-60 Days 3,070,000 0.3
61-90 Days 580,000,000 49.3
91-120 Days 313,000,000 26.6
121-150 Days 63,000,000 5.4
</TABLE>
Average Weighted Maturity--49 days
See accompanying notes to financial statements.
16
<PAGE>
Provident Institutional Funds
Treasury Trust Fund
Statement of Assets and Liabilities
October 31, 1999
<TABLE>
<S> <C>
ASSETS..........................................................
Investments at value, cost ($1,175,527,877)................... $1,175,527,877
Interest receivable........................................... 34,628,702
Receivable for investment securities matured.................. 494,750,000
Prepaid expenses.............................................. 46,492
--------------
Total Assets................................................ 1,704,953,071
LIABILITIES
Payable for investment securities purchased................... 474,859,150
Accrued expenses.............................................. 300,404
Dividend payable.............................................. 4,654,875
--------------
Total Liabilities........................................... 479,814,429
--------------
NET ASSETS applicable to 826,359,552 Fund Shares and 399,011,276
Dollar Shares outstanding...................................... $1,225,138,642
==============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE........ $1.00
=====
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
Provident Institutional Funds
MuniFund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.8%
Alabama--5.7%
Calhoun County Economic Development Council IDRB (Craft
Corporation Project) DN (Amsouth Bank of Alabama LOC) (A-1+,
VMIG-1)**
3.65%........................................... 11/07/99 $ 3,370 $ 3,370,000
City of Huntsville Health Care Authority RB Series 1998 DN
(Amsouth Bank of Alabama LOC) (A-1)**
3.45%........................................... 11/07/99 6,100 6,100,000
City of Montgomery BMC Special Care Facilities Authority Hospital
RB (Baptist Medical Center) Series A DN (Amsouth Bank of Alabama
LOC) (VMIG-1)**
3.45%........................................... 11/07/99 9,700 9,700,000
Columbia IDRB (Alabama Power Project) DN (A-1)**
3.60%........................................... 11/01/99 11,800 11,800,000
------------
30,970,000
------------
Arizona--0.4%
Maricopa County PCRB (Southern California Edison) Series E (A-1,
P-1)
3.70%........................................... 03/10/00 2,000 2,000,000
------------
California--1.2%
Los Angeles County TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 3,000 3,013,048
Oakland Certificates of Participation (Capital Improvement
Project) DN (National Westminster LOC)**
3.00%........................................... 11/07/99 3,500 3,500,000
------------
6,513,048
------------
Colorado--0.7%
Douglas County School District TAN (SP-1+, MIG-1)
4.50%........................................... 06/30/00 4,000 4,023,088
------------
Delaware--0.9%
Delaware State Economic Development Authority PCRB (Delmarva
Project) Series A DN
(A-1, VMIG-1)**
3.50%........................................... 11/07/99 5,000 5,000,000
------------
Florida--3.3%
Capital Projects Finance Authority (Florida Hospital Association--
Capital Projects Loan Program) Series 1998A DN (Credit Suisse
LOC) (A-1+)**
3.55%........................................... 11/07/99 5,000 5,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS (continued)
Florida (continued)
Indian Trace Community Development District (Basin I Water
Management) Special Benefit Bonds Series 1989 DN (Swiss
Bank LOC) (VMIG-1)**
3.60%................................. 11/07/1999 $ 270 $ 270,000
Orange County Housing Finance Authority Multifamily RB
(Post Fountains at Lee Vista) Series 1997E DN (Federal
National Mortgage Association) (A-1+)**
3.55%................................. 11/07/99 5,100 5,100,000
Orange County Housing Finance Authority Multifamily RB
(Post Lake Apartments Project) DN (Federal National
Mortgage Association) (A-1+)**
3.55%................................. 11/07/99 6,000 6,000,000
St. Petersburg Capital Improvement RB (Apartment & Golf
Course Project) Series B DN (Suntrust Bank Atlanta LOC)**
3.60%................................. 11/07/99 1,555 1,555,000
------------
17,925,000
------------
Georgia--3.8%
Bibb County Development Authority Educational Facilities
RB (Tattnall Square Academy) DN (Wachovia Bank LOC) (A-
1+)**
3.50%................................. 11/07/99 3,950 3,950,000
Cobb County Development Authority RB (Highland Park
Associates Project) DN (Suntrust Bank LOC)**
3.60%................................. 11/07/99 2,150 2,150,000
Fulton County IDA (Epstein School Project) DN (Suntrust
Bank LOC)**
3.60%................................. 11/07/99 2,000 2,000,000
Fulton County IDA (Metro Atlanta YMCA Project) DN
(Wachovia Bank LOC)**
3.45%................................. 11/07/99 8,500 8,500,000
Macon-Bibb County Hospital Authority RAN (The Medical
Center of Central Georgia) DN (Suntrust Bank LOC)**
3.60%................................. 11/07/99 3,000 3,000,000
Private Colleges & Universities Authority of Georgia RB
(Emory University Project) Series C
(A-1+, VMIG-1)
3.70%................................. 03/09/00 1,000 1,000,000
------------
20,600,000
------------
</TABLE>
18
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Idaho--0.6%
Idaho TAN (SP-1+)
4.25%........................................... 06/30/00 $ 3,000 $ 3,016,290
------------
Illinois--9.8%
Illinois DN (Kredietbank LOC) (A-1+C)**
3.57%........................................... 11/07/99 6,000 6,000,000
Illinois Development Finance Authority PCRB (Illinois Power
Company Project) (ABN-AMRO Bank N.V. LOC)
3.65%........................................... 02/22/00 4,000 4,000,000
Illinois Educational Facilities Authority RB (ACI Cultural Pooled
Financing Project) Series 1998 DN (NBD BANK Corp. LOC) (A-1+)**
3.45%........................................... 11/07/99 6,000 6,000,000
Illinois Educational Facilities Authority RB (National Louis
University) Series 1999A DN (Banc One LOC) (A-1+)**
3.50%........................................... 11/07/99 3,000 3,000,000
Illinois Health Facilities Authority PCRB (Carle Foundation) DN
(Banc One LOC)
(A-1+, VMIG-1)**
3.55%........................................... 11/07/99 11,200 11,200,000
Illinois Health Facilities Authority PCRB Revolving Fund Pooled
Financing Program (The University of Chicago Project)
3.75%........................................... 03/30/00 4,000 4,000,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.55%........................................... 07/31/00 6,000 6,000,000
Illinois Health Facilities Authority RB (Streetville Corporation)
Series A DN (A-1, VMIG-1)**
3.45%........................................... 11/07/99 1,000 1,000,000
Illinois Housing Development Authority RB (Homeowner Mortgage
Project) Series E
(A-1+, VMIG-1)
3.05%........................................... 02/15/00 10,000 10,000,000
Illinois Housing Development Authority RB (Homeownership Mortgage
Project) Series E
3.55%........................................... 07/27/00 2,000 2,000,000
------------
53,200,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Indiana--1.3%
Indiana Development Finance Authority PCRB (Southern Indiana Gas &
Electric Company)
(VMIG-1)
3.00%........................................... 03/01/00 $ 5,500 $ 5,500,000
Indiana Municipal Power Agency Power Supply System RB Series A DN
(Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.50%........................................... 11/07/99 500 500,000
Sulivan IDA PCRB (National Rural Utilities LOC)
(A-1+, P-1)
3.75%........................................... 02/14/00 1,000 1,000,000
------------
7,000,000
------------
Iowa--1.4%
Iowa Higher Education Loan Authority (Private College Project) DN
(A-1+,VMIG-1)**
3.55%........................................... 11/07/99 7,600 7,600,000
------------
Kentucky--1.2%
Clark County PCRB (Eastern Kentucky Power Project) Series J
3.70%........................................... 04/15/00 5,000 5,000,000
Owensboro-Davies County Water Resource Agency Wastewater RB BAN
Series A (SP-1)
4.40%........................................... 09/01/00 1,600 1,606,430
------------
6,606,430
------------
Maryland--9.5%
Baltimore County Refunding Revenue Bonds (Paths at Loveton Farms
Apartments Facility Project) DN (FNB of Maryland LOC) (A-1)**
3.53%........................................... 11/07/99 5,595 5,595,000
Frederick County (Homewood Incorporated Facility) DN (FNB Maryland
LOC) (A-1)**
3.53%........................................... 11/07/99 10,450 10,450,000
Maryland State Health & Higher Education Facilities Authority RB
(Doctors Community Hospital) Series 1997 DN (A-1)**
3.53%........................................... 11/07/99 7,300 7,300,000
Maryland State Health & Higher Education Facilities Authority RB (Doctors
Community Hospital) Series 1997 DN (FNB Maryland LOC) (A-1)**
3.53%........................................... 11/07/99 4,115 4,115,000
</TABLE>
19
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Maryland (continued)
Maryland State Health & Higher Education Facilities Authority RB
(The Norwood School) Series 1998 DN (FNB Maryland LOC) (A-1)**
3.51%........................................... 11/07/99 $10,505 $ 10,505,000
Maryland State Industrial Development Finance Authority RB
(McDonough School Income Facility) DN (FNB Maryland LOC) (A-1,
VMIG-1)**
3.55%........................................... 11/07/99 4,470 4,470,000
Maryland State Industrial Development Finance Authority RB
(McDonough School Income Facility) DN (FNB Maryland LOC) (A-1)**
3.55%........................................... 11/07/99 7,000 7,000,000
Montgomery County Economic Development Authority RB (Brooke Grove
Foundation Incorporated Project) DN (FNB Maryland LOC) (A-1)**
3.53%........................................... 11/07/99 2,000 2,000,000
------------
51,435,000
------------
Massachusetts--1.9%
Massachusetts Health & Education Facilities Authority Series 1985C
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.45%........................................... 11/01/99 2,000 2,000,000
Massachusetts Housing Finance Agency Development Bonds Trust
Receipts Series 1998B DN (Bank of New York LOC) (A-1+C, VMIG-1)**
3.65%........................................... 11/07/99 8,000 8,000,000
------------
10,000,000
------------
Michigan--0.4%
Detroit Economic Development Corporation (Waterfront Reclamation
Project) Series C DN (Lasalle National Bank LOC) (A-1+)**
3.65%........................................... 11/07/99 2,000 2,000,000
------------
Minnesota--11.4%
Hennepin County GO Series 1997C DN (Westdeutsche Landesbank SPA)
(A-1+, VMIG-1)**
3.50%........................................... 11/07/99 1,825 1,825,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Minnesota (continued)
Minneapolis GO RB DN (Bayerische Landesbank Girozentrale LOC) (A-
1+, VMIG-1)**
3.40%........................................... 11/07/99 $ 5,605 $ 5,605,000
Minneapolis GO (Convention Center Project) DN
(A-1+, VMIG-1)**
3.40%........................................... 11/07/99 31,800 31,800,000
Minneapolis GO Series 1997B DN (A-1+, VMIG-1)**
3.40%........................................... 11/07/99 4,300 4,300,000
Minneapolis GO Series 1998B DN (Bayerische Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.40%........................................... 11/07/99 8,380 8,380,000
Minneapolis GO Series 1999A DN (A-1+, VMIG-1)**
3.40%........................................... 11/07/99 9,600 9,600,000
------------
61,510,000
------------
Mississippi--0.5%
State of Mississippi Hospital Equipment RB TECP (Westdeutsche
Landesbank Girozentrale LOC)
(A-1+, VMIG-1)
3.70%........................................... 02/15/00 2,800 2,800,000
------------
Missouri--0.0%
Kansas City IDRB (Mid-America Health Services Project) Series 1984
DN (Bank of New York LOC) (A-1, VMIG-1)**
3.57%........................................... 11/07/99 200 200,000
------------
New Hampshire--1.0%
New Hampshire Health & Higher Education Facilities Authority (VHA
of New England Capital Asset Financing Program) DN (AMBAC
Insurance)
(A-1, VMIG-1)**
3.55%........................................... 11/07/99 5,650 5,650,000
------------
New Jersey--1.1%
Essex County Improvement Authority BAN (MIG-1)
3.50%........................................... 03/31/00 5,000 5,006,993
New Jersey Sports & Exhibition Authority Series 1992C DN (Barclays
Bank LOC)
(A-1+, VMIG-1)**
3.20%........................................... 11/07/99 875 875,000
------------
5,881,993
------------
</TABLE>
20
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York--6.6%
City of New York Health & Hospital Corporation RB (Health System)
Series A (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)
3.75%........................................... 02/01/00 $ 2,000 $ 2,000,000
City of New York GO Series 1996J-3 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.40%........................................... 11/07/99 7,200 7,200,000
City of New York GO Series B DN
(A-1+, VMIG-1)**
4.00%........................................... 11/01/99 3,400 3,400,000
City of New York Local Government Assistance Corporation Bonds
Series 1995E DN (Canadian Imperial Bank LOC) (A-1+, VMIG-1)**
3.20%........................................... 11/07/99 8,200 8,200,000
City of New York Transitional Finance Authority Financing RB
Series A-1 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 400 400,000
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)**
3.50%........................................... 11/01/99 500 500,000
Long Island Power Authority Electrical Systems DN (MBIA Insurance)
(A-1+, VMIG-1)**
3.45%........................................... 11/07/99 4,000 4,000,000
Port Authority of New York & New Jersey Versatile Structure
Obligations RB Series 1994 DN (Morgan Guaranty Trust LOC) (A-1+,
VMIG-1) **
3.50%........................................... 11/01/99 5,300 5,300,000
Port Authority of New York & New Jersey Versatile Structure
Obligations Series 1996 DN (Bayerische Landebank Girozentrale
LOC) (A-1+, VMIG-1)**
3.45%........................................... 11/01/99 5,000 5,000,000
------------
36,000,000
------------
North Carolina--7.8%
Charlotte-Mecklenburg Hospital Authority RB (Health Care System
Project) Series 1996B DN (Bank of America LOC) (A-1, VMIG-1)**
3.40%........................................... 11/07/99 2,250 2,250,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
North Carolina (continued)
Charlotte-Mecklenburg Hospital Authority RB (Health Care System
Project) Series 1996C DN (Bank of America LOC) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 $ 3,800 $ 3,800,000
Mecklenburg County GO Series 1996C DN (Bank of America LOC) (A-1,
VMIG-1)**
3.50%........................................... 11/07/99 200 200,000
Mecklenberg County GO Series 1998C DN (First Union National Bank
of North Carolina LOC)
(A-1, VMIG-1)**
3.40%........................................... 11/07/99 7,100 7,100,000
Mecklenburg County GO Series 1998C DN (First Union National Bank
of North Carolina LOC)
(A-1, VMIG-1)**
3.40%........................................... 11/07/99 7,150 7,150,000
North Carolina Eastern Municipal Power Agency TECP (Canadian
Imperial Bank LOC) (A-1+, P-1)
3.60%........................................... 11/17/99 7,500 7,500,000
North Carolina Educational Facilities Finance Agency RB (Elon
College Project) Series 1997 DN (Bank of America LOC) (A-1, VMIG-
1)**
3.45%........................................... 11/07/99 3,300 3,300,000
North Carolina Educational Facilities Finance Agency RB (Guilford
College Project) Series 1997 DN (Bank of America LOC) (VMIG-1)**
3.55%........................................... 11/07/99 4,100 4,100,000
North Carolina Medical Care Commission Hospital RB (Lincoln Health
System Project) Series 1996A DN (Bank of America LOC) (A-1, VMIG-
1)**
3.60%........................................... 11/07/99 4,500 4,500,000
North Carolina Medical Care Commission Hospital RB (Moses H. Cone
Health System) Series 1998 DN (Wachovia Bank LOC) (A-1+)**
3.50%........................................... 11/07/99 1,800 1,800,000
North Carolina Medical Care Commission Hospital RB (Moses H. Cone
Memorial Hospital Project) DN (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 825 825,000
------------
42,525,000
------------
</TABLE>
21
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio--3.4%
City of Jordan GO
4.00%........................................... 06/15/00 $ 1,000 $ 1,004,212
Clinton County Hospital RB (Pooled Financing Programs) Series 1998
DN (Fifth Third Bank LOC) (A-1+)**
3.60%........................................... 11/07/99 3,600 3,600,000
Columbus GO Unlimited Tax DN (Westdeutsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.40%........................................... 11/07/99 800 800,000
Cuyahoga County Hospital RB (Cleveland Clinic Foundation Project)
Series 1997A DN
(A-1+, VMIG-1)**
3.45%........................................... 11/07/99 1,100 1,100,000
Franklin County IDRB (Alco Standard Corporation Project) Series
1994 DN (Bank America LOC)
(A-1+, VMIG-1)**
3.65%........................................... 11/07/99 1,800 1,800,000
Montgomery County Economic Development Authority RB (Dayton Art
Institute Project) DN (National City Bank LOC) (A-1, VMIG-1)**
3.50%........................................... 11/07/99 4,400 4,400,000
Ohio Water Development Authority PCRB (Cleveland Electric
Illuminating Company) Series 1997B DN (NBD Bank Corp. LOC) (A-1+,
P-1)**
3.45%........................................... 11/07/99 2,800 2,800,000
Toledo-Lucas County Port Authority DN (Toledo Museum of Art
Project) (Fifth Third Bank Corp. LOC)**
3.45%........................................... 11/07/99 3,000 3,000,000
------------
18,504,212
------------
Pennsylvania--4.0%
Bedford County IDA IDRB (Sepa Incorporated Facility) Series 1985
DN (First Union Bank LOC) (A-1, P-1)**
3.40%........................................... 11/07/99 900 900,000
Pennsylvania GO
4.50%........................................... 08/01/00 3,000 3,023,973
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1994B DN (A-1+,
VMIG-1)**
3.55%........................................... 11/07/99 2,000 2,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Pennsylvania (continued)
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1996C DN (Credit
Suisse LOC)
(A-1+, VMIG-1)**
3.55%........................................... 11/07/99 $ 6,795 $ 6,795,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1998B DN (A-1+,
VMIG-1)**
3.55%........................................... 11/07/99 6,000 6,000,000
Sayre County Health Care Facilities Authority RB (VHA Pennsylvania
Capital Financing Project) Series 1985I DN (AMBAC Insurance)**
3.80%........................................... 11/07/99 1,200 1,200,000
Sayre County Health Care Facilities Authority RB (VHA Capital
Financing Project) Series 1985L DN (AMBAC Insurance)**
3.50%........................................... 11/07/99 1,700 1,700,000
------------
21,618,973
------------
Rhode Island--1.6%
Rhode Island GO Series 1998 DN (Landesbank Hessen-Thuringen LOC)
(A-1+C, VMIG-1)**
3.45%........................................... 11/07/99 2,500 2,500,000
Rhode Island Housing & Mortgage Finance Corporation Homeownership
Opportunity Bonds Series A (A-1+, VMIG-1)
3.10%........................................... 12/15/99 6,085 6,085,000
------------
8,585,000
------------
South Carolina--2.6%
Greenwood County Hospital RB (Self Memorial Hospital) Series B DN
(Wachovia Bank LOC) (VMIG-1)**
3.50%........................................... 11/07/99 9,380 9,380,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1996B
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.50%........................................... 11/07/99 2,100 2,100,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1996D
DN (Morgan Guaranty LOC)
(A-1+, VMIG-1)**
3.45%........................................... 11/07/99 2,400 2,400,000
------------
13,880,000
------------
</TABLE>
22
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Tennessee--5.8%
City of Chattanooga Health, Education & Housing Facility Board
Series 1999 DN (Amsouth Bank of Alabama LOC) (A-1)**
3.45%........................................... 11/07/99 $12,400 $ 12,400,000
City of Tusculum Health, Education & Housing Facility Board
Educational Facilities RB (Tusculum College Project) Series 1998
DN (Suntrust Bank LOC)**
3.60%........................................... 11/07/99 6,000 6,000,000
Knox County GO
4.50%........................................... 03/01/00 2,000 2,008,393
Memphis General Improvement Refunding RB DN
(A-1+, VMIG-1)**
3.55%........................................... 11/07/99 100 100,000
Memphis GO Series 1995A DN (Westdeutsche Landesbank Girozentrale
LOC) (A-1+, VMIG-1)**
3.55%........................................... 11/07/99 700 700,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Belmont University Project) DN (Suntrust Bank
LOC)**
3.60%........................................... 11/07/99 3,600 3,600,000
Metropolitan Government Nashville Davidson County Health &
Education Board (Harpeth Hall School Project) DN (Suntrust Bank
LOC)**
3.60%........................................... 11/07/99 440 440,000
Montgomery County Public Building Authority Pooled Financing RB
(Tennessee County Loan Pool) DN (Bank America LOC) (VMIG-1)**
3.60%........................................... 11/07/99 4,650 4,650,000
Washington County IDRB (Springbrook Properties Project) Series
1996 DN (Suntrust Bank LOC)
(A-1+, VMIG-1)**
3.60%........................................... 11/07/99 1,700 1,700,000
------------
31,598,393
------------
Texas--9.0%
City of San Antonio Water System Revenue Improvement & Refunding
Bonds Series 1996 DN (MBIA Insurance) (A-1+)**
3.55%........................................... 11/07/99 10,430 10,430,000
Harris County BAN (SP-1+, MIG-1)
4.00%........................................... 02/29/00 2,000 2,003,355
Harris County GO (UBS LOC) (A-1+, P-1)
3.70%........................................... 02/15/00 1,100 1,100,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Texas (continued)
Hockley County Industrial Development PCRB (Amoco Project) (A-1+,
P-1)
3.15%........................................... 11/01/99 $10,000 $ 10,000,000
Houston GO Series A
5.00%........................................... 03/01/00 2,000 2,012,269
Houston TRAN (SP-1+, MIG-1)
4.25%........................................... 06/30/00 10,000 10,057,708
McKinney Independent School District
3.85%........................................... 08/24/00 2,000 2,000,000
Texas TRAN
4.50%........................................... 08/31/00 11,000 11,070,636
------------
48,673,968
------------
Vermont--1.5%
Vermont IDRB (Wallace Computer Services Incorporated) Series 1984
DN (Wachovia Bank LOC)**
3.50%........................................... 11/07/99 8,000 8,000,000
------------
Virginia--1.0%
City of Alexandria IDRB (YMCA of Metro Washington Facility) Series
1998 DN (FNB Maryland LOC)
(A-1)**
3.53%........................................... 11/07/99 2,350 2,350,000
Hampton Redevelopment & Housing Authority MultiFamily Housing RB
(Avalon at Hampton I Project) Series 1996A DN (Federal National
Mortgage Association) (A-1+)**
3.35%........................................... 11/07/99 2,200 2,200,000
Lynchburg IDA Hospital Facilities RB (VHA Mid-Atlantic States
Capital Asset Finance Program) Series 1985B DN (AMBAC Insurance)
(A-1+)**
3.55%........................................... 11/07/99 700 700,000
------------
5,250,000
------------
Washington--0.4%
King County School District
4.00%........................................... 06/01/00 2,165 2,171,079
------------
</TABLE>
23
<PAGE>
MuniFund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
------------
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $540,737,474*)...................................... 99.8% $540,737,474
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.2 1,245,718
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
483,163,599 Fund Shares, 56,250,312 Dollar Shares and
2,711,814 Cash Management Shares outstanding)............. 100.0% $541,983,192
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($541,983,192 / 542,125,725).................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments in the various Portfolios are believed to be the
most recent ratings available at October 31, 1999. The ratings have not been
audited by the Independent Accountants and, therefore, are not covered by the
Report of Independent Accountants.
MuniFund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $436,235,000 80.7%
31-60 Days 6,085,000 1.1
91-120 Days 20,900,000 3.9
121-150 Days 14,500,000 2.7
Over 150 Days 62,765,000 11.6
</TABLE>
Average Weighted Maturity--42 days
Investment Abbreviations:
<TABLE>
<S> <C>
BAN Bond Anticipation Note
DN Demand Note (Variable Rate)
GO General Obligation
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TAN Tax Anticipation Note
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
Provident Institutional Funds
MuniCash Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--96.3%
Arizona--1.2%
Phoenix IDRB (Leggett & Platt Incorporated Project) AMT
(Wachovia Bank LOC)**
3.60%........................................... 11/07/99 $ 5,170 $ 5,170,000
------------
California--0.7%
California Higher Education Student Loan RB DN Series D-2
(Dresdner Bank LOC) (VMIG-1)
3.50%........................................... 04/01/00 3,000 3,000,000
------------
Colorado--1.6%
Colorado Health Facilities Authority Economic Development RB
(Johnson Publishing Company Project) AMT (Banc One LOC)**
3.70%........................................... 11/07/99 2,400 2,400,000
Colorado Housing Finance Authority Economic Development RB (White
Wave Incorporated Project) AMT (Key Bank N.A. LOC) (A-1, P-1)**
3.70%........................................... 11/07/99 3,400 3,400,000
Douglas County School District TAN (SP-1+, MIG-1)
4.50%........................................... 06/30/00 1,000 1,005,772
------------
6,805,772
------------
Florida--1.2%
Greater Orlando Airport Authority TECP (Morgan Guaranty Trust LOC)
(A-1, P-1)
3.54%........................................... 12/15/99 5,104 5,104,000
------------
Georgia--2.8%
Burke County Development Authority PCRB (Oglethorpe Power
Corporation Scherer Project) Series 1998C
3.45%........................................... 11/28/99 6,000 6,000,000
Dawson County Development Authority IDRB (World Wide Manufacturing
Incorporated Project) AMT (Wachovia Bank LOC)**
3.60%........................................... 11/07/99 3,500 3,500,000
Haralson County Development Authority IDRB (Gold Kist Incorporated
Project) Series 1995 AMT (Wachovia Bank LOC)**
3.60%........................................... 11/07/99 2,500 2,500,000
------------
12,000,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Hawaii--0.6%
Hawaii State Department of Budget & Finance (Palama Meat Co.
Project) Series A AMT (Bank of Hawaii LOC) **
3.95%........................................... 11/07/99 $ 2,500 $ 2,500,000
------------
Idaho--0.9%
Idaho TAN (SP-1+)
4.25%........................................... 06/30/00 4,000 4,021,720
------------
Illinois--17.9%
Belvidere IDRB (R&D Thiel Incorporated Project) AMT (First Bank
Systems, N.A. LOC) (A-1)**
3.70%........................................... 11/07/99 1,600 1,600,000
Chicago Multifamily Housing RB (Barbara Jean Wright Apartments
Project) Series B AMT (Lasalle National Bank LOC) (A-1+)**
3.59%........................................... 11/07/99 3,300 3,300,000
City of Harvey Multifamily Housing RB (Bethlehem Village Project)
AMT (Federal Home Loan Bank LOC) (A-1+)**
3.75%........................................... 11/07/99 3,400 3,400,000
Crawford County Manufacturing Facilities RB
(Fair-Rite Products Corporation) AMT (First Union Bank N.A.
LOC)**
3.70%........................................... 11/07/99 3,635 3,635,000
Glendale Heights IDRB (Hudapak Metal Company Incorporated Project)
AMT (Banc One N.A. LOC)**
3.75%........................................... 11/07/99 3,930 3,930,000
Illinois Development Finance Authority IDRB (Azteca Foods Project
Incorporated) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
3.59%........................................... 11/07/99 3,000 3,000,000
Illinois Development Finance Authority IDRB (Big Bolt Corporation
Project) AMT (ABN-AMRO Bank N.V. LOC)**
3.97%........................................... 11/07/99 3,100 3,100,000
Illinois Development Finance Authority IDRB (Henry Valve Company
Project) Series 1995 AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
3.59%........................................... 11/07/99 3,275 3,275,000
</TABLE>
25
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- ---------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Illinois Development Finance Authority IDRB (Royal Continental Box
Project) Series B AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
3.59%......................................... 11/07/99 $ 3,050 $ 3,050,000
Illinois Health Facilities Authority (Carle Foundation) DN (Banc
One LOC) (A-1+, VMIG-1)**
3.55%......................................... 11/07/99 8,800 8,800,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.05%......................................... 02/15/00 5,000 5,000,000
Illinois Health Facilities Authority RB (Evanston Hospital
Corporation Project) (A-1+, VMIG-1)
3.55%......................................... 07/31/00 9,500 9,500,000
Illinois Student Loan Authority RB Series 1996A DN (Bank America
LOC) (VMIG-1)**
3.55%......................................... 11/07/99 2,960 2,960,000
Lake County IDRB (Northpoint Project) AMT (Banc One N.A. LOC) (A-
1+)**
3.55%......................................... 11/07/99 6,000 6,000,000
Lake Zurich IDRB (Screenflex Portable Partitions Incorporated
Project) AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
3.59%......................................... 11/07/99 2,475 2,475,000
Naperville Economic Development Authority (Independence Village
Associates) DN (National City Bank LOC)**
3.55%......................................... 11/07/99 2,695 2,695,000
Quad Cities Regional Development Authority IDRB (Whitey's Ice
Cream Manufacturers Incorporated) Series 1995 AMT (Banc One N.A.
LOC)**
3.70%......................................... 11/07/99 1,590 1,590,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1992 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
3.65%......................................... 11/07/99 2,700 2,700,000
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1994 AMT (Mellon Bank N.A. LOC) (VMIG-1)**
3.65%......................................... 11/07/1999 3,400 3,400,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Illinois (continued)
Sangamon County IDRB (Contech Construction Project Incorporated)
Series 1997 AMT (Mellon Bank N.A. LOC)**
3.70%........................................... 11/07/99 $ 1,500 $ 1,500,000
Village of North Aurora IDRB (Oberweis Dairy Incorporated Project)
Series 1995 AMT
(ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
3.59%........................................... 11/07/99 2,460 2,460,000
------------
77,370,000
------------
Indiana--5.0%
Crown Point Multi-School Building Corporation BAN
4.25%........................................... 07/17/00 3,000 3,000,000
Indiana Development Finance Authority IDRB (Cives Corporation
Project) Series 1998 AMT (Wachovia Bank LOC) (VMIG-1)**
3.60%........................................... 11/07/99 3,600 3,600,000
Indiana Development Finance Authority IDRB (Enterprise Center II
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1)**
3.59%........................................... 11/07/99 3,000 3,000,000
Indiana Development Finance Authority IDRB (Enterprise Center V
Project) Series 1992 AMT (Banc One N.A. LOC) (A-1+)**
3.59%........................................... 11/07/99 5,000 5,000,000
Indiana Development Finance Authority PCRB (Southern Indiana Gas &
Electric Company) (VMIG-1)
3.00%........................................... 03/01/00 5,000 5,000,000
Indiana Secondary Market For Educational Loans Series D (AMBAC
Insurance LOC)
4.65%........................................... 06/01/00 1,000 1,003,650
Indiana Secondary Market For Educational Loans Series F RB (AMBAC
Insurance)
3.60%........................................... 06/01/00 500 499,427
Portage Economic Development RB (Breckenridge Apartments Project)
AMT (Comerica Bank Detroit LOC) (A-1+)**
3.70%........................................... 11/07/99 450 450,000
------------
21,553,077
------------
</TABLE>
26
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Kansas--0.5%
Wyandotte County Municipal Temporary Notes Series V
3.30%........................................... 02/01/00 $ 1,020 $ 1,020,116
Wyandotte County Municipal Temporary Notes Series X
3.30%........................................... 02/01/00 1,263 1,262,644
------------
2,282,760
------------
Kentucky--3.6%
City of Maysville Solid Waste Disposal Facilities RB (Inland
Container Corporation Project) AMT
4.35%........................................... 01/21/00 4,000 4,000,000
City of Wilder Industrial Building RB (Saratoga Investments
Limited Partnerships) DN (Fifth Third Bank LOC)**
3.65%........................................... 11/07/99 1,610 1,610,000
Elsmere IDRB (International Mold Steel Incorporated Project) AMT
(Star Banc Corporation LOC)**
3.67%........................................... 11/07/99 1,820 1,820,000
Jefferson County Industrial Building RB DN (Atlas Machine & Supply
Company, Project) (Banc One N.A. LOC)**
3.70%........................................... 11/07/99 5,000 5,000,000
Kentucky Housing Corporation Revenue Notes Series C AMT
3.20%........................................... 12/31/99 2,000 2,000,000
Pulaski County Solid Waste Disposal Facilities PCRB (East Kentucky
Power) Series B AMT (A-1+, VMIG-1)
3.55%........................................... 02/15/00 1,000 1,000,000
------------
15,430,000
------------
Maryland--5.6%
Maryland State Community Development Administration (Atlantic
Pharmaceutical Services Incorporated) AMT (FNB Maryland LOC) (A-
1)**
3.68%........................................... 11/07/99 4,940 4,940,000
Maryland State Department of Housing & Community Development
(Landesbank Hessen Thuringen Girozentrale LOC) (VMIG-1)
3.85%........................................... 08/24/00 3,000 3,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Maryland (continued)
Maryland State Health & Higher Education Authority RB (Doctors
Community Hospital) Series 1997 DN (FNB Maryland LOC) (A-1)**
3.53%........................................... 11/07/99 $ 2,000 $ 2,000,000
Montgomery County Economic Development RB (Brooke Grove Foundation
Inc.) DN (FNB Maryland LOC) (A-1)**
3.53%........................................... 11/07/99 7,500 7,500,000
Ocean County RB (Harrison Inn Fifty-Eight Limited Partnership
Facility) AMT (FNB Maryland LOC) (A-1)**
3.73%........................................... 11/07/99 4,610 4,610,000
Wicomico County Economic Development RB (Plymouth Tube Company
Project) AMT (Banc One N.A. LOC) (VMIG-1)**
3.70%........................................... 11/07/99 1,900 1,900,000
------------
23,950,000
------------
Massachusetts--2.2%
Massachusetts Housing Finance Agency Development Bonds Trust
Receipts Series 1998B DN (Bank of New York LOC) (A-1+, VMIG-1)**
3.65%........................................... 11/07/99 9,615 9,615,000
------------
Michigan--3.1%
Bentley Community School District Student Aid GO Notes
4.45%........................................... 08/22/00 1,100 1,102,992
Benton Harbor Area School District Student Aid GO Notes
4.00%........................................... 08/31/00 1,000 1,002,407
Michigan State Strategic Fund Limited Obligation RB (Windcrest
Project) AMT (Banc One N.A. LOC) (A-1+)**
3.55%........................................... 11/07/99 5,300 5,300,000
Michigan State Strategic Fund Limited Obligation RB (Dawnbreakers
LLC Project) AMT (Banc One N.A. LOC)**
3.70%........................................... 11/07/99 4,855 4,855,000
Pinckney Community School District Student Aid GO Notes
4.25%........................................... 06/30/00 1,000 1,001,924
------------
13,262,323
------------
</TABLE>
27
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Minnesota--3.9%
Hennepin County GO Series 1997C DN (Westdeutsche Landesbank SPA)
(A-1+, VMIG-1)**
3.40%........................................... 11/07/99 $ 6,300 $ 6,300,000
Minneapolis GO Series 1997B DN (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 2,900 2,900,000
Minneapolis GO RB DN (Bayerische Landesbank Girozentrale LOC) (A-
1+, VMIG-1)**
3.40%........................................... 11/07/99 1,300 1,300,000
Minneapolis & St. Paul Airport Authority RB AMT
(A-1+C)
3.60%........................................... 02/10/00 3,935 3,935,000
Minnesota Agricultural Economic Development Authority (Como
Partnership Project) AMT (First Bank Systems, N.A. LOC)**
3.75%........................................... 11/07/99 2,260 2,260,000
------------
16,695,000
------------
Missouri--2.9%
Maries County IDA Solid Waste Management RB (Kingsford Products
Company Project) AMT (Clorox Company Incorporated Guarantee) (A-
1)**
3.65%........................................... 11/07/99 12,600 12,600,000
------------
New Hampshire--1.3%
Hillsborough County TAN
4.25%........................................... 12/29/99 4,000 4,003,137
New Hampshire State Housing Finance Authority Multifamily RB
(Countryside L.P. Project) AMT (General Electric Capital
Corporation LOC) (VMIG-1)**
3.65%........................................... 11/07/99 1,600 1,600,000
------------
5,603,137
------------
New Jersey--9.3%
Barnegat Township BAN
3.93%........................................... 01/10/00 1,843 1,844,168
Carlstadt BAN
3.35%........................................... 03/29/00 1,945 1,946,532
Cranford Township BAN
3.625%.......................................... 01/18/00 2,000 2,002,091
Essex County Improvement Authority BAN (MIG-1)
3.50%........................................... 03/31/00 2,000 2,002,797
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New Jersey (continued)
Essex County Public Improvement Authority RB (County Asset Sale
Project) Series 1995 DN (Morgan Guaranty Trust LOC) (VMIG-1)**
3.35%........................................... 11/07/99 $ 2,300 $ 2,300,000
New Jersey Economic Development Authority (Ocean Spray Cranberries
Incorporated Guarantee Project) AMT
3.70%........................................... 07/01/00 4,000 4,000,000
New Jersey Economic Development Authority RB (Bethany Baptist
Church Project) Series 1998 DN (First Union National Bank N.A.
LOC)**
3.30%........................................... 11/07/99 1,300 1,300,000
New Jersey Economic Development Authority RB (Facile Holdings
Incoporated Project) AMT (First Union National Bank N.A. LOC)**
3.35%........................................... 11/07/99 6,500 6,500,000
New Jersey Economic Development Authority RB (Hamilton Industrial
Development Project) Series 1998 DN (First Union National Bank
N.A. LOC)**
3.40%........................................... 11/07/99 2,000 2,000,000
New Jersey Economic Development Authority RB (Jersey Juice
Incorporated Project) Series 1998 AMT (First Union National Bank
N.A. LOC)**
3.40%........................................... 11/07/99 3,500 3,500,000
New Jersey Transportation Trust Fund Authority Trust Receipts RB
(Transportation System Project) Series 1996A DN (Bank of New York
LOC)
(A-1+C, VMIG-1)**
3.70%........................................... 11/07/99 3,600 3,600,000
Pequannock Township BAN
3.25%........................................... 12/03/99 3,865 3,865,656
Salem County Pollution Control Financing Authority PCRB (E.I.
DuPont de Nemours & Company Guarantee Project) Series 1982A DN
(A-1+, VMIG-1)**
3.90%........................................... 11/30/99 700 700,000
Seaside Heights BAN
3.60%........................................... 02/18/00 2,000 2,003,420
West Orange BAN
3.25%........................................... 11/16/99 1,000 1,000,112
Wildwood Crest BAN
3.45%........................................... 05/25/00 1,375 1,376,347
------------
39,941,123
------------
</TABLE>
28
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
North Dakota--1.0%
Mercer County Solid Waste Disposal RB (United Power Association
Project) Series U AMT (A-1+, P-1)
3.25%........................................... 12/01/99 $ 3,500 $ 3,500,000
North Dakota State Housing Finance Authority Home Mortgage RB
Series C AMT (FGIC Insurance)
(A-1+, VMIG-1)
3.20%........................................... 04/01/00 1,000 1,000,000
------------
4,500,000
------------
Ohio--8.1%
Beachwood BAN
3.20%........................................... 03/02/00 2,000 2,001,354
Brecksville County BAN
3.75%........................................... 07/22/00 1,300 1,301,594
Brooklyn IDRB (Dylon Industries Incorporated Project) AMT (Key
Bank N.A. LOC)**
3.70%........................................... 11/07/99 1,135 1,135,000
City of Allen BAN
3.35%........................................... 04/13/00 2,020 2,021,312
Clermont County Health Facilities Authority RB (Mercy Health
System Project) Series 1993A DN (Credit Suisse LOC) (VMIG-1)**
3.45%........................................... 11/07/99 300 300,000
Cuyahoga County IDRB (Cleveland Gear Company Incorporated Project)
Series 1998 AMT
(Key Bank N.A. LOC)**
3.60%........................................... 11/07/99 2,900 2,900,000
Erie County BAN
3.75%........................................... 06/01/00 2,400 2,406,760
Fulton County IDRB (Haas Door Company and Nofziger Doors
International Incorporated Project) Series 1999 AMT (National
City Bank LOC)**
3.70%........................................... 11/07/99 2,000 2,000,000
Medina County Health Care Facilities RB (The Oaks At Medina
Project) Series 1997B DN
(Bank One N.A. LOC)**
3.55%........................................... 11/07/99 3,200 3,200,000
North Olmsted BAN
4.20%........................................... 09/21/00 1,000 1,001,705
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Ohio (continued)
Ohio Air Quality Development Authority PCRB (Pennsylvania Power
Company Project) AMT (Banc One N.A. LOC) (A-1+)**
3.50%........................................... 11/07/99 $ 2,700 $ 2,700,000
Ohio Air Quality Development Authority PCRB (The Timken Company
Project) Series 1992 DN (Credit Suisse LOC) (A-1+, P-1)**
3.50%........................................... 11/07/99 1,600 1,600,000
Ohio Air Quality Development Authority PCRB (The Timken Company
Project) Series 1999 DN (Banc One N.A. LOC) (A-1+, P-1)**
3.45%........................................... 11/07/99 2,000 2,000,000
Ohio Housing Finance Agency Multi-Family Housing RB (The Club at
Spring Valley Apartments Project) Series 1996A DN (Key Bank LOC)
(A-1)**
3.55%........................................... 11/07/99 3,700 3,700,000
Ohio State Higher Educational Facilities RB (Pooled Financing
Program) Series 1996 DN (Fifth Third Bank LOC)**
3.55%........................................... 11/07/99 1,765 1,765,000
Toledo TAN
4.20%........................................... 05/18/00 1,438 1,441,093
Youngstown IDRB (Portage Transformer Company Project) Series 1996
DN
(National City Bank LOC)**
3.70%........................................... 11/07/99 3,220 3,220,000
------------
34,693,818
------------
Oregon--0.9%
Oregon State Department General Service Certificates of
Participation (Escrowed in U.S. Treasuries LOC)
7.20%........................................... 01/15/00 2,000 2,025,582
Portland BAN Series A (MIG-1)
3.75%........................................... 12/15/99 2,000 2,001,298
------------
4,026,880
------------
Pennsylvania--6.4%
Northumberland County IDA Resource Recovery RB (Foster Wheeler
Mount Carmel Project) Series 1987A DN (Union Bank of Switzerland
LOC) (VMIG-1)**
3.65%........................................... 11/07/99 2,600 2,600,000
</TABLE>
29
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- ---------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Pennsylvania (continued)
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1984B DN (A-1+,
VMIG-1)**
3.55%......................................... 11/07/99 $ 8,190 $ 8,190,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Project) Series 1994B DN (A-1+, VMIG-1)**
3.55%......................................... 11/07/99 4,365 4,365,000
Pennsylvania Higher Education Facilities Authority RB (University
of Pennsylvania Health Services Project) Series 1996C DN (Credit
Suisse LOC)
(A-1+, VMIG-1)**
3.55%......................................... 11/07/99 12,400 12,400,000
------------
27,555,000
------------
Rhode Island--0.4%
Rhode Island Housing & Mortgage Finance Corporation Homeownership
Opportunity Bonds Series 24-B AMT (A-1+, VMIG-1)
3.15%......................................... 12/15/1999 1,700 1,700,000
------------
South Carolina--1.6%
Berkeley County IDRB (Nucor Corp. Guarantee Project) Series 1995
DN (A-1+, P-1)**
3.55%......................................... 11/07/99 4,100 4,100,000
Piedmont Municipal Power Agency Electric Refunding RB Series 1997C
DN (Credit Suisse LOC)
(A-1+, VMIG-1)**
3.50%......................................... 11/07/99 1,300 1,300,000
Piedmont Municipal Power Agency Electric Refunding RB Series B DN
(Credit Suisse LOC)
(A-1+, VMIG-1)**
3.50%......................................... 11/07/99 600 600,000
Rock Hill Utility Systems RB (Escrowed in U.S. Treasuries LOC)
6.75%......................................... 01/01/00 1,000 1,009,754
------------
7,009,754
------------
Tennessee--0.8%
City of Jackson IDRB (Quadion Corporation Project) AMT (First Bank
Systems, N.A. LOC) (A-1)**
3.55%......................................... 11/07/99 3,400 3,400,000
------------
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Texas--6.0%
City of Haltom IDRB (Molded Products Company Project) Series 1995
AMT (ABN-AMRO Bank N.V. LOC) (A-1+)**
3.59%........................................... 11/07/99 $ 3,150 $ 3,150,000
Harris County TAN (SP-1+, MIG-1)
4.00%........................................... 02/29/00 1,000 1,001,677
Houston TRAN (SP-1+, MIG)
4.25%........................................... 06/30/00 5,000 5,028,854
Montgomery County IDRB (Sawyer Research Products Incorporated) AMT
(Key Bank N.A. LOC)**
3.70%........................................... 11/07/99 1,700 1,700,000
Port Arthur Navigation District Environmental Facilities RB
(Motiva Enterprises Project) AMT
(A-1)**
3.65%........................................... 11/07/99 5,890 5,890,000
Sulphur Springs IDRB (CMH Manufacturing Incorporated Project) AMT
(Wachovia Bank LOC)**
3.60%........................................... 11/07/99 4,030 4,030,000
Texas TRAN (SP-1+, MIG-1)
4.50%........................................... 08/31/00 5,000 5,032,441
------------
25,832,972
------------
Virginia--2.6%
Chesterfield County IDA RB (Lumberg, Incorporated Project) Series
1998 AMT (Bank America LOC)
(A-1+)**
3.70%........................................... 11/07/99 1,000 1,000,000
Metropolitan Washington D.C. Airport Authority (Virginia Passenger
Facility) Flexible Term Revenue Notes AMT (Bank America LOC) (A-
1+, P-1)
3.50%........................................... 11/22/99 6,900 6,900,000
Metropolitan Washington D.C. Airport Authority (Virginia Passenger
Facility) Flexible Term Revenue Notes AMT (Bank America LOC) (A-
1+, P-1)
3.85%........................................... 01/24/00 2,500 2,500,000
Metropolitan Washington D.C. Airport Authority (Virginia Passenger
Facility) Flexible Term Revenue Notes AMT (Bank America LOC) (A-
1+, P-1)
3.85%........................................... 02/18/00 1,000 1,000,000
------------
11,400,000
------------
</TABLE>
30
<PAGE>
MuniCash Portfolio
Statement of Net Assets (Concluded)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Washington--1.6%
Pilchuck Public Development Corporation RB (Holden-McDaniels
Partners, Project) AMT (Key Bank N.A. LOC)**
3.70%........................................... 11/07/99 $ 2,095 $ 2,095,000
Seattle Water System RB (FGIC Insurance LOC)
(A-1+C)
3.80%........................................... 01/27/00 5,000 5,000,000
------------
7,095,000
------------
West Virginia--0.6%
West Virginia Economic Development Authority IDRB (North American
Processing Company Project) AMT (National City Bank LOC)**
3.70%........................................... 11/07/99 2,670 2,670,000
------------
Wisconsin--2.0%
Brown Deer School District TRAN
4.05%........................................... 10/27/00 2,000 2,002,786
Stevens Point RB (Consolidated Paper Company Project) AMT
(Wachovia Bank LOC)**
3.60%........................................... 11/07/99 5,000 5,000,000
Wisconsin Housing & Economic Development Authority Homeownership
RB Series I AMT
3.55%........................................... 08/15/00 1,500 1,500,000
------------
8,502,786
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $415,290,122*)....... 96.3% 415,290,122
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 3.7 15,938,731
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
308,335,031 Fund Shares and 123,048,716 Dollar Shares
Outstanding).............................................. 100.0% $431,228,853
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($431,228,853 / 431,383,747).................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes. Market value of securities subject
to federal alternative minimum tax is 54.18% (Unaudited) of the total
market value.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
MuniCash Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
Period (000) of Portfolio
-------- ------------ ------------
<S> <C> <C>
1-30 Days $291,310,000 70.2%
31-60 Days 20,169,000 4.9
61-90 Days 20,343,200 4.9
91-120 Days 15,217,500 3.7
121-150 Days 9,945,000 2.4
Over 150 Days 58,132,500 13.9
</TABLE>
Average Weighted Maturity--52 days
Investment Abbreviations:
<TABLE>
<S> <C>
DN Demand Note
GO General Obligation
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TECP Tax Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Rating Service
ratings of the investments in the various Portfolios are believed to be the
most recent ratings available at October 31, 1999. The ratings have not been
audited by the Independent Accountants and, therefore, are not covered by the
Report of Independent Accountants.
See accompanying notes to financial statements.
31
<PAGE>
Provident Institutional Funds
California Money Fund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.7%
California--89.7%
ABAG Finance Authority Certificates of Participation (Lucile
Salter Packard Childrens Hospital) DN (AMBAC Insurance) (A-1+,
VMIG-1)**
3.05%........................................... 11/07/99 $ 3,725 $ 3,725,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series
1997C DN (National Westminster LOC) (A-1+)**
2.55%........................................... 11/07/99 4,310 4,310,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series A
DN (National Westminster LOC) (A-1+)**
3.45%........................................... 11/07/99 8,410 8,410,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series A
DN (Canadian Imperial Bank of Commerce LOC) (A-1+)**
3.45%........................................... 11/07/99 3,500 3,500,000
Alameda-Contra Costa Schools Financing Authority Certificates of
Participation (Capital Improvements Financing Project) Series D
DN (Canadian Imperial Bank LOC) (A-1+)**
3.45%........................................... 11/07/99 500 500,000
California Educational Facilities Authority RB DN
(A-1+C)**
3.29%........................................... 11/07/99 2,755 2,755,000
California GO (Morgan Guaranty Trust LOC)
(A-1+, P-1)
3.00%........................................... 12/08/99 10,000 10,000,000
California Health Facilities Financing Authority (Adventist Health
System West-Sutter Health) Series 1991B DN (Toronto Dominion LOC)
(A-1+, VMIG-1)**
3.10%........................................... 11/07/99 3,500 3,500,000
California Health Facilities Financing Authority (Catholic
Healthcare West) Series 1988C DN (MBIA Insurance) (A-1+, VMIG-
1)**
3.10%........................................... 11/07/99 2,200 2,200,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1987A DN (FGIC Insurance) (VMIG-1)**
3.40%........................................... 11/07/99 $ 100 $ 100,000
California Health Facilities Financing Authority (Pooled Loan
Program) Series 1990A DN
(A-1+, VMIG-1)**
3.40%........................................... 11/07/99 4,600 4,600,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series 1985B DN (MBIA Insurance) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 2,800 2,800,000
California Health Facilities Financing Authority (Scripps Memorial
Hospital) Series A DN (MBIA Insurance) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 2,300 2,300,000
California Health Facilities Financing Authority RB (St. Francis
Catholic Healthcare) Series C DN (MBIA Insurance) (A-1+, VMIG-
1)**
3.10%........................................... 11/07/99 1,000 1,000,000
California Health Facilities Financing Authority RB (Sutter Health
Project) Series 1998 DN (Bank of New York LOC) (A-1+, VMIG-1)**
3.70%........................................... 11/07/99 12,200 12,200,000
California Health Facilities Financing Authority RB (Sutter/CHS)
Series B DN (Toronto Dominion Bank) (A-1+, VMIG-1)**
3.50%........................................... 11/01/99 11,600 11,600,000
California Health Facilities Financing Authority RB Series 1990B
DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.40%........................................... 11/01/99 1,600 1,600,000
California Municipal Trust Certificates GO DN (Banc One N.A. LOC)
(SP-1+, MIG-1)**
3.52%........................................... 11/07/99 20,545 20,545,000
California Pollution Control Financing Authority PCRB (Pacific Gas
& Electric) Series 1996E DN (Morgan Guaranty Trust LOC) (A-1+)**
3.70%........................................... 11/01/99 4,805 4,805,000
</TABLE>
32
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
California Pollution Control Financing Authority PCRB (Southern
California Edison Company Project) (A-1, P-1)
3.25%........................................... 01/21/00 $ 2,000 $ 2,000,000
California RAN Series 1999A (SP-1+, MIG-1)
4.00%........................................... 06/30/00 9,000 9,040,688
California School Facilities Financing Corporation (Capital
Improvement Project) Series B DN (Bayerische Landesbank
Girozentrale LOC)
(VMIG-1)**
3.15%........................................... 11/07/99 10,000 10,000,000
California Statewide Communities Development Authority
Certificates of Participation (Covenant Retirement Communities,
Inc.) DN (ABN-AMRO Bank N.V. LOC) (A-1+, VMIG-1)**
3.30%........................................... 11/07/99 7,700 7,700,000
California Statewide Communities Development Authority
Certificates of Participation (St. Joseph Health System) DN (A-
1+, VMIG-1)**
3.00%........................................... 11/07/99 10,000 10,000,000
California Statewide Community College Financing Authority TRAN
Series A (SP-1+)
4.00%........................................... 06/30/00 15,000 15,074,749
California Trust Receipts Series 58 DN (FGIC Insurance) (SP-1+,
MIG-1)**
3.21%........................................... 11/07/99 12,365 12,365,000
City of Los Angeles GO Series 1998A DN (FGIC Insurance LOC) (A-1+,
VMIG-1)**
3.29%........................................... 11/07/99 3,160 3,160,000
City of Stockton IDRB (La Quinta Motor Inns) DN (Bank America
LOC)**
3.65%........................................... 11/07/99 1,070 1,070,000
Conejo Valley Unified School District TRAN (SP-1+)
3.45%........................................... 06/30/00 5,000 5,009,274
Contra Costa Multifamily Housing RB (Lakeshore Apartments) Series
1992C DN (Federal National Mortgage Association) (A-1+)**
2.95%........................................... 11/07/99 4,000 4,000,000
Corona Multifamily Housing RB (Country Hills Apartment Project)
Series 1995A DN (Bank America LOC) (A-1)**
3.45%........................................... 11/07/99 6,685 6,685,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Eastern Municipal Water District Facilities Corporation
Certificates of Particiation (Riverside County Project) DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.10%........................................... 11/07/99 $ 4,185 $ 4,185,000
Fremont Multifamily Housing Bonds (Creekside Village Apartments)
Series D DN (Kredietbank LOC) (VMIG-1)**
3.20%........................................... 11/07/99 4,000 4,000,000
Golden Empire Schools Financing Authority (Kern High School
District Project) Series A DN (Canadian Imperial Bank LOC) (A-
1+)**
3.45%........................................... 11/07/99 7,555 7,555,000
Golden Empire Schools Financing Authority (Kern High School
District Project) Series B DN (National Westminster LOC) (A-1+)**
3.45%........................................... 11/07/99 10,000 10,000,000
Irvine Ranch Water District Consolidated GO Revenue Refunding
Bonds Series 1985B DN (Landesbank Hessen-Thuringen Girozentrale
LOC) (A-1+, VMIG-1)**
3.65%........................................... 11/01/99 7,900 7,900,000
Kern County Certificates of Participation (Kern Public Facilities
Project) Series B DN (Union Bank of Switzerland LOC) (VMIG-1)**
3.00%........................................... 11/07/99 3,700 3,700,000
Kern County TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 5,000 5,027,217
Los Angeles Convention & Exposition Center Authority Lease RB
Series D DN (Bank of New York LOC) (A-1+, VMIG-1)**
3.70%........................................... 11/07/99 8,200 8,200,000
Los Angeles County Metropolitan Transportation Authority Second
Subordinate Sales Tax Revenue Notes Series A DN (MBIA Insurance)
(A-1+)**
3.10%........................................... 11/07/99 6,980 6,980,000
Los Angeles County Multifamily Housing RB (Malibu Meadows Project)
Series 1998B DN (Federal National Mortgage Association) (A-1+)**
3.10%........................................... 11/07/99 3,000 3,000,000
</TABLE>
33
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Los Angeles County Pension Obligation Revenue Refunding Bonds
Series B DN (AMBAC Insured) (A-1+, VMIG-1)**
3.15%........................................... 11/07/99 $10,000 $ 10,000,000
Los Angeles County Pension Obligation Revenue Refunding Bonds
Series C DN (Bank of Nova Scotia LOC) (A-1+, VMIG-1)**
3.15%........................................... 11/07/99 1,500 1,500,000
Los Angeles County TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 7,000 7,030,446
Los Angeles County Transportation Commission Sales Tax Revenue
Refunding Bonds Series 1992 DN (FGIC Insurance) (A-1+, VMIG-1)**
3.15%........................................... 11/07/99 16,300 16,300,000
Los Angeles County Unified School District Series C (A-1+C)
3.50%........................................... 02/24/00 3,010 3,010,000
Los Angeles County Unified School District TRAN (SP-1+, MIG-1)
4.00%........................................... 06/30/00 2,000 2,011,536
Metropolitan Water District of Southern California
(A-1+, P-1)
3.35%........................................... 12/21/99 10,800 10,800,000
Metropolitan Water District of Southern California RB Series 1996C
DN (A-1+)**
3.29%........................................... 11/07/99 1,245 1,245,000
Metropolitan Water District of Southern California Series A DN
(ABN-AMRO Bank N.V. LOC)
(A-1+, VMIG-1)**
3.00%........................................... 11/07/99 1,845 1,845,000
Milpitas Unified School District TRAN (SP-1+)
3.25%........................................... 06/30/00 3,500 3,502,901
Oakland Certificates of Participation (Capital Improvement
Project) DN (National Westminster LOC) (A-1+)**
3.00%........................................... 11/07/99 11,500 11,500,000
Ontario Multifamily RB (Residential Park Center) DN (Royal Bank of
Canada LOC) (VMIG-1)**
2.65%........................................... 11/07/99 9,900 9,900,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Oxnard Unified High School District Certificates of Participation
Series B
7.70%........................................... 11/01/99 $ 1,000 $ 1,000,000
Pomona Redevelopment Agency Multifamily RB Series A DN (Federal
National Mortgage Association) (A-1+)**
3.10%........................................... 11/07/99 2,400 2,400,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985A DN (Commerzbank LOC) (A-1+, VMIG-
1)**
3.45%........................................... 11/07/99 13,600 13,600,000
Riverside County Certificates of Participation (Riverside County
Public Facility) Series 1985D DN (Commerzbank LOC) (A-1+)**
3.45%........................................... 11/07/99 4,080 4,080,000
Rohnert Park Multifamily Housing Bonds (Crossbrook Apartments)
Series A DN (Federal National Mortgage Association) (A-1+)**
3.10%........................................... 11/07/99 2,500 2,500,000
Sacramento County Trust Receipts TRAN Series A-21 DN (Bank of New
York LOC) (VMIG-1)**
3.70%........................................... 11/07/99 10,000 10,000,000
Sacramento Municipal Utility District TECP (A-1+, P-1)
3.40%........................................... 02/15/00 14,000 14,000,000
San Diego Multifamily Housing RB (University Tour Center
Apartments Project) DN (Bank America LOC) (A-1, VMIG-1)**
2.85%........................................... 11/07/99 4,000 4,000,000
San Diego Multifamily Housing RB Series A DN (Fifth Third Bank
LOC) (A-1+)**
3.10%........................................... 11/07/99 4,100 4,100,000
San Francisco City & County Housing Authority Multifamily Housing
RB (Winterland Project) Series 1985C DN (Citibank LOC)
(A-1+, VMIG-1)**
2.80%........................................... 11/07/99 4,700 4,700,000
San Francisco City & County Redevelopment Agency Multifamily
Housing RB (South Harbor Project) DN (VMIG-1)**
3.25%........................................... 11/07/99 13,300 13,300,000
</TABLE>
34
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
San Francisco Public Utility Commission TECP
(A-1+, P-1)
3.10%........................................... 12/10/99 $ 3,000 $ 3,000,000
San Jose Multifamily Housing Bonds (Fairway Glen Project) Series A
DN (FGIC Insurance)
(A-1+, VMIG-1)**
3.05%........................................... 11/07/99 4,980 4,980,000
San Jose Multifamily Housing Bonds (Timberwood Apartments Project)
Series 1995A DN (Wells Fargo Bank LOC) (VMIG-1)**
3.45%........................................... 11/07/99 4,065 4,065,000
San Juan-Modesto-Santa Clara-Redding Public Power Agency (San Juan
Project) Subordinate Lien RB Series 1995B DN (AMBAC Insurance)
(A-1+, VMIG-1)**
2.90%........................................... 11/07/99 11,000 11,000,000
Santa Ana Unified School District Public Facilities Series 1990 DN
(Banque Nationale de Paris LOC) (VMIG-1)**
2.90%........................................... 11/07/99 3,778 3,778,280
Santa Clara Financing Authority Lease Revenue Refunding Bonds (VMC
Facilities Replacement Project) Series B DN (Union Bank of
Switzerland LOC) (A-1, VMIG-1)**
3.00%........................................... 11/07/99 7,450 7,450,000
Santa Clara Multifamily Housing Bonds (Fox Chase Project) DN (FGIC
Insurance) (A-1+, VMIG-1)**
3.00%........................................... 11/07/99 4,700 4,700,000
Solano County TRAN Series B (Teeter Plan Notes) (MIG-1)
3.50%........................................... 12/15/99 5,000 5,003,219
Southeast California Lease Revenue Refunding Bonds (Resource
Recovery Facility Authority) DN (Bayerische Landesbank
Girozentrale LOC
(A-1, VMIG-1)**
2.85%........................................... 11/07/99 1,000 1,000,000
Southern California Public Power Authority RB (Southern
Transmission Project) Series 1991 DN (AMBAC Insurance & Barclays
LOC)
(A-1+, VMIG-1)**
3.15%........................................... 11/07/99 10,000 10,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
California (continued)
Southern California Public Power Authority Subordinated Refunding
RB (Palo Verde Project) Series 1996B DN (A-1+, VMIG-1)**
3.15%........................................... 11/07/99 $ 1,800 $ 1,800,000
Sunnyvale Elementary School District TRAN (SP-1+)
3.25%........................................... 06/30/00 5,000 5,004,807
University of California TECP (A-1+, P-1)
3.40%........................................... 02/11/00 6,000 6,000,000
Vallecitos Water District Certificates of Participation (Twin Oaks
Reservoir Project) DN (Credit Locale de France LOC) (A-1+, VMIG-
1)**
3.00%........................................... 11/07/99 2,700 2,700,000
Wateruse Finance Authority RB Series 1998 DN (FSA Insured) (A-
1+)**
3.40%........................................... 11/07/99 24,900 24,900,000
------------
494,808,117
------------
Guam--0.5%
Guam Power Authority TECP (Kredietbank LOC)
(A-1, P-1)
3.20%........................................... 11/10/99 3,000 3,000,000
------------
Puerto Rico--9.5%
Puerto Rico Commomwealth Aqueduct & Sewer Authority RB DN (A-
1+C)**
3.29%........................................... 11/07/99 3,000 3,000,000
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 7,500 7,500,000
Puerto Rico Government Development Bank TECP (A-1+, P-1)
3.05%........................................... 11/05/99 5,000 5,000,000
3.05%........................................... 11/09/99 10,000 10,000,000
3.05%........................................... 11/10/99 5,000 5,000,000
3.30%........................................... 12/10/99 5,000 5,000,000
</TABLE>
35
<PAGE>
California Money Fund Portfolio
Statement of Net Assets (Concluded)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
3.45%........................................... 02/08/00 $ 3,700 $ 3,700,000
3.45%........................................... 02/09/00 2,058 2,058,000
Puerto Rico Industrial Tourist Education Medical & Environmental
Control Financing Authority (Ana G. Mendez University System
Project) DN (Banco de Santarder LOC) (A-1+)**
3.40%........................................... 11/07/99 6,285 6,285,000
Puerto Rico Insured Trust Receipts Series 1998 DN (Bank of New
York LOC) (A-1+C, VMIG-1)**
3.40%........................................... 11/07/99 2,685 2,685,000
Puerto Rico Public Finance Corporation DN (AMBAC Insurance LOC)
(A-1+, VMIG-1)**
3.29%........................................... 11/07/99 2,150 2,150,000
------------
52,378,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES
(Cost $550,186,117*)...................................... 99.7% 550,186,117
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.3 1,577,746
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
543,603,965 Fund Shares and 8,290,608 Dollar Shares
Outstanding).............................................. 100.0% $551,763,863
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($551,763,863 / 551,894,573).................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
California Money Fund Portfolio
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $433,913,280 78.9%
31-60 Days 33,800,000 6.1
61-90 Days 2,000,000 0.4
91-120 Days 28,768,000 5.2
Over 150 Days 51,500,000 9.4
</TABLE>
Average Weighted Maturity--37 days
Investment Abbreviations:
<TABLE>
<C> <S>
DN Demand Note
GO General Obligation
IDRB Industrial Development Revenue Bond
LOC Letter of Credit
PCRB Pollution Control Revenue Bond
RAN Revenue Anticipation Note
RB Revenue Bond
TECP Tax-Exempt Commercial Paper
TRAN Tax and Revenue Anticipation Note
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments in the various Portfolios are believed to be the
most recent ratings available at October 31, 1999. The ratings have not been
audited by the Independent Accountants and, therefore are not covered by the
Report of Independent Accountants.
See accompanying notes to financial statements.
36
<PAGE>
Provident Institutional Funds
New York Money Fund Portfolio
Statement of Net Assets
October 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS--99.7%
New York--88.0%
Arlington Central School District TAN
3.875%.......................................... 11/09/99 $ 2,500 $ 2,500,000
Babylon IDA Resource Recovery RB (Ogden Martin Project) DN (Morgan
Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.35%........................................... 11/07/99 6,320 6,320,000
Board of Cooperative Education Services for the Sole Supervisory
District of Broome, Delaware & Tioga Counties RAN
4.00%........................................... 06/30/00 2,000 2,006,381
Brewster Central School District TAN
4.00%........................................... 06/30/00 1,500 1,503,607
Cayuga County BAN
4.125%.......................................... 09/07/00 2,658 2,667,223
City of New York GO Series 1994B DN (Morgan Guaranty LOC) (A-1+,
VMIG-1)**
4.00%........................................... 11/01/99 2,100 2,100,000
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
4.00%........................................... 11/01/99 1,135 1,135,000
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
4.00%........................................... 11/01/99 1,050 1,050,000
City of New York GO DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-
1)**
4.00%........................................... 11/01/99 1,300 1,300,000
City of New York GO Series 1993A-7 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.50%........................................... 11/01/99 300 300,000
City of New York GO Series 1993B DN (FGIC Insurance) (A-1+, VMIG-
1)**
4.00%........................................... 11/01/99 1,000 1,000,000
City of New York GO Series 1994E-4 DN (State Street Bank & Trust
LOC) (A-1+, VMIG-1)**
3.50%........................................... 11/01/99 500 500,000
City of New York GO Series 1995F-2 DN (Toronto Dominion LOC) (A-
1+, VMIG-1)**
3.30%........................................... 11/07/99 3,000 3,000,000
City of New York GO Series 1995F-4 DN (Landesbank Hessen Thuringen
Girozentrale LOC) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 1,400 1,400,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
City of New York GO Series 1995F-6 DN (Morgan Guaranty Trust LOC)
(A-1+, VMIG-1)**
3.35%........................................... 11/07/99 $ 7,300 $ 7,300,000
City of New York GO Series A DN (Morgan Guaranty Trust LOC) (A-1+,
VMIG-1)**
4.00%........................................... 11/01/99 3,100 3,100,000
City of New York GO Series A-4 DN (Chase Bank LOC) (A-1, VMIG-1)**
3.50%........................................... 11/01/99 400 400,000
City of New York GO Series B DN (FGIC Insurance) (A-1+, VMIG-1)**
4.00%........................................... 11/01/99 3,500 3,500,000
City of New York GO Series B-8 DN (Bayerishe Landesbank LOC) DN
(A-1+, VMIG-1)**
3.35%........................................... 11/07/99 2,100 2,100,000
City of New York GO Series D-22 DN (FGIC Insurance) (A-1+, VMIG-
1)**
3.35%........................................... 11/07/99 5,800 5,800,000
City of New York GO Series E-5 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)**
3.50%........................................... 11/01/99 300 300,000
City of New York GO Series E-5 DN (Morgan Guaranty LOC) (A-1+,
VMIG-1)**
3.50%........................................... 11/01/99 1,100 1,100,000
City of New York GO Series E-5 DN (Morgan Guaranty Trust LOC) (A-
1+, VMIG-1)**
3.50%........................................... 11/01/99 400 400,000
City of New York Health & Hospital Corporation MB (Bank of New
York LOC) (A-1+, VMIG-1)
3.70%........................................... 02/01/00 3,000 3,000,000
City of New York Health & Hospital Corporation RB Series C DN
(Toronto Dominion Bank LOC) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 1,575 1,575,000
City of New York Housing Development Corporation (Columbus
Apartments Project) Series A DN (Federal National Mortgage
Association) (A-1+)**
3.25%........................................... 11/07/99 3,400 3,400,000
City of New York Housing Development Corporation (Columbus Gardens
Project) Series 1993A DN (Citibank LOC) (A-1)**
3.25%........................................... 11/07/99 10,050 10,050,000
</TABLE>
37
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
City of New York Housing Development Corporation (Queenswood
Apartment Project) DN (National City Bank LOC) (VMIG-1)**
3.25%........................................... 11/07/99 $ 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+)**
3.30%........................................... 11/07/99 4,100 4,100,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Columbus Green Project) DN (Federal National
Mortgage Association) (A-1+)**
3.25%........................................... 11/07/99 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+)**
3.30%........................................... 11/07/99 3,700 3,700,000
City of New York Housing Development Corporation Multifamily
Rental Housing RB (Parkgate Development Project) Series 1998A DN
(Federal National Mortgage Association) (A-1+)**
3.25%........................................... 11/07/99 7,400 7,400,000
City of New York Municipal Water Authority TECP (Commerzbank LOC)
(A-1+, P-1)
3.45%........................................... 12/23/99 5,700 5,700,000
City of New York Tender Option Bonds DN (MBIA Insurance) (VMIG-
1)**
3.52%........................................... 11/07/99 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)**
3.50%........................................... 11/07/99 10,100 10,100,000
City of New York Transitional Finance Authority Financing RB
Series A-1 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 4,400 4,400,000
City of New York Trust For Cultural Resources (The Museum Of
Broadcasting) Series 1989 DN (Krediet Bank LOC) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 4,900 4,900,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
Clinton County BAN
4.00%........................................... 07/28/00 $ 4,016 $ 4,029,070
Dormitory Authority of the State of New York (Beverwyck Inc.) DN
(Banque Paribas LOC) (P-1)**
3.50%........................................... 11/07/99 5,700 5,700,000
Dormitory Authority of the State of New York (Metropolitan Museum
of Art) Series 1993A DN (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 1,068 1,068,000
Dormitory Authority of the State of New York (State University
Educational Facilities) RB Series A MB (Escrowed in U.S.
Government Securities) (AAA)
7.70%........................................... 05/15/00 2,100 2,171,486
Dormitory Authority of the State of New York RB (Rockefeller
University) Series 1998A DN (A 1+, VMIG-1)**
3.20%........................................... 11/07/99 2,600 2,600,000
Eastchester Union Free School District TAN
4.00%........................................... 06/30/00 4,300 4,309,613
Erie County Water Authority Series B DN (AMBAC Insurance) (A-1+,
VMIG-1)**
3.35%........................................... 11/07/99 2,300 2,300,000
Franklin County IDA Civic Facility RB
(Paul Smith's College Project) Series 1998 DN (Key Bank N.A.
LOC)**
3.55%........................................... 11/07/99 4,400 4,400,000
Long Island Power Authority Electric System RB DN (MBIA Insurance)
(A-1+C)**
3.57%........................................... 11/07/99 5,245 5,245,000
Long Island Power Authority Electric System RB DN (Westdeutsche
Landesbank Girozentrale LOC) (A-1+, VMIG-1)**
3.40%........................................... 11/07/99 6,900 6,900,000
Long Island Power Authority Electric System Subordinated RB Series
6 DN (Morgan Guaranty Trust LOC) (A-1+, VMIG-1)**
3.65%........................................... 11/01/99 700 700,000
Lyons Central School District RAN
3.625%.......................................... 06/26/00 3,250 3,254,594
Metropolitan Transportation Authority Transit Facilities RB Series
1998C DN (FSA Insurance) (A-1+C)**
3.62%........................................... 11/07/99 12,100 12,100,000
</TABLE>
38
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
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 MB (AA,
Aa2)
4.25%........................................... 07/01/00 4,300 4,329,766
Nassau County IDA Civic Facility Refunding & Improvement RB (Cold
Spring Harbor Laboratory Project) DN (Morgan Guaranty Trust LOC)
(A-1+)**
3.55%........................................... 11/01/99 12,450 12,450,000
Nassau County IDA (Winthrop University Hospital Project) DN
(Morgan Guaranty LOC) (A-1+)**
3.55%........................................... 11/01/99 500 500,000
New York Local Government Assistance Corporation Bond Series 1995E
DN (Canadian Imperial Bank LOC) (A-1+, VMIG-1)**
3.20%........................................... 11/07/99 5,450 5,450,000
New York Local Government Assistance Corporation Bonds Series
1994B DN (Credit Suisse LOC) (A-1+, VMIG-1)**
3.30%........................................... 11/07/99 2,700 2,700,000
New York State Energy, Research & Development Authority PCRB
(Brooklyn Gas Facilities Project) Series 1997A DN (MBIA
Insurance) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 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)**
3.50%........................................... 11/07/99 1,000 1,000,000
New York State Energy, Research & Development Authority PCRB (New
York State Electric & Gas Corporation Project) Series 1985A MB
(Morgan Guaranty Trust 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>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
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)**
3.50%........................................... 11/01/99 $11,950 $ 11,950,000
New York State Energy, Research & Development Authority PCRB
(Niagara Mohawk Power) Series 1985A DN (Toronto Dominion LOC)
(A-1, VMIG-1)**
3.70%........................................... 11/01/99 4,700 4,700,000
New York State Energy, Research & Development Authority PCRB
(Orange & Rockland Utilities Incorporated Project) Series 1995A
DN (AMBAC Insurance) (A-1+, VMIG-1)**
3.35%........................................... 11/07/99 1,300 1,300,000
New York State Housing Finance Agency Multifamily Housing RB
Series 1988A DN (AMBAC Insurance) (A-1+, VMIG-1)**
3.50%........................................... 11/07/99 700 700,000
New York State Housing Finance Agency Service Contract Obligation
RB Series 1998A DN (Commerzbank LOC) (A-1+, VMIG-1)**
3.30%........................................... 11/01/99 200 200,000
New York State Housing Finance Authority RB (Normandie Court I)
Series 1991 DN (Society Generale LOC) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 6,250 6,250,000
New York State Job Development Authority Special Purpose Bonds
Series 1984A DN (Multiple Credit Enhancements) (A-1, VMIG-1)**
3.50%........................................... 11/01/99 620 620,000
New York State Power Authority General Power MB (A-1, VMIG-1)
3.55%........................................... 03/01/00 15,300 15,300,000
New York State Thruway Authority RB DN (FGIC Insurance) (VMIG-1)**
3.50%........................................... 11/01/99 500 500,000
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)**
3.55%........................................... 11/07/99 810 810,000
</TABLE>
39
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Continued)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
New York (continued)
Rochester GO MB
5.00%........................................... 10/01/00 $ 5,000 $ 5,053,215
Shenendehowa Central School Distict Clifton Park BAN
4.00%........................................... 07/19/00 1,505 1,509,578
Suffolk County IDA Civic Facility RB (Episcopal Health Services
Incorporated) Series 1998A DN (Banque Paribas LOC) (A-1, VMIG-
1)**
3.55%........................................... 11/07/99 600 600,000
Suffolk County Water Authority DN (Bank of Nova Scotia LOC) (VMIG-
1)**
3.40%........................................... 11/07/99 5,100 5,100,000
Taconic Hills Central School District at Craryville RAN
3.875%.......................................... 06/29/00 3,600 3,607,830
Town of Colonie, Albany County BAN Series C
4.00%........................................... 07/28/00 1,800 1,805,763
Watertown City School District GO RAN
4.125%.......................................... 06/30/00 3,000 3,010,052
------------
284,401,178
------------
Puerto Rico--11.7%
Commonwealth of Puerto Rico GO DN (MBIA Insurance) (A-1+, P-1)**
3.29%........................................... 11/07/99 4,850 4,850,000
Puerto Rico Government Development Bank Series 1985 DN (Credit
Suisse LOC) (A-1+, VMIG-1)**
3.25%........................................... 11/07/99 6,350 6,350,000
Puerto Rico Government Development Bank TECP (A-1+, P-1)
3.45%........................................... 02/08/00 5,184 5,184,000
Puerto Rico Highway & Transportation Authority RB Series 1998A DN
(AMBAC Insurance) (A-1+, VMIG-1)**
3.10%........................................... 11/07/99 2,000 2,000,000
</TABLE>
<TABLE>
<CAPTION>
Investments Maturity Par
in Securities Date (000) Value
- ------------- -------- ------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS (continued)
Puerto Rico (continued)
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+)**
3.40%........................................... 11/07/99 $ 5,680 $ 5,680,000
Puerto Rico Insured Trust Receipts Series 1998D DN (Bank of New
York LOC) (A-1+C, VMIG-1)**
3.40%........................................... 11/07/99 7,800 7,800,000
Puerto Rico Medical, Higher Education & Environmental PCRB (Ana G.
Mendez Educational Foundation Project) DN (Bank of Tokyo-
Mitsubishi LOC)**
3.50%........................................... 11/07/99 6,055 6,055,000
------------
37,919,000
------------
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS IN SECURITIES (Cost $322,320,178*)....... 99.7% 322,320,178
OTHER ASSETS IN EXCESS OF LIABILITIES...................... 0.3 926,391
----- ------------
NET ASSETS (Equivalent to $1.00 per share based on
323,269,155 Fund Shares outstanding)...................... 100.0% $323,246,569
===== ============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($323,246,569 / 323,269,155).................................... $1.00
=====
</TABLE>
- --------
* Cost for federal income tax purposes.
** Variable Rate Obligations--The interest rate shown is as of October 31,
1999, and the maturity date shown is the longer of the next interest
readjustment date or the date the principal amount owned can be recovered
upon demand.
40
<PAGE>
New York Money Fund Portfolio
Statement of Net Assets (Concluded)
- --------------------------------------------------------------------------------
New York Money Fund
Maturity Information
October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Maturity Par Percentage
-------- ------------ ----------
<S> <C> <C>
1-30 Days $241,523,000 75.1%
31-60 Days 7,765,000 2.4
91-120 Days 8,184,000 2.5
121-150 Days 23,300,000 7.2
Over 150 Days 41,319,100 12.8
</TABLE>
Average Weighted Maturity--51 days
Investment Abbreviations:
<TABLE>
<C> <S>
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
TAN Tax Anticipation Note
TECP Tax-Exempt Commercial Paper
</TABLE>
The Moody's Investors Service, Inc. and Standard & Poor's Ratings Service
ratings of the investments in the various Portfolios are believed to be the
most recent ratings available at October 31, 1999. The ratings have not been
audited by the Independent Accountants and, therefore, are not covered by the
Report of Independent Accountants.
See accompanying notes to financial statements.
41
<PAGE>
Provident Institutional Funds
Statements of Operations
For the Periods Ended October 31, 1999
<TABLE>
<CAPTION>
Federal Treasury
TempFund TempCash Fed Fund T-Fund Trust Fund Trust Fund
Portfolio/1/ Portfolio/1/ Portfolio/2/ Portfolio/2/ Portfolio/2/ Portfolio/2/
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income........ $69,404,104 $ 11,046,326 $48,193,969 $173,950,581 $14,242,012 $61,061,544
----------- ------------ ----------- ------------ ----------- -----------
Expenses:
Investment advisory
fee................... 1,164,241 320,843 1,171,254 4,311,843 349,278 1,612,975
Administration fee..... 1,164,241 320,843 1,171,254 4,311,843 349,278 1,612,975
Custodian fee.......... 118,025 30,139 183,336 412,025 71,250 221,806
Transfer agent fee..... 72,500 5,000 65,934 206,181 27,774 89,854
Trustees' fees and
expenses.............. 2,000 2,400 36,908 45,692 35,282 39,016
Registration fees and
expenses.............. 1,500 1,000 34,135 45,404 24,187 42,711
Legal fees............. 3,000 3,500 25,286 32,760 26,295 25,994
Audit fees............. 18,500 20,300 14,441 43,840 15,304 16,796
Printing............... 1,000 900 8,721 16,480 6,832 7,301
Other.................. 22,596 4,102 22,994 59,828 11,298 26,910
----------- ------------ ----------- ------------ ----------- -----------
2,567,603 709,027 2,734,263 9,485,896 916,778 3,696,338
----------- ------------ ----------- ------------ ----------- -----------
Service Organization
fees--Dollar Shares.... 99,768 85,468 75,161 1,710,872 76,231 1,147,232
Service Organization
fees--Cash Management
Shares................. 6,551 -- -- 4,674 -- --
----------- ------------ ----------- ------------ ----------- -----------
106,319 85,468 75,161 1,715,546 76,231 1,147,232
----------- ------------ ----------- ------------ ----------- -----------
Total expenses.......... 2,673,922 794,495 2,809,424 11,201,442 993,009 4,843,570
----------- ------------ ----------- ------------ ----------- -----------
Less fees waived........ (294,308) (335,548) (813,448) (2,420,444) (342,902) (1,045,267)
Less fees paid
indirectly............. -- -- -- (125,759) -- --
----------- ------------ ----------- ------------ ----------- -----------
(294,308) (335,548) (813,448) (2,546,203) (342,902) (1,045,267)
----------- ------------ ----------- ------------ ----------- -----------
Net expenses............ 2,379,614 458,947 1,995,976 8,655,239 650,107 3,798,303
----------- ------------ ----------- ------------ ----------- -----------
Net investment income... 67,024,490 10,587,379 46,197,993 165,295,342 13,591,905 57,263,241
Realized gain (loss) on
investments:
Net realized gain (loss)
from security
transactions........... -- -- 17,942 (13,212) 9,118 (69,222)
----------- ------------ ----------- ------------ ----------- -----------
Net increase in net
assets resulting from
operations............. $67,024,490 $10,587 ,379 $46,215,935 $165,282,130 $13,601,023 $57,194,019
=========== ============ =========== ============ =========== ===========
</TABLE>
/1/ For the one month ended October 31, 1999.
- -----
/2/ For the year ended October 31, 1999.
See accompanying notes to financial statements.
42
<PAGE>
Provident Institutional Funds
Statements of Operations
For the Periods Ended October 31, 1999
<TABLE>
<CAPTION>
California New York
MuniFund MuniCash Money Fund Money Fund
Portfolio/1/ Portfolio/1/ Portfolio/2/ Portfolio/3/
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income........... $18,058,376 $14,282,303 $13,797,159 $2,529,956
----------- ----------- ----------- ----------
Expenses:
Investment advisory fee... 999,005 768,974 963,618 157,437
Administration fee........ 999,005 768,974 963,618 157,437
Custodian fee............. 120,187 99,998 100,432 18,919
Transfer agent fee........ 81,226 43,472 35,232 7,926
Trustees' fees and
expenses................. 35,466 40,384 34,392 19,726
Registration fees and
expenses................. 43,630 40,264 4,603 1,934
Legal fees................ 21,445 25,464 30,052 9,354
Audit fees................ 23,493 20,107 30,529 14,751
Printing.................. 8,168 8,138 23,851 4,394
Other..................... 15,805 6,808 8,726 2,703
----------- ----------- ----------- ----------
2,347,430 1,822,583 2,195,053 394,581
----------- ----------- ----------- ----------
Service Organization
fees--Dollar Shares...... 126,439 262,380 58,139 --
Service Organization
fees--Cash Management
Shares................... 4,819 -- -- --
----------- ----------- ----------- ----------
131,258 262,380 58,139 --
----------- ----------- ----------- ----------
Total expenses............ 2,478,688 2,084,963 2,253,192 394,581
----------- ----------- ----------- ----------
Less fees waived.......... (1,205,801) (942,436) (1,231,445) (237,172)
Less fees paid indirectly. (13,898) -- (7,671) (1,055)
----------- ----------- ----------- ----------
(1,219,699) (942,436) (1,239,116) (238,227)
Net expenses.............. 1,258,989 1,142,527 1,014,076 156,354
----------- ----------- ----------- ----------
Net investment income..... 16,799,387 13,139,776 12,783,083 2,373,602
Realized gain (loss) on
investments:
Net realized gain (loss)
from security
transactions............. (30,617) (28,918) 4,829 --
Increase in amortized
market discount.......... -- 347 -- --
----------- ----------- ----------- ----------
Net gain (loss) on
investments.............. (30,617) (28,571) 4,829 --
----------- ----------- ----------- ----------
Net increase in net assets
resulting from
operations............... $16,768,770 $13,111,205 $12,787,912 $2,373,602
=========== =========== =========== ==========
</TABLE>
/1/ For the eleven months ended October 31, 1999.
- -----
/2/ For the nine months ended October 31, 1999.
/3/ For the three months ended October 31, 1999.
See accompanying notes to financial statements.
43
<PAGE>
Provident Institutional Funds
Statements of Operations
For Each of the Years Ended
<TABLE>
<CAPTION>
California New York
TempFund TempCash MuniFund MuniCash Money Fund Money Fund
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------ ------------ ----------- -----------
September 30, September 30, November 30, November 30, January 31, July 31,
1999 1999 1998 1998 1999 1999
------------- ------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income........ $675,432,440 $179,238,761 $21,174,463 $20,503,879 $21,674,535 $10,041,633
------------ ------------ ----------- ----------- ----------- -----------
Expenses:
Investment advisory
fee................... 12,490,007 4,969,690 1,057,053 983,615 1,344,717 653,307
Administration fee..... 12,490,007 4,969,690 1,057,053 983,615 1,344,717 653,307
Custodian fee.......... 1,185,424 437,281 128,497 121,370 138,600 75,166
Transfer agent fee..... 844,807 110,699 64,677 39,561 44,302 37,938
Trustees' fees and
expenses.............. 49,480 32,898 51,577 58,561 35,820 34,108
Shareholder computer
access program........ 47,600 9,010 -- -- -- --
Registration fees and
expenses.............. 1,082,376 -- 33,722 17,591 3,855 --
Legal fees............. 40,747 20,627 20,566 20,184 54,392 55,459
Audit fees............. 53,395 23,153 13,912 18,358 31,998 39,474
Printing............... 15,097 15,650 10,823 8,375 11,002 23,083
Other.................. 105,100 28,765 27,410 12,636 13,807 7,123
------------ ------------ ----------- ----------- ----------- -----------
28,404,040 10,617,463 2,465,290 2,263,866 3,023,210 1,578,965
------------ ------------ ----------- ----------- ----------- -----------
Service Organization
fees--Dollar Shares.... 998,538 1,059,560 144,751 273,684 302,866 --
Service Organization
fees--Cash Management
Shares................. 12,627 -- -- -- -- --
------------ ------------ ----------- ----------- ----------- -----------
1,011,165 1,059,560 144,751 273,684 302,866 --
Total expenses.......... 29,415,205 11,677,023 2,610,041 2,537,550 3,326,076 1,578,965
------------ ------------ ----------- ----------- ----------- -----------
Less fees waived........ (4,770,711) (4,302,355) (978,751) (1,231,761) (1,678,495) (927,209)
------------ ------------ ----------- ----------- ----------- -----------
Net expenses............ 24,664,494 7,374,668 1,631,290 1,305,789 1,647,581 651,756
------------ ------------ ----------- ----------- ----------- -----------
Net investment income... 650,787,946 171,864,093 19,543,173 19,198,090 20,026,954 9,389,877
Realized gain (loss) on
investments:
Net realized gain (loss)
on investments......... 50,928 (128,638) (28,931) 22,258 13,414 (1,390)
------------ ------------ ----------- ----------- ----------- -----------
Net increase in net
assets resulting from
operations............. $650,838,874 $171,735,455 $19,514,242 $19,220,348 $20,040,368 $ 9,388,487
============ ============ =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
TempFund Portfolio
-------------------------------------------------------
One Month Ended Year Ended Year Ended
October 31, 1999 September 30, 1999 September 30, 1998
---------------- ------------------ ------------------
<S> <C> <C> <C>
Increase
(decrease) in
net assets:
Operations:
Net investment
income......... $ 67,024,490 $ 650,787,946 $ 560,564,139
Net gain
(loss) on
investments.... -- 50,928 (203,702)
--------------- --------------- --------------
Net increase
in net assets
resulting from
operations..... 67,024,490 650,838,874 560,360,437
--------------- --------------- --------------
Distributions to
shareholders:
From net
investment
income:
TempFund
Shares........ (64,950,049) (631,844,393) (544,340,518)
TempFund
Dollar
Shares........ (2,011,692) (18,827,954) (16,223,621)
TempFund Cash
Management
Shares........ (62,749) (115,599) --
TempCash
Shares........ -- -- --
TempCash
Dollar
Shares........ -- -- --
From net
realized gain:
TempFund
Shares........ -- -- (23,462)
TempFund
Dollar
Shares........ -- -- (725)
--------------- --------------- --------------
Total
distributions
to
shareholders. (67,024,490) (650,787,946) (560,588,326)
--------------- --------------- --------------
Increase
(decrease) in
net assets
derived from
capital share
transactions... 1,788,268,757 2,567,515,101 1,573,409,792
--------------- --------------- --------------
Total
increase
(decrease) in
net assets... 1,788,268,757 2,567,566,029 1,573,181,903
Net assets:
Beginning of
period......... 12,556,533,360 9,988,967,331 8,415,785,428
--------------- --------------- --------------
End of period.. $14,344,802,117 $12,556,533,360 $9,988,967,331
=============== =============== ==============
TempCash Portfolio
------------------------------------------------------
One Month Ended Year Ended Year Ended
October 31, 1999 September 30, 1999 September 30, 1998
---------------- ------------------ ------------------
<S> <C> <C> <C>
Increase
(decrease) in
net assets:
Operations:
Net investment
income......... $ 10,587,379 $ 171,864,093 $ 165,453,579
Net gain
(loss) on
investments.... -- (128,638) 491,505
---------------- ------------------ ------------------
Net increase
in net assets
resulting from
operations..... 10,587,379 171,735,455 165,945,084
---------------- ------------------ ------------------
Distributions to
shareholders:
From net
investment
income:
TempFund
Shares........ -- -- --
TempFund
Dollar
Shares........ -- -- --
TempFund Cash
Management
Shares........ -- -- --
TempCash
Shares........ (8,898,995) (151,905,646) (142,514,398)
TempCash
Dollar
Shares........ (1,688,384) (19,958,447) (22,939,181)
From net
realized gain:
TempFund
Shares........ -- -- --
TempFund
Dollar
Shares........ -- -- --
---------------- ------------------ ------------------
Total
distributions
to
shareholders. (10,587,379) (171,864,093) (165,453,579)
---------------- ------------------ ------------------
Increase
(decrease) in
net assets
derived from
capital share
transactions... 6,225,835 (656,158,328) 609,865,249
---------------- ------------------ ------------------
Total
increase
(decrease) in
net assets... 6,225,835 (656,286,966) 610,356,754
Net assets:
Beginning of
period......... 2,346,635,767 3,002,922,733 2,392,565,979
---------------- ------------------ ------------------
End of period.. $2,352,861,602 $2,346,635,767 $3,002,922,733
================ ================== ==================
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
FedFund Portfolio T-Fund Portfolio
------------------------------- ------------------------------
Year Ended Year Ended Year Ended
Year Ended October 31, October 31, October 31,
October 31, 1999 1998 1999 1998
---------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income........................................ $ 46,197,993 $ 61,815,036 $ 165,295,342 $ 160,796,407
Net gain (loss) on investments............................... 17,942 59,739 (13,212) 56,588
------------- -------------- -------------- --------------
Net increase in net assets resulting from operations......... 46,215,935 61,874,775 165,282,130 160,852,995
------------- -------------- -------------- --------------
Distributions to shareholders:
From net investment income:
FedFund Shares.............................................. (44,821,647) (59,247,442) -- --
FedFund Dollar Shares....................................... (1,376,346) (2,567,594) -- --
T-Fund Shares............................................... -- -- (134,576,688) (130,717,839)
T-Fund Dollar Shares........................................ -- -- (30,677,701) (30,078,568)
T-Fund Cash Management Shares............................... -- -- (40,953) --
------------- -------------- -------------- --------------
Total distributions to shareholders........................ (46,197,993) (61,815,036) (165,295,342) (160,796,407)
------------- -------------- -------------- --------------
Increase (decrease) in net assets derived from capital share
transactions.................................................. (370,100,898) (189,794,861) (308,040,217) 1,039,905,960
------------- -------------- -------------- --------------
Total increase (decrease) in net assets.................... (370,082,956) (189,735,122) (308,053,429) 1,039,962,548
Net assets:
Beginning of period........................................... 1,147,437,665 1,337,172,787 3,321,386,416 2,281,423,868
------------- -------------- -------------- --------------
End of period................................................. $ 777,354,709 $1,147,437,665 $3,013,332,987 $3,321,386,416
============= ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio Treasury Trust Fund Portfolio
--------------------------------- ------------------------------
Year Ended Year Ended
Year Ended Year Ended October 31, October 31,
October 31, 1999 October 31, 1998 1999 1998
---------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income...................................... $ 13,591,905 $ 15,498,424 $ 57,263,241 $ 63,716,989
Net gain (loss) on investments............................. 9,118 61,366 (69,222) 79,106
------------ ------------ -------------- --------------
Net increase in net assets resulting from operations....... 13,601,023 15,559,790 57,194,019 63,796,095
------------ ------------ -------------- --------------
Distributions to shareholders:
From net investment income:
Federal Trust Shares...................................... (12,211,729) (13,571,694) -- --
Federal Trust Dollar Shares............................... (1,380,176) (1,926,730) -- --
Treasury Trust Shares..................................... -- -- (38,151,639) (44,541,445)
Treasury Trust Dollar Shares.............................. -- -- (19,111,602) (19,175,544)
------------ ------------ -------------- --------------
Total distributions to shareholders...................... (13,591,905) (15,498,424) (57,263,241) (63,716,989)
------------ ------------ -------------- --------------
Increase (decrease) in net assets derived from capital share
transactions................................................ (72,338,870) 51,159,373 (337,924,844) 444,999,257
------------ ------------ -------------- --------------
Total increase (decrease) in net assets.................. (72,329,752) 51,220,739 (337,994,066) 445,078,363
Net assets:
Beginning of period......................................... 319,213,066 267,992,327 1,563,132,708 1,118,054,345
------------ ------------ -------------- --------------
End of period............................................... $246,883,314 $319,213,066 $1,225,138,642 $1,563,132,708
============ ============ ============== ==============
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
MuniFund Portfolio
----------------------------------------------------
Eleven Months
Ended Year Ended Year Ended
October 31, 1999 November 30, 1998 November 30, 1997
---------------- ----------------- -----------------
<S> <C> <C> <C>
Increase
(decrease) in
net assets:
Operations:
Net investment
income........ $ 16,799,387 $ 19,543,173 $ 23,313,742
Net gain (loss)
on
investments... (30,617) (28,931) (12,899)
------------ ------------ ------------
Net increase in
net assets
resulting from
operations.... 16,768,770 19,514,242 23,300,843
------------ ------------ ------------
Distributions to
shareholders:
From net
investment
income:
MuniFund
Shares........ (15,393,321) (17,790,533) (21,420,775)
MuniFund
Dollar
Shares........ (1,381,220) (1,752,640) (1,892,967)
MuniFund Cash
Management
Shares........ (24,846) -- --
MuniCash
Shares........ -- -- --
MuniCash
Dollar
Shares........ -- -- --
------------ ------------ ------------
Total
distributions
to
shareholders. (16,799,387) (19,543,173) (23,313,742)
------------ ------------ ------------
Increase
(decrease) in
net assets
derived from
capital share
transactions.... 22,517,403 (84,655,277) 12,593,498
------------ ------------ ------------
Total
increase
(decrease)
in net
assets....... 22,486,786 (84,684,208) 12,580,599
Net assets:
Beginning of
period......... 519,496,406 604,180,614 591,600,015
------------ ------------ ------------
End of period... $541,983,192 $519,496,406 $604,180,614
============ ============ ============
MuniCash Portfolio
----------------------------------------------------
Eleven Months
Ended Year Ended Year Ended
October 31, 1999 November 30, 1998 November 30, 1997
---------------- ----------------- -----------------
<S> <C> <C> <C>
Increase
(decrease) in
net assets:
Operations:
Net investment
income........ $ 13,139,776 $ 19,198,090 $ 16,148,324
Net gain (loss)
on
investments... (28,571) 22,258 18,102
---------------- ----------------- -----------------
Net increase in
net assets
resulting from
operations.... 13,111,205 19,220,348 16,166,426
---------------- ----------------- -----------------
Distributions to
shareholders:
From net
investment
income:
MuniFund
Shares........ -- -- --
MuniFund
Dollar
Shares........ -- -- --
MuniFund Cash
Management
Shares........ -- -- --
MuniCash
Shares........ (10,189,371) (15,680,768) (12,338,904)
MuniCash
Dollar
Shares........ (2,950,405) (3,517,322) (3,809,420)
---------------- ----------------- -----------------
Total
distributions
to
shareholders. (13,139,776) (19,198,090) (16,148,324)
---------------- ----------------- -----------------
Increase
(decrease) in
net assets
derived from
capital share
transactions.... (160,400,824) 43,865,954 164,680,433
---------------- ----------------- -----------------
Total
increase
(decrease)
in net
assets....... (160,429,395) 43,888,212 164,698,535
Net assets:
Beginning of
period......... 591,658,248 547,770,036 383,071,501
---------------- ----------------- -----------------
End of period... $431,228,853 $591,658,248 $547,770,036
================ ================= =================
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
Provident Institutional Funds
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
California Money Fund Portfolio
--------------------------------------------------
Nine Months
Ended Year Ended Year Ended
October 31, 1999 January 31, 1999 January 31, 1998
---------------- ---------------- ----------------
<S> <C> <C> <C>
Increase (decrease) in net
assets:
Operations:
Net investment income...... $ 12,783,083 $ 20,026,954 $ 18,095,184
Net gain (loss) on
investments............... 4,829 13,414 (14,860)
------------- ------------ ------------
Net increase in net assets
resulting from operations. 12,787,912 20,040,368 18,080,324
------------- ------------ ------------
Distributions to
shareholders:
From net investment income:
California Money Shares.... (12,291,399) (16,653,422) (14,302,548)
California Money Dollar
Shares.................... (491,684) (3,373,532) (3,792,636)
New York Money Shares...... -- -- --
New York Money Dollar
Shares.................... -- -- --
------------- ------------ ------------
Total distributions to
shareholders............. (12,783,083) (20,026,954) (18,095,184)
------------- ------------ ------------
Increase (decrease) in net
assets derived from capital
share transactions.......... (137,011,893) 97,871,065 138,059,151
------------- ------------ ------------
Total increase (decrease)
in net assets............ (137,007,064) 97,884,479 138,044,291
Net assets:
Beginning of period......... 688,770,927 590,886,448 452,842,157
------------- ------------ ------------
End of period............... $ 551,763,863 $688,770,927 $590,886,448
============= ============ ============
New York Money Fund Portfolio
--------------------------------------------
Three Months Year Ended Year Ended
Ended July 31, July 31,
October 31, 1999 1999 1998
---------------- ------------- -------------
<S> <C> <C> <C>
Increase (decrease) in net
assets:
Operations:
Net investment income...... $ 2,373,602 $ 9,389,877 $ 10,947,861
Net gain (loss) on
investments............... -- (1,390) 3,904
---------------- ------------- -------------
Net increase in net assets
resulting from operations. 2,373,602 9,388,487 10,951,765
---------------- ------------- -------------
Distributions to
shareholders:
From net investment income:
California Money Shares.... -- -- --
California Money Dollar
Shares.................... -- -- --
New York Money Shares...... (2,373,602) (9,389,877) (10,941,581)
New York Money Dollar
Shares.................... -- -- (6,280)
---------------- ------------- -------------
Total distributions to
shareholders............. (2,373,602) (9,389,877) (10,947,861)
---------------- ------------- -------------
Increase (decrease) in net
assets derived from capital
share transactions.......... 27,518,947 (22,361,832) 47,117,614
---------------- ------------- -------------
Total increase (decrease)
in net assets............ 27,518,947 (22,363,222) 47,121,518
Net assets:
Beginning of period......... 295,727,622 318,090,844 270,969,326
---------------- ------------- -------------
End of period............... $323,246,569 $295,727,622 $318,090,844
================ ============= =============
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund Shares
----------------------------------------------------------------------
One Month
Ended Year Ended September 30,
October 31, ------------------------------------------------------
1999 1999 1998 1997 1996 1995
----------- ---------- --------- --------- --------- ---------
<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.......... .0045 .0495 .0549 .0539 .0541 .0567
---------- ---------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0045) (.0495) (.0549) (.0539) (.0541) (.0567)
---------- ---------- --------- --------- --------- ---------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========= ========= ========= =========
Total Return..... 5.42%/2/ 5.06% 5.63% 5.53% 5.55% 5.82%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 13,884,164 12,045,566 9,686,491 8,060,501 5,715,004 5,351,346
Ratio of Expenses
to Average Daily
Net Assets/1/.... .18%/2/ .18% .18% .18% .18% .24%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.31%/2/ 4.96% 5.50% 5.39% 5.41% 5.67%
TempFund Dollar Shares
---------------------------------------------------------
One Month
Ended Year Ended September 30,
October 31, -------------------------------------------
1999 1999 1998 1997 1996 1995
------------- -------- -------- -------- -------- -------
<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.......... .0043 .0470 .0524 .0514 .0516 .0542
------------- -------- -------- -------- -------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0043) (.0470) (.0524) (.0514) (.0516) (.0542)
------------- -------- -------- -------- -------- -------
Net Asset Value,
End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ======== ======== ======== ======== =======
Total Return..... 5.15%/2/ 4.81% 5.38% 5.27% 5.30% 5.57%
Ratios/Supplemental
Data:
Net Assets,
End of Period
$(000).......... 446,569 497,178 302,476 355,284 162,119 81,828
Ratio of Expenses
to Average Daily
Net Assets/1/.... .43%/2/ .43% .43% .43% .43% .49%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.06%/2/ 4.71% 5.25% 5.14% 5.16% 5.42%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .20% (annualized) for
the one month ended October 31, 1999 and .22%, .23%, .24%, .26% and .27% for
the years ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively,
for TempFund Shares and .45% (annualized) for the one month ended October
31, 1999 and .47%, .48%, .49%, .51% and .52% for the years ended September
30, 1999, 1998, 1997, 1996 and 1995, respectively, for TempFund Dollar
Shares.
/2/Annualized.
See accompanying notes to financial statements.
50
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempFund Cash Management
Shares
----------------------------
For the Period
June 14,
One Month 1999/1/
Ended Through
October 31, September 30,
1999 1999
----------- --------------
<S> <C> <C>
Net Asset Value,
Beginning of Period.............................. $ 1.00 $ 1.00
------ ------
Income From Investment Operations:
Net Investment Income............................ .0041 .0135
------ ------
Less Distributions:
Dividends to Shareholders
From Net Investment Income..................... (.0041) (.0135)
------ ------
Net Asset Value,
End of Period.................................... $ 1.00 $ 1.00
====== ======
Total Return....................................... 4.92%/2/ 4.60%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000)................... 14,069 13,789
Ratio of Expenses to Average Daily Net Assets/3../. .68%/2/ .68%/2/
Ratio of Net Investment Income to Average Daily Net
Assets............................................. 4.81%/2/ 4.57%/2/
</TABLE>
- ----
/1/Commencement of Operations.
/2/Annualized.
/3/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for TempFund Cash Management Shares
would have been .70% (annualized) for one month ended October 31, 1999 and
.71% (annualized) for the period ended September 30, 1999.
See accompanying notes to financial statements.
51
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
TempCash Shares
--------------------------------------------------------------------
One Month
Ended Year Ended September 30,
October 31, -----------------------------------------------------
1999 1999 1998 1997 1996 1995
----------- --------- --------- --------- --------- ---------
<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........... .0044 .0496 .0552 .0541 .0542 .0575
--------- --------- --------- --------- --------- ---------
Less
Distributions:
Dividends to
Shareholders From
Net Investment
Income........... (.0044) (.0496) (.0552) (.0541) (.0542) (.0575)
--------- --------- --------- --------- --------- ---------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return..... 5.31%/2/ 5.07% 5.66% 5.55% 5.56% 5.90%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 1,951,436 1,968,626 2,499,114 1,991,037 1,835,326 1,316,166
Ratio of Expenses
to Average
Daily Net
Assets/1/....... .18%/2/ .18% .18% .18% .18% .16%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 5.19%/2/ 4.95% 5.52% 5.41% 5.42% 5.75%
TempCash Dollar Shares
----------------------------------------------------------
One Month
Ended Year Ended September 30,
October 31, --------------------------------------------
1999 1999 1998 1997 1996 1995
------------- -------- -------- -------- -------- --------
<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........... .0042 .0471 .0527 .0516 .0517 .0550
------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders From
Net Investment
Income........... (.0042) (.0471) (.0527) (.0516) (.0517) (.0550)
------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ======== ======== ======== ======== ========
Total Return..... 5.06%/2/ 4.82% 5.41% 5.29% 5.31% 5.65%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 401,426 378,010 503,809 401,529 527,830 454,156
Ratio of Expenses
to Average
Daily Net
Assets/1/....... .43%/2/ .43% .43% .43% .43% .41%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 4.94%/2/ 4.70% 5.27% 5.16% 5.17% 5.50%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .34% (annualized) for
the one month ended October 31, 1999 and .30%, .32%, .30%, .33% and .30% for
the years ended September 30, 1999, 1998, 1997, 1996 and 1995, respectively,
for TempCash Shares and .59% (annualized) for the one month ended October
31, 1999 and .55%, .57%, .55%, .58% and .55% for the years ended September
30, 1999, 1998, 1997, 1996 and 1995, respectively, for TempCash Dollar
Shares.
/2/Annualized.
See accompanying notes to financial statements.
52
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
FedFund Shares FedFund Dollar Shares
-------------------------------------------------------- ----------------------------------------------
Year Ended October 31, Year Ended October 31,
-------------------------------------------------------- ----------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
-------- ---------- ---------- ---------- ---------- ------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ---------- ---------- ---------- ---------- ------- ------- -------- -------- --------
Income From Investment
Operations:
Net Investment Income. .0483 .0535 .0530 .0529 .0571 .0458 .0510 .0505 .0504 .0546
-------- ---------- ---------- ---------- ---------- ------- ------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income..... (.0483) (.0535) (.0530) (.0529) (.0571) (.0458) (.0510) (.0505) (.0504) (.0546)
-------- ---------- ---------- ---------- ---------- ------- ------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========== ========== ========== ========== ======= ======= ======== ======== ========
Total Return........... 4.94% 5.48% 5.43% 5.41% 5.86% 4.69% 5.23% 5.18% 5.16% 5.61%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000).......... 742,744 1,116,979 1,220,857 1,407,529 1,377,175 34,611 30,459 116,316 113,747 213,177
Ratio of Expenses to
Average Daily Net
Assets/1/.............. .20% .20% .20% .19% .18% .45% .45% .45% .44% .43%
Ratio of Net Investment
Income to Average Daily
Net Assets............. 4.81% 5.35% 5.30% 5.29% 5.71% 4.56% 5.10% 5.05% 5.04% 5.46%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .28%, .28%, .29%, .30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for FedFund Shares, and .53%, .53%, .54%, .55% and .54% for
the years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for FedFund Dollar Shares.
See accompanying notes to financial statements.
53
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Shares T-Fund Dollar Shares
----------------------------------------------------- ------------------------------------------
Year Ended October 31, Year Ended October 31,
----------------------------------------------------- ------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
--------- --------- --------- --------- --------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Income From Investment
Operations:
Net Investment Income.. .0473 .0532 .0528 .0528 .0565 .0448 .0507 .0503 .0503 .0540
--------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Less Distributions:
Dividends to
Shareholders
From Net Investment
Income................. (.0473) (.0532) (.0528) (.0528) (.0565) (.0448) (.0507) (.0503) (.0503) (.0540)
--------- --------- --------- --------- --------- ------- ------- ------- ------- ------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= ======= ======= ======= ======= ======
Total Return............ 4.83% 5.46% 5.41% 5.40% 5.80% 4.58% 5.21% 5.16% 5.15% 5.55%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 2,397,386 2,544,001 1,765,332 1,507,603 1,211,220 612,695 777,385 516,092 351,271 82,502
Ratio of Expenses to
Average Daily Net
Assets/1/.............. .20% .20% .20% .19% .18% .45% .45% .45% .44% .43%
Ratio of Net Investment
Income to Average Daily
Net Assets............. 4.72% 5.31% 5.28% 5.26% 5.66% 4.47% 5.06% 5.03% 5.01% 5.41%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .26%, .27%, .29%, .30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for T-Fund Shares and .51%, .52%, .54%, .55% and .54%, for the
years ended October 31, 1999, 1998, 1997, 1996 and 1995, respectively, for
T-Fund Dollar Shares.
See accompanying notes to financial statements.
54
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
T-Fund Cash
Management Shares
-----------------
For the Period
May 17, 1999/1/
Through
October 31,
1999
-----------------
<S> <C>
Net Asset Value, Beginning of Period.......................... $ 1.00
-------
Income From Investment Operations:
Net Investment Income....................................... .0197
-------
Less Distributions:
Dividends to Shareholders From Net Investment Income........ (.0197)
-------
Net Asset Value, End of Period................................ $ 1.00
=======
Total Return.................................................. 4.37%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000).............................. 3,252
Ratio of Expenses to Average Daily Net Assets/3/.............. .70%/2/
Ratio of Net Investment Income to Average Daily Net Assets.... 4.43%/2/
</TABLE>
- ----
/1/Commencement of Operations.
/2/Annualized.
/3/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for T-Fund Cash Management Shares would
have been .78% (annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
55
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Federal Trust Fund Shares Federal Trust Fund Dollar Shares
------------------------------------------------ -------------------------------------------
Year Ended October 31, Year Ended October 31,
------------------------------------------------ -------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income.. .0478 .0529 .0521 .0523 .0563 .0453 .0504 .0496 .0498 .0538
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income...... (.0478) (.0529) (.0521) (.0523) (.0563) (.0453) (.0504) (.0496) (.0498) (.0538)
-------- -------- -------- -------- -------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======= ======= ======= ======= =======
Total Return............ 4.88% 5.42% 5.33% 5.35% 5.77% 4.63% 5.17% 5.08% 5.10% 5.52%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 219,344 280,580 229,292 273,752 237,718 27,539 38,633 38,700 26,875 28,402
Ratio of Expenses to
Average Daily Net
Assets/1/.............. .20% .20% .20% .19% .18% .45% .45% .45% .44% .43%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 4.76% 5.29% 5.21% 5.22% 5.61% 4.51% 5.04% 4.96% 4.97% 5.36%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .32%, .29%, .31%, .31%
and .32% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Federal Trust Fund Shares and .57%, .54%, .56%, .56% and
.57% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Federal Trust Fund Dollar Shares.
See accompanying notes to financial statements.
56
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Treasury Trust Fund Shares Treasury Trust Fund Dollar Shares
---------------------------------------------------- ------------------------------------------------
Year Ended October 31, Year Ended October 31,
---------------------------------------------------- ------------------------------------------------
1999 1998 1997 1996 1995 1999 1998 1997 1996 1995
-------- ---------- -------- -------- ---------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ---------- -------- -------- ---------- -------- -------- -------- -------- --------
Income From Investment
Operations:
Net Investment Income.. .0442 .0502 .0504 .0508 .0545 .0417 .0477 .0479 .0483 .0520
-------- ---------- -------- -------- ---------- -------- -------- -------- -------- --------
Less Distributions:
Dividends to
Shareholders From Net
Investment Income...... (.0442) (.0502) (.0504) (.0508) (.0545) (.0417) (.0477) (.0479) (.0483) (.0520)
-------- ---------- -------- -------- ---------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========== ======== ======== ========== ======== ======== ======== ======== ========
Total Return............ 4.51% 5.14% 5.16% 5.20% 5.59% 4.26% 4.89% 4.91% 4.95% 5.34%
Ratios/Supplemental
Data:
Net Assets, End of
Period $(000)........... 826,167 1,091,366 786,556 897,659 1,101,834 398,972 471,767 331,498 294,228 223,272
Ratio of Expenses to
Average Daily Net
Assets/1/............... .20% .20% .20% .19% .18% .45% .45% .45% .44% .43%
Ratio of Net Investment
Income to Average Daily
Net Assets.............. 4.41% 5.02% 5.04% 5.08% 5.45% 4.14% 4.77% 4.79% 4.83% 5.20%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .28%, .28%, .30%, .30%
and .29% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Treasury Trust Fund Shares and .53%, .53%, .55%, .55% and
.54% for the years ended October 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for Treasury Trust Fund Dollar Shares.
See accompanying notes to financial statements.
57
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Shares
----------------------------------------------------------------
Eleven Months
Ended Year Ended November 30,
October 31, ------------------------------------------------
1999 1998 1997 1996 1995 1994
------------- -------- -------- -------- -------- --------
<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.......... .0273 .0327 .0338 .0326 .0360 .0255
-------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0273) (.0327) (.0338) (.0326) (.0360) (.0255)
-------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..... 3.02%/2/ 3.32% 3.43% 3.31% 3.66% 2.58%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 483,033 467,760 536,794 530,204 720,318 687,895
Ratio of Expenses
to Average Daily
Net Assets/1/ ... .20%/2/ .25% .27% .27% .27% .26%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 2.96%/2/ 3.26% 3.38% 3.26% 3.59% 2.53%
MuniFund Dollar Shares
-----------------------------------------------------------
Eleven Months
Ended Year Ended November 30,
October 31, --------------------------------------------
1999 1998 1997 1996 1995 1994
-------------- -------- -------- -------- -------- --------
<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.......... .0250 .0302 .0313 .0301 .0335 .0230
-------------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0250) (.0302) (.0313) (.0301) (.0335) (.0230)
-------------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ======== ======== ======== ======== ========
Total Return..... 2.77%/2/ 3.07% 3.18% 3.06% 3.41% 2.33%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 56,238 51,736 67,387 61,396 6,474 2,785
Ratio of Expenses
to Average Daily
Net Assets/1/ ... .45%/2/ .50% .52% .52% .52% .51%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 2.71%/2/ 3.01% 3.13% 3.01% 3.34% 2.28%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the eleven months ended October 31, 1999 and .41%, .41%, .42%, .41% and .41%
for the years ended November 30, 1998, 1997, 1996, 1995 and 1994,
respectively, for MuniFund Shares and .66% (annualized) for the eleven
months ended October 31, 1999 and .66%, .66%, .67%, .66% and .66% for the
years ended November 30, 1998, 1997, 1996, 1995 and 1994, respectively, for
MuniFund Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
58
<PAGE>
PROVIDENT INSTITUTIONAL FUNDS
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniFund Cash
Management Shares
-----------------
For the Period
June 14, 1991/1/
Through
October 31,
1999
-----------------
<S> <C>
Net Asset Value, Beginning of Period.......................... $ 1.00
------
Income From Investment Operations:
Net Investment Income....................................... .0099
------
Less Distributions:
Dividends to Shareholders
From Net Investment Income................................ (.0099)
------
Net Asset Value, End of Period................................ $ 1.00
======
Total Return.................................................. 2.61%/2/
Ratios/Supplemental Data:
Net Assets, End of Period $(000).............................. 2,712
Ratio of Expenses to Average
Daily Net Assets/3/......................................... .70%/2/
Ratio of Net Investment
Income to Average Daily Net Assets.......................... 2.58%/2/
</TABLE>
- ----
/1/Commencement of Operations.
/2/Annualized.
/3/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets for MuniFund Cash Management Shares
would have been .92% (annualized) for the period ended October 31, 1999.
See accompanying notes to financial statements.
59
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
MuniCash Shares
----------------------------------------------------------
Eleven Months
Ended Year Ended November 30,
October 31, -------------------------------------------
1999 1998 1997 1996 1995 1994
------------- ------- ------- ------- ------- -------
<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.......... .0281 .0346 .0358 .0350 .0382 .0266
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0281) (.0346) (.0358) (.0350) (.0382) (.0266)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 3.11%/2/ 3.51% 3.63% 3.56% 3.89% 2.69%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 308,212 500,254 397,681 281,544 321,642 273,439
Ratio of Expenses
to Average
Daily Net
Assets/1/....... .20%/2/ .18% .18% .18% .18% .19%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 3.05%/2/ 3.47% 3.58% 3.50% 3.83% 2.59%
MuniCash Dollar Shares
---------------------------------------------------------
Eleven Months
Ended Year Ended November 30,
October 31, ------------------------------------------
1999 1998 1997 1996 1995 1994
-------------- ------- -------- -------- -------- -------
<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.......... .0258 .0321 .0333 .0325 .0357 .0241
-------------- ------- -------- -------- -------- -------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0258) (.0321) (.0333) (.0325) (.0357) (.0241)
-------------- ------- -------- -------- -------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ======= ======== ======== ======== =======
Total Return..... 2.86%/2/ 3.26% 3.38% 3.31% 3.64% 2.44%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 123,017 91,404 150,089 101,528 101,424 99,688
Ratio of Expenses
to Average
Daily Net
Assets/1/....... .45%/2/ .43% .43% .43% .43% .44%
Ratio of Net
Investment
Income to
Average Daily
Net Assets...... 2.80%/2/ 3.22% 3.33% 3.25% 3.58% 2.34%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .41% (annualized) for
the eleven months ended October 31, 1999 and .40%, .41%, .42%, .41% and .42%
for the years ended November 30, 1998, 1997, 1996, 1995 and 1994,
respectively, for MuniCash Shares and .66% (annualized) for the eleven
months ended October 31, 1999 and .65%, .66%, .67%, .66% and .67% for the
years ended November 30, 1998, 1997, 1996, 1995 and 1994, respectively, for
MuniCash Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
60
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
California Money Shares
---------------------------------------------------------------
Nine Months
Ended Year Ended January 31,
October 31, ------------------------------------------------
1999 1999 1998 1997 1996 1995
----------- -------- -------- -------- -------- --------
<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.......... .0201 .0305 .0334 .0316 .0356 .0281
-------- -------- -------- -------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0201) (.0305) (.0334) (.0316) (.0356) (.0281)
-------- -------- -------- -------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..... 2.73%/2/ 3.09% 3.39% 3.21% 3.62% 2.84%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 543,476 549,170 460,339 326,521 389,883 385,824
Ratio of Expenses
to Average Daily
Net Assets/1/.... .20%/2/ .20% .20% .20% .20% .20%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 2.68%/2/ 3.02% 3.34% 3.15% 3.55% 2.79%
California Money Dollar Shares
-------------------------------------------------------------
Nine Months
Ended Year Ended January 31,
October 31, -----------------------------------------------
1999 1999 1998 1997 1996 1995
------------- --------- --------- --------- -------- --------
<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.......... .0182 .0280 .0309 .0291 .0331 .0256
------------- --------- --------- --------- -------- --------
Less
Distributions:
Dividends to
Shareholders
From Net
Investment
Income.......... (.0182) (.0280) (.0309) (.0291) (.0331) (.0256)
------------- --------- --------- --------- -------- --------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ========= ========= ========= ======== ========
Total Return..... 2.48%/2/ 2.84% 3.14% 2.96% 3.37% 2.59%
Ratios/Supplemental
Data:
Net Assets, End
of Period $(000). 8,288 139,601 130,547 126,321 31,163 11,026
Ratio of Expenses
to Average Daily
Net Assets/1/.... .45%/2/ .45% .45% .45% .45% .45%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 2.43%/2/ 2.77% 3.09% 2.90% 3.30% 2.54%
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .45% (annualized) for
the nine months ended October 31, 1999 and .45%, .46%, .48%, .48% and .48%
for the years ended January 31, 1999, 1998, 1997, 1996 and 1995,
respectively, for California Money Shares and .70% (annualized) for the nine
months ended October 31, 1999 and .70%, .71%, .73%, .73% and .73% for the
years ended January 31, 1999, 1998, 1997, 1996 and 1995, respectively, for
California Money Dollar Shares.
/2/Annualized.
See accompanying notes to financial statements.
61
<PAGE>
Provident Institutional Funds
Financial Highlights
(For a Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
New York Money Shares
----------------------------------------------------------
Three Months
Ended Year Ended July 31,
October 31, -------------------------------------------
1999 1999 1998 1997 1996 1995
------------ ------- ------- ------- ------- -------
<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.......... .0076 .0289 .0336 .0334 .0339 .0338
------- ------- ------- ------- ------- -------
Less
Distributions:
Dividends to
Shareholders
from Net
Investment
Income.......... (.0076) (.0289) (.0336) (.0334) (.0339) (.0338)
------- ------- ------- ------- ------- -------
Net Asset Value,
End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return..... 3.06%/2/ 2.93% 3.41% 3.39% 3.44% 3.43%
Ratios/Supplemental
Data:
Net Assets, End
of Period
$(000).......... 323,247 295,728 318,091 269,821 272,145 246,650
Ratio of
Expenses to
Average Daily
Net Assets/1/... .20%/2/ .20% .20% .20% .20% .20%
Ratio of Net
Investment Income
to Average Daily
Net Assets....... 3.02%/2/ 2.87% 3.35% 3.34% 3.37% 3.36%
New York Money Dollar Shares/3/
---------------------------------------------------
Three Months
Ended Year Ended July 31,
October 31, --------------------------------------
1999 1999 1998 1997 1996 1995
------------ ----- ---------- ------- ------- -----
<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.......... -- -- .0303 .0309 .0089 --
------------ ----- ---------- ------- ------- -----
Less
Distributions:
Dividends to
Shareholders
from Net
Investment
Income.......... -- -- (.0303) (.0309) (.0089) --
------------ ----- ---------- ------- ------- -----
Net Asset Value,
End of Period.... $1.00 $1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
============ ===== ========== ======= ======= =====
Total Return..... -- -- 3.16%/2/ 3.14% 3.05% --
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% --
Ratio of Net
Investment Income
to Average Daily
Net Assets....... -- -- 3.11%/2/ 3.09% 3.07% --
</TABLE>
- ----
/1/Without the waiver of advisory and administration fees, the ratio of
expenses to average daily net assets would have been .50% (annualized) for
the three months ended October 31, 1999 and .48%, .48%, .49%, .50% and .49%
for the years ended July 31, 1999, 1998, 1997, 1996 and 1995, respectively,
for New York Money Shares and .73% (annualized), .74% and .75% (annualized)
for the years ended July 31, 1998, 1997 and 1996, respectively, for New York
Money Dollar Shares.
/2/Annualized.
/3/There were no Dollar Shares outstanding during the periods March 28, 1994
to April 14, 1996 and July 21, 1998 to October 31, 1999.
See accompanying notes to financial statements.
62
<PAGE>
Notes to Financial Statements
A. Provident Institutional Funds ("PIF" or the "Company") was organized as a
Delaware business trust on October 21, 1998. PIF 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 the
portfolios of Temp, Fed, Muni, Cal Muni and NY Muni, as follows: Temp--
TempFund and TempCash; Fed--FedFund, T-Fund, Federal Trust Fund and Treasury
Trust Fund; Muni--MuniFund and MuniCash; Cal Muni--California Money Fund and
NY Muni--New York Money Fund. On February 10, 1999, the Predecessor Companies
were each reorganized into a separate series of PIF.
The fiscal year ends for Temp, Fed, Muni, Cal Muni and NY Muni were September
30, October 31, November 30, January 31 and July 31, respectively. The fiscal
year end for PIF is October 31. PIF is a no-load open-end management
investment company. Each portfolio included in these financial statements and
notes, with the exception of California Money Fund and New York Money Fund,
which are non-diversified investment companies because they concentrate their
investments in California Municipal Obligations and New York Municipal
Obligations, respectively, is a diversified investment company under the
Investment Company Act of 1940.
TempCash, FedFund, Federal Trust Fund, Treasury Trust Fund and MuniCash each
offers two classes of shares: Fund Shares and Dollar Shares. New York Money
Fund offers three classes of shares: Fund Shares, Dollar Shares and Plus
Shares. TempFund, T-Fund, MuniFund and California Money Fund each offers six
classes of shares: Fund Shares, Administration Shares, Dollar Shares, Plus
Shares, Cash Reserve Shares, and Cash Management 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
.10% for Administration Shares, .25% for Dollar Shares, .40% for Cash Reserve
Shares and .50% for Cash Management Shares of the average daily net asset
value of such Shares. The difference in the level of fees is related to the
type and number of services provided by the Servicing Organization. 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 .25% (not to exceed .40% in the
case of New York Money Fund and California Money Fund) of the average daily
net asset value of such Shares. Dividends paid to Administration, Dollar,
Plus, Cash Reserve and Cash Management shareholders are reduced by such fees.
Fund Shares are sold to institutional investors who choose not to enter into
agreements with PIF. As of October 31, 1999, no Administration Shares, Plus
Shares or Cash Reserve Shares were outstanding.
Certain California municipal obligations in the California Money Fund
portfolio may be obligations of issuers which rely in whole or in part on
California 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 California or of
California law on these obligations must be considered.
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 or of New York law on these
obligations must be considered.
63
<PAGE>
Notes to Financial Statements (Continued)
B. Significant accounting policies are as follows:
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 statement and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
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 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 TempFund, TempCash,
FedFund and T-Fund, 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. Collateral for repurchase agreements
may have longer maturities than the maximum permissible remaining maturity of
portfolio investments, provided the repurchase agreements themselves mature in
one year or less. The seller will be required on a daily basis to maintain the
value of the securities subject to the agreement at no less than the
repurchase price. Repurchase agreements with maturities in excess of seven
days are subject to a seven day put feature.
Dividends to Shareholders--Dividends are declared daily and paid monthly.
Dividends payable are recorded on the dividend record date. Ordinary income
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 for and elect the tax
treatment applicable to regulated investment companies under Subchapter M of
the Internal Revenue Code of 1986, as amended and make the requisite
distributions to its shareholders which will be sufficient to relieve it from
all or substantially all federal income and excise taxes.
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 equally among the
portfolios.
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") serves as 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 as discussed in paragraph A, PDI was co-administrator
with PFPC.
In return for their advisory and administrative services, the Company pays
BIMC and the Co-Administrators each a fee, computed daily and payable monthly,
based upon an annualized percentage of the average net assets of the TempFund
Portfolio as follows: .175% of the first $1 billion,
64
<PAGE>
Notes to Financial Statements (Continued)
.15% of the next $1 billion, .125% of the next $1 billion, .10% of the next $1
billion, .095% of the next $1 billion, .09% of the next $1 billion, .08% of
next $1 billion, .075% of the next $1 billion and .07% of net assets in excess
of $8 billion. With respect to TempCash, FedFund, T-Fund, Federal Trust Fund,
Treasury Trust Fund, MuniFund and MuniCash portfolios, the fee payable, based
on each funds daily average net assets; and with respect to Fed Fund, T-Fund,
Federal Trust Fund and Treasury Trust Fund, the fee payable based on those
Funds' combined average assets, is as follows: .175% of the first $1 billion,
.15% of the next $1 billion, .125% of the next $1 billion, .10% of the next $1
billion, .095% of the next $1 billion, .09% of the next $1 billion, .085% of
the next $1 billion and .08% of net assets in excess of $7 billion. California
Money Fund and New York Money Fund pay BIMC and the Administrators each a fee,
computed daily and payable monthly, at an annual rate of .20% of average net
assets.
The Co-Administrators and BIMC have also agreed to reduce their fees, on an
equal basis, to the extent necessary to ensure that the total operating
expenses (excluding Service Organization and Broker/Dealer fees) of TempFund
and TempCash do not exceed .18% of their respective average net assets, and
with respect to the other eight portfolios, do not exceed .20% of their
respective average net assets. For the periods ended October 31, 1999, the Co-
Administrators and BIMC waived, on an equal basis, a total of $294,308 of the
administration and advisory fees payable to them with respect to TempFund,
$335,548 with respect to TempCash, $813,448 with respect to FedFund,
$2,420,444 with respect to T-Fund, $342,902 with respect to Federal Trust
Fund, $1,045,267 with respect to Treasury Trust Fund, $1,205,801 with respect
to MuniFund, $942,436 with respect to MuniCash, $1,231,445 with respect to
California Money Fund and $237,172 with respect to New York Money Fund.
Per the Company's operating procedures, custodian fees may be reduced by
amounts calculated on uninvested cash balances. For the periods ended October
31, 1999, custodian fees were reduced in the amounts as follows: $125,759 with
respect to T-Fund, $13,898 with respect to MuniFund, $7,671 with respect to
California Money Fund and $1,055 with respect to New York Money Fund.
For the periods ended October 31, 1999, each portfolio paid Service
Organization fees to affiliates of BIMC in the amounts as follows: $8,360 with
respect to TempFund, $2,563 with respect to TempCash, $522 with respect to
FedFund, $179,262 with respect to T-Fund and $48,879 with respect to Treasury
Trust Fund.
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 the Company are summarized as follows (at $1.00 per
share):
<TABLE>
<CAPTION>
TempFund Portfolio
---------------------------------------------------
One Month Ended Year Ended Year Ended
October 31, September 30, September 30,
1999 1999 1998
--------------- ---------------- ----------------
<S> <C> <C> <C>
Shares sold:
TempFund................. 24,296,956,790 227,037,649,542 156,484,722,787
TempFund Dollar.......... 397,018,844 4,533,892,817 6,782,480,621
TempFund Cash Management. 5,037,879 22,677,787 --
Shares issued in
reinvestment of
dividends:
TempFund................. 21,545,685 220,267,401 186,102,310
TempFund Dollar.......... 989,434 9,067,103 8,604,434
TempFund Cash Management. -- -- --
Shares repurchased:
TempFund................. (22,479,904,215) (224,898,894,234) (155,044,635,487)
TempFund Dollar.......... (448,617,656) (4,348,256,691) (6,843,864,873)
TempFund Cash Management. (4,758,004) (8,888,624) --
--------------- ---------------- ----------------
Net increase in shares.. 1,788,268,757 2,567,515,101 1,573,409,792
=============== ================ ================
</TABLE>
65
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
TempCash Portfolio
------------------------------------------------
One Month
Ended Year Ended Year Ended
October 31, September 30, September 30,
1999 1999 1998
-------------- --------------- ---------------
<S> <C> <C> <C>
Shares sold:
TempCash.................... 2,118,780,855 56,760,587,569 52,797,975,692
TempCash Dollar............. 137,828,067 1,845,834,401 2,237,197,466
Shares issued in reinvestment
of dividends:
TempCash.................... 4,403,410 66,156,673 60,504,102
TempCash Dollar............. 1,083,992 14,715,850 17,000,271
Shares repurchased:
TempCash.................... (2,140,374,753) (57,357,122,062) (52,350,827,640)
TempCash Dollar............. (115,495,736) (1,986,330,759) (2,151,984,642)
-------------- --------------- ---------------
Net increase (decrease) in
shares..................... 6,225,835 (656,158,328) 609,865,249
============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FedFund Portfolio
---------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
---------------- ----------------
<S> <C> <C>
Shares sold:
FedFund..................................... 6,027,235,623 6,319,523,560
FedFund Dollar.............................. 271,091,233 523,295,881
Shares issued in reinvestment of dividends:
FedFund..................................... 10,115,239 11,390,841
FedFund Dollar.............................. 352,921 1,954,874
Shares repurchased:
FedFund..................................... (6,411,602,521) (6,434,850,991)
FedFund Dollar.............................. (267,293,393) (611,109,026)
-------------- --------------
Net decrease in shares...................... (370,100,898) (189,794,861)
============== ==============
</TABLE>
<TABLE>
<CAPTION>
T-Fund Portfolio
----------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
---------------- ----------------
<S> <C> <C>
Shares sold:
T-Fund...................................... 31,110,312,502 25,173,201,809
T-Fund Dollar............................... 4,351,583,123 5,285,847,119
T-Fund Cash Management...................... 3,824,994 --
Shares issued in reinvestment of dividends:
T-Fund...................................... 56,979,876 35,843,706
T-Fund Dollar............................... 4,914,634 4,610,007
T-Fund Cash Management...................... -- --
Shares repurchased:
T-Fund...................................... (31,313,897,577) (24,430,422,061)
T-Fund Dollar............................... (4,521,184,800) (5,029,174,620)
T-Fund Cash Management...................... (572,969) --
--------------- ---------------
Net increase (decrease) in shares........... (308,040,217) 1,039,905,960
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
Federal Trust Fund Portfolio
---------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
---------------- ----------------
<S> <C> <C>
Shares sold:
Federal Trust............................... 1,157,609,847 1,151,951,115
Federal Trust Dollar........................ 193,288,061 256,274,896
Shares issued in reinvestment of dividends:
Federal Trust............................... 1,519,142 1,627,779
Federal Trust Dollar........................ 101,601 239,482
Shares repurchased:
Federal Trust............................... (1,220,372,777) (1,102,343,671)
Federal Trust Dollar........................ (204,484,744) (256,590,228)
-------------- --------------
Net increase (decrease) in shares........... (72,338,870) 51,159,373
============== ==============
</TABLE>
66
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
Treasury Trust Fund Portfolio
---------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
---------------- ----------------
<S> <C> <C>
Shares sold:
Treasury Trust.............................. 5,417,125,106 6,646,747,191
Treasury Trust Dollar....................... 2,351,119,439 2,355,536,037
Shares issued in reinvestment of dividends:
Treasury Trust.............................. 5,905,883 5,171,973
Treasury Trust Dollar....................... 14,632,134 14,500,865
Shares repurchased:
Treasury Trust.............................. (5,688,187,728) (6,347,159,817)
Treasury Trust Dollar....................... (2,438,519,678) (2,229,796,992)
-------------- --------------
Net increase (decrease) in shares........... (337,924,844) 444,999,257
============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniFund Portfolio
----------------------------------------------
Eleven Months
Ended Year Ended Year Ended
October 31, November 30, November 30,
1999 1998 1997
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
MuniFund...................... 6,159,975,658 6,507,334,293 6,227,675,068
MuniFund Dollar............... 156,826,329 166,484,152 282,428,504
MuniFund Cash Management...... 8,317,454 -- --
Shares issued in reinvestment
of dividends:
MuniFund...................... 1,608,291 2,746,208 3,196,915
MuniFund Dollar............... 1,319,052 1,643,959 1,794,142
MuniFund Cash Management...... -- -- --
Shares repurchased:
MuniFund...................... (6,146,283,448) (6,579,088,822) (6,224,270,348)
MuniFund Dollar............... (153,640,293) (183,775,067) (278,230,783)
MuniFund Cash Management...... (5,605,640) -- --
-------------- -------------- --------------
Net increase (decrease) in
shares....................... 22,517,403 (84,655,277) 12,593,498
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
MuniCash Portfolio
----------------------------------------------
Eleven Months
Ended Year Ended Year Ended
October 31, November 30, November 30,
1999 1998 1997
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
MuniCash...................... 4,156,725,775 7,022,119,234 6,053,929,400
MuniCash Dollar............... 314,725,344 288,017,712 300,937,541
Shares issued in reinvestment
of dividends:
MuniCash...................... 3,952,506 5,807,076 5,097,511
MuniCash Dollar............... 1,366,412 2,809,584 2,632,564
Shares repurchased:
MuniCash...................... (4,352,699,628) (6,925,371,487) (5,942,903,293)
MuniCash Dollar............... (284,471,233) (349,516,165) (255,013,290)
-------------- -------------- --------------
Net increase (decrease) in
shares....................... (160,400,824) 43,865,954 164,680,433
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
California Money Fund Portfolio
----------------------------------------------
Nine Months
Ended Year Ended Year Ended
October 31, January 31, January 31,
1999 1999 1998
-------------- -------------- --------------
<S> <C> <C> <C>
Shares sold:
California Money.............. 2,323,322,233 4,163,985,529 2,337,571,092
California Money Dollar....... 74,930,983 330,262,605 559,243,481
Shares issued in reinvestment
of dividends:
California Money.............. 337,753 703,561 1,014,667
California Money Dollar....... -- -- --
Shares repurchased:
California Money.............. (2,329,358,752) (4,075,870,211) (2,204,755,948)
California Money Dollar....... (206,244,110) (321,210,419) (555,014,141)
-------------- -------------- --------------
Net increase (decrease) in
shares....................... (137,011,893) 97,871,065 138,059,151
============== ============== ==============
</TABLE>
67
<PAGE>
Notes to Financial Statements (Continued)
<TABLE>
<CAPTION>
New York Money Fund Portfolio
--------------------------------------------
Three Months
Ended Year Ended Year Ended
October 31, July 31, July 31,
1999 1999 1998
------------ -------------- --------------
<S> <C> <C> <C>
Shares sold:
New York Money.................. 326,009,383 1,623,766,248 1,537,268,971
New York Money Dollar........... -- -- 20,198
Shares issued in reinvestment of
dividends:
New York Money.................. 9,850 168,119 709,929
New York Money Dollar........... -- -- 12,482
Shares repurchased:
New York Money.................. (298,500,286) (1,646,296,199) (1,489,712,988)
New York Money Dollar........... -- -- (1,180,978)
------------ -------------- --------------
Net increase (decrease) in
shares......................... 27,518,947 (22,361,832) 47,117,614
============ ============== ==============
</TABLE>
On October 31, 1999, two shareholders held approximately 26% of the
outstanding shares of TempCash, three shareholders held approximately 36% of
T-Fund, three shareholders help approximately 57% of Federal Trust Fund, one
shareholder held approximately 16% of Treasury Trust Fund, one shareholder
held approximately 27% of MuniFund, three shareholders held approximately 52%
of MuniCash, two shareholders held approximately 39% of California Money Fund
and four shareholders held approximately 77% of New York Money Fund.
E. At October 31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
TempFund TempCash FedFund T-Fund
Portfolio Portfolio Portfolio Portfolio
--------------- -------------- ------------ --------------
<S> <C> <C> <C> <C>
Paid-in capital......... $14,344,954,891 $2,353,002,498 $777,582,201 $3,013,355,097
Accumulated net realized
loss on security
transactions........... (152,774) (140,896) (227,492) (22,110)
--------------- -------------- ------------ --------------
Total Net Assets........ $14,344,802,117 $2,352,861,602 $777,354,709 $3,013,332,987
=============== ============== ============ ==============
</TABLE>
<TABLE>
<CAPTION>
Federal Treasury
Trust Trust
Fund Fund MuniFund MuniCash
Portfolio Portfolio Portfolio Portfolio
------------ -------------- ------------ ------------
<S> <C> <C> <C> <C>
Paid-in capital......... $247,024,034 $1,225,370,828 $542,125,725 $431,383,747
Accumulated net realized
loss on security
transactions........... (140,720) (232,186) (142,533) (155,241)
Amortized Market
Discount............... -- -- -- 347
------------ -------------- ------------ ------------
Total Net Assets........ $246,883,314 $1,225,138,642 $541,983,192 $431,228,853
============ ============== ============ ============
</TABLE>
<TABLE>
<CAPTION>
California New York
Money Fund Money Fund
Portfolio Portfolio
------------ ------------
<S> <C> <C>
Paid-in capital.................................... $551,894,573 $323,267,718
Accumulated net realized loss on security
transactions...................................... (130,710) (21,149)
------------ ------------
Total Net Assets.................................. $551,763,863 $323,246,569
============ ============
</TABLE>
F. At October 31, 1999, TempFund, TempCash, FedFund, T-Fund, Federal Trust
Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New
York Money Fund had capital loss carryovers amounting to $152,774, $140,896,
$227,492, $22,110, $140,720, $221,373, $142,533, $155,241, $130,710 and
$21,149 expiring at various times from 2000 to 2007, respectively. The capital
loss carryovers are available to offset possible future capital gains of the
corresponding portfolios.
68
<PAGE>
Report of Independent Accountants
To the Board of Trustees
and Shareholders of
Provident Institutional Funds
In our opinion, the accompanying statement of assets and liabilities of
Treasury Trust Fund and the statements 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
California Money Fund, New York Money Fund, TempFund, TempCash, FedFund, T-
Fund, Federal Trust Fund and Treasury Trust Fund (Portfolios of Provident
Institutional Funds, hereafter referred to as the "Fund") at October 31, 1999
and the results of their operations, the changes in their net assets and the
financial highlights for each of the periods presented and the financial
position of MuniFund and MuniCash (also Portfolios of the Funds) at October
31, 1999, the results of their operations, the changes in their net assets and
the financial highlights for the eleven months 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 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 October 31, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
The statements of operations for the year ended November 30, 1998, the
statements of changes in net assets for the two years in the period ended
November 30, 1998 and the financial highlights for the five years in the
period ended November 30, 1998 of MuniFund and MuniCash were audited by other
independent accountants whose report dated January 8, 1999 expressed an
unqualified opinion on those statements.
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
December 10, 1999
69
<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
Blackrock Institutional Management Corporation
400 Bellevue Parkway
Wilmington, DE 19809
Distributor
Provident Distributors, Inc.
Four Falls Corporate Center
6th Floor
West Conshohocken, PA 19428
Transfer Agent
PFPC Inc.
P.O. Box 8950
Wilmington
This request 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 prospectus for each portfolio of the
Company, which contain information concerning the investment policies of the
portfolios as well as other pertinent information.
TempFund
TempCash
FedFund
T-Fund
Federal Trust Fund
Treasury Trust Fund
MuniFund
MuniCash
California Money Fund
New York Money Fund
Investment Portfolios offered by
Provident Institutional Funds
[Logo] PROVIDENT
INSTITUTIONAL
FUNDS
Annual Report
October 31, 1999
